Document:

Exhibit 10.1

 

BioHiTech Global, Inc.

 

Securities
Purchase Agreement

 

Investor
Package

 

     

     

    

 

INSTRUCTIONS FOR INVESTING

 

If you wish to purchase the offered securities
of BioHiTech Global, Inc., please:

 

	 	(1)	Review this Securities Purchase Agreement, Note, Warrant, and Escrow Agreement.

 

	 	(2)	Indicate where appropriate, in Exhibit A for U.S. residents and Exhibit B for non-U.S. residents, to the Securities Purchase Agreement, your status as an Accredited Investor by initialing the appropriate accreditation categories.

 

	 	(3)	Type or print all information required in the blank sections in Exhibit A or Exhibit B, as applicable, to the Securities Purchase Agreement, including your requested subscription amount and your federal taxpayer identification number.

 

	 	(4)	Execute the signature page to the Securities Purchase Agreement.

 

	 	(5)	Pay for the full amount of your investment by means of a check made payable to “CST&T AAF BioHiTech Global Escrow Account” or a wire transfer to the following:

 

[________________]

[________________]

[________________]

ACCOUNT NAME: Continental Stock Transfer
& Trust Co A/A/F BioHiTech Global

 

	 	You must send the completed and executed signature pages to this Securities Purchase Agreement and the completed Purchaser Questionnaire  (Exhibit A or Exhibit B) to the following Placement Agent, preferably by fax or e-mail:

 

Maxim Group LLC

Attn:

405 Lexington Avenue

New York, New York 10174

Fax: (212) 895-3783

Email:

 

The Company may choose
not to accept all or some of any investor’s subscription for any reason (regardless of whether any check or wire transfer
relating to this subscription is deposited in a bank or trust or escrow account).  The Company will send to you a fully
executed copy of the transaction documents if your subscription is accepted.  If you have any questions in completing
the transaction documents, please contact [________________] at (212) ___-____.

 

    	 	i	 

     

    

 

BIOHITECH GLOBAL, INC.

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (the
“Agreement”) is entered into by and between BioHiTech Global, Inc., a Delaware corporation (the “Company”),
and the undersigned purchaser or purchasers (the “Purchaser”, and collectively with other purchasers similarly
situated, the “Purchasers”) as of the latest date set forth on the signature page hereto.

 

NOW, THEREFORE, in consideration
of the mutual covenants and other agreements contained in this Agreement, the Company and the Purchaser hereby agree as follows:

 

1.           Purchase
of Securities. 

 

(a)          Subject
to the terms and conditions of this Agreement, the undersigned Purchaser hereby subscribes for units (the “Units”),
each Unit comprised of: (i) an unsecured subordinated convertible promissory note (“Note”), in the form attached
as Exhibit C hereto, in the principal amount of $100,000 and convertible into shares (“Shares”) of the
Company’s common stock, $0.0001 par value (the “Common Stock”), as described below and (ii) a five-year
warrant (“Warrant”), in the form attached as Exhibit D hereto, to purchase such number of shares of Common
Stock equal to the number of Shares issuable upon conversion of the corresponding Note (sometimes the Notes, the Shares and the
Warrant are collectively referred to as the “Securities”). The total amount to be paid for the Securities shall
be the amount accepted by the Company in connection with this investment, which may be less than or equal to the amount indicated
by the undersigned Purchaser on the signature page hereto (the “Subscription Amount”).  The offering,
purchase and sale of the Securities is referred to herein as the “Offering.”

 

(b)          The
Units are being offered by the Company only to persons who qualify as “accredited investors” or “qualified institutional
buyers” as defined in Rule 501 of Regulation D or persons who are not “U.S. persons” as defined in Rule 902(k)
of Regulation S, each as promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The
Company shall sell a minimum of 25 Units (the “Minimum Amount”) and up to a maximum of 60 Units (the “Maximum
Amount”) to the Purchasers, for aggregate gross proceeds to the Company of $2,500,000 to $6,000,000. The minimum Subscription
Amount that any single Purchaser may invest in this Offering is $100,000, provided that the Company may, in its sole discretion
and without notice to the other Purchasers, accept Subscription Amounts for lesser amounts. The Units are being sold on a “best
efforts, all or none” basis with respect to the Minimum Amount and on a “best efforts” basis with respect to
the Maximum Amount. Subscriptions for Units may not be revoked once tendered, except pursuant to law.

 

(c)          The
Note shall accrue interest at a rate of 8% per annum. Subject to one or more Optional Conversions (as defined below), the principal
amount of the Note, as well as all other amounts payable under the Note, including interest, shall be repaid on the earliest of
(x) the date of the Listing (as defined below), (y) the date of the Change of Control (as defined in the Note), and (z) 24 months
after the Initial Closing Date (as defined below). Such time is referred to as “Maturity”. All amounts to be
paid at Maturity, except for interest, shall be paid in shares of the Company’s Common Stock at a per-share conversion price
(the “Conversion Price”) equal to the lowest of: (i) $3.75 (the “Closing Price”), (ii) the
Listing Price (as defined below), (iii) the Public Offering Price (as defined below), (iv) the Private Offering Price (as defined
below), and (v) the Change of Control Price (as defined in the Note).  Interest due at Maturity shall be paid at the Company’s
option in shares, or cash, or a mix of both, with the amount of any such shares being determined at a per-share conversion price
equal to the closing price of the Company’s Common Stock on the U.S. public trading market on which the Common Stock then
trades on the trading day immediately prior to the payment date.  Prior to Maturity, the Note shall be convertible, in whole
or in part, along with a proportional amount of all other amounts then payable under the Note, including interest, at the holder’s
option, at the Closing Price (each such optional conversion, an “Optional Conversion”). All amounts to be paid
upon an Optional Conversion, except for interest, shall be paid in shares of the Company’s Common Stock. Interest to be paid
upon an Optional Conversion shall be paid at the Company’s option in shares, or cash, or a mix of both.

 

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As used herein, the “Listing Price”
means the lower of the opening and closing per-share market prices (as appropriately adjusted to reflect stock dividends, stock
splits, combinations, recapitalizations and the like with respect to the Company’s capital stock after the date hereof) on
such day that the Company’s Common Stock is first traded on The Nasdaq Stock Market or NYSE MKT (the “Listing”),
the “Public Offering Price” means the price per share (as appropriately adjusted to reflect stock dividends,
stock splits, combinations, recapitalizations and the like with respect to the Company’s capital stock after the date hereof)
paid by public investors in an underwritten public offering conducted in connection with the Listing, without regard to any underwriting
discount or other offering expense (such an offering, a “Public Offering”), and the “Private Offering
Price” means the lowest price per share (as appropriately adjusted to reflect stock dividends, stock splits, combinations,
recapitalizations and the like with respect to the Company’s capital stock after the date hereof) paid by investors in any
private equity, equity-linked or debt financing (other than this Offering) conducted after the date hereof prior to the Listing,
without regard to any broker’s fee or other offering expense. To the extent there are differences in the terms of the Note
as described herein and as described in the Note, the terms as described in the Note shall prevail.

 

(d)          The
Warrant has a five (5) year term expiring on that date that is five (5) years after the issue date (the “Expiration Date”).  The
Warrant shall be exercisable in whole or in part at any time beginning on the date on which the Note issued in connection with
the Offering has been converted into Common Stock and continuing thereafter and from time to time on or prior to the Expiration
Date. The Warrant shall be exercisable for such number of shares of Common Stock equal to the number of Shares issuable upon conversion
of the corresponding Note at a per-share exercise price equal to 120% of the Conversion Price; provided, however, that if the Conversion
Price is ever adjusted pursuant to the terms of the Note (the “Adjusted Conversion Price”), the exercise price
of the Warrant shall be adjusted for any unexercised Warrants such that the exercise price will equal 120% of the Adjusted Conversion
Price.  To the extent there are differences in
the terms of the Warrant as described herein and as described in the Warrant, the terms as described in the Warrant shall prevail.

 

(e)          Units
shall be delivered to the Purchaser in the form of separate Notes and Warrants.

 

(f)          Maxim
Group LLC has been retained by the Company as the sole placement agent for the Offering (the “Placement Agent”).

  

2.           Closing.

 

(a)          On
or prior to the applicable Closing Date (as defined below), the Purchaser shall deliver or cause to be delivered to the Placement
Agent the following deliverables in accordance with the subscription procedures described in Section 2(b) below:

 

(i)          a
completed and duly executed signature page of this Agreement; and

 

(ii)         the
completed Purchaser Questionnaire included as Exhibit A or Exhibit B, as applicable, attached hereto.

 

(b)          The
Purchaser shall deliver or cause to be delivered, preferably by fax or e-mail, the deliverables described above to the Placement
Agent at the following address:

 

Maxim Group LLC

Attn:

405 Lexington Avenue

New York, New York 10174

Fax: (212) 895-3783

Email:

 

Immediately following receipt of the deliverables described
above from all of the Purchasers and acceptance by the Company in accordance with subsection (c) below, payment instructions will
be forwarded to the Purchaser and the Purchaser shall be obligated to deliver funds no later than three business days thereafter.
If the Subscription Amount is to be paid by check, the check must be mailed to the Placement Agent at the address above in time
to be received by the deadline described above. If the Subscription Amount is to be paid by wire transfer, it must be wired to
the following account in time to be received by the deadline described above:

 

    	 	2	 

     

    

 

[________________]

[________________]

[________________]

ACCOUNT NAME: Continental Stock Transfer
& Trust Co A/A/F BioHiTech Global

 

(c)          This
Agreement sets forth various representations, warranties, covenants, and agreements of the Company and of the Purchaser, as the
case may be, all of which shall be deemed made, and shall be effective without further action by the Company or the Purchaser,
immediately upon the Company’s acceptance of the Purchaser’s subscription and shall thereupon be binding upon the Company
and the Purchaser.  Acceptance shall be evidenced only by execution of this Agreement by the Company on its signature
page attached hereto.  Upon the Company’s acceptance of the Purchaser’s subscription and receipt of the Subscription
Amount, on the applicable Closing Date, the Placement Agent shall deliver to the Purchaser a duly executed copy of each of the
Agreement, the Note, the Warrant, and the Escrow Agreement.

 

(d)          Purchases
and sales of the Securities shall be initially consummated on or before a date determined by the Company and the Placement Agent
(the “Initial Closing Date”) in the amount equal to at least the Minimum Amount, and shall thereafter be additionally
consummated in one or more additional closings, in increments of at least $100,000 (provided that, in its sole discretion and without
notice to Purchasers, the Company may accept subscriptions for lesser amounts) (each such consummation, if any, a “Subsequent
Closing” occurring on a “Subsequent Closing Date”). All purchases and sales of Units must be consummated
before the earlier to occur of: (i) December 31, 2015 (the “Termination Date”) and (ii) three trading days after
the date on which the Maximum Amount is subscribed for by investors and accepted by the Company (the “Maximum Amount Subscription
Acceptance Date,” and the earlier to occur of the Termination Date and the Maximum Amount Subscription Acceptance Date
being referred to as the “Final Closing Date,” and each of the Initial Closing Date, any Subsequent Closing
Date and the Final Closing Date being referred to as a “Closing Date”), provided that the Termination Date may
be extended by two (2) 30-day periods in the sole discretion of the Company and without notice to the Purchasers. The aggregate
amount of purchases and sales of Securities in the Offering shall not exceed $6,000,000.

 

(e)          The
Placement Agent has been engaged for the Offering on a “best efforts, all or none basis” with respect to the Minimum
Amount and a “best efforts” basis with respect to the Maximum Amount. The Placement Agent shall receive (i) ten percent
(10%) of the gross proceeds of the Offering from funds invested as a result of the Placement Agent’s introductions and (ii)
five percent (5%) of the gross proceeds of the Offering from funds invested by contacts of the Company (it being understood that
the Placement Agent shall not receive any commissions for proceeds invested by the founders of the Company), for a maximum amount
of sales commissions of $600,000 based on the sale of 60 Units. Additionally, the Placement Agent shall receive a warrant (the
“Placement Agent Warrant”) to purchase a number of shares equal to ten percent (10%) of the aggregate number
of shares underlying all the Units sold, at an exercise price equal to 110% of the Conversion Price. The Placement Agent Warrant
shall expire five (5) years from the date of issuance, contain standard anti-dilution protection and such other anti-dilution protection
provided to the Purchasers in the Offering and shall contain provisions for cashless exercise. The Placement Agent is entitled
to additional compensation on future financings and transactions pursuant to a certain letter agreement, dated November 13, 2014
(the “Letter Agreement”), with the Company, including but not limited to a 12-month tail on future financings
or strategic transactions and a 12-month right of first refusal on future financings.

 

3.           Company
Representations and Warranties. The Company hereby represents and warrants that, as of each of the date of this Agreement and
the Closing Date applicable to the Purchaser:

 

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(a)          Organization
and Business.  The Company is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted and as proposed
to be conducted.  The Company is duly qualified as a foreign corporation to do business and is in good standing in every jurisdiction
in which its ownership or use of property or the nature of the business conducted by it makes such qualification necessary except
where failure to do so would have a Material Adverse Effect (as defined in Section 3(o) below). Each subsidiary of the Company
listed on Schedule 3(a) hereto (the “Subsidiaries” and each a “Subsidiary”) has been
duly incorporated and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation,
with corporate power and authority to own, lease and operate its properties and conduct its business as now conducted and as proposed
to be conducted, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under
the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification.
As of the date of this Agreement, except for the entities listed on Schedule 3(a) hereto, the Company does not own or control,
directly or indirectly, any equity or other ownership interest in any corporation, partnership, joint venture or any other Person.
 “Person” means an individual, entity, partnership, limited liability company, corporation, association,
trust, joint venture, unincorporated organization, and any government, governmental department or agency or political subdivision
thereof.

 

(b)          Capitalization.

 

(i)          The
Company has two classes of authorized capital stock consisting of 20,000,000 shares of Common Stock and 10,000,000 shares of preferred
stock, par value $0.0001 per share (the “Preferred Stock”) of which 8,229,712 shares of Common Stock are issued
and outstanding and 0 shares of Preferred Stock are issued and outstanding.  Schedule 3(b)(i) includes a summary
of the Company’s capitalization as of the date of this Agreement and as of the applicable Closing Date, and all of such capital
stock of the Company has been duly and validly authorized and issued, fully paid and nonassessable. All of the issued share capital
of each Subsidiary have been duly and validly authorized and issued, and are fully paid in accordance with its articles of incorporation,
articles of association or applicable foreign, federal, state and local laws, including, without limitation, the corporate law
of the jurisdiction of the Company’s incorporation, and are nonassessable, if applicable. All of the issued share capital
or equity interest, as the case may be, of each Subsidiary is owned directly or indirectly by the Company, free and clear of all
Liens, equities or claims. There are no outstanding securities convertible into or exchangeable for, or warrants, rights or options
to purchase from any Subsidiary, no obligation of any Subsidiary to issue, equity shares or any other class of share capital of
any Subsidiary.

 

(ii)         Except
as set forth on Schedule 3(b)(ii) to this Agreement: (A) there are no outstanding options, warrants, scrip, rights to subscribe
for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights of any character whatsoever
relating to, or securities or rights convertible into or exchangeable for, any capital stock of the Company, or arrangements by
which the Company is or may become bound to issue additional capital stock, (B) there are no agreements or arrangements under which
the Company is obligated to register the sale of any of its or their securities under the Securities Act and (C) there are no anti-dilution
or price adjustment provisions contained in any security issued by the Company (or in any agreement providing rights to security
holders) that will be triggered by the issuance of the Securities.

 

(iii)        No
shares of capital stock of the Company are subject to preemptive rights or any other similar rights of anyone or any mortgage,
lien, title claim, assignment, encumbrance, security interest, adverse claim, contract of sale, restriction on use or transfer
(other than restrictions on transfer under applicable state and federal securities laws or “blue sky” or other similar
laws (collectively, the “Securities Laws”)) or other defect of title of any kind (each, a “Lien”)
imposed through the actions or failure to act of the Company. No further approval or authorization of any shareholder, the Board
of Directors or others is required for the issuance and sale of the Securities.

 

(iv)        Except
as set forth on Schedule 3(b)(iv), no Subsidiary of the Company is currently prohibited, directly or indirectly, under any
agreement or other instrument to which it is a party or is subject, from paying any dividends to its shareholders, from making
any other distribution on such subsidiary’s issued share capital, from repaying to the Company or any other Subsidiary of
the Company any loans or advances to such subsidiary from the Company or such other Subsidiary or from transferring any of such
Subsidiary’s properties or assets to any of the Company or other Subsidiary.

 

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(c)          Authorization;
Enforceability.  All corporate action on the part of the Company, its officers, directors and shareholders necessary
for the authorization, execution and delivery of the Transaction Documents (as defined in subsection (f) below), the performance
of all obligations of the Company under the Transaction Documents, and the authorization, issuance, sale and delivery of the Securities
has been taken, and each Transaction Document constitutes a legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other laws of general application affecting enforcement of creditors’ rights and general principles of equity that restrict
the availability of equitable or legal remedies.

 

(d)          Valid
Issuance.  The Securities being acquired by the Purchaser hereunder, are duly authorized for issuance and sale to
the Purchaser, and, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration, will
be validly issued, fully paid, and non-assessable, and free from all Liens. The shares of Common Stock to be issued pursuant to
the exercise of the Warrants or conversion of the Notes are duly authorized and reserved for issuance and, upon exercise of the
Warrants or conversion of the Notes in accordance with its terms, will be validly issued, fully paid and non-assessable and free
from all Liens.

 

(e)          Litigation. 
There is no material action, suit, proceeding or investigation pending or, to the Company’s knowledge, currently threatened
against the Company.  The Company is not a party or subject to the provisions of any order, writ, injunction, judgment
or decree of any court or government agency or instrumentality.  There is no action, suit, proceeding or investigation
by the Company currently pending or that the Company intends to initiate.

 

(f)          No
Conflict.  The execution, delivery and performance of this Agreement, the Note, the Warrant, the Escrow Agreement,
and the other agreements entered into by the Company in connection with the Offering (the “Transaction Documents”)
and the consummation by the Company of the transactions contemplated hereby and thereby will not: (i) conflict with or result in
a violation of any provision of the charter or bylaws of the Company or (ii) violate or conflict with, or result in a breach of
any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any material agreement, indenture, patent,
patent license or instrument to which the Company is a party, or (iii) to the knowledge of Company, result in a violation of any
law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of
any self-regulatory organizations to which the Company or its securities are subject) (“Laws”) applicable to
the Company or by which any property or asset of the Company is bound or affected.  The Company is not in violation of
its charter, bylaws, or other organizational documents.  The business of the Company is not being conducted in violation
of any Law of any governmental entity, except for possible violations which would not, individually or in the aggregate, have a
Material Adverse Effect.  Except for filings pursuant to Regulation D of the Securities Act, and applicable state
securities laws, which have been made or will be made by the Company in the required time thereunder, the Company is not required
to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory
agency, self-regulatory organization or stock market or any third party in order for it to execute, deliver or perform any of its
obligations under this Agreement or any Transaction Document in accordance with the terms hereof or thereof or to issue and sell
the Securities in accordance with the terms hereof.

 

(g)          Intellectual
Property.  Other than inventions of the Company whose patent applications have yet to be filed, Schedule 3(g)
to this Agreement sets forth a complete and accurate listing of all of the Company’s patents and patent applications (“Patents”).
Except as set forth on Schedule 3(g) or as otherwise described in the PPM, the Company owns valid title, free and clear
of any Liens, or possesses the requisite valid and current licenses or rights, free and clear of any Liens, to use the Patents,
copyrights, trademarks, service marks, trade names, Internet domain names, technology, know-how (including trade secrets and other
unpatented and/or unpatentable proprietary rights) and other intellectual property in connection with the conduct of its business
as now operated, and to the best of the Company’s knowledge, as presently contemplated to be operated in the future (collectively,
the “Intellectual Property”). Other than as set forth on Schedule 3(g) to this Agreement, to the knowledge
of Company, none of the Intellectual Property is unenforceable or invalid; none of the Company has received any notice of violation
or conflict with (and none of the Company knows of any basis for violation or conflict with) rights of others with respect to the
Intellectual Property; there are no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim
by others that allege the Company is infringing any patent, trade secret, trademark, service mark, copyright or other intellectual
property or proprietary right. To the knowledge of Company (i) the Company’s current and intended products, services and
processes do not violate or conflict with any intellectual property or proprietary right of any third party; and (ii) no officer,
director or employee of the Company is in or has ever been in violation of any term of any patent non-disclosure agreement, invention
assignment agreement, or similar agreement relating to the protection, ownership, development use or transfer of the Intellectual
Property or any other intellectual property. The Company is not in breach of, and has complied in all material respects with all
terms of, any license or other agreement relating to the Intellectual Property. Except with respect to its subdistributorship agreements
which grant exclusivity to such subdistributors in certain geographical regions, the Company is not subject to any non-competition
or other similar restrictions or arrangements relating to any business or service anywhere in the world. The Company has taken
reasonable steps to protect and preserve the confidentiality of applicable Intellectual Property (“Confidential Information”).
To the knowledge of Company, all use or disclosure of Confidential Information not owned by the Company has been pursuant to the
terms of a written agreement between the Company and the owner of such Confidential Information, or is otherwise lawful. 

 

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(h)          Patents.
The pending patent applications set forth in Schedule 3(g) (the “Pending Patents”) are being diligently
prosecuted by the Company and/or Subsidiaries. To the Company’s knowledge, there is no existing patent or published patent
application that would interfere, conflict with or otherwise adversely affect the validity, enforcement or scope of the Pending
Patents if claims of such Pending Patents were issued in substantially the same form as currently written. Except as set forth
on Schedule 3(g), (i) no security interests or other Liens have been created with respect to the Pending Patents; and (ii)
the Pending Patents have not been exclusively licensed to another entity or Person.

 

(i)          Insurance.
The Company and each Subsidiary maintain insurance covering their respective properties as the Company reasonably deems adequate
and as is customary for companies engaged in similar businesses. Such insurance protects the Company and the Subsidiaries against
losses and risks to an extent which is necessary and reasonably adequate to protect the Company and each Subsidiary and their respective
businesses and includes, but is not limited to, reasonable directors’ and officers’ insurance coverage. None of the
Company nor any Subsidiary has reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. There is
no material insurance claim made by or against the Company or any Subsidiary pending, outstanding, or, to the knowledge of the
Company, threatened, and, to the knowledge of the Company, no facts or circumstances exist which would reasonably be expected to
give rise to any such claim, and all due premiums in respective thereof have been paid.

 

(j)          SEC
Reports. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company
under the Securities Act and the Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to
Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required
by Law to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference
therein being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid
extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange
Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.

 

(k)          Termination
of Contracts. None of the Company or any Subsidiary has sent or received any communications regarding termination of, or intent
not to renew, any Material Agreement (as defined below) or any of the contracts or agreements referred to or described in the Private
Placement Memorandum incident to this Offering (the “PPM”), and no such termination or non-renewal has been
threatened by the Company or any Subsidiary or, to the knowledge of the Company, any other party to such contract or agreement.

 

(l)          Management.  As
of the date of this Agreement, the Company’s Board of Directors and named executive officers consists of the individuals
identified in the SEC Reports. 

 

    	 	6	 

     

    

 

(m)         Financial
Statements.  The Financial Statements included in the SEC Reports fairly present the financial condition and operating
results of the Company as of the dates, and for the periods, indicated therein, subject to normal year-end audit adjustments.  Said
financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”)
applied on a consistent basis throughout the periods involved. Except as set forth in the Financial Statements, the Company has
no material liabilities or obligations, contingent or otherwise, other than liabilities incurred in connection with the consummation
of the transactions contemplated under the Offering, as described in the PPM, and those incurred in the ordinary course of business
subsequent to June 30, 2015.  Since June 30, 2015, nothing has occurred which would have a Material Adverse Effect.

 

(n)          Financial
Information and Projections.  Any financial estimates and projections in the PPM have been prepared by management
of the Company and are the most current financial estimates and projections available by the Company.  Although the Company
does not warrant that the results contained in such projections will be achieved, to the best of the Company’s knowledge
and belief, such projections are reasonable estimations of future financial performance of the Company and its expected financial
position, results of operations, and cash flows for the projection period (subject to the uncertainty and approximation inherent
in any projection).  At the time they were made, all of the material assumptions upon which the projections are based
were, to the best of the Company’s knowledge and belief, reasonable and appropriate.  Nothing in this Section
3(n) is intended to modify or amend in any way the representations and warranties of the Purchaser in Section 4.

 

(o)          Material
Changes; Undisclosed Events, Liabilities or Developments. None of the Company or its Subsidiaries has sustained, since the
date of the latest audited financial statements included in the PPM, any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action,
order or decree. Since the respective dates as of which information is given in the PPM and except as disclosed herein or in the
PPM, (i) there has not been any change in the share capital of the Company or any Subsidiary and none of the Company or any Subsidiary
has declared any dividends or other distribution of cash or property to shareholders and none the Company nor any Subsidiary has
entered into any agreement to purchase, redeem or any other agreement with respect to its capital stock, including the issuance
of capital stock to the officers and directors of the Company and any Subsidiary; (ii) the Company has not incurred any liabilities
(contingent or otherwise) other than trade payables and accrued expenses incurred in the ordinary course of business consistent
with past practice; (iii) the Company has not altered its method of accounting; and (iv) there has not been any material adverse
change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial
position, shareholders’ equity, results of operations or prospects of the Company and its Subsidiaries, taken as a whole
(a “Material Adverse Effect”). The Company does not have pending before the Securities and Exchange Commission
(the “Commission”) any request for confidential treatment of information. Except for the issuance of the Securities
contemplated by this Agreement and the transactions disclosed herein or in the PPM, no event, liability, fact, circumstance, occurrence
or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries
or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed
by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly
disclosed at least one trading day prior to the date that this representation is made.

 

(p)          Labor
Relations. There are no private, regulatory or governmental inquiry, action, suit, proceeding, litigation, claim, arbitration
or investigation pending before any Governmental Authority (as defined below) of competent jurisdiction (each, an “Action”)
pending or, to the knowledge of the Company, threatened involving the Company or any Subsidiary and any of their respective employees
or former employees (with respect to their status as an employee or former employee, as applicable) including any harassment, discrimination,
retaliatory act or similar claim. To the Company’s knowledge, since December 31, 2012, there has been: (i) no labor union
organizing or attempting to organize any employee of the Company or any of its Subsidiaries into one or more collective bargaining
units with respect to their employment with the Company or any of its Subsidiaries; and (ii) no labor dispute, strike, work slowdown,
work stoppage or lock out or other collective labor action by or with respect to any employees of the Company or any of its Subsidiaries
pending with respect to their employment with the Company or any of its Subsidiaries or threatened against the Company or any of
its Subsidiaries. Neither the Company nor any of its Subsidiaries is a party to, or bound by, any collective bargaining agreement
or other agreement with any labor organization applicable to the employees of the Company or any of its Subsidiaries and no such
agreement is currently being negotiated. To the knowledge of the Company, the Company and its Subsidiaries (i) are in compliance
in all material respects with all applicable Laws respecting employment and employment practices, terms and conditions of employment,
health and safety and wages and hours, including Laws relating to discrimination, disability, labor relations, hours of work, payment
of wages and overtime wages, pay equity, immigration, workers compensation, working conditions, employee scheduling, occupational
safety and health, family and medical leave, and employee terminations, and have not received written notice, or any other form
of notice, that there is any Action involving unfair labor practices against the Company or any of its Subsidiaries pending, (ii)
are not liable for any material arrears of wages or any material penalty for failure to comply with any of the foregoing, and (iii)
are not liable for any material payment to any trust or to any Governmental Authority, with respect to unemployment compensation
benefits, Taxes, social security or other benefits or obligations for employees, independent contractors or consultants (other
than routine payments to be made in the ordinary course of business and consistent with past practice). Except as would not result
in any material liability to the Company or any Subsidiary, there are no Actions pending or, to the knowledge of the Company, threatened
against the Company or any Subsidiary brought by or on behalf of any applicant for employment, any current or former employee,
any Person alleging to be a current or former employee, or any Governmental Authority, relating to any such Law, or alleging breach
of any express or implied contract of employment, wrongful termination of employment, or alleging any other discriminatory, wrongful
or tortious conduct in connection with the employment relationship.

 

    	 	7	 

     

    

 

(q)          [Reserved]

 

(r)          Compliance.
None of the Company or any Subsidiary is (i) in material breach of or in default under any Laws of the United States, or any other
jurisdiction where it was incorporated or operates, (ii) in breach of or in default under any approval, consent, waiver, authorization,
exemption, permission, endorsement or license granted by any court or governmental agency or body or any stock exchange authorities
(each a “Governmental Authority”) in the United States or any other jurisdiction in which it was incorporated
or operates, (iii) in violation of its constituent documents or (iv) in default in the performance or observance of any obligation,
agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement
or instrument to which it is a party or by which it or any of its properties may be bound except, with respect to (i), (ii) or
(iv), where any default would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(s)          Licenses
and Permits. Except as set forth on Schedule 3(s), the Company and its Subsidiaries possess all certificates, authorizations,
consents, approvals, orders, licenses and permits issued by the appropriate federal, state, national and foreign regulatory authorities
(collectively, the “Material Permits”) and any other state, federal, national and foreign agencies or bodies
engaged in the regulation of waste management, the processing of “big data” or the “Internet of things”
that are necessary to conduct their respective businesses as they are currently being conducted and as they are proposed to be
conducted except where any failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. All of such Material Permits are valid and in full force and effect, except where the invalidity of such Permits
or the failure to be in full force and effect, individually or in the aggregate, would not have a Material Adverse Effect. There
is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or investigation that individually or in
the aggregate would reasonably be expected to lead to the revocation, modification, termination, suspension or any other impairment
of the rights of the holder of any such Material Permit which revocation, modification, termination, suspension or other impairment
would have a material adverse effect on the Company and its subsidiaries, taken as a whole. Such Material Permits contain no material
restrictions or conditions not described in the PPM. None of the Company or any Subsidiary has a reasonable basis to believe that
any regulatory body is considering modifying, suspending or revoking any such Material Permit and each of the Company and each
Subsidiary is in material compliance with the provisions of all such Material Permits.

 

(t)          Regulatory
Matters. Except as described in the PPM, the Company and each of its subsidiaries: (A) are and at all times have been in material
compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, assembly, use,
distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product sold, under
development, manufactured or distributed by the Company or any subsidiary (“Applicable Regulatory Laws”); (B)
have not received any notice of adverse finding, warning letter, or other correspondence or written notice from any federal, state,
local, national or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable
Regulatory Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto
required by any such Applicable Regulatory Laws (“Authorizations”); (C) possess all material Authorizations
and such Authorizations are valid and in full force and effect and neither the Company nor any subsidiary is in material violation
of any term of any such Authorizations; (D) have not received written notice of any proceeding, hearing, enforcement, investigation,
arbitration or other action from any federal, state, local, national or foreign governmental or regulatory authority or third party
alleging that any product, operation or activity is in material violation of any Applicable Regulatory Laws or Authorizations and
has no knowledge that any federal, state, local, national or foreign governmental or regulatory authority or third party is considering
any such proceeding, hearing, enforcement, investigation, arbitration or other action; (E) have not received written notice that
any federal, state, local, national or foreign governmental or regulatory authority has taken, is taking or intends to take action
to limit, suspend, modify or revoke any material Authorizations and has no knowledge that any federal, state, local, national or
foreign governmental or regulatory authority is considering such action; and (F) have filed, obtained, maintained or submitted
all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by
any Applicable Regulatory Laws or Authorizations except where the failure to file such reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments would not result in a Material Adverse Effect, and that all such reports,
documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and
correct on the date filed (or were corrected or supplemented by a subsequent submission).

 

    	 	8	 

     

    

 

(u)          Tax
Matters.  The Company has made or filed all federal, state and foreign income and all other tax returns, reports
and declarations required by any jurisdiction to which it is subject and has paid all taxes and other governmental assessments
and charges, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith
and has set aside on its books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods
to which such returns, reports or declarations apply.  All such tax returns and reports filed on behalf of the Company
were complete and correct and were prepared in good faith without willful misrepresentation.  There are no unpaid taxes
in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company know of no
basis for any such claim.  The Company has not executed a waiver with respect to the statute of limitations relating
to the assessment or collection of any foreign, federal, state or local tax. Except as disclosed on Schedule 3(u), the
Company has not received notice that any of its tax returns is presently being audited by any taxing authority.

 

(v)         Certain
Transactions.  Except as set forth on Schedule 3(v) to this Agreement, none of the officers or directors of
the Company or any Subsidiary and none of the employees or consultants of the Company or any Subsidiary (including his/her spouse,
infant children, any company or undertaking in which he/she holds a controlling interest) is presently a party to any transaction
with the Company or any Subsidiary (other than for services as employees, consultants, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property
to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer,
director or such employee, consultant or any entity in which any officer, director, or any such employee or consultant has a substantial
interest or is an officer, director, trustee, stockholder, member or partner other than for (i) payment of salary or consulting
fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits,
including stock option under any stock option plan of the Company. Except as set forth on Schedule 3(v), there are no material
relationships or transactions between the Company and/or a Subsidiary on the one hand and the Company’s affiliates, officers
and directors or their shareholders, customers or suppliers on the other hand which, although required to be disclosed, are not
disclosed in the PPM.

 

(w)          Material
Agreements.  Except as disclosed on Schedule 3(w) to this Agreement (each contract, agreement, commitment
or understanding disclosed on Schedule 3(w) being hereinafter referred to as a “Material Agreement”))
or as contemplated by this Agreement or any Transaction Document, there are no agreements, understandings, commitments, instruments,
contracts, employment agreements, proposed transactions or judgments to which the Company is a party or by which it is bound which
may involve obligations (contingent or otherwise), or a related series of obligations (contingent or otherwise), of or to, or payments,
or a related series of payments, by or to the Company in excess of $250,000 in any one year.  All Material Agreements
are in full force and effect and constitute legal, valid and binding obligations of the Company, and to the Company’s knowledge,
the other parties thereto, and are enforceable in accordance with their respective terms.  Neither the Company nor any
person is in default under the terms of any Material Agreement, and no circumstance exists that would, with the giving of notice
or the passage of time, constitute a default under any Material Agreement.

 

    	 	9	 

     

    

 

(x)          Title
to Assets.  The Company has good and marketable title to all real and personal property owned by it that is material
to the business of the Company, in each case free and clear of all liens and encumbrances, except those, if any, included on Schedule
3(x) or incurred in the ordinary course of business consistent with past practice.  Any real property and facilities
held under lease by the Company are held by it under valid, subsisting and enforceable leases (subject to laws of general application
relating to bankruptcy, insolvency, reorganization, or other similar laws affecting creditors’ rights generally and other
equitable remedies) with which the Company is in compliance in all material respects.

 

(y)          Subsidiaries;
Joint Ventures.  Except for the subsidiaries described in Schedule 3(a), the Company has no subsidiaries and
(i) does not otherwise own or control, directly or indirectly, any other Person and (ii) does not hold equity interests, directly
or indirectly, in any other Person. Except as otherwise disclosed herein or in the PPM, the Company is not a participant
in any joint venture, partnership, or similar arrangement material to its business.  

 

(z)          Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in material compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated
by the Commission thereunder that are effective as of the date hereof and as of the applicable Closing Date. As disclosed in the
SEC Reports, the Company and the Subsidiaries do not maintain a system of internal accounting controls sufficient to provide reasonable
assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. The disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the Company and the Subsidiaries are not effective to ensure that information required to be disclosed by the Company in the
reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the disclosure
controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic
report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no changes
in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries
that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the
Company and its Subsidiaries. Neither the Company’s Board of Directors nor its internal auditors have recommended that the
Company review or investigate, (i) adding to, deleting, changing the application of, or changing the Company’s disclosure
with respect to, any of the Company’s material accounting policies; (ii) any matter which could result in a restatement of
the Company’s financial statements for any annual or interim period during the current or prior three fiscal years; or (iii)
any significant deficiency, material weakness, change in internal controls or fraud involving management or other employees who
have a significant role in internal controls.

 

(aa)         Disclosure.
The Company understands and confirms that the Purchaser will rely on the representations and warranties contained herein in effecting
transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchaser regarding
the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the PPM and the
disclosure schedules to this Agreement, taken as a whole, is true and correct and does not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under
which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date
of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 4 hereof.

 

    	 	10	 

     

    

 

(bb)         Solvency.
Based on the consolidated financial condition of the Company as of the applicable Closing Date, after giving effect to the receipt
by the Company of the proceeds from the sale of the Securities hereunder representing the Minimum Amount, the fair saleable value
of the Company’s assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing
debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute
unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs
taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital
requirements and capital availability thereof and (iii) the current cash flow of the Company, together with the proceeds the Company
would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to
incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable
on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will
file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the
applicable Closing Date. Schedule 3(bb) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness
of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement,
“Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade
accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations
in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance
sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions
in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required
to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(cc)         Environmental.
The Company and each Subsidiary and their respective properties, assets and operations are in compliance in all material respects
with and hold all permits, authorizations and approvals required under Environmental Laws (as defined below). There are no past,
present or reasonably anticipated future events, conditions, circumstances, activities, practices, actions, omissions or plans
that could reasonably be expected to give rise to any material costs or liabilities to the Company or any Subsidiary under, or
to interfere with or prevent compliance by any of the Company or a Subsidiary with, Environmental Laws. None of the Company or
any Subsidiary (i) is the subject of any investigation, (ii) has received any notice or claim, (iii) is a party to or affected
by any pending or threatened action, suit, investigation or proceeding, (iv) is bound by any judgment, decree or order or (v) has
entered into any agreement, in each case relating to any alleged violation of any Environmental Law or any actual or alleged release
or threatened release or cleanup at any location of any Hazardous Materials (as defined below), except where (i), (ii), (iii) and
(iv) would not, individually or in the aggregate, have a Material Adverse Effect. As used herein, “Environmental Law”
means any national, provincial, municipal or other local or foreign law, statute, ordinance, rule, regulation, order, notice, directive,
decree, judgment, injunction, permit, license, authorization or other binding requirement, or common law, relating to health, safety
or the protection, cleanup or restoration of the environment or natural resources, including those relating to the distribution,
processing, generation, treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous
Materials, and “Hazardous Materials” means any material (including, without limitation, pollutants, contaminants,
hazardous or toxic substances or wastes) that is regulated by or may give rise to liability under any Environmental Law.

 

(dd)         Fundamental
Transaction. None of the Company nor any Subsidiary is currently a party to any memorandum of understanding, letter of intent,
definitive agreement or any similar agreements with respect to a merger or consolidation or a material acquisition or disposition
of assets, technologies, business units or businesses.

 

(ee)         Forward-Looking
Statements. Each “forward-looking statement” (within the meaning of Section 27A of the Securities Act or Section
21E of the Exchange Act) contained in the SEC Reports and the PPM has been made or reaffirmed with a reasonable basis and in good
faith.

 

(ff)         Office
of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer,
agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department.

 

    	 	11	 

     

    

 

(gg)         U.S.
Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation within the
meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s
request.

 

(hh)         Bank
Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act
of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the
“Federal Reserve”). Neither the Company nor any of its Subsidiaries or affiliates owns or controls, directly
or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or
more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve. Neither
the Company nor any of its Subsidiaries or affiliates exercises a controlling influence over the management or policies of a bank
or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(ii)          Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit, investigation or proceeding by or before any court or governmental agency, authority
or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company or any Subsidiary, threatened.

 

(jj)          Investment
Company. The Company is not, and is not an affiliate of, and immediately after receipt of payment for the Securities, will
not be or be an affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as
amended. The Company shall conduct its business in a manner so that it will not become an “investment company” subject
to registration under the Investment Company Act of 1940, as amended.

 

(kk)        Registration
Rights. Except as set forth on Schedule 3(kk), there are no contracts, agreements or understandings between the Company
and any Person granting such Person the right to require the Company to file a registration statement under the Securities Act
with respect to any securities of the Company owned or to be owned by such Person or to require the Company to include such securities
in the securities registered pursuant to a registration statement or in any securities being registered pursuant to any other registration
statement filed by the Company under the Securities Act.

 

(ll)           No
General Solicitation. Neither the Company nor any person participating on the Company’s behalf in the transactions contemplated
hereby has conducted any “general solicitation,” as such term is defined in Regulation D promulgated under the Securities
Act, with respect to any securities offered in the Offering.

 

(mm)       No
Integrated Offering.  Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf,
has directly or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances
that would require registration under the Securities Act of the issuance of the Securities.  The issuance of the Securities
will not be integrated (as defined in Rule 502 of the Securities Act) with any other issuance of the Company’s securities
(past, current or future) that would require registration under the Securities Act of the issuance of the Securities.  

 

(nn)         No
Brokers.  The Company has taken no action which would give rise to any claim by any person for brokerage commissions,
transaction fees or similar payments relating to this Agreement or the transactions contemplated hereby, other than to the Placement
Agent, whose fee is described in Section 2(e).

 

(oo)         Offering.  Subject
to the accuracy of the Purchaser’s representations and warranties in Section 4 of this Agreement, and the accuracy
of the other Purchasers’ representations and warranties in their respective Securities Purchase Agreements, the offer, sale
and issuance of the Securities in the Offering constitute transactions exempt from the registration requirements of Section 5 of
the Securities Act and from the registration or qualification requirements of applicable state securities laws, and neither the
Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemption.

 

    	 	12	 

     

    

 

(pp)          Risks
Related to the Company and the Offering.  An investment in the Securities involves a high degree of risk and uncertainty.  The
PPM includes information about the material risks faced by the Company, however, they may not be the only risks.  Additional
unknown risks or risks that the Company currently considers to be immaterial may also impair the Company’s business operations.  If
any of the events or circumstances described in the PPM actually occurs, the Company’s business, financial condition or results
of operations could suffer.

 

4.           Purchaser
Acknowledgements and Representations.  In connection with the purchase of the Securities, Purchaser represents and
warrants as of the Closing Date applicable to the Purchaser and/or acknowledges, to the Company, the following:

 

(a)          Acceptance.  The
Company may accept or reject this Agreement and the number of Securities subscribed for hereunder, in whole or in part, in its
sole and absolute discretion.  The Company has no obligation to issue any of the Securities to any person who is a resident
of a jurisdiction in which the issuance of the Securities would constitute a violation of federal or state securities laws.

 

(b)          Irrevocability.  This
Agreement is and shall be irrevocable, except that the Purchaser shall have no obligations hereunder to the extent that this Agreement
is rejected by the Company.

 

(c)          Binding.  This
Agreement and the rights, powers and duties set forth herein shall be binding upon the Purchaser, the Purchaser’s heirs,
estate, legal representatives, successors and assigns and shall inure to the benefit of the Company, its successors and assigns.

 

(d)          No
Governmental Review.  No federal or state agency has made any finding or determination as to the fairness of the
Offering for investment, or any recommendation or endorsement of the Securities.

 

(e)          No
Voting Rights.  Unless and until the Warrant is exercised or the Note is converted and the Common Stock issued, the
Purchaser is not entitled to voting rights for the shares of Common Stock underlying the Notes and Warrants.  

 

(f)          Professional
Advice; Investment Experience.  The Company has made available to the Purchaser, or to the Purchaser’s attorney,
accountant or representative, all documents that the Purchaser has requested, and the Purchaser has requested all documents and
other information that the Purchaser has deemed necessary to consider respecting an investment in the Company.  The Company
has provided answers to all questions concerning the Offering and an investment in the Company.  The Purchaser has carefully
considered and has, to the extent the Purchaser believes necessary, discussed with the Purchaser’s professional technical,
legal, tax and financial advisers and his/her/its representative (if any) the suitability of an investment in the Company for the
Purchaser’s particular tax and financial situation.  All information the Purchaser has provided to the Company
concerning the Purchaser and the Purchaser’s financial position is, to Purchaser’s knowledge, correct and complete
as of the date set forth below, and if there should be any material adverse change in such information prior to the acceptance
of this Agreement by the Company, the Purchaser will immediately provide such information to the Company.  The Purchaser
has such knowledge, skill, and experience in technical, business, financial, and investment matters so that he/she/it is capable
of evaluating the merits and risks of an investment in the Securities.  To the extent necessary, the Purchaser has retained,
at his/her/its own expense, and relied upon, appropriate professional advice regarding the technical, investment, tax, and legal
merits and consequences of this Agreement and owning the Securities.  The Purchaser acknowledges and understands that
the proceeds from the sale of the Securities will be used as described in Section 5(c).

 

    	 	13	 

     

    

 

(g)          Brokers
and Finders; Placement Agent Services.  Section 2(e) includes information regarding the compensation to be paid to
the Placement Agent for various services rendered or to be rendered to the Company.

 

(h)          Investment
Purpose.  Purchaser is purchasing the Securities for investment for his, her or its own account only and not with
a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act in
violation of such act.  Purchaser further represents that he/she/it does not presently have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with
respect to any of the Securities.  If the Purchaser is an entity, the Purchaser represents that it has not been formed
for the specific purpose of acquiring the Securities.  Purchaser acknowledges that an investment in the Securities is
a high-risk, speculative investment.

 

 (i)          Reliance
on Exemptions.  Purchaser understands that the Securities are being offered and sold to it in reliance upon specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of Purchaser set forth herein and in Exhibit A or Exhibit B, as applicable, in order to determine
the availability of such exemptions and the eligibility of the Purchaser to acquire the Securities.

 

(j)          Restricted
Securities.  Purchaser understands that the Securities are “restricted securities” under applicable Securities
Laws and that, pursuant to these laws, Purchaser must hold the Securities indefinitely unless they are registered with the Commission
and qualified by state authorities, or an exemption from such registration and qualification requirements is available.  Purchaser
acknowledges that the Company has no obligation to register or qualify the Securities or Common Stock underlying the Securities
for resale.  

 

(k)          Professional
Advice.  The Company has not received from its legal counsel, accountants or professional advisors any independent
valuation of the Company or any of its equity securities, or any opinion as to the fairness of the terms of the Offering or the
adequacy of disclosure of materials pertaining to the Company or the Offering.

 

(l)          Risk
of Loss.  The Purchaser has adequate net worth and means of providing for his/her/its current needs and personal
contingencies to sustain a complete loss of the investment in the Securities at the time of investment, and the Purchaser has no
need for liquidity in the investment in the Securities.  The Purchaser understands that an investment in the Securities
is highly risky and that he/she/it could suffer a complete loss of his/her/its investment.

 

(m)        Information.  The
Purchaser understands that any plans, estimates and projections, provided by or on behalf of the Company, involve significant elements
of subjective judgment and analysis that may or may not be correct; that there can be no assurance that such plans, projections
or goals will be attained; and that any such plans, projections and estimates should not be relied upon as a promise of the future
performance of the Company.  The Purchaser acknowledges that neither the Company, the Placement Agent nor anyone acting
on the Company’s behalf makes any warranty, express or implied, as to the accuracy or correctness of any such plans, estimates
and projections, and there are no assurances that such plans, estimates and projections will be achieved.  The Purchaser
understands that the Company’s technology and products are new, and not all of the technology and/or products may be tested
and commercialized, and that there is no guarantee that the technology and products will be commercially successful.  The
Purchaser understands that all of the risks associated with the technology are not now known.  Before investing in the
Offering, the Purchaser has been given the opportunity to ask questions of the Company about the technology and the Company’s
business and the Purchaser has received answers to those questions.

 

(n)        Authorization;
Enforcement.  Each Transaction Document to which a Purchaser is a party: (i) has been duly and validly authorized,
(ii) has been duly executed and delivered on behalf of the Purchaser, and (iii) will constitute, upon execution and delivery by
the Purchaser thereof and the Company, the valid and binding agreements of the Purchaser enforceable in accordance with their terms,
except to the extent limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application
affecting enforcement of creditors’ rights and general principles of equity that restrict the availability of equitable or
legal remedies.

 

    	 	14	 

     

    

 

(o)          Residency.  If
the Purchaser is an individual, then Purchaser resides in the state or province identified in the address of such Purchaser set
forth in the Purchaser Questionnaire; if the Purchaser is a partnership, corporation, limited liability company or other entity,
then the office or offices of the Purchaser in which its principal place of business is identified in the address or addresses
of the Purchaser set forth in the Purchaser Questionnaire.

 

(p)          Communication
of Offer. The Purchaser was contacted by either the Company or the Placement Agent with respect to a potential investment in
the Securities.  The Purchaser is not purchasing the Securities as a result of any “general solicitation”
or “general advertising,” as such terms are defined in Regulation D of the Securities Act, which includes, but is not
limited to, any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine
or similar media or on the internet or broadcast over television, radio or the internet or presented at any seminar or any other
general solicitation or general advertisement.

 

(q)          No
Conflicts.  The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the
Purchaser of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the
Purchaser (if the Purchaser is an entity), (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Purchaser is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to the Purchaser.

 

(r)          Organization.  If
the Purchaser is an entity, it is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization with the requisite corporate or partnership power and authority to enter into and to consummate the transactions contemplated
by the applicable Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.  If the
Purchaser is an entity, the execution, delivery and performance by the Purchaser of the transactions contemplated by this Agreement
have been duly authorized by all necessary corporate or, if the Purchaser is not a corporation, such partnership, limited liability
company or other applicable like action, on the part of the Purchaser.

 

(s)          PPM.
The Purchaser has received a copy of the PPM, has had an opportunity to review and evaluate the disclosure in the PPM, and does
not have any questions or requests for additional information.

 

(t)          No
Other Representations.  Other than the representations and warranties contained in the Transaction Documents, the
Purchaser has not received and is not relying on any representation, warranties or assurances as to the Company, its business or
its prospects from the Company or any other person or entity.

 

5.           Covenants.

 

(a)          As
long as a Note is outstanding, without the written consent of the holders of an aggregate
majority of the principal amount of the Notes then outstanding, the Company will not, and will not permit any of its Subsidiaries
to, directly or indirectly, undertake the following:

 

(i)          increase
or decrease the authorized number of shares of the Company’s capital stock, except in
connection with a reverse stock split required for the Listing or as is required to ensure that the Company has reserved a sufficient
number of shares of Common Stock to issue upon conversion of the Notes and exercise of the Warrants;

 

(ii)         take
any action that results in the distribution of a dividend or the repurchase or redemption of any shares of capital stock (other
than pursuant to equity incentive agreements with service providers giving the Company the right to repurchase shares at the lower
of cost or fair market value upon the termination of services);

 

    	 	15	 

     

    

 

(iii)        amend
any provision of the Company’s Certificate of Incorporation or bylaws, except in order to increase or decrease the Company’s
capital stock as permitted in Section 5(a)(i) above;

 

(iv)        take
any action that results in a security interest being placed on all or substantially all of the Company’s assets or Intellectual
Property;

 

(v)         enter
into any material new line of business or material change to the Company’s existing line of business, which existing business
is understood to cover environmental technologies, as well as data measurement, collection and presentation from industrial equipment;

 

(vi)        replace
the Company’s Chief Executive Officer or other senior executive officers, except in the event of their respective death,
disability, incapacity or retirement;

 

(vii)       sell,
transfer, pledge, dispose of, license or enter into any exclusive distribution or exclusive partnership agreement related to any
of the Intellectual Property rights of the Company or other Company assets, other than in the ordinary course of business (it being
understood that entering into exclusive sub-distribution agreements in the nature of those disclosed in the PPM are in the ordinary
course of business);

 

(viii)      acquire
any business (whether by stock or asset purchase, merger, consolidation or otherwise) in excess of $2,500,000 in aggregate purchase
price;

 

(ix)         enter
into an agreement to issue, or issue, any debt, equity or other securities of the Company that is pari passu or senior to the Notes,
or modify to the same effect any of the foregoing which may be outstanding (unless any such modification is no less favorable to
the Company than those currently outstanding), except for customary trade financing, mortgages, leases, or other commercial financing
activities or any stock option or incentive compensation plans;

 

(x)          engage
in any transactions with affiliates (for purposes of this subparagraph (xv), the term “affiliates” refers to the officers,
directors and holders of 10% or more of the Company’s common stock) except in connection with the Company’s lease from
BioHitech Realty LLC;

 

(xi)         liquidate,
enter into bankruptcy, dissolve or wind-up its business and affairs; or

 

(xii)       enter
into any Equity Line of Credit or similar agreement, or any issuance or agreement to issue any floating or Variable Rate Securities
(as defined below) or any of the foregoing or equity with price reset rights. For purposes hereof, “Equity Line of Credit”
shall include any transaction involving a written agreement between the Company and an investor or underwriter whereby the Company
has the right to “put” its securities to the investor or underwriter over an agreed period of time and at an agreed
price or price formula, and “Variable Rate Securities” shall include: (A) any debt or equity securities which are convertible
into, exercisable or exchangeable for, or carry the right to receive additional shares of Common Stock or with a fixed conversion,
exercise or exchange price that is subject to being reset at some future date at any time after the initial issuance of such debt
or equity security, and (B) any amortizing convertible security which amortizes prior to its maturity date, where the Company is
required or has the option to (or any investor in such transaction has the option to require the Company to) make such amortization
payments in shares of Common Stock.

 

    	 	16	 

     

    

 

(b)          Until
the later of (i) the repayment of the Notes in full and (ii) the exercise of all Warrants on or prior to their expiration, the
Company covenants to maintain the registration of its Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely
file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by
the Company after the date hereof pursuant to Section 13 or 15(d) the Exchange Act with the Commission even if the Company is not
then subject to the reporting requirements of Section 13 or 15(d) the Exchange Act. If at any time Rule 144 (as defined below)
is not available with respect to the Shares or the shares of Common Stock underlying the Warrants or Notes due to the Company’s
failure to remain current with its reporting obligations under the Exchange Act (“Public Information Failure”),
then the Company shall pay in cash by wire transfer of immediately available funds an amount per month equal to 1% of the aggregate
VWAP of all of the Shares or shares of Common Stock underlying the Warrants or Notes which are not able to be delivered to the
holder thereof without legend because of such Public Information Failure. Such Public Information Failure payments shall continue
until such time as the Shares or shares of Common Stock underlying the Warrants or Notes, as the case may be, are able to be delivered
without legend (to be pro-rated for any periods which are less than one month). As used herein, “Rule 144” means
Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended from time to time, or any other similar
or successor rule or regulation of the Commission that may at any time permit the Purchasers to sell securities of the Company
to the public without registration, and “VWAP” means, for any date, the price determined by the first of the
following clauses that applies: (a) the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on The Nasdaq Stock Market or NYSE MKT, (b) if the Common Stock is not then listed or quoted for trading on The Nasdaq Stock
Market or NYSE MKT, the OTCQB or such other quotation system or association, (c) and if prices for the Common Stock are not then
reported in or by any of the foregoing, in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

(c)          The
Company covenants and agrees that it will use the net proceeds from the Offering as set forth in the PPM.

 

(d)          The
shares of Common Stock or securities convertible into or exercisable for shares of Common Stock which are held by any of the Company’s
officers and directors and employees of the Company who own more than 1% of the outstanding and issued shares of the Company will
be locked up until 6 months following the Final Closing Date.

 

6.           Restrictive
Legends and Stop-Transfer Orders.

 

(a)          Legends.  The
certificate or certificates representing each of the Securities shall bear a legend substantially to the following effect (as well
as any legends required by applicable state corporate law or federal or state securities laws):

 

	 	(i)	THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE.  THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO SUCH SECURITIES UNDER SUCH ACT AND/OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.

 

	 	(ii)  	THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN SECURITIES PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE SECURITY HOLDER DATED NOVEMBER [ ], 2015, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

	 	(iii)  	Any legend required to be placed thereon by any appropriate securities commission or commissioner.

 

    	 	17	 

     

    

 

(b)          Stop-Transfer
Notices.  The Purchaser agrees that, to ensure compliance with the restrictions referred to herein, the Company may
issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its
own securities, it may make appropriate notations to the same effect in its own records.

 

(c)          The
Company, shall pay, on behalf of any Purchaser requesting the transfer or resale of Securities pursuant to Section 6(a)(i), a sum
sufficient to cover any expenses or fees that may be imposed in connection with the processing of such transfer, including but
not limited to legal fees incurred in connection with the issuance of an opinion of counsel, together with reimbursement of all
reasonable expenses of the Purchaser incidental thereto.

 

(d)          The
Shares and shares of Common Stock underlying the Warrants and Notes shall be further subject to a customary lockup agreement in
the event that the Shares and/or shares of Common Stock underlying the Warrants and Notes become freely tradable under Rule 144
prior to a Listing or Public Offering.

  

7.           Conditions
to Closing.

 

(a)          Conditions
to the Company’s Obligation to Sell.  The obligation of the Company hereunder to issue and sell Securities
to the Purchaser is subject to the satisfaction, at or before the applicable Closing Date, of each of the following conditions,
provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole
discretion:

 

(i)          The
Purchaser shall have complied with Sections 2(a) and (b);

 

(ii)         The
representations and warranties of the Purchaser shall be true and correct in all material respects; and

 

(iii)        No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

(b)          Conditions
to Each Purchaser’s Obligation to Purchase.  The obligation of the Purchaser hereunder to purchase the Securities
is subject to the satisfaction, at or before the applicable Closing Date of each of the following conditions, provided that these
conditions are for the Purchaser’s sole benefit and may be waived by the Purchaser at any time in his/her/its sole discretion:

 

(i)          The
Company shall have complied with Section 2(d);

 

(ii)         The
representations and warranties of the Company shall be true and correct as of the applicable Closing Date, and the Company shall
have performed, satisfied and complied with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Company at or prior to the applicable Closing Date.  The Purchaser shall have received
a certificate or certificates, executed by the Chief Executive Officer of the Company, dated as of the applicable Closing Date,
to the foregoing effect and as to such other matters as may be reasonably requested by the Purchaser, including, but not limited
to, certificates with respect to the Company’s charter, bylaws and Board of Directors’ resolutions relating to the
transactions contemplated hereby;

 

(iii)        No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement;

 

    	 	18	 

     

    

 

(iv)        No
event shall have occurred which would reasonably be expected to have a Material Adverse Effect on the Company;

 

(v)         The
Company shall have caused its legal counsel to deliver a legal opinion addressed to the Placement Agent in such form as is mutually
agreed by counsel to the Company and the Placement Agent and a form of such opinion shall be made available to the Purchasers,
upon request, prior to the Closing Date; and

 

(vi)        The
Company shall have provided such other documents as the Placement Agent may reasonably request, each in form and substance satisfactory
to the Placement Agent.

 

8.           Miscellaneous.

 

(a)          Governing
Law.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect
to principles of conflicts of law.

 

(b)          Entire
Agreement; Enforcement of Rights.  This Agreement and the PPM, together with the exhibits and schedules attached
hereto, set forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes any
and all prior agreements or discussions between them, including any term sheet, letter of intent or other document executed by
the parties prior to the date hereof relating to such subject matter.  No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement;
provided, however, that the Purchaser acknowledges and agrees that the Placement Agent may, in its sole discretion acting by prior
written consent on behalf of Purchaser, waive any covenant of the Company described in Section 5.  The failure
by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.

 

(c)          Severability.  If
one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith.  If the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be
interpreted as if such provision were so excluded, and (iii) the balance of the Agreement shall be enforceable in accordance
with its terms.

 

(d)          Construction.  This
Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel,
if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed
in favor of or against any one of the parties hereto.

 

(e)          Notices.  Any
notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally (including
two business days after deposit with a reputable overnight courier service, properly addressed to the party to receive the same)
or sent by fax or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed
to the party to be notified at such party’s address or fax number as set forth herein or as subsequently modified by written
notice.

 

(f)          Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one instrument.

 

(g)          Successors
and Assigns.  The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the
Company’s successors and assigns.  The covenants and obligations of the Company hereunder shall inure to the benefit
of, and be enforceable by the Purchaser against the Company, its successors and assigns, including any entity into which the Company
is merged.  The rights and obligations of Purchasers under this Agreement may only be assigned with the prior written
consent of the Company.

 

    	 	19	 

     

    

 

(h)          Third
Party Beneficiary.  This Agreement is intended for the benefit of the undersigned parties and their respective permitted
successors and assigns, and the Placement Agent, and is not for the benefit of, nor may any provision hereof be enforced by, any
other person.

 

(i)          Further
Assurances.  Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(j)          Expenses.  The
Company shall pay all costs and expenses incurred by the Company and the Placement Agent with respect to the negotiation, execution,
delivery and performance of the Agreement, in accordance with the Letter Agreement.

 

(k)          Survival.  The
representations, warranties, covenants and agreements made herein shall survive the closing of the transaction contemplated hereby.  All
statements as to factual matters contained in any certificate or other instrument delivered by or on behalf of the Company pursuant
hereto in connection with the transactions contemplated hereby shall be deemed to be representations and warranties by the Company
hereunder solely as of the date of such certificate or instrument.  The representations, warranties, covenants and obligations
of the Company, and the rights and remedies that may be exercised by the Purchaser, shall not be limited or otherwise affected
by or as a result of any information furnished to, or any investigation made by or knowledge of, any of the Purchasers or any of
their representatives.

 

(l)          Attorneys’
Fees.  In the event that any suit or action is instituted under or in relation to this Agreement, including without
limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the
losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement,
including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation,
all fees, costs and expenses of appeals.

 

(m)         Remedies.  All
remedies afforded to any party by law or contract, shall be cumulative and not alternative and are in addition to all other rights
and remedies a party may have, including any right to equitable relief and any right to sue for damages as a result of a breach
of this Agreement.  Without limiting the foregoing, no exercise of a remedy shall be deemed an election excluding any
other remedy.

 

[Remainder of Page Intentionally Left
Blank] 

 

    	 	20	 

     

    

 

The Purchaser, by his, her or its signature below, or
by that of its authorized representative, confirms that the Purchaser has carefully reviewed and understands, and voluntarily enters
into, this Agreement.

 

IN WITNESS WHEREOF, the Purchaser has executed this Agreement
as of _______________, 201_.

 

	PURCHASER (if individual):	 	PURCHASER (if entity):
	 	 	 
	 	 	 
	Signature	 	Name of Entity
	 	 	 
	 	 	 
	Name (type or print)	 	By:
	 	 	 
	 	 	 
	Signature of Co-Signer (if any)	 	Name:
	 	 	 
	 	 	 
	Name of Co-Signer (type or print)	 	Its:

 

AGREED AND ACCEPTED as of ________________, 201_.

 

BIOHITECH GLOBAL, INC.

 

	By:	 	 
	 	Frank E. Celli
	 	Chief Executive Officer

 

Subscription Amount (as accepted by the Company):

 

$________________________

 

    	 	21	 

     

    

 

FORM OF NOTE

 

THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE.  THEY MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT
WITH RESPECT TO SUCH SECURITIES UNDER SUCH ACT AND QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE MAKER THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.

 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY
IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN SECURITIES PURCHASE AGREEMENT BETWEEN THE MAKER AND THE SECURITY HOLDER DATED _______________,
201_, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE MAKER.

 

BIOHITECH GLOBAL, INC.

 

[FORM OF]

 

CONVERTIBLE PROMISSORY NOTE

 

	$______________ 	_______________, 2015

 

FOR VALUE RECEIVED, BioHiTech Global, Inc.
(the “Maker”) hereby promises to pay to the order of __________________ or his, her or its successors or assigns (the
“Holder”) the principal amount of __________________ Dollars ($________) (the “Principal Amount”).  This
Convertible Promissory Note shall be referred to herein as the “Note” and referred to collectively with other notes
of the same series as the “Notes”.

 

1.           Purpose.  This
Note is made and delivered by the Maker to the Holder as of the date first written above (the “Original Issue Date”)
pursuant to the terms of that certain Securities Purchase Agreement, dated as of _________________, 2015, by and among the Maker
and the Holder (the “Purchase Agreement”).  This Note is one of a series of substantially identical Notes
issued by the Maker under the Purchase Agreement.  All capitalized terms used and not defined herein shall have the meanings
ascribed to them in the Purchase Agreement.

 

2.           Interest.  Simple
interest on the Principal Amount from time-to-time remaining unpaid shall accrue from the date of this Note at the rate of eight
percent (8%) per annum.  Interest shall be computed on the basis of a 360 day year and a 30 day month. Interest shall
be paid, at the Maker’s option, in cash, or in shares of Maker’s Common Stock or in a mix of both, as further specified
herein.

 

3.           Maturity
Date.  All amounts, including principal and interest, payable hereunder shall be due and payable on the earliest
to occur of (i) twenty four (24) months from the Initial Closing Date (the “Calendar Due Date”), (ii) the listing (the
“Listing”) of the Maker’s Common Stock on The Nasdaq Stock Market or NYSE MKT (each, a “National Exchange”),
or (iii) a Change of Control (as defined below). Such date shall be referred to herein as the “Maturity Date”.

 

4.           Methods
of Repayment.

 

4.1         Mandatory
Conversion at Maturity.  On the Maturity Date, all amounts payable hereunder (except for interest, which is subject
to payment in accordance with Section 4.3 of this Note) shall be repaid with shares of the Maker’s Common Stock in accordance
with the terms of Section 5.1 of this Note.

 

    	 	22	 

     

    

 

4.2         Optional
Conversion prior to Maturity.  Prior to the Maturity Date, all or a portion of the principal payable hereunder, along
with a proportional amount of all other amounts then payable under the Note (except for interest, which is subject to payment in
accordance with Section 4.3 of this Note), may from time to time, at the sole option of the Holder, be repaid with shares of the
Maker’s Common Stock in accordance with the terms of Section 5.2 of this Note. Each date of such an optional conversion shall
be referred to herein as an “Optional Conversion Date”.

 

4.3         Method of Interest Payment. Interest
payable hereunder shall be paid on the earlier of the Maturity Date or the Optional Conversion Date of the outstanding principal
amount of the Note as to which such interest has accrued. Such payment may be made in cash, in shares of the Maker's Common Stock,
or in a mixture of both, at the election of the Maker. If the Maker elects to pay any portion of the interest in shares, such shares
will be converted in accordance with Section 5.3 of this Note.

 

4.4         
No Prepayment Right.  All amounts payable hereunder shall be repaid on the Maturity Date or on one or more Optional
Conversion Dates.

 

5.           Conversion
of Note.  The following provisions shall govern the conversion into shares of Common Stock of any and all amounts
due under this Note.

 

5.1         Mandatory
Conversion at Maturity.  On the Maturity Date, all amounts payable hereunder (except for interest, which shall be
paid in accordance with Section 5.3 of this Note) shall be paid in shares of the Maker’s Common Stock at a conversion price
(the “Mandatory Principal Conversion Price”) equal to the lowest of: (i) $3.75 (the “Closing Price”), (ii)
the Listing Price (as defined below), (iii) the Public Offering Price (as defined below), (iv) the Private Offering Price (as defined
below), or (v) the Change of Control Price (as defined below).  The “Listing Price” means the lower of the
opening and closing National Exchange prices (as appropriately adjusted to reflect stock dividends, stock splits, combinations,
recapitalizations and the like with respect to the Maker’s capital stock after the date hereof) on such day that the Maker’s
Common Stock is first traded on a National Exchange. The “Public Offering Price” means the price per share (as appropriately
adjusted to reflect stock dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s
capital stock after the date hereof) paid by public investors in an underwritten public offering conducted in connection with the
Listing, without regard to any underwriting discount or other offering expense. The “Private Offering Price” means
the means the lowest price per share (as appropriately adjusted to reflect stock dividends, stock splits, combinations, recapitalizations
and the like with respect to the Maker’s capital stock after the date hereof) paid by investors in any private equity, equity-linked
or debt financing (other than the Offering) conducted after the date hereof prior to the Listing, without regard to any broker’s
fee or other offering expense. The “Change of Control Price” means the per-share consideration (as appropriately adjusted
to reflect stock dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s capital
stock after the date hereof) paid in the Change of Control.

 

5.2         Optional
Conversion prior to Maturity.  On each Optional Conversion Date, if any, all principal to be repaid on such date, along
with a proportional amount of all other amounts then payable under the Note (except for interest, which shall be paid in accordance
with Section 5.3 of this Note) shall be paid in shares of the Maker’s Common Stock at a conversion price (the “Optional
Principal Conversion Price”) equal to the Closing Price.

 

5.3         Conversion
of Interest. On the Maturity Date and on each Optional Conversion Date, if any, the portion of the interest then payable hereunder
that the Maker elects to pay in shares, if any, shall be paid in shares of the Maker’s Common Stock at a conversion price
(the “Interest Conversion Price”) equal to the closing public market price (as appropriately adjusted to reflect stock
dividends, stock splits, combinations, recapitalizations and the like with respect to the Maker’s capital stock after the
date hereof) of the Maker’s Common Stock on the Trading Day immediately prior to the date of Maturity or such Optional Conversion
Date, as applicable.

 

5.4         Conversion
Rate.  The number of shares of Common Stock issuable upon conversion pursuant to Sections 5.1, 5.2 or 5.3 shall be
determined by dividing (x) the Principal Amount (plus other amounts payable) and the amount accrued interest, as the case may be,
to be paid (the “Conversion Amount”) by (y) the Mandatory Principal Conversion Price, the Optional Principal Conversion
Price or the Interest Conversion Price, as applicable.

 

    	 	23	 

     

    

 

5.5         No
Fractional Shares.  The Maker shall not issue any fraction of a share of Common Stock upon any conversion.  If
the issuance would result in the issuance of a fraction of a share of Common Stock, the Maker shall round up such fraction of a
share of Common Stock to the nearest whole share.  The Maker shall pay any and all transfer, stamp and similar taxes
that may be payable with respect to the issuance and delivery of Common Stock upon conversion.

 

5.6         Mechanics
of Conversion. Within 20 days of the Maturity Date and
each Optional Conversion Date, if any, the Maker shall transmit to the Holder the number of shares of Common Stock representing
full repayment of the Conversion Amount being made on such date, and cash to the extent interest due on such date is being paid
in cash, together with an explanation of the calculation of the share and cash amounts being transmitted.  Upon receipt
of such items, the Holder shall surrender this Note to a common carrier for delivery to the Maker as soon as practicable on or
following such date (and shall execute an indemnification undertaking with respect to this Note in the case of its loss, theft
or destruction).  The person or persons entitled to receive the shares of Common Stock issuable upon a conversion of
this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock on the Maturity Date
or Optional Conversion Date, as applicable.

 

5.7         Reservation
of Common Stock. Until the Notes are paid in full, the Maker shall at all times keep reserved for issuance under this Note
such number of shares of Common Stock as shall be necessary to satisfy the Maker’s obligation to issue shares of Common Stock
hereunder assuming all amounts payable under this Note shall be paid in shares of Common Stock (without regard to any limitation
otherwise contained herein with respect to the number of shares of Common Stock that may be acquirable upon exercise of this Note).  If,
notwithstanding the foregoing, and not in limitation thereof, at any time any of the Notes remain outstanding, the Maker does not
have a sufficient number of authorized and unreserved shares of Common Stock (the “Required Reserve Amount”) to satisfy
its obligation set forth in this Section 5.7 (such failure, an “Authorized Share Failure”), then the Maker shall immediately
take all action necessary to increase the Maker’s authorized shares of Common Stock to an amount sufficient to allow the
Maker to maintain the Required Reserve Amount for all the Notes then outstanding.  Without limiting the generality of
the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than 60 days after the occurrence of such Authorized Share Failure, the Maker shall, to the extent necessary or advisable
in order to cure sure Authorized Share Failure, hold a meeting of its shareholders for the approval of an increase in the number
of authorized shares of Common Stock, in connection with such meeting, provide each shareholder with a proxy statement, and use
its best efforts to solicit its shareholders’ approval of such increase in authorized shares of Common Stock and to cause
its board of directors to recommend to the shareholders that they approve such increase.

 

5.8         Adjustments.  The
applicable Conversion Price and number and kind of shares or other securities to be issued upon conversion determined pursuant
to Section 5 hereof, shall be subject to adjustment from time to time upon the happening of certain events while the Maker’s
conversion obligations remain outstanding, as follows:

 

5.8.1           Merger,
Sale of Assets, etc.  If the Maker at any time shall consolidate with or merge into or sell or convey all or substantially
all of its assets to any other entity, this Note, as to the unpaid Principal Amount thereof and other payments and interest accrued
thereon, shall thereafter be deemed to evidence the right to purchase such number and kind of shares or other securities and property
as would have been issuable or distributable on account of such consolidation, merger, sale or conveyance, upon or with respect
to the securities subject to the conversion or purchase right immediately prior to such consolidation, merger, sale or conveyance.  The
foregoing provision shall similarly apply to successive transactions of a similar nature by any such successor or purchaser.  Without
limiting the generality of the foregoing, the anti-dilution provisions of this Section 5.8 shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or conveyance.

 

    	 	24	 

     

    

 

5.8.2           Reclassification,
etc.  If the Maker at any time shall, by reclassification or otherwise, change the Common Stock into the same or
a different number of securities of any class or classes that may be issued or outstanding, this Note, as to the unpaid Principal
Amount thereof and other payments and interest accrued thereon, shall thereafter be deemed to evidence the right to purchase an
adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect
to the Common Stock immediately prior to such reclassification or other change.

 

5.8.3           Notice
of Adjustment.  Whenever the applicable Conversion Price is adjusted pursuant to this Section 5.8, the Maker shall
promptly mail to the Holder a notice setting forth the applicable Conversion Price after such adjustment and setting forth a statement
of the facts requiring such adjustment.

 

6.           Registration;
Book-Entry. The Maker shall maintain a register (the “Register”) for the recordation of the names and addresses
of the holders of each Note and the Principal Amount of the Notes held by such holders (the “Registered Notes”).  The
entries in the Register shall be conclusive and binding for all purposes absent manifest error, and to that extent the Maker and
the holders of the Notes shall treat each person whose name is recorded in the Register as the owner of a Note for all purposes,
including, without limitation, the right to receive payments of the Principal Amount and interest, if any, hereunder, notwithstanding
notice to the contrary.  A Registered Note may be assigned or sold in whole or in part only in accordance with the terms
of Section 12.3 of this Note and by registration of such assignment or sale on the Register.

 

7.           Defaults;
Remedies.

 

7.1         Events
of Default.  The occurrence of any one or more of the following events shall constitute an event of default hereunder
(each, an “Event of Default”):

 

7.1.1           The
Maker fails to make any payment when due under this Note;

 

7.1.2           The
Maker fails to observe and perform any of its covenants or agreements on its part to be observed or performed under the Purchase
Agreement or any other Transaction Document, and such failure shall continue for more than 30 days after notice of such failure
has been delivered to the Maker;

 

7.1.3           Any
representation or warranty made by the Maker in the Purchase Agreement or any other Transaction Document is untrue as of the date
of such representation or warranty except, in the case of a breach of a representation or warranty which is curable, only if such
breach continues for a period of at least 20 consecutive Business Days;

 

7.1.4           The
Maker admits in writing its inability to pay its debts generally as they become due, files a petition in bankruptcy or a petition
to take advantage of any insolvency act, makes an assignment for the benefit of its creditors, or consents to the appointment of
a receiver of itself or of the whole or any substantial part of its property, or has a petition filed against it be adjudicated
a bankrupt, or files a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other
applicable law or statute of the United States of America or any State thereof;

 

7.1.5           A
court of competent jurisdiction enters an order, judgment, or decree appointing, without the consent of the Maker, a receiver of
the Maker or of the whole or any substantial part of its property, or approving a petition filed against the Maker seeking reorganization
or arrangement of the Maker under the federal bankruptcy laws or any other applicable law or statute of the United States of America
or any State thereof, and such order, judgment, or decree shall not be vacated or set aside or stayed within 60 days from the date
of entry thereof;

 

7.1.6           Any
court of competent jurisdiction assumes custody or control of the Maker or of the whole or any substantial part of its property
under the provisions of any other law for the relief or aid of debtors, and such custody or control is not be terminated or stayed
within 60 days from the date of assumption of such custody or control;

 

    	 	25	 

     

    

 

7.1.7.          This
Note ceases to be, or is asserted by the Maker not to be, a legal, valid and binding obligation of the Maker enforceable in accordance
with its terms;

 

7.1.8           A
judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Maker which judgments
are not, within 60 days after the entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days
after the expiration of such stay; provided, however, that any judgment which is covered by insurance or an indemnity from a creditworthy
party shall not be included in calculating the $250,000 amount set forth above so long as the Maker certifies that it has not received
a written statement from such insurer or indemnity provider denying such coverage (which written statement shall be reasonably
satisfactory to the Holder) and if the Maker will receive the proceeds of such insurance or indemnity within 30 days of the issuance
of such judgment;

 

7.1.10         A
default by the Maker occurs under one or more obligations in an aggregate monetary amount in excess of $250,000 for more than 30
days after the applicable due dates, unless the Maker is contesting the validity of each such obligation in good faith and has
segregated cash funds equal to not less than one-half of the disputed amount;

 

7.1.11         The
Maker fails to deliver the shares of Common Stock to the Holder pursuant to and in the form required by this Note or, if required,
a replacement Note, more than five Business Days after the required delivery date of such Common Stock or replacement Note;

 

7.1.12         The
Maker fails to have reserved for issuance upon conversion of this Note the amount of Common Stock set forth in this Note; or

 

7.1.13          Any
such Event of Default occurs with respect to any of the other Notes.

 

7.2         Notice
by the Maker.  The Maker shall notify the Holder in writing as soon as reasonably practicable but in no event more
5 Business Days after the occurrence of any Event of Default of which the Maker acquires knowledge.

 

7.3         Remedies.  Upon
the occurrence of any Event of Default, all sums due and payable to the Holder under this Note shall, at the option of the Holder,
become due and payable immediately without presentment, demand, notice of nonpayment, protest, notice of protest, or other notice
of dishonor, all of which are hereby expressly waived by the Maker.  Any payment under this Note (i) not paid within
10 days following the Calendar Due Date or (ii) due immediately following acceleration by the Holder shall bear interest at the
rate of 15% from such Calendar Due Date or acceleration, as applicable, until paid, subject to Section 7.5.  To the extent
permitted by law, the Maker waives any right to and stay of execution and the benefit of all exemption laws now or hereafter in
effect.  In addition to the foregoing, upon the occurrence of any Event of Default, the Holder may forthwith exercise
singly, concurrently, successively, or otherwise any and all rights and remedies available to the Holder at law, in equity, or
otherwise.

 

7.4         Remedies
Cumulative, etc.  No right or remedy conferred upon or reserved to the Holder under this Note, or now or hereafter
existing at law or in equity or otherwise, is intended to be exclusive of any other right or remedy, and each and every such right
or remedy shall be cumulative and concurrent, and shall be in addition to every other such right or remedy, and may be pursued
singly, concurrently, successively, or otherwise, at the sole discretion of the Holder, and shall not be exhausted by any one exercise
thereof but may be exercised as often as occasion therefor may occur.  No act of the Holder shall be deemed or construed
as an election to proceed under any one such right or remedy to the exclusion of any other such right or remedy; furthermore, each
such right or remedy of the Holder shall be separate, distinct, and cumulative and none shall be given effect to the exclusion
of any other.

 

    	 	26	 

     

    

 

7.5         Usury
Compliance.  All agreements between the Maker and the Holder are expressly limited, so that in no event or contingency
whatsoever, whether by reason of the consideration given with respect to this Note, the acceleration of maturity of the unpaid
Principal Amount and interest thereon, or otherwise, shall the amount paid or agreed to be paid to the Holder for the use, forbearance,
or detention of the indebtedness which is the subject of this Note exceed the highest lawful rate permissible under the applicable
usury laws.  If, under any circumstances whatsoever, fulfillment of any provision of this Note shall involve transcending
the highest interest rate permitted by law which a court of competent jurisdiction deems applicable, then the obligations to be
fulfilled shall be reduced to such maximum rate, and if, under any circumstances whatsoever, the Holder shall ever receive as interest
an amount that exceeds the highest lawful rate, the amount that would be excessive interest shall be applied to the reduction of
the unpaid Principal Amount under this Note and other amounts (excluding interest) owed in respect of this Note, and not to the
payment of interest, or, if such excessive interest exceeds the unpaid balance of the Principal Amount under this Note and such
other amounts (excluding interest), such excess shall be refunded to the Maker.  This provision shall control every other
provision of all agreements between the Maker and the Holder.

 

8.           Replacement
of Note.  Upon receipt by the Maker of evidence satisfactory to it of the loss, theft, destruction, or mutilation
of this Note and (in case of loss, theft, or destruction) of indemnity satisfactory to it, and upon surrender and cancellation
of this Note, if mutilated, the Maker will make and deliver a new Note of like tenor in lieu of this Note.

 

9.           Maker’s
Covenants and Agreements.

 

9.1         Restricted
Payments.  The Maker shall not, and the Maker shall not permit any of its subsidiaries (if any) to, directly or indirectly,
redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or
in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any
capital stock or all or any portion of any indebtedness, whether by way of payment in respect of principal of, interest on or premium
or any other amount due in connection with, such indebtedness if at the time such payment is due or is otherwise made or, after
giving effect to such payment, an event constituting, or that with the passage of time and without being cured would constitute,
an Event of Default has occurred and is continuing.

 

9.2         Valid
Issuance of Securities.  The Maker covenants that the securities issuable upon the conversion of this Note will,
upon conversion of this Note, be validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect
of the issue thereof.

 

9.3         Timely
Notice.  The Maker shall give the Holder at least 10 days’ advance written notice prior to the closing of a
Change of Control, provided that the Holder agrees to be bound by any applicable confidentiality agreement or agreements the Maker
shall deem necessary or appropriate.

 

10.         Seniority.
While the Notes remain outstanding, the Maker shall not issue any debt or securities pari passu or senior to the Notes, except
for customary trade financing, mortgages, leases, or other commercial financing activities or any stock option or incentive compensation
plans, without the written consent of holders of an aggregate majority of the principal amount of the Notes then outstanding.

 

11.         Certain
Definitions.

 

11.1       ”Business
Day” means any day that is not a Saturday, Sunday, federal holiday or bank holiday in any jurisdiction in which the Maker
holds a substantial portion of its assets.

 

11.2       ”Change
of Control” means any liquidation, dissolution, or winding up of the Maker, either voluntary or involuntary, and shall
be deemed to be occasioned by, or to include, (i) the acquisition of the Maker by another entity by means of any transaction or
series of related transactions (including, without limitation, any stock acquisition, reorganization, merger or consolidation)
unless the Maker’s shareholders of record as constituted immediately prior to such acquisition or sale will, immediately
after such acquisition or sale (by virtue of securities issued as consideration for the Maker’s acquisition or sale or otherwise)
hold at least a majority of the voting power of the surviving or acquiring entity or its direct or indirect parent entity (except
that any bona fide equity or debt financing transaction for capital raising purposes shall not be deemed a Change of Control for
this purpose) and (ii) a sale, exclusive license or other disposition of all or substantially all of the assets of the Maker, including
a sale, exclusive license or other disposition of all or substantially all of the assets of one or more of the Maker’s subsidiaries,
if such assets constitute substantially all of the assets of the Maker and such subsidiaries taken as a whole.

 

    	 	27	 

     

    

 

11.3       “Conversion
Price” means either the Principal Conversion Price or Interest Conversion Price, as applicable.

 

11.4       “Trading Day” means a day on
which any of the following markets or exchanges on which the Common Stock is listed or quoted is open for trading: the New York
Stock Exchange, the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the OTCQB marketplace
or the OTCQX marketplace (or any successors to any of the foregoing).

 

11.5       “Transaction
Document” means this Note, the Purchase Agreement and the Warrant issued by the Maker to the Holder pursuant to the Purchase
Agreement.

 

 12.         Amendments,
Waivers, and Consents.

 

12.1       Amendment
and Waiver by the Holders.  The Notes, including this Note, may be amended, modified, or supplemented, and waivers
or consents to departures from the provisions thereof may be given, if the Maker and the holders of an aggregate majority of the
Principal Amount of the Notes then outstanding consent to the amendment; provided, however, that no term of this Note may be amended
or waived in such a way as to adversely affect the Holder disproportionately to the holder or holders of any other Notes without
the written consent of the Holder and neither the principal balance nor interest rate of this Note may be amended or modified without
the consent of the Holder.  Such consent may not be effected orally, but only by a signed statement in writing.  Any
such amendment or waiver shall apply to and be binding upon the Holder of this Note, upon each future holder of this Note, and
upon the Maker, whether or not this Note shall have been marked to indicate such amendment or waiver.  No such amendment
or waiver shall extend to or affect any obligation not expressly amended or waived or impair any right consequent thereon.

 

12.2       Severability.  In
the event that for any reason one or more of the provisions of this Note or their application to any person or circumstance shall
be held to be invalid, illegal, or unenforceable in any respect or to any extent, such provision shall nevertheless remain valid,
legal, and enforceable in all other respects and to such extent as may be permissible.  In addition, any such invalidity,
illegality, or unenforceability shall not affect any other provisions of this Note, but this Note shall be construed as if such
invalid, illegal, or unenforceable provision had never been contained herein.

 

12.3       Assignment;
Binding Effect.  The Maker may not assign its obligations under this Note without the prior written consent of the
Holder.  Any attempted assignment in violation of this Section 12.3 shall be null and void.  Subject to the
foregoing, this Note inures to the benefit of the Holder and its successors and assigns, and binds the Maker and its successors
and permitted assigns, and the words “Holder” and “Maker” whenever occurring herein shall be deemed and
construed to include such respective successors and assigns.

 

12.4       Notices
Generally.  All notices required to be given to any of the parties hereunder shall be given as set forth in the Purchase
Agreement.

 

    	 	28	 

     

    

 

12.5       Governing
Law; Jurisdiction; Jury Trial. This Note shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New
York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any
other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.  The
Maker hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York,
Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper.  The Maker hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to such party at the address it set forth on the signature page hereto and agrees that such service shall constitute good and sufficient
service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law.  In the event that any provision of this Note is invalid or unenforceable under
any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform to such statute or rule of law.  Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of any other provision of this Note.  Nothing
contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the
Maker in any other jurisdiction to collect on the Maker’s obligations to the Holder, to realize on any collateral or any
other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder.  THE MAKER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.  This Note shall be deemed
an unconditional obligation of Maker for the payment of money and, without limitation to any other remedies of Holder, may be enforced
against Maker by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute
in the jurisdiction where enforcement is sought.  For purposes of such rule or statute, any other document or agreement
to which Holder and Maker are parties or which Maker delivered to Holder, which may be convenient or necessary to determine Holder’s
rights hereunder or Maker’s obligations to Holder are deemed a part of this Note, whether or not such other document or agreement
was delivered together herewith or was executed apart from this Note.

 

12.6       Section
Headings, Construction.  The headings of paragraphs in this Note are provided for convenience only and will not affect
its construction or interpretation.  All words used in this Note will be construed to be of such gender or number as
the circumstances require.  Unless otherwise expressly provided, the words “hereof” and “hereunder”
and similar references refer to this Note in its entirety and not to any specific section or subsection hereof.

 

12.7       Payment
of Collection, Enforcement and Other Costs.  If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note, or (b) there occurs any bankruptcy, reorganization, or receivership
of the Maker or other proceedings affecting the Maker’s creditors’ rights and involving a claim under this Note, then
the Maker shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, but not limited to, attorneys’ fees and disbursements.

 

12.8       Delays
or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to the Holder, upon any breach
or default of the Maker under this Note shall impair any such right, power, or remedy of the Holder nor shall it be construed to
be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or thereafter
occurring.  Any waiver, permit, consent, or approval of any kind or character on the part of the Holder of any breach
or default under this Note or any waiver on the part of the Holder of any provisions or conditions of this Note must be made in
writing and shall be effective only to the extent specifically set forth in such writing.  All remedies, either under
this Note or by law or otherwise afforded to the Holders, shall be cumulative and not alternative.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	29	 

     

    

 

IN WITNESS WHEREOF, BioHiTech Global,
Inc. has caused this Convertible Promissory Note to be executed and delivered on the date set forth above on the cover page of
this Note.

 

	 	BORROWER:
	 	 
	 	BIOHITECH GLOBAL, INC.

 

	 	By:	 	  (SEAL)
	 	 	Frank E. Celli, Chief Executive Officer

 

[see attached]

 

    	 	30	 

     

    

 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE.  THEY
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF A REGISTRATION STATEMENT IN
EFFECT WITH RESPECT TO SUCH SECURITIES UNDER SUCH ACT AND QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.

 

THE SECURITIES REPRESENTED HEREBY
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN SECURITIES PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE
SECURITY HOLDER DATED ________________, 2015, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

BIOHITECH GLOBAL, INC.

[FORM OF]

 

STOCK PURCHASE WARRANT

 

Issue Date: ________, 2015

 

THIS CERTIFIES that __________________
(the “Holder”) is entitled, upon the terms and subject to the conditions hereinafter set forth in this
Warrant (this “Warrant”), at any time from time to time (except as otherwise limited below) on or prior
to the Expiration Date, but not thereafter, to subscribe for and to purchase from BioHiTech Global, Inc., a Delaware corporation
(the “Company”), shares of the Company’s common stock, $0.0001 par value (the “Common
Stock”), up to the number of such shares set forth below .

 

This Warrant is issued pursuant to
a Securities Purchase Agreement of even date herewith (the “Purchase Agreement”), and is one of the Warrants
(collectively, the “Warrants”) being issued in connection with the issuance of senior convertible notes
(the “Notes”) being issued by the Company (the “Offering”).  

 

The following is a statement of the
rights of the Holder of this Warrant and the conditions to which this Warrant is subject, to which the Holder, by the acceptance
of this Warrant, agrees:

 

1.           Certain Definitions.

 

1.1           ”Exercise
Price” means per-Share exercise price equal to 120% of the Conversion Price (as defined in the Purchase Agreement);
provided, however, that if the Conversion Price is ever adjusted pursuant to the terms of the Note, the exercise price of the Warrant
shall be adjusted for any unexercised Warrants such that the exercise price will equal 120% of the Adjusted Conversion Price (as
defined in the Purchase Agreement).

 

1.2           ”Expiration
Date” means that date that is five (5) years after the issue date set forth above.

 

1.3           “Initial
Closing Date” means the date on which the Company conducts its initial closing of the Offering.

 

1.4           ”Shares”
or “Warrant Shares” means the shares of Common Stock issuable under this Warrant, as set forth in Section
2 below.

 

    	 	31	 

     

    

 

2.           Number of Shares
and Exercise Price

 

2.1           This
Warrant shall be exercisable for up to [•] Shares at the Exercise Price.

 

 

2.2           This
Warrant may be exercised in whole or in part at any time beginning on the date on which the Note issued in connection with the
Offering has been converted into Common Stock and continuing thereafter and from time to time on or prior to the Expiration Date.

 

3.           Exercise of Warrant

 

3.1           The
purchase rights represented by this Warrant are exercisable by the Holder, in whole or in part, by the surrender of this Warrant
and the Notice of Exercise annexed hereto duly executed at the Company’s principal executive office (or such other officer
or agent of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books
of the Company), and upon payment of the aggregate Exercise Price of the Shares thereby purchased (by cash or by check or bank
draft payable to the order of the Company); whereupon the Holder shall be entitled to receive the number of Shares so purchased.
The Company agrees that if at the time of the surrender of this Warrant and purchase of the Shares, the Holder shall be entitled
to exercise this Warrant, the Shares so purchased shall be issued to the Holder as the record owner of such Shares as of the close
of business on the date on which this Warrant shall have been exercised as aforesaid or on such later date requested by the Holder
or on such earlier date agreed to by the Holder and the Company.

 

3.2           Delivery
of Common Stock Certificates and New Warrant. As soon as reasonably practicable after each exercise of this Warrant, in whole
or in part, and in any event within five (5) business days thereafter (the “Warrant Share Delivery Date”),
the Company, at its expense (including the payment by it of any applicable issue taxes), will cause the name of the Holder (or
as Holder may direct) to be entered in the register of holders in respect of the Warrant Shares and further cause to be issued
in the name of and delivered to the Holder hereof or as the Holder (upon payment by the Holder of any applicable transfer taxes)
may direct:

 

(a) the number of duly authorized, validly
issued, fully paid and nonassessable Warrant Shares to which the Holder shall be entitled upon exercise, in certificated form with
appropriate restrictive legends, if applicable; and

 

(b) in case exercise is in part only,
a new Warrant document of like tenor, dated the date hereof, for the remaining number of Warrant Shares issuable upon exercise
of this Warrant after giving effect to the partial exercise of this Warrant (including the delivery of any Warrant Shares as payment
of the Exercise Price for such partial exercise of this Warrant).

 

4.           Nonassessable

 

The Company covenants that all
Shares which may be issued upon the exercise of this Warrant will be validly issued, fully paid and nonassessable and free from
all taxes, liens and charges in respect of the issue thereof.  

 

5.           Fractional
Shares

 

No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this Warrant.  With respect to any fraction of a
share called for upon the exercise of this Warrant, the number of shares delivered shall be rounded down to the nearest whole share,
and the Company shall pay to the Holder cash in an amount equal to the fraction represented by the fractional share multiplied
by the closing price of the Company’s Common Stock on the OTCQB Marketplace (or if the Common Stock does not then trade on
such market, on such other U.S. public trading market on which the Common Stock then trades) on the date of exercise.

 

    	 	32	 

     

    

 

6.           Charges,
Taxes and Expenses

 

Issuance of Shares upon the exercise
of this Warrant, in certificated form or otherwise, shall be made without charge to the Holder hereof for any issue or transfer
tax or other incidental expense in respect of the issuance, including relating to any certificate, all of which taxes and expenses
shall be paid by the Company, and such Shares shall be issued in the name of the Holder.

 

7.           No
Rights as Shareholders

 

This Warrant does not entitle
the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof.

 

8.           Saturdays,
Sundays, Holidays, etc.

 

If the last or appointed day for
the taking of any action or the expiration of any right required or granted herein shall be a Saturday, a Sunday or a legal holiday,
then such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday, Sunday or legal
holiday.

 

9.           Adjustments

 

The Exercise Price and the number
of Shares purchasable hereunder are subject to adjustment from time to time as set forth in this Section 9.

 

9.1           Reclassification,
etc.  If the Company, at any time while this Warrant, or any portion hereof, remains outstanding and unexpired, by
reclassification of securities or otherwise, shall change the class of the securities as to which purchase rights under this Warrant
exist into the same or a different number of securities or any other class or classes of securities, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided
in this Section 9.

 

9.2           Subdivision
or Combination of Shares.  In the event the Company shall at any time subdivide the outstanding securities as to
which purchase rights under this Warrant exist, or shall issue a stock dividend on the securities as to which purchase rights under
this Warrant exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such subdivision
or to the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately decreased,
and in the event that the Company shall at any time combine the outstanding securities as to which purchase rights under this Warrant
exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such combination shall
be proportionately decreased, and the Exercise Price shall be proportionately increased, effective at the close of business on
the date of such subdivision, stock dividend or combination, as the case may be.

 

9.3           Cash
Distributions.  No adjustment on account of cash dividends or interest on the securities as to which purchase rights
under this Warrant exist will be made to the Exercise Price under this Warrant.

 

    	 	33	 

     

    

 

10.         Compensation for Buy-In on Failure
to Timely Deliver Warrant Shares upon Exercise. In addition to any other rights available to the Holder, if the Company
fails to deliver, or fails to cause its transfer agent to transmit, to the Holder the Warrant Shares pursuant to an exercise on
or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price
(including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue,
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would
have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000, and the Company would also be required to comply with
clause (B). The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

11.         Intentionally Left Blank.

 

12.         Miscellaneous.

 

12.1         Loss,
Theft, Destruction or Mutilation of Warrant.  Upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, delivery of an indemnity
agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation
of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new Warrant executed in the same manner as this
Warrant and of like tenor and amount. 

 

12.2         Waivers
and Amendments.  This Warrant and the obligations of the Company and the rights of the Holder under this Warrant
may be amended, waived, discharged or terminated (either generally or in a particular instance, either retroactively or prospectively
and either for a specified period of time or indefinitely) with the written consent of the Company (which shall not be required
in connection with a waiver of rights in favor of the Company) and the holders of at least a majority of the then-outstanding aggregate
principal amount under the Notes; provided, however, that no such amendment or waiver shall reduce the number of
Shares represented by this Warrant without the consent of the Holder hereof; and provided further, however, that nothing
shall prevent the Holder from individually agreeing to waive the observation of any term of this Warrant.  Any amendment,
waiver, discharge or termination effected in accordance with this Section 12.2 shall be binding upon the Company, the Holder, and
except pursuant to a waiver by an individual holder of another Warrant pursuant to the final proviso in the immediately preceding
sentence, each other holder of Warrants.

 

12.3         Notices.  Any
notice, request or other communication required or permitted hereunder shall be given in accordance with the Purchase Agreement.

 

    	 	34	 

     

    

 

12.4         Severability.  If
one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision(s) shall be excluded from
this Warrant and the balance of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be enforceable
in accordance with its terms.

 

12.5         Successors
and Assigns.  Neither this Warrant nor any rights hereunder are transferable without the prior written consent
of the Company.  Notwithstanding the foregoing, the Holder shall be permitted to transfer this Warrant to any affiliate
(as that term is defined in the Securities Act of 1933, as amended) of the Holder.  If a transfer is permitted pursuant
to this Section, the transfer shall be recorded on the books of the Company upon the surrender of this Warrant, properly endorsed,
to the Company at its principal offices, and the payment to the Company of all transfer taxes and other governmental charges imposed
on such transfer.  In the event of a partial transfer, the Company shall issue to the holders one or more appropriate
new warrants.  Subject to the foregoing, the provisions of this Warrant shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the Company and the Holder.

 

12.6         Delays
or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to the Holder, upon any breach
or default of the Company under this Warrant shall impair any such right, power, or remedy of the Holder nor shall it be construed
to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or
thereafter occurring.  Any waiver, permit, consent, or approval of any kind or character on the part of the Holder of
any breach or default under this Warrant or any waiver on the part of the Holder of any provisions or conditions of this Warrant
must be made in writing and shall be effective only to the extent specifically set forth in such writing.  All remedies,
either under this Warrant or by law or otherwise afforded to the Holder, shall be cumulative and not alternative.

 

12.7           Titles
and Subtitles.  The titles of the paragraphs and subparagraphs of this Warrant are for convenience of reference only
and are not to be considered in construing this Warrant.

 

12.8           Construction.  The
language used in this Warrant will be deemed to be the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

 

12.9           Governing
Law.  THIS WARRANT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF NEW YORK AS SUCH LAWS ARE APPLIED
TO AGREEMENTS BETWEEN NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK.

 

[Remainder of page intentionally left
blank]

 

    	 	35	 

     

    

 

IN WITNESS WHEREOF, BioHiTech Global, Inc.
has caused this Warrant to be executed by its officer thereunto duly authorized.

 

BIOHITECH GLOBAL,
Inc.

 

	By:	 	 
	 	Name:
	 	Title:

 

    	 	36	 

     

    

 

NOTICE OF EXERCISE

 

		TO:	BioHiTech Global, Inc.

80 Red Schoolhouse Road, Suite 101

Chestnut Ridge, NY 10977

Attn:  Secretary

 

The undersigned hereby elects to purchase ______________ shares
(the “Shares”) of the Common Stock of BioHiTech Global, Inc. pursuant to the terms of the attached Warrant
and tenders herewith payment of the purchase price in full.

 

Please issue the Shares, including in certificated form with
appropriate restrictive legends, if applicable, in the name of the undersigned or in such other name as is specified below:

 

___________________________

(Print Name)

 

Address: ___________________

 

___________________________

 

___________________________

 

The undersigned confirms that the undersigned is an “accredited
investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended, and that the Shares
are being acquired for the account of the undersigned for investment only and not with a view to, or for resale in connection with,
the distribution thereof, and that the undersigned has no present intention of distributing or selling the Shares.

 

	 	 	 	 
	(Date)	 	(Signature)	 

 

	 	 
	(Print Name)

 

    	 	37Exhibit 4.5

 

 

 

 

 

 

 

 

 

 

PINGTAN
MARINE ENTERPRISE LTD.,

Issuer

 

AND

 

[    ],

Trustee

 

 

 

 

 

 

INDENTURE

Dated as of [    ], 20[    ]

 

 

 

 

 

 

Debt
Securities

 

 

 

 

 

 

 

 

 

     

     

    

 

Table
of Contents1

 

	 	 	Page
	 	 	 
	ARTICLE
    1	DEFINITIONS	1
	Section
    1.01	Definitions
    of Terms	1
	ARTICLE
    2	ISSUE,
    DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	Section
    2.01	Designation
    and Terms of Securities	5
	Section
    2.02	Form
    of Securities and Trustee’s Certificate	8
	Section
    2.03	Denominations:
    Provisions for Payment	8
	Section
    2.04	Execution
    and Authentications	10
	Section
    2.05	Registration
    of Transfer and Exchange	10
	Section
    2.06	Temporary
    Securities	12
	Section
    2.07	Mutilated,
    Destroyed, Lost or Stolen Securities	12
	Section
    2.08	Cancellation	13
	Section
    2.09	Benefits
    of Indenture	13
	Section
    2.10	Authenticating
    Agent	13
	Section
    2.11	Global
    Securities	14
	ARTICLE
    3	REDEMPTION
    OF SECURITIES AND SINKING FUND PROVISIONS	15
	Section
    3.01	Redemption	15
	Section
    3.02	Notice
    of Redemption	15
	Section
    3.03	Payment
    Upon Redemption	16
	Section
    3.04	Sinking
    Fund	17
	Section
    3.05	Satisfaction
    of Sinking Fund Payments with Securities	17
	Section
    3.06	Redemption
    of Securities for Sinking Fund	17
	ARTICLE
    4	COVENANTS	18
	Section
    4.01	Payment
    of Principal, Premium and Interest	18
	Section
    4.02	Maintenance
    of Office or Agency	18
	Section
    4.03	Paying
    Agents	18
	Section
    4.04	Appointment
    to Fill Vacancy in Office of Trustee	19

 

 

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

 

     -i-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section
    4.05	Compliance
    with Consolidation Provisions	20
	ARTICLE
    5	SECURITYHOLDERS’
    LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	Section
    5.01	Company
    to Furnish Trustee Names and Addresses of Securityholders	20
	Section
    5.02	Preservation
    Of Information; Communications With Securityholders	20
	Section
    5.03	Reports
    by the Company	20
	Section
    5.04	Reports
    by the Trustee	21
	ARTICLE
    6	REMEDIES
    OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	21
	Section
    6.01	Events
    of Default	21
	Section
    6.02	Collection
    of Indebtedness and Suits for Enforcement by Trustee	23
	Section
    6.03	Application
    of Moneys Collected	24
	Section
    6.04	Limitation
    on Suits	25
	Section
    6.05	Rights
    and Remedies Cumulative; Delay or Omission Not Waiver	26
	Section
    6.06	Control
    by Securityholders	26
	Section
    6.07	Undertaking
    to Pay Costs	27
	ARTICLE
    7	CONCERNING
    THE TRUSTEE	27
	Section
    7.01	Certain
    Duties and Responsibilities of Trustee	27
	Section
    7.02	Certain
    Rights of Trustee	28
	Section
    7.03	Trustee
    Not Responsible for Recitals or Issuance or Securities	30
	Section
    7.04	May
    Hold Securities	30
	Section
    7.05	Moneys
    Held in Trust	30
	Section
    7.06	Compensation
    and Reimbursement	31
	Section
    7.07	Reliance
    on Officer’s Certificate	31
	Section
    7.08	Disqualification;
    Conflicting Interests	32
	Section
    7.09	Corporate
    Trustee Required; Eligibility	32
	Section
    7.10	Resignation
    and Removal; Appointment of Successor	32

 

     -ii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section
    7.11	Acceptance
    of Appointment By Successor	33
	Section
    7.12	Merger,
    Conversion, Consolidation or Succession to Business	35
	Section
    7.13	Preferential
    Collection of Claims Against the Company	35
	Section
    7.14	Notice
    of Default	35
	ARTICLE
    8	CONCERNING
    THE SECURITYHOLDERS	35
	Section
    8.01	Evidence
    of Action by Securityholders	35
	Section
    8.02	Proof
    of Execution by Securityholders	36
	Section
    8.03	Who
    May be Deemed Owners	36
	Section
    8.04	Certain
    Securities Owned by Company Disregarded	36
	Section
    8.05	Actions
    Binding on Future Securityholders	37
	ARTICLE
    9	SUPPLEMENTAL
    INDENTURES	37
	Section
    9.01	Supplemental
    Indentures Without the Consent of Securityholders	37
	Section
    9.02	Supplemental
    Indentures With Consent of Securityholders	38
	Section
    9.03	Effect
    of Supplemental Indentures	39
	Section
    9.04	Securities
    Affected by Supplemental Indentures	39
	Section
    9.05	Execution
    of Supplemental Indentures	39
	ARTICLE
    10	SUCCESSOR
    ENTITY	40
	Section
    10.01	Company
    May Consolidate, Etc	40
	Section
    10.02	Successor
    Entity Substituted	40
	ARTICLE
    11	SATISFACTION
    AND DISCHARGE	41
	Section
    11.01	Satisfaction
    and Discharge of Indenture	41
	Section
    11.02	Discharge
    of Obligations	41
	Section
    11.03	Deposited
    Moneys to be Held in Trust	42
	Section
    11.04	Payment
    of Moneys Held by Paying Agents	42
	Section
    11.05	Repayment
    to Company	42
	ARTICLE
    12	IMMUNITY
    OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	42
	Section
    12.01	No
    Recourse	42
	ARTICLE
    13	MISCELLANEOUS
    PROVISIONS	43

 

     -iii-

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section
    13.01	Effect
    on Successors and Assigns	43
	Section
    13.02	Actions
    by Successor	43
	Section
    13.03	Surrender
    of Company Powers	43
	Section
    13.04	Notices	43
	Section
    13.05	Governing
    Law	44
	Section
    13.06	Treatment
    of Securities as Debt	44
	Section
    13.07	Certificates
    as to Conditions Precedent	44
	Section
    13.08	Payments
    on Business Days	45
	Section
    13.09	Conflict
    with Trust Indenture Act	45
	Section
    13.10	Counterparts	45
	Section
    13.11	Separability	45
	Section
    13.12	Compliance
    Certificates	45
	Section
    13.13	U.S.A.
    Patriot Act	46
	Section
    13.14	Force
    Majeure	46
	Section
    13.15	Table
    of Contents; Headings	46

 

     -iv-

     

    

 

INDENTURE

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
1

 

DEFINITIONS

 

Section
1.01 Definitions of Terms.

 

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

 

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

 

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

 

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

 

    	 	1	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Subsidiary”
means, with respect to any Person:

 

(1)any
corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is,
at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one
or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;

 

(2)a
partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership;
or

 

    	 	4	 

     

    

 

(3)any
partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one
or more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership
interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of
such Person or, if applicable, a majority of the directors or other governing body of such Person.

 

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

 

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

 

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

 

ARTICLE
2

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section
2.01Designation and Terms of Securities.

 

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

 

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

 

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

 

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

 

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

 

    	 	5	 

     

    

 

(5)the
applicability of any guarantees;

 

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

 

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

 

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

 

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

 

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

 

(11)if
applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company
may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms
of those redemption provisions;

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	7	 

     

    

 

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

 

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

 

Section
2.02Form of Securities and Trustee’s Certificate.

 

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

 

Section
2.03Denominations: Provisions for Payment.

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

Section
2.04Execution and Authentications.

 

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

 

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

 

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

 

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

 

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

 

Section
2.05Registration of Transfer and Exchange.

 

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

 

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

 

    	 	10	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	11	 

     

    

 

Section
2.06Temporary Securities.

 

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

 

Section
2.07Mutilated, Destroyed, Lost or Stolen Securities.

 

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

 

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

 

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

 

    	 	12	 

     

    

 

Section
2.08Cancellation.

 

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

 

Section
2.09Benefits of Indenture.

 

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

 

Section
2.10Authenticating Agent.

 

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

 

    	 	13	 

     

    

 

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

 

Section
2.11Global Securities.

 

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

 

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

 

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

 

    	 	14	 

     

    

 

ARTICLE
3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section
3.01Redemption.

 

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

 

Section
3.02Notice of Redemption.

 

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

 

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

 

    	 	15	 

     

    

 

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

 

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

 

Section
3.03Payment Upon Redemption.

 

(a)If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities
or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in
the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation
and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon
to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable
on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

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

 

    	 	16	 

     

    

 

Section
3.04Sinking Fund.

 

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

 

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

 

Section
3.05Satisfaction of Sinking Fund Payments with Securities.

 

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

 

Section
3.06Redemption of Securities for Sinking Fund.

 

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

 

    	 	17	 

     

    

 

ARTICLE
4

 

COVENANTS

 

Section
4.01Payment of Principal, Premium and Interest.

 

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

 

Section
4.02Maintenance of Office or Agency.

 

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

 

Section
4.03Paying Agents.

 

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

 

    	 	18	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
4.04Appointment to Fill Vacancy in Office of Trustee.

 

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

 

    	 	19	 

     

    

 

Section
4.05Compliance with Consolidation Provisions.

 

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

 

ARTICLE
5

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section
5.01Company to Furnish Trustee Names and Addresses of Securityholders.

 

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

 

Section
5.02Preservation Of Information; Communications With Securityholders.

 

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

 

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

 

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

 

    	 	20	 

     

    

 

Section
5.03Reports by the Company.

 

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

 

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

 

Section
5.04Reports by the Trustee.

 

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

 

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

 

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

 

ARTICLE
6

 

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section
6.01Events of Default.

 

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

 

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

 

    	 	21	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	22	 

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	23	 

     

    

 

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

 

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

 

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

 

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

 

Section
6.03Application of Moneys Collected.

 

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

 

    	 	24	 

     

    

 

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

 

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

 

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

 

Section
6.04Limitation on Suits.

 

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

 

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

 

    	 	25	 

     

    

 

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

 

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

 

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

 

Section
6.06Control by Securityholders.

 

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

 

    	 	26	 

     

    

 

Section
6.07Undertaking to Pay Costs.

 

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

 

ARTICLE
7

 

CONCERNING THE TRUSTEE

 

Section
7.01Certain Duties and Responsibilities of Trustee.

 

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

 

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

 

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

 

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

 

    	 	27	 

     

    

 

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

 

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

 

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

 

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

 

Section
7.02Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

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

 

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

 

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

 

    	 	28	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	29	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
7.04May Hold Securities.

 

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

 

Section
7.05Moneys Held in Trust.

 

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

 

    	 	30	 

     

    

 

Section
7.06Compensation and Reimbursement.

 

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

 

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

 

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

 

Section
7.07Reliance on Officer’s Certificate.

 

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

 

    	 	31	 

     

    

 

Section
7.08Disqualification; Conflicting Interests.

 

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

 

Section
7.09Corporate Trustee Required; Eligibility.

 

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

 

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

 

Section
7.10Resignation and Removal; Appointment of Successor.

 

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

 

    	 	32	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
7.11Acceptance of Appointment By Successor.

 

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

 

    	 	33	 

     

    

 

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

 

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

 

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

 

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

 

    	 	34	 

     

    

 

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

 

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

 

Section
7.13Preferential Collection of Claims Against the Company.

 

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

 

Section
7.14Notice of Default.

 

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

 

ARTICLE
8

 

CONCERNING
THE SECURITYHOLDERS

 

Section
8.01Evidence of Action by Securityholders.

 

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

 

    	 	35	 

     

    

 

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

 

Section
8.02Proof of Execution by Securityholders.

 

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

 

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

 

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

 

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

 

Section
8.03Who May be Deemed Owners.

 

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

 

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Section
8.04Certain Securities Owned by Company Disregarded.

 

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

 

Section
8.05Actions Binding on Future Securityholders.

 

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

 

ARTICLE
9

 

SUPPLEMENTAL
INDENTURES

 

Section
9.01Supplemental Indentures Without the Consent of Securityholders.

 

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

 

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

 

(b)to
comply with Article 10;

 

    	 	37	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
9.02Supplemental Indentures With Consent of Securityholders.

 

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

 

    	 	38	 

     

    

 

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

 

Section
9.03Effect of Supplemental Indentures.

 

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

 

Section
9.04Securities Affected by Supplemental Indentures.

 

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

 

Section
9.05Execution of Supplemental Indentures.

 

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

 

    	 	39	 

     

    

 

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

 

ARTICLE
10

 

SUCCESSOR
ENTITY

 

Section
10.01Company May Consolidate, Etc.

 

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

 

Section
10.02Successor Entity Substituted.

 

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

 

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

 

    	 	40	 

     

    

 

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

 

ARTICLE
11

 

SATISFACTION AND DISCHARGE

 

Section
11.01Satisfaction and Discharge of Indenture.

 

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

 

Section
11.02Discharge of Obligations.

 

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

 

Thereafter,
Sections 7.06 and 11.05 shall survive.

 

    	 	41	 

     

    

 

Section
11.03Deposited Moneys to be Held in Trust.

 

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

 

Section
11.04Payment of Moneys Held by Paying Agents.

 

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

 

Section
11.05Repayment to Company.

 

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

 

    	 	42	 

     

    

 

ARTICLE
12

 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section
12.01No Recourse.

 

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

 

ARTICLE
13

 

MISCELLANEOUS
PROVISIONS

 

Section
13.01Effect on Successors and Assigns.

 

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

 

Section
13.02Actions by Successor.

 

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

 

Section
13.03Surrender of Company Powers.

 

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

 

Section
13.04Notices.

 

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

 

    	 	43	 

     

    

 

Section
13.05Governing Law.

 

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

 

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

 

Section
13.06Treatment of Securities as Debt.

 

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

 

Section
13.07Certificates as to Conditions Precedent.

 

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

 

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

 

    	 	44	 

     

    

 

Section
13.08Payments on Business Days.

 

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

 

Section
13.09Conflict with Trust Indenture Act.

 

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

 

Section
13.10Counterparts.

 

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

 

Section
13.11Separability.

 

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

 

Section
13.12Compliance Certificates.

 

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

 

    	 	45	 

     

    

 

Section
13.13U.S.A. Patriot Act.

 

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

 

Section
13.14Force Majeure.

 

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

 

Section
13.15Table of Contents; Headings.

 

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

 

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

 

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

 

    	 	46	 

     

    

 

CROSS-REFERENCE
TABLE1

 

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

 

 

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

 

 

47

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