Document:

Form of Subordinated Indenture

 EXHIBIT 4.5 

 Chicago Mercantile Exchange Holdings Inc. 
 and 
 U.S. Bank National Association 
 Indenture 
  

 Dated as of [                        ] 
 Subordinated Debt Securities 
  

 CROSS-REFERENCE SHEET* 
  

					
	 Section of Trust
Indenture Act of
 1939, as
amended
	 	  	  	Section of
Indenture
	 310(a)(1)
	 		  	609
	 310(a)(2)
	 		  	609
	 310(a)(3)
	 		  	Not Applicable
	 310(a)(4)
	 		  	Not Applicable
	 310(b)
	 		  	608, 610
	 311(a)
	 		  	613
	 311(b)
	 		  	613
	 312(a)
	 		  	701, 702
	 312(b)
	 		  	702
	 312(c)
	 		  	702
	 313(a)
	 		  	703
	 313(b)
	 		  	703
	 313(c)
	 		  	703
	 313(d)
	 		  	703
	 314(a)
	 		  	704
	 314(a)(4)
	 		  	1004
	 314(b)
	 		  	Not Applicable
	 314(c)(1)
	 		  	102
	 314(c)(2)
	 		  	102
	 314(c)(3)
	 		  	Not Applicable
	 314(d)
	 		  	Not Applicable
	 314(e)
	 		  	102
	 315(a)
	 		  	601
	 315(b)
	 		  	602
	 315(c)
	 		  	601
	 315(d)
	 		  	601
	 315(e)
	 		  	514
	 316(a)
	 		  	101
	 316(a)(1)(A)
	 		  	502, 512
	 316(a)(1)(B)
	 		  	513
	 316(a)(2)
	 		  	Not Applicable
	 316(b)
	 		  	508
	 316(c)
	 		  	104
	 317(a)(1)
	 		  	503
	 317(a)(2)
	 		  	504
	 317(b)
	 		  	1003
	 318(a)
	 		  	107

	*	This cross-reference sheet does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I DEFINITIONS	  	1
	     SECTION 101.	 	Definitions.	  	1
	     SECTION 102.	 	Compliance Certificates and Opinions.	  	6
	     SECTION 103.	 	Form of Documents Delivered to Trustee.	  	7
	     SECTION 104.	 	Acts of Holders; Record Dates.	  	7
	     SECTION 105.	 	Notices, Etc., to Trustee and Company.	  	9
	     SECTION 106.	 	Notice to Holders; Waiver.	  	9
	     SECTION 107.	 	Conflict with Trust Indenture Act	  	9
	     SECTION108.	 	Effect of Headings and Table of Contents.	  	10
	     SECTION 109.	 	Successors and Assigns.	  	10
	     SECTION 110.	 	Separability Clause.	  	10
	     SECTION 111.	 	Benefits of Indenture.	  	10
	     SECTION 112.	 	Governing Law.	  	10
	     SECTION 113.	 	Legal Holidays.	  	10
	     SECTION 114.	 	Language of Notices, Etc.	  	10
	     SECTION 115.	 	Submission to Jurisdiction.	  	10
		
	ARTICLE II SECURITY FORMS	  	11
	     SECTION 201.	 	Forms Generally.	  	11
	     SECTION 202.	 	Form of Legend for Global Securities.	  	11
	     SECTION 203.	 	Form of Trustee’s Certificate of Authentication.	  	11
	     SECTION 204.	 	Securities in Global Form.	  	12
		
	ARTICLE III THE SECURITIES	  	12
	     SECTION 301.	 	Amount Unlimited; Issuable in Series.	  	12
	     SECTION 302.	 	Denominations.	  	15
	     SECTION 303.	 	Execution, Authentication, Delivery and Dating.	  	16
	     SECTION 304.	 	Temporary Securities.	  	17
	     SECTION 305.	 	Registration, Registration of Transfer and Exchange.	  	17
	     SECTION 306.	 	Mutilated, Destroyed, Lost and Stolen Securities.	  	18
	     SECTION 307.	 	Payment of Interest; Interest Rights Preserved.	  	18
	     SECTION 308.	 	Persons Deemed Owners.	  	19
	     SECTION 309.	 	Cancellation.	  	19
	     SECTION 310.	 	Computation of Interest.	  	20
	     SECTION 311.	 	CUSIP Numbers	  	20
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	20
	     SECTION 401.	 	Satisfaction and Discharge of Indenture.	  	20
	     SECTION 402.	 	Application of Trust Money.	  	21
		
	ARTICLE V REMEDIES	  	21
	     SECTION 501.	 	Events of Default.	  	21
	     SECTION 502.	 	Acceleration of Maturity; Rescission and Annulment.	  	22
	     SECTION 503.	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	23
	     SECTION 504.	 	Trustee May File Proofs of Claim.	  	24
	     SECTION 505.	 	Trustee May Enforce Claims Without Possession of Securities.	  	24
	     SECTION 506.	 	Application of Money Collected.	  	24
	     SECTION 507.	 	Limitation on Suits.	  	25
	     SECTION 508.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	25
	     SECTION 509.	 	Restoration of Rights and Remedies.	  	25
	     SECTION 510.	 	Rights and Remedies Cumulative.	  	26
	     SECTION 511.	 	Delay or Omission Not Waiver.	  	26

					
	     SECTION 512.	 	Control by Holders.	  	26
	     SECTION 513.	 	Waiver of Past Defaults.	  	26
	     SECTION 514.	 	Undertaking for Costs.	  	26
	     SECTION 515.	 	Waiver of Usury, Stay or Extension Laws.	  	27
		
	ARTICLE VI THE TRUSTEE	  	27
	     SECTION 601.	 	Certain Duties and Responsibilities.	  	27
	     SECTION 602.	 	Notice of Defaults.	  	27
	     SECTION 603.	 	Certain Rights of Trustee.	  	27
	     SECTION 604.	 	Not Responsible for Recitals or Issuance of Securities.	  	28
	     SECTION 605.	 	May Hold Securities.	  	29
	     SECTION 606.	 	Money Held in Trust.	  	29
	     SECTION 607.	 	Compensation and Reimbursement.	  	29
	     SECTION 608.	 	Conflicting Interests.	  	29
	     SECTION 609.	 	Corporate Trustee Required; Eligibility.	  	29
	     SECTION 610.	 	Resignation and Removal; Appointment of Successor.	  	30
	     SECTION 611.	 	Acceptance of Appointment by Successor.	  	31
	     SECTION 612.	 	Merger, Conversion, Consolidation or Succession to Business.	  	32
	     SECTION 613.	 	Preferential Collection of Claims Against Company.	  	32
	     SECTION 614.	 	Appointment of Authenticating Agent.	  	32
		
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  	34
	     SECTION 701.	 	Company to Furnish Trustee Names and Addresses of Holders.	  	34
	     SECTION 702.	 	Preservation of Information; Communications to Holders.	  	34
	     SECTION 703.	 	Reports by Trustee.	  	34
	     SECTION 704.	 	Reports by Company.	  	34
		
	ARTICLE VIII MERGER, CONSOLIDATION, SALE, ASSIGNMENT, TRANSFER, LEASE OR CONVEYANCE	  	35
	     SECTION 801.	 	Company May Merge, Etc., Only on Certain Terms.	  	35
	     SECTION 802.	 	Successor Substituted.	  	35
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	36
	     SECTION 901.	 	Supplemental Indentures Without Consent of Holders.	  	36
	     SECTION 902.	 	Supplemental Indentures With Consent of Holders.	  	37
	     SECTION 903.	 	Execution of Supplemental Indentures.	  	38
	     SECTION 904.	 	Effect of Supplemental Indentures.	  	38
	     SECTION 905.	 	Conformity with Trust Indenture Act.	  	38
	     SECTION 906.	 	Reference in Securities to Supplemental Indentures.	  	38
		
	ARTICLE X COVENANTS	  	38
	     SECTION 1001.	 	Payment of Principal, Premium and Interest.	  	38
	     SECTION 1002.	 	Maintenance of Office or Agency.	  	38
	     SECTION 1003.	 	Money for Securities Payments to Be Held in Trust.	  	39
	     SECTION 1004.	 	Statement by Officers as to Default.	  	39
	     SECTION 1005.	 	Existence.	  	40
	     SECTION 1006.	 	Maintenance of Properties.	  	40
	     SECTION 1007.	 	Payment of Taxes and Other Claims.	  	40
	     SECTION 1008.	 	Waiver of Certain Covenants.	  	40
	     SECTION 1009.	 	Additional Amounts	  	40
		
	ARTICLE XI REDEMPTION OF SECURITIES	  	41
	     SECTION 1101.	 	Applicability of Article.	  	41
	     SECTION 1102.	 	Election to Redeem; Notice to Trustee.	  	41
	     SECTION 1103.	 	Selection by Trustee of Securities to Be Redeemed.	  	41
	     SECTION 1104.	 	Notice of Redemption.	  	42

					
	     SECTION 1105.	 	Deposit of Redemption Price.	  	42
	     SECTION 1106.	 	Securities Payable on Redemption Date.	  	43
	     SECTION 1107.	 	Securities Redeemed in Part.	  	43
		
	ARTICLE XII SINKING FUNDS	  	43
	     SECTION 1201.	 	Applicability of Article.	  	43
	     SECTION 1202.	 	Satisfaction of Sinking Fund Payments with Securities.	  	43
	     SECTION 1203.	 	Redemption of Securities for Sinking Fund.	  	44
		
	ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	  	44
	     SECTION 1301.	 	Company’s Option to Effect Defeasance or Covenant Defeasance.	  	44
	     SECTION 1302.	 	Defeasance and Discharge.	  	44
	     SECTION 1303.	 	Covenant Defeasance.	  	44
	     SECTION 1304.	 	Conditions to Defeasance or Covenant Defeasance.	  	45
	     SECTION 1305.	 	Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions.	  	46
	     SECTION 1306.	 	Reinstatement.	  	47
		
	ARTICLE XIV SUBORDINATION OF SECURITIES	  	47
	     SECTION 1401.	 	Securities Subordinate to Senior Debt.	  	47
	     SECTION 1402.	 	Payment Over of Proceeds upon Dissolution, Etc.	  	47
	     SECTION 1403.	 	Subrogation to Rights of Holders of Senior Debt.	  	48
	     SECTION 1404.	 	Provisions Solely to Define Relative Rights.	  	48
	     SECTION 1405.	 	Trustee to Effectuate Subordination.	  	49
	     SECTION 1406.	 	No Waiver of Subordination Provisions.	  	49
	     SECTION 1407.	 	Notice to Trustee.	  	49
	     SECTION 1408.	 	Reliance on Judicial Order or Certificate of Liquidating Agent.	  	50
	     SECTION 1409.	 	Trustee Not Fiduciary for Holders of Senior Debt.	  	50
	     SECTION 1410.	 	Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights.	  	50
	     SECTION 1411.	 	Article Applicable to Paying Agents.	  	50
	     SECTION 1412.	 	Certain Conversions or Exchanges Deemed Payment.	  	51
	     SECTION 1413.	 	Defeasance of this Article Fourteen.	  	51

 INDENTURE, dated as of
                        , between Chicago Mercantile Exchange Holdings Inc., a corporation duly organized and existing
under the laws of the State of Delaware (herein called the “Company”), having its principal office at 20 South Wacker Drive, Chicago, Illinois 60606 and U.S. Bank National Association, a nationally chartered banking association, as Trustee
(herein called the “Trustee”). 
 RECITALS OF THE COMPANY 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured, subordinated
debentures, notes or other evidences of indebtedness (herein called the “Securities”), which may be convertible into or exchangeable for any securities of any persons (including the Company), to be issued in one or more series as in this
Indenture provided. 
 All things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with
its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate
benefit of all Holders of the Securities or of Series thereof, as follows: 
 ARTICLE I 
 DEFINITIONS 
 SECTION 101. Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with United States generally accepted accounting principles, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as
are generally accepted as consistently applied by the Company at the date of such computation; 
 (4) unless the context
otherwise requires, any reference to an “Article”, a “Section” or an “Exhibit” refers to an Article, a Section or an Exhibit, as the case may be, of or to this Indenture; and 
 (5) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. 
 Certain terms, used principally in Article VI
and Article XIII, are defined in those Articles. 

 “Act”, when used with respect to any Holder, has the meaning specified in Section 104.

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct
or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in the English language or in an official language
of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the financial community
of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing requirements and in each case
on any Business Day. 
 “Board of Directors” means either the board of directors of the Company or any duly authorized committee of
that board of directors. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of
the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in that Place of Payment are
authorized or obligated by law or executive order to close. 
 “Commission” means the United States Securities and Exchange
Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument the United States Securities and Exchange 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 the Person named as the
“Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chief Executive
Officer, its President, a Managing Director or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller or an Assistant Controller, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be administered,
which as of the date hereof is located at 209 South LaSalle, Suite 300, Chicago, Illinois 60604, Attn: Corporate Trust Services. 
 “corporation” means a corporation, association, company, limited liability company, joint-stock company or business trust. 
 “covenant defeasance” has the meaning specified in Section 1303. 
 “Defaulted Interest” has the meaning
specified in Section 307. 
  

 2 

 “defeasance” has the meaning specified in Section 1302. 
 “Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 301, which shall initially be the Depositary Trust Company. 
 “Event of Default” has the meaning specified in Section 501. 
 “Exchange Act” means the United States Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to
time. 
 “Expiration Date” has the meaning specified in Section 104. 
 “Global Security” means a Security that evidences all or part of the Securities of any series and bears the legend set forth in
Section 202 (or such legend as may be specified as contemplated by Section 301 for such Securities). 
 “Government
Obligation” has the meaning specified in Section 1304. 
 “Holder” means the Person in whose name the Security is
registered in the Security Register. 
 “Indenture” means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by
Section 301. 
 “interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest
only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect to any Security,
means the Stated Maturity of an installment of interest on such Security. 
 “Investment Company Act” means the United States
Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time. 
 “Maturity”, when
used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call
for redemption or otherwise. 
 “Notice of Default” means a written notice of the kind specified in Section 501(4).

 “Officers’ Certificate” means a certificate signed by the Chief Executive Officer, the President, a Managing Director or a
Vice President, and by the Treasurer, an Assistant Treasurer, the Controller or an Assistant Controller, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate
given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the Company. 
 “Opinion of
Counsel” means a written opinion of counsel, which may be an employee of the Company. 
  

 3 

 “Original Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 
 “Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (1) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (2) Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (3) Securities, except to the extent provided in Sections 1302 and 1303, with respect to which the Company has effected defeasance or covenant defeasance as provided in Article XIII; and 
 (4) Securities that have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands
such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal
amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver, or other action hereunder as of any date or whether a quorum is present at a meeting of Holders of Securities,
(A) the principal amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of such date upon acceleration of the Maturity thereof to such
date pursuant to Section 502, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security that shall be deemed to be Outstanding shall be the amount
as specified or determined as contemplated by Section 301, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent,
determined as of such date in the manner provided as contemplated by Section 301, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined as provided in
such Clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether
the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver, or other action, or upon any such determination as to the presence of a quorum, only Securities that a Responsible Officer of
the Trustee actually knows to be so owned shall be so disregarded. Securities so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the
Company, which shall initially be the Trustee. 
 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  

 4 

 “Place of Payment”, when used with respect to the Securities of any series, means the place or
places specified in accordance with Section 301 where the principal of and any premium and interest on the Securities of that series are payable. 
 “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 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

 “Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price”, when used with respect to any Security to be redeemed, means the price at which
it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on
the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
 “Responsible
Officer”, when used with respect to the Trustee, means any vice president, the treasurer, any assistant treasurer, any trust officer or assistant trust officer, the controller or any assistant controller or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject and who shall have responsibility for the administration of this Indenture. 
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture provided, however, that if at any time there is more
than one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean
Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 
 “Securities Act” means the United States Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time. 
 “Security Register” and “Security Registrar” have the respective meanings specified in Section 305. 
 “Senior Debt” means all amounts due on obligations in connection with any of the following, whether outstanding at the date of execution of
this Indenture or thereafter incurred or created: (i) the principal of (and premium, if any) and interest due on the Company’s indebtedness for borrowed money and indebtedness evidenced by securities, debentures, bonds or other similar
instruments issued by the Company; (ii) any of the Company’s obligations as lessee under leases required to be capitalized on the balance sheet of the lessee under generally accepted accounting principles; (iii) all of the
Company’s obligations for the reimbursement on any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction; (iv) all of the Company’s obligations in respect of interest rate swap, cap or
other agreements, interest rate future or options contracts, currency swap agreements, currency future or option contracts and other similar agreements; (v) all obligations of the types referred to above of other persons for the payment of
which the Company is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the types referred to above of other persons secured by any lien on any property or asset of the Company (whether or not such obligation
is assumed by the Company); provided, however, that the following will not constitute Senior Debt: (a) any indebtedness which, by its terms or the terms of the instrument creating or evidencing it, expressly provides that such
indebtedness shall have a subordinate or equal right of payment with the Securities; (b) any indebtedness incurred in the form of trade accounts payable or accrued liabilities arising in the ordinary course of business; (c) any
indebtedness of the 

  

 5 

 
Company to any Subsidiary; (d) any liability for federal, state, local or other taxes owed or owing by the Company; and (e) the portion of any
indebtedness incurred by the Company in violation of the provisions of this Indenture. 
 “Special Record Date” for the payment of
any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
 “Stated Maturity”, when used with respect
to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the
Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means the equity interest that ordinarily has voting power for the election of
directors, managers or trustees of an entity, or persons performing similar functions, whether at all times or only so long as no senior class of equity interest has such voting power by reason of any contingency. 
 “Trust Indenture Act” means the United States Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as
used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 
 “United States
Alien” means any Person who, for United States Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the
members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust. 
 “Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title “vice president”. 
 SECTION 102. Compliance Certificates and Opinions. 
 Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the
Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 
 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 1004) shall include, 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto; 
  

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 (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion
of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 SECTION 103. Form of Documents Delivered to Trustee. 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which
his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company
stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to
such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION
104. Acts of Holders; Record Dates. 
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided
or permitted by this Indenture to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing. Except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
the Trustee deems sufficient. 
  

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 The principal amount and serial numbers of Securities held by any Person, and the date of holding the
same, shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered
to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
 The
Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such series, provided, that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the
giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such
record date; provided, that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration
Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such series. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such
Holders remain Holders after such record date; provided, that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of
such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date
previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 106. 
 With respect to any record date set pursuant to this Section, the party hereto that sets such record date may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and
to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the
party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.

  

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 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to
any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal
amount. 
 SECTION 105. Notices, Etc., to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing (which may be via facsimile) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Services, or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the
address of its principal office specified in the first paragraph of this instrument, Attention: General Counsel, or at any other address previously furnished in writing to the Trustee by the Company. 
 SECTION 106. Notice to Holders; Waiver. 
 Except as
otherwise expressly provided herein, where this Indenture provides for notice of any event to Holders of Securities, such notice shall be sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, to each
Holder of a Security affected by such event, at the address of such Holder as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice.

 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
to Holders of Securities by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. In any case where notice to Holders of Securities is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Security shall affect the sufficiency of such notice with respect to other Holders. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 
 SECTION 107. Conflict with Trust Indenture Act 
 This Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to govern indentures
qualified under the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be. 
  

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 SECTION 108. Effect of Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 109. Successors and Assigns. 
 All covenants
and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 110. Separability
Clause. 
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 111. Benefits of Indenture.

 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, the holders of Senior Debt and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 112. Governing Law. 
 This Indenture and the Securities shall be governed by and construed in accordance with the law
of the State of New York. 
 SECTION 113. Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at
such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date or sinking fund payment date or at the Stated
Maturity or Maturity, as the case may be. 
 SECTION 114. Language of Notices, Etc. 
 Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language,
except that any published notice may be in an official language of the country of publication. 
 SECTION 115. Submission to Jurisdiction. 

The Company irrevocably submits to the non-exclusive jurisdiction of any federal or state court in the City, County and State of New York and any
appellate court from any thereof, in any legal suit, action or proceeding based on or arising under the Securities or this Indenture and agrees that all claims in respect of such suit or proceeding may be determined in any such court. The Company
irrevocably waives, to the fullest extent permitted by law, any objection to any such suit, action or proceeding in such courts, whether on the grounds of venue, residence or domicile or the defense of an inconvenient forum or objections to personal
jurisdiction with respect to the maintenance of such legal suit, action or proceeding. The Company agrees that the final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may
be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment. 
  

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 ARTICLE II 
 SECURITY FORMS 
 SECTION 201. Forms Generally. 
 The Securities of each series shall be in substantially the forms set forth in Exhibits A and A1 or in such other form (including temporary or permanent
global form) as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor or as may, consistently
herewith, be determined by the officers executing such Securities as evidenced by their execution thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities
(or any such temporary global Security). 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 SECTION 202. Form of Legend for Global Securities. 
 Unless otherwise specified as contemplated by Section 301 for the
Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 
 this
Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no
transfer of this Security in whole or in part may be registered, in the name of any Person other than such Depositary or a nominee thereof, except in the limited circumstances described in the Indenture. 
 SECTION 203. Form of Trustee’s Certificate of Authentication. 
 The Trustee’s certificates of authentication shall be in substantially the following form: 
 This is one
of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION
	As Trustee
		
	By:	 	  

	Authorized Signatory
		
	Dated:	 	  

  

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 SECTION 204. Securities in Global Form. 
 If Securities of or within a series are issuable in global form, as specified as contemplated by Section 301, then, notwithstanding Clause
(3) of Section 301 and the provisions of Section 302, any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of
Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of a Security in global form to reflect the
amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified therein or in the Company Order
to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in the
manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or Section 304 has been, or simultaneously is, delivered, any instructions by the
Company with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 
 The provisions of the last sentence of Section 303 shall apply to any Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the Security in global form together with written instructions (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard to
the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303. 
 Notwithstanding the provisions of Section 201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal of and any premium and interest on any Security in permanent global form
shall be made to the Person or Persons specified therein. 
 ARTICLE III 
 THE SECURITIES 
 SECTION 301. Amount Unlimited; Issuable in Series. 
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 303, set
forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

 (2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906 or 1107 and except for any
Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
 (3)
if other than denominations of $1,000 and any integral multiple thereof, the denominations in which any Securities
of the series shall be issuable; 
  

 12 

 (4) the date or dates upon which the principal of the Securities of the series is payable
and whether the Stated Maturity may be extended or the method used to determine or extend those dates; 
 (5) the rate or
rates at which the Securities of the series shall bear interest, if any, or the method by which such rate or rates shall be determined, whether such rate or rates may be reset, the date or dates from which any such interest shall accrue or the
method used for determining those dates, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for the interest payable on any Securities on any Interest Payment Date or method by which such date or dates
shall be determined; 
 (6) the basis for calculating interest if other than a 360-day year of twelve 30-day months;

 (7) the right, if any, to extend the interest payment periods and the duration of any such deferral period; 
 (8) whether the amount of payments of principal (or premium, if any) or interest, if any, on the Securities of the series may be
determined with reference to an index, formula or other method (which index, formula or method may be based, without limitation, on one or more currencies, commodities, equity indices or other indices), and the manner in which such amounts shall be
determined; 
 (9) the place or places where, subject to the provisions of Section 1002, the principal of and any
premium, if any, and interest, if any, on Securities of the series shall be payable, where any Securities of the series may be surrendered for registration of transfer, where Securities of the series may be surrendered for exchange, where Securities
of the series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable, and notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 

(10) the rate or rates of amortization of Securities of the series, if any; 
 (11) the obligation or discretion, if any, of the Company to redeem, repay or purchase any Securities of the series pursuant to any
sinking fund or analogous provisions or at the option of the Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, any Securities of the series shall be redeemed, repaid or
purchased, in whole or in part, pursuant to such obligation; 
 (12) the terms and conditions, if any, regarding the mandatory
conversion or exchange of Securities; 
 (13) the period or periods within which, the price or prices at which, and the terms
and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be
evidenced; 
 (14) any restriction or condition on the transferability of Securities of a particular series; 
  

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 (15) if other than the entire principal amount thereof, the portion of the principal
amount of any Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
 (16) the currency or currencies, including composite currencies or currency units, in which payment of the principal of and any premium and interest on any Securities of the series shall be payable if other than the
currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the definition of “Outstanding” in Section 101; 
 (17) if the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or
the Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which the principal of or any premium or interest on such
Securities as to which such election is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such amount shall be determined);

 (18) provisions, if any, granting special rights to Holders of the Securities upon the occurrence of specified events;

 (19) any addition to or change in the Events of Default which applies to any Securities of the series and any change in the
right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502; 
 (20) any addition to or change in the definitions set forth in Article I that apply to the Securities of the series, and any addition to or change in the covenants set forth in Article X which applies to Securities of
the series; 
 (21) if applicable, that the Securities of the series, in whole or any specified part, shall be defeasible
pursuant to Section 1302 or Section 1303 or both such Sections, any variations of such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced;

 (22) the terms, if any, upon which Holders may convert or exchange the Securities into or for the Company’s common
stock, preferred stock or other securities or property; 
 (23) whether any Securities of the series are to be issuable
initially in temporary global form and whether any Securities of the series are to be issuable in permanent global form and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests for
Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 305; 
 (24) if applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 202 and any circumstances in
addition to or in lieu of those set forth in the fourth paragraph of Section 305 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may
be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
  

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 (25) the appointment of any paying agents, authenticating agents, transfer agents,
registrars or other agents, if other than the Trustee; 
 (26) the Person to whom any interest on any Security of the series
shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, and the extent to which, or the manner in which, any
interest payable on a temporary global Security on an Interest Payment Date will be paid, if other than in the manner provided in Section 304; 
 (27) if the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the
principal amount of such Securities as of any such date for any purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to be the principal amount shall be determined); 
 (28) whether, under what circumstances and the Currency in which the Company will pay additional amounts as contemplated by
Section 1009 on the Securities of the series to any Holder who is not a United States Person(s) (including any modification to the definition of such term) in respect of any tax, assessment or governmental charge and, if so, whether the Company
will have the option to redeem such Securities rather than pay such additional amounts (and the terms of any such option); 
 (29) the specific subordination provisions applicable to the Securities, if other than as set forth in Article XIV; and 
 (30) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)). 
 All Securities of such series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to
Section 303) set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 
 The Securities shall be subordinated in right of payment to Senior Debt as provided in Article XIV. 
 SECTION 302. Denominations.

 Unless otherwise provided as contemplated by Section 301 with respect to the Securities of any series, any Securities of such series,
other than Securities issued in global form (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof. 
  

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 SECTION 303. Execution, Authentication, Delivery and Dating. 
 The Securities shall be executed on behalf of the Company by its Chief Executive Officer, its President, one of its Managing Directors or one of its Vice
Presidents, under its corporate seal reproduced thereon attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the forms or
terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 
 (1) if the forms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 201, that such
form have been established in conformity with the provisions of this Indenture; 
 (2) if the terms of such Securities have
been established by or pursuant to Board Resolution as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 
 (3) that such Securities when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
 If such form or
terms have been so established, 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. 
 Notwithstanding the provisions of
Section 301 and of the two preceding paragraphs, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 301 or
the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraphs at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued. 
 Each Security shall be dated the date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and 

  

 16 

 
delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in
Section 309, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 SECTION 304. Temporary Securities. 
 Pending the
preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in
any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may
determine, as evidenced by their execution of such Securities. 
 If temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of that series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series
upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any
series the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations and like aggregate principal amount and tenor. 
 Until exchanged in full as hereinafter provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder. 
 SECTION 305. Registration, Registration
of Transfer and Exchange. 
 The Company shall cause to be kept at an office or agency to be maintained by the Company in accordance with
Section 1002 a register (being the combined register of the Security Registrar and all transfer agents designated pursuant to Section 1002 for the purpose of registration of transfer of Securities and sometimes collectively referred to as
the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and the registration of transfers of Securities. The Trustee is hereby appointed
“Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
 Upon surrender
for registration of transfer of any Security of a series at the office or agency of the Company maintained pursuant to Section 1002 for such purpose in a Place of Payment for that series, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of like tenor and aggregate principal amount. 
 At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of
like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Securities that the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or
exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee or any transfer
agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar or any transfer agent duly executed, by the Holder thereof or his attorney duly authorized in writing.

  

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 No service charge shall be made for any registration of transfer or exchange of Securities, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or
1107 not involving any transfer. 
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the
Company shall not be required (A) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before any
selection of Securities of that series to be redeemed and ending at the close of business on the day of the mailing of the relevant notice of redemption or (B) to register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen
Securities. 
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them
to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any
new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 SECTION 307. Payment of Interest; Interest Rights Preserved. 
 Except as otherwise provided as contemplated by
Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
  

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 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (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 Security of such series 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 be not more than 15 days and not 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 given to each Holder of Securities of
such series in the manner set forth in Section 106, 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 so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following Clause (2). 
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series 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. 
 Subject to the foregoing
provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security. 
 SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 305 and Section 307) any interest on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 SECTION 309. Cancellation. 
 All Securities
surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it.
The Company may at any time deliver to the 

  

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Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and
may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled
by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed
of as directed by a Company Order. 
 SECTION 310. Computation of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 311. CUSIP Numbers 
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use such
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will notify the
Trustee of any change to the “CUSIP” numbers. 
 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
 SECTION 401. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of
Securities herein expressly provided for, and any right to receive additional amounts, as provided in Section 1009), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when 
 (1) either 
 (A) all Securities theretofore authenticated and delivered (other than Securities which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 306 and Securities for the payment of which money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B) all such Securities
not theretofore delivered to the Trustee for cancellation: 
 (i) have become due and payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 
  

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 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i),
(ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the
Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. 
 SECTION 402. Application of Trust Money. 
 Subject to
the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for the payment of which such
money has been deposited with the Trustee. 
 ARTICLE V 
 REMEDIES 
 SECTION 501. Events of Default. 
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be occasioned by the provisions of Article XIV or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (1) default in the payment of any interest upon any Security of
that series when it becomes due and payable, and continuance of such default for a period of 30 days; or, 
 (2) default in
the payment of the principal of or any premium on any Security of that series at its Maturity and (if so established as contemplated by Section 301 in respect of that series), in the case of technical or administrative difficulties only if such
default persists for a period of five days; or 
  

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 (3) default in the deposit of any sinking fund payment, when and as due by the terms of a
Security of that series, in the case of technical or administrative difficulties only if such a default persists for a period of five days; or 
 (4) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (5) the entry by
a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State
law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 
 (6) the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, of the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 
 (7) any other Event of Default provided with respect to Securities of that series. 
 SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default (other than an Event of Default specified in Section 501(5) or 501(6)) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that series are Original Issue Discount
Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in Section 501(5) or 501(6) with respect to Securities of any series at the time Outstanding occurs, the
principal amount of all 

  

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the Securities of that series (or, if any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms thereof) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to
pay 
 (A) all overdue interest on all Securities of that series, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that
payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 
 and 
 (2) all Events of
Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 The Company covenants that if 
 (1) default is made in the payment of any interest on any
Security when such interest becomes due and payable and such default continues for a period of 30 days, or 
 (2) default is
made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, in the case of technical or administrative difficulties only if such a default persists for a period of five days, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for
principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances, of the Trustee, its agents and counsel.

  

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 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem reasonably necessary to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 504.
Trustee May File Proofs of Claim. 
 In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and
the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
 SECTION 505. Trustee May Enforce Claims Without Possession of Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money Collected. 
 Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the
Trustee under Section 607; 
  

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 SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest
on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and
interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company or any other Person or Persons entitled thereto.

 SECTION 507. Limitation on Suits. 
 No
Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60–day period by
the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Sections 305 and 307)
interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder. 
 SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder; then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  

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 SECTION 510. Rights and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by Holders. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 
 (1) such direction shall not be in conflict with any rule of law or with this Indenture, and 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 SECTION 513. Waiver of Past Defaults. 
 The Holders of
not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a
default 
 (1) in the payment of the principal of or any premium or interest on any Security of such series, or 
 (2) in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of
each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 SECTION 514. Undertaking for Costs. 
 In any suit for
the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant 

  

 26 

 
in such suit to file an undertaking to pay the costs of such suit, and may assess costs including reasonable attorneys’ fees and expenses against any
such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Company. 
 SECTION 515. Waiver of Usury, Stay or Extension Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do
so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted. 
 ARTICLE VI 
 THE TRUSTEE 
 SECTION 601. Certain Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 602. Notice of Defaults.

 If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series
notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(4) with respect to Securities of such series, no such
notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default
with respect to Securities of such series. 
 SECTION 603. Certain Rights of Trustee. 
 Subject to the provisions of Section 601: 
 (1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  

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 (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other
evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 
 (4) the Trustee may consult with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon; 
 (5) the Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or Indemnity against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction; 
 (6) 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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney; 
 (7) 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; 
 (8) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (9) the Trustee shall not be deemed to have notice of any Event of Default or any event which, after notice or lapse of time or both, would become an Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; and 
 (10) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and the Person employed to act hereunder. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee
makes no 

  

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representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be
accountable for the use or application by the Company of Securities or the proceeds thereof. 
 SECTION 605. May Hold Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other agent. 
 SECTION 606. Money Held in Trust. 
 Money held by the Trustee in trust hereunder 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 money received by it hereunder
except as otherwise agreed with the Company. 
 SECTION 607. Compensation and Reimbursement. 
 The Company agrees 
 (1) to
pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
shall be determined to have been caused by its own negligence or bad faith; and 
 (3) to indemnify the Trustee for, and to
hold it harmless against, any loss, liability, claim, damage or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs
and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 SECTION 608. Conflicting Interests. 
 If the Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the
Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 
 SECTION 609. Corporate Trustee Required; Eligibility. 
 There shall at all times be one (and only one) Trustee hereunder with
respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and
surplus of at least $50,000,000 and has its Corporate Trust Office in New York, New York. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its 

  

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supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and
surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 SECTION 610. Resignation and Removal; Appointment of Successor. 
 No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
 The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving 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 the Securities of such series. 
 The Trustee may be removed at any
time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 If at any time: 
 (1) the
Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company
or by any such Holder, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or
a receiver of the Trustee or of its property shall be appointed 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, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any
Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and
the appointment of a successor Trustee or Trustees. 
 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those
series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series
shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of
such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have 

  

 30 

 
been so appointed by the Company or the Holders of Securities of such series and accepted appointment in the manner required by Section 611, any Holder
who has been a bona tide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to
the Securities of such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 611. Acceptance of Appointment
by Successor. 
 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. 
 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 (1) 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, (2) if the retiring Trustee is not retiring with respect to all Securities, 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
(3) 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 and 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 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 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 all 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. 
 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 the first or second preceding paragraph, as the case may be. 
 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. 
  

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 SECTION 612. Merger, Conversion, Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to 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 613. Preferential Collection of Claims Against Company. 
 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of Section 311 of the Trust Indenture Act, but only to the extent therein specified, regarding the collection of claims against the Company (or any such other obligor). For purposes of Section 311(b)(4) and (6) of such Act,
the following terms shall mean: 
 (a) “cash transaction” means any transaction in which full payment for goods or securities sold
is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 
 (b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company for the purpose of financing the purchase, processing,
manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the
goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor relationship with the Company arising from the making, drawing, negotiating or
incurring of the draft, bill of exchange, acceptance or obligation. 
 SECTION 614. Appointment of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, 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. Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, and a
copy of such evidence shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to
the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this
Section. 
  

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 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating
Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give notice of such appointment in the manner provided in
Section 106 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions of Section 607. 
 If an appointment with respect to one
or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION
	As Trustee
		
	By:	 	  

	As Authenticating Agent
		
	By:	 	  

	Authorized Officer

 If all of the Securities of a series may not be originally issued at one time, and if the
Trustee does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested
by the Company in writing (which writing need not comply with Section 102 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment
designated by the Company with respect to such series of Securities. 
  

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 ARTICLE VII 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 SECTION 701. Company to Furnish Trustee Names and Addresses of
Holders. 
 In the event the Trustee is not acting as the Security Registrar, the Company will furnish or cause to be
furnished to the Trustee 
 (1) semi-annually, not later than 15 days after each Regular Record Date or, in the case of any
series of Securities on which semi-annual interest is not payable, not more than 15 days after such semi-annual dates specified by the Trustee, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of
Securities of each series as of the Regular Record Date or such semi-annual date, as the case may be, and 
 (2) 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. 
 SECTION 702. Preservation of Information; Communications to Holders. 
 The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 701 and the
names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 
 The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every Holder of Securities, by receiving and
holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made
pursuant to the Trust Indenture Act. 
 SECTION 703. Reports by Trustee. 
 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant
thereto. 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange or delisted therefrom. 
 SECTION 704. Reports by Company. 
 The Company shall
file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to
the Trust Indenture Act; provided 

  

 34 

 
that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be
filed with the Trustee within 15 days after the same is so required to be filed with the Commission. 
 ARTICLE VIII 
 MERGER, CONSOLIDATION, SALE, ASSIGNMENT, TRANSFER, LEASE OR CONVEYANCE 
 SECTION 801. Company May Merge, Etc., Only on Certain Terms. 
 The Company shall not merge with or
into or consolidate with any other Person or sell, assign, transfer, lease or convey all or substantially all of its properties and assets to any Person (other than a direct or indirect wholly-owned subsidiary of the Company), and the Company shall
not permit any Person (other than a direct or indirect wholly-owned subsidiary of the Company) to merge with or into or consolidate with the Company or sell, assign, transfer, lease or convey all or substantially all of its properties and assets to
the Company, unless: 
 (1) the Company is the surviving corporation or, in case the Company shall merge into or consolidate
with another Person or sell, assign, transfer, lease or convey all or substantially all of its properties and assets to any Person, the Person into which the Company is merged or formed by such consolidation or the Person which acquires by sale,
assignment, transfer or conveyance, or which leases, all or substantially all of its properties and assets of the Company shall be a corporation, partnership or trust, organized and validly existing under the laws of the United States of America,
any State thereof or the District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any
premium and interest (including all additional amounts, if any payable pursuant to Section 1009) on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed;

 (2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the
Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an
Event of Default, shall have happened and be continuing; 
 (3) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 SECTION 802. Successor Substituted.

 Upon any merger of the Company into, or consolidation of the Company with, any other Person or any sale, assignment, transfer, lease or
conveyance of all or substantially all of the properties and assets of the Company in accordance with Section 801, the successor Person into which the Company is merged or formed by such consolidation or to which such sale, assignment,
transfer, lease or conveyance is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, and
thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  

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 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 SECTION 901. Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to
evidence the succession of another Person to the Company and the assumption by any such successor of the covenants, agreements and obligations of the Company herein and in the Securities; or 
 (2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to
be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); or 
 (4) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that
any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights
of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or 
 (5) to secure the Securities; or 
 (6) to establish the form or terms of Securities of any
series as permitted by Sections 201 and 301; or 
 (7) to evidence and provide for the acceptance of appointment hereunder by
a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, pursuant to the requirements of Section 611; or 
 (8) to cure any ambiguity, to correct or supplement any
provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Clause
(8) shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 
 (9) to supplement any provisions of this Indenture necessary to defease and discharge the Securities of any series, provided that such action does not adversely affect the interests of the Holders of the Securities in any material
respect; or 
 (10) to comply with the rules or regulations of any securities exchange or automated quotation system on which
any Securities are listed or traded; or 
  

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 (11) to add, change or eliminate any provisions of this Indenture in accordance with any
amendments to the Trust Indenture Act, provided that such action does not adversely affect the interests of the Holders of the Securities in any material respect. 
 SECTION 902. Supplemental Indentures With Consent of Holders. 
 With the consent of the Holders of not
less than 50% in aggregate principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of
the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any obligation of the Company to pay additional amounts pursuant to Section 1009 (except as contemplated by
Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or
after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture with respect to the subordination of the Securities in a manner adverse to the Holders, or 
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

(3) make any change that adversely affects the right to convert or exchange any Security or decreases the conversion or exchange rate
or increases the conversion price of any convertible or exchangeable Security, or 
 (4) modify any of the provisions of this
Section, Section 513 or Section 1008, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this Clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1008,
or the deletion of this proviso, in accordance with the requirements of Sections 611 and 901(7). 
 A supplemental indenture which changes or eliminates any
covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
  

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 It shall not be necessary for any Act of Holders of Securities under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 SECTION 903.
Execution of Supplemental Indentures. 
 In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s owner’s rights, duties or
immunities under this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
 SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act. 
  

	SECTION	906. Reference in Securities to Supplemental Indentures. 

 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 ARTICLE X 
 COVENANTS 
 SECTION 1001. Payment of Principal, Premium
and Interest. 
 The Company covenants and agrees for the benefit of Holders of each series of Securities that it will duly and punctually
pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
 SECTION 1002. Maintenance of Office or Agency. 
 The Company will maintain in each Place of Payment for any series an office
or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time the Company shall fail to maintain
any such required office or agency in respect of any series of Securities or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders of Securities of that series may be made and notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the same as its agent to 

  

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receive such respective presentations, surrenders, notices and demands. The Company may also from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency. 
 SECTION 1003. Money for Securities Payments to Be Held in Trust.

 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date
of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium or interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 
 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 or any premium or interest on any Securities of that series, deposit with a
Paying Agent a sum sufficient to pay the principal and any premium 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 its action or failure so to act. 
 The Company will cause each Paying Agent for any
series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other obligor upon the Securities of that series) in the making of any payment in respect of the
Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. 
 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 by Company
Order 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 trusts as those upon which such sums were held by the Company or such Paying Agent;
and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for
two years after such principal and any premium or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in each Place of Payment,
notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

SECTION 1004. Statement by Officers as to Default. 
 The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge 

  

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of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without
regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge. 
 SECTION 1005. Existence. 
 Subject to Article VIII,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Company shall not be required to
preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and that the loss thereof is not disadvantageous in any material
respect to the ability of the Company to make payments hereunder. 
 SECTION 1006. Maintenance of Properties. 
 The Company will cause all properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good
condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so
that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance
of any of such properties if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous in any material respect to the ability of the Company to make
payments hereunder. 
 SECTION 1007. Payment of Taxes and Other Claims. 
 The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Company or any
Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary;
provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith.

 SECTION 1008. Waiver of Certain Covenants. 
 Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular instance to comply with any term, provision or condition
set forth in any covenant provided pursuant to Section 301(12), 901(2) or 901(7) for the benefit of the Holders of such series if before the time for such compliance the Holders of at least 50% in principal amount of the Outstanding Securities
of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except
to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 SECTION 1009. Additional Amounts 
 If the Securities
of a series provide for the payment of additional amounts, the Company will pay to the Holder of any Security of such series additional amounts as provided therein. Whenever in this 

  

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Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or
the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided for in this Section to the extent that, in such context, additional
amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of additional amounts (if applicable) in any provisions hereof shall not be construed as excluding additional
amounts in those provisions hereof where such express mention is not made. 
 ARTICLE XI 
 REDEMPTION OF SECURITIES 
 SECTION 1101. Applicability of
Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms
and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with this Article. 
 SECTION 1102. Election to
Redeem; Notice to Trustee. 
 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution or in another
manner specified as contemplated by Section 301 for such Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption affecting only a single Security), the
Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be
redeemed and, if applicable, of the tenor of the Securities to be redeemed (unless all of the Securities of a specified tenor are to be redeemed). In the case of any redemption of Securities (i) prior to the expiration of any restriction on
such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (ii) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the
Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. 
 SECTION 1103. Selection by Trustee of Securities
to Be Redeemed. 
 If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a
specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of global
securities of such series. If less than all of the Securities of such series and of a specified tenor are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee,
from the Outstanding Securities of such series and specified tenor not previously called for redemption in accordance with the preceding sentence. If so specified in the Securities of a series, partial redemptions must be in an amount not less than
$1,000,000 principal amount of Securities. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption as aforesaid and, in case of any Securities selected for partial redemption as aforesaid, the principal amount thereof to be redeemed. 
  

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 The provisions of the two preceding paragraphs shall not apply with respect to any redemption affecting
only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be in an authorized denomination (which shall not
be less than the minimum authorized denomination) for such Security. 
 For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 SECTION 1104. Notice of Redemption. 
 Notice of redemption shall be given in the manner provided in Section 106 to the Holders of Securities to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date. 
 All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price, 
 (3) if less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to
be redeemed, the principal amount of the particular Security to be redeemed, 
 (4) that on the Redemption Date the Redemption
Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places where such Securities are to be surrendered for payment of the Redemption Price, 
 (6) that the redemption is for a sinking fund, if such is the case, and 
 (7) applicable CUSIP numbers, if any. 
 A notice of redemption published as contemplated by Section 106 need not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and shall
be irrevocable. 
 SECTION 1105. Deposit of Redemption Price. 
 Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an
amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
  

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 SECTION 1106. Securities Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated
by Section 301, installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the provisions of Section 307. 
 If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION 1107. Securities Redeemed in Part. 
 Any
Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or
Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 ARTICLE XII 
 SINKING FUNDS

 SECTION 1201. Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by Section 301 for such Securities. 
 The minimum amount of any sinking fund payment provided for by the terms of any Securities 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 such Securities is herein referred to as an “optional sinking fund payment”. If provided for by the terms of any Securities, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied to the redemption of Securities as provided for by the terms of such Securities. 
 SECTION 1202. Satisfaction of Sinking Fund Payments with Securities. 
 The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which 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 any Securities of such series required to be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not been
previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly. 
  

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 SECTION 1203. Redemption of Securities for Sinking Fund. 
 Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) to each sinking fund payment date for any Securities, the
Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to Section 1202 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days prior to
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 1103 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 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 
 ARTICLE XIII 
 DEFEASANCE AND COVENANT
DEFEASANCE 
 SECTION 1301. Company’s Option to Effect Defeasance or Covenant Defeasance. 
 The Company may at its option, at any time, elect to have either Section 1302 or Section 1303 applied to the Outstanding Securities of any
series upon compliance with the conditions set forth below in this Article XIII. 
 SECTION 1302. Defeasance and Discharge. 
 Upon the Company’s exercise of the option provided in Section 1301 applicable to this Section, the Company shall be deemed to have been
discharged from its obligations with respect to the Outstanding Securities of any series on the date the conditions set forth below are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall
be deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under the Securities of such series and this Indenture insofar as the Securities
of such series are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of the Securities of such series to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on the
Securities of such series when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003, (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this Article XIII. Subject to compliance with this Article XIII, the Company may exercise its option under this Section 1302 notwithstanding the prior exercise of its option under Section 1303. 
 SECTION 1303. Covenant Defeasance. 
 Upon the
Company’s exercise of the option provided in Section 1301 applicable to this Section, (i) the Company shall be released from its obligations with respect to the Securities of such Series under Section 801, Sections 1005 through
1009, inclusive, and any covenants provided pursuant to Section 301(12), 901(2) or 901(7) for the benefit of the Holders of such Securities and (ii) the occurrence of an event specified in Sections 501(4), (5), (6) or (7) shall
not be deemed to be an Event of Default on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”). For this purpose, 

  

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such covenant defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such Section or Clause whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Clause or by reason of any reference in any such Section or Clause to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 
 SECTION 1304. Conditions to Defeasance or Covenant
Defeasance. 
 The following shall be the conditions to application of either Section 1302 or Section 1303 to the then
Outstanding Securities of any series: 
 (1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 609 who shall agree to comply with the provisions of this Article XIII applicable to it) as trust funds in trust for the purpose of making the following payments specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) money in an amount, or (B) Government Obligations which through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of, premium, if any, and each
installment of interest on the Securities on the Stated Maturity of such principal or installment of interest in accordance with the terms of this Indenture and of the Securities of such series. For this purpose, “Government Obligations”
means, with respect to any series of Securities, securities that are (x) direct obligations of the government that issued the currency in which such series is denominated (or, if such series is denominated in euro, the direct obligations of any
government that is a member of the European Monetary Union) for the payment of which its full faith and credit is pledged or (y) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such government
the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case, are not callable or redeemable at the option of the issuer thereof and shall also include a depositary receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any Government Obligation where the relevant government is the United States of America or a specific payment of principal of or interest on any such
Government Obligation held by such custodian for the account of the holder of such depositary receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the such Government Obligation or the specific payment of principal of or interest on such Government Obligation evidenced by such depository receipt. 
 (2) In the event of an election to have Section 1302 apply to any Securities or any series of Securities, as the case may be, the
Company shall have delivered to the Trustee an opinion of Counsel stating that (x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there has been
a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of the Outstanding Securities of such series will not recognize gain or loss for Federal income tax
purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not
occurred. 
  

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 (3) In the event of an election to have Section 1303 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect the that Holders of the Outstanding Securities of such series will not recognize gain or loss for Federal income tax
purposes as a result of such deposit and covenant defeasance and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred.

 (4) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect
to the Securities of such series shall have occurred and be continuing on the date of such deposit or, insofar as subsections 501(5) and (6) are concerned, at any time during the period ending on the 90th day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (5) Such
defeasance or covenant defeasance shall not cause the Trustee to have a conflicting interest as defined in Section 608 and for purposes of the Trust Indenture Act with respect to any securities of the Company. 
 (6) Such defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound. 
 (7) The Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to either the defeasance under Section 1302 or the covenant defeasance under Section 1303 (as the case
may be) have been complied with. 
 (8) Such defeasance or covenant defeasance shall not result in the trust arising from such
deposit constituting an investment company as defined in the Investment Company Act, or such trust shall be qualified under such act or exempt from regulation thereunder. 
 (9) At the time of such deposit, (A) no default in the payment of any principal of or premium or interest on any Senior Debt shall
have occurred and be continuing, (B) no event of default with respect to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be, due and payable prior to the date on which it would otherwise have become due and
payable (unless payment of such Senior Debt has been made or duly provided for), and (C) no other event of default with respect to any Senior Debt shall have occurred and be continuing permitting (after notice or lapse of time or both) the
holders of such Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable. 
 SECTION 1305. Deposited Money and Government Obligations to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations (including the proceeds thereof) deposited with
the Trustee (or other qualifying trustee (solely for purposes of this Section and Section 1306, the Trustee and any such other trustee are referred to collectively, for purposes of this Section 1305, as the “Trustee”)) pursuant
to Section 1304 in respect of the Securities of such series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities of such series and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of the Securities of such series, of all sums due and to become due thereon in respect of principal (and premium, if any) and
interest, but such money need not be segregated from other funds except to the extent required by law. 
  

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 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the Government Obligations deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
Outstanding Securities. 
 Anything in this Article XIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company
from time to time upon Company Request any money or Government Obligations held by it as provided in Section 1304 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent defeasance or covenant defeasance. 
 SECTION 1306. Reinstatement. 
 If the Trustee or the Paying Agent is unable to apply any money in
accordance with Section 1302 or 1303 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to this Article XIII until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 1302 or
1303; provided, however, that if the Company makes any payment of principal of (and premium, if any) or interest on any Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the
Holders of the Securities of such series to receive such payment from the money held by the Trustee or the Paying Agent. 
 ARTICLE XIV

 SUBORDINATION OF SECURITIES 
 SECTION 1401.
Securities Subordinate to Senior Debt. 
 The Company covenants and agrees, and each Holder of Securities of any series by the
Holder’s acceptance thereof likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article, subject to the provisions of Article IV and Article XIII and except as may otherwise be specified as
contemplated by Section 301 and set forth in the Securities of a series, the indebtedness represented by the Securities of such series and the payment of the principal of, and any premium and interest on, each and all of the Securities of such
series are hereby expressly made subordinate and junior in right of payment to the prior payment in full of all amounts then due and payable in respect of all Senior Debt of the Company, to the extent and in the manner herein set forth (unless a
different manner is set forth in the Securities of such series). No provision of this Article shall prevent the occurrence of any default or Event of Default hereunder. 
 Senior Debt shall not be deemed to have been paid in full unless the holders thereof shall have received cash, securities or other property equal to the amount of such Senior Debt then outstanding. 
 SECTION 1402. Payment Over of Proceeds upon Dissolution, Etc. 
 In the event of: 
 (i) any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment,
composition or other similar proceeding relating to the Company, its creditors or its property, 
  

 47 

 (ii) any proceeding for the liquidation, dissolution or other winding up of the Company,
whether voluntary or involuntary, or bankruptcy proceedings, 
 (iii) any assignment by the Company for the benefit of its
creditors, 
 (iv) any other marshalling of the assets of the Company, 
 all Senior Debt shall first be paid in full before any payment or distribution, whether in cash, securities or other property, shall be made by the Company on account of
the Securities of any series. Any payment or distribution, whether in cash, securities or other property (other than securities of the Company or any other corporation provided for by a plan of reorganization or a readjustment, the payment of which
is subordinate, at least to the extent provided in these subordination provisions with respect to the indebtedness evidenced by the Securities of any series, to the payment of all Senior Debt at the time outstanding and to any securities issued in
respect thereof under any such plan of reorganization or readjustment), which would otherwise (but for these subordination provisions) be payable or deliverable in respect to the Securities of any series shall be paid or delivered directly to the
holders of Senior Debt in accordance with the priorities then existing among such holders until all Senior Debt shall have been paid in full. If, notwithstanding the provisions of this Article XIV, any payment or distribution on account of the
Securities of any series that is prohibited under this Article XIV shall be received by the Trustee before all the Senior Debt has been paid in full, to the extent that the Trustee has actual knowledge that such payment or distribution is prohibited
under this Article XIV, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Debt at the time outstanding in accordance with the priorities then
existing among such holders for application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior Debt in full. 
 SECTION 1403. Subrogation to Rights of Holders of Senior Debt. 
 Upon the payment in full of all Senior Debt, the rights of
the holders of Securities of any series shall be subrogated to all the rights of any holders of Senior Debt to receive any further payments or distributions applicable to the Senior Debt until the Securities of any series shall have been paid in
full, and such payments or distributions received by the Holders of Securities of any series by reason of such subrogation, of cash, securities or other property which otherwise would be paid or distributed to the holders of Senior Debt, shall, as
between the Company and its creditors other than the holders of Senior Debt, on the one hand, and the Holders of Securities of any series, on the other, be deemed to be a payment by the Company on account of Senior Debt, and not on account of the
Securities of any series. 
 SECTION 1404. Provisions Solely to Define Relative Rights. 
 The provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of Securities of any series on
the one hand and the holders of Senior Debt on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Securities of such series is intended to or shall: 
 (a) impair, as among the Company, its creditors other than holders of Senior Debt and the Holders of Securities of such series, the obligation of the
Company, which is absolute and unconditional (and which, subject to the rights under this Article of the holders of Senior Debt, is intended to rank equally with all other general obligations of the Company), to pay to the Holders of Securities of
such series the principal of, and any premium and interest on, the Securities of such series as and when the same shall become due and payable in accordance with their terms; or 
 (b) affect the relative rights against the Company of the Holders of Securities of such series and creditors of the Company, as the case may be, other
than the holders of Senior Debt; or 
 (c) prevent the Trustee or the Holder of any Securities of such series from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Debt to receive cash, property and securities otherwise payable or deliverable to the Trustee or such
Holder. 
  

 48 

 SECTION 1405. Trustee to Effectuate Subordination. 
 Each Holder of Securities of any series by such Holder’s acceptance thereof authorizes and directs the Trustee on such Holder’s behalf to take
such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes. 
 SECTION 1406. No Waiver of Subordination Provisions. 
 No right of any present or future holder of any
Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such holder may have or be otherwise charged with. 
 Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the
consent of or notice to the Trustee or the Holders of the Securities of any series, without incurring responsibility to the Holders of the Securities of such series and without impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of Securities of such series to the holders of Senior Debt, do any one or more of the following: 
 (a)
change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt or any instrument evidencing the same or any agreement under which Senior Debt
is outstanding; 
 (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Debt;

 (c) release any Person liable in any manner for the collection of Senior Debt; and 
 (d) exercise or refrain from exercising any rights against the Company and any other Person. 
 SECTION 1407. Notice to Trustee. 
 The Company shall
give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment to or by the Trustee in respect of the Securities of any series pursuant to the provisions of this Article. Notwithstanding the
provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of any Securities of
any series pursuant to the provisions of this Article, unless and until the Trustee shall have received written notice thereof from the Company or a holder or holders of Senior Debt or from any trustee therefor; and, prior to the receipt of any such
written notice, the Trustee, subject to the provisions of Section 603, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in
this Section at least two Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of, and any premium and interest on, any Securities of
any series), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received and shall not be affected by any
notice to the contrary that may be received by it within two Business Days prior to such date. 
  

 49 

 Subject to the provisions of Section 603, the Trustee shall be entitled to rely on the delivery to
it of a written notice by a Person representing himself to be a holder of Senior Debt (or a trustee therefor) to establish that such notice has been given by a holder of Senior Debt (or a trustee therefor). In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under
this Article, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 
 SECTION 1408. Reliance on Judicial Order or Certificate of Liquidating Agent. 
 Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 603, and the Holders of Securities of any series shall be entitled to
conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution winding up or similar case or proceeding is pending, or a
certificate of the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Securities of such
series, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Debt and other indebtedness of the Company, as the case may be, the amount thereof or payable thereon, the amount
or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 
 SECTION 1409. Trustee Not Fiduciary for Holders of
Senior Debt. 
 With respect to the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article, and no implied covenants or obligations with respect to the holders of such Senior Debt shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of Senior Debt with respect to its obligations and duties created hereunder and shall not be liable to any such holders or creditors if it shall in good faith pay over or distribute to Holders of Securities of any
series or to the Company or to any other Person cash, property or securities to which any holders of Senior Debt shall be entitled by virtue of this Article or otherwise. 
 SECTION 1410. Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights. 
 The
Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Debt which may at any time be held by it, to the same extent as any other holder of Senior Debt, and nothing in this
Indenture shall deprive the Trustee of any of its rights as such holder. 
 Nothing in this Article shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 607. 
 SECTION 1411. Article Applicable to Paying Agents. 
 In case at any time any Paying Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term
“Trustee” as used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided, however, that this Section shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 
  

 50 

 SECTION 1412. Certain Conversions or Exchanges Deemed Payment. 
 For the purposes of this Article only, (a) the issuance and delivery of securities which are subordinate in right of payment to all then outstanding
Senior Debt to substantially the same extent as the Securities are so subordinate (“Junior Securities”) (or cash paid in lieu of fractional shares) upon conversion or exchange of Securities of any series as contemplated by Section 301
shall not be deemed to constitute a payment or distribution on account of the principal of or premium or interest on Securities of such series or on account of the purchase or other acquisition of Securities of such series, and (b) the payment,
issuance or delivery of cash, property or securities (other than Junior Securities and cash paid in lieu of fractional shares) upon conversion or exchange of Securities of any series shall be deemed to constitute payment on account of the principal
of such Securities of such series. Nothing contained in this Article or elsewhere in this Indenture or in the Securities of any series is intended to or shall impair, as among the Company, its creditors other than holders of Senior Debt and the
Holders of Securities of such series the right, which is absolute and unconditional, of the Holder of any Securities of such series to convert or exchange such Securities of such series in accordance with the terms specified as contemplated by
Section 301. 
 SECTION 1413. Defeasance of this Article Fourteen. 
 The subordination of the Securities provided by this Article XIV is expressly made subject to the provisions for defeasance or covenant defeasance in Article XIII and, anything herein to the contrary notwithstanding,
upon the effectiveness of any such defeasance or covenant defeasance, the Securities then outstanding shall thereupon cease to be subordinated pursuant to this Article XIV. 
  

 This instrument may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of the day and year first above written. 
  

			
	CHICAGO MERCANTILE EXCHANGE HOLDINGS INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 51Employment Agreement with Thomas Polich

 Exhibit 10.13 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT, dated as of April 15, 2005, is by and between
DAYSTAR TECHNOLOGIES, INC., a Delaware corporation, 13 Corporate Drive, HalfMoon, NY 12065 (“Employer”), and Thomas A. Polich, Esq., an individual, 27 Parker Road, Osterville, MA 02655 (“Executive”). 
 IN CONSIDERATION OF the mutual covenants herein contained, and other good and valuable consideration, the parties agree as follows: 
 ARTICLE 1. EMPLOYMENT AND DUTIES 
 1.1 Employment. 

Employer employs Executive, and Executive agrees to serve, as its General Counsel, reporting to the President of Employer (the “President”), during the
Period of Employment (as defined in ARTICLE 2). 
 1.2 Duties. 
 Executive shall be a part-time employee for Employer. Subject to the foregoing, Executive shall devote Executive’s business time, attention and best efforts to the affairs of Employer during the Period of Employment and shall have the
duties, responsibilities, authority as shall be assigned to Executive from time to time by the President. Executive agrees to abide by all by-laws, policies, practices, procedures or rules of Employer to the extent they are not inconsistent with
this Agreement, in which case the provisions of this Agreement prevail. 
 1.3 Other Activities. 
 Executive may engage in other activities, such as activities involving charitable, educational, religious and similar types of organizations, speaking engagements and
similar activities, and service on the board of directors of other corporations. However, in each case such activities may be engaged in only to the extent that they do not materially detract from or limit the performance of Executive’s duties
under this Agreement or inhibit or conflict in any material way with the business of Employer, as determined by the President in his sole discretion. 
 ARTICLE 2. TERM 
 2.1 Duration Under Normal Circumstances. 
 Subject to the terms of this Agreement, which provide for renewal or earlier termination, the “Period of Employment” shall commence on the date of this Agreement and shall extend for a period of one year
from that date. 
  

 1 

 2.2 Renewal of Term. 
 On the date that Executive completes six months of employment and on each successive six month period thereafter (the “Renewal Date”), the Period of Employment shall be automatically extended and renewed for an additional six
months unless, not less than 30 days prior to such Renewal Date, Employer or Executive shall give written notice to the other that the Period of Employment shall not be so extended and renewed. 
 2.3 Termination Events. 
 Notwithstanding anything in this ARTICLE 2
to the contrary, the Period of Employment shall terminate upon the earliest to occur of the following: 
 (a) upon delivery of notice by
either party to the other, in accordance with the provisions of Section 7.2, that the Period of Employment is terminated due to the Disability of Executive. “Disability” means Executive’s inability to perform the essential
functions of Executive’s position under this Agreement with or without reasonable accommodation due to physical or mental incapacity for a period of 90 consecutive days, as reasonably determined by Employer after consultation with a qualified
physician selected by Employer. 
 (b) the death of Executive. 
 (c) as of delivery of notice by Employer to Executive, in accordance with the provisions of Section 7.2, that Employer elects to terminate the Period of Employment for Cause. “Cause” means any one of
the following: (a) fraud, (b) material misrepresentation in connection with performance of Executive’s job duties, (c) material theft or embezzlement, (d) conviction of, or a plea of guilty or no contest to, a felony under
the laws of the United States or any state thereof, (e) material violation of the terms of the Employee Nondisclosure, Developments and Non-solicitation Agreement described in Section 5.1, or (f) the continued failure by the
individual to satisfactorily perform any of his/her material employment duties or duties inherent in Executive’s position or title with Employer, which failure continues, in the reasonable judgment of the President, after written notice given
to the Executive by the President with the opportunity to cure such failure within10 business days. 
 (d) the 30th day after delivery of
notice by Employer to Executive, in accordance with the provisions of Section 7.2, that Employer elects to terminate the Period of Employment (an “involuntary termination by Employer”), other than a termination by Employer for Cause.

 (e) the 30th day after notification by Executive to Employer, whether in accordance with the provisions of Section 7.2 or otherwise, that Executive elects to terminate the Period of Employment for any reason (a “voluntary termination
by Executive”). 
  

 2 

 ARTICLE 3. COMPENSATION 
 3.1 Base Salary. 
 Employer will pay to Executive during the Period of Employment an annualized base salary of $135,000, paid in accordance
with the regular payroll practices of Employer, but no less frequently than monthly. The base salary shall not be decreased below an annualized amount of $75,000 at any time during the Period of Employment without the prior written consent of
Executive, and may be so reduced only in conjunction with a commensurate reduction in hours worked (no more than 70 hours per calendar month) status, which reduction in salary and ours may be required by the President in his sole discretion due to
business needs. 
 3.2 Incentive Compensation. 
 Executive
shall be eligible to participate in such bonus or incentive compensation plans or programs as may be adopted by Employer from time to time. Executive’s entitlement to any specific bonuses or long-term incentive awards shall be in the sole
discretion of the Board of Directors of Employer. Employer shall have the right to alter, amend or eliminate all or any part of any such plan or program at any time. 
 ARTICLE 4. BENEFITS 
 4.1 Executive Benefits. 
 In addition to the cash compensation provided for in ARTICLE 3, Executive, subject to meeting eligibility requirements and subject to the provisions of this Agreement, shall be entitled to participate without
discrimination or duplication in all employee benefit plans of Employer, as presently in effect or as they may be modified or added to by Employer from time to time, to the extent such plans are available to other similarly situated employees of
Employer, including, without limitation, plans providing retirement benefits, medical and other health insurance, life insurance, disability insurance, and accidental death or dismemberment insurance plans. Nothing herein contained shall be
construed as requiring Employer to establish or continue any particular benefit plan. 
 Vacation. Employee shall be entitled to three (3) weeks of paid
vacation during each year of employment. Vacation shall accrue and vest as of October 3, 2004. Employee and Employer shall mutually agree upon the time for the vacation. If vacation is not taken, for the benefit of the Employer, Employee shall
be reimbursed at his/her base salary rate for time not taken. 
 Automobile. Employer will reimburse Employee, during the term of this agreement, for the use
of Employee’s automobile for the purposes of commuting at a monthly rate not to exceed $0.33/mile. Employee will pay all automobile operating expenses incurred by Employee, including insurance. 
 Other Employee Matters. Employee shall other wise be governed by, and comply with the terms and conditions of the Employer’s Employee Handbook and Policies.

  

 3 

 4.2 Business Expenses. 
 Employer shall in accordance with and to the extent of, its policies in effect from time to time, including state bar licensing application and annual fees, membership in appropriate bar and trade associations and continuing legal education
expenses, including travel reimburse and all ordinary and necessary business expenses reasonably incurred by Executive in performing his duties as an employee of Employer, provided that Executive accounts promptly for such expenses to Employer in
the manner prescribed from time to time by Employer. Employer shall also provide Employee with a laptop computer, wireless Internet capable and personal communications equipment or reimbursement for such equipment. 
 ARTICLE 5. EMPLOYEE COVENANTS 
 5.1 Agreement to Avoid Conflicts of
Interest. 
 During the Period of Employment, neither Executive, Executive’s spouse, or any member of Executive’s immediate family may directly
or indirectly, receive any gift or remuneration from, or borrow from, lend to, invest in or engage in any substantial financial transaction with (i) a business which competes with any business in which Employer is engaged or proposes to become
engaged; or (ii) a customer or supplier of Employer, without first having provided full disclosure to and receiving written approval from the President. The foregoing prohibition on loans and financial transactions shall not apply to loans
obtained from a bank, savings and loan or other financial institution through the normal application and approval process. The foregoing prohibition on investments shall not apply to any purchase of stock in the open market of a company that is
traded on a national stock exchange. 
 5.2 Equitable Remedies and Severability. 
 Executive agrees that in the event of a breach or threatened breach his covenants in this ARTICLE 5, money damages would be an inadequate remedy and extremely difficult to measure. Executive agrees, therefore, that
Employer shall be entitled to an injunction to restrain Executive from such breach or threatened breach. Nothing in this Agreement shall be construed as preventing Employer from pursuing any remedy at law or in equity for any breach or threatened
breach. Executive agrees that each provision in this Agreement will be treated as a separate and independent clause, and the enforceability of any one clause will in no way impair the enforceability of any of the other clauses in this Agreement.

 5.3 Survival of Obligations. 
 The provisions of this ARTICLE 5 shall survive termination of this Agreement. 
  

 4 

 ARTICLE 6. TERMINATION 
 6.1 Termination by Employer for Cause or Voluntary Termination by Executive. 
 If the Period of Employment terminates as a result of a
termination by Employer for Cause or a voluntary termination by Executive, Employer will pay Executive the base salary and accrued benefits otherwise payable through the day on which Employer delivers notice of such termination. Executive shall have
no right to any other payments or benefits after the date of termination, other than as required by law. 
 6.2 Termination by Employer Without Cause.

 If the Period of Employment terminates as a result of an involuntary termination by Employer without Cause, then Employer will pay Executive three
months of base salary in installments as payable under Section 3.1, in addition to any base salary and/or benefits which have been earned or become payable pursuant to this Agreement as of the date of termination but which have not yet been
paid to Executive. Executive shall be entitled to any bonus or other benefit payable prior to termination, but shall not be entitled to any bonus or other benefits during the three month period of salary continuation payments, other than as required
by law. 
 6.3 Termination in the Event of Death or Disability. 
 If the Period of Employment terminates as a result of (i) the death of Executive or (ii) Executive’s Disability, Executive (or Executive’s estate) will be entitled to receive only the base salary otherwise payable under
Section 3.1 through the end of the month in which Executive’s Period of Employment terminates, together with other benefits which have been earned or become payable as of the date of termination but which have not yet been paid to
Executive. Executive (or Executive’s estate) shall receive any bonus or other benefit payable prior to the date of termination, but Executive shall have no right to any bonus or other benefits after the date of termination, other than as
required by law. 
 6.4 Exclusive Remedy. 
 Executive
shall have no claim for damages or other remedies, at law, in equity or otherwise, by reason of any breach of this Agreement by Employer, or of termination of this Agreement by reason thereof other than as set forth in this ARTICLE 6. 
 ARTICLE 7. GENERAL PROVISIONS 
 7.1 Successors and Assigns.

 For purposes of this Agreement, “Employer” shall include any corporation or other entity, which is the surviving, or continuing entity in
respect of any, merger, consolidation, asset acquisition or other form of business combination. This Agreement shall be binding upon and shall inure to the benefit of Executive, Executive’s heirs, executors, administrators and beneficiaries,
and shall be binding upon and inure to the benefit of Employer and its successors and assigns. In that this Agreement is a personal services contract, it shall not be assigned by Executive. 
  

 5 

 7.2 Notices. 
 All
notices or other communications hereunder shall be deemed to have been duly given and made if in writing and if served by personal delivery upon the party for whom it is intended, if delivered by registered or certified mail, return receipt
requested, or by a national courier service, or if sent by facsimile, provided that the facsimile is promptly confirmed by telephone confirmation or other confirmation of receipt thereof, to the person at the address set forth below, or such other
address as may be designated in writing hereafter, in the same manner, by such person: 
 To Executive: 
 The address of Executive’s principal residence as it appears in the Company’s records. 
 To Employer: 
 DayStar Technologies, Inc.

 13 Corporate Drive 
 Halfmoon, New York 12065 
 Facsimile: 518 381-4900 
 Attention: Dr. John R. Tuttle 
 7.3 Choice of Law; Venue. 
 This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of New York, without regard to the conflicts of law rules of New
York. 
 7.4 Entire Agreement. 
 This Agreement
constitutes the entire understanding between Employer and Executive relating to the employment of Executive by Employer and its subsidiaries and supersedes and cancels all prior agreements and understandings with respect to the subject matter of
this Agreement. 
 7.5 Amendment. 
 This Agreement may be amended but only by a subsequent written agreement of the parties. 
 7.6 Waiver. 
 No failure on the part of either party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right or remedy granted hereby or by any related document or by law. 
  

 6 

 7.7 Severability. 
 If
any portion of this Agreement is at any time deemed to be in conflict with any applicable statute, rule, regulation, ordinance or principle of law, such portion shall be deemed to be modified or altered to the extent necessary to conform thereto or,
if that is not possible, to be omitted from this Agreement; and the invalidity of any such portion shall not affect the force, effect and validity of the remaining portion hereof. 
 7.8 Interpretation; Construction. 
 The various headings or captions in this Agreement are for convenience only and
shall not affect the meaning or interpretation of this Agreement. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall
be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Agreement.

 7.9 Counterparts; Facsimile. 
 This Agreement may be
signed in multiple counterparts and when so signed will be considered to have the force and effect of an original. This Agreement may be delivered by facsimile, and when so delivered will have the same force and effect as delivery of an original
signature. 
 7.10 Attorney Fees. 
 If any action at law,
in equity or by arbitration is taken to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled, including fees and expenses on appeal. 
 7.11 Arbitration. Any controversy or claim arising out of or relating to this
Agreement, or the breach thereof, shall be settled by a single arbitrator in arbitration administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator
may be entered in any court having jurisdiction thereof. The cost of such arbitration shall be borne by the Employer. Nothing in this Section 0 shall limit the right of Employer to enforce by court injunction or other equitable relief
Executive’s obligations under ARTICLE 5. The arbitrator shall have the authority to award such remedies or relief that a court of the State of Mew York could order or grant in an action governed by New York law, including, without limitation,
specific performance of any obligation created under this Agreement, the issuance of an injunction, or the imposition of sanctions for abuse or frustration of the arbitration process, but shall not be empowered to award punitive damages. 

 

 7 

 7.12 Withholding. 
 All payments to be made to Executive under this Agreement will be subject to required withholding taxes and other deductions. 
 IN
WITNESS WHEREOF, Employer and Executive have made and entered into this Agreement as of the date first above written. 
  

			
	EMPLOYEE:	  	
		
		  	 /s/ Thomas A. Polich

		  	Thomas A. Polich, Esq.

  

			
	EMPLOYER:	  	DAYSTAR TECHNOLOGIES, INC.
		
		  	 /s/ John R. Tuttle

		  	John R. Tuttle, President, Chairman
		  	and Chief Executive Officer

  

 8 

 DAYSTAR TECHNOLOGIES, INC. 
 EMPLOYEE NONDISCLOSURE, DEVELOPMENTS AND NONSOLICITATION 
 AGREEMENT

 This Employee Nondisclosure, Developments and Nonsolicitation Agreement, dated and effective as of April 15, 2005 (this
“Agreement”), is between Daystar Technologies, Inc., a Delaware corporation and Thomas A. Polich (“Employee”). 
 1.
Definitions. The following capitalized words used in this Agreement will have the meanings assigned below: 
 “Company” includes
the company described in the first paragraph that enters into this Agreement with Employee, as well as its parent, subsidiaries and affiliates. 
 “Confidential Information” includes all information related to solar power and/or photovoltaic cells, modules and systems and all other trade secrets and all other proprietary or confidential information concerning the Company,
including its organization, business operations, relationships, finances, budgets, projections, marketing plans, strategies, forecasts, products, services, planned products and services, prices, costs, customers and suppliers, to which Employee has
had or may have access. The term “Confidential Information” also includes all notes, memoranda, summaries, reports, lists, records, drawings, sketches, specifications, data and other documentation about any of the matters described in the
preceding sentence, whether prepared by Employee or others, in any form, including paper, electronic, analog, digital or magnetic form, human or machine-readable form or any other tangible medium of expression. The term “Confidential
Information” does not include any information that is generally available to and known by the general public without violating the terms of this Agreement. 
 “Intellectual Property” means all intellectual property, including all works of authorship, computer programs, source code, object code, designs, methods, systems, processes, formulae, data, functional
specifications, know-how, improvements, inventions, discoveries, developments, techniques, licenses, Confidential Information, patents, patent applications, copyrights, moral rights, trademarks, trade names, service marks and trade dress, in each
case whether or not patentable, registrable under copyright or similar statutes or subject to analogous protection. 
 “Materials”
means all property of the Company, including (a) all equipment and supplies such as laptops and other computers, handheld computer devices and cell phones, and (b) all documents, notes, drawings, specifications, computer programs, data and
other information of any nature pertaining to any Intellectual Property in any form, including paper, electronic, analog, digital or magnetic form, human or machine-readable form or any other tangible medium of expression. 
 “Options” means any options granted to Employee under the Option Plan. 
  

 9 

 “Option Gain” means the amount by which the Fair Market Value of Company Common Shares
purchased upon exercise of an Option, as of the date of such exercise, exceeds the Exercise Price of such Option. Terms capitalized in the foregoing sentence have the same meanings as defined in the Option Plan. 
 “Option Plan” means the DayStar Technologies, Inc. Equity Incentive Plan. 
 “Work” means all subject matter invented, conceived, developed, created or enhanced by Employee during the period of Employee’s employment
with the Company. 
 2. General Agreements. Employee agrees that in the course of rendering services to the Company, Employee has
acquired and will acquire information about the Company that is non-public, confidential and/or proprietary in nature. Employee understands that the Company is engaged in a highly competitive business and must protect its substantial investment in
developing and maintaining its reputation, good will and status in the marketplace. Employee agrees that if Employee elects to compete with the Company, the Company is warranted in terminating Employee’s right to participate in the
Company’s future performance through the Company’s Option Plan. Employee further agrees that Employee’s obligations under Sections 3 through 5 of this Agreement are irrevocable, absolute and unconditional. 
 3. Protection of Confidential Information. During the period of Employee’s employment with the Company, and at all times after the termination
of Employee’s employment for any reason, Employee will protect and keep secret all Confidential Information of the Company and will not use or disclose any Confidential Information to any person other than the Company, its authorized employees
and such other persons to whom Employee has been instructed by the Company to make disclosure, in each case only to the extent required in the course of Employee’s service to the Company. Because Employee has had or may have access to the
confidential information of third parties with whom the Company does business, Employee will treat that information with the same degree of care as required by this Agreement for the Company’s Confidential Information. Employee’s
obligations under this Section with respect to any particular Confidential Information of the Company, as well as the confidential information of others, will expire at such time as that information ceases to be confidential. 
 4. Non-solicitation. 
 4.1 Of
Company Customers and Suppliers. While Employee is employed at the Company, and for two years following termination of Employee’s employment for any reason, Employee will not contact, take, solicit or attempt to contact, take or solicit,
any customers, suppliers or other business contacts of the Company. 
 4.2 Of Company Employees. While Employee is employed at the
Company, and for two years following termination of Employee’s employment for any reason, Employee will not hire, solicit or attempt to hire or solicit, any officer, employee, independent contractor or agent of the Company or induce or attempt
to induce any of them to discontinue their 
  

 10 

 relationships with the Company. This provision applies to people who were officers, employees, independent contractors or
agents of the Company at the time Employee ceases to be employed by the Company as well as to those persons who ceased to be officers, employees, independent contractor and agents of the Company before Employee’s termination. This provision
also applies whether or not that officer, employee, independent contractor or agent provided services to Company pursuant to a written agreement and whether or not that person’s engagement is or was fulltime, part time or temporary, for a
stated term or was terminable at will. 
 5. Extension of Time. Employee agrees that the non-solicitation covenant described in
Section 4 above will be extended by a time period equal to any time during which Employee engages in any activities violating that covenant. 
 6. Modification of Sections 3 and 4. The parties acknowledge and agree that the duration, scope and geographic area of the obligations described in Sections 3, 4 and 5 are fair, reasonable and necessary in order to protect the
Company’s good will and legitimate business interests, that Employee has received adequate consideration for those obligations and that those obligations do not prevent Employee from earning a livelihood. If, however, for any reason any court
of competent jurisdiction determines that the duration, scope or geographical area of those obligations is not reasonable, that consideration is inadequate or that Employee has been unlawfully prevented from earning a livelihood, those obligations
will be interpreted, modified or rewritten to include as much of the duration, scope and geographic area identified in those obligation as will render those obligations valid and enforceable. 
 7. Remedies for Breach of Sections 3, 4 and 5. Employee acknowledges that if Employee breaches Section 3, 4 and/or 5 of this Agreement, the
Company will suffer irreparable harm for which an adequate monetary remedy does not exist and a remedy at law may prove to be inadequate. 
 7.1 Injunctive Relief and Other Remedies. Accordingly, in the event of any actual or threatened breach by Employee of Section 3, 4 and/or 5 of this Agreement, the Company will be entitled to obtain injunctive relief in addition
to any other remedies in equity or law, in any court of competent jurisdiction, without the necessity of proving actual damages or posting a bond or other security. 
 7.2 Costs and Expenses. In addition to any other remedy available to the Company, Employee agrees that the Company will have the right to recover any costs and expenses, including reasonable attorney fees,
incurred in enforcing this Agreement against Employee, and Employee consents to the entry of such relief against Employee and agrees not to contest such entry. Employee agrees that Employee’s obligations under this Agreement are independent of
the Company’s obligations to Employee and that any cause of action Employee may have against the Company will not constitute a defense to the Company’s enforcement of this Agreement against Employee. Employee also agrees not to assert a
defense that the Company has an adequate remedy at law. 
  

 11 

 7.3 Forfeiture of Stock Options and Option Gain. 
 (a) Termination of Options and Forfeiture of Option Gain. If the Board of Directors of the Company determines in its sole discretion that
(a) Employee has breached any of the provisions found in Sections 3 and 4 of this Agreement; or (b) that Employee Competes with the Company during Employee’s employment or at any time within two years following the termination of
Employee’s employment with the Company for any reason, then (1) all of Employee’s Options will terminate effective as of the date of that breach, as determined by the Board of Directors, unless terminated sooner by operation of
another term or condition of the Option or the Option Plan; and (2) Employee will immediately pay to the Company any Option Gain realized by Employee from exercising all or a portion of Employee’s Options. For purpose of this Section, the
term “Competes” means that Employee directly or indirectly (x) owns, operates, manages or controls; (y) serves as an officer, director, partner, employee, agent, consultant, advisor or developer of; or (z) has any direct or
indirect financial interest in, any person or entity located any where in the world, which competes directly with or any product line of or service offered by the Company which is material to the business of the Company. Nothing in this Section will
prohibit Employee from acquiring or holding less than one percent of any class of publicly traded securities. 
 (b) Right of Set-off.
By signing this Agreement Employee agrees that the Company may deduct from any amounts the Company owes Employee from time to time (including any amount owed to Employee as wages or other compensation, fringe benefits, or vacation pay), the amount
Employee owes the Company under paragraph 7.3(a) above. Whether or not the Company elects to make any set-off in whole or in part, if the Company does not recover by set-off the full amount Employee owes the Company, calculated as set forth above,
Employee agrees to pay immediately the unpaid balance to the Company. 
 (c) Release of Obligation. The Company may release Employee
from Employee’s obligations under this Section 7.3 only if the Board of Directors determines in its sole discretion that such action is in the best interests of the Company. 
  

	8.	Intellectual Property. Employee agrees to disclose promptly to the Company all Intellectual Property made, conceived, created, discovered, reduced to practice or learned by
Employee, either alone or jointly with others, during the period of Employee’s employment with the Company. 

  

	 	8.1	Prior Inventions. Employee has listed in Exhibit A to this Agreement, all Intellectual Property that Employee made, conceived, created, discovered, reduced to
practice or learned before Employee’s employment with the Company (collectively, the “Prior Inventions”) that relate in any way to the business, products or services of the Company. If no such list is attached, Employee represents
that there are no Prior Inventions. 

  

	 	8.2	Copyrights. All Works made by Employee during the course of Employee’s employment, which are or may be protected by a copyright, are works made for hire within the
meaning of applicable copyright law. 

  

	 	8.3	Ownership of Intellectual Property. All Intellectual Property that Employee may have or acquire during Employee’s employment at the Company will be the

  

 12 

 sole property of the Company. Employee assigns to the Company all of Employee’s present right, title
and interest in that Intellectual Property, whether presently owned or acquired at any time during Employee’s employment at the Company. Employee waives and irrevocably quitclaims to the Company all claims that Employee now or in the future has
for infringement of that Intellectual Property. Employee agrees to take all measures requested by the Company to assign all of Employee’s right, title and interest in that Intellectual Property to the Company or its designee. Employee agrees to
take all measures requested by the Company to help the Company in obtaining protection for, and benefit from, that Intellectual Property, including (a) making application for United States and foreign patents on any invention if requested by
the Company; and (b) registering, maintaining and enforcing any United States or foreign Intellectual Property rights. The Company will bear all costs of such measures taken by Employee. 
 NOTICE TO EMPLOYEE: This provision does not apply to Intellectual Property for which no equipment, supplies, facility or trade secrets of the
Company were used and which was developed entirely on Employee’s own time, unless (1) the invention relates directly to the Company’s business; (2) the Intellectual Property relates to actual or demonstrably anticipated research
or development; or (3) the Intellectual Property results from any work performed by the Employee for the Company. 
  

	 	8.4	License. Employee hereby grants to the Company a nonexclusive, royalty free, perpetual, irrevocable, world wide license (with the right to sublicense) to make, have made,
copy, modify, make derivative works of, publicly display and perform, use, sell and otherwise distribute any Prior Invention that Employee incorporates into any product, process, machine or other property of the Company. 

  

	 	8.5	Surviving Obligations. Employee’s obligation to assist the Company in obtaining and enforcing rights in Intellectual Property in all countries continues beyond the
termination of Employee’s employment, but the Company will compensate Employee at a reasonable rate after termination of employment for time actually spent by Employee at the Company’s request on such assistance. 

 

	 	8.6	Power of Attorney. Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee’s agent and attorney-in-fact
in the following limited capacity: to act for and on Employee’s behalf and to execute and file any such application or applications and to perform all other lawfully permitted acts to further the prosecution and issuance of patents, copyrights
or similar protections with the same legal force and effect as if executed by Employee but only if the Company is unable, after reasonable effort, to secure Employee’s cooperation. 

  

	9.	Return of the Company Property. If Employee’s employment is terminated for any reason, Employee agrees to deliver promptly to the Company all Materials, and will not
take, or retain in Employee’s possession, any of the Materials or any copies of the Materials. Employee will allow Company to delete all Confidential Information from 

  

 13 

 Employee’s computers, cell phones, personal digital assistant and other equipment and media.
Employee also agrees to sign and deliver to the Company any oath requested by Company to verify Employee’s understanding of and compliance with the terms of this Agreement. 
  

	10.	Employee Representations, Warranties and Covenants. Employee represents, warrants and covenants to the Company the following: 

  

	 	10.1	Employee’s employment with the Company does not and will not breach any prior agreement that Employee may have with another party; 

  

	 	10.2	Employee has not and will not improperly use or disclose during the course of Employee’s employment with the Company a previous/concurrent employer’s or third
party’s proprietary information or trade secrets unless the previous/ concurrent employer or third party has consented to that use and/or disclosure in writing; 

  

	 	10.3	Employee has had a reasonable opportunity to review this Agreement and has either sought, or waived, legal counsel’s review of this Agreement; 

 

	 	10.4	Employee has not entered into and will not enter into any agreement, either written or oral, that conflicts with this Agreement; 

  

	 	10.5	This Agreement does not create an obligation on the Company or any other person to employ or continue Employee’s employment, and Employee’s obligations and the
Company’s rights under this Agreement will survive termination of Employee’s employment for any reason, whether with or without cause; and 

  

	 	10.6	If Employee leaves the employ of the Company for any reason, Company may notify Employee’s new employer or prospective employer about Employee’s rights and
obligations under this Agreement and may furnish a copy of this Agreement to that person. 

  

	11.	General Provisions. 

  

	 	11.1	Governing Law. This Agreement will be governed by the laws of the State of New York, without regard to its conflicts of laws principles. 

  

	 	11.2	Dispute Resolution. Any controversy or claim arising out of or relating to this Agreement will be settled by a single neutral arbitrator in arbitration administered in
accordance with its Commercial Arbitration Rules. Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction of that controversy or claim. The cost of that arbitration will be borne by the Company. Nothing in
this Section will limit the Company’s right to enforce by court injunction or other equitable relief Employee’s obligations under this Agreement. The arbitrator will have the authority to award such remedies or relief that a court

  

 14 

 of the State of New York could order or grant in an action governed by New York law, including specific
performance of any obligation created under this Agreement, the issuance of an injunction, or the imposition of sanctions for abuse or frustration of the arbitration process, except that the arbitrator will not be empowered to award punitive
damages. 
  

	 	11.3	Amendment; Waiver. This Agreement may be amended only in a writing duly executed by both parties, or, in the case of a waiver, signed by the party waiving compliance. A
party’s failure or delay in requiring performance of any provision of this Agreement will not affect that party’s right at a later time to require performance of that provision. A party’s failure or delay in enforcing its rights
under this Agreement will not constitute a waiver of those rights. A party’s waiver of any breach of any term or covenant of this Agreement, whether by conduct or otherwise, in any one or more instances, will not be deemed to be, or construed
as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

  

	 	11.4	Successors and Assigns. This Agreement will be binding upon Employee and Employee’s administrators, executors, heirs and assigns, and will inure to the benefit of
Employee’s administrators, executors, heirs and assigns, although the obligations of Employee are personal and may be performed only by Employee. The Company may assign its rights under this Agreement to any corporation or other legal entity
with or into which the Company or its successors may be merged or which may succeed to all or any part of the Company’s assets or business. This Agreement will also be binding upon and inure to the benefit of the Company and its subsidiaries,
successors and assigns. 

  

	 	11.5	Counterparts; Facsimile. This Agreement may be signed in multiple counterparts and when so signed will be considered to have the force and effect of an original. This
Agreement may be delivered by facsimile, and when so delivered will have the same force and effect as delivery of an original signature. 

  

	 	11.6	Attorney Fees. If any action is brought to enforce any of the provisions of this Agreement or to obtain money damages for the breach of any of its terms, and that action
results in the award of a judgment for money damages or in the granting of any injunction in favor of one of the parties to this Agreement, the non-prevailing party will pay all expenses, including reasonable attorney fees incurred by the prevailing
party. For purposes of this Agreement, “prevailing party” means the party that prevails either affirmatively or by means of a successful defense with respect to claims having the greatest value or importance as reasonably determined by the
court with jurisdiction over the matter. 

  

	 	11.7	Entire Agreement; Conflict. This Agreement supersedes all prior agreements between the parties with respect to its subject matter and is intended as a complete and exclusive
statement of the substantive terms contained in this Agreement. If there is any conflict between the terms of this Agreement and any similar provisions in any other agreement between Employee and the Company, the terms of this Agreement will govern.

  

 15 

	 	11.8	Notices. All notices or other communications required or permitted under this Agreement must be in writing and will be deemed to have been duly given (a) when delivered
personally; (b) upon confirmation of receipt when such notice or other communication is sent by facsimile; (c) one day after delivery to an overnight delivery courier; or (d) on the fifth day following the date of deposit in the
United States mail if sent first class, postage prepaid, by registered or certified mail. The addresses for such notices will be as follows: 

 To the Company: 
 Daystar Technologies, Inc. 
 c/o John R. Tuttle 
 13 Corporate Drive

 HalfMoon, NY 12065 
 Fax:
518-383-4900 
 To Employee: 
 To
the address or facsimile set forth below Employee’s signature. 
 Any party may, by notice to the other, change its, his or her address
for receipt of notices under this Agreement. 
 11.9 Interpretation. Caption headings are for convenience of reference only and will
not limit or otherwise affect the text of those sections. The words “includes” and “including” are not limiting in any way and mean “includes or including without limitation.” The word “person” includes
individuals, corporations, partnerships, limited liability companies, co-operatives, associates and other natural and legal persons. The term “and/or means each and all of the persons, words, provisions or items connected by that term; i.e., it
has a joint and several meaning. Both parties have had the chance to have this Agreement reviewed by an attorney; therefore, this Agreement will not be construed against the drafter of this Agreement. 
  

			
	EMPLOYEE:	  	COMPANY:
		
	 /s/    THOMAS A. POLICH
	  	 /s/    JOHN R. TUTTLE

	Signature	  	Signature
	Thomas A. Polich, Esq.	  	John R. Tuttle
		  	President, Chairman and CEO
		
	 April 13, 2005
	  	 April 14, 2005

	Date	  	Date
	Address: 27 Parker Road	  	
	Osterville, MA 02655	  	

  

 16 

 Exhibit A 
 Prior Inventions of Employee 
 NONE 
  

 17

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