Document:

Exhibit 4.2

 

FORM OF

 

CLEARSIGN COMBUSTION
CORPORATION

 

INDENTURE

 

DATED AS OF [            ]

 

 

 

[Name of Trustee]

 

As

 

TRUSTEE

 

     

     

    

 

TABLE OF CONTENTS

 

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

 

     

     

    

  

	Section 5.2	Company Successor to be Substituted	14
	ARTICLE VI	DEFAULTS AND REMEDIES	14
	Section 6.1	Events of Default	14
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	15
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	16
	Section 6.4	Trustee May File Proofs of Claim	16
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities	17
	Section 6.6	Application of Money Collected	17
	Section 6.7	Limitation on Suits	17
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	18
	Section 6.9	Restoration of Rights and Remedies	18
	Section 6.10	Rights and Remedies Cumulative	18
	Section 6.11	Delay or Omission Not Waiver	18
	Section 6.12	Control by Holders	18
	Section 6.13	Waiver of Past Defaults	19
	Section 6.14	Undertaking for Costs	19
	ARTICLE VII	TRUSTEE	19
	Section 7.1	Duties of Trustee	19
	Section 7.2	Rights of Trustee	20
	Section 7.3	Individual Rights of Trustee	21
	Section 7.4	Trustee’s Disclaimer	21
	Section 7.5	Notice of Defaults	21
	Section 7.6	Reports by Trustee to Holders	21
	Section 7.7	Compensation and Indemnity	21
	Section 7.8	Replacement of Trustee	22
	Section 7.9	Successor Trustee by Merger, etc	23
	Section 7.10	Eligibility; Disqualification	23
	Section 7.11	Preferential Collection of Claims Against Company	23
	ARTICLE VIII	SATISFACTION AND DISCHARGE; DEFEASANCE	23
	Section 8.1	Satisfaction and Discharge of Indenture	23
	Section 8.2	Application of Trust Funds; Indemnification	24
	Section 8.3	Legal Defeasance of Securities of any Series	24
	Section 8.4	Covenant Defeasance	25
	Section 8.5	Repayment to Company	26
	Section 8.6	Reinstatement	26
	ARTICLE IX	AMENDMENTS AND WAIVERS	27
	Section 9.1	Without Consent of Holders	27
	Section 9.2	With Consent of Holders	27
	Section 9.3	Limitations	27
	Section 9.4	Compliance with Trust Indenture Act	28
	Section 9.5	Revocation and Effect of Consents	28
	Section 9.6	Notation on or Exchange of Securities	28
	Section 9.7	Trustee Protected	28
	ARTICLE X	MISCELLANEOUS	28
	Section 10.1	Trust Indenture Act Controls	28
	Section 10.2	Notices	29
	Section 10.3	Communication by Holders with Other Holders	30
	Section 10.4	Certificate and Opinion as to Conditions Precedent	30
	Section 10.5	Statements Required in Certificate or Opinion	30
	Section 10.6	Rules by Trustee and Agents	30
	Section 10.7	Legal Holidays	30
	Section 10.8	No Recourse Against Others	30
	Section 10.9	Counterparts	31
	Section 10.10	Governing Laws	31
	Section 10.11	No Adverse Interpretation of Other Agreements	31
	Section 10.12	Successors	31

 

     

     

    

  

	Section 10.13	Severability	31
	Section 10.14	Table of Contents, Headings, Etc.	31
	Section 10.15	Securities in a Foreign Currency	31
	Section 10.16	Judgment Currency	32
	ARTICLE XI	SINKING FUNDS	32
	Section 11.1	Applicability of Article	32
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities	32
	Section 11.3	Redemption of Securities for Sinking Fund	33

 

     

     

    

 

CLEARSIGN COMBUSTION
CORPORATION

 

Reconciliation
and tie between Trust Indenture Act of 1939

and Indenture,
dated as of 

	 	 	 	 	 	 	 
	Section 310(a)(1)	 	 	 	7.10	 	 
	(a)(2)	 	 	 	7.10	 	 
	(a)(3)	 	 	 	Not Applicable	 	 
	(a)(4)	 	 	 	Not Applicable	 	 
	(a)(5)	 	 	 	7.10	 	 
	(b)	 	 	 	7.10	 	 
	Section 311(a)	 	 	 	7.11	 	 
	(b)	 	 	 	7.11	 	 
	(c)	 	 	 	Not Applicable	 	 
	Section 312(a)	 	 	 	2.6	 	 
	(b)	 	 	 	10.3	 	 
	(c)	 	 	 	10.3	 	 
	Section 313(a)	 	 	 	7.6	 	 
	(b)(2)	 	 	 	7.6	 	 
	(c)	 	 	 	7.6. 10.2	 	 
	(d)	 	 	 	7.6	 	 
	Section 314(a)	 	 	 	4.2, 10.5	 	 
	(b)	 	 	 	Not Applicable	 	 
	(c)(1)	 	 	 	10.4	 	 
	(c)(2)	 	 	 	10.4	 	 
	(c)(3)	 	 	 	Not Applicable	 	 
	(d)	 	 	 	Not Applicable	 	 
	(e)	 	 	 	10.5	 	 
	(f)	 	 	 	Not Applicable	 	 
	Section 315(a)	 	 	 	7.1	 	 
	(b)	 	 	 	7.5	 	 
	(c)	 	 	 	7.1	 	 
	(d)	 	 	 	7.1	 	 
	(e)	 	 	 	6.14	 	 
	Section 316(a)	 	 	 	2.10	 	 
	(a)(1)(A)	 	 	 	6.12	 	 
	(a)(1)(B)	 	 	 	6.13	 	 
	(b)	 	 	 	6.8	 	 
	Section 317(a)(1)	 	 	 	6.3	 	 
	(a)(2)	 	 	 	6.4	 	 
	(b)	 	 	 	2.5	 	 
	Section 318(a)	 	 	 	10.1	 	 

 

 

Note: This reconciliation and tie shall
not, for any purpose, be deemed to be part of the Indenture.

 

     

     

    

 

Indenture dated
as of                     
between ClearSign Combustion Corporation, a Washington corporation (“Company”), and [Name of Trustee], a             
(“Trustee”).

 

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

 

ARTICLE I

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

	Section 1.1	Definitions.

 

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

 

“Affiliate”
of any specified person means any other person directly or indirectly controlling or controlled by or under common control with
such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”), as used with respect to any person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through
the ownership of voting securities or by agreement or otherwise.

 

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

 

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

 

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

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for
a particular Series, any day except a Saturday, Sunday or a Legal Holiday in The City of New York on which banking institutions
are authorized or required by law, regulation or executive order to close.

 

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

 

“Company”
means the party named as the “Company” in the first paragraph of this instrument until a successor replaces it and
thereafter means the successor.

 

“Company
Order” means a written order signed in the name of the Company by an Officer.

 

“Company
Request” means a written request signed in the name of the Company by an Officer and delivered to the Trustee.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered.

 

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

 

    	 	1	 

     

    

 

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

 

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

 

“Dollars”
and “$” means the currency of the United States of America.

 

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

 

“Foreign
Currency” means any currency or currency unit issued by a government other than the government of the United States of America.

 

“Foreign
Government Obligations” means with respect to Securities of any Series that are denominated in a Foreign Currency, direct
obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of
which obligations its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means (1) generally accepted accounting principles in the United States of America which are in effect as of the date of determination
or (2) if elected by the Company by written notice to the Trustee in connection with the delivery of financial statements and information,
the accounting standards and interpretations (“IFRS”) adopted by the International Accounting Standards Board, as in
effect on the first date of the period for which the Company is making such election; provided, that (a) any such election once
made shall be irrevocable, (b) all financial statements and reports required to be provided after such election pursuant to this
Indenture shall be prepared on the basis of IFRS, (c) from and after such election, all determinations based on GAAP contained
in this Indenture shall be computed in conformity with IFRS, (d) in connection with the delivery of financial statements (x) for
any of its first three financial quarters of any financial year, it shall restate its consolidated interim financial statements
for such interim financial period and the comparable period in the prior year to the extent previously prepared in accordance with
GAAP as in effect as of the date of determination and (y) for delivery of audited annual financial information, it shall provide
consolidated historical financial statements prepared in accordance with IFRS for the prior most recent fiscal year to the extent
previously prepared in accordance with GAAP as in effect as of the date of determination.

 

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

 

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

 

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

 

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

 

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

 

“Officer”
means the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer,
the President, any Executive Vice-President, Senior Vice-President or Vice-President, the Treasurer or the Secretary of the Company.

 

“Office’s
Certificate” means a certificate signed by any Officer.

 

    	 	2	 

     

    

 

“Opinion
of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of
or counsel to the Company.

 

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

 

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

 

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

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

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

 

“Significant
Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary”
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation
is in effect on the date hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together
as a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant
to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof.

 

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

 

“Subsidiary” means, with respect
to any specified person:

 

(1) any corporation, association,
or other business entity (other than a partnership, joint venture, limited liability company or similar entity) of which more than
50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote
in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that person or a combination thereof; and

 

(2) any partnership, joint venture,
limited liability company or similar entity of which

 

(a) more than 50% of the capital
accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are
owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination
thereof whether in the form of membership, general, special or limited partnership or otherwise; and

 

(b) such person is a general partner
or otherwise controls such entity.

 

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

 

    	 	3	 

     

    

 

“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.

 

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

 

	Section 1.2	Other Definitions.

 

	Term	Defined in Section  
	 	 
	“Bankruptcy Law”	6.1
	“Custodian”	6.1
	“Event of Default”	6.1
	“Journal”	10.15
	“Judgment Currency”	10.16
	“Legal Holiday”	10.7
	“mandatory sinking fund payment”	11.1
	“Market Exchange Rate”	10.15
	“New York Banking Day”	10.16
	“optional sinking fund payment”	11.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Required Currency”	10.16
	“Notice Agent”	2.4
	“successor person”	5.1

 

	Section 1.3	Incorporation by Reference of Trust Indenture Act.

 

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

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

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

 

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

 

	Section 1.4	Rules of Construction.

 

Unless the context
otherwise requires:

 

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

 

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

 

    	 	4	 

     

    

 

(c) “or”
is not exclusive;

 

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

 

(e) provisions
apply to successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

	Section 2.1	Issuable in Series.

 

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

 

	Section 2.2	Establishment of Terms of Series of Securities.

 

At or prior to
the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2
through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution,
supplemental indenture hereto or Officer’s Certificate:

 

2.2.1 the title
(which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including
the terms of any subordination provisions) of the Series;

 

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

 

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

 

2.2.4 the date
or dates on which the principal of the Securities of the Series is payable;

 

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

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

2.2.10 if other
than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be
issuable;

 

2.2.11 the forms
of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

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

 

2.2.13 the currency
of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency,
and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such
composite currency;

 

2.2.14 the designation
of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the
Series will be made;

 

2.2.15 if payments
of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units
other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

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

 

2.2.17 the provisions,
if any, relating to any security provided for the Securities of the Series;

 

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

 

2.2.19 any addition
to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

2.2.20 any Depositories,
interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if
other than those appointed herein;

 

2.2.21 the provisions,
if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange
price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the
Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion or exchange price and provisions
affecting conversion if such Series of Securities are redeemed;

 

2.2.22 whether
the Securities of such Series will be senior debt securities or subordinated debt securities and, if applicable, the subordination
terms thereof; and

 

    	 	6	 

     

    

 

2.2.23 any other
terms of the Securities of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies
to such Series), including any terms that may be required under applicable law or regulations
or advisable in connection with the marketing of Securities of that Series.

 

All Securities
of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture,
if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to
above.

 

	Section 2.3	Execution and Authentication.

 

An Officer shall
sign the Securities for the Company by manual or facsimile signature.

 

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

 

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

 

The Trustee shall
at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall
be dated the date of its authentication.

 

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

 

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

 

The Trustee shall
have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors
or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would
expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

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

 

	Section 2.4	Registrar and Paying Agent.

 

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

 

    	 	7	 

     

    

 

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

 

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

 

	Section 2.5	Paying Agent to Hold Money in Trust.

 

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

 

	Section 2.6	Securityholder Lists.

 

The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders
of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the
Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee
may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses
of Securityholders of each Series of Securities.

 

	Section 2.7	Transfer and Exchange.

 

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

 

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

 

    	 	8	 

     

    

 

	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

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

 

Upon the issuance
of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

 

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

 

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

 

	Section 2.9	Outstanding Securities.

 

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

 

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

 

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

 

The Company may
purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

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

 

	Section 2.10	Treasury Securities.

 

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

 

    	 	9	 

     

    

 

	Section 2.11	Temporary Securities.

 

Until definitive
Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company
Order. Temporary securities shall be substantially in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary securities.

 

Without unreasonable
delay, the Company shall prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and date
of Maturity in exchange for temporary securities. Until so exchanged, temporary securities shall have the same rights under this
Indenture as the definitive Securities.

 

	Section 2.12	Cancellation.

 

The Company at
any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered
for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities in accordance with its
customary procedures (subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate
of such destruction to the Company upon the Company’s written request. The Company may not issue new Securities to replace
Securities that it has paid or delivered to the Trustee for cancellation.

 

	Section 2.13	Defaulted Interest.

 

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

 

	Section 2.14	Global Securities.

 

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

 

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

 

Except as provided
in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depository with respect to such
Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such
Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

    	 	10	 

     

    

 

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

 

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

 

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

 

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

 

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

 

	Section 2.15	CUSIP Numbers.

 

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

 

ARTICLE III

REDEMPTION

 

	Section 3.1	Notice to Trustee.

 

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

 

	Section 3.2	Selection of Securities to be Redeemed.

 

Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, if less than
all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any
manner that the Trustee deems fair and appropriate, including by lot or other method, unless
otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to the applicable
rules and procedures of the Depositary. The Trustee shall make the selection from Securities of the Series outstanding not
previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that
have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or
whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture
that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

 

    	 	11	 

     

    

 

	Section 3.3	Notice of Redemption.

 

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

 

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

 

(a) the redemption date;

 

(b) the redemption price;

 

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

 

(d) if any Securities
are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after the redemption
date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the
original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

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

 

(f) that interest on Securities
of the Series called for redemption ceases to accrue on and after the redemption date, unless the Company defaults in the deposit
of the redemption price;

 

(g) the CUSIP number, if
any; and

 

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

 

At the Company’s
written request, the Trustee shall give the notice of redemption in the Company’s name and at its expense,
provided, however, that the Company has delivered to the Trustee, at least three days (unless a shorter time shall be acceptable
to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice.

 

	Section 3.4	Effect of Notice of Redemption.

 

Once notice of
redemption is mailed as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise provided in the supplemental
indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional.
Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption
date.

 

	Section 3.5	Deposit of Redemption Price.

 

On or before
11:00 a.m. New York City time on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the
redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

	Section 3.6	Securities Redeemed in Part.

 

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

 

    	 	12	 

     

    

 

ARTICLE IV

COVENANTS

 

	Section 4.1	Payment of Principal and Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the
principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.
On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money
sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such
Securities and this Indenture.

 

	Section 4.2	SEC Reports.

 

To the extent any Securities of a Series
are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual
reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may
by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of
the Exchange Act. The Company also shall comply with the other provisions of TIA Section 314(a). Reports,
information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee as of the time
of such filing via EDGAR for purposes of this Section 4.2.

 

Delivery of reports,
information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt
of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information
contained therein, including the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officer’s Certificates).

 

	Section 4.3	Compliance Certificate.

 

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

 

The Company will,
so long as any of the Securities are outstanding, deliver to the Trustee, within 30 Business Days of any Officer becoming aware
of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action
the Company is taking or proposes to take with respect thereto.

 

	Section 4.4	Stay, Extension and Usury Laws.

 

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

 

    	 	13	 

     

    

 

	Section 4.5	Corporate Existence.

 

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

 

ARTICLE V

SUCCESSORS

 

	Section 5.1	Company May Consolidate or Merge, Etc.

 

The
Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties
and assets to, any person (a “successor person”) unless:

 

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

 

(b) immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

 

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

 

Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company.
Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

	Section 5.2.	Successor Corporation
Substituted.

 

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

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

	Section 6.1	Events of Default.

 

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

 

(a) default in
the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for
a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent
prior to 11:00 a.m. New York City time on the 30th day of such period); or

 

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

 

    	 	14	 

     

    

 

(c) default in
the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults
pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely
for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 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 a majority 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

 

(d) the Company
pursuant to or within the meaning of any Bankruptcy Law:

 

(i) commences
a voluntary case,

 

(ii) consents
to the entry of an order for relief against it in an involuntary case,

 

(iii) consents
to the appointment of a Custodian of it or for all or substantially all of its property,

 

(iv) makes a
general assignment for the benefit of its creditors, or

 

(v) generally
is unable to pay its debts as the same become due; or

 

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

 

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

 

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

 

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

 

(f) any other
Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate, in accordance with Section 2.2.18.

 

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

 

	Section 6.2	Acceleration of Maturity; Rescission and Annulment.

 

If an Event of
Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default
referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than a majority in principal
amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are
Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and
unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and
accrued and unpaid interest, if any, shall become immediately due and payable. Such acceleration
will not be effective until the earlier of (1) the acceleration of indebtedness under the Company’s senior secured credit
facilities or (2) five Business Days after receipt by the Company of written notice of such acceleration, at which time the principal,
premium, if any, interest and any other monetary obligations on all the then outstanding Securities of that Series will become
due and payable immediately. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

    	 	15	 

     

    

 

At any time after
such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in
principal amount of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration
of acceleration, have been cured or waived as provided in Section 6.13.

 

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

 

	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants
that if

 

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

 

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

 

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

 

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

 

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

 

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

 

	Section 6.4	Trustee May File Proofs of Claim.

 

In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a) to file and
prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

 

    	 	16	 

     

    

 

(b) to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

	Section 6.5	Trustee May Enforce Claims Without Possession of Securities.

 

All rights of
action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

	Section 6.6	Application of Money Collected.

 

Any money or
property 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 or property on account of principal or interest, upon presentation
of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

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

 

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

 

Third: To the
Company.

 

	Section 6.7	Limitation on Suits.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	17	 

     

    

 

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

 

	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest.

 

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

 

	Section 6.9	Restoration of Rights and Remedies.

 

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

 

	Section 6.10	Rights and Remedies Cumulative.

 

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

 

	Section 6.11	Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.

 

	Section 6.12	Control by Holders.

 

The Holders of
at least majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee, with respect to the Securities of such Series, provided that

 

(a) such direction
shall not be in conflict with any rule of law or with this Indenture,

 

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

 

(c) subject to
the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee
in personal liability; and

 

    	 	18	 

     

    

 

(d)
prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

	Section 6.13	Waiver of Past Defaults.
	 	 

 

The Holders of
not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in
the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of not less than
a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration). 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 6.14	Undertaking for Costs.

 

All parties to
this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment
of the principal of or interest on any Security on or after the Maturity of such Security, including the Stated Maturity expressed
in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII

TRUSTEE

 

	Section 7.1	Duties of Trustee.

 

(a) If an Event
of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs.

 

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

 

(i) The Trustee
need perform only those duties that are specifically set forth in this Indenture and no others.

 

(ii) In the absence
of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon Officer’s Certificate or Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture; however, in the case of any such Officer’s Certificate or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificate and
Opinions of Counsel to determine whether or not they conform to the form requirements of this Indenture.

 

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

 

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

 

    	 	19	 

     

    

 

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

 

(iii) The Trustee
shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series
in good faith in accordance with the direction of the Holders of at least a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in
accordance with Section 6.12.

 

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

 

(e) The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the
costs, expenses and liabilities that may be incurred by it in performing such duty or exercising such right or power.

 

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

 

(g) No provision
of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured
to the satisfaction of the Trustee.

 

(h) The Paying
Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in paragraphs
(e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

	Section 7.2	Rights of Trustee.

 

(a) The Trustee
may rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile
form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.

 

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

 

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

 

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

 

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

 

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

 

    	 	20	 

     

    

 

(g)
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.

 

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

 

(i)
In no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage
of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such
loss or damage.

 

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

 

	Section 7.3	Individual Rights of Trustee.

 

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

 

	Section 7.4	Trustee’s Disclaimer.

 

The Trustee makes
no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s
use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

	Section 7.5	Notice of Defaults.

 

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

 

	Section 7.6	Reports by Trustee to Holders.

 

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

 

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

 

	Section 7.7	Compensation and Indemnity.

 

The
Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time
to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

    	 	21	 

     

    

 

The
Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any cost,
expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced
thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel
and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without
its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

 

The Company need
not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee,
shareholder or agent of the Trustee through bad faith, willful misconduct or negligence.

 

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

 

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

 

The
provisions of this Section shall survive the termination of this Indenture.

 

	Section 7.8	Replacement of Trustee.

 

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

 

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

 

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

 

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

 

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

 

(d) the Trustee
becomes incapable of acting.

 

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

 

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

 

    	 	22	 

     

    

 

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

 

	Section 7.9	Successor Trustee by Merger, etc.

 

If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.

 

	Section 7.10	Eligibility; Disqualification.

 

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

 

	Section 7.11	Preferential Collection of Claims Against Company.

 

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

 

ARTICLE VIII

SATISFACTION AND
DISCHARGE; DEFEASANCE

 

	Section 8.1	Satisfaction and Discharge of Indenture.

 

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

 

(a) either

 

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

 

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

 

(1) have become
due and payable, or

 

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

 

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

 

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

 

    	 	23	 

     

    

 

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

 

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

 

(c) the Company
has delivered to the Trustee an 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 7.7, and, if
money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7,
2.8, 8.2 and 8.5 shall survive.

 

	Section 8.2	Application of Trust Funds; Indemnification.

 

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

 

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

 

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

 

	Section 8.3	Legal Defeasance of Securities of any Series.

 

Unless this Section
8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be
deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after
the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such
outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon
receipt of a Company Order, execute instruments acknowledging the same), except as to:

 

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

 

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

 

    	 	24	 

     

    

 

(c) the rights,
powers, trust and immunities of the Trustee hereunder and the Company’s obligations in connection therewith; provided that
the following conditions shall have been satisfied:

 

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

 

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

 

(f) no Default
or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit
or during the period ending on the 91st day after such date;

 

(g) the Company
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution
of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain
or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income
tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and
discharge had not occurred;

 

(h) the Company
shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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

 

	Section 8.4	Covenant Defeasance.

 

Unless this Section 8.4
is otherwise specified to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional
covenants specified in a supplemental indenture hereto for such Series of Securities or a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default
or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, provided that the following conditions shall have been satisfied:

 

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

  

    	 	25	 

     

    

 

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

 

(c) No Default
or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;

 

(d) The Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not
recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
deposit and covenant defeasance had not occurred;

 

(e) The Company
shall have delivered to the Trustee an Officer’s Certificate stating the deposit was not made by the Company with the intent
of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating,
hindering, delaying or defrauding any other creditors of the Company; and

 

(f) The Company
shall have 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 covenant defeasance contemplated by this Section have been complied with.

 

	Section 8.5	Repayment to Company.

 

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

 

	Section 8.6	Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the
Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with
Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional
Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent.

  

    	 	26	 

     

    

 

ARTICLE IX

AMENDMENTS AND
WAIVERS

 

	Section 9.1	Without Consent of Holders.

 

The Company and
the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

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

 

 (b) to comply with Article V;

 

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

 

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

 

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

 

(f) to add covenants
for the benefit of the Securityholders or to surrender any right or power conferred upon the Company;

 

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

 

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

 

	Section 9.2	With Consent of Holders.

 

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

 

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

 

	Section 9.3	Limitations.

 

Without the consent
of each Securityholder affected, an amendment or waiver may not:

 

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

 

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

 

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

 

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

 

    	 	27	 

     

    

 

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

 

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

 

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

 

(h) waive a redemption payment with respect
to any Security, provided that such redemption is made at the Company’s option.

	
         

        Section 9.4
	
         

        Compliance with Trust Indenture Act.

 

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

 

	Section 9.5	Revocation and Effect of Consents.

 

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

 

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

 

	Section 9.6	Notation on or Exchange of Securities.

 

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

 

	Section 9.7	Trustee Protected.

 

In executing,
or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully
protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee
shall sign all supplemental indentures upon delivery of an Officer’s Certificate or an Opinion of Counsel or both, except
that the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

ARTICLE X

MISCELLANEOUS

 

	Section 10.1	Trust Indenture Act Controls.

 

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

 

    	 	28	 

     

    

 

	Section 10.2	Notices.

 

Any notice or
communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing
and delivered in person or mailed by first class mail (registered or certified, return receipt requested) to the others’
address:

 

if to the Company:

 

ClearSign Combustion Corporation

12870 Interurban Avenue South

Seattle, Washington 98168

Attention: Chief Executive Officer

Telephone: (206) 673-4848

 

with a copy to:

 

Mitchell Silberberg & Knupp LLP

2049 Century Park East, 18th
Floor

Los Angeles, California 90067

Attn.: Melanie Figueroa, Esq.

Telephone: (917) 546-7707

 

if to the Trustee:

 

[Name of Trustee]

[Address]

Attention: [                    ]

 

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

 

All notices and
communications (other than those sent to Securityholders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged,
if transmitted by facsimile or e-mail; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.

 

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

 

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

 

If
the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same
time.

 

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

 

    	 	29	 

     

    

 

Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given
to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

	Section 10.3	Communication by Holders with Other Holders.

 

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

 

	Section 10.4	Certificate and Opinion as to Conditions Precedent.

 

Upon any request
or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

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

 

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

 

	Section 10.5	Statements Required in Certificate or Opinion.

 

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

 

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

 

(b) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based;

 

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

 

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

 

	Section 10.6	Rules by Trustee and Agents.

 

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

 

	Section 10.7	Legal Holidays.

 

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

 

	Section 10.8	No Recourse Against Others.

 

A director, officer,
employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of the Company
under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issuance of the Securities.

 

    	 	30	 

     

    

 

	Section 10.9	Counterparts.

 

This Indenture
may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

	Section 10.10	  Governing Laws.

 

THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES,
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION
OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

	Section 10.11	  No Adverse Interpretation of Other Agreements.

 

This Indenture
may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

	Section 10.12	  Successors.

 

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

 

	Section 10.13	  Severability.

 

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

 

	Section 10.14	  Table of Contents, Headings, Etc.

 

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

 

	Section 10.15	  Securities in a Foreign Currency.

 

Unless otherwise
specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2
of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be
taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected
by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated
in more than one currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the
purpose of taking such action shall be determined by converting any such other currency into
a currency that is designated upon issuance of any particular Series of Securities.

 

All decisions
and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by
law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.

 

    	 	31	 

     

    

 

	Section 10.16	  Judgment Currency.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant
to Section 2.2 of this Indenture with respect to a particular Series of Securities, the Company agrees, to the fullest extent
that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary
to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required
Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York
the Required Currency with the Judgment Currency on the day on which final non-appealable judgment is entered, unless such day
is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day
preceding the day on which final non-appealable judgment is entered and (b) its obligations under this Indenture to make payments
in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether
or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that
such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed
to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount
of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday,
Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or
executive order to close.

 

	Section 10.17.	Force Majeure.

 

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

 

ARTICLE XI

SINKING FUNDS

 

	Section 11.1	Applicability of Article.

 

The provisions
of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if
so provided by the terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any
form of Security of such Series issued pursuant to this Indenture.

 

The minimum amount
of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory
sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to
the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

 

	Section 11.2	Satisfaction of Sinking Fund Payments with Securities.

 

The Company may,
in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable
(other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities
of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either
at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund)
or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee,
together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee
begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified
in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2,
the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such
action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking
fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order
pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company
to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment
required to be released to the Company.

 

    	 	32	 

     

    

 

	Section 11.3	Redemption of Securities for Sinking Fund.

 

Not less than
45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in respect
of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver
to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2,
and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall
thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution,
Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking
fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in
the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

ARTICLE
XII.

SUBORDINATION

 

	Section 12.1.	Additional Subordination
Terms.

 

Pursuant
to Section 2.2, a supplemental indenture hereto pursuant to which Securities are issued or a Board Resolution or Officer’s
Certificate in which the terms of the Securities are set forth may set forth subordination provisions and terms.

 

[Remainder of Page
Intentionally Blank]

 

    	 	33	 

     

    

  

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

 

	 	ClearSign Combustion Corporation
	 	 	 
	 	By:	        
	 	 	Name:
	 	 	Its:

 

	 	[Name of Trustee]
	 	 	 
	 	By:	
             
	 	 	Name:
	 	 	Its:

 

    	 	34Exhibit 10.1

 

TREVENA, INC.

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Agreement is entered into as of June 25, 2019 (the “Effective Date”) by and between Trevena, Inc. (the “Company”), a Delaware corporation, and Barry Shin (“Executive”).

 

WHEREAS, the Company desires to employ Executive to provide personal services to the Company, and Executive wishes to continue to be employed by the Company and provide personal services to the Company in return for certain compensation and benefits.

 

Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:

 

1.              Duties and Scope of Employment.

 

(a)                                 Positions and Duties.  Effective as of the Effective Date, Executive will serve as Senior Vice President, Chief Financial Officer of the Company.  Executive will render such business and professional services in the performance of Executive’s duties, consistent with Executive’s position within the Company, as will reasonably be assigned to Executive by the Company’s Chief Executive Officer, to whom Executive will report.  The period of Executive’s employment under this Agreement is referred to herein as the “Employment Term.”

 

(b)                                 Obligations.  During the Employment Term, Executive will perform Executive’s duties faithfully and to the best of Executive’s ability.  For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Company’s Board of Directors (the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”).  Nothing in this Agreement or elsewhere shall prevent Executive from managing his personal investment and affairs, or from engaging in charitable and community affairs, so long as such activities do not either individually or in the aggregate interfere with the performance of his duties for the Company.

 

2.              At-Will Employment.  The parties agree that Executive’s employment with the Company is “at-will” employment and may be terminated at any time with or without cause or notice.  Executive’s at-will employment status may not be changed except by way of written agreement signed by Executive and an authorized officer of the Company.

 

3.              Compensation.

 

(a)                                 Base Salary.  During the Employment Term, the Company will pay Executive an initial annualized salary of $415,000 as compensation for services (the “Base Salary”).  The Base Salary shall be paid in equal installments in accordance with the Company’s normal payroll practices and subject to required withholding and deductions.  The Base Salary will be subject to review and adjustments will be made based upon the Company’s normal performance review practices.

 

 

(b)                                 Signing Bonus.  The Company will pay Executive a signing bonus of $50,000 on the first payroll date after the Effective Date, which amount Executive will repay to Company in full if Executive’s employment with the Company terminates within one year after the Effective Date for any reason other than a termination (i) by the Executive for Good Reason (as defined below), (ii) by the Company for other than Cause (as defined below) or pursuant to Section 7.b. below or (iii) as a result of the death or disability of the Executive.

 

(c)                                  Bonus.  Subject to the terms and conditions set forth in the Trevena, Inc. Incentive Compensation Plan (the “ICP”), Executive may be eligible to receive an annual bonus in a target amount of 40% of the Base Salary, subject to, among other things, the achievement of corporate and individual performance objectives, which shall be established and assessed by the Company (the “Target Bonus”).  For 2019, such objectives will be established within the first thirty (30) days after the Effective Date.  For each subsequent calendar year, these objectives generally will be established within 90 days after the start of such calendar year.  For 2019, Executive shall be eligible for the full year bonus target based on the company performance factor, subject to the terms and conditions of the Plan.  The Company reserves the right to modify the terms of the ICP, the Target Bonus and other components of bonus compensation and criteria from year to year.

 

(d)                                 Equity Award.    Upon the approval of the Compensation Committee, the Executive will receive an initial award of 275,000 restricted stock units and 275,000 stock options under the Trevena, Inc. 2013 Equity Incentive Plan, as amended (the “Plan”), to purchase the Company’s common stock upon terms established by the Board or the Compensation Committee and dated as of the Effective Date.  Following the Effective Date, Executive will be eligible to receive awards of stock options, restricted stock or other equity awards based upon Executive’s performance, as determined by the Board from time to time.  The Board or the Compensation Committee will determine in its discretion the timing and amount, if any, of any grant of such future equity awards to the Executive.

 

4.              Company Policies and Employee Benefits.  During the Employment Term, Executive will be eligible to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without limitation, any such group medical, dental, vision, disability, life insurance, and flexible-spending account plans.  All matters of eligibility for coverage and benefits under any benefit plan shall be determined in accordance with the provisions of such plan.  The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.

 

5.              Vacation.  While employed pursuant to this Agreement, Executive shall be eligible to take vacation subject to the Company’s vacation policy.

 

6.              Expenses.  The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy.

 

7.              Termination of Employment.  The provisions of this Section 7 govern the amount of compensation or benefit, if any, to be provided to Executive upon termination of employment and do not affect the right of either party to terminate the employment relationship at any time for any reason.

 

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(a)                     Termination for other than Cause, Death or Disability.  If at any time following the Effective Date (x) the Company terminates Executive’s employment with the Company other than for Cause (as defined below), death or disability, or (y) Executive terminates his employment under this Agreement for Good Reason, then, subject to Section 8, Executive will be entitled to receive, less applicable withholdings and deductions:

 

(i)                                     an amount equal to twelve (12) months of Executive’s annualized Base Salary in effect at the time of termination, payable in equal installments on the Company’s regularly scheduled payroll dates beginning with the first payroll date following the effective date of the Release and Waiver;

 

(ii)                                  (A)  a pro-rata bonus for the calendar year of termination, determined by multiplying Executive’s Target Bonus for such year (assuming employment for the entire year) by a fraction whose numerator is the number of days that Executive was employed during such year and whose denominator is the total number of days in such year, payable within 60 days following the date of Executive’s termination of employment; and

 

(B)  to the extent not already paid, a cash incentive award under the Company’s Incentive Compensation Plan or any similar incentive plan (the “ICP”) related to the fiscal year immediately preceding the year of termination in an amount as determined by the Company’s Board or the Compensation Committee of the Board, as the case may be, in its sole judgment and discretion;

 

(iii)                               if Executive timely elects continued coverage under COBRA for Executive and Executive’s covered dependents under the Company’s group health plans following such termination of employment, the Company will pay the COBRA premiums necessary to continue Executive’s health insurance coverage in effect for Executive and Executive’s eligible dependents on the termination date, as and when due to the insurance carrier or COBRA administrator (as applicable), until the earliest of (A) twelve (12) months from the effective date of such termination, (B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period.

 

and

 

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(iv)                              accelerated vesting as to that number of unvested shares subject to any outstanding equity awards held by Executive at the time of termination that would have otherwise vested if Executive had remained a Company employee for nine (9) months following the termination date.

 

(b)                                 Termination in Connection With or Following a Change of Control.    In the event that either (x) the Company terminates Executive’s employment with the Company other than for Cause, death or disability (A) within the thirty (30) day period prior to a Change of Control, or (B) within the period between the Company’s execution of a letter of intent for a proposed Change of Control which proposed Change of Control is later consummated (a “Designated Change of Control”) and the consummation of such Designated Change of Control, or (C) within the twelve (12) month period after a Change of Control, or (y) Executive resigns for Good Reason within twelve (12) months after a Change of Control, then, in addition to the payments set forth in Section 7(a) above, and subject to Section 8 below, Executive shall also be entitled to, less applicable withholdings and deductions:

 

(i)                                     an amount equal to fifteen (15) months of Executive’s annualized Base Salary in effect at the time of termination, payable in equal installments on the Company’s regularly scheduled payroll dates beginning with the first payroll date following the effective date of the Release and Waiver;

 

(ii)                                  (A)  a pro-rata bonus for the calendar year of termination, determined by multiplying Executive’s Target Bonus for such year (assuming employment for the entire year) by a fraction whose numerator is the number of days that Executive was employed during such year and whose denominator is the total number of days in such year, payable within 60 days following the date of Executive’s termination of employment; and

 

(B)  to the extent not already paid, a cash incentive award under the ICP related to the fiscal year immediately preceding the year of termination in an amount as determined by the Company’s Board or the Compensation Committee of the Board, as the case may be, in its sole judgment and discretion;

 

(iii)                               an amount equal to fifteen (15) months of Executive’s annual Target Bonus in effect at the time of termination, payable in equal installments on the Company’s regularly scheduled payroll dates beginning with the first payroll date following the effective date of the Release and Waiver;

 

(iv)                        if Executive timely elects continued coverage under COBRA for Executive and Executive’s covered dependents under the Company’s group health plans following such termination of employment, the Company will pay the COBRA premiums necessary to continue Executive’s health insurance coverage in effect for Executive and Executive’s eligible dependents on the termination date, as and when due to the insurance carrier or COBRA administrator (as applicable), until the earliest of (A) fifteen (15) months from the effective date of such termination, (B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance

 

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coverage in connection with new employment or self-employment (such period from the termination date through the earliest of (A) through (C), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period;

 

and

 

(v)                                 immediate and full accelerated vesting of all unvested shares subject to any outstanding equity awards held by Executive at the time of termination; provided, however, that such acceleration shall not be interpreted to extend the post-termination exercise period of any stock option held by Executive at the time of termination, unless otherwise approved by the Board.

 

(c)                                  Termination for Cause, Death or Disability; Voluntary Termination.  If Executive’s employment with the Company terminates voluntarily by Executive (other than for Good Reason as set forth in the preceding subsection (b)), for Cause by the Company or due to Executive’s death or disability, then (i) all vesting will terminate immediately with respect to Executive’s outstanding equity awards, (ii) all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned).

 

(d)                                 Termination by Mutual Consent.  If at any time during the course of this Agreement the parties by mutual consent decide to terminate this Agreement, they shall do so by separate agreement setting forth the terms and condition of such termination.

 

8.              Conditions to Receipt of Benefits under Section 7.

 

(a)                                 Release of Claims.  The receipt of any payment or benefit pursuant to Section 7 will be subject to Executive signing and not revoking a release and waiver of all claims in the form attached hereto as Exhibit A (or in such other form as may be specified by the Company in order to comply with then-existing legal requirements to effect a valid release of claims) (the “Release and Waiver”) within the applicable time period set forth therein, but in no event later than forty-five days following termination of employment.  No payment or benefit pursuant to Section 7 will be paid or provided until the Release and Waiver becomes effective.

 

(b)                                 Other Conditions.  The receipt of any payment or benefits pursuant to Section 7 will be subject to Executive not violating the Employee Proprietary Information, Inventions and Non-Solicitation Agreement attached hereto as Exhibit B (the “PIIA”), returning all Company property, and complying with the Release and Waiver; provided, however, that Company must provide written notice to Executive of the condition under this Section 8(b) that could prevent the disbursement of any

 

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payment or benefits under Section 7 within thirty (30) days of the initial existence of such condition and such condition must not have been remedied by Executive within thirty (30) days of such written notice.  Executive understands and agrees that payment or benefits received pursuant to Section 7 are in lieu of and not in addition to any severance or similar benefits that may be provided to other employees of the Company pursuant to a Company policy or plan.

 

(c)                                  Section 409A.  Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under Section 7 above that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall not commence in connection with Executive’s termination of employment unless and until Executive has also incurred a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A.  Pay pursuant to Section 7 above, to the extent of payments made from the date of termination of Executive’s employment through March 15 of the calendar year following such termination, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations; to the extent such payments are made following said March 15, they are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary termination of service and payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision, with any excess amount being regarded as subject to the distribution requirements of Section 409A(a)(2)(A) of the Internal Revenue Code, including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that, if Executive is a “specified employee” within the meaning of the aforesaid Section of the Code at the time of such termination from employment, payments be delayed until the earlier of six months after termination of employment or Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”).  Notwithstanding any other payment schedule set forth in herein, none of the payments under Section 7 will be paid or otherwise delivered prior to the effective date of the Release and Waiver.  Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding sentence, on the first regular payroll pay day following the effective date of the Release and Waiver, the Company will pay Executive the payments Executive would otherwise have received under Section 7 on or prior to such date but for the delay in payment related to the effectiveness of the Release and Waiver, with the balance of the payments being paid as originally scheduled.  Notwithstanding anything to the contrary set forth herein, if any of the payments or benefits set forth in Section 7 constitute “deferred compensation” within the meaning of Section 409A of the Code and the period during which Executive may review, execute and revoke the Release and Waiver begins in one taxable year and ends in a second taxable year, such payments and benefits shall commence or be made in the second taxable year.

 

(d)                                 Cooperation with the Company After Termination of Employment. Following termination of the Executive’s employment for any reason, upon request by the Company, Executive will fully cooperate with the Company (at the Company’s reasonable expense) in all matters reasonably relating to the winding up of pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other employees as may be designated by the Company.

 

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9.              Definitions.

 

(a)                                 Cause.  For purposes of this Agreement, “Cause” is defined as (i) an act of dishonesty by Executive in connection with Executive’s responsibilities as an employee, (ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (iii) Executive’s gross misconduct, (iv) Executive’s unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company, or (v) Executive’s willful breach of any obligations under any written agreement or covenant with the Company.

 

(b)                                 Change of Control.  For purposes of this Agreement, “Change of Control” of the Company is defined as:

 

(i)             any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; provided, however; that sales of equity or debt securities to investors primarily for capital raising purposes shall in no event be deemed a Change of Control; or

 

(ii)          a change in the composition of the Board occurring within a two-year period, as a result of which less than a majority of the directors are Incumbent Directors.  “Incumbent Directors” will mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); provided, however; that no change in the composition of the Board in connection with the sale of equity or debt securities to investors primarily for capital raising purposes shall be deemed a Change of Control; or

 

(iii)       the date of the consummation of a merger or consolidation of the Company that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation or the stockholders of the Company approve a plan of complete liquidation of the Company; or

 

(iv)      the date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets.

 

(c)                                  Good Reason.  For purposes of this Agreement, a resignation for “Good Reason” is defined as the resignation by Executive within thirty (30) days following the end of the Cure Period (defined below), if any of the following events occur without Executive’s express written consent:  (i) the Company reduces the amount of the Base Salary, other than pursuant to a reduction that also is

 

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applied to substantially all other executives of the Company, (ii) the Company fails to pay the Base Salary or other benefits required to be provided by the Company hereunder, (iii) the Company materially reduces Executive’s core functions, duties or responsibilities in a manner that constitutes a demotion, or (iv) any change of Executive’s principal office location to a location more than thirty (30) miles from the Company’s office at 955 Chesterbrook Boulevard, Suite 110, Chesterbrook, PA; provided, however, that Executive must provide written notice to the Company of the condition that could constitute “Good Reason” within thirty (30) days of the initial existence of such condition and such condition must not have been remedied by the Company within thirty (30) days of such written notice (the “Cure Period”).

 

10.       No Conflict with Existing Obligations.  Executive represents that his performance of all the terms of this Agreement and, as an executive officer of the Company, do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services.  Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.

 

11.       Parachute Payments.

 

(a)                                 If any payment or benefit Executive would receive pursuant to a Change of Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount.  The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order unless Executive elects in writing a different order (provided, however, that such election shall be subject to Company approval if made on or after the date on which the event that triggers the Payment occurs):  reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction of employee benefits.  In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s stock awards unless Executive elects in writing a different order for cancellation.

 

(b)                                 The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change of Control shall perform the foregoing calculations.  If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group affecting the Change of Control, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder.

 

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(c)                                  The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company or Executive) or such other time as requested by the Company or Executive.  If the accounting firm determines that no Excise Tax is payable with respect to a Payment, it shall furnish the Company and Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Payment.  Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Company and Executive.

 

12.       Assignment.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company.  Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.  For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.  None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.  Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void.

 

13.       Notices.  All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) one (1) day after being sent by a nationally recognized commercial overnight service, specifying next day delivery, with written verification of receipt, or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

If to the Company:

 

955 Chesterbrook Blvd, Suite 110, Chesterbrook, PA 19087

 

Attn: Vice President, Legal & Compliance

 

If to Executive:

 

at the last residential address known by the Company.

 

14.       Severability.  In the event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision.

 

15.       Arbitration.

 

(a)                                 Arbitration.  In consideration of Executive’s employment with the Company, the Company and Executive agree that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s employment with the Company or the termination of Executive’s employment with the

 

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Company, including any breach of this Agreement, but not including those arising out of, relating to, or resulting from the PIAA, will be subject to binding arbitration.  Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Worker Adjustment and Retraining Notification Act, the Family and Medical Leave Act, discrimination or wrongful termination and any statutory claims.  Executive further understands that this Agreement to arbitrate also applies to any disputes that the Company may have with Executive.  The parties shall each bear their own expenses, legal fees and other fee incurred in connection with this Agreement. Provided, however, in the event the Executive is required to incur attorney’s fees in order to obtain any payments or benefits under this Agreement and provided that the Executive prevails on his claim(s), then the Company will reimburse the attorney’s fees incurred by Executive.

 

(b)                                 Procedure.  Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”) and that the neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes (the “Rules”).  Executive agrees that the arbitrator will administer and conduct any arbitration in a manner consistent with the Rules.

 

(c)                                  Remedy.  Except as provided by this Agreement and by the Rules, including any provisional relief offered therein, arbitration will be the sole, exclusive and final remedy for any dispute between Executive and the Company.  Accordingly, except as provided for by the Rules and this Agreement, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration.

 

(d)                                 Administrative Relief.  Executive understands that this Agreement does not prohibit Executive from pursuing an administrative claim with a local, state or federal administrative body such as the Equal Employment Opportunity Commission or the workers’ compensation board.  This Agreement does, however, preclude Executive from pursuing court action regarding any such claim.

 

(e)                                  Voluntary Nature of Agreement.  Executive acknowledges and agrees that Executive is executing this Agreement voluntarily and without any duress or undue influence by the Company or anyone else.  Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understands it, including that Executive is waiving Executive’s right to a jury trial.  Finally, Executive agrees that Executive has been provided an opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement.

 

16.       Integration.  This Agreement, together with the PIIA and the other documents referred to in this Agreement, represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral.  This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement.

 

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17.       Waiver of Breach.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

18.       Headings.  All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

19.       Governing Law.  This Agreement will be governed by the laws of the Commonwealth of Pennsylvania.

 

20.       Acknowledgment.  Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from Executive’s private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.

 

21.       Counterparts.  This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.

 

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and year first above written.

 

COMPANY:

 

TREVENA, INC.

 

	
By:
    	
/s/ Carrie L. Bourdow
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Carrie L. Bourdow
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
President &   Chief Executive Officer
    	
 
    

 

EXECUTIVE:

 

	
/s/ Barry Shin
    	
 
    
	
Barry Shin
    	
 
    

 

12

 

EXHIBIT A

 

Release and Waiver

 

TO BE SIGNED ON OR FOLLOWING THE SEPARATION DATE ONLY

 

In consideration of the payments and other benefits set forth in the Employment Agreement of (         ), to which this form is attached, I, (         ), hereby furnish TREVENA, INC. (the “Company”), with the following release and waiver of claims (“Release and Waiver”).

 

In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally and completely release the Company and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date that I sign this Agreement (collectively, the “Released Claims”).  The Released Claims include, but are not limited to:  (a) all claims arising out of or in any way related to my employment with the Company, or the termination of that employment; (b) all claims related to my compensation or benefits from the Company including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, misclassification, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance, including, but not limited to, the State of Pennsylvania or any subdivision thereof; and any public policy, contract, tort, or common law.  I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims.

 

In granting the release herein, which includes claims that may be unknown to me at present, I acknowledge that I expressly waive and relinquish any and all rights and benefits under any applicable law or statute providing, in substance, that a general release does not extend to claims which a party does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her would have materially affected the terms of such release.

 

I acknowledge that, among other rights, I am waiving and releasing any rights I may have under ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company.  If I am 40 years of age or older upon execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that:  (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing this Release and Waiver; and (c) I have twenty-one (21) days from the date of termination

 

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of my employment with the Company in which to consider this Release and Waiver (although I may choose voluntarily to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this Release and Waiver to revoke my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until the seven (7) day revocation period has expired without my having previously revoked this Release and Waiver.

 

I acknowledge my continuing obligations under my Employee Proprietary Information, Inventions and Non-Solicitation Agreement (the “PIIA”).  Pursuant to the PIIA I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control.  I understand and agree that my right to the severance benefits I am receiving in exchange for my agreement to the terms of this Release and Waiver is contingent upon my continued compliance with my PIIA.

 

This Release and Waiver constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof.  I am not relying on any promise or representation by the Company that is not expressly stated herein.  This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of the Company.

 

	
Date:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name
    

 

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EXHIBIT B

 

“PIAA”

 

15

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