Document:

EXHIBIT 10.2

 

NEITHER THIS SECURITY
NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

Original Issue Date: April 14, 2016

Original Conversion Price (subject to adjustment
herein): $2.00

 

$828,800.00

 

ORIGINAL
ISSUE DISCOUNT 

SENIOR
SECURED CONVERTIBLE DEBENTURE

DUE
MAY 1, 2017

 

THIS ORIGINAL ISSUE
DISCOUNT SENIOR SECURED CONVERTIBLE DEBENTURE is one of a series of duly authorized and validly issued Original Issue Discount
Senior Secured Convertible Debentures of PFO GLOBAL, INC., a Nevada corporation (the “Company”), having its
principal place of business at 3501-B N. Ponce de Leon Blvd., #393, St. Augustine, Florida 32084, designated as its Original Issue
Discount Senior Secured Convertible Debenture due May 1, 2017 (this debenture, the “Debenture” and, collectively
with the other debentures of such series, the “Debentures”).

 

FOR VALUE RECEIVED,
the Company promises to pay to Hillair Capital Investments, L.P. or its registered assigns (the “Holder”), or
shall have paid pursuant to the terms hereunder, the principal sum of $828,800.00 on May 1, 2017 (the “Maturity Date”)
or such earlier date as this Debenture is required or permitted to be repaid as provided hereunder. This Debenture is subject to
the following additional provisions:

 

Section 1.Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Debenture, (a) capitalized terms not otherwise defined
herein shall have the meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:

 

“Alternate
Consideration” shall have the meaning set forth in Section 5(e).

 

    	 	1	 

     

    

 

“Bankruptcy
Event” means any of the following events: (a) the Company or any Significant Subsidiary (as such term is defined in Rule
1-02(w) of Regulation S-X) thereof commences a case or other proceeding under any bankruptcy, reorganization, arrangement, adjustment
of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to the Company or
any Significant Subsidiary thereof, (b) there is commenced against the Company or any Significant Subsidiary thereof any such case
or proceeding that is not dismissed within 60 days after commencement, (c) the Company or any Significant Subsidiary thereof is
adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered, (d) the
Company or any Significant Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part
of its property that is not discharged or stayed within 60 calendar days after such appointment, (e) the Company or any Significant
Subsidiary thereof makes a general assignment for the benefit of creditors, (f) the Company or any Significant Subsidiary thereof
calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts, (g) the Company
or any Significant Subsidiary thereof admits in writing that it is generally unable to pay its debts as they become due, (h) the
Company or any Significant Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or
acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

 

“Base
Conversion Price” shall have the meaning set forth in Section 5(b).

 

“Beneficial
Ownership Limitation” shall have the meaning set forth in Section 4(d).

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to
close.

 

“Buy-In”
shall have the meaning set forth in Section 4(c)(v).

 

“Change
of Control Transaction” means the occurrence after the date hereof of any of (a) an acquisition after the date hereof
by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of
effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of
in excess of 33% of the voting securities of the Company (other than by means of conversion or exercise of the Debentures and the
Securities issued together with the Debentures), (b) the Company merges into or consolidates with any other Person, or any Person
merges into or consolidates with the Company and, after giving effect to such transaction, the stockholders of the Company immediately
prior to such transaction own less than 66% of the aggregate voting power of the Company or the successor entity of such transaction,
(c) the Company sells or transfers all or substantially all of its assets to another Person and the stockholders of the Company
immediately prior to such transaction own less than 66% of the aggregate voting power of the acquiring entity immediately after
the transaction, (d) a replacement at one time or within a three year period of more than one-half of the members of the Board
of Directors which is not approved by a majority of those individuals who are members of the Board of Directors on the Original
Issue Date (or by those individuals who are serving as members of the Board of Directors on any date whose nomination to the Board
of Directors was approved by a majority of the members of the Board of Directors who are members on the date hereof), or (e) the
execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events
set forth in clauses (a) through (d) above.

 

    	 	2	 

     

    

 

“Conversion”
shall have the meaning ascribed to such term in Section 4.

 

“Conversion
Date” shall have the meaning set forth in Section 4(a).

 

“Conversion
Price” shall have the meaning set forth in Section 4(b).

 

“Conversion
Schedule” means the Conversion Schedule in the form of Schedule 1 attached hereto.

 

“Conversion
Shares” means, collectively, the shares of Common Stock issuable upon conversion of this Debenture in accordance with
the terms hereof.

 

“Debenture
Register” shall have the meaning set forth in Section 2(c).

 

“Dilutive
Issuance” shall have the meaning set forth in Section 5(b).

 

“Dilutive
Issuance Notice” shall have the meaning set forth in Section 5(b).

 

“Equity
Conditions” means, during the period in question, (a) the
Company shall have duly honored all conversions and redemptions scheduled to occur or occurring by virtue of one or more Notices
of Conversion of the Holder, if any, (b) the Company shall have paid all liquidated damages and other amounts owing to the Holder
in respect of this Debenture, (c)(i) there is an effective registration statement pursuant to which the Holder is permitted
to utilize the prospectus thereunder to resell all of the shares of Common Stock issuable pursuant to the Transaction Documents
(and the Company believes, in good faith, that such effectiveness will continue uninterrupted for the foreseeable future) or (ii)
all of the Conversion Shares issuable pursuant to the Transaction Documents may be resold pursuant to Rule 144 without volume or
manner-of-sale restrictions or current public information requirements as determined by the counsel to the Company as set forth
in a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the Holder, (d) the Common Stock
is trading on a Trading Market and all of the shares issuable pursuant to the Transaction Documents are listed or quoted for trading
on such Trading Market (and the Company believes, in good faith, that trading of the Common Stock on a Trading Market will continue
uninterrupted for the foreseeable future), (e) there is a sufficient number of authorized but unissued and otherwise unreserved
shares of Common Stock for the issuance of all of the shares then issuable pursuant to the Transaction Documents, (f) there is
no existing Event of Default and no existing event which, with the passage of time or the giving of notice, would constitute an
Event of Default, (g) the issuance of the shares in question (or, in the case of an Optional Redemption, the shares issuable upon
conversion in full of the Optional Redemption Amount) to the Holder would not violate the limitations set forth in Section 4(d) herein, (h)
there has been no public announcement of a pending or proposed Fundamental Transaction or Change of Control Transaction that has
not been consummated, (i) the applicable Holder is not in possession of any information provided by the Company that constitutes,
or may constitute, material non-public information and (j) the Conversion Price as of the applicable date in question is equal
to $1.90 or more (subject to adjustment for forward and revers stock splits and the like that occur after the Original Issue Date).

 

    	 	3	 

     

    

 

“Event
of Default” shall have the meaning set forth in Section 8(a).

 

“Fundamental
Transaction” shall have the meaning set forth in Section 5(e).

 

“Late
Fees” shall have the meaning set forth in Section 2(d).

 

“Mandatory
Default Amount” means the sum of (a) the greater of (i) the outstanding principal amount of this Debenture, divided by
the Conversion Price on the date the Mandatory Default Amount is either (A) demanded (if demand or notice is required to create
an Event of Default) or otherwise due or (B) paid in full, whichever has a lower Conversion Price, multiplied by the VWAP on the
date the Mandatory Default Amount is either (x) demanded or otherwise due or (y) paid in full, whichever has a higher VWAP, or
(ii) 130% of the outstanding principal amount of this Debenture, and (b) all other amounts, costs, expenses and liquidated damages
due in respect of this Debenture.

 

“New
York Courts” shall have the meaning set forth in Section 9(d).

 

“Notice
of Conversion” shall have the meaning set forth in Section 4(a).

 

“Optional
Redemption” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Amount” means the sum of (a) 120% of the then outstanding principal amount of the Debenture and (b) all liquidated
damages and other amounts due in respect of the Debenture.

 

“Optional
Redemption Date” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Notice” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Notice Date” shall have the meaning set forth in Section 6(a).

 

“Optional
Redemption Period” shall
have the meaning set forth in Section 6(a).

 

    	 	4	 

     

    

 

“Original
Issue Date” means the date of the first issuance of the Debentures, regardless of any transfers of any Debenture and
regardless of the number of instruments which may be issued to evidence such Debentures.

 

“Permitted
Indebtedness” means (a) the indebtedness evidenced by the Debentures, (b) the Indebtedness existing on the Original Issue
Date and set forth on Schedule 3.1(bb) to the Purchase Agreement and (c) lease obligations and purchase money indebtedness
of up to $50,000, in the aggregate, incurred in connection with the acquisition of capital assets and lease obligations with respect
to newly acquired or leased assets.

 

“Permitted
Lien” means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental
charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good
faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company)
have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s
business, such as carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other
similar Liens arising in the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate
materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business
of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings
have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien,
(c) Liens incurred in connection with Permitted Indebtedness under clauses (a) and (b) thereunder and (d) Liens incurred in connection
with Permitted Indebtedness under clause (c) thereunder, provided that such Liens are not secured by assets of the Company or its
Subsidiaries other than the assets so acquired or leased.

 

“Purchase
Agreement” means the Securities Purchase Agreement, dated as of April 14, 2016 among the Company and the original Holders,
as amended, modified or supplemented from time to time in accordance with its terms.

 

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

 

“Share
Delivery Date” shall have the meaning set forth in Section 4(c)(ii).

 

“Successor
Entity” shall have the meaning set forth in Section 5(e).

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

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

 

    	 	5	 

     

    

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

Section 2.      No Interest
or Prepayment.

 

a)      No Payment of Interest. The Company shall not be required to pay regularly scheduled interest to the Holder on the aggregate
unconverted and then outstanding principal amount of this Debenture.

 

b)      Prepayment. Except as otherwise set forth in this Debenture, the Company may not prepay any portion of the principal amount
of this Debenture without the prior written consent of the Holder.

 

Section 3.       Registration
of Transfers and Exchanges.

 

a)      Different Denominations. This Debenture is exchangeable for an equal aggregate principal amount of Debentures of different
authorized denominations, as requested by the Holder surrendering the same. No service charge will be payable for such registration
of transfer or exchange.

 

b)      Investment Representations. This Debenture has been issued subject to certain investment representations of the original
Holder set forth in the Purchase Agreement and may be transferred or exchanged only in compliance with the Purchase Agreement and
applicable federal and state securities laws and regulations.

 

c)      Reliance on Debenture Register. Prior to due presentment for transfer to the Company of this Debenture, the Company and
any agent of the Company may treat the Person in whose name this Debenture is duly registered on the Debenture Register as the
owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Debenture
is overdue, and neither the Company nor any such agent shall be affected by notice to the contrary.

 

    	 	6	 

     

    

 

Section 4.      Conversion.

 

a)      Voluntary Conversion. At any time after the Original Issue Date until this Debenture is no longer outstanding, this Debenture
shall be convertible, in whole or in part, into shares of Common Stock at the option of the Holder, at any time and from time to
time (subject to the conversion limitations set forth in Section 4(d) hereof). The Holder shall effect conversions by delivering
to the Company a Notice of Conversion, the form of which is attached hereto as Annex A (each, a “Notice of Conversion”),
specifying therein the principal amount of this Debenture to be converted and the date on which such conversion shall be effected
(such date, the “Conversion Date”). If no Conversion Date is specified in a Notice of Conversion, the Conversion
Date shall be the date that such Notice of Conversion is deemed delivered hereunder. No ink-original Notice of Conversion shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion form be
required. To effect conversions hereunder, the Holder shall not be required to physically surrender this Debenture to the
Company unless the entire principal amount of this Debenture has been so converted in which case the Holder shall surrender this
Debenture as promptly as is reasonably practicable after such conversion without delaying the Company’s obligation to deliver
the shares on the Share Delivery Date. Conversions hereunder shall have the effect of lowering the outstanding principal amount
of this Debenture in an amount equal to the applicable conversion. The Holder and the Company shall maintain records showing the
principal amount(s) converted and the date of such conversion(s). The Company may deliver an objection to any Notice of Conversion
within one (1) Business Day of delivery of such Notice of Conversion. In the event of any dispute or discrepancy, the records of
the Holder shall be controlling and determinative in the absence of manifest error. The Holder, and any assignee by acceptance
of this Debenture, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion
of this Debenture, the unpaid and unconverted principal amount of this Debenture may be less than the amount stated on the face
hereof.

 

b)      Conversion Price. The conversion price in effect on any Conversion Date shall be equal to $2.00, subject to adjustment
herein (the “Conversion Price”). In addition, on each Trigger Date (as defined below), the Conversion Price
shall be reduced, and only reduced, to the lesser of (x) the then Conversion Price, as adjusted and taking into consideration any
prior resets, or (y) 90% of the effective price per share of securities issued in a Qualified Offering (as defined below), subject
to adjustment hereunder. The Company shall notify each Holder of the applicable adjustment to the Conversion Price as of such date
(a “Trigger Date Adjustment Notice”).  For purposes of clarification, whether or not the Company provides
a Trigger Date Adjustment Notice pursuant to this Section 4(b), each Holder shall receive a number of Conversion Shares based upon
the Conversion Price as adjusted pursuant to this Section, regardless of whether a Holder accurately refers to such price in any
Notice of Conversion. As used herein, “Qualified Offering” means (a) any registered offering of Common Stock
and/or Common Stock Equivalents that occurs after the Original Issue Date or (b) any financing (registered or private placement)
(or series of financings) of Common Stock and/or Common Stock Equivalents with gross proceeds of, in the aggregate following the
Original Issue Date, $4,000,000 or more that occurs after the Original Issue Date. As used herein, the term “Trigger Date”
means the date the Company consummates a Qualified Offering.

 

    	 	7	 

     

    

 

c)      
Mechanics of Conversion.

 

                                                                 
i.          Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion
hereunder shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Debenture to be
converted by (y) the Conversion Price.

 

                                                                 
ii.         Delivery of Certificate Upon Conversion. Not later than three (3) Trading Days after each Conversion Date (the “Share
Delivery Date”), the Company shall deliver, or cause to be delivered, to the Holder (A) a certificate or certificates
representing the Conversion Shares which, on or after the six month anniversary of the Original Issue Date, shall be free of restrictive
legends and trading restrictions (other than those which may then be required by the Purchase Agreement) representing the number
of Conversion Shares being acquired upon the conversion of this Debenture and (B) a legal opinion of Company counsel as may be
requested by the Holder to enable Holder to deposit the Conversion Share certificates in accounts with its prime broker (or other
brokerage account), together with the instruction letter to the Transfer Agent and the resolution of the Board of Directors authorizing
the Transaction Documents and any additional supporting documentation requested by the Holder (including, without limitation, any
instruction letter to the Company’s transfer agent). On or after the six month anniversary of the Original Issue Date, the
Company shall deliver any certificate or certificates required to be delivered by the Company under this Section 4(c) electronically
through the Depository Trust Company or another established clearing corporation performing similar functions.

 

                                                               
iii.           Failure to Deliver Certificates. If, in the case of any Notice of Conversion, such certificate or certificates and the related
legal opinion of Company counsel, the instruction letter to the Transfer Agent and the resolution of the Board of Directors authorizing
the Transaction Documents are not delivered to or as directed by the applicable Holder by the Share Delivery Date, the Holder shall
be entitled to elect by written notice to the Company at any time on or before its receipt of such certificate or certificates,
to rescind such Conversion, in which event the Company shall promptly return to the Holder any original Debenture delivered to
the Company and the Holder shall promptly return to the Company the Common Stock certificates issued to such Holder pursuant to
the rescinded Conversion Notice.

 

    	 	8	 

     

    

 

                                                               
iv.           Obligation Absolute; Partial Liquidated Damages. The Company’s obligations to issue and deliver the Conversion Shares
upon conversion of this Debenture in accordance with the terms hereof are absolute and unconditional, irrespective of any action
or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination,
or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged
violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of such Conversion Shares; provided, however,
that such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder. In
the event the Holder of this Debenture shall elect to convert any or all of the outstanding principal amount hereof, the Company
may not refuse conversion based on any claim that the Holder or anyone associated or affiliated with the Holder has been engaged
in any violation of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining
and or enjoining conversion of all or part of this Debenture shall have been sought and obtained, and the Company posts a surety
bond for the benefit of the Holder in the amount of 150% of the outstanding principal amount of this Debenture, which is subject
to the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and
the proceeds of which shall be payable to the Holder to the extent it obtains judgment. In the absence of such injunction, the
Company shall issue Conversion Shares or, if applicable, cash, upon a properly noticed conversion. If the Company fails for any
reason to deliver to the Holder such certificate or certificates and the related legal opinion of Company counsel, the instruction
letter to the Transfer Agent and the resolution of the Board of Directors authorizing the Transaction Documents and other supporting
documentation pursuant to Section 4(c)(ii) by the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of principal amount being converted, $10 per Trading Day (increasing to $20 per Trading
Day on the fifth (5th) Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Share
Delivery Date until such certificates and the related legal opinion of Company counsel, the instruction letter to the Transfer
Agent, the resolution of the Board of Directors authorizing the Transaction Documents and other supporting documentation are delivered
or Holder rescinds such conversion. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event
of Default pursuant to Section 8 hereof for the Company’s failure to deliver Conversion Shares within the period specified
herein and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder
from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

 

    	 	9	 

     

    

 

                                                                 
v.          Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available
to the Holder, if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Delivery
Date pursuant to Section 4(c)(ii), and if after such Share Delivery Date the Holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by the Holder of the Conversion Shares which the Holder was entitled to receive upon the conversion
relating to such Share Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder (in
addition to any other remedies available to or elected by the Holder) the amount, if any, by which (x) the Holder’s total
purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the aggregate
number of shares of Common Stock that the Holder was entitled to receive from the conversion at issue multiplied by (2) the actual
sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and
(B) at the option of the Holder, either reissue (if surrendered) this Debenture in a principal amount equal to the principal amount
of the attempted conversion (in which case such conversion shall be deemed rescinded) or deliver to the Holder the number of shares
of Common Stock that would have been issued if the Company had timely complied with its delivery requirements under Section 4(c)(ii).
For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an
attempted conversion of this Debenture with respect to which the actual sale price of the Conversion Shares (including any brokerage
commissions) giving rise to such purchase obligation was a total of $10,000 under clause (A) of the immediately preceding sentence,
the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts
payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein
shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon conversion of this Debenture as required pursuant to the terms hereof.

 

                                                               
vi.           Reservation of Shares Issuable Upon Conversion. The Company covenants that it will at all times reserve and keep available
out of its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of this Debenture, each
as herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder
(and the other holders of the Debentures), not less than such aggregate number of shares of the Common Stock as shall (subject
to the terms and conditions set forth in the Purchase Agreement) be issuable (taking into account the adjustments and restrictions
of Section 5) upon the conversion of the then outstanding principal amount of this Debenture. The Company covenants that all shares
of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid and nonassessable.

 

    	 	10	 

     

    

 

                                                             
vii.           Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this
Debenture. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Company
shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Conversion Price or round up to the next whole share.

 

                                                           
viii.            Transfer Taxes and Expenses. The issuance of certificates for shares of the Common Stock on conversion of this Debenture
shall be made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in respect of
the issue or delivery of such certificates, provided that, the Company shall not be required to pay any tax that may be payable
in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other than that
of the Holder of this Debenture so converted and the Company shall not be required to issue or deliver such certificates unless
or until the Person or Persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have
established to the satisfaction of the Company that such tax has been paid. The Company shall pay all Transfer Agent fees required
for same-day processing of any Notice of Conversion and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Conversion Shares.

 

    	 	11	 

     

    

 

d)                
Holder’s Conversion Limitations. The Company shall not effect any conversion of this Debenture, and a Holder shall
not have the right to convert any portion of this Debenture, to the extent that after giving effect to the conversion set forth
on the applicable Notice of Conversion, the Holder (together with the Holder’s Affiliates, and any Persons acting as a group
together with the Holder or any of the Holder’s Affiliates) would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially
owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Debenture
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable
upon (i) conversion of the remaining, unconverted principal amount of this Debenture beneficially owned by the Holder or any of
its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company
subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without limitation,
any other Debentures or the Warrants) beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the
preceding sentence, for purposes of this Section 4(d), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation contained in this Section
4(d) applies, the determination of whether this Debenture is convertible (in relation to other securities owned by the Holder together
with any Affiliates) and of which principal amount of this Debenture is convertible shall be in the sole discretion of the Holder,
and the submission of a Notice of Conversion shall be deemed to be the Holder’s determination of whether this Debenture may
be converted (in relation to other securities owned by the Holder together with any Affiliates) and which principal amount of this
Debenture is convertible, in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction,
the Holder will be deemed to represent to the Company each time it delivers a Notice of Conversion that such Notice of Conversion
has not violated the restrictions set forth in this paragraph and the Company shall have no obligation to verify or confirm the
accuracy of such determination. In addition, a determination as to any
group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. For purposes
of this Section 4(d), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as stated in the most recent of the following: (i) the Company’s most recent periodic or annual report
filed with the Commission, as the case may be, (ii) a more recent public announcement by the Company, or (iii) a more recent written
notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. 
Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the
Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock issuable upon conversion of this Debenture held by the Holder. The Holder, upon
notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(d), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon conversion of this Debenture held by the Holder and the Beneficial
Ownership Limitation provisions of this Section 4(d) shall continue to apply. Any increase in the Beneficial Ownership Limitation
will not be effective until the 61st day after such notice is delivered to the Company.  The
Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 4(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in
this paragraph shall apply to a successor holder of this Debenture.

 

    	 	12	 

     

    

 

Section 5.       Certain
Adjustments.

 

a)      Stock Dividends and Stock Splits. If the Company, at any time while this Debenture is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any Common Stock
Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon conversion
of the Debentures), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of a reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues, in the event
of a reclassification of shares of the Common Stock, any shares of capital stock of the Company, then the Conversion Price shall
be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding any treasury shares
of the Company) outstanding immediately before such event, and of which the denominator shall be the number of shares of Common
Stock outstanding immediately after such event. Any adjustment made pursuant to this Section shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)      [RESERVED]

 

c)      Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the
record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of this Debenture (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder
exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such
extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in
the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	13	 

     

    

 

d)      Pro Rata Distributions. During such time as this Debenture is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by
way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
“Distribution”), at any time after the issuance of this Debenture, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete conversion of this Debenture (without regard to any limitations
on conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a
record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common
Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).

 

e)      Fundamental Transaction. If, at any time while this Debenture is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more
than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other
Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent conversion
of this Debenture, the Holder shall have the right to receive, for each Conversion Share that would have been issuable upon such
conversion immediately prior to the occurrence

 

    	 	14	 

     

    

 

of such Fundamental Transaction (without regard to any limitation in Section 4(d)
on the conversion of this Debenture), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Debenture
is convertible immediately prior to such Fundamental Transaction (without regard to any limitation in Section 4(d) on the conversion
of this Debenture). For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one (1) share of
Common Stock in such Fundamental Transaction, and the Company shall apportion the Conversion Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any conversion of this Debenture following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is
not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Debenture and the other Transaction Documents (as defined in the Purchase Agreement) in accordance with the provisions of this
Section 5(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Debenture, deliver
to the Holder in exchange for this Debenture a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Debenture which is convertible for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of this
Debenture (without regard to any limitations on the conversion of this Debenture) prior to such Fundamental Transaction, and with
a conversion price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such conversion price being for the purpose of protecting the economic value of this Debenture
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Debenture and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Debenture and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	15	 

     

    

 

f)       Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 5, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding any treasury shares of the Company) issued
and outstanding.

 

g)      Notice to the Holder.

 

                                                                  i.         Adjustment to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 5, the
Company shall promptly deliver to each Holder a notice setting forth the Conversion Price after such adjustment and setting forth
a brief statement of the facts requiring such adjustment.

 

                                                                 
ii.        Notice to Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be
required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party,
any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office
or agency maintained for the purpose of conversion of this Debenture, and shall cause to be delivered to the Holder at its last
address as it shall appear upon the Debenture Register, at least twenty (20) calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record
to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date
as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the
validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to convert this
Debenture during the 20-day period commencing on the date of such notice through the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.

 

    	 	16	 

     

    

 

Section 6.     Optional
Redemption.

 

a)     Optional Redemption at Election of Company. Subject
to the provisions of this Section 6(a), at any time after the six month anniversary of the Original Issue Date, the Company may
deliver a notice to the Holder (an “Optional Redemption Notice” and the date such notice is deemed delivered hereunder,
the “Optional Redemption Notice Date”) of its irrevocable election to redeem some or all of the then outstanding principal
amount of this Debenture for cash in an amount equal to the Optional Redemption Amount on the 10th Trading Day following
the Optional Redemption Notice Date (such date, the “Optional Redemption Date”, such 10 Trading Day period, the “Optional
Redemption Period” and such redemption, the “Optional Redemption”). The Optional Redemption Amount is payable
in full on the Optional Redemption Date. The Company may only effect an Optional Redemption if each of the Equity Conditions shall
have been met (unless waived in writing by the Holder) on each Trading Day during the period commencing on the Optional Redemption
Notice Date through to the Optional Redemption Date and through and including the date payment of the Optional Redemption
Amount is actually made in full. If any of the Equity Conditions shall
cease to be satisfied at any time during the Optional Redemption Period, then the Holder may elect to nullify the Optional Redemption
Notice by notice to the Company within 3 Trading Days after the first day on which any such Equity Condition has not been met (provided
that if, by a provision of the Transaction Documents, the Company is obligated to notify the Holder of the non-existence of an
Equity Condition, such notice period shall be extended to the third Trading Day after proper notice from the Company) in which
case the Optional Redemption Notice shall be null and void, ab initio. The Company covenants and agrees that it will honor all
Notices of Conversion tendered from the time of delivery of the Optional Redemption Notice through the date all amounts owing thereon
are due and paid in full. The Company’s determination to pay an Optional Redemption in cash shall be applied ratably
to all of the holders of the then outstanding Debentures based on their (or their predecessor’s) initial purchases of Debentures
pursuant to the Purchase Agreement.

 

b)     Redemption Procedure. The payment of cash pursuant to an Optional Redemption shall be payable on the Optional Redemption
Date. If any portion of the payment pursuant to an Optional Redemption shall not be paid by the Company by the applicable due date,
interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable
law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional
Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter,
to invalidate such Optional Redemption, ab initio, and, with respect to the Company’s failure to honor
the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. The
Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in
cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.

 

    	 	17	 

     

    

 

Section 7.      Negative
Covenants. As long as any portion of this Debenture remains outstanding, unless the holders of at least 67% in principal amount
of the then outstanding Debentures shall have otherwise given prior written consent, the Company shall not, and shall not permit
any of the Subsidiaries to, directly or indirectly:

 

a)     other than Permitted Indebtedness, enter into, create, incur, assume, guarantee
or suffer to exist any indebtedness for borrowed money of any kind, including, but not limited to, a guarantee, on or with respect
to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

b)     other than Permitted Liens, enter into, create, incur, assume or suffer to
exist any Liens of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest
therein or any income or profits therefrom;

 

c)     amend its charter documents, including, without limitation, its certificate
of incorporation and bylaws, in any manner that materially and adversely affects any rights of the Holder;

d)     repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its
Common Stock or Common Stock Equivalents other than as to (i) the Conversion Shares or Warrant Shares as permitted or required
under the Transaction Documents and (ii) repurchases of Common Stock or Common Stock Equivalents of departing officers and directors
of the Company, provided that such repurchases shall not exceed an aggregate of $10,000 for all officers and directors during the
term of this Debenture;

 

e)     repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness,
other than (i) the Debentures (including the debentures in the form of the Debentures issued to the Holder pursuant to separate
securities purchase agreements in 2015), if on a pro-rata basis, or (ii) the Secured Bridge Promissory Notes issued by Pro Fit,
as amended, provided that such Secured Bridge Promissory Notes may only be repaid from proceeds of any cash settlement in respect
of the lawsuit titled “VSP Labs, Inc. v. Pro Fit Optix, Inc., et al.”;

 

f)      pay cash dividends or distributions on any equity securities of the Company;

 

g)     enter into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with
the Commission, unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested
directors of the Company (even if less than a quorum otherwise required for board approval); or

 

    	 	18	 

     

    

 

h)     enter into any agreement with respect to any of the foregoing.

 

Section 8.       Events
of Default.

 

a)     “Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event
and whether such event shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or
order of any court, or any order, rule or regulation of any administrative or governmental body):

 

                                                             i.        any default in the payment of (A) the principal amount of any Debenture,
including, without limitation, in connection with an Optional Redemption, or (B) liquidated damages and other amounts owing to
a Holder on any Debenture, as and when the same shall become due and payable (whether on a Conversion Date, Optional Redemption
Date or the Maturity Date or by acceleration or otherwise) which default is not cured within 30 Trading Days;

 

                                                             ii.       the Company shall fail to observe or perform any other covenant or agreement contained in the Debentures (other than a breach
by the Company of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in
clause (x) below) which failure is not cured, if possible to cure, within the earlier to occur of (A) 30 Trading Days after notice
of such failure sent by the Holder or by any other Holder to the Company and (B) 30 Trading Days after the Company has become or
should have become aware of such failure;

 

                                                             iii.      a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument)
shall occur under (A) any of the Transaction Documents or (B) any other material agreement, lease, document or instrument to which
the Company or any Subsidiary is obligated (and not covered by clause (vi) below);

 

                                                             iv.      any representation or warranty made in this Debenture, any other Transaction Documents, any written statement pursuant hereto
or thereto or any other report, financial statement or certificate made or delivered to the Holder or any other Holder shall be
untrue or incorrect in any material respect as of the date when made or deemed made;

 

                                                             v.       the Company or any Significant Subsidiary (as such term is defined in Rule 1-02(w) of Regulation S-X) shall be subject to
a Bankruptcy Event;

 

    	 	19	 

     

    

 

                                                             vi.      the Company or any Subsidiary shall default on any of its obligations under any mortgage, credit agreement or other facility,
indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured
or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that (a) involves
an obligation greater than $15,000, whether such indebtedness now exists or shall hereafter be created, and (b) results in such
indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

 

                                                             vii.      the Common Stock shall not be eligible for listing or quotation for trading on a Trading Market and shall not be eligible
to resume listing or quotation for trading thereon within thirty Trading Days;

 

                                                           
viii.      the Company shall be a party to any Change of Control Transaction or Fundamental Transaction or shall agree to sell or dispose
of all or in excess of 33% of its assets in one transaction or a series of related transactions (whether or not such sale would
constitute a Change of Control Transaction);

 

                                                             ix.        the Company does not meet the current public information requirements under Rule 144 with respect to the Securities;

 

                                                             x.         the Company shall fail for any reason to deliver certificates to a Holder prior to the fifth Trading Day after a Conversion
Date pursuant to Section 4(c) or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the Company’s intention to not honor requests for conversions of any Debentures in accordance with the terms hereof;

 

                                                             xi.        the electronic transfer by the Company of shares of Common Stock through the Depository Trust Company or another established
clearing corporation is no longer available or is subject to a “chill”;

 

                                                             xii.       any monetary judgment, writ or similar final process shall be entered or filed against the Company, any Subsidiary or any
of their respective property or other assets for more than $50,000, and such judgment, writ or similar final process shall remain
unvacated, unbonded or unstayed for a period of 45 calendar days; or

 

                                                           
xiii.       a false or inaccurate certification (including a false or inaccurate deemed certification) by the Company that the Equity
Conditions are satisfied or that there has been no Equity Conditions Failure or as to whether any Event of Default has occurred.

 

    	 	20	 

     

    

 

b)        Remedies Upon Event of Default. If any Event of Default occurs, the outstanding principal amount of this Debenture, liquidated
damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the Holder’s election,
immediately due and payable in cash at the Mandatory Default Amount. Commencing 5 days after the occurrence of any Event of Default
that results in the eventual acceleration of this Debenture, the interest rate on this Debenture shall accrue at an interest rate
equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. Upon the payment in full of the Mandatory
Default Amount, the Holder shall promptly surrender this Debenture to or as directed by the Company. In connection with such acceleration
described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice
of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder
at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Debenture until such time, if any,
as the Holder receives full payment pursuant to this Section 8(b). No such rescission or annulment shall affect any subsequent
Event of Default or impair any right consequent thereon.

 

Section
9.        Miscellaneous.

 

a)        Notices. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without
limitation, any Notice of Conversion, shall be in writing and delivered personally, by facsimile, by email attachment, or sent
by a nationally recognized overnight courier service, addressed to the Company, at the address set forth above, or such other facsimile
number, email address, or address as the Company may specify for such purposes by notice to the Holder delivered in accordance
with this Section 9(a).  Any and all notices or other communications or deliveries to be provided by the Company hereunder
shall be in writing and delivered personally, by facsimile, by email attachment, or sent by a nationally recognized overnight courier
service addressed to each Holder at the facsimile number or email address or address of the Holder appearing on the books of the
Company, or if no such facsimile number or email attachment or address appears on the books of the Company, at the principal place
of business of such Holder, as set forth in the Purchase Agreement.  Any notice or other communication or deliveries hereunder
shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment to the email address set forth on the signature pages attached hereto
prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or email attachment to the email address set forth on the signature
pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii)
the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (iv) upon
actual receipt by the party to whom such notice is required to be given.

 

    	 	21	 

     

    

 

b)        Absolute Obligation. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of, liquidated damages, on this Debenture at the time,
place, and rate, and in the coin or currency, herein prescribed. This Debenture is a direct debt obligation of the Company. This
Debenture ranks pari passu with all other Debentures now or hereafter issued under the terms set forth herein.

 

c)        Lost or Mutilated Debenture. If this Debenture shall be mutilated, lost, stolen or destroyed, the Company shall execute
and deliver, in exchange and substitution for and upon cancellation of a mutilated Debenture, or in lieu of or in substitution
for a lost, stolen or destroyed Debenture, a new Debenture for the principal amount of this Debenture so mutilated, lost, stolen
or destroyed, but only upon receipt of evidence of such loss, theft or destruction of such Debenture, and of the ownership hereof,
reasonably satisfactory to the Company.

 

d)        Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Debenture shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement
and defense of the transactions contemplated by any of the Transaction Documents (whether brought against a party hereto or its
respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts
sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Debenture and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Debenture
or the transactions contemplated hereby. If any party shall commence an action or proceeding to enforce any provisions of this
Debenture, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

    	 	22	 

     

    

 

e)        Waiver. Any waiver by the Company or the Holder of a breach of any provision of this Debenture shall not operate as or be
construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure
of the Company or the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be
considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term
of this Debenture on any other occasion. Any waiver by the Company or the Holder must be in writing.

 

f)         Severability. If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall
remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable to
all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates
the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum
rate of interest permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it shall
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 or other law which would prohibit or forgive the Company from paying all or any portion of the principal of this Debenture
as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits 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 Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

 

g)        Remedies, Characterizations, Other Obligations, Breaches and Injunctive Relief.  The remedies provided in this Debenture
shall be cumulative and in addition to all other remedies available under this Debenture and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder’s right to pursue actual and consequential damages for any failure by the Company to comply with the terms of
this Debenture.  The Company covenants to the Holder that there shall be no characterization concerning this instrument other
than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like (and
the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein,
be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of
its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition
to all other available remedies, to an injunction restraining any such breach or any such threatened breach, without the necessity
of showing economic loss and without any bond or other security being required. The Company shall provide all information and documentation
to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and
conditions of this Debenture.

 

    	 	23	 

     

    

 

h)        Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day.

 

i)         Headings. The headings contained herein are for convenience only, do not constitute a part of this Debenture and shall not
be deemed to limit or affect any of the provisions hereof.

 

j)         Secured Obligation. The obligations of the Company under this Debenture are secured by all assets of the Company and each
Subsidiary pursuant to the Security Agreement and Subsidiary Guarantees.

 

k)        Disclosure. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Debenture, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries, the Company shall within two (2) Business Days after such receipt or delivery publicly
disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes
that a notice contains material, non-public information relating to the Company or its Subsidiaries, the Company so shall indicate
to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or
its Subsidiaries.

 

*********************

 

 

 

(Signature Pages Follow)

 

    	 	24	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Debenture to be duly executed by a duly authorized officer as of the date first above indicated.

 

 

	 	
        PFO Global, Inc.

         

         

	 	
        By:__________________________________________

               Name:

               Title:

        Facsimile No. for delivery of Notices: _______________

	 	 
	 	 

 

 

    	 	25	 

     

    

 

ANNEX
A

 

NOTICE OF CONVERSION

 

The undersigned hereby
elects to convert principal under the Original Issue Discount Senior Secured Convertible Debenture due May 1, 2017 of PFO Global,
Inc., a Nevada corporation (the “Company”), into shares of common stock (the “Common Stock”),
of the Company according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in
the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is
delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will
be charged to the holder for any conversion, except for such transfer taxes, if any.

 

By the delivery of
this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common Stock does not
exceed the amounts specified under Section 4 of this Debenture, as determined in accordance with Section 13(d) of the Exchange
Act.

 

The undersigned agrees
to comply with the prospectus delivery requirements under the applicable securities laws in connection with any transfer of the
aforesaid shares of Common Stock.

 

Conversion calculations:

Date to Effect Conversion:

 

Principal Amount of Debenture
to be Converted:

 

Number of shares of Common Stock
to be issued:

Signature:

Name:

Address for Delivery
of Common Stock Certificates:

 

Or

 

DWAC Instructions:

 

Broker No: ____________________

Account No: __________________

 

    	 	26	 

     

    

 

Schedule 1

 

CONVERSION SCHEDULE

 

The Original Issue Discount Senior Secured
Convertible Debentures due on May 1, 2017 in the aggregate principal amount of $828,800 are issued by PFO Global, Inc., a Nevada
corporation. This Conversion Schedule reflects conversions made under Section 4 of the above referenced Debenture.

 

Dated:

 

 

	
         

        Date of Conversion

        (or for first entry, Original Issue Date)
	
         

        Amount of Conversion
	
         

        Aggregate Principal Amount Remaining Subsequent
        to Conversion

        (or original Principal Amount)
	
         

        Company Attest

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         
	
         

         
	
         

         
	
         

         

	
         

         

         

         
	
         

         

         
	
         

         

         
	
         

         

         

 

 

    	 	27Exhibit 4.2

 

EYEGATE PHARMACEUTICALS, INC.

 

TO

 

 

 

Trustee

 

Indenture

 

Dated as of                     ,
20

 

Senior Debt Securities

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	1
	SECTION 101.	Definitions	 	1
	SECTION 102.	Compliance Certificates and Opinions	 	10
	SECTION 103.	Form of Documents Delivered to Trustee	 	11
	SECTION 104.	Acts of Holders	 	12
	SECTION 105.	Notices, etc., to Trustee and Company	 	13
	SECTION 106.	Notice to Holders; Waiver	 	14
	SECTION 107.	Counterparts; Effect of Headings and Table of Contents	 	15
	SECTION 108.	Successors and Assigns	 	15
	SECTION 109.	Severability Clause	 	15
	SECTION 110.	Benefits of Indenture	 	15
	SECTION 111.	Governing Law	 	15
	SECTION 112.	Legal Holidays	 	15
	SECTION 113.	Limited Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company	 	16
	SECTION 114.	Conflict with Trust Indenture Act	 	16
	 	 	 
	ARTICLE TWO - SECURITIES FORMS	 	16
	SECTION 201.	Forms of Securities	 	16
	SECTION 202.	Form of Trustee’s Certificate of Authentication	 	17
	SECTION 203.	Securities Issuable in Global Form	 	17
	 	 	 
	ARTICLE THREE - THE SECURITIES	 	18
	SECTION 301.	Amount Unlimited; Issuable in Series	 	18
	SECTION 302.	Denominations	 	22
	SECTION 303.	Execution, Authentication, Delivery and Dating	 	22
	SECTION 304.	Temporary Securities	 	24
	SECTION 305.	Registration, Registration of Transfer, Conversion and Exchange	 	27
	SECTION 306.	Mutilated, Destroyed, Lost and Stolen Securities	 	30
	SECTION 307.	Payment of Interest; Interest Rights Preserved	 	31
	SECTION 308.	Persons Deemed Owners	 	33
	SECTION 309.	Cancellation	 	34
	SECTION 310.	Computation of Interest	 	34
	SECTION 311.	CUSIP Numbers	 	34
	 	 	 
	ARTICLE FOUR - SATISFACTION AND DISCHARGE	 	35
	SECTION 401.	Satisfaction and Discharge of Indenture	 	35
	SECTION 402.	Application of Trust Funds	 	36

 

    	 	i 	 

     

    

 

	ARTICLE FIVE - REMEDIES	 	36
	SECTION 501.	Events of Default	 	36
	SECTION 502.	Acceleration of Maturity; Rescission and Annulment	 	38
	SECTION 503.	Collection of Indebtedness and Suits for Enforcement by Trustee	 	39
	SECTION 504.	Trustee May File Proofs of Claim	 	40
	SECTION 505.	Trustee May Enforce Claims Without Possession of Securities or Coupons	 	41
	SECTION 506.	Application of Money Collected	 	41
	SECTION 507.	Limitation on Suits	 	41
	SECTION 508.	Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest	 	42
	SECTION 509.	Restoration of Rights and Remedies	 	42
	SECTION 510.	Rights and Remedies Cumulative	 	42
	SECTION 511.	Delay or Omission Not Waiver	 	42
	SECTION 512.	Control by Holders of Securities	 	43
	SECTION 513.	Waiver of Past Defaults	 	43
	SECTION 514.	Waiver of Usury, Stay or Extension Laws	 	43
	SECTION 515.	Undertaking for Costs	 	44
	 	 	 
	ARTICLE SIX - THE TRUSTEE	 	44
	SECTION 601.	Notice of Defaults	 	44
	SECTION 602.	Certain Rights of Trustee	 	44
	SECTION 603.	Not Responsible for Recitals or Issuance of Securities	 	47
	SECTION 604.	May Hold Securities	 	47
	SECTION 605.	Money Held in Trust	 	47
	SECTION 606.	Compensation and Reimbursement	 	47
	SECTION 607.	Corporate Trustee Required; Eligibility; Conflicting Interests	 	48
	SECTION 608.	Resignation and Removal; Appointment of Successor	 	48
	SECTION 609.	Acceptance of Appointment by Successor	 	50
	SECTION 610.	Merger, Conversion, Consolidation or Succession to Business	 	51
	SECTION 611.	Appointment of Authenticating Agent	 	51
	SECTION 612.	Certain Duties and Responsibilities of the Trustee	 	52
	 	 	 
	ARTICLE SEVEN - HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	54
	SECTION 701.	Disclosure of Names and Addresses of Holders	 	54
	SECTION 702.	Reports by Trustee	 	54
	SECTION 703.	Reports by Company	 	54
	SECTION 704.	Company to Furnish Trustee Names and Addresses of Holders	 	55

 

    	 	ii 	 

     

    

 

	ARTICLE EIGHT - CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE	 	55
	SECTION 801.	Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions	 	55
	SECTION 802.	Rights and Duties of Successor Corporation	 	56
	SECTION 803.	Officers’ Certificate and Opinion of Counsel	 	56
	 	 	 
	ARTICLE NINE - SUPPLEMENTAL INDENTURES	 	56
	SECTION 901.	Supplemental Indentures Without Consent of Holders	 	56
	SECTION 902.	Supplemental Indentures with Consent of Holders	 	58
	SECTION 903.	Execution of Supplemental Indentures	 	59
	SECTION 904.	Effect of Supplemental Indentures	 	59
	SECTION 905.	Conformity with Trust Indenture Act	 	59
	SECTION 906.	Reference in Securities to Supplemental Indentures	 	59
	 	 	 
	ARTICLE TEN - COVENANTS	 	60
	SECTION 1001.	Payment of Principal, Premium or Make-Whole Amount, if any; and Interest	 	60
	SECTION 1002.	Maintenance of Office or Agency	 	60
	SECTION 1003.	Money for Securities Payments to Be Held in Trust	 	62
	SECTION 1004.	Existence	 	63
	SECTION 1005.	Maintenance of Properties	 	63
	SECTION 1006.	Insurance	 	63
	SECTION 1007.	Payment of Taxes and Other Claims	 	63
	SECTION 1008.	Statement as to Compliance	 	64
	SECTION 1009.	Waiver of Certain Covenants	 	64
	 	 	 
	ARTICLE ELEVEN - REDEMPTION OF SECURITIES	 	64
	SECTION 1101.	Applicability of Article	 	64
	SECTION 1102.	Election to Redeem; Notice to Trustee	 	64
	SECTION 1103.	Selection by Trustee of Securities to Be Redeemed	 	65
	SECTION 1104.	Notice of Redemption	 	65
	SECTION 1105.	Deposit of Redemption Price	 	66
	SECTION 1106.	Securities Payable on Redemption Date	 	67
	SECTION 1107.	Securities Redeemed in Part	 	68
	 	 	 
	ARTICLE TWELVE - SINKING FUNDS	 	68
	SECTION 1201.	Applicability of Article	 	68
	SECTION 1202.	Satisfaction of Sinking Fund Payments with Securities	 	68
	SECTION 1203.	Redemption of Securities for Sinking Fund	 	69
	 	 	 
	ARTICLE THIRTEEN - REPAYMENT AT THE OPTION OF HOLDERS	 	69
	SECTION 1301.	Applicability of Article	 	69
	SECTION 1302.	Repayment of Securities	 	69
	SECTION 1303.	Exercise of Option	 	70

 

    	 	iii 	 

     

    

 

	SECTION 1304.	When Securities Presented for Repayment Become Due and Payable	 	70
	SECTION 1305.	Securities Repaid in Part	 	71
	 	 	 
	ARTICLE FOURTEEN - DEFEASANCE AND COVENANT DEFEASANCE	 	71
	SECTION 1401.	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	 	71
	SECTION 1402.	Defeasance and Discharge	 	72
	SECTION 1403.	Covenant Defeasance	 	72
	SECTION 1404.	Conditions to Defeasance or Covenant Defeasance	 	72
	SECTION 1405.	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	 	74
	 	 	 
	ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF SECURITIES	 	75
	SECTION 1501.	Purposes for Which Meetings May Be Called	 	75
	SECTION 1502.	Call, Notice and Place of Meetings	 	75
	SECTION 1503.	Persons Entitled to Vote at Meetings	 	76
	SECTION 1504.	Quorum; Action	 	76
	SECTION 1505.	Determination of Voting Rights; Conduct and Adjournment of Meetings	 	77
	SECTION 1506.	Counting Votes and Recording Action of Meetings	 	78
	 	 	 
	ARTICLE SIXTEEN - CONVERSION OF SECURITIES	 	78
	SECTION 1601.	Applicability of Article; Conversion Privilege and Conversion Price	 	78
	SECTION 1602.	Exercise of Conversion Privilege	 	79
	SECTION 1603.	Fractions of Shares	 	80
	SECTION 1604.	Adjustment of Conversion Price	 	80
	SECTION 1605.	Notice of Adjustments of Conversion Price	 	84
	SECTION 1606.	Notice of Certain Corporate Action	 	84
	SECTION 1607.	Company to Reserve Common Stock	 	85
	SECTION 1608.	Taxes on Conversion	 	85
	SECTION 1609.	Covenants as to Common Stock	 	85
	SECTION 1610.	Cancellation of Converted Securities	 	85
	SECTION 1611.	Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions	 	86
	SECTION 1612.	Trustee Adjustment Disclaimer; Company Determination Final	 	87
	SECTION 1613.	When No Adjustment Required	 	87
	SECTION 1614.	Equivalent Adjustments	 	88

 

    	 	iv 	 

     

    

 

EYEGATE PHARMACEUTICALS, INC.

 

Reconciliation and tie between the Trust Indenture
Act of 1939, as amended (the “Trust Indenture Act” or “TIA”) and the Indenture, dated as of                     ,
20    .

 

	Trust Indenture	 	 
	Act Section	 	Indenture Section
	 	 	 
	§ 310(a)(1)	 	  607
	(a)(2)	 	  607
	(b)	 	  607, 608
	§ 312(c)	 	  701
	§ 313(a)	 	  702
	(c)	 	  702
	§ 314(a)	 	  703
	(a)(4)	 	  1008
	(c)(1)	 	  102
	(c)(2)	 	  102
	(e)	 	  102
	§ 315(b)	 	  601
	§ 316(a) (last sentence)	 	  101(“Outstanding”)
	(a)(1)(A)	 	  502, 512
	(a)(1)(B)	 	  513
	(b)	 	  508
	§ 317(a)(1)	 	  503
	(a)(2)	 	  504
	§ 318(a)	 	  111
	(c)	 	  111

 

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

 

Attention should also be directed to Section 318(c) of
the Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are
a part of and govern every qualified indenture, whether or not physically contained therein.

 

    	 	v 	 

     

    

 

INDENTURE, dated as of                     ,
20    , EYEGATE PHARMACEUTICALS, INC., a corporation organized under the laws of the State of Delaware
(hereinafter called the “Company”), having its principal office at 271 Waverley Oaks Road, Suite 108, Waltham, MA 02452
and                                   ,
as Trustee hereunder (hereinafter called the “Trustee”), having a Corporate Trust Office at                                                     .

 

RECITALS OF THE COMPANY

 

The Company deems it necessary to issue from
time to time for its lawful purposes senior debt securities (hereinafter called the “Securities”) evidencing its unsecured
and senior indebtedness, and has duly authorized the execution and delivery of this Indenture to provide for the issuance from
time to time of the Securities, to be issued in one or more Series as provided in this Indenture.

 

This Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or “TIA”), that are deemed to
be incorporated into this Indenture and shall, to the extent applicable, be governed by such provisions.

 

All things necessary to make this Indenture
a valid and legally binding agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and
the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit
of all Holders of the Securities or of a Series thereof, as follows:

 

ARTICLE ONE - DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION 101.     Definitions. 
For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 

(1)         
the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the
singular;

 

(2)         
all other terms used herein which are defined in the TIA, either directly or by reference therein, have the meanings assigned to
them therein, and the terms “cash transactions” and “self-liquidating paper,” as used in TIA Section 311,
shall have the meanings assigned to them in the rules of the Commission adopted under the TIA;

 

(3)         
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(4)         
any reference to an “Article” or a “Section” refers to an Article or Section, as the case may be,
of this Indenture; and

 

    	 	1	 

     

    

 

(5)         
the words “herein,” “hereof “and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

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

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person.  For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 611 hereof to act on behalf of the Trustee to authenticate Securities
of one or more Series.

 

“Authorized Newspaper” means
a newspaper, printed in the English language or in an official language of the country of publication, customarily published on
each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection
with which the term is used or in the financial community of each such place.  Whenever successive publications are required
to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers
in the same city meeting the foregoing requirements and in each case on any Business Day.

 

“Bankruptcy Law” has the
meaning specified in Section 501.

 

“Bearer Security” means any
Security established pursuant to Section 201 which is payable to the bearer.

 

“Board of Directors” when
used with reference to the Company, means the board of directors of the Company, or any committee of that board duly authorized
to act hereunder, or any director or directors and/or officer or officers of the Company, to whom the board or committee shall
have duly delegated its authority.

 

“Board Resolution” means
a copy of (1) a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors or a duly authorized committee of the Board of Directors and to be in full force and effect on the date
of such certification, or (2) a certificate signed by the director or directors and/or officer or officers to whom the Board
of Directors shall have duly delegated its authority, together with a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification
authorizing such delegation, and, in each case, delivered to the Trustee.

 

“Business Day,” when used
with respect to any Place of Payment or any other particular location referred to in this Indenture or in the Securities, means,
unless otherwise specified with respect to any Securities issued pursuant to Section 301, any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which banking institutions in that Place of Payment or particular location
are authorized or required by law, regulation or executive order to close.

 

    	 	2	 

     

    

 

“Capital Stock” means, with
respect to any Person, any capital stock (including preferred stock), shares, interests, participations or other ownership interests
(however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate stock),
warrants or options to purchase any thereof.

 

“Clearstream” means Clearstream
Banking Luxembourg, société anonyme, or its successor.

 

“Closing Price” means the
closing price of a share of Common Stock of the Company as reported on the NASDAQ Capital Market.

 

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

 

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

 

“Common Depository” has the
meaning specified in Section 304.

 

“Common Stock” means, with
respect to any Person, all shares of capital stock issued by such Person other than Preferred Stock.

 

“Company” means the Person
named as the “Company” in the first paragraph of this Indenture until a successor corporation shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

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

 

“Constituent Person” has
the meaning specified in Section 1611.

 

“Conversion Event” means
the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency and for the
settlement of transactions by a central bank or other public institutions of or within the international banking community, (ii) the
ECU both within the European Monetary System and for the settlement of transactions by public institutions of or within the European
Communities or (iii) any currency unit (or composite currency) other than the ECU for the purposes for which it was established.

 

“Conversion Price” has the
meaning specified in Section 1601.

 

    	 	3	 

     

    

 

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

 

“corporation” includes corporations,
associations, companies and business trusts.

 

“coupon” means any interest
coupon appertaining to a Bearer Security.

 

“Covenant Defeasance” has
the meaning specified in Section 1403.

 

“Custodian” has the meaning
specified in Section 501.

 

“Defaulted Interest” has
the meaning specified in Section 307.

 

“Defeasance” has the meaning
specified in Section 1402.

 

“Distribution Record Date”
has the meaning specified in Section 1611.

 

“Dividend Record Date” has
the meaning specified in Section 1604.

 

“Dollar” or the sign “$”
means a dollar or other equivalent unit in such coin or currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

 

“DTC” means The Depository
Trust Company and any successor to DTC in its capacity as depository for any Securities.

 

“ECU” means the European
Currency Unit as defined and revised from time to time by the Council of the European Communities.

 

“Euroclear” means the operator
of the Euroclear System.

 

“European Communities” means
the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community.

 

“European Monetary System”
means the European Monetary System established by the Resolution of December 5, 1978 of the Council of the European Communities.

 

“Event of Default” has the
meaning specified in Article Five.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, as in force at the date as of which this Indenture was executed; provided,
however, that in the event the Exchange Act is amended after such date, “Exchange Act” means to the extent required
by any such amendment, the Exchange Act as so amended.

 

“Exchange Date” has the meaning
specified in Section 304.

 

“FINRA” means the Financial
Industry Regulatory Authority, Inc.

 

    	 	4	 

     

    

 

“Foreign Currency” means any
currency, currency unit or composite currency, including, without limitation, the ECU issued by the government of one or more countries
other than the United States of America or by any recognized confederation or association of such governments.

 

“GAAP” means, except as otherwise
provided herein, generally accepted accounting principles, as in effect from time to time, as used in the United States applied
on a consistent basis.

 

“Global Security” means a
Security evidencing all or a part of a series of Securities issued to and registered in the name of the depository for such series,
or its nominee, in accordance with Section 305, and bearing the legend prescribed in Section 203.

 

“Government Obligations”
means (i) securities which are (A) direct obligations of the United States of America or the government which issued
the Foreign Currency in which the Securities of a particular series are payable, for the payment of which its full faith and credit
is pledged or (B) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America or such government which issued the Foreign Currency in which the Securities of such series are payable, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other
government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and (iii) a depository
receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of
interest on or principal of any such 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 Government Obligation
or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt.

 

“Holder” means, in the case
of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the case of a Bearer
Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof.

 

“Indenture” means this instrument
as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established
as contemplated by Section 301; provided, however, that, if at any time more than one Person is acting as Trustee
under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such
Person is Trustee, this instrument as originally executed or as it may be supplemented or amended from time to time by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or
those particular series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive,
however, of any provisions or terms which relate solely to other series of Securities for which such Person is Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures
supplemental hereto executed and delivered after such Person had become such Trustee but to which such Person, as such Trustee,
was not a party.

 

    	 	5	 

     

    

 

“Indexed Security” means
a Security the terms of which provide that the principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.

 

“Interest,” when used with
respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable
after Maturity.

 

“Interest Payment Date,”
when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Make-Whole Amount,” when
used with respect to any Security, means the amount, if any, in addition to principal (and accrued interest thereon, if any) which
is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by Section 301,
to be paid by the Company to the Holder thereof in connection with any optional redemption or accelerated payment of such Security.

 

“mandatory sinking fund payment”
has the meaning specified in Section 1201.

 

“Market Value of the Distribution”
has the meaning specified in Section 1604.

 

“Maturity,” when used with
respect to any Security, means the date on which the principal (or, if the context so requires, in the case of an Original Issue
Discount Security, or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified
terms of that Security) of such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment or
otherwise.

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board of Directors, the Chief Executive Officer, the President, or a Vice President
(whether or not designated by a number or word or words added before or after the title “Vice President”), and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Opinion of Counsel” means
a written opinion of counsel, who may be counsel for the Company or who may be an employee of or other counsel for the Company.

 

“optional sinking fund payment”
has the meaning specified in Section 1201.

 

“Original Issue Discount Security”
means any Security which provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 502.

 

“Outstanding,” when used
with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under
this Indenture, except:

 

    	 	6	 

     

    

 

(i)         Securities
theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)         Securities,
or portions thereof, for whose payment or redemption (including repayment at the option of the Holder) money in the necessary amount
has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities and any coupons appertaining
thereto; provided, however, that, if such Securities are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(iii)         Securities,
except to the extent provided in Sections 1402 and 1403, with respect to which the Company has effected Defeasance and/or Covenant
Defeasance as provided in Article Fourteen; and

 

(iv)         
Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities
are valid obligations of the Company.

 

provided, however, that in determining whether the
Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that may be
counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal
to the amount of principal thereof that would be (or shall have been declared to be) due and payable, at the time of such determination,
upon a declaration of acceleration of the maturity thereof pursuant to Section 502, (ii) the principal amount of any
Security denominated in a Foreign Currency that may be counted in making such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section 301 as of the date such
Security is originally issued by the Company, of the principal amount (or, in the case of an Original Issue Discount Security,
the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above) of such
Security, (iii) the principal amount of any Indexed Security that may be counted in making such determination or calculation
and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original
issuance, unless otherwise provided with respect to such Security pursuant to Section 301, and (iv) Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation
or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible
Officer of the Trustee actually knows to be so owned shall be so disregarded.  Securities owned as provided in clause (iv) above
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor.  In case of a dispute as to such right, the
advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice.

 

    	 	7	 

     

    

 

“Paying Agent” means any
Person authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on any Securities
or coupons on behalf of the Company.

 

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

 

“Place of Payment,” when
used with respect to the Securities of or within any series, means the place or places where the principal of (and premium or Make-Whole
Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002.

 

“Predecessor Security” of
any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a mutilated, destroyed, lost or stolen
coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security
to which the mutilated, destroyed, lost or stolen coupon appertains.

 

“Preferred Stock” means,
with respect to any Person, all capital stock issued by such Person that is entitled to a preference or priority over any other
capital stock issued by such Person with respect to any distribution of such Person’s assets, whether by dividend or upon
any voluntary or involuntary liquidation, dissolution or winding up.

 

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

 

“Redemption Price,” when
used with respect to any Security to be redeemed, means the price specified in the related Officers’ Certificate or supplemental
indenture contemplated by and pursuant to Section 301, at which it is to be redeemed pursuant to this Indenture.

 

“Reference Date” has the
meaning specified in Section 1604.

 

“Registered Security” shall
mean any Security which is registered in the Security Register.

 

“Regular Record Date” for
the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the date specified
for that purpose as contemplated by Section 301, whether or not a Business Day.

 

    	 	8	 

     

    

 

“Repayment Date” means, when
used with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to
this Indenture.

 

“Repayment Price” means,
when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be repaid by or pursuant
to this Indenture.

 

“Responsible Officer,” when
used with respect to the Trustee, means any Vice President (whether or not designated by a number or a word or words added before
or after the title “Vice President”), Assistant Vice President, Trust Officer or Assistant Trust Officer working in
its Corporate Trust Department, or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and working in its Corporate Trust Department, and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge and familiarity
with the particular subject and who shall have direct responsibility for the administration of this Indenture.

 

“Rights” has the meaning
specified in Section 1604.

 

“Rights Record Date” has
the meaning specified in Section 1604.

 

“Security” and “Securities”
has the meaning stated in the first recital of this Indenture and, more particularly, means any Security or Securities authenticated
and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting
as Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is Trustee shall
have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered
under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.

 

A “Series” of Securities
means all securities denoted as part of the same series authorized by or pursuant to a particular Board Resolution.

 

“Short Term Rights” has the
meaning specified in Section 1604.

 

“Significant Subsidiary”
means any Subsidiary which is a “significant subsidiary” (as defined in Article I, Rule 1-02 of Regulation
S-X, promulgated under the Securities Act of 1933, as amended) of the Company.

 

“Special Record Date” for
the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by the Company pursuant
to Section 307.

 

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

 

    	 	9	 

     

    

 

“Subsidiary” means, with
respect to any Person, any corporation, limited liability company, partnership or other entity of which a majority of (i) the
voting power of the voting equity securities or (ii) the outstanding equity interests are owned, directly or indirectly, by
such Person.  For the purposes of this definition, “voting equity securities” means equity securities having voting
power for the election of directors, whether at all times or only so long as no senior class of security has such voting power
by reason of any contingency.

 

“Trading Day” means any day
on which the NASDAQ Capital Market is open for business.

 

“Trigger Events” has the
meaning specified in Section 1604.

 

“Trust Indenture Act” or
“TIA” means the Trust Indenture Act of 1939, as amended and as in force at the date as of which this Indenture
was executed, except as provided in Section 905.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this Indenture 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; provided, however, that if at any time there is more than one such Person, “Trustee”
as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series.

 

“Unadjusted Distribution”
has the meaning specified in Section 1604.

 

“United States” means, unless
otherwise specified with respect to any Securities pursuant to Section 301, the United States of America (including the states
and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction.

 

“United States Person” means,
unless otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States
or an estate or trust the income of which is subject to United States Federal income taxation regardless of its source.

 

“Yield to Maturity” means
the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation
principles.

 

SECTION 102.        Compliance
Certificates and Opinions.  Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the
case of any such application or request as to which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

    	 	10	 

     

    

 

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (including certificates delivered pursuant to Section 1008)
shall include:

 

(1)          
a statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein
relating thereto;

 

(2)         
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(3)          
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such condition or covenant has been complied with; and

 

(4)         
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

SECTION 103.     Form of
Documents Delivered to Trustee.  In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect
to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

 

Any certificate or opinion of an officer of
the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or representations
by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations
with respect to the matters upon which his certificate or opinion is based are erroneous.  Any such Opinion of Counsel or
certificate or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations
by, an officer or officers of the Company stating that the information as to such factual matters is in the possession of the Company,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

 

Where any Person is required to make, give or
execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

    	 	11	 

     

    

 

SECTION 104.     Acts
of Holders.

 

(a)         
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Holders of the Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed
in writing.  If Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series may, alternatively,
be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or
by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called and held in accordance
with the provisions of Article Fifteen, or a combination of such instruments and any such record.  Except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the
Trustee and, where it is hereby expressly required, to the Company.  Such instrument or instruments and any such record (and
the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments or so voting at any such meeting.  Proof of execution of any such instrument or of a writing
appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture
and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided
in this Section.  The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 1506.

 

(b)         
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof.  Where such execution is
by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority.  The fact and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient.

 

(c)         
The ownership of Registered Securities shall be proved by the Security Register.  As to any matter relating to beneficial
ownership interests in any Global Security, the appropriate depository’s records shall be dispositive for purposes of this
Indenture.

 

(d)         
The ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depository,
by any trust company, bank, banker or other depository, wherever situated, if such certificate shall be deemed by the Trustee to
be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depository, or exhibited to it,
the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such
Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory.  The Trustee and the Company
may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later
date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced to the Trustee by
some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer
Security is no longer Outstanding.  The ownership of Bearer Securities may also be proved in any other manner which the Trustee
deems sufficient.

 

    	 	12	 

     

    

 

(e)         
If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so.  Notwithstanding TIA Section 316(c), such record date shall be the
record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to
the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. 
If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to
be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose
the Outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or consent
by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date.

 

(f)         
Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or upon the
conversion thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not
notation of such action is made upon such Security.

 

SECTION 105.     Notices, etc.,
to Trustee and Company.  Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with,

 

(1)         
the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Trustee at                      [                                                  ]
or at any other address previously furnished in writing to the Company by the Trustee, Attention: [                    ];
or

 

(2)         
the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal
office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to the Trustee
by the Company, Attention: [                    ];
or

 

    	 	13	 

     

    

 

(3)         
either the Trustee or the Company, by the other party or by any Holder, shall be sufficient for every purpose hereunder if given
by facsimile transmission, receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier;
if to the Trustee at facsimile number [                    ];
and if to the Company at facsimile number [                    ].

 

SECTION 106.     Notice
to Holders; Waiver.  Where this Indenture provides for notice of any event to Holders of Registered Securities by the
Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it appears in the Security Register,
not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. 
In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice to Holders of Bearer Securities given as provided herein.  Any notice
mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or
not such Holder actually receives such notice.

 

If by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification
to such Holders for every purpose hereunder.

 

Except as otherwise expressly provided herein
or otherwise specified with respect to any Securities pursuant to Section 301, where this Indenture provides for notice to
Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The
City of New York and in such other city or cities as may be specified in such Securities on a Business Day, such publication to
be not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. 
Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date
of the first such publication.

 

If by reason of the suspension of publication
of any Authorized Newspaper or Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with
the approval of the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder.  Neither the failure
to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so
published, shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of
any notice to Holders of Registered Securities given as provided herein.

 

Any request, demand, authorization, direction,
notice, consent or waiver required or permitted under this Indenture shall be in the English language, except that any published
notice may be in an official language of the country of publication.

    	 	14	 

     

    

 

Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

SECTION 107.     Counterparts;
Effect of Headings and Table of Contents.  This Indenture may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. 
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction
hereof.

 

SECTION 108.     Successors
and Assigns.  All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether
so expressed or not.

 

SECTION 109.     Severability
Clause.  In case any provision in this Indenture or in any Security or coupon shall be held invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 110.     Benefits
of Indenture.  Nothing in this Indenture or in the Securities or coupons, if any, express or implied, shall give to any
Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors
hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

SECTION 111.     Governing
Law.  This Indenture and the Securities and coupons shall be governed by and construed in accordance with the laws of
the State of New York.  This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture
and shall, to the extent applicable, be governed by such provisions.

 

SECTION 112.     Legal
Holidays.  In any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated
Maturity or Maturity of any Security or the last date on which a Holder has the right to convert or exchange a Security shall not
be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon
other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof),
payment of interest or principal (and premium or Make-Whole Amount, if any) or conversion or exchange of such Security need not
be made at such Place of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to
such Security) may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity,
or on such last day for conversion or exchange, provided that no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity,
as the case may be.

 

    	 	15	 

     

    

 

SECTION 113.     Limited
Liability; Immunity of Stockholders, Directors, Officers and Agents of the Company.  Notwithstanding any other provision
of this Indenture or of the Securities of any series to the contrary, no recourse under or upon any obligation, covenant or agreement
contained in this Indenture or in any Security, or for the payment of any sums due on account of any indebtedness evidenced thereby,
including without limitation principal, premium or interest, if any, or for any claim based on this Indenture or any Security or
otherwise in respect of this Indenture or any Security, shall be had, whether by levy or execution or otherwise, against (i) the
Company, the Company’s assets or against any past, present or future stockholder, employee, officer, director or agent, as
such, of the Company or any successor, either directly or through the Company or any successor, under any rule of law, statute,
constitutional provision or by the enforcement of any assessment or penalty, or by any legal or equitable proceeding or otherwise,
nor shall any such parties be personally liable for any such amounts, obligations or claims, or liable for any deficiency judgment
based thereon or with respect thereto, it being expressly understood that the sole remedies hereunder or under any other document
with respect to the Securities against such parties with respect to such amounts, obligations or claims shall be against the Company
and that all such liability of and recourse against such parties is expressly waived and released by the acceptance of the Securities
by the Holders and as part of the consideration for the issue of the Securities.

 

SECTION 114.     Conflict
with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof which
is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision
shall control.  If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may
be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as
the case may be.

 

ARTICLE TWO - SECURITIES FORMS

 

SECTION 201.     Forms
of Securities.  The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and
related coupons shall be substantially in the form of Exhibit A hereto or in such other form as shall be established
in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in accordance
with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto, and may have such letters, numbers or other marks of identification
or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent
with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant
thereto or with any rule or regulation of any over-the-counter market or securities exchange, on which the Securities may
be quoted or listed, or to conform to usage.

 

Unless otherwise specified as contemplated by
Section 301, Bearer Securities shall have interest coupons attached.

 

    	 	16	 

     

    

 

The definitive Securities and coupons shall
be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or steel engraved
borders or mechanically reproduced on safety paper or may be produced in any other manner, all as determined by the officers executing
such Securities or coupons, as evidenced by their execution of such Securities or coupons.

 

SECTION 202.     Form of
Trustee’s Certificate of Authentication.  Subject to Section 611, the Trustee’s certificate of authentication
shall be in substantially the following form:

 

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

 

	 	 	 	                                                                                              ,
	 	 	 	as Trustee
	 	 	 	 	 
	Dated:	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

SECTION 203.     Securities
Issuable in Global Form.  If Securities of or within a series are issuable in the form of one or more Global Securities,
then, notwithstanding clause (8) of Section 301 and the provisions of Section 302, any such Global Security or Securities
may provide that it or they shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount
as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities of such series represented thereby may from time to time be increased or decreased to reflect exchanges.  Any endorsement
of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof,
of Outstanding Securities represented thereby shall be made (or caused to be made) by the Trustee in such manner or by such Person
or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or
304.  Subject to the provisions of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver
any Global Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein
or in the applicable Company Order.  If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is,
delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be
in writing but need not comply with Section 102 and need not be accompanied by an Opinion of Counsel.

 

The provisions of the last sentence of Section 303
shall apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the
Company delivers to the Trustee the Global Security together with written instructions (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence of Section 303.

 

Notwithstanding the provisions of Section 307,
unless otherwise specified as contemplated by Section 301, payment of principal of and any premium or Make-Whole Amount, if
any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof.

 

    	 	17	 

     

    

 

Notwithstanding the provisions of Section 308
and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security (i) in the
case of a permanent Global Security in registered form, the Holder of such permanent Global Security in registered form, or (ii) in
the case of a permanent Global Security in bearer form, Euroclear or Clearstream.

 

Any Global Security authenticated and delivered
hereunder shall bear a legend in substantially the following form:

 

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

 

ARTICLE THREE - THE SECURITIES

 

SECTION 301.     Amount
Unlimited; Issuable in Series.  The aggregate principal amount of Securities which may be authenticated and delivered
under this Indenture is unlimited.

 

The Securities may be issued in one or more
series, each of which shall be authorized pursuant to Board Resolutions of the Company.  There shall be established in one
or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set
forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series:

 

(1)         The
title of the Securities of the series, including “CUSIP” numbers (which shall distinguish the Securities of such series
from all other series of Securities);

 

(2)         
Any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or upon conversion of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305) and the minimum authorized
denominations with respect to the Securities of such series;

 

(3)         
The price (expressed as a percentage of the principal amount thereof) at which such Securities will be issued and, if other than
the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity
thereof or (if applicable) the portion of the principal amount of such Securities that is convertible into Common Stock or Preferred
Stock or the method by which any such portion shall be determined;

 

    	 	18	 

     

    

 

(4)         
If convertible, the terms on which such Securities are convertible, including the initial conversion price or rate and the conversion
period and any applicable limitations on the ownership or transferability of Common Stock or Preferred Stock receivable on conversion;

 

(5)         
The date or dates, or the method for determining such date or dates, on which the principal of such Securities will be payable;

 

(6)         
The rate or rates (which may be fixed or variable), or the method by which such rate or rates shall be determined, at which such
Securities will bear interest, if any;

 

(7)         
The date or dates, or the method for determining such date or dates, from which any such interest will accrue, the Interest Payment
Dates on which any such interest will be payable, the Regular Record Dates for such Interest Payment Dates, or the method by which
such dates shall be determined, the Persons to whom such interest shall be payable, and the basis upon which interest shall be
calculated if other than that of a 360-day year of twelve 30-day months;

 

(8)         
The Make-Whole Amount, if any, or method for determining the Make-Whole Amount, if any, payable with respect to such Securities,
and the terms upon which such amount, if any, will be payable;

 

(9)         
The place or places where the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities
will be payable, where such Securities may be surrendered for registration of transfer or conversion or exchange and where notices
or demands to or upon the Company in respect of such Securities and this Indenture may be served;

 

(10)         
The period or periods, if any, within which, the price or prices at which and the other terms and conditions upon which such Securities
may, pursuant to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at the option of the Company;

 

(11)         
The obligation, if any, of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or analogous provision
or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms
and conditions upon which such Securities will be redeemed, repaid or purchased, as a whole or in part, pursuant to such obligation;

 

(12)         
If other than Dollars, the currency or currencies in which such Securities are denominated and payable, which may be a foreign
currency or units of two or more foreign currencies or a composite currency or currencies, the manner of determining the equivalent
thereof in Dollars for purposes of the definition of “Outstanding” in Section 101, and the terms and conditions
relating thereto;

 

    	 	19	 

     

    

 

(13)         
Whether the amount of payments of principal of (and premium or Make-Whole Amount, if any, including any amount due upon redemption,
if any) or interest on such Securities may be determined with reference to an index, formula or other method (which index, formula
or method may, but need not be, based on the yield on or trading price of other securities, including United States Treasury securities
or on a currency, currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts
shall be determined;

 

(14)         
Whether the principal of (and premium or Make-Whole Amount, if any) or interest on the Securities of the series are to be payable,
at the election of the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or
currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within which,
and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate
agent with responsibility for, determining the exchange rate between the currency or currencies, currency unit or units or composite
currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency
unit or units or composite currency or currencies in which such Securities are to be so payable;

 

(15)         
Provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may
be specified;

 

(16)         
Any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to Securities
of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth
herein;

 

(17)         
Whether and under what circumstances the Company will pay any additional amounts on such Securities in respect of any tax, assessment
or governmental charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment;

 

(18)         
Whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both,
any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer Securities of the
series may be exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws and regulations),
whether any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series
are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such
permanent global Security may, or shall be required to, exchange such interests for Securities of such series and of like tenor
of any authorized form and denomination and the circumstances under which any such exchanges may, or shall be required to, occur,
if other than in the manner provided in the Indenture, and, if Registered Securities of the series are to be issuable as a Global
Security, the identity of the depository for such series;

 

    	 	20	 

     

    

 

(19)         
The date as of which any Bearer Securities of the series and any temporary Global Security representing outstanding Securities
of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued;

 

(20)         The
Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest
the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable, if otherwise than
upon presentation and surrender of the coupons appertaining thereto as they severally mature, and the extent to which, or the manner
in which, any interest payable on a temporary Global Security on an Interest Payment Date will be paid if other than in the manner
provided herein; provided, however, in each case, that the manner of determining such Person or making such payment
shall be acceptable to the Trustee (as not imposing on it any undue administrative burden or risk of liability);

 

(21)         The
applicability, if any, of the Defeasance and Covenant Defeasance provisions of Article Fourteen hereof to the Securities of
the series;

 

(22)         The
obligation, if any, of the Company to permit the conversion of the Securities of such series into Common Stock or Preferred Stock,
as the case may be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the
initial conversion price or rate, the conversion period, any adjustment of the applicable conversion price and any requirements
relative to the reservation of such shares for purposes of conversion);

 

(23)         If
the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then
the form and/or terms of such certificates, documents or conditions;

 

(24)         Designation
of the Trustee, if different from the Trustee under the Indenture, with respect to such series and the terms applicable to such
Trustee (which shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein);
and

 

(25)         Any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture).

 

All Securities of any one series and the coupons
appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities,
as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution (subject to Section 303)
and set forth in such Officers’ Certificate or in any such indenture supplemental hereto.  All Securities of any one
series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the
Holders, for issuances of additional Securities of such series.

 

    	 	21	 

     

    

 

If any of the terms of the Securities of any
series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officers’ Certificate setting forth the terms of the Securities of such series.

 

SECTION 302.     Denominations. 
The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301. 
With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the Securities
of any series, the Securities of such series, other than Global Securities (which may be of any denomination), shall be issuable
in denominations of $1,000 and any integral multiple thereof or the equivalent amounts thereof in the case of Securities denominated
in the Foreign Currency or currency unit.

 

SECTION 303.     Execution,
Authentication, Delivery and Dating.  The Securities and any coupons appertaining thereto shall be executed on behalf
of the Company by its Chairman of the Board, its Chief Executive Officer, its President, or one of its Vice Presidents, under its
corporate seal reproduced thereon, and attested by its Secretary or one of its Assistant Secretaries.  The signature of any
of these officers on the Securities and coupons may be manual or facsimile signatures of the present or any future such authorized
officer and may be imprinted or otherwise reproduced on the Securities.

 

Securities and coupons bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities
or did not hold such offices at the date of such Securities or coupons.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series, together with any coupon appertaining
thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery
of such Securities (accompanied by a copy of the Board Resolution and the Officers’ Certificate or supplemental indenture
contemplated by Section 301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities;
provided, however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise
delivered to any location in the United States; and provided further that, unless otherwise specified with respect to any
series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its original issuance
only if the Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or Clearstream, as
the case may be, in the form set forth in Exhibit B-1 to this Indenture or such other certificate as may be specified
by the Company with respect to any series of Securities pursuant to Section 301, dated no earlier than 15 days prior to the
earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable
for such Bearer Security in accordance with the terms of such temporary Security and this Indenture.  If any Security shall
be represented by a permanent Global Security, then, for purposes of this Section and Section 304, the notation of a
beneficial owner’s interest therein upon original issuance of such Security or upon exchange of a portion of a temporary
Global Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest
in such permanent Global Security.  Except as permitted by Section 306, the Trustee shall not authenticate and deliver
any Bearer Security unless all appurtenant coupons for interest then matured have been detached and canceled.

 

    	 	22	 

     

    

 

If all the Securities of any series are not
to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so permit, such Company
Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular
Securities of such series, such as interest rate or formula, maturity date, date of issuance and date from which interest shall
accrue.  In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation
to such Securities, the Trustee shall be entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall
be fully protected in relying upon,

 

(i)           
an Opinion of Counsel stating that

 

(a)         
the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture;

 

(b)         
the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; and

 

(c)         
such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered
by the Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee
in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute legal, valid and legally binding obligations of the Company, enforceable in accordance with their terms,
subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization and other similar laws of general applicability
relating to or affecting the enforcement of creditors’ rights generally and to general equitable principles; and

 

(ii)         an
Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance of the
Securities have been complied with and that, to the best of the knowledge of the signers of such certificate, that no Event of
Default with respect to any of the Securities shall have occurred and be continuing.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable)
if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, obligations or immunities
under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 

    	 	23	 

     

    

 

Notwithstanding the provisions of Section 301
and of the preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary
to deliver an Officers’ Certificate otherwise required pursuant to Section 301 or a Company Order, or an Opinion of
Counsel or an Officers’ Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each
Security of such series, but such order, opinion and certificates, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of such series.

 

Each Registered Security shall be dated the
date of its authentication and each Bearer Security shall be dated as of the date specified as contemplated by Section 301.

 

No Security or coupon shall be entitled to any
benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security or Security to which
such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee
(subject to Section 611) by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture.  Notwithstanding the foregoing, if any Security (including a Global Security) shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and sold by the Company,
for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

 

SECTION 304.     Temporary
Securities.

 

(a)         
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced,
in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their
execution of such Securities.  In the case of Securities of any series, such temporary Securities may be in global form.

 

Except in the case of temporary Global Securities
(which shall be exchanged as otherwise provided herein or as otherwise provided in or pursuant to a Board Resolution or supplemental
indenture pursuant to Section 301), if temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay.  After the preparation of definitive Securities of such series,
the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary
Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. 
Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any non-matured coupons appertaining
thereto), the Company shall execute (in accordance with a Company Order delivered at or prior to the authentication of the first
definitive security to such series) and the Trustee shall authenticate and deliver in exchange therefor a like principal amount
of definitive Securities of the same series of authorized denominations; provided, however, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security; and provided further that a definitive Bearer
Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 303. 
Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Securities of such series.

 

    	 	24	 

     

    

 

(b)         Unless
otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section 301, the following provisions
of this Section 304(b) shall govern the exchange of temporary Securities other than through the facilities of the DTC. 
If any such temporary Security is issued in global form, then such temporary Global Security shall, unless otherwise provided therein,
be delivered to the London office of a depository or common depository upon and pursuant to written direction of the Company (the
“Common Depository”), for the benefit of Euroclear and Clearstream, for credit to the respective accounts of the beneficial
owners of such Securities (or to such other accounts as they may direct).

 

Without unnecessary delay but in any event not
later than the date specified in, or determined pursuant to the terms of, any such temporary Global Security (the “Exchange
Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal
amount of such temporary Global Security, executed by the Company.  On or after the Exchange Date, such temporary Global Security
shall be surrendered by the Common Depository to the Trustee, as the Company’s agent for such purpose, to be exchanged, in
whole or from time to time in part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in
exchange for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of such temporary Global Security to be exchanged. 
The definitive Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered
form, permanent global bearer form or permanent global registered form, or any combination thereof, as specified as contemplated
by Section 301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed
by or pursuant to information provided by the Common Depository); provided, however, that, unless otherwise specified
in such temporary Global Security, upon such presentation by the Common Depository, such temporary Global Security shall be accompanied
by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global
Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by
Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, each in the form set
forth in Exhibit B-2 to this Indenture or in such other form as may be established pursuant to Section 301; and
provided further that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security
only in compliance with the requirements of Section 303.

 

    	 	25	 

     

    

 

Unless otherwise specified in such temporary
Global Security, the interest of a beneficial owner of Securities of a series in a temporary Global Security shall be exchanged
for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear
or Clearstream, as the case may be, to request such exchange on his behalf and delivers to Euroclear or Clearstream, as the case
may be, a certificate in the form set forth in Exhibit B-1 to this Indenture (or in such other form as may be established
pursuant to Section 301), dated no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available
from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of Securities and
each Paying Agent.  Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of
charge to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Securities must bear
the cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive Securities in
person at the offices of Euroclear or Clearstream.  Definitive Securities in bearer form to be delivered in exchange for any
portion of a temporary Global Security shall be delivered only to an address located outside the United States.

 

Until exchanged in full as hereinabove provided,
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of the same series and of like tenor authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 301, interest payable on a temporary Global Security on an Interest Payment Date for Securities
of such series occurring prior to the applicable Exchange Date shall be payable to Euroclear and Clearstream on such Interest Payment
Date upon delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates in the form set forth in Exhibit B-2
to this Indenture (or in such other forms as may be established pursuant to Section 301), for credit without further interest
on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such temporary Global
Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate
dated no earlier than 15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set forth as
Exhibit B-1 to this Indenture (or in such other forms as may be established pursuant to Section 301).  Notwithstanding
anything to the contrary herein contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements
of the preceding two paragraphs of this Section 304(b) and of the third paragraph of Section 303 of this Indenture
and the interests of the Persons who are the beneficial owners of the temporary Global Security with respect to which such certification
was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of certification
if such date occurs after the Exchange Date, without further act or deed by such beneficial owners.  Except as otherwise provided
in this paragraph, no payments of principal or interest owing with respect to a beneficial interest in a temporary Global Security
will be made unless and until such interest in such temporary Global Security shall have been exchanged for an interest in a definitive
Security.  Any interest so received by Euroclear and Clearstream and not paid as herein provided shall be returned to the
Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company.

 

With respect to Exhibit B-1 or B-2 to this
Indenture, the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other forms
of such exhibits for such exhibits, eliminate the requirement that any or all certificate be provided, or change the time that
any certificate may be required, provided that such substitute form or forms or notice of elimination or change of such
certification requirement have theretofore been delivered to the Trustee with a Company Request and such form or forms, elimination
or change is reasonably acceptable to the Trustee.

 

    	 	26	 

     

    

 

SECTION 305.     Registration,
Registration of Transfer, Conversion and Exchange.  The Company shall cause to be kept at the Corporate Trust Office of
the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of Securities (the registers
maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred
to collectively as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration of Registered Securities and of transfers of Registered Securities.  The Security
Register shall be in written form or any other form capable of being converted into written form within a reasonable time. 
The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering
Registered Securities and transfers of Registered Securities on such Security Register as herein provided.  In the event that
the Trustee shall cease to be Security Registrar, it shall have the right to examine, and be provided a copy of, the Security Register
at all reasonable times.

 

Subject to the provisions of this Section 305,
upon surrender for registration of transfer of any Registered Security of any series at any office or agency of the Company in
a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of the same series, of any authorized denominations
and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and
provisions.

 

Subject to the provisions of this Section 305,
at the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series,
of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions,
upon surrender of the Registered Securities to be exchanged at any such office or agency.  Whenever any such Registered Securities
are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive.  Unless otherwise specified with respect to any series of Securities
as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered Securities.

 

    	 	27	 

     

    

 

If (but only if) permitted by the applicable
Board Resolution and (subject to Section 303) set forth in the applicable Officers’ Certificate, or in any indenture
supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series
may be exchanged for Registered Securities of the same series of any authorized denominations and of a like aggregate principal
amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons
and all matured coupons in default thereto appertaining.  If the Holder of a Bearer Security is unable to produce any such
unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer
Securities are accompanied by payment in funds acceptable to the Company (or to the Trustee for the Security in case of matured
coupons in default) in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon
or coupons may be waived by the Company and the Trustee if there is furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security shall surrender to any Paying
Agent any such missing coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest
represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside
the United States.  Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office
or agency in a permitted exchange for a Registered Security of the same series and like tenor after the close of business at such
office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating
to such Interest Payment Date or proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case
may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.  Whenever any Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

  

Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 301, any permanent Global Security shall be exchangeable only as provided in this paragraph. 
If the depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly permit such
Global Security to be exchanged in whole or in part for definitive Securities, a Global Security may be transferred, in whole but
not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security selected
or approved by the Company or to a nominee of such successor to DTC.  If at any time DTC notifies the Company that it is unwilling
or unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to be a clearing
agency registered under the Exchange Act if so required by applicable law or regulation, the Company shall appoint a successor
depository with respect to such Global Security or Securities.  If (w) a successor depository for such Global Security
or Securities is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such unwillingness,
inability or ineligibility, (x) the Company delivers to the Trustee for Securities of such series in registered form a Company
Order stating that the Securities of such series shall be exchangeable, (y) an Event of Default has occurred and is continuing
and the beneficial owners representing a majority in principal amount of the applicable series of Securities represented by such
Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or (z) the Company,
in its sole discretion, determines at any time that all Outstanding Securities (but not less than all) of any series issued or
issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities, then
the Company shall execute, and the Trustee shall authenticate and deliver definitive Securities of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities. 
If any beneficial owner of an interest in a permanent global Security is otherwise entitled to exchange such interest for Securities
of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated
by Section 301 and provided that any applicable notice provided in the permanent Global Security shall have been given, then
without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company
shall execute, and the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount equal to the
principal amount of such beneficial owner’s interest in such permanent Global Security.  On or after the earliest date
on which such interests may be so exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other
depository as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such
purpose; provided, however, that no such exchanges may occur during a period beginning at the opening of business
15 days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for which
exchange is requested may be among those selected for redemption; and provided further that no Bearer Security delivered
in exchange for a portion of a permanent Global Security shall be mailed or otherwise delivered to any location in the United States. 
If a Registered Security is issued in exchange for any portion of a permanent Global Security after the close of business at the
office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office
or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and the opening of business at such office
or agency on the related proposed date for payment of Defaulted Interest, interest or Defaulted Interest, as the case may be, will
not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security,
but will be payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom
interest in respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture.

 

    	 	28	 

     

    

 

All Securities issued upon any registration
of transfer or conversion or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or conversion
or exchange.

 

Every Registered Security presented or surrendered
for registration of transfer or for conversion, exchange or redemption shall (if so required by the Company or the Security Registrar)
be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar,
duly executed by the Holder thereof or his attorney duly authorized in writing.

 

No service charge shall be made to the Holder
for any registration of transfer or conversion or exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or conversion
or exchange of Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any transfer.

 

The Company or the Trustee, as applicable,
shall not be required (i) to issue, register the transfer of or exchange any Security if such Security may be among those
selected for redemption during a period beginning at the opening of business 15 days before selection of the Securities to be
redeemed under Section 1103 and ending at the close of business on (A) if such Securities are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities are issuable as Bearer
Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as
Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to register
the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any
Registered Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any Bearer Security
so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like
tenor, provided that such Registered Security shall be simultaneously surrendered for redemption, or (iv) to issue,
register the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except
the portion, if any, of such Security not to be so repaid.

 

    	 	29	 

     

    

  

Furthermore, notwithstanding any other provision
of this Section 305, the Company will not be required to exchange any Securities if, as a result of the exchange, the Company
would suffer adverse consequences under any United States law or regulation.

 

SECTION 306.     Mutilated,
Destroyed, Lost and Stolen Securities.  If any mutilated Security or a Security with a mutilated coupon appertaining to
it is surrendered to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required
by the Company or the Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical
terms and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any,
appertaining to the surrendered Security.

 

If there shall be delivered to the Company and
to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or coupon, and (ii) such
security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence
of notice to the Company or the Trustee that such Security or coupon has been acquired by a bona fide purchaser, the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security
or in exchange for the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons not destroyed,
lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions and bearing
a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to such destroyed,
lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains.

 

Notwithstanding the provisions of the previous
two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any,
appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains,
pay such Security or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such Security such
security or indemnity as may be required by them to save each of them harmless, and in the case of destruction, loss or theft,
evidence satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such Security
and the ownership thereof; provided, however, that payment of principal of (and premium or Make-Whole Amount, if
any), and interest, if any, on, Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at
an office or agency located outside the United States and, unless otherwise specified as contemplated by Section 301, any
interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto.

 

    	 	30	 

     

    

 

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 with its coupons,
if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to
which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed, lost or stolen coupon 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 and their coupons, if any, 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 or coupons.

 

SECTION 307.     Payment
of Interest; Interest Rights Preserved.  Except as otherwise specified with respect to a series of Securities in accordance
with the provisions of Section 301, interest on any Registered Security that is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest payment at the office or agency of the Company
maintained for such purpose pursuant to Section 1002; provided, however, that each installment of interest on
any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or
upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears
on the Security Register or (ii) transfer to an account maintained by the payee located inside the United States.

 

Unless otherwise provided as contemplated by
Section 301 with respect to the Securities of any series, payment of interest may be made, in the case of a Bearer Security,
by transfer to an account maintained by the payee with a bank located outside the United States.

 

Unless otherwise provided as contemplated by
Section 301, every permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will
be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to that portion of such permanent Global Security
held for its account by Cede & Co. or the Common Depository, as the case may be, for the purpose of permitting such party
to credit the interest received by it in respect of such permanent Global Security to the accounts of the beneficial owners thereof.

 

    	 	31	 

     

    

 

In case a Bearer Security of any series is surrendered
in exchange for a Registered Security of such series after the close of business (at an office or agency in a Place of Payment
for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding
Interest Payment Date, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date and
interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

Except as otherwise specified with respect to
a series of Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series
that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in
clause (1) or (2) below:

 

(1)         The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment
(which shall not be less than 20 days after such notice is received by the Trustee), and at the same time the Company shall deposit
with the Trustee an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in
which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held
in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided.  Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than
10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment.  The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the
Security Register not less than 10 days prior to such Special Record Date.  The Trustee may, in its discretion, in the name
and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper in each Place
of Payment, but such publications shall not be a condition precedent to the establishment of such Special Record Date.  Notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2).  In case a Bearer Security of any series is surrendered at the office or agency in a Place of Payment
for such series in exchange for a Registered Security of such series after the close of business at such office or agency on any
Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted
Interest will not be payable on such proposed date of payment in respect of the Registered Security issued in exchange for such
Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

 

    	 	32	 

     

    

 

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

 

Subject to the foregoing provisions of this
Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or upon conversion
of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which
were carried by such other Security.

 

SECTION 308.     Persons
Deemed Owners.  Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered as the owner
of such Security for the purpose of receiving payment of principal of (and premium or Make-Whole Amount, if any), and (subject
to Sections 305 and 307) interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered
Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.  All such payments so made to any such Person, or upon such Person’s order, shall be valid, and, to
the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for money payable upon any such Security.

 

Title to any Bearer Security and any coupons
appertaining thereto shall pass by delivery.  The Company, the Trustee and any agent of the Company or the Trustee may treat
the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose
of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Security or coupon
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

    	 	33	 

     

    

 

No holder of any beneficial interest in any
Global Security held on its behalf by a depository shall have any rights under this Indenture with respect to such Global Security
and such depository (which is the Holder of such security) shall be treated by the Company, the Trustee, and any agent of the Company
or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee, any Paying Agent
or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made
on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

 

Notwithstanding the foregoing, with respect
to any Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company or the Trustee, from
giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect
to such Global Security or impair, as between such depository and owners of beneficial interests in such Global Security, the operation
of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security.

 

SECTION 309.     Cancellation. 
All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of transfer
or conversion or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee, and any such Securities and coupons and Securities and coupons surrendered directly to the Trustee
for any such purpose, upon direction by the Company, shall be promptly cancelled by it.  The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly cancelled by the Trustee.  If the Company shall so acquire any of the Securities, however, such acquisition shall
not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered
to the Trustee for cancellation.  No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled
as provided in this Section, except as expressly permitted by this Indenture.  Cancelled Securities and coupons held by the
Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements
of the Exchange Act).

 

SECTION 310.     Computation
of Interest.  Except as otherwise specified as contemplated by Section 301 with respect to Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

SECTION 311.     CUSIP
Numbers.  The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if
so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities
or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.  The Company
will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

    	 	34	 

     

    

 

ARTICLE FOUR - SATISFACTION AND DISCHARGE

 

SECTION 401.     Satisfaction
and Discharge of Indenture.  This Indenture shall upon Company Request cease to be of further effect with respect to any
series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or conversion
or exchange of Securities of such series herein expressly provided for), and the Trustee, upon receipt of a Company Order, and
at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging
satisfaction and discharge of this Indenture as to such series when

 

(1)          either

 

(A)         all
Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons
appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after such exchange, whose surrender
is not required or has been waived as provided in Section 305, (ii) Securities and coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining
to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided
in Section 1106, and (iv) Securities and coupons of such series for whose payment money has theretofore been deposited
in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B)         all
Securities of such series and, in the case of (i) or (ii) below, any coupons appertaining thereto not theretofore delivered
to the Trustee for cancellation

 

(i)         have
become due and payable, or

 

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

 

(iii)         if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (i), (ii) or (iii) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency
or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable, sufficient
to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation,
for principal (and premium or Make-Whole Amount, if any) and interest to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

    	 	35	 

     

    

 

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

 

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

 

Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee and any predecessor Trustee under Section 606, the obligations of the Company
to any Authenticating Agent under Section 611 and, if money shall have been deposited with and held by the Trustee pursuant
to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph
of Section 1003 shall survive such satisfaction and discharge.

 

SECTION 402.     Application
of Trust Funds.  Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee
pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the
coupons 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 premium or Make-Whole Amount,
if any), and any interest for whose payment such money has been deposited with or received by the Trustee, but such money need
not be segregated from other funds except to the extent required by law.

 

ARTICLE FIVE - REMEDIES

 

SECTION 501.     Events
of Default.  “Event of Default,” wherever used herein with respect to any particular series of Securities,
means any one of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

 

(1)         default
in the payment of any interest on any Security of that series or of any coupon appertaining thereto, when such interest or coupon
becomes due and payable, and continuance of such default for a period of 30 days; or

 

(2)         default
in the payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of that series when it becomes due
and payable at its Maturity; or

 

    	 	36	 

     

    

 

(3)         default
in the deposit of any sinking fund payment, to the extent applicable to such series of Securities, when and as due by the terms
of any Security of that series; or

 

(4)         default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture with respect to any Security of that
series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically
dealt with or which has expressly been included in this Indenture solely for the benefit of a series of Securities other than that
series), and continuance of such default or breach 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 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or

 

(5)         default
under any bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured
or evidenced any indebtedness for money borrowed by the Company (or by any Subsidiary, the repayment of which the Company has guaranteed
or for which the Company is directly responsible or liable as obligor or guarantor), having an aggregate principal amount outstanding
of at least $30,000,000, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted
in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period
of 30 days after there shall have 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 10% in principal amount of the Outstanding Securities of that series a written notice
specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be
rescinded or annulled and stating that such notice is a “Notice of Default” hereunder; provided, however,
that, subject to the provisions of Sections 601 and 602, the Trustee shall not be deemed to have knowledge of such default
unless either (A) a Responsible Officer of the Trustee shall have knowledge of such default or (B) the Trustee shall
have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee
under any such mortgage, indenture or other instrument; or

 

(6)         the
Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(A)         commences
a voluntary case,

 

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

 

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

 

    	 	37	 

     

    

 

(D)         makes
a general assignment for the benefit of its creditors; or

 

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

 

(A)         is
for relief against the Company or any Significant Subsidiary in an involuntary case,

 

(B)         appoints
a Custodian of the Company or any Significant Subsidiary or for all or substantially all of either of its property, or

 

(C)         orders
the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 days;
or

 

(8)           any
other Event of Default provided with respect to Securities of that series.

 

As used in this Section 501, the term “Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or state law for the relief of debtors and the term “Custodian”
means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law.

 

SECTION 502.     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, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series may declare the principal amount (or, if Securities of that Series are Original Issue
Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all 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 the Holders),
and upon any such declaration such principal or specified portion thereof shall become immediately due and payable.

 

At any time after such a declaration of acceleration
with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities
of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration of acceleration and its
consequences if:

 

(1)           the
Company has paid or deposited with the Trustee a sum sufficient to pay in the currency, currency unit or composite currency in
which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series):

 

(A)         all
overdue installments of interest on all Outstanding Securities of that series and any related coupons,

 

(B)         the
principal of (and premium or Make-Whole Amount, if any, on) any Outstanding Securities of that series which have become due otherwise
than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

 

    	 	38	 

     

    

 

(C)         to
the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by
or provided for in such Securities, and

 

(D)         all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(2)           all
Events of Default with respect to Securities of that series, other than the nonpayment of the principal of (or premium or Make-Whole
Amount, if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have
been cured or waived as provided in Section 513.

 

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

 

SECTION 503.     Collection
of Indebtedness and Suits for Enforcement by Trustee.  The Company covenants that if:

 

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

 

(2)         default
is made in the payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity,

 

then the Company will, upon demand of the Trustee, pay to the Trustee,
for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable on such Securities
and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with interest upon any overdue principal (and
premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue
installments of interest at the rate or rates borne by or provided for 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, and may prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities of such series and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever
situated.

 

    	 	39	 

     

    

 

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

 

SECTION 504.     Trustee
May File Proofs of Claim.  In case of 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 of any series 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, premium or Make-Whole Amount,
if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i)         to
file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of
principal (and premium or Make-Whole Amount, if any) 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

 

(ii)         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 of Securities of such series and
coupons 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 to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor
Trustee under Section 606.

 

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

 

In any proceedings brought by the Trustee (and
also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the
Trustee shall be held to represent all the Holders of the Securities, and it shall not be necessary to make any Holders of the
Securities parties to any such proceedings.

 

    	 	40	 

     

    

 

SECTION 505.     Trustee
May Enforce Claims Without Possession of Securities or Coupons.  All rights of action and claims under this Indenture
or any of the Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or coupons 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 and coupons in respect of which such judgment has been recovered.

 

SECTION 506.     Application
of Money Collected.  Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium
or Make-Whole Amount, if any) or interest, upon presentation of the Securities or coupons, or both, as the case may be, 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 and any predecessor Trustee under Section 606;

 

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

 

THIRD:  To the payment of the remainder,
if any, to the Company.

 

SECTION 507.    Limitation
on Suits.  No Holder of any Security of any series or any related coupon shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless:

 

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

 

(2)         the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

    	 	41	 

     

    

 

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

 

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

 

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

 

SECTION 508.    Unconditional
Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest.  Notwithstanding any other
provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive
payment of the principal of (and premium or Make-Whole Amount, if any) and (subject to Sections 305 and 307) interest on such Security
or payment of such coupon on the respective due dates expressed in such Security or coupon (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the
consent of such Holder.

 

SECTION 509.    Restoration
of Rights and Remedies.  If the Trustee or any Holder of a Security or coupon 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, the Company, the Trustee and the Holders of Securities
and coupons shall, subject to any determination in such proceeding, 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 510.    Rights
and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 511.    Delay
or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Security or coupon 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 of Securities
or coupons, as the case may be.

 

    	 	42	 

     

    

 

SECTION 512.    Control
by Holders of Securities.  The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided
that:

 

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

 

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

 

(3)         the
Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities
of such series not joining therein.

 

Nothing in this Indenture shall impair the right
of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction
by Holders.

 

SECTION 513.    Waiver
of Past Defaults.  The Holders of not less than a majority in principal amount of the Outstanding Securities of any series
may on behalf of the Holders of all the Securities of such series and any related coupons waive any past default hereunder with
respect to such series and its consequences, except a default

 

(1)         in
the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such series or any related
coupons, or

 

(2)         in
respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected; or

 

(3)         in
respect of a covenant or provision hereof for the benefit or protection of the Trustee, without its express written consent.

 

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 Event of Default or impair any right consequent thereon.

 

SECTION 514.    Waiver
of Usury, Stay or Extension Laws.  The Company covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension
law wherever enacted, now or at any time hereafter in force, which may affect the 

covenants or the performance of this Indenture; and the Company
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution
of every such power as though no such law had been enacted.

 

    	 	43	 

     

    

 

SECTION 515.    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 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 and expenses, against any party litigant in such suit having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to
any suit instituted by the Trustee, to any suit instituted by any 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 premium or Make-Whole Amount, if any) or interest on any Security on or after the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

 

ARTICLE SIX - THE TRUSTEE

 

SECTION 601.    Notice
of Defaults.  Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series,
the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder
known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the
case of a default in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such
series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee
of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests
of the Holders of the Securities and coupons of such series; and provided further that in the case of any default or breach
of the character specified in Section 501(4) with respect to the Securities and coupons of such series, no such notice
to Holders shall be given until at least 60 days after the occurrence thereof.  For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to the Securities of such series.

 

SECTION 602.    Certain
Rights of Trustee.  Subject to the provisions of TIA Section 315(a) through 315(d):

 

    	 	44	 

     

    

 

(1)          the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper
or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

(2)         
any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
(other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery
pursuant to Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

 

(3)          whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 

(4)         
the Trustee may consult with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon;

 

(5)         
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders
shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction;

 

(6)         
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document,
unless requested in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Outstanding
Securities of any series; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured
to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against
such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the
Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand.  The Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, relevant
to the facts or matters that are the subject of its inquiry, personally or by agent or attorney at the expense of the Company and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

    	 	45	 

     

    

 

(7)         
the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with due care by it hereunder;

 

(8)         
the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it to
be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(9)         
any permissive right or power available to the Trustee under this Indenture or any supplement hereto shall not be construed to
be a mandatory duty or obligation;

 

(10)       
the Trustee shall not be charged with knowledge of any matter (including any default, other than as described in Section 501(1),
(2) or (3)) unless and except to the extent actually known to a Responsible Officer of the Trustee or to the extent written
notice thereof is received by the Trustee at the Corporate Trust Office;

 

(11)       
the Trustee shall have no liability for any inaccuracy in the books and records of, or for any actions or omissions of, DTC, Euroclear
or Clearstream or any depository acting on behalf of any of them;

 

(12)       
the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed by the Trustee to act hereunder; and

 

(13)       
the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may
be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

 

The Trustee shall not be required to expend
or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

 

Except during the continuance of an Event of
Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against the Trustee.

 

    	 	46	 

     

    

 

SECTION 603.     Not
Responsible for Recitals or Issuance of Securities.  The recitals contained herein and in the Securities, except the Trustee’s
certificate of authentication, and in any coupons shall be taken as the statements of the Company, and neither the Trustee nor
any Authenticating Agent assumes any responsibility for their correctness.  The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder.  Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. 
The Trustee shall have no responsibility with respect to any information, statement or recital in any offering prospectus or other
disclosure materials prepared or distributed with respect to the Securities.

 

SECTION 604.     May Hold
Securities.  The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company,
in its individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections
310(b) and 311, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar, Authenticating Agent or such other agent.

 

SECTION 605.        Money
Held in Trust.  Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law.  The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Company.

 

SECTION 606.     Compensation
and Reimbursement.  The Company agrees:

 

(1)         
to pay to the Trustee as agreed upon in writing from time to time reasonable compensation for all services rendered by it hereunder
(which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)         
except as otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for
all reasonable expenses, and disbursements incurred by the Trustee in accordance with any provision of this Indenture (including
the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense or
disbursement as shall be determined to have been caused by its own negligence, willful misconduct or bad faith; and

 

(3)         
to indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any loss, liability, claim,
damage or expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with
the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against
any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 501(7) or Section 501(8), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or other similar law.

 

    	 	47	 

     

    

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien for payment of the Trustee’s fees and expenses prior to
the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment
of principal of (or premium or Make-Whole Amount, if any) or interest on particular Securities or any coupons.

 

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

 

SECTION 607.        Corporate
Trustee Required; Eligibility; Conflicting Interests.  There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of
at least $50,000,000 (or which shall have a combined capital and surplus of at least $10,000,000 and whose ultimate parent holding
company shall have a combined capital and surplus of at least $50,000,000.  If the Trustee publishes reports of condition
at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of the Trustee shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published.  If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.  Neither the Company nor any Person directly or indirectly controlling, controlled
by, or under common control with the Company shall serve as Trustee.

 

SECTION 608.     Resignation
and Removal; Appointment of Successor.

 

(a)         
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 609.

 

(b)         
The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company.  If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60 days
after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(c)         
The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee and to the Company.  If an instrument of acceptance
by a successor Trustee shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation,
the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee.

 

(d)         
If at any time:

 

    	 	48	 

     

    

 

(1)         
the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company
or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(2)         
the Trustee shall cease to be eligible under Section 607 and shall fail to resign after written request therefor by the Company
or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or

 

(3)         
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company by or pursuant to a
Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities, or (ii) subject to
TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)         
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there
shall be only one Trustee with respect to the Securities of any particular series).  If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed
by the Company.  If no successor Trustee with respect to the Securities of any series shall have been so appointed by the
Company or the Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who
has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to Securities of
such series.

 

(f)         
The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series
and each appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices to
the Holders of Securities in Section 106.  Each notice shall include the name of the successor Trustee with respect to
the Securities of such series and the address of its Corporate Trust Office.

 

    	 	49	 

     

    

 

SECTION 609.     Acceptance
of Appointment by Successor.

 

(a)         
In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request
of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its
claim, if any, provided for in Section 606.

 

(b)         
In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series,
the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute
and deliver an indenture supplemental hereto, pursuant to Article Nine hereof, wherein each successor Trustee shall accept
such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to,
and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring
with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates.

 

(c)         
Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of
this Section 609, as the case may be.

 

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

 

    	 	50	 

     

    

 

SECTION 610.     Merger,
Conversion, Consolidation or Succession to Business.  Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall
be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case
any Securities or coupons shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities or coupons
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities or coupons.  In
case any Securities or coupons shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate
and deliver such Securities or coupons, in either its own name or that of its predecessor Trustee, with the full force and effect
which this Indenture provides for the certificate of authentication of the Trustee.

 

SECTION 611.     Appointment
of Authenticating Agent.  At any time when any of the Securities remain Outstanding, the Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon conversion or exchange, registration of transfer or partial redemption or repayment thereof,
and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder.  Any such appointment shall be evidenced by an instrument in writing signed
by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company.  Wherever
reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate
of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating
Agent shall be acceptable to the Company and shall at all times be a bank or trust company or corporation organized and doing business
and in good standing under the laws of the United States of America or of any state or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by Federal or state authorities.  If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.  In case at any time an Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

 

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

 

    	 	51	 

     

    

 

An Authenticating Agent for any series of Securities
may at any time resign by giving written notice of resignation to the Trustee for such series and to the Company.  The Trustee
for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination
to such Authenticating Agent and to the Company.  Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee for such series may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve
in the manner set forth in Section 106.  Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent herein.  No successor Authenticating Agent shall be appointed unless eligible under the provisions
of this Section.

 

The Company agrees to pay to each Authenticating
Agent from time to time reasonable compensation including reimbursement of its reasonable expenses for its services under this
Section, subject to Section 606.

 

If an appointment with respect to one or more
series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of
the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following form:

 

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

 

	 	 	 	  ,  
	 	 	 	as Trustee
	 	 	 	 	 
	Dated:	 	 	By:  	 
	 	 	 	 	as Authenticating Agent
	 	 	 	 	 
	Dated:	 	 	By:  	 
	 	 	 	 	as Authenticating Agent

 

SECTION 612.     Certain
Duties and Responsibilities of the Trustee.

 

(a)         
With respect to the Securities of any series, except during the continuance of an Event of Default with respect to the Securities
of such series:

 

    	 	52	 

     

    

 

(1)         
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)         
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 certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture, but shall not be under any duty to verify the contents or accuracy thereof.

 

(b)         
In case an Event of Default with respect to the Securities of any series has occurred and is continuing, the Trustee shall, with
respect to Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

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

 

(1)         
this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

(2)         
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved
that the Trustee was negligent in ascertaining the pertinent facts;

 

(3)         
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Securities of such series; and

 

(4)         
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it; and, the Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request
of any Holder, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss,
liability or expense.

 

    	 	53	 

     

    

 

(d)         
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 612.

 

(e)         
The Trustee shall not be liable for interest on any money or assets held by it except to the extent the Trustee may agree in writing
with the Company.  Assets held in trust by the Trustee need not be segregated from other assets except to the extent required
by law.

 

ARTICLE SEVEN - HOLDERS’ LISTS AND
REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.     Disclosure
of Names and Addresses of Holders.  Every Holder of Securities or coupons, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any
Security Registrar shall be held accountable by reason of the disclosure of any information as to the names and addresses of the
Holders of Securities in accordance with TIA Section 312, regardless of the source from which such information was derived,
and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA Section 312(b).

 

SECTION 702.     Reports
by Trustee.  The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture
as may be required by TIA Section 313 at the times and in the manner provided by the TIA, which shall initially be not less
than every twelve months commencing on                     ,
20    .  A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each over-the-counter market or securities exchange, if any, upon which any Securities are quoted or listed, with
the Commission and with the Company.  The Company will notify the Trustee when any Securities are quoted or listed on any
over-the-counter market or securities exchange or delisted therefrom.

 

SECTION 703.     Reports
by Company.  The Company will:

 

(1)         
file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents
or reports pursuant to either of such Sections, then it will file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports
which may be required pursuant to Section 13 of the Exchange Act in respect of a security quoted or listed and registered
on an over-the-counter market or national securities exchange as may be prescribed from time to time in such rules and regulations;

 

(2)         
file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations;

 

    	 	54	 

     

    

 

(3)         
transmit by mail to the Holders of Securities, within 30 days after the filing thereof with the Trustee, in the manner and to the
extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the
Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed
from time to time by the Commission; and

 

(4)         
delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates).

 

SECTION 704.     Company
to Furnish Trustee Names and Addresses of Holders.  The Company will furnish or cause to be furnished to the Trustee:

 

(a)         
semiannually, not later than 15 days after the Regular Record Date for interest for each series of Securities, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as
of such Regular Record Date, or if there is no Regular Record Date for interest for such series of Securities, semiannually, upon
such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and

 

(b)        
at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided,
however, that, so long as the Trustee is the Security Registrar, no such list shall be required to be furnished.

 

ARTICLE EIGHT - CONSOLIDATION, MERGER,
SALE, LEASE OR CONVEYANCE

 

SECTION 801.     Consolidations
and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions.  The Company may consolidate
with, or sell, lease or convey all or substantially all of its assets to, or merge with or into any other corporation, provided
that in any such case, (1) either the Company shall be the continuing corporation, or the successor corporation shall be a
corporation organized and existing under the laws of the United States or a State thereof and such successor corporation shall
expressly assume the due and punctual payment of the principal of (and premium or Make-Whole Amount, if any) and any interest on
all of the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and
conditions of this Indenture to be performed by the Company by supplemental indenture, complying with Article Nine hereof,
satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, (2) immediately after giving effect
to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as a result thereof
as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which,
after notice or the lapse of time, or both, would become an Event of Default, shall have occurred and be continuing and (3) the
Company shall have delivered to the Trustee the Officer’s Certificate and Opinion of Counsel required pursuant to Section 803
below.

 

    	 	55	 

     

    

 

SECTION 802.     Rights
and Duties of Successor Corporation.  In case of any such consolidation, merger, sale, lease or conveyance and upon any
such assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as the party of the first part, and the predecessor corporation, except in the event
of a lease, shall be relieved of any further obligation under this Indenture and the Securities.  Such successor corporation
thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Securities
issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order
of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered
by the officers of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter
shall cause to be signed and delivered to the Trustee for that purpose.  All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with
the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof.

 

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

 

SECTION 803.     Officers’
Certificate and Opinion of Counsel.  Any consolidation, merger, sale, lease or conveyance permitted under Section 801
is also subject to the condition that the Trustee receive an Officers’ Certificate and an Opinion of Counsel to the effect
that any such consolidation, merger, sale, lease or conveyance, and the assumption by any successor corporation, complies with
the provisions of this Article and that all conditions precedent herein provided for relating to such transaction have been
complied with.

 

ARTICLE NINE - SUPPLEMENTAL INDENTURES

 

SECTION 901.     Supplemental
Indentures Without Consent of Holders.  Without the consent of any Holders of Securities or coupons, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

    	 	56	 

     

    

 

(1)         
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
contained herein and in the Securities; or

 

(2)         
to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants
are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely
for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(3)         
to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such Events of
Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being
included solely for the benefit of such series); provided, however, that in respect of any such additional Events
of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter
or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may
limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate
principal amount of that or those series of Securities to which such additional Events of Default apply to waive such default;
or

 

(4)         
to add to or change any of the provisions of this Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of or premium or Make-Whole Amount, if any, or interest on
Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities
to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities
in uncertificated form, provided that any such action shall not adversely affect the interests of the Holders of Securities
of any series or any related coupons in any material respect; or

 

(5)         
to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become
effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture
which is entitled to the benefit of such provision; or

 

(6)         
to secure the Securities; or

 

(7)         
to establish the form or terms of Securities of any series and any related coupons as permitted or contemplated by Sections 201
and 301; or

 

(8)         
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

    	 	57	 

     

    

 

(9)         
to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent
with the provisions of this Indenture, provided such provisions shall not adversely affect the interests of the Holders
of Securities of any series or any related coupons in any material respect; or

 

(10)       
to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the Defeasance
and discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not
adversely affect the interests of the Holders of Securities of such series and any related coupons or any other series of Securities
in any material respect; or

 

(11)       
to make provisions with respect to Holders’ rights of conversion with respect to any series of Securities pursuant to Article Sixteen.

 

SECTION 902.     Supplemental
Indentures with Consent of Holders.  With the consent of the Holders of not less than a majority in principal amount of
all Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of modifying in any manner the rights of the Holders of Securities and any related coupons under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected
thereby:

 

(1)         
change the Stated Maturity of the principal of (or premium or Make-Whole Amount, if any, on) or any installment of principal of
or interest on, any Security; or reduce the principal amount thereof or the rate or amount of interest thereon, or any premium
or Make-Whole Amount payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security
that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount
thereof provable in bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of the Holder
of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite currency
or currencies in which, any Security or any premium or Make-Whole Amount or the interest thereon is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption
or repayment at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may be), or (if Securities
of such series are convertible) adversely affect the right of the Holder to convert any Security as provided in Article Sixteen;
or

 

(2)         
reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (or
compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 1504 for quorum or voting, or

 

    	 	58	 

     

    

 

(3)         
modify any of the provisions of this Section, Section 513 or Section 1009, except to increase the required percentage
to effect such action or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent
of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed
to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes
in this Section 902 and Section 1009, or the deletion of this proviso, in accordance with the requirements of Sections
609(b) and 901(11).

 

It shall not be necessary for any Act of Holders
under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such Act shall approve the substance thereof.

 

A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

SECTION 903.        Execution
of Supplemental Indentures.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 612) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture.  The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise.

 

SECTION 904.        Effect
of Supplemental Indentures.  Upon the execution of any supplemental indenture under this Article, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and
every Holder of Securities theretofore or thereafter authenticated and delivered hereunder and of any coupon appertaining thereto
shall be bound thereby.

 

SECTION 905.        Conformity
with Trust Indenture Act.  Every supplemental indenture executed pursuant to this Article shall conform to the requirements
of the Trust Indenture Act as then in effect.

 

SECTION 906.        Reference
in Securities to Supplemental Indentures.  Securities of any series authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation in form approved
by the Trustee as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Securities
of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of
such series.

 

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ARTICLE TEN - COVENANTS

 

SECTION 1001.      
Payment of Principal, Premium or Make-Whole Amount, if any; 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 premium or Make-Whole
Amount, if any) and interest on the Securities of that series in accordance with the terms of such series of Securities, any coupons
appertaining thereto and this Indenture.  Unless otherwise specified as contemplated by Section 301 with respect to any
series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable only upon presentation and surrender
of the several coupons for such interest installments as are evidenced thereby as they severally mature.  Unless otherwise
specified with respect to Securities of any series pursuant to Section 301, at the option of the Company (upon written notice
to the Trustee), all payments of principal may be paid by check to the registered Holder of the Registered Security or other Person
entitled thereto against surrender of such Security.

 

SECTION 1002.      
Maintenance of Office or Agency.  If Securities of a series are issuable only as Registered Securities, the Company
shall maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment or conversion, where Securities of that series may be surrendered for registration of transfer
or conversion or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served.  If Securities of a series are issuable as Bearer Securities, the Company will maintain: (A) in
the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented
or surrendered for payment or conversion, where any Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for conversion or exchange, where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be served and where Bearer Securities of that series
and related coupons may be presented or surrendered for payment or conversion in the circumstances described in the following paragraph
(and not otherwise); (B) subject to any laws or regulations applicable thereto, in a Place of Payment for that series which
is located outside the United States, an office or agency where Securities of that series and related coupons may be presented
and surrendered for payment; provided, however, that if the Securities of that series are listed on any stock exchange
located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities
of that series in any required city located outside the United States, as the case may be, so long as the Securities of that series
are listed on such exchange; and (C) subject to any laws or regulations applicable thereto, in a Place of Payment for that
series located outside the United States an office or agency where any Registered Securities of that series may be surrendered
for registration of transfer, where Securities of that series may be surrendered for conversion or exchange and where notices and
demands to or upon the Company in respect of the Securities of that series and this Indenture may be served.  The Company
will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency. 
If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of
the Trustee, except that Bearer Securities of that series and the related coupons may be presented and surrendered for payment
or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same as its agent
to receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee its agent
to receive all such presentations, surrenders, notices and demands.

 

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Unless otherwise specified with respect to any
Securities pursuant to Section 301, no payment of principal, premium or Make-Whole Amount or interest on Bearer Securities
shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States
or by transfer to an account maintained with a bank located in the United States; provided, however, that, if the
Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any
Bearer Security shall be made at the office of the Company’s Paying Agent in the Borough of Manhattan, The City of New York,
if (but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case
may be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this
Indenture, is illegal or effectively precluded by exchange controls or other similar restrictions.

 

The Company may from time to time designate
one or more other offices or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented
or surrendered for any or all of such purposes, and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency
in accordance with the requirements set forth above for Securities of any series for such purposes.  The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency.  Unless otherwise specified with respect to any Securities pursuant to Section 301 with respect to
a series of Securities, the Company hereby designates as a Place of Payment for each series of Securities, each of (i) the
office or agency of the Company in the Borough of Manhattan, The City of New York, and (ii) the Corporate Trust Office of
the Trustee (as Paying Agent); and the Company hereby initially appoints the Trustee at its Corporate Trust Office as Paying Agent
in such city; and the Company hereby initially appoints as its agent to receive all such presentations, surrenders, notices and
demands each of the Trustee, at its Corporate Trust Office.

 

Unless otherwise specified with respect to any
Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Foreign Currency
or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of the Indenture, then
the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent (of
which it shall give written notice to the Trustee).

 

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SECTION 1003.  Money for Securities Payments to Be Held in Trust.  If the Company shall at any time act as its own Paying Agent with
respect to any series of any Securities and any related coupons, it will, on or before each due date of the principal of (and premium
or Make-Whole Amount, if any), or interest on any of the Securities of that series, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies
in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series) sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due until such
sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action
or failure so to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities and any related coupons, it will, on or before each due date of the principal of (and
premium or Make-Whole Amount, if any), or interest on any Securities of that series, deposit with a Paying Agent a sum (in the
currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient
to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal, premium or Make-Whole Amount, if any, or interest and (unless such Paying Agent
is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

 

The Company will cause each Paying Agent for
any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will

 

(1)        
hold all sums held by it for the payment of principal of (and premium or Make-Whole Amount, if any) or interest on Securities in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as
herein provided;

 

(2)         give the Trustee notice of any default by the Company (or any other obligor upon the Securities) in the making of any such payment
of principal (and premium or Make-Whole Amount, if any) or interest on the Securities of that series; and

 

(3)         at any time during the continuance of any such default upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.

 

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Except as otherwise provided in the Securities
of any series, and subject to applicable laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of (and premium or Make-Whole Amount, if any) or interest on any Security of any series
and remaining unclaimed for two years after such principal (and premium or Make-Whole Amount, if any) or interest has become due
and payable shall be paid to the Company upon Company Request or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment of such
principal of (and premium or Make-Whole Amount, if any) or interest on any Security, without interest thereon, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 1004.   Existence.  Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence, all material rights (by certificate of incorporation, by-laws and statute)
and material franchises; provided, however, that the Company shall not be required to preserve any such right or
franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the
business of the Company.

 

SECTION 1005.   Maintenance of Properties.  The Company will cause all of its material properties used or useful in the conduct of
its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order, normal wear
and tear, casualty and condemnation excepted, and supplied with all necessary equipment and will cause to be made all necessary
repairs, renewals, replacements, betterments and improvements thereof (and the Company may take out of service for a period of
time, any of its properties that have been condemned or suffered any loss due to casualty in order to make such repairs, betterments
and improvements), all as in the judgment of the Company may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided, however, that the Company and its Subsidiaries
shall not be prevented from (i) removing permanently any property that has been condemned or suffered a loss due to casualty
based on the Company’s reasonable judgment that such removal is in the best interest of the Company, or (ii) selling
or otherwise disposing of their properties for value in the ordinary course of business.

 

SECTION 1006.   Insurance.  The Company will cause each of its and its Subsidiaries’ insurable properties to be insured against
loss or damage in an amount deemed reasonable by the Board of Directors with insurers of recognized responsibility.

 

SECTION 1007.   Payment of Taxes and Other Claims.  The Company will pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon it or any Subsidiary
or upon the income, profits or property of the Company or any Subsidiary, and (2) all lawful claims for labor, materials and
supplies which, if unpaid, might by law become a lien upon the property of the Company or any Subsidiary; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings.

 

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SECTION 1008.   Statement as to Compliance.  The Company will deliver to the Trustee, within 120 days after the end of each fiscal
year, a brief certificate from the principal executive officer, principal financial officer or principal accounting officer as
to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture and, in the event
of any noncompliance, specifying such noncompliance and the nature and status thereof.  For purposes of this Section 1008,
such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

 

SECTION 1009.   Waiver of Certain Covenants.  The Company may omit in any particular instance to comply with any term, provision or
condition set forth in Sections 1004 to 1008, inclusive, if before or after the time for such compliance the Holders of at least
a majority in principal amount of all outstanding Securities of such series, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such
covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and
effect.

 

ARTICLE ELEVEN - REDEMPTION OF SECURITIES

 

SECTION 1101.   Applicability of Article.  Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series)
in accordance with this Article.

 

SECTION 1102.   Election to Redeem; Notice to Trustee.  The election of the Company to redeem any Securities shall be evidenced by
or pursuant to a Board Resolution.  In case of any redemption at the election of the Company of less than all of the Securities
of any series, the Company shall, at least 45 days prior to the giving of the notice of redemption in Section 1104 (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount
of Securities of such series to be redeemed.  In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such restriction.

 

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SECTION 1103.   Selection by Trustee of Securities to Be Redeemed.  If less than all the Securities of any series issued on the same
day with the same terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior
to the Redemption Date by the Trustee, from the Outstanding Securities of such series issued on such date with the same terms not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection
for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple
thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination
for Securities of that series.

 

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

 

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

 

SECTION 1104.   Notice of Redemption.  Notice of redemption shall be given in the manner provided in Section 106, not less than
30 days nor more than 60 days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established
pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give such notice in the manner herein
provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or portion thereof.

 

Any notice that is mailed to the Holders of
Registered Securities in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives the notice.

 

All notices of redemption shall state:

 

(1)          the Redemption Date,

 

(2)          the Redemption Price, accrued interest to the Redemption Date payable as provided in Section 1106, if any,

 

(3)          if less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Security or Securities to be redeemed,

 

(4)          in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the
Redemption Date, upon surrender of such Security, the holder will receive, without a charge, a new Security or Securities of authorized
denominations for the principal amount thereof remaining unredeemed,

 

(5)          that on the Redemption Date the Redemption Price and accrued interest to the Redemption Date payable as provided in Section 1106,
if any, will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest
thereon shall cease to accrue on and after said date,

 

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(6)         the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto,
if any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if
any, or for conversion,

 

(7)         that the redemption is for a sinking fund, if such is the case,

 

(8)         that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied
by all coupons maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be
deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series and any
Paying Agent is furnished,

 

(9)         if Bearer Securities of any series are to be redeemed and any Registered Securities of such series are not to be redeemed, and
if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant
to Section 305 or otherwise, the last date, as determined by the Company, on which such exchanges may be made,

 

(10)       the CUSIP number of such Security, if any, and

 

(11)       if applicable, that a Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion
contained in such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered
for conversion, and the date and time when the option to convert shall expire.

 

Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and
at the expense of the Company.

 

SECTION 1105.  Deposit of Redemption Price.  On or prior to any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment
under Article Twelve, segregate and hold in trust as provided in Section 1003) an amount of money in the currency or
currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except
as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay on the Redemption Date
the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
or portions thereof which are to be redeemed on that date.

 

If any Securities called for redemption are
converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for the redemption
of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such
trust.

 

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SECTION 1106.  Securities Payable on Redemption Date.  Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified in the currency or currencies,
currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such series) (together with accrued interest, if any, to the Redemption
Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining
to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void.  Upon surrender of any such
Security for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after
the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with accrued interest, if any,
to the Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity
is on or prior to the Redemption Date shall be payable only at an office or agency located outside the United States (except as
otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation
and surrender of coupons for such interest; and provided further that except as otherwise provided with respect to Securities
convertible into the Company’s Common Stock or Preferred Stock, installments of interest on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

If any Bearer Security surrendered for redemption
shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon
or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require
to save each of them and any Paying Agent harmless.  If thereafter the Holder of such Security shall surrender to the Trustee
or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such
Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons
shall be payable only at an office or agency located outside the United States (except as otherwise provided in Section 1002)
and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium or Make-Whole Amount, if any) shall, until paid,
bear interest from the Redemption Date at the rate borne by the Security.

 

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SECTION 1107.   Securities Redeemed in Part.  Any Registered Security which is to be redeemed only in part (pursuant to the provisions
of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee
duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge a new Security or Securities of the same series,
of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.  If a Global Security is so surrendered, the Company shall execute
and the Trustee shall authenticate and deliver to the depository, without service charge, a new Global Security in a denomination
equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered.

 

ARTICLE TWELVE - SINKING FUNDS

 

SECTION 1201.   Applicability of Article.  The provisions of this Article shall be applicable to any sinking fund for the retirement
of Securities of a series except as otherwise specified as contemplated by Section 301 for Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein referred
to as an “optional sinking fund payment.”  If provided for by the terms of any Securities of any series, the cash
amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202.  Each sinking fund
payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

SECTION 1202.   Satisfaction of Sinking Fund Payments with Securities.  The Company may, in satisfaction of all or any part of any
mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such series
(other than any previously called for redemption) together in the case of any Bearer Securities of such series with all unmatured
coupons appertaining thereto and (2) apply as a credit Securities of such series which have been redeemed either at the election
of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, as provided for by the terms of such Securities, or which have otherwise been acquired
by the Company; provided that such Securities so delivered or applied as a credit have not been previously so credited. 
Such Securities shall be received and credited for such purpose by the Trustee at the applicable Redemption Price specified in
such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall
be reduced accordingly.

 

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SECTION 1203.   Redemption of Securities for Sinking Fund.  Not less than 60 days prior to each sinking fund payment date for Securities
of any series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing
mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash in the currency or currencies, currency unit or units or composite currency or currencies in which
the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such
series) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant
to Section 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment,
and will also deliver to the Trustee any Securities to be so delivered and credited.  If such Officers’ Certificate
shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon
be obligated to pay the amount therein specified.  Not less than 30 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. 
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Sections 1106 and 1107.

 

ARTICLE THIRTEEN - REPAYMENT AT THE OPTION
OF HOLDERS

 

SECTION 1301.   Applicability of Article.  Repayment of Securities of any series before their Stated Maturity at the option of Holders
thereof shall be made in accordance with the terms of such Securities, if any, and (except as otherwise specified by the terms
of such series established pursuant to Section 301) in accordance with this Article.

 

SECTION 1302.   Repayment of Securities.  Securities of any series subject to repayment in whole or in part at the option of the Holders
thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof,
together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities. 
The Company covenants that on or prior to the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in
the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay the principal
(or, if so provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment
Date shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as the case may be, to be
repaid on such date.

 

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SECTION 1303.   Exercise of Option.  Securities of any series subject to repayment at the option of the Holders thereof will contain
an “Option to Elect Repayment” form on the reverse of such Securities.  In order for any Security to be repaid
at the option of the Holder, the Trustee must receive at the Place of Payment therefor specified in the terms of such Security
(or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier
than 60 days nor later than 30 days prior to the Repayment Date (1) the Security so providing for such repayment together
with the “Option to Elect Repayment” form on the reverse thereof duly completed by the Holder (or by the Holder’s
attorney duly authorized in writing) or (2) a telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange, or the FINRA, or a commercial bank or trust company in the United States setting forth the name of the Holder
of the Security, the principal amount of the Security, the principal amount of the Security to be repaid, the CUSIP number, if
any, or a description of the tenor and terms of the Security, a statement that the option to elect repayment is being exercised
thereby and a guarantee that the Security to be repaid, together with the duly completed form entitled “Option to Elect Repayment”
on the reverse of the Security, will be received by the Trustee not later than the fifth Business Day after the date of such telegram,
telex, facsimile transmission or letter; provided, however, that such telegram, telex, facsimile transmission or
letter shall only be effective if such Security and form duly completed are received by the Trustee by such fifth Business Day. 
If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal
amount of such Security to be repaid, in increments of the minimum denomination for Securities of such series, and the denomination
or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid, must be specified.  The principal amount of any Security providing for repayment at
the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. 
Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

SECTION 1304.   When Securities Presented for Repayment Become Due and Payable.  If Securities of any series providing for repayment
at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant
to the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and
payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless
the Company shall default in the payment of such Securities on such Repayment Date) such Securities shall, if the same were interest-bearing,
cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent
provided below, shall be void.  Upon surrender of any such Security for repayment in accordance with such provisions, together
with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be
repaid shall be paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however,
that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside
the United States (except as otherwise provided in Section 1002) and, unless otherwise specified pursuant to Section 301,
only upon presentation and surrender of such coupons; and provided further that, in the case of Registered Securities, installments
of interest, if any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but without interest thereon,
unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

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If any Bearer Security surrendered for repayment
shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons,
or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying Agent harmless.  If thereafter the Holder of
such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall
have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided,
however, that interest represented by coupons shall be payable only at an office or agency located outside the United States
(except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those coupons.

 

If the principal amount of any Security surrendered
for repayment shall not be so repaid upon surrender thereof, such principal amount (together with interest, if any, thereon accrued
to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in
the case of Original Issue Discount Securities) set forth in such Security.

 

SECTION 1305.   Securities Repaid in Part.  Upon surrender of any Registered Security which is to be repaid in part only, the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the
expense of the Company, a new Registered Security or Securities of the same series, of any authorized denomination specified by
the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered
which is not to be repaid.

 

ARTICLE FOURTEEN - DEFEASANCE AND COVENANT
DEFEASANCE

 

SECTION 1401.   Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance.  If, pursuant to Section 301,
provision is made for either or both of (a) Defeasance of the Securities of or within a series under Section 1402 or
(b) Covenant Defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or
Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be
specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any coupons
appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any
coupons appertaining thereto, elect to have Section 1402 (if applicable) or Section 1403 (if applicable) be applied to
such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article.

 

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SECTION 1402.      
Defeasance and Discharge.  Upon the Company’s exercise of the above option applicable to this Section with
respect to any Securities of or within a series, the Company shall be deemed to have been discharged from its obligations with
respect to such Outstanding Securities and any coupons appertaining thereto on the date the conditions set forth in Section 1404
are satisfied (hereinafter, “Defeasance”).  For this purpose, such Defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any coupons appertaining
thereto, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1405 and the other
Sections of this Indenture referred to in clauses (A) and (B) below, and to have satisfied all of its other obligations
under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining
thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same),
except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders
of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the trust fund described in Section 1404
and as more fully set forth in such Section, payments in respect of the principal of (and premium or Make-Whole Amount, if any)
and interest, if any, on such Securities and any coupons appertaining thereto when such payments are due, (B) the Company’s
obligations with respect to such Securities under Sections 305, 306, 1002 and 1003, and the Company’s obligations under Section 606
hereof (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (D) this Article.  Subject
to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding the
prior exercise of its option under Section 1403 with respect to such Securities and any coupons appertaining thereto.

 

SECTION 1403.      
Covenant Defeasance.  Upon the Company’s exercise of the above option applicable to this Section with respect
to any Securities of or within a series, the Company shall be released from its obligations under Sections 1004 to 1009, inclusive,
and, if specified pursuant to Section 301, its obligations under any other covenant contained herein or in any indenture supplemental
hereto, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set
forth in Section 1404 are satisfied (hereinafter, “Covenant Defeasance”), and such Securities and any coupons
appertaining thereto shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof) in connection with Sections 1004 to 1009, inclusive,
or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder.  For this
purpose, such Covenant Defeasance means that, with respect to such Outstanding Securities and any coupons appertaining thereto,
the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any
such Section or such other covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
Section or such other covenant or by reason of reference in any such Section or such other covenant to any other provision
herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 501(4) or
501(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities
and any coupons appertaining thereto shall be unaffected thereby.

 

SECTION 1404.      
Conditions to Defeasance or Covenant Defeasance.  The following shall be the conditions to application of Section 1402
or Section 1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto:

 

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(a)           The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds
in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency, currencies or currency
unit in which such Securities and any coupons appertaining thereto are then specified as payable at Stated Maturity, or (2) Government
Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies
or currency unit in which such Securities and coupons appertaining thereto are then specified as payable at Stated Maturity) which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than the due date of any payment of principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities
and any coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient,
without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall
be applied by the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium or Make-Whole
Amount, if any) and interest, if any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity
of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments
applicable to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable
in accordance with the terms of this Indenture and of such Securities and any coupons appertaining thereto.

 

(b)           Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture
or any other material agreement or instrument to which the Company is a party or by which it is bound.

 

(c)           No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities
and any coupons appertaining thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections
501(6) and 501(7) are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such period).

 

(d)           In the case of an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating
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 shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining
thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such 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 Defeasance
had not occurred.

 

(e)           In the case of an election under Section 1403, the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or
loss for Federal income tax purposes as a result of such Covenant Defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred.

 

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(f)            The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the Defeasance under Section 1402 or the Covenant Defeasance under Section 1403 (as the case
may be) have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant
to subsection (a) above and the related exercise of the Company’s option under Section 1402 or Section 1403
(as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company, with respect
to the trust funds representing such deposit or by the Trustee for such trust funds or (ii) all necessary registrations under
said Act have been effected.

 

(g)           Notwithstanding any other provisions of this Section, such Defeasance or Covenant Defeasance shall be effected in compliance with
any additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant
to Section 301.

 

(h)           The payment of amounts payable to the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction
of the Trustee.

 

SECTION 1405.   Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions.  Subject to the provisions
of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant
to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 1405, the “Trustee”) pursuant to Section 1404 in respect of any Outstanding Securities
of any series and any coupons appertaining thereto shall be held in trust and applied by the Trustee, in accordance with the provisions
of such Securities and any coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities and
any coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium or Make-Whole Amount,
if any) and interest, but such money need not be segregated from other funds except to the extent required by law.

 

Unless otherwise specified with respect to any
Security pursuant to Section 301, if, after a deposit referred to in Section 1404(a) has been made, (a) the
Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or
the terms of such Security to receive payment in a currency or currency unit other than that in which the deposit pursuant to Section 1404(a) has
been made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency or currency unit in which
the deposit pursuant to Section 1404(a) has been made, the indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal
of (and premium or Make-Whole Amount, if any), and interest, if any, on such Security as the same becomes due out of the proceeds
yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited
in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election
or Conversion Event based on the applicable market exchange rate for such currency or currency unit in effect on the second Business
Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly
as feasible) at the time of the Conversion Event.

 

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The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited pursuant to Section 1404
or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any coupons appertaining thereto.

 

Anything in this Article to the contrary
notwithstanding, subject to Section 606, the Trustee shall deliver or pay to the Company from time to time upon Company Request
any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a Defeasance
or Covenant Defeasance, as applicable, in accordance with this Article.

 

ARTICLE FIFTEEN - MEETINGS OF HOLDERS OF
SECURITIES

 

SECTION 1501.   Purposes for Which Meetings May Be Called.  A meeting of Holders of Securities of any series may be called at
any time and from time to time pursuant to this Article to make, give or take any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such
series.

 

SECTION 1502.   Call, Notice and Place of Meetings.

 

(a)          The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501,
to be held at such time and at such place as the Trustee shall determine.  Notice of every meeting of Holders of Securities
of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 106, not less than 20 nor more than 180 days prior to the date
fixed for the meeting.

 

(b)         In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be taken at
the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 days after receipt
of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Company or the Holders
of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting
and may call such meeting for such purposes by giving notice thereof as provided in subsection (a) of this Section.

 

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SECTION 1503.   Persons Entitled to Vote at Meetings.  To be entitled to vote at any meeting of Holders of Securities of any series,
a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an
instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by such Holder or Holders. 
The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be
the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its counsel and any representatives
of the Company and its counsel.

 

SECTION 1504.   Quorum; Action.  The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series
shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action
is to be taken at such meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the
Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled
to vote such specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. 
In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved.  In any other case the meeting may be adjourned for a period
of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting.  In the absence
of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not
less than 10 days; at the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the Persons entitled
to vote 25% in aggregate principal amount of the then Outstanding Securities shall constitute a quorum for the taking of any action
set forth in the notice of the original meeting.  Notice of the reconvening of any adjourned meeting shall be given as provided
in Section 1502(a), except that such notice need be given only once not less than five days prior to the date on which the
meeting is scheduled to be reconvened.

 

Except as limited by the proviso to Section 902,
any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be adopted
by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities
represented at such meeting; provided, however, that, except as limited by the proviso to Section 902, any resolution
with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly
provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount
of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding
Securities of that series.

 

Any resolution passed or decision taken at any
meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on all the Holders
of Securities of such series and the related coupons, whether or not present or represented at the meeting.

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Notwithstanding the foregoing provisions of
this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the
Holders of such series and one or more additional series:

 

(i)            there shall be no minimum quorum requirement for such meeting; and

 

(ii)           the principal amount of the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction,
notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization,
direction, notice, consent, waiver or other action has been made, given or taken under this Indenture.

 

SECTION 1505.   Determination of Voting Rights; Conduct and Adjournment of Meetings.

 

(a)          Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment
of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 
Except as otherwise permitted or required by any such regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the
signature of the Person executing the proxy witnessed or guaranteed by any trust company, bank or banker authorized by Section 104
to certify to the holding of Bearer Securities.  Such regulations may provide that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof specified in Section 104 or other proof.

 

(b)          The Trustee shall, by an instrument in writing appoint a temporary chairman of the meeting, unless the meeting shall have been
called by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders
of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a temporary chairman.  A
permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority
in principal amount of the Outstanding Securities of such series represented at the meeting.

 

(c)          At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each $1,000 principal amount
of the Outstanding Securities of such series held or represented by him; provided, however, that no vote shall be
cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting
to be not Outstanding.  The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such
series or proxy.

 

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(d)          Any meeting of Holders of Securities of any series duly called pursuant to Section 1502 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting, and the meeting may be held as so adjourned without further notice.

 

SECTION 1506.    Counting Votes and Recording Action of Meetings.  The vote upon any resolution submitted to any meeting of Holders
of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities
of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities
of such series held or represented by them.  The permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting.  A record, at least in duplicate, of the proceedings
of each meeting of Holders of Securities of any Series shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the fact, setting forth a copy of the notice of the meeting and showing that said notice was
given as provided in Section 1502 and, if applicable, Section 1504.  Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company and another
to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.  Any
record so signed and verified shall be conclusive evidence of the matters therein stated.

 

ARTICLE SIXTEEN - CONVERSION OF SECURITIES

 

SECTION 1601.   Applicability of Article; Conversion Privilege and Conversion Price.  Securities of any series which are convertible
shall be convertible in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for
Securities of any series) in accordance with this Article Sixteen.  Subject to and upon compliance with the provisions
of this Article Sixteen, at any time during the period specified in the Securities, at the option of the Holder thereof, any
Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the
principal amount thereof, or of such portion thereof, into fully paid and nonassessable shares (calculated as to each conversion
to the nearest 1/100 of a share) of Common Stock of the Company, at the Conversion Price, determined as hereinafter provided, in
effect at the time of conversion.  In case a Security or portion thereof is called for redemption, such conversion right in
respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the
Redemption Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall
terminate on the date such default is cured.

 

The price at which shares of Common Stock shall
be delivered upon conversion (herein called the “Conversion Price”) of Securities of any series shall be specified
in such Securities.  The Conversion Price shall be adjusted in certain instances as provided in Section 1604.

 

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In case the Company shall, by dividend or otherwise,
declare or make a distribution on its Common Stock referred to in paragraph (4) of Section 1604, the Holder of each Security,
upon the conversion thereof pursuant to this Article Sixteen subsequent to the close of business on the date fixed for the
determination of stockholders entitled to receive such distribution and prior to the effectiveness of the Conversion Price adjustment
in respect of such distribution pursuant to paragraph (4) of Section 1604, shall be entitled to receive for each share
of Common Stock into which such Security is converted, the portion of the evidence of indebtedness, shares of Capital Stock or
assets so distributed applicable to one share of Common Stock; provided, however, that, at the election of the Company
(whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so converting, the
Company may, in lieu of distributing to such Holder any portion of such distribution not consisting of cash or securities of the
Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith by the Board of
Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee).  If any conversion
of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment date for a distribution
to holders of Common Stock which the Holder of the Security so converted is entitled to receive in accordance with the immediately
preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with the Trustee) to distribute
to such Holder a due bill for the evidences of indebtedness, shares of Capital Stock or assets to which such Holder is so entitled,
provided that such due bill (i) meets any applicable requirements of the principal over-the-counter market or national securities
exchange or other market on which the Common Stock is then traded, and (ii) requires payment or delivery of such evidences
of indebtedness or assets no later than the date of payment or delivery thereof to holders of Common Stock receiving such distribution.

 

SECTION 1602.   Exercise of Conversion Privilege.  In order to exercise the conversion privilege, the Holder of any Security to be
converted shall surrender such Security, duly endorsed or assigned to the Company or in blank, at any office or agency maintained
by the Company pursuant to Section 1002, accompanied by written notice to the Company at such office or agency that the Holder
elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to
be converted and shall comply with any additional requirements set forth in such Security.  Securities surrendered for conversion
during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening
of business on such Interest Payment Date shall (except for Securities the Maturity of which is prior to such Interest Payment
Date) be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such Interest
Payment Date on the principal amount of Securities being surrendered for conversion and such interest shall be paid on such Interest
Payment Date as provided in Section 307.  Except as provided in the preceding sentence, no payment or adjustment shall
be made upon any conversion on account of any interest accrued on the Securities surrendered for conversion or on account of any
dividends on the Common Stock issued upon conversion.

 

The Company’s delivery to the Holder of
the fixed number of shares of the Common Stock of the Company (and any cash in lieu of any fractional share of Common Stock) into
which the Security is convertible shall be deemed to satisfy the Company’s obligation to pay the principal amount of the
Security and all accrued interest and original issue discount that has not previously been paid.  The shares of Common Stock
of the Company so delivered shall be treated as issued first in payment of accrued interest and original issue discount and then
in payment of principal.  Thus, accrued interest and original issue discount shall be treated as paid, rather than canceled,
extinguished or forfeited.

 

    	 	79	 

     

    

 

Securities shall be deemed to have been converted
immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with the foregoing
provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or Persons entitled
to receive the Common Stock issuable upon conversion shall be treated for all purposes as the record holder or holders of such
Common Stock at such time.  As promptly as practicable on or after the conversion date, the Company shall issue and shall
deliver at such office or agency a certificate or certificates for the number of full shares of Common Stock issuable upon conversion,
together with payment in lieu of any fraction of a share, as provided in Section 1603.

 

In the case of any Security which is converted
in part only, as promptly as practicable on or after the conversion date the Company shall execute and the Trustee shall authenticate
and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the
Company, a new Security or Securities, of authorized denominations in aggregate principal amount equal to the unconverted portion
of the principal amount of such Security.

 

SECTION 1603.   Fractions of Shares.  No fractional shares of Common Stock shall be issued upon conversion of Securities.  If
more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares of Common
Stock which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities
(or specified portions thereof) so surrendered.  Instead of any fractional share of Common Stock which would otherwise be
issuable upon conversion of any Security or Securities (or specified portions thereof), the Company shall pay a cash adjustment
(rounded to the nearest cent) in respect of such fraction in an amount equal to the same fraction of the Closing Price per share
of the Common Stock on the day of conversion (or, if such day is not a Trading Day, on the Trading Day immediately preceding such
day).

 

SECTION 1604.   Adjustment of Conversion Price.  The Conversion Price shall be subject to adjustment from time to time as follows:

 

(1)          If the Company pays or makes a dividend or other distribution (a) on its Common Stock exclusively in Common Stock or (b) on
any other class of Capital Stock of the Company, which dividend or distribution includes Common Stock of the Company, the Conversion
Price in effect at the opening of business on the day following the date fixed for the determination of stockholders entitled to
receive such dividend or other distribution (the “Dividend Record Date”) shall be reduced by multiplying such Conversion
Price by a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding at the close
of business on the Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares
constituting such dividend or other distribution.  Such reduction shall become effective immediately after the opening of
business on the day following the date fixed for such determination.  For the purposes of this paragraph (1), the number of
shares of Common Stock of the Company at any time outstanding shall not include shares held in the treasury of the Company, but
shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.  The
Company shall not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company.

 

    	 	80	 

     

    

 

(2)          Subject to paragraph (6) of this Section, if the Company pays or makes a dividend or other distribution on its Common Stock
consisting exclusively of Short Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Common
Stock, the Conversion Price in effect at the opening of business on the day following the record date for the determination of
holders of Common Stock entitled to receive such Short Term Rights (the “Rights Record Date”) shall be reduced by multiplying
such Conversion Price by a fraction of which the numerator shall be the number of shares of Common Stock of the Company outstanding
at the close of business on the Rights Record Date plus the number of shares of Common Stock of the Company which the aggregate
of the offering price of the total number of shares of Common Stock so offered for subscription or purchase would purchase at such
current market price and the denominator shall be the number of shares of Common Stock of the Company outstanding at the close
of business on the Rights Record Date plus the number of shares of Common Stock so offered for subscription or purchase. 
Such reduction shall become effective immediately after the opening of business on the day following the Rights Record Date. 
For the purposes of this paragraph (2), the number of shares of Common Stock of the Company at any time outstanding shall not include
shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of
fractions of shares of Common Stock of the Company.  The Company shall not issue any rights, options or warrants in respect
of shares of its Common Stock held in the treasury of the Company.  When used in this Section 1604, the term “Short
Term Rights” shall mean rights, warrants or options entitling the holders thereof (for a period commencing no earlier than
the Rights Record Date and expiring not more than 45 days after the Rights Record Date) to subscribe for or purchase shares of
Common Stock of the Company at a price per share less than the current market price per share (determined as provided in paragraph
(7) of this Section 1604) of the Common Stock of the Company on the Rights Record Date.

 

(3)          In case outstanding shares of Common Stock of the Company shall be subdivided into a greater number of shares of Common Stock,
the Conversion Price in effect at the opening of business on the day following the day upon which such subdivision becomes effective
shall be proportionately reduced, and, conversely, in case outstanding shares of Common Stock of the Company shall be combined
into a smaller number of shares of Common Stock, the Conversion Price in effect at the opening of business on the day following
the day upon which such combination becomes effective shall be proportionately increased, such reduction or increase, as the case
may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision
or combination becomes effective.

 

    	 	81	 

     

    

 

(4)          Subject to the last sentence of this paragraph (4) of this Section, if the Company, by dividend or otherwise, (a) distributes
to all holders of its Common Stock evidences of its indebtedness, shares of any class of Capital Stock of the Company or other
assets (other than cash dividends out of current or retained earnings), or (b) distributes to substantially all holders of
Common Stock rights or warrants to subscribe for securities (other than Short Term Rights to which paragraph (2) of this
Section 1604 applies), the Conversion Price shall be reduced by multiplying such Conversion Price by a fraction of which the
numerator shall be the current market price per share (determined as provided in paragraph (7) of this Section 1604)
of the Common Stock of the Company on the Reference Date (as defined below) less the fair market value (as determined in good faith
by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee),
on the Reference Date, of the portion of the evidences of indebtedness and other assets so distributed or of such subscription
rights or warrants applicable to one share of Common Stock (collectively, the “Market Value of the Distribution”) and
the denominator shall be such current market price per share of the Common Stock of the Company.  Such reduction shall become
effective immediately prior to the opening of business on the day (the “Reference Date”) following the later of (a) the
date fixed for the payment of such distribution and (b) the date 20 days after notice relating to such distribution is required
to be given pursuant to Section 1606(a).  If the Board of Directors determines the fair market value of any distribution
for purposes of this paragraph (4) by reference to the actual or when issued trading market for any securities comprising
such distribution, it must in doing so consider the prices in such market over the same period used in computing the current market
price per share pursuant to paragraph (7) of this Section 1604.  In the event that, with respect to any distribution
to which this paragraph (4) of Section 1604 would otherwise apply, the Market Value of the Distribution is greater than
the current market price per share of the Common Stock (such distribution being referred to herein as an “Unadjusted Distribution”),
then the adjustment provided by this paragraph (4) shall not be made and in lieu thereof the provisions of Section 1611
shall apply with respect to such Unadjusted Distribution.

 

(5)          The Company may, but shall not be required to, make such reductions in the Conversion Price, in addition to those required by paragraphs
(1), (2), (3), and (4) of this Section 1604, as it considers to be advisable in order that any event treated for
federal income tax purposes as a dividend of stock or stock rights shall not be taxable to the recipients.  In addition, the
Company, from time to time, may decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including
situations where the Board of Directors determines such decrease to be fair and appropriate with respect to transactions in which
holders of Common Stock have the right to participate.

 

    	 	82	 

     

    

 

(6)          Rights or warrants issued or distributed by the Company to all holders of its Common Stock entitling the holders thereof to subscribe
for or purchase shares of Common Stock or Preferred Stock, which rights or warrants (i) are deemed to be transferred with
such shares of Common Stock, (ii) are not exercisable and (iii) are also issued or distributed in respect of future issuances
of Common Stock, in each case in clauses (i) through (iii) until the occurrence of a specified event or events (“Trigger
Events”), shall for purposes of this Section 1604 not be deemed issued or distributed until the occurrence of the earliest
Trigger Event.  Each share of Common Stock issued upon conversion of Securities pursuant to this Article Sixteen shall
be entitled to receive the appropriate number of Common Stock purchase rights (the “Rights”), if any, and the certificates
representing the Common Stock issued upon conversion shall bear such legends, if any.  Notwithstanding anything to the contrary
in this Article Sixteen, there shall not be any adjustment to the Conversion Price as a result of (i) the distribution
of separate certificates representing the Rights; (ii) the occurrence of certain events entitling holders of Rights to receive,
upon exercise thereof, Common Stock or other securities of the Company or other securities of another corporation; or (iii) the
exercise of such Rights.  No adjustment in the Conversion Price need be made for rights to purchase or the sale of Common
Stock pursuant to a Company plan providing for reinvestment of dividends or interest.

 

(7)          For the purpose of any computation under paragraph (2), (4) or (5) of this Section 1604, the “current market
price” per share of Common Stock of the Company on any date shall be deemed to be the average of the daily Closing Prices
for the 15 consecutive Trading Days selected by the Company commencing not more than 30 Trading Days before, and ending not later
than, the date in question.

 

(8)          No adjustment in the Conversion Price shall be required unless such adjustment would require an increase or decrease of at least
1% in the Conversion Price; provided, however, that any adjustments which by reason of this paragraph (8) are
not required to be made shall be carried forward and taken into account in any subsequent adjustment.  All calculations under
this Article Sixteen shall be made to the nearest cent or to the nearest one-hundredth of a share of Common Stock, as the
case may be.

 

(9)        
 Anything herein to the contrary notwithstanding, in the event the Company shall declare any dividend or distribution
requiring an adjustment in the Conversion Price hereunder and shall, thereafter and before the payment of such dividend or
distribution to stockholders, legally abandon its plan to pay such dividend or distribution, the Conversion Price then in
effect hereunder, if changed to reflect such dividend or distribution, shall upon the legal abandonment of such plan be
changed to the Conversion Price which would have been in effect at the time of such abandonment (after giving effect to all
other adjustments not so legally abandoned pursuant to the provisions of this Article Sixteen) had such dividend or
distribution never been declared.

 

(10)        Notwithstanding any other provision of this Section 1604, no adjustment to the Conversion Price shall reduce the Conversion
Price below the then par value per share of the Common Stock of the Company, and any such purported adjustment shall instead reduce
the Conversion Price to such par value.  Notwithstanding the foregoing sentence, the Company hereby covenants that it will
from time to time take all such action as may be required to assure that the par value per share of the Common Stock is at all
times equal to or less than the Conversion Price.

 

    	 	83	 

     

    

 

(11)      
 In the event that this Article Sixteen requires adjustments to the Conversion Price under more than one of
paragraphs (1), (2), (3) or (4) of this Section 1604, and the record or effective dates for the transaction
giving rise to such adjustments shall occur on the same date, then such adjustments shall be made by applying (to the extent
they are applicable), first, the provisions of paragraph (3) of this Section 1604, second, the provisions of
paragraph (1) of this Section 1604, third, the provisions of paragraph (4) of this Section 1604
and, fourth, the provisions of paragraph (2) of this Section 1604.  Anything herein to the contrary
notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this
Section 1604.  After an adjustment to the Conversion Price under this Article Sixteen, any subsequent event
requiring an adjustment under this Article Sixteen shall cause an adjustment to the Conversion Price as so
adjusted.  If, after an adjustment, a Holder of a Security upon conversion of such Security receives shares of two or
more classes of Capital Stock of the Company, the Conversion Price shall thereafter be subject to adjustment upon the
occurrence of an action taken with respect to any such class of Capital Stock as is contemplated by this
Article Sixteen with respect to the Common Stock in this Article Sixteen.

 

SECTION 1605.   Notice of Adjustments of Conversion Price.  Whenever the Conversion Price is adjusted as herein provided:

 

(1)          the Company shall compute the adjusted Conversion Price in accordance with Section 1604 or Section 1611 and shall prepare
an Officer’s Certificate setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which
such adjustment is based, and such certificate shall forthwith be filed (with a copy to the Trustee) at each office or agency maintained
for the purpose of conversion of any Securities pursuant to Section 1002; and

 

(2)          a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be
required, and as soon as practicable after it is required, such notice shall be mailed by the Company to all Holders at their last
addresses as they shall appear in the Security Register.

 

SECTION 1606.   Notice of Certain Corporate Action.  In case:

 

(1)          the Company shall take any action that would require a Conversion Price adjustment pursuant to Section 1604 or Section 1611;
or

 

(2)          there shall occur any reclassification of the Common Stock of the Company (other than a subdivision or combination of its outstanding
shares of Common Stock), or any consolidation or merger to which the Company is a party, or the sale, transfer or lease of all
or substantially all of the assets of the Company and for which approval of any stockholders of the Company is required; or

 

    	 	84	 

     

    

 

(3)          there shall occur the voluntary or involuntary dissolution, liquidation or winding up of the Company, then the Company shall cause
to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 1002, and
shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register, at least 10 days
prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of any dividend, distribution or granting of rights, warrants or options, or, if a record
is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, rights,
options or warrants are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale, transfer,
dissolution, liquidation or winding up is expected to become effective, and, if applicable, the date as of which it is expected
that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up.

 

SECTION 1607.   Company to Reserve Common Stock.  The Company shall at all times reserve and keep available, free from preemptive rights,
out of its authorized but unissued Common Stock, for the purpose of effecting the conversion of Securities, a number of shares
of Common Stock for the conversion of all outstanding Securities of any series which is convertible into Common Stock.

 

SECTION 1608.   Taxes on Conversion.  The Company will pay any and all taxes that may be payable in respect of the issue or delivery
of shares of Common Stock on conversion of Securities pursuant hereto.  The Company shall not, however, be required to pay
any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in a name
other than that of the Holder of the Security or Securities to be converted, and no such issue or delivery shall be made unless
and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established to the satisfaction
of the Company that such tax has been paid.

 

SECTION 1609.   Covenants as to Common Stock.  The Company covenants that all shares of Common Stock which may be issued upon conversion
of Securities will upon issue be duly and validly issued, fully paid and nonassessable, free of preemptive or any similar rights,
and, except as provided in Section 1608, the Company will pay all taxes, liens and charges with respect to the issue thereof.

 

The Company will endeavor promptly to comply
with all Federal and state securities laws regulating the offer and delivery of shares of Common Stock upon conversion of Securities,
if any, and will list or cause to have quoted such shares of Common Stock on each national securities exchange or in the over-the-counter
market or such other market on which the Common Stock is then listed or quoted.

 

SECTION 1610.   Cancellation of Converted Securities.  All Securities delivered for conversion shall be delivered to the Trustee to
be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in Section 309.

 

    	 	85	 

     

    

 

SECTION 1611.   Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions.  If any of the following shall
occur, namely:  (i) any reclassification or change of outstanding shares of Common Stock issuable upon conversion of
Securities (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result
of a subdivision or combination), (ii) any consolidation or merger to which the Company is a party other than a merger in
which the Company is the continuing corporation and which does not result in any reclassification of, or change (other than a change
in name, or par value, or from par value to no par value, or from no par value to par value or as a result of a subdivision or
combination) in, outstanding shares of Common Stock or (iii) any sale or conveyance of all or substantially all of the property
or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger or which
acquires such properties or assets, as the case may be, shall as a condition precedent to such transaction execute and deliver
to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter,
during the period such Security shall be convertible as specified in Section 1601, to convert such Security only into the
kind and amount of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer or lease
by a holder of the number of shares of Common Stock of the Company into which such Security might have been converted immediately
prior to such consolidation, merger, sale, transfer or lease; provided that the kind and amount of securities, cash and other property
so receivable shall be determined on the basis of the following assumptions.  The holder of Common Stock referred to in the
foregoing sentence:

 

(1)          is not (a) a Person with which the Company consolidated, (b) a Person into which the Company merged or which merged into
the Company, or (c) a Person to which such sale, transfer or lease was made (any Person described in the foregoing clauses
(a), (b), or (c), hereinafter referred to as a “Constituent Person”), or (d) an Affiliate of a Constituent Person;
and

 

(2)          failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon
such consolidation, merger, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale transfer or lease is not the same for each share of Common Stock of the Company
in respect of which such rights of election shall not have been exercised, then for the purpose of this Section 1611 the kind
and amount of securities, cash and other property receivable upon such consolidation, merger, sale, transfer or lease shall be
deemed to be the kind and amount so receivable per share by a plurality of such shares of Common Stock).

 

Such supplemental indenture shall provide for
adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article Sixteen.  If, in the case of any such consolidation,
merger, sale transfer or lease the stock or other securities and property (including cash) receivable thereupon by a holder of
Common Stock includes shares of stock or other securities and property of a corporation other than the successor or purchasing
corporation, as the case may be, in such consolidation, merger, sale, transfer or lease then such supplemental indenture shall
also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders
of the Securities as the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing. 
The above provisions of this Section 1611 shall similarly apply to successive consolidations, mergers, sales, transfers or
leases.

 

    	 	86	 

     

    

 

In the event the Company shall execute a supplemental
indenture pursuant to this Section 1611, the Company shall promptly file with the Trustee an Officers’ Certificate briefly
stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders
of the Securities upon the conversion of their Securities after any such reclassification, change, consolidation, merger, sale,
transfer or lease and any adjustment to be made with respect thereto.

 

If the Company makes a distribution to all holders
of its Common Stock that constitutes an Unadjusted Distribution pursuant to the last sentence of paragraph (4) of Section 1604,
then, from and after the record date for determining the holders of Common Stock entitled to receive such distribution (the “Distribution
Record Date”), a Holder of a Security who converts such Security in accordance with the provisions of this Indenture shall,
upon conversion, be entitled to receive, in addition to the shares of Common Stock into which the Security is convertible, the
kind and amount of evidences of indebtedness, shares of Capital Stock, or other assets or subscription rights or warrants, as the
case may be, comprising the distribution that such Holder would have received if such Holder had converted the Security immediately
prior to the Distribution Record Date.

 

SECTION 1612.   Trustee Adjustment Disclaimer; Company Determination Final.  The Trustee has no duty to determine when an adjustment
under this Article Sixteen should be made, how it should be made or what it should be.  The Trustee has no duty to determine
whether a supplemental indenture under Section 1611 need be entered into or whether any provisions of any supplemental indenture
are correct.  The Trustee shall not be accountable for and makes no representation as to the validity or value of any securities
or assets issued upon conversion of Securities.  The Trustee shall not be responsible for the Company’s failure to comply
with this Article Sixteen.  Any determination that the Company or the Board of Directors must make pursuant to this Article Sixteen
is conclusive, absent manifest error.

 

SECTION 1613.   When No Adjustment Required.  Except as expressly set forth in Section 1604, no adjustment in the Conversion Price
shall be made because the Company issues, in exchange for cash, property or services, shares of its Common Stock, or any securities
convertible into or exchangeable for shares of its Common Stock, or securities (including warrants, rights and options) carrying
the right to subscribe for or purchase shares of its Common Stock or such convertible or exchangeable securities.

 

(1)          Notwithstanding anything herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to Section 1604
in respect of any dividend or distribution if the Holders may participate therein (on a basis to be determined in good faith by
the Board of Directors) and receive the same consideration they would have received if they had converted the Securities immediately
prior to the record date with respect to such dividend or distribution.

 

    	 	87	 

     

    

 

SECTION 1614.   Equivalent Adjustments.  In the event that, as a result of an adjustment made pursuant to Section 1604 above,
the holder of any Security thereafter surrendered for conversion shall become entitled to receive any shares of Capital Stock of
the Company other than shares of its Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion
of any Securities shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to Common Stock contained in this Article Sixteen.

 

    	 	88	 

     

    

 

SIGNATURES

 

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

 

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

 

    	 	89	 

     

    

 

EXHIBIT A

 

FORM OF REDEEMABLE OR NON-REDEEMABLE SENIOR
SECURITY

 

[Face of Security]

 

[If the Holder of this Security (as indicated below) is The Depository
Trust Company (“DTC”) or a nominee of DTC, this Security is a Global Security and the following two legends apply:

 

Unless this Security is presented by an authorized representative
of The Depository Trust Company, a New York corporation, (“DTC”) to the Company or its agent for registration of transfer,
conversion, exchange or payment, and such Security issued is registered in the name of Cede & Co., or in such other name
as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as
is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

 

Unless and until this Security is exchanged in whole or in part
for Securities in certificated form, this Security may not be transferred except as a whole by DTC to a nominee thereof or by a
nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.]

 

[If this Security is an Original Issue Discount Security, insert
— FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT
ON THIS SECURITY IS       % OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS                     ,
20    , AND THE YIELD TO MATURITY IS       %.  THE METHOD USED TO DETERMINE
THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE SHORT ACCRUAL PERIOD OF                     ,
20     TO                     ,
20    , IS       % OF THE PRINCIPAL AMOUNT OF THIS SECURITY.]

 

EYEGATE PHARMACEUTICALS, INC.

 

[Designation of Series]

 

	No.                	$                      
	 	 
	CUSIP No.             	 

 

EYEGATE PHARMACEUTICALS, INC., a Delaware corporation (herein
referred to as the “Company,” which term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to                     
or registered assigns the principal sum of                     
Dollars on                     
(the “Stated Maturity Date”)  [or insert date fixed for earlier redemption (the “Redemption Date,”
and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity Date.”)]

 

    	 	A-1	 

     

    

 

[If the Security is to bear interest prior to Maturity, insert
— and to pay interest thereon from                     
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on                     
and                      in
each year (each, an “Interest Payment Date”), commencing                     ,
at the rate of       % per annum, until the principal hereof is paid or duly provided for. 
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Holder in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the                     
or                      (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date [at the office or agency of the Company maintained
for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a
check to such Holder at its registered address or by transfer of funds to an account maintained by such Holder within the United
States].  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder
on such Regular Record Date, and may be paid to the Holder in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date,
or may be paid at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or
securities exchange on which the Securities of this series may be quoted or listed, and upon such notice as may be required by
such market or exchange, all as more fully provided in the Indenture.  Interest will be computed on the basis of a 360-day
year of twelve 30-day months.]

 

[If the Security is not to bear interest prior to Maturity, insert
— The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration,
upon redemption or at the [Stated] Maturity Date and in such case the overdue principal of this Security shall bear interest at
the rate of       % per annum (to the extent that the payment of such interest shall be legally enforceable),
which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided
for.  Interest on any overdue principal shall be payable on demand.  Any such interest on any overdue principal that
is not so paid on demand shall bear interest at the rate of       % per annum (to the extent that
the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the
date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.]

 

The principal of this Security payable on the Stated Maturity Date
[or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest
on this Security payable on the Redemption Date] will be paid against presentation of this Security at the office or agency of
the Company maintained for that purpose in                     ,
in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

 

Interest payable on this Security on any Interest Payment Date and
on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will include interest accrued from and including the next
preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including                     ,
if no interest has been paid on this Security) to but excluding such Interest Payment Date or the [Stated] Maturity Date [or Redemption
Date, as the case may be.]  If any Interest Payment Date or the [Stated] Maturity Date or [Redemption Date] falls on a day
that is not a Business Day, as defined below, principal, premium or Make-Whole Amount, if any, and/or interest payable with respect
to such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding
Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on
the amount so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as
the case may be.]  “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order
to close.

 

    	 	A-2	 

     

    

 

[If this Security is a Global Security, insert — All
payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company
in immediately available funds.]

 

Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the Certificate of Authentication hereon has been executed
by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under
the Indenture, or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed under its facsimile corporate seal.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	EYEGATE PHARMACEUTICALS, INC.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Attest:	 	 	 	 
	 	 	 	 
	Secretary	 	 	 	 

 

    	 	A-3	 

     

    

 

[Reverse of Security]

 

EYEGATE PHARMACEUTICALS, INC.

 

This Security is one of a duly authorized issue of securities of
the Company (herein called the “Securities”), issued and to be issued in one or more series under an

 

Indenture, dated as of                     ,
20     (herein called the “Indenture”) between the Company and                                             ,
as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect
to the series of which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
This Security is one of the duly authorized series of Securities designated on the face hereof (collectively, the “Securities”),
[if applicable, insert — and the aggregate principal amount of the Securities to be issued under such series is limited
to $                     (except
for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities).]  All terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

If an Event of Default, as defined in the Indenture, shall occur
and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

[If applicable, insert — The Securities may not be
redeemed prior to the Stated Maturity Date.]

 

[If applicable, insert — The Securities are subject
to redemption [ (l) (If applicable, insert — on                     
in any year commencing with the year                     
and ending with the year                     
through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2) ]
[If applicable, insert — at any time [on or after                     ],
as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal
amount):

 

If redeemed on or before                     ,
      % and if redeemed during the 12-month period beginning                     
of the years indicated at the Redemption Prices indicated below.

 

	Year	 	Redemption Price	 	Year	 	Redemption Price	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal to       %
of the principal amount, together in the case of any such redemption [If applicable, insert — (whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date; provided, however, that installments of
interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security,
or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture.]

 

    	 	A-4	 

     

    

 

[If applicable, insert — The Securities
are subject to redemption (1) on                     
in any year commencing with the year                     
and ending with the year                     
through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [on or after                     ],
as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation
of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning                     
of the years indicated,

 

	Year	 	Redemption Price for

Redemption Through

Operation of the Sinking Fund	 	Redemption Price for

Redemption Otherwise Than

Through Operation of the

Sinking Fund	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal to       %
of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose
Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of this Security, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in
the Indenture.]

 

[If applicable, insert — Notwithstanding
the foregoing, the Company may not, prior to                     ,
redeem any Securities as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any
refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated
in accordance with generally accepted financial practice) of less than       % per annum.]

 

[If applicable, insert — The sinking
fund for the Securities provides for the redemption on                     
in each year, beginning with the year                     
and ending with the year                     ,
of [not less than] $                    ]
[(“mandatory sinking fund”) and not more than $                    ]
aggregate principal amount of the Securities.  [The Securities acquired or redeemed by the Company otherwise than through
[mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be
made in the [describe order] order in which they become due.]]

 

Notice of redemption will be given by mail to
Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture.

 

    	 	A-5	 

     

    

 

In the event of redemption of this Security
in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon
the cancellation hereof.

 

[If applicable, insert conversion provisions
set forth in any Board Resolution or indenture supplemental to the Indenture.]

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of
not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding
and affected thereby.  The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company
with certain provisions of the Indenture.  Furthermore, provisions in the Indenture permit the Holders of not less than a
majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf
of all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences.  Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Security and other Securities issued upon the registration of transfer hereof or conversion or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this Security at the times, places and rate,
and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to
certain limitations therein [and herein] set forth, the transfer of this Security is registrable in the Security Register of the
Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where
the principal of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder
hereof or by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to
certain limitations therein [and herein] set forth, this Security is exchangeable for a like aggregate principal amount of Securities
of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering
the same.

 

The Securities of this series are issuable only
in registered form [without coupons] in denominations of $                    
and any integral multiple thereof.

 

    	 	A-6	 

     

    

 

No service charge shall be made for any such
registration of transfer or conversion or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith,

 

Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

No recourse shall be had for the payment of
the principal of or premium or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or otherwise
in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present
or future stockholder, employee, officer or director, as such, of the Company or of any successor, either directly or through the
Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

 

The Indenture and the Securities shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely
in such State.

 

    	 	A-7	 

     

    

 

EXHIBIT B

 

FORMS OF CERTIFICATION

 

EXHIBIT B-1

 

FORM OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient description of Securities
to be delivered]

 

This is to certify that, as of the date hereof,
and except as set forth below, the above-captioned Securities held by you for our account (i) are owned by person(s) that
are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income
of which is subject to United States Federal income taxation regardless of its source (“United States person(s)”),
(ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions
(financial institutions, as defined in United States Treasury Regulations Section 2.165-12(c)(1)(v) are herein referred
to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who
acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial
institution hereby agrees, on its own behalf or through its agent, that you may advise EyeGate Pharmaceuticals, Inc. or its
agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States
or foreign financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution
described in clause (iii) above (whether or not also described in clause (i) or (ii)), this is to further certify that
such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person
or to a person within the United States or its possessions.

 

As used herein, “United States”
means the United States of America (including the States and the District of Columbia); and its “possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We undertake to advise you promptly by tested
telex or by telecopy on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities
held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such
date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

 

This certificate excepts and does not relate
to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able to certify and as to which we
understand an exchange for an interest in a permanent Global Security or an exchange for and delivery of definitive Securities
(or, if relevant, collection of any interest) cannot be made until we do so certify.

 

    	 	B-1	 

     

    

 

We understand that this certificate may be required
in connection with certain tax legislation in the United States.  If administrative or legal proceedings are commenced or
threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.

 

	 	Dated:	 	 

 

[To be dated no earlier than the 15th day prior
to (i) the Exchange Date or (ii) the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]

 

	 	[Name of Person Making Certification]
	 	 
	 	(Authorized Signature)
	 	Name:
	 	Title:

 

    	 	B-2	 

     

    

 

EXHIBIT B-2

 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND CLEARSTREAM S.A. IN CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO OBTAIN INTEREST PAYABLE
PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert title or sufficient description of Securities
to be delivered]

 

This is to certify that, based solely on written
certifications that we have received in writing, by tested telex or by electronic transmission from each of the persons appearing
in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”)
substantially in the form attached hereto, as of the date hereof, [U.S.$] principal amount of the above-captioned Securities (i) is
owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or
any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United
States person(s)”), (ii) is owned by United States person(s) that are (a) foreign branches of United States
financial institutions (financial institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are
herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United
States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold
the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such
financial institution has agreed, on its own behalf or through its agent, that we may advise EyeGate Pharmaceuticals, Inc.
or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of
the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period (as defined in United States Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii) above
(whether or not also described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes
of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

 

As used herein, “United States”
means the United States of America (including the States and the District of Columbia); and its “Possessions” include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

We further certify that (i) we are not
making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security
representing the above-captioned Securities excepted in the above-referenced certificates of Member Organizations and (ii) as
of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements
made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, collection
of any interest) are no longer true and cannot be relied upon as of the date hereof.

 

We understand that this certification is required
in connection with certain tax legislation in the United States.  If administrative or legal proceedings are commenced or
threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate
or a copy thereof to any interested party in such proceedings.

 

    	 	B-3	 

     

    

 

	Dated:	 	 

 

[To be dated no earlier than the Exchange Date
or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable]

 

[                          ,
as Operator of the Euroclear System] [Clearstream Banking Luxembourg]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-4

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