Document:

Exhibit 4.4

 

 

DPW
Holdings, Inc.

 

Warrant
To Purchase Shares of Class A Common Stock

 

Warrant No.:  __________

Date of Issuance:
October 27, 2020 (“Issuance Date”)

 

DPW Holdings, Inc.,
a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Esousa Holdings LLC, the registered holder hereof or its permitted assigns (the
“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise
Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Class A Common Stock (including any Warrants
to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or
times on or after the Effective Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), 148,936,
subject to adjustment as provided herein), fully paid and non-assessable shares of Common Stock (as defined below) (the “Warrant
Shares”). For purposes of this Warrant, “Exchange Approval” shall mean approval of the issuance of
Common Stock contemplated by this Agreement by the NYSE American, which approval shall be obtained as promptly as practicable after
the Issuance Date.

 

1.       EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise.

 

Subject to the terms
and conditions hereof (including, without limitation, the limitations set forth in Section 1(e)), this Warrant may, subject to
the Company’s receipt of Exchange Approval, which date is referred to herein as the “Effective Date,”
be exercised or exchanged by the Holder on any day on or after the Effective Date in whole or in part, by delivery (whether via
facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”),
of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following an exercise of this Warrant as aforesaid,
the Holder shall deliver payment to the Company of an amount equal to the Exercise Price in effect on the date of such exercise
multiplied by the number of Warrant Shares as to which this Warrant was so exercised (in respect of such specific exercise, the
“Aggregate Exercise Price”) in cash or via wire transfer of immediately available funds provided, however, that
if the Holder has elected to exercise all or part of this Warrant on a cashless basis, it shall surrender the Warrant, in whole
or in part (as applicable), rather than deliver a cash payment to the Company. The Holder shall not be required to deliver the
original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to
less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant certificate and
issuance of a new Warrant certificate evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery
of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of
this Warrant certificate after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st)
Trading Day following the date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile an
acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit B, to the
Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the first (1st)
Trading Day following the date on which the Company has received such Exercise Notice, the Company shall credit such aggregate
number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with The Depository Trust Company (“DTC”) through its Deposit/Withdrawal at Custodian system.
Upon delivery of an Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited
to the Holder’s DTC account. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and
the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being
acquired upon an exercise, then, at the request of the Holder and upon surrender hereof by the Holder at the principal office of
the Company, the Company shall as soon as practicable and in no event later than three (3) Business Days after any exercise and
at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 8(d)) representing
the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the
number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued
upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest
whole number. The Company shall pay any and all taxes and fees which may be payable with respect to the issuance and delivery of
Warrant Shares upon exercise of this Warrant.

 

 

    	 		 

    	 

    

 

Whensoever mentioned
in this Warrant, the term “exercise” shall be deemed to mean “exercise or exchange” unless any such interpretation
would result in manifest error.

 

(b)       Exercise
Price.

 

For purposes of this
Warrant, “Exercise Price” means $2.59, subject to adjustment as provided herein.

 

(c)       Company’s
Failure to Timely Deliver Securities.

 

To the extent permitted
by law, the Company’s obligations to issue and deliver the shares of Common Stock upon exercise of the Warrant 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 that might otherwise limit such obligation of the Company to the Holder in connection
with the issuance of the shares of Common Stock. Nothing herein shall limit the 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 the shares of Common Stock issuable upon exercise of this
Warrant as required pursuant to the terms hereof.

 

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(d)       Cashless
Exercise.

 

Notwithstanding anything
contained herein to the contrary, the Holder may in its sole discretion (and without limiting the Holder’s rights and remedies
contained herein), exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to
be made to the Company upon such exercise in payment of the aggregate Exercise Price, elect instead to receive upon such exercise
the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”):

 

Net Number = (A x B)/C

For purposes of the foregoing formula:

 

A= the total number of shares with respect
to which this Warrant is then being exercised.

B= Black Scholes Value.

C= the Closing Bid Price of the Common Stock as of two (2) Trading Days prior to the time of such exercise, provided, however,
that in no event shall the Closing Bid Price used for the purposes of calculating the Net Number be less than $1.65.

 

“Black Scholes Value”
means the Black Scholes value of an option for one share of Common Stock at the date of the applicable Cashless Exercise, as such
Black Scholes value is determined, calculated using the Black Scholes Option Pricing Model obtained from the “OV” function
on Bloomberg utilizing (i) an underlying price per share equal to the Exercise Price, (ii) a risk-free interest rate corresponding
to the U.S. Treasury rate, (iii) a strike price equal to the Exercise Price in effect at the time of the applicable Cashless Exercise,
(iv) an expected volatility equal to 135%, and (v) a deemed remaining term of the Warrant of five (5) years (regardless of the
actual remaining term of the Warrant). 

 

(e)       Disputes.

 

In the case of a dispute
as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares (including, without
limitation, the Net Number) to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number
of Warrant Shares that are not disputed, provided that following such issuance to Holder such dispute shall be resolved in accordance
with Section 15.

 

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(f)       Limitations
on Exercises and Exchanges.

 

Notwithstanding anything
to the contrary contained in this Warrant, this Warrant shall not be exercisable or exchangeable by the Holder hereof to the extent
(but only to the extent) that the Holder or any of its affiliates would beneficially own in excess of 9.99% of the number
of shares of Common Stock outstanding after giving effect to the issuance of shares of Common Stock issuable upon exercise of the
Warrants calculated in accordance with Section 13(d) of the Exchange Act (the “Maximum Percentage”). To the
extent the above limitation applies, the determination of whether this Warrant shall be exercisable or exchangeable (vis-à-vis
other convertible, exercisable or exchangeable securities owned by the Holder or any of its affiliates) and of which such securities
shall be exercisable or exchangeable (as among all such securities owned by the Holder) shall, subject to such Maximum Percentage
limitation, be determined on the basis of the first submission to the Company for conversion, exercise or exchange (as the case
may be). No prior inability to exercise or exchange this Warrant pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of exercisability or exchangeability. For
the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with
respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the 1934 Act and the rules
and regulations promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict
conformity with the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary
or desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply
to a successor Holder of this Warrant. The holders of shares of Common Stock shall be third party beneficiaries of this paragraph
and the Company may not waive this paragraph without the consent of holders of a majority of its shares of Common Stock. For any
reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Business Days confirm orally
and in writing to the Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion
or exercise or exchange of convertible or exercisable or exchangeable securities into shares of Common Stock, including, without
limitation, pursuant to this Warrant.

 

(g)       Reservation
of Shares; Insufficient Authorized Shares.

 

The Company shall initially
reserve out of its authorized and unissued shares of Common Stock a number of shares of Common Stock equal to 200% of the maximum
number of Warrant Shares issuable to satisfy the Company’s obligations to issue shares of Common Stock hereunder, and the
Company shall at all times keep reserved for issuance under this Warrant a number of shares of Common Stock equal to 200% of the
maximum number of Warrant Shares issuable to satisfy the Company’s obligation to issue shares of Common Stock hereunder.
If, notwithstanding the foregoing, and not in limitation thereof, at any time while this Warrant remains outstanding the Company
does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for
issuance upon exercise or exchange of this Warrant at least a number of shares of Common Stock equal to the number of shares of
Common Stock as shall from time to time be necessary to effect the exercise or exchange this Warrant or the portion of this Warrant
then outstanding (the “Required Reserve Amount”) (an “Authorized Share Failure”), then the
Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock to an amount
sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting the
generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but
in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its shareholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such
meeting, the Company shall provide each shareholder with a proxy statement and shall use its reasonable efforts to solicit its
shareholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend
to the shareholders that they approve such proposal.

 

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2.       ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and number of Warrant Shares issuable upon exercise of this
Warrant are subject to adjustment from time to time as set forth in this Section 2.

 

(a)       Stock
Dividends and Splits.

 

Without limiting any
provision of Section 4, if the Company, at any time on or after the Effective Date, (i) pays a stock dividend on one or more classes
of its then outstanding shares of Common Stock or otherwise makes a distribution on any class of capital stock that is payable
in shares of Common Stock, (ii) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes
of its then outstanding shares of Common Stock into a larger number of shares or (iii) combines (by combination, reverse stock
split or otherwise) one or more classes of its then outstanding shares of Common Stock into a smaller number of shares, then in
each such case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common
Stock 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 clause (i) of this paragraph shall become effective immediately after
the record date for the determination of shareholders entitled to receive such dividend or distribution, and any adjustment pursuant
to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.
If any event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder,
then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event.

 

(b)       Number
of Warrant Shares.

 

Simultaneously with
any adjustment to the Exercise Price pursuant to this Section 2, the number of Warrant Shares that may be purchased upon exercise
of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior
to such adjustment (without regard to any limitations on exercise contained herein).

 

(c)       Calculations.

 

All calculations under
this Section 2 shall be made by rounding to the nearest 1/10000th of cent and the nearest 1/100th of a share,
as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of shares of Common
Stock.

 

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(d)       Other
Events.

 

In the event that the
Company shall take any action to which the provisions hereof are not strictly applicable, or, if applicable, would not operate
to protect the Holder from dilution or if any event occurs of the type contemplated by the provisions of this Section 2 but not
expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock
rights or other rights with equity features), then the Company’s board of directors shall in good faith determine and implement
an appropriate adjustment in the Exercise Price and the number of Warrant Shares (if applicable) so as to protect the rights of
the Holder, provided that no such adjustment pursuant to this Section 2(d) will increase the Exercise Price or decrease the number
of Warrant Shares as otherwise determined pursuant to this Section 2, provided further that if the Holder does not accept such
adjustments as appropriately protecting its interests hereunder against such dilution, then the Company’s board of directors
and the Holder shall agree, in good faith, upon an independent investment bank of nationally recognized standing to make such appropriate
adjustments, whose determination shall be final and binding and whose fees and expenses shall be borne by the Company.

 

3.       RIGHTS
UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, 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, indebtedness,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction, other than a distribution of shares of Common Stock covered by Section 2(a)) (a “Distribution”),
at any time after the issuance of this Warrant, 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 exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Maximum Percentage) immediately before the date on 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 Distributions would result in the Holder
exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (or
the beneficial ownership of any such shares of Common Stock as a result of such Distribution to such extent) and such Distribution
to such extent 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 Maximum Percentage).

 

4.       PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)       Purchase
Rights.

 

In addition to any
adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible Securities
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 exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Maximum Percentage) 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 Maximum Percentage, 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 Maximum Percentage).

 

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(b)       Fundamental
Transactions.

 

The Company shall not
enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing all of the obligations of the
Company under this Warrant and the other Transaction Documents related to this Warrant in accordance with the provisions of this
Section 4(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
prior to such Fundamental Transaction, including agreements confirming the obligations of the Successor Entity as set forth in
this paragraph (b) and (c) and elsewhere in this Warrant and an obligation to deliver to the Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant,
including, without limitation, which is exercisable for a corresponding number of shares of capital stock equivalent to the shares
of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise 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 adjustments to the number of shares of capital stock and such exercise price
being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction). Notwithstanding the foregoing, at the election of the Holder upon exercise of this Warrant following a Fundamental
Transaction, the Successor Entity shall deliver to the Holder, in lieu of the shares of Common Stock (or other securities, cash,
assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable
thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of common
stock (or its equivalent) of the Successor Entity (including its Parent Entity), or other securities, cash, assets or other property,
which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant
been exercised immediately prior to the applicable Fundamental Transaction; provided, however, that such amount of reserved shares
of Common Stock shall be limited by the Maximum Percentage of shares of Common Stock as set forth in Section 1(e).

 

(c)       Application.
The provisions of this Section 4 shall apply similarly and equally to successive Fundamental Transactions and shall be applied
as if this Warrant (and any such subsequent warrants issued hereunder) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage,
applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise of
this Warrant (or any such other warrant)).

 

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5.       PIGGYBACK
REGISTRATION RIGHTS.

 

(a)       The
Holder shall have the right (subject to this Section 5), to include the Warrant Shares as part of any other registration of securities
filed by the Company in a registration statement under Securities Act (including, but not limited to, registration statements relating
to secondary offerings of securities of the Company but excluding any registration statements (i) on Form S-4 or S-8 (or any successor
or substantially similar form), or of any employee stock option, stock purchase or compensation plan or of securities issued or
issuable pursuant to any such plan, or a dividend reinvestment plan, (ii) otherwise relating to any employee, benefit plan or corporate
reorganization or other transactions covered by Rule 145 promulgated under the Securities Act, or (iii) on any registration form
that does not permit secondary sales or does not include substantially the same information as would be required to be included
in a registration statement covering the resale of the Warrant Shares). In the event the Holder desires to include in any such
registration statement all or any part of the Warrant Shares held by the Holder, the Holder shall within fifteen (15) days after
the above-described notice from the Company, so notify the Company in writing, including the number of such Warrant Shares that
the Holder wishes to include in such registration statement. If the Holder decides not to include all of its Warrant Shares in
any registration statement thereafter filed by the Company, the Holder shall continue to have the right to include any Warrant
Shares in any subsequent registration statement or registration statements as may be filed by the Company until the Holder has
sold all of the Warrant Shares held by it. The Company shall bear all fees and expenses attendant to registering the Warrant Shares,
including the reasonable fees of the Holder’s legal counsel selected by the Holder to represent it in connection with the
sale of the Warrant, but the Holder shall pay any and all underwriting commissions.

 

(b)       Notwithstanding
the foregoing, if the managing underwriter or underwriters of any such proposed public offering advise the Company that the total
amount or kind of securities that the Holder, the Company and any other persons intended to be included in such proposed public
offering is sufficiently large to adversely affect the success of such proposed public offering, then the amount or kind of securities
to be offered for the various parties wishing to have shares of the Company’s common stock registered shall be included in
the following order:

 

(i)       if
the Company proposes to register treasury shares or authorized but unissued shares of its common stock (collectively, “Primary
Securities”):

 

(A)       first,
the Primary Securities; and

 

(B)       second,
any securities that the Company has agreed to register in connection with its entry into that certain Master Exchange Agreement
dated as February, 10, 2020 (the “Exchange Shares”) and the Warrant Shares requested to be included in such
registration statement, together with shares of its common stock that do not constitute Warrant Shares, Exchange Shares or Primary
Securities (“Other Securities”) held by parties exercising similar piggy-back registration rights (or if necessary,
such Warrant Shares and Other Securities pro rata among the holders thereof based upon the number of such Warrant Shares and Other
Securities requested to be registered by each such holder).

 

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(ii)       if
the Company proposes to register Other Securities, the Warrant Shares requested to be included in such registration, together with
Other Securities held by parties exercising similar piggy-back registration rights (or if necessary, such Warrant Shares and Other
Securities pro rata among the holders thereof based upon the number of such Warrant Shares and Other Securities requested to be
registered by each such holder).

 

In the event that the
Company shall become obligated to withdraw or postpone a registration statement referred to herein pursuant to the terms of this
Agreement or by applicable law or regulation (a “Registration Statement”), it may do so at any time before it
becomes effective or withdraw, postpone or terminate the offering after it becomes effective without obligation to the Holder;
provided, however, that the Company shall use its best efforts to maintain effectiveness of the Registration Statement until
all Holder’s Warrant Shares covered thereby have been sold by the Holder. In the event that not all Holder’s Warrant
Shares were sold under the initial Registration Statement, the Holder shall retain its rights hereunder with respect to any additional
Registration Statement, which the Company agrees to exercise its best efforts to maintain effective until all Holder’s remaining
Warrant Shares covered thereby have been sold by the Holder.

 

(c)       As
a condition to the inclusion of its Warrant Shares, the Holder shall furnish to the Company such information regarding the Holder
and the distribution proposed by the Holder as the Company may request in writing or as shall be required in connection with any
registration, qualification or compliance referred to in this Agreement.

 

(d)       The
Holder agrees by acquisition of the Warrant Shares that, upon receipt of any notice from the Company of the happening of any event
that, in the good faith judgment of the Company’s Board of Directors, requires the suspension of the Holder’s rights
under this Section 5, the Holder will forthwith discontinue disposition of the Warrant Shares pursuant to the then current prospectus
included in the Registration Statement, as the same may be amended or supplemented (including such prospectus subject to completion)
(the “Prospectus”), until the Holder is advised in writing by the Company that the use of the Prospectus may
be resumed. If so directed by the Company, on the happening of such event, the Holder will deliver to the Company all copies, other
than permanent file copies then in the Holder’s possession, of the Prospectus covering the Warrant Shares at the time of
receipt of such notice.

 

(e)       The
Holder hereby covenants with the Company (i) not to make any sale of Warrant Shares without effectively causing the prospectus
delivery requirements under the Securities Act to be satisfied, and (ii) if such Warrant Shares are to be sold by any method or
in any transaction other than on a national securities exchange, or in the over-the-counter market, in privately negotiated transactions,
or in a combination of such methods, to notify the Company at least 5 business days prior to the date on which the Holder first
offers to sell any such Warrant Shares.

 

(f)       The
Holder acknowledges and agrees that the Warrant Shares sold pursuant to a registration statement described in this Section 5 are
not transferable on the books of the Company unless the stock certificate submitted to the transfer agent evidencing the Warrant
Shares is accompanied by a certificate reasonably satisfactory to the Company to the effect that (x) the Warrant Shares have been
sold in accordance with such registration statement and (y) the requirement of delivering a current Prospectus has been satisfied.

 

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(g)       The
Holder shall not take any action with respect to any distribution deemed to be made pursuant to such registration statement that
would constitute a violation of Regulation M under the Exchange Act, or any other applicable rule, regulation or law.

 

(h)       Upon
the mandated termination of the effectiveness of any registration statement described in this Section 5, the Holder shall discontinue
sales of the Warrant Shares pursuant to such registration statement upon receipt of notice from the Company of the Company’s
intention to remove from registration the Warrant Shares covered by such registration statement that remain unsold, and the Holder
shall notify the Company of the number of registered Warrant Shares that remain unsold immediately upon receipt of such notice
from the Company.

 

(i)       In
the case of the registration of any underwritten primary offering initiated by the Company (other than any registration by the
Company on Form S-4 or Form S-8 (or any successor or substantially similar form), or of (i) an employee stock option, stock purchase
or compensation plan or of securities issued or issuable pursuant to any such plan, or (ii) a dividend reinvestment plan) or any
underwritten secondary offering initiated at the request of a holder of securities of the Company pursuant to registration rights
granted by the Company, the Holder agrees not to effect any public sale or distribution of securities of the Company, except as
part of such underwritten registration, during the period beginning fifteen (15) days prior to the closing date of such underwritten
offering and during the period ending ninety (90) days after such closing date (or such longer period as may be reasonably requested
by the Company or by the managing underwriter or underwriters).

 

6.       NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation, bylaws or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will
at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights
of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares
of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all
such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding, take all action
necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting
the exercise of this Warrant, the maximum number of shares of Common Stock as shall from time to time be necessary to effect the
exercise of this Warrant; provided, however, that such amount of reserved shares of Common Stock shall be limited by the Maximum
Percentage of shares of Common Stock as set forth in Section 1(e).

 

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7.       WARRANT
HOLDER NOT DEEMED A SHAREHOLDER. Except as otherwise specifically provided herein, the Holder, solely in its capacity as a
holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in its capacity as
the Holder of this Warrant, any of the rights of a shareholder of the Company or any right to vote, give or withhold consent to
any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company. Notwithstanding this Section 7, the Company shall provide the Holder with copies of the same notices and other
information given to the shareholders of the Company generally, contemporaneously with the giving thereof to the shareholders.

 

8.       REISSUANCE
OF WARRANTS.

 

(a)       Transfer
of Warrant.

 

If this Warrant is
to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver
upon the order of the Holder a new Warrant (in accordance with Section 8(d)), registered as the Holder may request, representing
the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant
Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 8(d)) to the Holder representing
the right to purchase the number of Warrant Shares not being transferred. If, at the time of the surrender of this Warrant in connection
with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration
statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume
or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition
of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, provide to the Company an opinion
of counsel selected by the Holder and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration of such transferred securities under
the Securities Act.

 

(b)       Lost,
Stolen or Mutilated Warrant.

 

Upon receipt by the
Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant (as to
which a written certification and the indemnification contemplated below shall suffice as such evidence), and, in the case of loss,
theft or destruction, of any indemnification undertaking by the Holder to the Company in customary and reasonable form and, in
the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a
new Warrant (in accordance with Section 8(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

    	 	11 	 

    	 

    

 

(c)       Exchangeable
for Multiple Warrants.

 

This Warrant is exchangeable,
upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with
Section 8(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and
each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at
the time of such surrender; provided, however, no warrants for fractional shares of Common Stock shall be given.

 

(d)       Issuance
of New Warrants.

 

Whenever the Company
is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this
Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying
this Warrant (or in the case of a new Warrant being issued pursuant to Section 8(a) or Section 8(c), the Warrant Shares designated
by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection
with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date,
as indicated on the face of such new Warrant which is the same as the Effective Date, and (iv) shall have the same rights and conditions
as this Warrant.

 

9.       CALL
PROVISION. Provided that there is at any such time an effective registration statement covering the Warrant Shares, the Company
will have the option to call for the redemption of the Warrant at any time in the event that the Company’s stock price trades
at a 100% premium to the warrant exercise price for ten consecutive trading days. If the Company elects to call the Warrant, it
will deliver written notice to the Holder that the Company intends to redeem the Warrant at a price of $5.17 per share (“the
“Call Price”) fifteen days from the delivery of the notice and, if the Holder does not exercise the Warrant
within the fifteen day period, the Company will redeem the Warrant for the Call Price. The Holder may in its sole discretion exercise
the Warrant for cash or on a cashless basis.

 

10.       NOTICES.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Warrant must be
in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) upon confirmation of transmission, when sent by email; or (iv) one business day after deposit with an overnight courier
service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications
shall be (A) if to the Company, at the address set forth on its signature page attached hereto or (B) if to the Holder, to 211
East 43rd Street, Suite 402, New York, NY 10017 or to such other address and/or facsimile number and/or to the attention of such
other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness
of such change. Written confirmation of receipt (x) given by the recipient of such notice, consent, waiver or other communication,
(y) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission or (z) provided by an overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i),
(ii), (iii) or (iv) above, respectively.

 

    	 	12 	 

    	 

    

 

The Company shall provide
the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description
of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice
to the Holder (i) as soon as practicable upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth
in reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen (15) days prior to the date
on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common
Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants,
securities, indebtedness, or other property pro rata to holders of shares of Common Stock or (C) for determining rights to vote
with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information (to the extent
it constitutes, or contains, material, non-public information regarding the Company shall be made known to the public prior to
or in conjunction with such notice being provided to the Holder and (iii) at least ten (10) Trading Days prior to the consummation
of any Fundamental Transaction. To the extent that any notice provided hereunder (whether under this Section 10 or otherwise) constitutes,
or contains, material, non-public information regarding the Company, the Company shall simultaneously file such notice with the
SEC pursuant to a Current Report on Form 8-K. It is expressly understood and agreed that the time of execution specified by the
Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

11.       AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant (other than Section 1(e)) may be amended and
the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the
Company has obtained the written consent of the Holder. No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party.

 

12.       SEVERABILITY.
If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability
of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good
faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which
comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

13.       GOVERNING
LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from
bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations
to the Holder or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	13 	 

    	 

    

 

14.       CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant.

 

15.       DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or fair market value or the arithmetic calculation
of the Warrant Shares (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations
or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable
notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute,
at any time after the Holder or the Company (as the case may be) learned of the circumstances giving rise to such dispute. If the
Holder and the Company are unable to agree upon such determination or calculation (as the case may be) of the Exercise Price or
fair market value or the number of Warrant Shares (as the case may be) within three (3) Business Days of such disputed determination
or arithmetic calculation being submitted to the Company or the Holder (as the case may be), then the Company shall, within two
(2) Business Days submit via facsimile (a) the disputed arithmetic calculation of the Warrant Shares, the disputed determination
of the Exercise Price or fair market value (as the case may be) to an independent, reputable investment bank selected by the Holder
or (b) if acceptable to the Holder, the disputed arithmetic calculation of the Warrant Shares to the Company’s independent,
outside accountant. The Company shall cause at its expense the investment bank or the accountant (as the case may be) to perform
the determinations or calculations (as the case may be) and notify the Company and the Holder of the results no later than ten
(10) Business Days from the time it receives such disputed determinations or calculations (as the case may be). Such investment
bank’s or accountant’s determination or calculation (as the case may be) shall be binding upon all parties absent demonstrable
error.

 

16.       REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant and 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 right of the Holder to pursue
actual damages for any failure by the Company to comply with the terms of this Warrant. 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, exercises 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 of this Warrant shall be entitled, in addition to all other available remedies, to an injunction
restraining any 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 Warrant (including, without limitation, compliance with Section
2 hereof). The issuance of shares and certificates for shares as contemplated hereby upon the exercise of this Warrant shall be
made without charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than the Holder or its agent on its behalf.

 

    	 	14 	 

    	 

    

 

17.       TRANSFER.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

18.       CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)       “Black
Scholes Value” means the Black Scholes value of an option for one share of Common Stock at the date of the applicable
Cashless Exercise, as such Black Scholes value is determined, calculated using the Black Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the Exercise Price, (ii) a
risk-free interest rate corresponding to the U.S. Treasury rate, (iii) a strike price equal to the Exercise Price in effect at
the time of the applicable Cashless Exercise, (iv) an expected volatility equal to 135%, and (v) a deemed remaining term of the
Warrant of five (5) years (regardless of the actual remaining term of the Warrant).

 

(b)       “Common
Stock” means (i) the Company’s Class A common stock, $0.001 par value per share, and (ii) any capital stock
into which such common stock of the Company shall have been changed or any share capital resulting from a reclassification of such
common stock.

 

(c)       “Closing
Bid Price” means, for any security as of any date, the last closing bid price and the last closing trade price, respectively,
for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended
hours basis and does not designate the closing bid price or the closing trade price (as the case may be) then the last bid price
of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal
securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg,
or if the foregoing do not apply, the average of the bid prices, or the ask prices, respectively, of all of the market makers for
such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing
Bid Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price of such
security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the
Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with
the procedures in Section 15. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination or other similar transaction during such period.

 

 

    	 	15 	 

    	 

    

 

(d)       “Eligible
Market” means the Principal Market, New York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market
or the Nasdaq Capital Market.

 

(e)       “Expiration
Date” means the earlier to occur of: (i) ninety (90) days after the date that the Registration Statement has been declared
effective by the SEC, or (ii) April 7, 2022 or, if such date falls on a day other than a Business Day or on which trading does
not take place on the Principal Market (a “Holiday”), the next date that is not a Holiday.

 

(f)       “Fundamental
Transaction” means that (i) the Company shall, directly or indirectly, in one or more related transactions, (1) consolidate
or merge with or into (whether or not the Company is the surviving entity) any other Person unless the shareholders of the Company
immediately prior to such consolidation or merger continue to hold more than 50% of the outstanding shares of Voting Stock after
such consolidation or merger, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially
all of its properties or assets to any other Person, or (3) allow any other Person to make a purchase, tender or exchange offer
that is accepted by the holders of more than 50% of the outstanding shares of Voting Stock of the Company (not including any shares
of Voting Stock of the Company held by the Person or Persons making or party to, or associated or affiliated with the Persons making
or party to, such purchase, tender or exchange offer), or (4) consummate a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with any other
Person whereby such other Person acquires more than 50% of the outstanding shares of Voting Stock of the Company (not including
any shares of Voting Stock of the Company 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), or (ii) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations
promulgated thereunder) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly
or indirectly, of 50% of the aggregate ordinary voting power represented by issued and outstanding Voting Stock of the Company.

 

(g)       “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(h)       “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(i)       “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.

 

    	 	16 	 

    	 

    

 

(j)       “Voting
Stock” of a Person means capital stock of such Person of the class or classes pursuant to which the holders thereof have
the general voting power to elect, or the general power to appoint, at least a majority of the board of directors, managers or
trustees of such Person (irrespective of whether or not at the time capital stock of any other class or classes shall have or might
have voting power by reason of the happening of any contingency).

 

[signature page follows]

 

    	 	17 	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.

  

	 	DPW Holdings, Inc.	 
	 	 	 
	 	By:	 	 
	 	Name: Milton C. Ault, III	 
	 	Title:   Chief Executive Officer	 
	 	 	 
	 	 	 

 

	 	Address:	
        201 Shipyard Way, Suite E

        Newport Beach, CA 92663

  

    	 		 

    	 

    

 

EXHIBIT A

 

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

DPW
Holdings, Inc.

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
DPW Holdings, Inc., a Delaware corporation (the “Company”), evidenced by Warrant to Purchase Common Stock No.
_______ (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.

 

1.            Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

____________               a “Cash Exercise”
with respect to ____________ Warrant Shares; and/or

 

____________               a “Cashless
Exercise” with respect to ________ Warrant Shares.

 

In the event that the Holder has elected
a Cashless Exercise with respect to some or all of the Warrant Shares, the Holder represents and warrants that __________ shares
of Common Stock are to be delivered pursuant to such Cashless Exercise, as further specified in Annex A to this Exercise
Notice.

 

2.           Payment of Exercise Price.
In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares, the Holder shall pay
the Aggregate Exercise Price in the sum of $ to the Company in accordance with the terms of the Warrant.

 

3.           Delivery of Warrant Shares and
Net Number of shares of Common Stock. The Company shall deliver to Holder, or its designee or agent as specified below, shares
of Common Stock in respect of the exercise contemplated hereby. Delivery shall be made to Holder, or for its benefit, to the following
address:

 

	 	 
	 	 
	 	 

 

Date: _______________ __, ______

 

                                                                     

Name of Registered Holder

 

	By:	 	 
	 	Name:

	 
	 	Title:	 

 

	 	Account Number:	 
	 	 (if electronic book entry transfer)

 

	 	Transaction Code Number:	 
	 	
  (if electronic book entry transfer)

 

    	 		 

    	 

    

 

ANNEX A TO EXERCISE NOTICE 

 

CASHLESS EXERCISE EXCHANGE CALCULATION

 

TO BE FILLED IN BY THE REGISTERED HOLDER
TO EXCHANGE THE WARRANT TO PURCHASE COMMON A STOCK FOR COMMON STOCK IN A CASHLESS EXERCISE PURSUANT TO SECTION 1(d) OF THE WARRANT

 

Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.

 

 

Net Number = (A x B)/C = shares
of Common Stock For purposes of the foregoing formula:

 

A= the total number of shares
with respect to which the Warrant is then being exercised 

 

B= Black Scholes Value (as defined
in Section 18 of the Warrant)

 

C= the Closing Bid Price of the
Common Stock as of two (2) Trading Days prior to the time of such exercise (as such Closing Bid Price is defined in Section 18
of the Warrant)

 

 

Date:   __________ ___,
20__

 

 

Name of Registered Holder

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 		 

    	 

    

 

EXHIBIT B

 

ACKNOWLEDGMENT

 

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of shares of Common Stock
in accordance with the Transfer Agent Instructions dated _________, 20__, from the Company and acknowledged and agreed to by _______________.

 

 

	 	DPW Holdings, Inc.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:

Title:Exhibit 4.1

 

Execution Version

 

 

 

GENERAL FINANCE CORPORATION

 

$60,000,000 7.875% Notes due 2025

 

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of October 27, 2020

 

to

 

Indenture Dated as of June 18, 2014

 

THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A.

 

Series Trustee

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

Original Trustee

 

 

 

     

     

    

 

This THIRD SUPPLEMENTAL INDENTURE (this
 “Third Supplemental Indenture”), dated as of October 27, 2020, among GENERAL FINANCE CORPORATION, a Delaware
corporation (the “Company”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (the “Series Trustee”),
and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (the “Original Trustee,” and together with the Series Trustee,
the “Trustee”).

 

RECITALS

 

WHEREAS, the Company and the Original Trustee
have heretofore executed and delivered an indenture dated as of June 18, 2014 (the “Existing Indenture”),
as heretofore supplemented and amended;

 

WHEREAS, the Existing Indenture
is incorporated herein by this reference and the Existing Indenture and, together with the First Supplemental Indenture
dated as of June 18, 2014, the Second Supplemental Indenture dated as of October 31, 2018 and this Third Supplemental
Indenture, are herein called the “Indenture”), providing for the issuance by the Company from time to time
of its debt securities to be issued in one or more series;

 

WHEREAS, Sections 2.1 and 9.1 of the Indenture
provide, among other things, that the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental
to the Indenture to provide for specific terms applicable to any series of Securities;

 

WHEREAS, Section 2.1 of the Indenture
provides, among other things, that there shall be established in or pursuant to a Board Resolution, and set forth, or determined
in the manner provided, in an Officers’ Certificate of the Company or in a Company Order, or established in one or more
indentures supplemental to the Indenture, prior to the issuance of Securities of any series, or any exceptions to or changes to
those set forth in Article X of the Indenture;

 

WHEREAS, the Company intends by this Third
Supplemental Indenture to create and provide for the issuance of a new series of debt securities to be designated as the “7.875%
Senior Securities due 2025” (the “Securities”);

 

WHEREAS, the Company is entering into this
Third Supplemental Indenture with the Original Trustee and the Series Trustee to evidence and provide for the acceptance
of appointment thereunder by the Series Trustee with respect to the Securities (but only with respect to the Securities),
to add to or change any of the provisions of the Existing Indenture as shall be necessary to provide for or facilitate the administration
of the trusts thereunder by the Series Trustee, to evidence that the Original Trustee shall have no duties, obligations,
responsibilities or liabilities whatsoever with respect to this Third Supplemental Indenture and the Securities, to evidence that
the Original Trustee shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to
the Trustee under the Existing Indenture, to make certain amendments to the Existing Indenture to expressly permit the appointment
of the Series Trustee as Trustee for the Securities (but only with respect to the Securities), and to make certain other
amendments to the Existing Indenture;

 

WHEREAS, the Company has requested that
the Original Trustee enter into this Third Supplemental Indenture in connection with (i) the foregoing amendments; (ii) the
Company’s appointment of the Series Trustee with all of the rights, powers, trusts, duties and obligations of Trustee
with respect to the Securities (but only with respect to the Securities); (iii) evidencing that the Original Trustee shall
have no duties, obligations, responsibilities or liabilities whatsoever with respect to this Third Supplemental Indenture and
the Securities; and (iv) evidencing that the Original Trustee shall be entitled to the rights, privileges, protections, immunities,
indemnities and benefits provided to the Trustee under the Existing Indenture;

 

     

     

    

 

WHEREAS, pursuant to Sections 9.1(9) and
(11) of the Indenture, the Trustee and the Company are authorized to execute and deliver this Third Supplemental Indenture to
amend or supplement the Indenture, without the consent of any Holder of Securities;

 

WHEREAS, all things necessary to make the
Securities, when executed by the Company and authenticated and delivered by the Series Trustee, issued upon the terms and
subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment
therefor, valid, binding and legal obligations of the Company according to their terms, and all actions required to be taken by
the Company under the Indenture to make this Third Supplemental Indenture a valid, binding and legal agreement of the Company,
have been done; and

 

WHEREAS, this Supplemental Indenture shall
not result in a material modification of

 

the Securities for purposes of compliance with the Foreign
Account Tax Compliance Act.

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties
hereto hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.01 Definitions.

 

All capitalized terms used herein and not otherwise defined
below shall have the meanings ascribed thereto in the Indenture.

 

The following are definitions used in this Third Supplemental
Indenture, and to the extent that a term is defined both herein and in the Indenture, the definition in this Third Supplemental
Indenture shall govern with respect to the Securities.

 

“Acquired Indebtedness” means
Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary of the Company
or at the time it merges or consolidates with or into the Company or any of its Subsidiaries or assumed in connection with the
acquisition of assets from such Person and in each case not incurred by such Person in connection with, or in anticipation or
contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or consolidation.

 

“Acquisition” means (a) the
purchase or other acquisition by a Person or its Subsidiaries of all or substantially all of the assets of (or any division or
business line of) any other Person, or (b) the purchase or other acquisition (whether by means of a merger, amalgamation,
consolidation, or otherwise) by a Person or its Subsidiaries of all or substantially all of the Capital Stock of any other Person.

 

    2

     

    

 

“Additional Issue Date” means
the date or dates on which the Company issues Additional Securities issued as a result of the exercise by the underwriters of
the offering of the Securities of their right to purchase up to $9,000,000 million aggregate principal amount of Securities within
30 days of the date of the prospectus relating to the offering of the Securities.

 

“Additional Securities” means
Securities issued pursuant to Article II of the Indenture and in compliance with Section 4.04 hereof, in addition to
and having substantially the same terms as the Securities issued on the Issue Date.

 

“Affiliate” means, with respect
to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled
by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
of the foregoing.

 

“Asset Acquisition” means (1) an
Investment by the Company or any Restricted Subsidiary of the Company in any other Person pursuant to which such Person shall
become a Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of the
Company, or (2) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other
than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such Person or comprises
any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course
of business.

 

“Asset Sale” means any direct
or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the ordinary course of business),
assignment or other transfer for value by the Company or any Restricted Subsidiary (including any Sale and Leaseback Transaction)
to any Person other than the Company or a Restricted Subsidiary of: (1) any Capital Stock of any Restricted Subsidiary; or
(2) any other property or assets of the Company or any Restricted Subsidiary other than in the ordinary course of business;
provided, however, that asset sales or other dispositions shall not include: (a) a transaction or series of related transactions
for which the Company or a Restricted Subsidiary receive aggregate consideration (exclusive of any indemnities) of less than $5.0
million; (b) the sale, lease, conveyance, disposition or other transfer of all or substantially all of the assets of the
Company as permitted under Article V hereof; (c) any Restricted Payment permitted by Section 4.02 or that constitutes
a Permitted Investment; (d) the sale or discount, in each case without recourse, of accounts receivable arising in the ordinary
course of business, but only in connection with the compromise or collection thereof; (e) the sale of or other disposition
of cash or Cash Equivalents; (f) any sale or disposition deemed to occur in connection with creating or granting any Liens
pursuant to Section 4.07; (g) the lease, assignment or sublease of any real or personal property in the ordinary course
of business; (h) sales of Unrestricted Subsidiaries; (i) disposals, trade-ins or replacements of obsolete or worn-out
equipment; (j) the sale, lease or other disposition of inventory in the ordinary course of business; and (k) the surrender,
or waiver of contract rights or settlement, release or surrender of contract, tort or other claims.

 

    3

     

    

 

“Board of Directors” means,
as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof.

 

“Board Resolution” means, with
respect to any Person, a copy of a resolution certified by a Vice President, the Secretary or an Assistant Secretary of such Person
to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

 

“Borrowing Base” shall have
the meaning given such term in the Credit Agreement.

 

“Capital Stock” means:

 

(1)            in
the case of a corporation, corporate stock;

 

(2)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person;

 

but excluding from all of the foregoing any debt securities
convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

“Capitalized Lease Obligation”
means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as
capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be
the capitalized amount of such obligations at such date, determined in accordance with GAAP, and the stated maturity thereof shall
be the date of the last payment of rent or any other amount due under such lease.

 

“Cash Equivalents” means:

 

(1)            marketable
direct obligations issued by, or unconditionally guaranteed by, the United States Government or issued by any agency thereof and
backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof;

 

(2)            marketable
direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having
one of the two highest ratings obtainable from either S&P or Moody’s;

 

    4

     

    

 

(3)            commercial
paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at
least A-1 from S&P or at least P-1 from Moody’s;

 

(4)            certificates
of deposit or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by any bank organized
under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign
bank having at the date of acquisition thereof combined capital and surplus of not less than $250 million;

 

(5)            repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clause (1) above
entered into with any bank meeting the qualifications specified in clause (4) above;

 

(6)            investments
in money market funds which invest substantially all their assets in securities of the types described in clauses (1) through
(5) above; and

 

(7)            with
respect to any Foreign Subsidiary: (i) obligations of the national government of the country in which such Foreign Subsidiary
maintains its chief executive office and principal place of business provided such country is a member of the Organization for
Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (ii) certificates
of deposit of, banker’s acceptance of, or time deposits with, any commercial bank which is organized and existing under
the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business
provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial
paper rating from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof
(any such bank being an “Approved Foreign Bank”), and in each case with maturities of not more than one year from
the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign
Bank.

 

“Cash Management Services”
means any cash management or related services including treasury, depository, return items, overdraft, controlled disbursement,
merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing
house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve
Fedline system) and other cash management arrangements.

 

“Change of Control” means the
occurrence of one or more of the following events:

 

(1)            the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a
whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company
or one of its Subsidiaries;

 

    5

     

    

 

(2)            the
consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock
of the Company, measured by voting power rather than number of shares;

 

(3)            the
Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting
Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority
of the Voting Stock of the surviving Person immediately after giving effect to such transaction; or

 

(4)            the
adoption of a plan relating to the liquidation or dissolution of the Company.

 

“Common Stock” of any Person
means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or
non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes,
without limitation, all series and classes of such common stock.

 

“Comparable Treasury Issue”
means the United States treasury security selected by an Independent Investment Bank as having an actual or interpolated maturity
comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of such Securities.

 

“Comparable Treasury Price”
means, with respect to any Redemption Date:

 

(1)            the
average of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
on the third business day preceding such Redemption Date, as set forth in the most recently published statistical release designated
 “H.15 (519)” (or any successor release) published by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States treasury securities adjusted to constant maturity under the caption “Treasury
Constant Maturities,” or

 

(2)            if
such release (or any successor release) is not published or does not contain such prices on such business day, the average of
the Reference Treasury Dealer Quotations for such Redemption Date.

 

“Consolidated Assets” means,
as of the date of determination, the total assets (less goodwill and intangible assets) of the Company and its Restricted Subsidiaries
as shown on the balance sheet of the Company and its Subsidiaries for the most recently ended fiscal quarter for which financial
statements are available, determined on a consolidated basis in accordance with GAAP.

 

    6

     

    

 

“Consolidated EBITDA” means,
with respect to any Person, for any period, the sum (without duplication) of:

 

(1)            Consolidated
Net Income; and

 

(2)            to
the extent Consolidated Net Income has been reduced thereby:

 

(a)            all
income taxes of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such period (other than
income taxes attributable to extraordinary, unusual or nonrecurring gains or losses or taxes attributable to sales or dispositions
outside the ordinary course of business);

 

(b)            Consolidated
Interest Expense;

 

(c)            Consolidated
Non-cash Charges less any non-cash items increasing Consolidated Net Income for such period, and

 

(d)            any
expenses, charges or other costs related to any equity offering, Permitted Investment, acquisition (including amounts paid in
connection with the acquisition or retention of one or more individuals comprising part of a management team retained to manage
the acquired business, provided that such payments are made at the time of such acquisition and are consistent with the
customary practice in the industry at the time of such acquisition), disposition, incurrence or refinancing of Indebtedness permitted
to be incurred by the Indenture (whether or not successful);

 

all as determined on a consolidated basis for such Person and
its Restricted Subsidiaries in accordance with GAAP.

 

“Consolidated Fixed Charge Coverage
Ratio” means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the four full fiscal quarters
(the “Four Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the Consolidated
Fixed Charge Coverage Ratio for which financial statements are available (the “Transaction Date”) to Consolidated
Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes
of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving
effect on a pro forma basis for the period of such calculation to:

 

(1)            the
incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries (and the application of the proceeds
thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application
of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working
capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to
the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case
may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and

 

    7

     

    

 

(2)            any
asset sales or other dispositions or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the
need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes
a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness
and also including any Consolidated EBITDA (including any pro forma expense and cost reductions and other operating improvements
or synergies (x) calculated on a basis consistent with Regulation S-X under the Exchange Act) or (y) as determined in
good faith by a responsible financial or accounting officer of the Company for which steps have been taken or are reasonably expected
to be taken within six (6) months of such transaction and are supportable and quantifiable and as set forth on an Officer’s
Certificate) attributable to the assets which are the subject of the Asset Acquisition or asset sale or other disposition during
the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter
Period and on or prior to the Transaction Date, as if such asset sale or other disposition or Asset Acquisition (including the
incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period.
If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding
sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of
such Person had directly incurred or otherwise assumed such guaranteed Indebtedness.

 

Furthermore, in calculating “Consolidated
Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge
Coverage Ratio”:

 

(1)            interest
on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined
thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect
on the Transaction Date; and

 

(2)            notwithstanding
clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements
relating to Hedge Agreements, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of
such agreements.

 

Furthermore, in calculating “Consolidated EBITDA”
for purposes of determining the “Consolidated Fixed Charge Coverage Ratio,” the net income (or loss) of a Restricted
Subsidiary (to the extent such net income has been excluded from the definition of “Consolidated Net Income” pursuant
to paragraph (b)(3) thereof) that has become a Guarantor since the commencement of relevant Four Quarter Period and on or
prior to the Transaction Date shall be included from the beginning of such Four Quarter Period.

 

“Consolidated Fixed Charges”
means, with respect to any Person for any period, the sum, without duplication, of:

 

(1)            Consolidated
Interest Expense; plus

 

    8

     

    

 

(2)            the
product of (x) the amount of all dividend payments to any Person other than the Company or a Restricted Subsidiary on any
series of Preferred Stock of such Person and, to the extent permitted under this Indenture, its Restricted Subsidiaries (other
than dividends paid in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period times (y) a
fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal,
state and local income tax rate of such Person, expressed as a decimal.

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, the sum of, without duplication:

 

(1)            The
aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP, including without limitation: (a) any amortization of debt discount and amortization or write-off
of deferred financing costs; (b) the net costs under Hedge Agreements; (c) all capitalized interest; and (d) the
interest portion of any deferred payment obligation; and

 

(2)            the
interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its
Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP; less

 

(3)            interest
income for such period.

 

“Consolidated Net Income” means,
with respect to any Person, for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries
for such period on a consolidated basis, determined in accordance with GAAP; provided that

 

(a)            the
net income of any Person that is not a Restricted Subsidiary will be included (without duplication) only to the extent of the
amount of cash dividends or distributions actually received by the referent Person or a Restricted Subsidiary of the referent
Person from any Person that is not a Restricted Subsidiary; and

 

(b)            there
shall be excluded therefrom (without duplication):

 

(1)            after-tax
gains from Asset Sales (without regard to the $5.0 million limitation set forth in the definition thereof) or abandonments or
reserves relating thereto;

 

(2)            after-tax
items classified as extraordinary or nonrecurring gains;

 

(3)            the
net income (but not loss) of any Restricted Subsidiary (other than a Guarantor of the Securities)of the referent Person to the
extent that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted by
a contract, operation of law or otherwise;

 

    9

     

    

 

(4)            any
restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated
Net Income accrued at any time following the Issue Date;

 

(5)            income
or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether
or not such operations were classified as discontinued);

 

(6)            in
the case of a successor to the referent Person by consolidation or merger or as a transferee of the referent Person’s assets,
any earnings of the successor corporation prior to such consolidation, merger or transfer of assets; fees and expenses incurred
in connection with the refinancing or repayment of indebtedness;

 

(7)            the
amount of extraordinary, nonrecurring or unusual losses or charges (including all fees, expenses or charges incurred in connection
with acquisitions, mergers of consolidations after the Issue Date);

 

(8)            any
non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock appreciation or
similar rights, stock options, restricted stock or other rights or equity incentive programs;

 

(9)            any
net after-tax effect of income (loss) from the early extinguishment or conversion of (a) Indebtedness, (b) Hedging Obligations
or (c) other derivative instruments;

 

(10)            any
impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to
goodwill, intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or
regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP;

 

(11)            any
non-cash income (or loss) related to the recording of the fair market value of Hedge Agreements entered into in the ordinary course
of business and not for speculative purposes; and

 

(12)            the
cumulative effect of a change in accounting principles.

 

“Consolidated Non-cash Charges”
means, with respect to any Person, for any period, the aggregate depreciation, amortization and other non-cash expenses of such
Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item
or loss or any such charge which requires an accrual of or a reserve for cash charges for any future period).

 

    10

     

    

 

“Credit Agreement” means
the amended and restated credit agreement, dated as of April 7, 2014, as amended to date, by and among Wells Fargo
Bank, National Association, East West Bank, CIT Bank, N.A., CIBC Bank USA, KeyBank, National Association, Bank Hapoalim B.M., Associated
Bank, N.A., Bank of the West, Pac-Van, Inc., Lone Star Tank Rental Inc., GFN Realty Company, LLC, Southern Frac, LLC
and the Subsidiaries that are signatories thereto, as borrowers, together with the related
documents thereto (including, without limitation, any notes, guarantee agreements and security documents), in each case as such
agreements may be amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time,
including one or more credit agreements, loan agreements, indentures or similar agreements extending the maturity of, refinancing,
replacing, renewing or otherwise restructuring (including increasing the amount of available credit thereunder or adding Subsidiaries
of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or
agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, lender or group
of lenders.

 

“Credit Facilities” means one
or more of (i) the Credit Agreement and (ii) any other facilities or arrangements designated by the Company, in each
case with one or more banks or other lenders or institutions, providing for revolving credit loans, term loans, receivables or
fleet financings (including without limitation through the sale of receivables or fleet assets to such institutions or to special
purpose entities formed to borrow from such institutions against such receivables or fleet assets or the creation of any Liens
in respect of such receivables or fleet assets in favor of such institutions), letters of credit, debt securities or other Indebtedness,
in each case, including all agreements, indentures, instruments and documents executed and delivered pursuant to or in connection
with any of the foregoing, including but not limited to any notes and letters of credit issued pursuant thereto and any guarantee
and collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other guarantees,
pledge agreements, security agreements and collateral documents, in each case as the same may be amended, supplemented, waived
or otherwise modified from time to time, or refunded, refinanced, restructured, replaced, renewed, repaid, increased or extended
from time to time (whether in whole or in part, whether with the original banks, lenders or institutions or other banks, lenders
or institutions or otherwise, and whether provided under any original Credit Agreement or one or more other credit agreements,
indentures, financing agreements or other Credit Facilities or otherwise). Without limiting the generality of the foregoing, the
term “Credit Facility” shall include any agreement (i) changing the maturity of any Indebtedness Incurred thereunder
or contemplated thereby, (ii) adding Subsidiaries as additional borrowers or guarantors thereunder, (iii) increasing
the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms
and conditions thereof.

 

“Default” means an event or
condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default.

 

“Disqualified Capital Stock”
means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would
constitute a Change of Control), matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is
redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior
to the final maturity date of the Securities.

 

    11

     

    

 

“Domestic Restricted Subsidiary”
means a Restricted Subsidiary incorporated or otherwise organized or existing under the laws of the United States, any state thereof
or any territory or possession of the United States.

 

“Earn-Outs” shall mean unsecured
liabilities of the Company or a Restricted Subsidiary arising under an agreement to make any deferred payment as a part of the
purchase price for a Permitted Acquisition, including performance bonuses or consulting payments in any related services, employment
or similar agreement, in an amount that is subject to or contingent upon the revenues, income, cash flow or profits (or the like)
of the target of such Permitted Acquisition.

 

“Equity Offering” means a public
or private offering of Qualified Capital Stock of the Company other than:

 

(1)            public
offerings with respect to the common stock of the Company registered on Form S-8;

 

(2)            the
registration of common stock of the Company on Form S-4 issued in connection with acquisitions by the Company or any Subsidiary
of the Company; and

 

(3)            issuances
to any Subsidiary of the Company.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 

“fair market value” means, with
respect to any asset or property, the price which could be negotiated in an arm’s-length, free-market transaction, for cash,
between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction.
Fair market value shall be determined by the Board of Directors of the Company acting reasonably and in good faith and shall be
evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee.

 

“Foreign Subsidiaries” means
any Restricted Subsidiary that is not a Domestic Restricted Subsidiary.

 

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

 

“guarantee” means, as to any
Person, a guarantee, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another Person, but
excluding endorsements for collection or deposit in the normal course of business.

 

    12

     

    

 

“Guarantor” means any Restricted
Subsidiary of the Company that fully and unconditionally guarantees the payment of principal of, premium, if any, and accrued and
unpaid interest on the Notes by executing and delivering to the Trustee a supplemental indenture, until such time as such Restricted
Subsidiary is released from its Subsidiary Guarantee.

 

“Hedge Agreement” means any
interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity
cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for
the transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies.

 

“Indebtedness” means with respect
to any Person, without duplication:

 

(1)            all
Obligations of such Person for borrowed money;

 

(2)            all
Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(3)            all
Capitalized Lease Obligations of such Person;

 

(4)            all
Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all
Obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in
the ordinary course of business that are not overdue by 90 days or more or are being contested in good faith by appropriate proceedings
promptly instituted and diligently conducted);

 

(5)            all
Obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction;

 

(6)            guarantees
and other contingent obligations in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below;

 

(7)            all
Obligations of any other Person of the type referred to in clauses (1) through (6) which are secured by any lien on any
property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the fair market value of such
property or asset or the amount of the Obligation so secured;

 

(8)            all
Obligations under Hedge Agreements of such Person; and

 

(9)            all
Disqualified Capital Stock issued by such Person or any Preferred Stock of any Restricted Subsidiary with the amount of Indebtedness
represented by such Disqualified Capital Stock or Preferred Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding accrued dividends, if any.

 

    13

     

    

 

For purposes hereof, the “maximum
fixed repurchase price” of any Disqualified Capital Stock or Preferred Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock or Preferred
Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such
price is based upon, or measured by, the fair market value of such Disqualified Capital Stock or Preferred Stock, such fair market
value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock
or Preferred Stock.

 

“Independent Financial Advisor”
means a firm: (1) which does not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect
financial interest in the Company; and (2) which, in the judgment of the Board of Directors of the Company, is otherwise independent
and qualified to perform the task for which it is to be engaged.

 

“Independent Investment Bank”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Investment” means, with respect
to any Person, any direct or indirect loan or other extension of credit (including, without limitation, a guarantee) or capital
contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account
or use of others), or any purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities
or evidences of Indebtedness issued by, any other Person. “Investment” shall exclude (i) extensions of trade credit
by the Company and its Restricted Subsidiaries on commercially reasonable terms in accordance with normal trade practices of the
Company or such Restricted Subsidiary, as the case may be; (ii) the acquisition of property and assets from suppliers and
other vendors in the normal course of business and consistent with past practice; and (iii) prepaid expenses and workers’
compensation, utility, lease and similar deposits, in the normal course of business and consistent with past practice. If the Company
or any Restricted Subsidiary of the Company sells or otherwise disposes of any Common Stock of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted
Subsidiary, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to the fair
market value of the Common Stock of such Restricted Subsidiary not sold or disposed of.

 

“Issue Date” means October 27,
2020.

 

“Lien” means any lien, mortgage,
deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention
agreement, any lease in the nature thereof and any agreement to give any security interest).

 

“Net Cash Proceeds” means, with
respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents including payments in respect of deferred payment
obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting
interest) received by the Company or any of its Restricted Subsidiaries from such Asset Sale net of:

 

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(1)            reasonable
out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and investment banking
fees and sales commissions);

 

(2)            taxes
paid or payable after taking into account any reduction in consolidated tax liability due to available tax credits or deductions
and any tax sharing arrangements;

 

(3)            repayment
of Indebtedness that is secured by the property or assets that are the subject of such Asset Sale;

 

(4)            amounts
required to be paid to any Person owning a beneficial interest in or having a Lien on the assets subject to the Asset Sale; and

 

(5)            appropriate
amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP,
against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may
be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related
to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale.

 

“Obligations” means all obligations
for principal, premium, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under
the documentation governing any Indebtedness.

 

“Pari Passu Debt” means any
Indebtedness of the Company that ranks pari passu in right of payment with the Securities, as applicable.

 

“Permitted Acquisition” means
any Acquisition so long as:

 

(1)            no
Default or Event of Default shall have occurred and be continuing or would result from the consummation of the proposed Acquisition,

 

(2)            no
Indebtedness will be incurred, assumed, or would exist with respect to the Company or any Restricted Subsidiary as a result of
such Acquisition, other than (A) Indebtedness permitted under clause (7) of the definition of Permitted Indebtedness
or (B) such Indebtedness is incurred in compliance with Section 4.04(a);

 

(3)            no
Liens will be incurred, assumed, or would exist with respect to the assets of the Company or any Restricted Subsidiary as a result
of such Acquisition other than Permitted Liens; and

 

(4)            the
assets being acquired (other than a de minimis amount of assets in relation to the Company and its Restricted Subsidiaries’
total assets), or the Person whose Capital Stock is being acquired, constitute a Permitted Business.

 

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“Permitted Business” means any
business conducted by the Company on the Issue Date, any reasonable extension thereof, and any additional business reasonably ancillary,
incidental, complementary or related to, or a reasonable extension, development or expansion of, the business conducted by the
Company and the Restricted Subsidiaries on the Issue Date, in each case, as determined in good faith by the Board of Directors
of the Company.

 

 

“Permitted Indebtedness” means,
without duplication, each of the following:

 

(1)            Indebtedness
under the Securities issued on the Issue Date and, if applicable, any Additional Securities issue on the Additional Issue Date;

 

(2)            Indebtedness
incurred pursuant to Credit Facilities, including the Credit Agreement, including any permitted refinancing thereof, in an aggregate
principal amount at any time outstanding, including any permitted refinancing thereof, not to exceed the greater of (i) $285
million (or $310 million upon the exercise of the $25 million accordion increase under the Credit Agreement) less the amount of
all required permanent repayments (which are accompanied by a corresponding permanent commitment reduction thereunder) and (ii) the
Borrowing Base;

 

(3)            other
Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date, other than pursuant to clauses (1),
(2), (24) and (25) of this definition, reduced by the amount of any scheduled amortization payments or mandatory prepayments when
actually paid or permanent reductions thereon;

 

(4)            Permitted
Purchase Money Indebtedness;

 

(5)            endorsement
of instruments or other payment items for deposit;

 

(6)            Indebtedness
consisting of (i) unsecured guarantees incurred in the ordinary course of business with respect to surety and appeal bonds,
performance bonds, bid bonds, appeal bonds, completion guarantee and similar obligations; (ii) unsecured guarantees arising
with respect to customary indemnification obligations to purchasers in connection with dispositions in the ordinary course of business;
and (iii) unsecured guarantees with respect to Indebtedness of the Company or a Restricted Subsidiary, to the extent that
the Person that is obligated under such guaranty could have incurred such underlying Indebtedness,

 

(7)            Acquired
Indebtedness of the Company or any Restricted Subsidiary including any permitted refinancing thereof, in an aggregate principal
amount not to exceed $10.0 million outstanding at any one time and any refinancing thereof;

 

(8)            Indebtedness
incurred in the ordinary course of business under performance, surety, statutory, or appeal bonds;

 

(9)            Indebtedness
owed to any Person providing property, casualty, liability, or other insurance to the Company or any Restricted Subsidiary, so
long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and shall be incurred only to defer
the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness is outstanding only during
such year;

 

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(10)            Indebtedness
under Hedge Agreements that are incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency
risks associated with Company and its Subsidiaries’ operations and not for speculative purposes as determined in good faith
by the Board of Directors of the Company;

 

(11)            Indebtedness
incurred in the ordinary course of business in respect of credit cards, credit card processing services, debit cards, stored value
cards, commercial cards (including so-called “purchase cards”, “procurement cards” or “p-cards”),
or Cash Management Services;

 

(12)            unsecured
Subordinated Indebtedness owing to former employees, officers, or directors (or any spouses, ex-spouses, or estates of any of the
foregoing) of the Company or any of its Subsidiaries or their authorized representatives upon the death, disability or termination
of employment of such employees or termination of their seat on our Board of Directors, so long as (i) no Default or Event
of Default has occurred and is continuing or would result from the incurrence of such Indebtedness and (ii) the aggregate
amount of all such Indebtedness outstanding at any one time, including any permitted refinancing thereof, does not exceed $250,000;

 

(13)            unsecured
Indebtedness owing to sellers of assets or Capital Stock to the Company or a Restricted Subsidiary that is incurred by the Company
or a Restricted Subsidiary in connection with the consummation of one or more Permitted Acquisitions so long as the aggregate principal
amount for all such unsecured Indebtedness, including any permitted refinancing thereof, does not exceed $15 million at any one
time outstanding;

 

(14)            contingent
liabilities in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar obligation of the
Company or any Restricted Subsidiary Party incurred in connection with the consummation of one or more Permitted Acquisitions;

 

(15)            Guarantees
of Indebtedness that qualify as Permitted Investments;

 

(16)            unsecured
Indebtedness incurred in respect of netting services, overdraft protection, and other like services, in each case, incurred in
the ordinary course of business,

 

(17)            unsecured
Indebtedness of the Company or any Restricted Subsidiary in respect of Earn-Outs owing to sellers of assets or Capital Stock to
the Company or a Restricted Subsidiary that is incurred in connection with the consummation of one or more Permitted Acquisitions;

 

(18)            accrual
of interest, accretion or amortization of original issue discount, or the payment of interest in kind, in each case, on Indebtedness
that otherwise constitutes Permitted Indebtedness,

 

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(19)            (i) a
guarantee by the Company of any Indebtedness of any Restricted Subsidiary, provided that such Indebtedness was incurred in accordance
with Section 4.04 and (ii) a guarantee by any Restricted Subsidiary of any Indebtedness of the Company or any Restricted
Subsidiary provided that (a) such Indebtedness was incurred in accordance with Section 4.04 and (b) the Restricted
Subsidiary concurrently guarantees the Securities in accordance with Section 4.08;

 

(20)            the
incurrence by the Company or any Restricted Subsidiary of Indebtedness in respect of workers’ compensation and claims arising
under similar legislation, captive insurance companies, the financing of insurance premiums or pursuant to self-insurance obligations
and not in connection with the borrowing of money or the obtaining of advances or credit;

 

(21)            Indebtedness
of a Restricted Subsidiary to the Company or to a Restricted Subsidiary for so long as such Indebtedness is held by the Company
or a Restricted Subsidiary or the holder of a Lien permitted under the Indenture, in each case subject to no Lien held by a Person
other than the Company or a Restricted Subsidiary or the holder of a Lien permitted under the Indenture; provided that if as of
any date any Person other than the Company or a Restricted Subsidiary or the holder of a Lien permitted under the Indenture owns
or holds any such Indebtedness or holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness
not constituting Permitted Indebtedness under this clause (21) by the issuer of such Indebtedness;

 

(22)            Indebtedness
of the Company to a Restricted Subsidiary for so long as such Indebtedness is held by a Restricted Subsidiary or the holder of
a Lien permitted under the Indenture, in each case subject to no Lien other than a Lien permitted under the Indenture; provided
that (a) any Indebtedness of the Company to any Restricted Subsidiary is unsecured and subordinated, pursuant to a written
agreement, to the Company’s obligations under the Indenture and the Securities and (b) if as of any date any Person
other than a Restricted Subsidiary or the holder of a Lien permitted under the Indenture owns or holds any such Indebtedness or
any Person holds a Lien in respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting
Permitted Indebtedness under this clause (22) by the Company;

 

(23)            [Reserved];

 

(24)            Indebtedness
incurred pursuant to the Master Lease Agreement number CML-3799A and CML-3799B dated April 28, 2017, and subsequent addenda
thereto by and among Celtic Leasing Corp., Pac-Van, Inc. and Lone Star Tank Rental Inc. and any refinancings thereof in an
aggregate amount at any time outstanding, including any refinancings thereof, not to exceed $5 million;

 

(25)            Indebtedness
incurred pursuant to the Master Lease dated April 19, 2019, and subsequent supplements thereto by and among Wells Fargo Equipment
Finance, Inc., Pac-Van, Inc. and Lone Star Tank Rental Inc.in an aggregate amount at any time outstanding, including
any refinancings thereof, not to exceed $10 million;

 

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(26)            Indebtedness
in an aggregate principal amount at any one time outstanding, including any refinancing thereof, not to exceed $90 million;

 

(27)            Indebtedness
consisting of (i) Acquired Indebtedness and/or (ii) Additional Securities or any unsecured Indebtedness of the Company
represented by notes or bonds (A) with terms substantially identical to the Securities (other than maturity date, interest
rates, interest payment dates and redemption provisions) and (B) having a final maturity date no earlier that the final maturity
date of the Securities (and no optional redemption prior to the final maturity date of the Securities), in all cases incurred by
the Company to finance (or refinance within 180 days of the incurrence thereof of any Indebtedness incurred to finance) the acquisition
of any assets used in a Permitted Business or all or substantially all of the Capital Stock of a Person engaged in a Permitted
Business; provided that in the case of both clauses (i) and (ii) on the date of the incurrence (or refinancing) of such
Indebtedness, after giving effect to the incurrence thereof and the use of proceeds therefrom, either

 

(a)            the
Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Section 4.04(a) or

 

(b)            the
Consolidated Fixed Charge Coverage Ratio of the Company would not be less than the Consolidated Fixed Charge Coverage Ratio of
the Company immediately prior to the incurrence of such Indebtedness;

 

(28)            Refinancing
Indebtedness; and

 

(29)            any
other unsecured Indebtedness incurred by the Company or any of its Restricted Subsidiaries, including any permitted refinancing
thereof in an aggregate outstanding amount not to exceed at any one time outstanding the greater of (x) $5.0 million and (y) 1%
of Consolidated Assets of the Company (which amount may, but need not, be incurred in whole or in part under the Credit Agreement).

 

For purposes of determining compliance with
Section 4.04, (1) in the event that an item of Indebtedness meets the criteria of more than one of the categories of
Permitted Indebtedness described in clauses (1) through (29) above or is entitled to be incurred pursuant to the Consolidated
Fixed Charge Coverage Ratio provisions of Section 4.04, the Company shall, in its sole discretion, classify (or later reclassify)
such item of Indebtedness in any manner that complies with this definition; provided that all Indebtedness outstanding under the
Credit Agreement up to the maximum amount permitted under clause (2) of this definition above shall be deemed to have been
incurred pursuant to clause (2) of this definition. For the avoidance of doubt the foregoing will not prohibit the Company
or any of its Restricted Subsidiaries from incurring Indebtedness in an amount in excess of the amount permitted to be incurred
under clause (2) so long as such Debt is otherwise Permitted Indebtedness; (2) the outstanding principal amount of any
particular Indebtedness shall be counted only once and any obligations arising under any guarantee, lien, letter of credit or similar
instrument supporting such Indebtedness shall be disregarded; (3) the maximum amount of Indebtedness that the Company or a
Restricted Subsidiary may incur pursuant to Section 4.04 shall not be deemed to be exceeded, with respect to any outstanding
Indebtedness, due solely to the result of fluctuations in the exchange rates of currencies; and (4) the accrual of interest,
accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms, and the payment of dividends on Disqualified Capital Stock or Preferred Stock in the form of additional shares
of the same class of Disqualified Capital Stock or Preferred Stock will not be deemed to be an incurrence of Indebtedness or an
issuance of Disqualified Capital Stock or Preferred Stock for purposes of Section 4.04.

 

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“Permitted Investments” means:

 

(1)            Investments
by the Company or any Restricted Subsidiary of the Company in any Person that is or will become immediately after such Investment
a Restricted Subsidiary of the Company or that will merge or consolidate into the Company or a Restricted Subsidiary of the Company;

 

(2)            Investments
in the Company by any Restricted Subsidiary of the Company;

 

(3)            investments
in cash and Cash Equivalents;

 

(4)            loans
and advances to employees, directors and officers of the Company and its Restricted Subsidiaries in the ordinary course of business
for bona fide business purposes not in excess of $1.0 million at any one time outstanding;

 

(5)            Hedge
Agreements entered into in the ordinary course of the Company’s or its Restricted Subsidiaries’ businesses and otherwise
in compliance with this Indenture;

 

(6)            additional
Investments in an aggregate principal amount not to exceed the greater of (x) $5.0 million and (y) 1.0% of Consolidated
Assets of the Company at any one time outstanding; provided, that if an Investment is made pursuant to this clause in a
Person that is not a Restricted Subsidiary and such Person subsequently becomes a Restricted Subsidiary or is subsequently designated
a Restricted Subsidiary, such Investment, if applicable, shall thereafter be deemed to have been made pursuant to clause (1) or
(2) above and not this clause;

 

(7)            investments
in the Securities and any other Indebtedness of the Company or any Restricted Subsidiary;

 

(8)            Investments
in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy
or insolvency of such trade creditors or customers or in good faith settlement of delinquent obligations of such trade creditors
or customers;

 

(9)            Investments
made by the Company or its Restricted Subsidiaries as a result of consideration received in connection with an Asset Sale made
in compliance with Section 4.10;

 

(10)          Investments
represented by guarantees of Indebtedness that are otherwise permitted under this Indenture;

 

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(11)         Investments
made by the Company or its subsidiaries in the Capital Stock of Royal Wolf Holdings Limited;

 

(12)         Investments
the payment for which is Qualified Capital Stock of the Company; and

 

(13)         Investments
in existence on the date of this Indenture and an Investment in any Person to the extent such Investment replaces or refinances
an Investment in such Person existing on the date of this Indenture in an amount not exceeding the amount of the Investment being
replaced or refinanced; provided, however, that the new Investment is on terms and conditions no less favorable to the Company
and its Restricted Subsidiaries than the Investment being renewed or replaced.

 

“Permitted Liens” means the
following types of Liens:

 

(1)           Liens
for taxes, assessments or governmental charges or claims either (a) not delinquent or (b) contested in good faith by
appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves
as may be required pursuant to GAAP;

 

(2)          statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed by
law incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or
other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof;

 

(3)           Liens
incurred or deposits made in the ordinary course of business in connection with the financing of insurance premiums and workers’
compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in
the ordinary course of business consistent with past practice in connection therewith, or to secure the performance of tenders,
statutory obligations, surety and appeal bonds, bids, leases, warranty requirements, government contracts, performance and return-of-money
bonds and other similar obligations (exclusive of obligations for the payment of borrowed money);

 

(4)           judgment
Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which
may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which
such proceedings may be initiated shall not have expired;

 

(5)           easements,
rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in any
material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries;

 

(6)           any
interest or title of a lessor under any Capitalized Lease Obligation; provided that such Liens do not extend to any property or
assets which is not leased property subject to such Capitalized Lease Obligation other than proceeds thereof;

 

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(7)           Liens
securing Purchase Money Indebtedness incurred or in the ordinary course of business; provided, however, that (a) such Purchase
Money Indebtedness shall not exceed the purchase price or other cost of such property or equipment and shall not be secured by
any property or equipment of the Company or any Restricted Subsidiary of the Company other than the property and equipment so acquired
and (b) the Lien securing such Purchase Money Indebtedness shall be created within 90 days of such acquisition;

 

(8)           Liens
upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect
of letters of credit or bankers’ acceptances issued or created for the account of such Person to facilitate the purchase,
shipment or storage of such inventory or other goods;

 

(9)           Liens
securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property relating
to such letters of credit and products and proceeds thereof;

 

(10)         Liens
encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the
Company or any of its Restricted Subsidiaries, including rights of offset and set-off;

 

(11)         Liens
securing Hedge Agreements which Hedge Agreements relate to Indebtedness that is otherwise permitted under this Indenture;

 

(12)         Liens
securing Acquired Indebtedness incurred in accordance with Section 4.04; provided that:

 

(a)           such
Liens secured such Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness by the Company
or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such
Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company, and

 

(b)           such
Liens do not extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the property
or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company
or a Restricted Subsidiary of the Company and are no more favorable to the lienholders than those securing the Acquired Indebtedness
prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company;

 

(13)          Liens
on assets of a Restricted Subsidiary of the Company that is not a guarantor of the Securities to secure Indebtedness of such Restricted
Subsidiary that is otherwise permitted under this Indenture;

 

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(14)         leases,
subleases, licenses and sublicenses granted to others that do not materially interfere with the ordinary cause of business of
the Company and its Restricted Subsidiaries;

 

(15)         banker’s
Liens, rights of setoff and similar Liens with respect to cash and Cash Equivalents on deposit in one or more bank accounts in
the ordinary course of business;

 

(16)         Liens
arising from filing Uniform Commercial Code financing statements regarding leases;

 

(17)         Liens
in favor of customs and revenue authorities arising as a matter of law to secure payments of customs duties in connection with
the importation of goods;

 

(18)         other
Liens securing obligations or Indebtedness for borrowed money with respect to property or assets with an aggregate fair market
value (valued at the time of creation thereof) of not more than $10.0 million at any time in the aggregate;

 

(19)         Liens
securing Obligations under clause (2) of the definition of Permitted Indebtedness;

 

(20)         Liens
securing Obligations under clause (26) of the definition of Permitted Indebtedness;

 

(21)         Liens
on the assets of any Restricted Subsidiary that is not a Guarantor of the notes securing Indebtedness of such Restricted
Subsidiary; and

 

(22)         deposits
made in the ordinary course of business to secure liability to insurance carriers.

 

“Person” means an individual,
partnership, corporation, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision
thereof.

 

“Preferred Stock” of any Person
means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends
or redemptions or upon liquidation.

 

“Purchase Date” means, with
respect to any Security to be repurchased, the date fixed for such repurchase by or pursuant to this Indenture.

 

“Purchase Price” means the amount
payable for the repurchase of any Security on a Purchase Date, exclusive of accrued and unpaid interest thereon to the Purchase
Date, unless otherwise specifically provided.

 

“Permitted Purchase Money Indebtedness”
means, as of any date of determination, Indebtedness incurred after the Issue Date and at the time of, or within 20 days after,
the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof, in an aggregate
principal amount outstanding at any one time outstanding, including permitted refinancings thereof, not in excess of $3 million.

 

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“Qualified Capital Stock” means
any Capital Stock that is not Disqualified Capital Stock.

 

“Reference Treasury Dealer”
means a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”) chosen by the Company;
provided that if such dealer shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary
Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding
such Redemption Date.

 

“Refinance” means, in respect
of any security or Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue a security
or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and
 “Refinancing” shall have correlative meanings.

 

“Refinancing Indebtedness” means any Refinancing
by the Company or any Restricted Subsidiary of Indebtedness incurred in accordance with the Section 4.04(a) or described
in clauses (1), (2), (3), (4), (7), (12), (13), (24), (25), (26), (27), (28) and (29) of the definition of Permitted Indebtedness),
in each case that does not:

 

(1)            result
in an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such proposed Refinancing above
the sum of (i) the aggregate principal amount of such Indebtedness, plus (ii) the accrued interest on and amount of any
premium required to be paid under the terms of the instrument governing such Indebtedness, plus (iii) the amount of reasonable
expenses incurred by the Company in connection with such Refinancing; or

 

(2)            create
Indebtedness with: (a) a Weighted Average Life to Maturity that is less than the shorter of (I) the Weighted Average
Life to Maturity of the Indebtedness being Refinanced or (II) 91 days after the Weighted Average Life to Maturity of the Securities;
or (b) a final maturity earlier than the earlier of (I) the final maturity of the Indebtedness being Refinanced and (II) 91
days after the maturity date of the Securities;

 

provided that (x) if such Indebtedness being Refinanced
is Indebtedness solely of the Company (and is not otherwise guaranteed by a Restricted Subsidiary of the Company), then such Refinancing
Indebtedness shall be Indebtedness solely of the Company and (y) if such Indebtedness being Refinanced is subordinate or junior
to the Securities, then such Refinancing Indebtedness shall be subordinate to the Securities at least to the same extent and in
the same manner as the Indebtedness being Refinanced.

 

“Restricted Subsidiary” means
any Subsidiary that has not been designated as an “Unrestricted Subsidiary” in accordance with this Indenture.

 

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“Sale and Leaseback Transaction”
means any direct or indirect arrangement with any Person or to which any such Person is a party, providing for the leasing to the
Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date
or later acquired, which has been or is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or
to any other Person from whom funds have been or are to be advanced by such Person on the security of such Property.

 

“Significant Subsidiary”, with
respect to any Person, means any Subsidiary of such Person that satisfies the criteria for a “significant subsidiary”
set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act.

 

“Subordinated Indebtedness”
means Indebtedness of the Company that is subordinated or junior in right of payment to the Securities.

 

“Subsidiary” of a Person means
a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares
of securities or other interests having ordinary voting power for the election of directors or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned,
or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such
Person.

 

“Subsidiary Guarantee” means
any guarantee of the Securities by any Restricted Subsidiary.

 

“Treasury Rate” means, with
respect to any Redemption Date, the rate per annum equal to the yield to maturity of the Comparable Treasury Issue, compounded
semi-annually, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such Redemption Date.

 

“Unrestricted Subsidiary” means:

 

(1)           unless
otherwise designated by the Company’s Board of Directors, Royal Wolf Holdings Limited, an Australian corporation, and its
subsidiaries;

 

(2)           any
Subsidiary of the Company that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary by
the Board of Directors of the Company in the manner provided below; and

 

(3)           any
Subsidiary of an Unrestricted Subsidiary.

 

The Board of Directors of the Company may
designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the
Company that is not a Subsidiary of the Subsidiary to be so designated; provided that:

 

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(1)           the
Company certifies to the Trustee that such designation complies with Section 4.7; and

 

(2)           each
Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not thereafter, create,
incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to
which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries.

 

For purposes of making the determination of whether any such
designation of a Subsidiary as an Unrestricted Subsidiary complies with Section 4.7, the portion of the fair market value
of the net assets of such Subsidiary of the Company at the time that such Subsidiary is designated as an Unrestricted Subsidiary
that is represented by the interest of the Company and its Restricted Subsidiaries in such Subsidiary, in each case as determined
in good faith by the Board of Directors of the Company, shall be deemed to be an Investment. Such designation will be permitted
only if such Investment would be permitted at such time under Section 4.7.

 

The Board of Directors may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary only if:

 

(1)            immediately
after giving effect to such designation, the Company is able to incur at least $1.00 of additional Indebtedness (other than Permitted
Indebtedness) in compliance with Section 4.04; and

 

(2)            immediately
before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing.

 

Any such designation by the Board of Directors shall be evidenced
to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officer’s
Certificate certifying that such designation complied with the foregoing provisions.

 

“Voting Stock” of any specified
Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of
the board of directors of such Person.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing (a) the then outstanding aggregate
principal amount of such Indebtedness into (b) the sum of the total of the products obtained by multiplying (i) the amount
of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at
final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) which will elapse
between such date and the making of such payment.

 

“Wholly Owned Restricted Subsidiary”
of any Person means any Wholly Owned Subsidiary of such Person which at the time of determination is a Restricted Subsidiary of
such Person.

 

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“Wholly Owned Subsidiary” of
any Person means any Subsidiary of such Person of which all the outstanding voting securities (other than in the case of a foreign
Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant
to applicable law) are owned by such Person or any Wholly Owned Subsidiary of such Person.

 

Section 1.02 Other Definitions.

 

	Term	 	Defined in Section
	“Affiliate Transaction”	 	4.06(a)
	“Change of Control Offer”	 	3.02(a)
	“Change of Control Period”	 	3.02(d)
	“incur”	 	4.04
	 	 	 
	“Interest Payment Date”	 	2.04(c)
	“Maturity Date”	 	2.04(b)
	“Net Proceeds Offer”	 	4.05(b)
	“Net Proceeds Offer Trigger Date”	 	4.05(B)
	“Regular Record Date”	 	2.04(c)

 

Section 1.03 Incorporation by Reference of Trust Indenture
Act.

 

This Third Supplemental Indenture is subject
to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Third Supplemental Indenture.
The following TIA terms have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means
the Securities.

 

“indenture security holder”
means a Holder.

 

“indenture to be qualified”
means this Third Supplemental Indenture.

 

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

 

“obligor” on the indenture securities
means the Company and any other obligor on the indenture securities.

 

All other TIA terms used in this Third Supplemental
Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rules promulgated under
the TIA have the meanings assigned to them by such definitions.

 

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ARTICLE II

 

APPLICATION
OF SUPPLEMENTAL INDENTURE

AND CREATION, FORMS, TERMS AND CONDITIONS OF SECURITIES

 

 

Section 2.01 Application of this Third Supplemental
Indenture. Notwithstanding any other provision of this Third Supplemental Indenture, the provisions of this Third Supplemental
Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Securities.
The Securities constitute a separate series of Securities as provided in Section 2.1 of the Indenture.

 

Section 2.02 Creation of the Securities. In accordance
with Section 2.1 of the Indenture, the Company hereby creates the Securities as a separate series of its Securities issued
pursuant to the Indenture. The Securities shall be issued initially in an aggregate principal amount of up to $60,000,000.

 

Section 2.03 Form of the Securities. The Securities
shall each be issued in the form of a Global Security, duly executed by the Company and authenticated by the Trustee, which shall
be deposited with the Series Trustee as custodian for DTC and registered in the name of “Cede & Co.,”
as the nominee of DTC. The Securities shall be substantially in the form of Exhibit A attached hereto. So long as DTC,
or its nominee, is the registered owner of a Global Security, DTC or its nominee, as the case may be, shall be considered the sole
owner or Holder of the Securities represented by such Global Security for all purposes under the Indenture and under such Securities.
Ownership of beneficial interests in such Global Security shall be shown on, and transfers thereof will be effective only through,
records maintained by DTC or its nominee (with respect to beneficial interests of participants) or by participants or Persons that
hold interests through participants (with respect to beneficial interests of beneficial owners). The Securities shall not be issuable
in temporary global form.

 

Section 2.04 Terms and Conditions of the Securities.

 

The Securities shall be governed by all
the terms and conditions of the Indenture, as supplemented by this Third Supplemental Indenture. In particular, the following provisions
shall be terms of the Securities:

 

(a)           Title
and Conditions of the Securities. The title of the Securities shall be as specified in the Recitals; and the aggregate principal
amount of the Securities shall be as specified in Section 2.02 of this Article II, except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, the Securities pursuant to Sections 2.8, 2.9,
2.13, 2.16, 5.7 or 9.5 of the Indenture.

 

(b)           Stated
Maturity. The Securities shall mature, and the principal of the Securities shall be due and payable in U.S. Dollars to
the Holders thereof, together with all accrued and unpaid interest thereon, on October 31, 2025 (the “Maturity Date”).

 

(c)            Payment
of Principal and Interest. The Securities shall bear interest at 7.875% per annum, from and including October 27, 2020,
or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or provided for until the
principal thereof becomes due and payable, and on any overdue principal. Interest shall be calculated on the basis of a 360-day
year comprised of twelve 30-day months. Interest on the Securities shall be payable quarterly in arrears in U.S. Dollars on January 31,
April 30, July 31 and October 31 of each year, commencing on January 31, 2021 (each such date, a “Interest
Payment Date” for the purposes of the Securities under this Third Supplemental Indenture). Payments of interest shall
be made to the Person in whose name a Security (or predecessor Security) is registered (which shall initially be the Depositary)
at the close of business on the January 15, April 15, July 15 and October 15 (whether or not that date is a
Business Day), as the case may be, immediately preceding such Interest Payment Date (each such date, a “Regular Record
Date” for the purposes of the Securities under this Third Supplemental Indenture).

 

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(d)           Registration
and Form. The Securities shall be issuable as registered securities as provided in Section 2.03 of this Article II.
The form of the Securities shall be as set forth in Exhibit A attached hereto. The Securities shall be issued and may
be transferred only in minimum denomination of $25 and integral multiples of $25 in excess thereof. All payments of principal,
Redemption Price, any purchase price relating to a Change of Control Offer and accrued unpaid interest in respect of the Securities
shall be made by the Company as set forth in the Securities.

 

(e)            Legal
Defeasance and Covenant Defeasance. The provisions for legal defeasance in Section 8.2 of the Indenture, and the provisions
for covenant defeasance in Section 8.3 of the Indenture, shall be applicable to the Securities.

 

(f)            Further
Issuance. Notwithstanding anything to the contrary contained herein or in the Indenture, the Company may, from time to time,
without the consent of or notice to the Holders, create and issue further securities having the same interest rate, maturity and
other terms (except for the issue date, the public offering price and the first Interest Payment Date) as, ranking equally and
ratably with, the Securities. Additional Securities issued in this manner shall be consolidated with and shall form a single series
with the previously outstanding Securities.

 

(g)           Redemption.
The Securities are subject to redemption by the Company in whole or in part in the manner described herein.

 

(h)           Ranking.
The Securities will be the Company’s unsecured and unsubordinated obligations and will rank equally with all of its current
and future unsecured and unsubordinated indebtedness and senior to all of its current and future subordinated debt.

 

(i)            Sinking
Fund. The Securities are not entitled to any sinking fund.

 

(j)            Additional
Amounts. No Additional Amounts shall be payable with respect to the Securities.

 

(k)           Other
Terms and Conditions. The Securities shall have such other terms and conditions as provided herein.

 

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ARTICLE III

 

REDEMPTION
AND REPURCHASE

 

 

Section 3.01 Optional Redemption.

 

(a)            Prior
to October 31, 2022, the Securities are subject to redemption, in whole or in part, from time to time, at the Company’s
option at a Redemption Price equal to the sum of:

 

		(i)	100% of the principal amount of the Securities to be redeemed, and

 

		(ii)	the excess, if any, of (A) the present value at such redemption date of (i) the redemption price of such Security
on October 31, 2022 (as described in the immediately succeeding paragraph but excluding accrued and unpaid interest to the
redemption date) plus (ii) all remaining scheduled interest payments due on the Securities through October 31, 2022 (but
excluding accrued and unpaid interest to the redemption date), discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, over (B) the principal amount
of the Securities on the redemption date.

 

plus, in either case, accrued and unpaid interest, if any, to
the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest
Payment Date).

 

On and after October 31, 2022, the
Securities are subject to redemption, in whole or in part, from time to time, at the Company’s option at the following redemption
prices (expressed as percentages of the principal amount thereof) if redeemed during the twelve-month period commencing on October 31
of the year set forth below:

 

	Year	 	 	Percentage	
	2022	 	 	 	104.50	%
	2023	 	 	 	102.25	%
	2024 and thereafter	 	 	 	100.00	%;

 

plus accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date).

 

(b)           Redemption
Following Equity Offering. Prior to October 31, 2022, upon not less than 30 nor more than 60 days’ written notice,
the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Securities at a redemption
price equal to 107.875% of the principal amount of the Securities being redeemed plus accrued and unpaid interest, if any, to,
but not including, the redemption date (subject to the rights of holders of Securities on the relevant record date to receive interest
on the relevant interest payment date), with the net cash proceeds from one or more Equity Offerings. The Company may only do this,
however, if:

 

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		(i)	at least 65% of the aggregate principal amount of the Securities that were initially issued under the Indenture (excluding
Securities held by the Issuer or any of its Subsidiaries) would remain outstanding immediately after the occurrence of such proposed
redemption; and

 

		(ii)	the redemption occurs within 180 days after the closing of such Equity Offering.

 

Notice of any redemption upon any Equity Offering may be given
prior to the completion thereof, and any such redemption or notice may, at the Company’s discretion, be subject to one or
more conditions precedent, including, but not limited to, completion of the related Equity Offering.

 

Section 3.02          Repurchase
upon Change of Control Offer.

 

(a)   Upon
the occurrence of a Change of Control, each Holder will have the right to require that the Company purchase all or a portion of
such Holder’s Securities pursuant to the offer described below (the “Change of Control Offer”), at a purchase
price equal to 101% of the principal amount thereof plus accrued and unpaid interest thereon to the Purchase Date.

 

(b)   The
Company will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control
Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Supplemental Indenture applicable
to a Change of Control Offer made by the Company and purchases all Securities validly tendered and not withdrawn under such Change
of Control Offer.

 

(c)   The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Securities pursuant to a
Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 3.02,
the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Section 3.02 by virtue thereof.

 

(d)   The
Change of Control Offer shall remain open for a period from the date of the mailing of the notice of the Change of Control Offer
described in paragraph (c) until a date determined by the Company which is at least 30 but no more than 60 days from the date
of mailing of such notice and no longer, except to the extent that a longer period is required by applicable law (the “Change
of Control Offer Period”). On the Purchase Date, which shall be no earlier than 30 days prior to the last day of the
Change of Control Offer Period and no later than such last day, the Company shall purchase the principal amount of Securities properly
tendered in response to the Change of Control Offer. Payment for any Securities so purchased shall be made in the same manner as
interest payments are made.

 

(e)   Within
30 days following any Change of Control, the Company shall send, by first class mail (or, in the case of Securities held in book-entry
form, by electronic transmission) , a notice to the Series Trustee and the Paying Agent and each of the Holders. The notice
shall contain all instructions and materials necessary to enable such Holders to tender Securities pursuant to the Change of Control
Offer. The Change of Control Offer shall be made to all Holders. The notice, which shall govern the terms of the Change of Control
Offer, shall state:

 

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		(i)	the transaction or transactions that constitute the Change of Control, providing information, to the extent publicly available,
regarding the Person or Persons acquiring control, and stating that the Change of Control Offer is being made pursuant to this
Section 3.02 and that, to the extent lawful, all Securities properly tendered will be accepted for payment;

 

		(ii)	the Purchase Price, the last day of the Change of Control Offer Period, and the Purchase Date;

 

		(iii)	that any Security not properly tendered or otherwise not accepted for repurchase will continue to accrue interest;

 

		(iv)	that, unless the Company defaults in the payment of the amount due on the Purchase Date, all Securities or portions thereof
accepted for repurchase pursuant to the Change of Control Offer shall cease to accrue interest after the Purchase Date;

 

		(v)	that Holders electing to have any Securities purchased pursuant to the Change of Control Offer will be required to tender the
Securities, with the form entitled Option of Holder to Elect Purchase on the reverse of the Securities completed, or transfer by
book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the
notice not later than the third Business Day preceding the Purchase Date;

 

		(vi)	that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may
be, receives, not later than the expiration of the Change of Control Offer Period, a facsimile transmission or letter setting forth
the name of the Holder, the principal amount of Securities delivered for repurchase, and a statement that such Holder is withdrawing
his election to have the Securities redeemed in whole or in part;

 

		(vii)	that Holders whose Securities are being repurchased only in part will be issued new Securities equal in principal amount to
the portion of the Securities tendered (or transferred by book-entry transfer) that is not to be repurchased, which portion must
be equal to $25 in principal amount or an integral multiple of $25 in excess thereof; and

 

		(viii)	that, notwithstanding anything herein to the contrary, all Securities held in book entry form shall be tendered and withdrawn
in accordance with the applicable procedures of the Depositary.

 

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(f)    On
or before 10:00 A.M. (New York City time) on the Purchase Date, the Company shall to the extent lawful, (i) accept for
payment all Securities or portions thereof properly tendered pursuant to the Change of Control Offer, (ii) deposit with the
Paying Agent an amount equal to the Purchase Price, together with accrued and unpaid interest thereon to the Purchase Date in respect
of all Securities or portions thereof so tendered and accepted for repurchase and (iii) deliver or cause to be delivered to
the Series Trustee the Securities so accepted together with an Officers’ Certificate stating the aggregate principal
amount of Securities or portions thereof being repurchased by the Company. The Paying Agent shall promptly (but in any case not
later than five days after the Purchase Date) mail to each Holder of Securities so repurchased the amount due in connection with
such Securities, and the Company shall promptly issue a new Security, and the Series Trustee, upon written request from the
Company in the form of an Officer’s Certificate shall authenticate and mail or deliver (or cause to transfer by book entry)
to each relevant Holder a new Security, in a principal amount equal to any unpurchased portion of the Securities surrendered to
the Holder thereof; provided that each such new Security shall be in a principal amount of $25 or an integral multiple of
$25 in excess thereof. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Purchase Date.

 

(g)   If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest in each case to the Purchase Date, shall be paid to the Person in whose name a Security is registered at the close of
business on such record date, and no additional interest shall be payable to Holders pursuant to the Change of Control Offer.

 

Section 3.03           Repurchase
upon Application of Net Proceeds.

 

(a)   In
the event that, pursuant to Section 4.05, the Company shall be required to commence a Net Proceeds Offer, it shall follow
the procedures specified in this Section 3.03.

 

(b)   The
notice of a Net Proceeds Offer shall contain all instructions and materials necessary to enable such Holders to tender Securities
pursuant to the Net Proceeds Offer. Each Net Proceeds Offer will be sent to all record Holders as shown on the register of Holders
within 30 days following the Net Proceeds Offer Trigger Date, with a copy to the Series Trustee, and shall comply with the
procedures set forth in this Indenture. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Securities
in whole or in part in a principal amount of $25 (or integral multiples of $25 in excess thereof) in exchange for cash. A Net Proceeds
Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law. Upon the expiration of
that period, the Company shall promptly (but in any event within three Business Days following such expiration) purchase the Securities
and any such other pari passu Indebtedness properly tendered in accordance with this Section 3.03 and Section 4.05. The
notice, which shall govern the terms of the Net Proceeds Offer, shall state:

 

		(i)	that the Net Proceeds Offer is being made pursuant to this Section 3.03 and Section 4.05;

 

		(ii)	the Net Proceeds Offer Amount, the Purchase Price and the Purchase Date;

 

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		(iii)	that any Security not properly tendered or otherwise not accepted for repurchase shall continue to accrue interest;

 

		(iv)	that, unless the Company defaults in the payment of the amount due on the Purchase Date, all Securities or portions thereof
accepted for repurchase pursuant to the Net Proceeds Offer shall cease to accrue interest after the Purchase Date;

 

		(v)	that Holders electing to have any Securities repurchased pursuant to any Net Proceeds Offer shall be required to tender the
Securities, with the form entitled Option of Holder to Elect Purchase on the reverse of the Securities completed, or transfer by
book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day preceding the Purchase Date;

 

		(vi)	that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may
be, receives, not later than expiration time by facsimile transmission a letter setting forth the name of the Holder, the principal
amount of the Securities delivered for repurchase and a statement that such Holder is withdrawing his election to have such Securities
repurchased in whole or in part; and

 

		(vii)	that, to the extent Holders properly tender Securities (along with any other pari passu Indebtedness of the Company properly
tendered) in an amount exceeding the Net Proceeds Offer Amount, the tendered Securities will be purchased pro rata based
on the aggregate amounts of Securities and other pari passu Indebtedness of the Company properly tendered (and the Series Trustee
shall select the tendered Securities of tendering Holders pro rata based on the amount of Securities and other pari passu
Indebtedness of the Company properly tendered).

 

(c)   On
or before 10:00 A.M. (New York City time) on the Purchase Date, the Company shall to the extent lawful, (i) accept for
payment, pro rata in accordance with this Indenture to the extent necessary, the Net Proceeds Offer Amount of Securities
or portions thereof properly tendered pursuant to the Net Proceeds Offer (along with any other pari passu Indebtedness of the Company
properly tendered), or if less than the Net Proceeds Offer Amount has been tendered, all Securities properly tendered, (ii) deposit
with the Paying Agent an amount equal to the Purchase Price, plus accrued and unpaid interest thereon to the Purchase Date
in respect of all Securities or portions thereof so tendered and accepted for repurchase and (iii) deliver or cause to be
delivered to the Series Trustee the Securities so accepted together with an Officers’ Certificate stating the aggregate
principal amount of Securities or portions thereof being repurchased by the Company. The Paying Agent shall promptly (but in any
case not later than five days after the Purchase Date) mail to each Holder of Securities so repurchased the amount due in connection
with such Securities, and the Company shall promptly issue a new Security, and the Series Trustee, upon written request from
the Company in the form of an Officer’s Certificate shall authenticate and mail or deliver such new Security to such Holder,
in a principal amount equal to any unpurchased portion to the Holder thereof; provided that each such new Security shall
be in a principal amount of $25 or an integral multiple of $25 in excess thereof. The Company shall publicly announce the results
of the Net Proceeds Offer on or as soon as practicable after the Purchase Date.

 

    34

     

    

 

(d)   If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest to the Purchase Date, shall be paid to the Person in whose name a Security is registered at the close of business on such
record date, and no additional interest shall be payable to Holders to the Net Proceeds Offer.

 

(e)   Notwithstanding
anything herein to the contrary, all Securities held in book entry form shall be tendered and withdrawn in accordance with the
applicable procedures of the Depositary.

 

ARTICLE IV

 

COVENANTS

 

The covenants set forth in this Article IV
shall be applicable to the Company in addition to the covenants in Article III of the Indenture, which shall in all respects
be applicable in respect of the Securities.

 

Section 4.01           Reports.

 

(a)   Whether
or not required by the rules and regulations of the Commission, so long as any Securities are outstanding, the Company will
furnish the Series Trustee, for delivery to the Holders of the Securities upon their written request therefor:

 

		(i)	all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms
10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company
and its consolidated Subsidiaries (showing in reasonable detail, either on the face of the financial statements or in the footnotes
thereto and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the financial
condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results
of operations of the Unrestricted Subsidiaries of the Company, if any) and, with respect to the annual information only, a report
thereon by the Company’s certified independent accountants; and

 

		(ii)	all current reports that would be required to be filed with the Commission on Form 8-K if the Company were required to
file such reports, in each case within the time periods specified in the Commission’s rules and regulations. The Company
shall at all times comply with TIA § 314(a);

 

    35

     

    

 

provided that, the delivery of such reports, information and
documents to the Series Trustee is for informational purposes only and the Series 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 or under the Indenture (as to which the Series Trustee is entitled
to rely exclusively on Officers’ Certificates).

 

(b)   In
addition, whether or not required by the rules and regulations of the Commission, the Company will file a copy of all such
information and reports with the Commission for public availability within the time periods specified in the Commission’s
rules and regulations (unless the Commission will not accept such a filing) and make such information available to securities
analysts and prospective investors upon request.

 

Section 4.02          Limitation
on Restricted Payments.

 

(a)   The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly (each of the actions
set forth in clauses (i), (ii), (iii) and (iv) below being referred to as a “Restricted Payment”):

 

		(i)	declare or pay any dividend or make any distribution on or in respect of shares of Capital Stock of the Company or any Restricted
Subsidiary to the holders of such Capital Stock in the capacity as such (other than (A) dividends or distributions payable
in shares of Qualified Capital Stock of the Company, (B) dividends or distributions payable to the Company or any Restricted
Subsidiary and (C) in the case of any non-Wholly Owned Restricted Subsidiary, dividends or distributions payable to the holders
of such Capital Stock other than the Company or another Restricted Subsidiary on no more than a pro rata basis);

 

		(ii)	purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or any warrants, rights or options
to purchase or acquire shares of any class of such Capital Stock (other than any such Capital Stock or warrants, rights or options
owned by the Company or any Restricted Subsidiary of the Company);

 

		(iii)	make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior
to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness; or

 

		(iv)	make any Investment (other than Permitted Investments);

 

if at the time of such Restricted Payment or immediately after
giving effect thereto,

 

		(i)	a Default or an Event of Default shall have occurred and be continuing; or

 

		(ii)	the Company is not able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance
with Section 4.04(a); or

 

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		(iii)	the aggregate amount of Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date
(the amount expended for such purposes, if other than in cash, being the fair market value of such property as determined in good
faith by the Board of Directors of the Company) shall exceed the sum of:

 

 (A)         50% of the Company’s cumulative Consolidated Net Income (or if cumulative Consolidated Net Income shall be a loss, minus 100% of such loss) for the period from and including July 1, 2020 to the end of the most recent fiscal quarter ending immediately prior to the date of such Restricted Payment (the “Reference Date”) for which internal consolidated financial statements of the Company are available (treating such period as a single accounting period); plus

 

 (B)         100% of the aggregate net cash proceeds (or the fair market value of any marketable securities or other property) received by the Company from any Person (other than a Subsidiary of the Company) from the issuance and sale subsequent to July 1, 2020 and on or prior to the Reference Date of (1) Qualified Capital Stock of the Company, (2) warrants, options or other rights to acquire Qualified Capital Stock of the Company (but excluding any debt security that is convertible into, or exchangeable for, Qualified Capital Stock) or (3) convertible or exchangeable Disqualified Capital Stock or debt securities that have been converted or exchanged in accordance with their terms for Qualified Capital Stock; plus

 

 (C)         without duplication of any amounts included in clause (iii)(B) above, 100% of the aggregate net cash proceeds (or the fair market value of any marketable securities or other property) from any equity contribution received by the Company from a holder of the Company’s Capital Stock subsequent to July 1, 2020 and on or prior to the Reference Date; plus

 

 (D)         without duplication, the sum of:

 

(1)            the
aggregate amount returned in cash on or with respect to Investments (other than Permitted Investments) made subsequent to July 1,
2020 whether through interest payments, principal payments, dividends or other distributions or payments;

 

(2)            the
net cash proceeds received by the Company or any of its Restricted Subsidiaries from the disposition of all or any portion of such
Investments (other than to a Restricted Subsidiary of the Company); and

 

(3)            upon
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the fair market value of such Subsidiary;

 

provided, however, that the sum of clauses (1),
(2) and (3) above shall not exceed the aggregate amount of all such Investments made subsequent to the Issue Date.

 

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(b)   Notwithstanding
the foregoing, the provisions of paragraph (a) of this Section 4.02 do not prohibit:

 

		(i)	the payment of any dividend within 60 days after the date of declaration of such dividend if the dividend would have been permitted
on the date of declaration;

 

		(ii)	the redemption, repurchase, purchase, retirement, defeasance or other acquisition of any shares of Capital Stock of the Company,
either (A) solely in exchange for shares of Qualified Capital Stock of the Company or (B) through the application of
net proceeds of a substantially concurrent sale for cash (other than to a Restricted Subsidiary of the Company) of shares of Qualified
Capital Stock of the Company, provided that such net proceeds are not included in the calculation described in clause (iii) of
the preceding paragraph;

 

		(iii)	the redemption, repurchase, retirement, defeasance or other acquisition of any Subordinated Indebtedness either (A) solely
in exchange for shares of Qualified Capital Stock of the Company, or (B) through the application of net proceeds of a substantially
concurrent sale for cash (other than to a Subsidiary of the Company) of (I) shares of Qualified Capital Stock of the Company
or (II) Refinancing Indebtedness provided that such net proceeds are not included in the calculation described in clause (iii) of
the preceding paragraph;

 

		(iv)	so long as no Default or Event of Default shall have occurred and be continuing redemption, repurchase, retirement, defeasance
or other acquisition by the Company of Common Stock of the Company from officers, directors and employees of the Company or any
of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment of such employees
or termination of their seat on the board of the Company, in an aggregate amount not to exceed the sum of (x) $500,000 plus
(y) $250,000 in any calendar year since the Issue Date, with any unused amounts in such calendar year being carried forward
to the next succeeding calendar year; provided that the aggregate amount of repurchases that may be made pursuant to this
clause (4) in any calendar year shall not exceed $1.0 million in any calendar year;

 

		(v)	so long as no Default or Event of Default shall have occurred and be continuing, Restricted Payments in an aggregate amount
not to exceed $10.0 million;

 

		(vi)	repurchases of Qualified Capital Stock deemed to occur upon the exercise of stock options, warrants or other convertible or
exchangeable securities to the extent such Qualified Capital Stock represents a portion of the exercise price of those stock options,
warrants or other convertible or exchangeable securities;

 

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		(vii)	payments of cash in lieu of issuing fractional shares upon (a) the exercise of options or warrants or (b) the exchange
or conversion of Qualified Capital Stock of any such Person;

 

		(viii)	the declaration and payment of dividends to holders of any class or series of Disqualified Capital Stock of the Company or
any Preferred Stock of any Restricted Subsidiary incurred in accordance with the Section 4.04; and

 

		(ix)	the repurchase or redemption of all of the Company’s outstanding 9.00% Series C Cumulative Redeemable Perpetual
Preferred Stock with a $40 million aggregate liquidation preference, including the payment of accrued and unpaid dividends thereon.

 

If the Company makes a Restricted Payment
which, at the time of the making of such Restricted Payment, in the good faith determination of the Board of Directors of the Company,
would be permitted under the requirements of this Indenture, such Restricted Payment shall be deemed to have been made in compliance
with this Indenture notwithstanding any subsequent adjustment made in good faith to the Company’s financial statements affecting
Consolidated Net Income.

 

In determining the aggregate amount of Restricted
Payments made subsequent to the Issue Date in accordance with clause (iii) of Section 4.02(a), amounts expended pursuant
to clauses (ii), (iii), (vi) and (vii) of this Section 4.02(b) shall be excluded in such calculation.

 

For purposes of the covenant described above,
if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described above and/or one or more
of the exceptions contained in the definition of "Permitted Investments," the Company may classify all or any portion
of such Investment or Restricted Payment in any manner that complies with this covenant and may later reclassify from time to time
all or any portion of such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so reclassified)
would be permitted to be made in reliance on the applicable exception as of the date of such reclassification.

 

If any Person in which an Investment is
made, which Investment constitutes a Restricted Payment when made, thereafter becomes a Restricted Subsidiary in accordance with
the Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted Payments for purposes
of calculating the aggregate amount of Restricted Payments pursuant to clause (iii) of Section 4.02(a), in each case
to the extent such Investments would otherwise be so counted.

 

For purposes of this covenant, if a particular
Restricted Payment involves a non-cash payment, including a distribution of assets or securities, then such Restricted Payment
shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the fair
market value of the non-cash portion of such Restricted Payment.

 

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Section 4.03          Limitation
on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

The Company will not, and will not cause
or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become
effective any encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to:

 

		(i)	pay dividends or make any other distributions on or in respect of its Capital Stock;

 

		(ii)	make loans or advances to the Company or any other Restricted Subsidiary or to pay any Indebtedness
or other obligation owed to the Company or any other Restricted Subsidiary of the Company; or

 

		(iii)	transfer any of its property or assets to the Company or any other Restricted Subsidiary of the
Company,

 

except in each case for such encumbrances
or restrictions existing under or by reason of:

 

		(A)	applicable law, rule, regulation or order;

 

		(B)	the Indenture and the Securities;

 

		(C)	the Credit Agreement;

 

		(D)	customary non-assignment and similar provisions of any contract, lease or license entered into
in the ordinary course of business;

 

		(E)	any instrument governing Acquired Indebtedness, which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired;

 

		(F)	agreements existing on the Issue Date and any amendments, restatements, modifications, renewals,
supplements, refundings, replacements or refinancings of those agreements to the extent and in the manner such agreements are in
effect on the Issue Date; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions
than those contained in those agreements on the Issue Date (as determined in good faith by the Board of Directors of the Company);

 

		(G)	any encumbrance or restriction on the transfer of assets subject to any Lien permitted under the
Indenture imposed by the holder of such Lien;

 

		(H)	restrictions imposed by any agreement to sell assets or Capital Stock permitted under the Indenture
to any Person pending the closing of such sale;

 

		(I)	Permitted Purchase Money Indebtedness and mortgage financings for property acquired in the ordinary
course of business and Capitalized Lease Obligations that only impose restrictions on the property so acquired;

 

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		(J)	any agreement pursuant to which Indebtedness was issued if (i) the encumbrance or restriction
applies only in the event of a payment default or a default with respect to a financial covenant contained in such Indebtedness,
(ii)(A) the encumbrance or restriction is not materially more disadvantageous to the holders of the Securities than is customary
in comparable financings (as determined by the Company) and (B) the Company determines that any such encumbrance or restriction
will not materially affect its ability to make principal or interest payments on the Securities;

 

		(K)	Indebtedness permitted to be incurred subsequent to the date of the Indenture pursuant to Section 4.04;
provided that such encumbrances or restrictions are no less favorable to the Company, taken as a whole, in any material respect
than the encumbrances or restrictions contained in the Credit Agreement as in effect on the Issue Date;

 

		(L)	customary provisions in joint venture agreements, Sale and Leaseback Transactions and other similar
agreements (in each case relating solely to the respective joint venture or similar entity or the equity interests therein) entered
into in the ordinary course of business; and

 

		(M)	an agreement governing Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred
pursuant to an agreement referred to in clauses (B) and (D) through (K) above; provided, however, that the provisions
relating to such encumbrance or restriction contained in any such Indebtedness are no less favorable to the Company in any material
respect as determined by the Company’s Board of Directors in their reasonable and good faith judgment than the provisions
relating to such encumbrance or restriction contained in agreements referred to in such clauses (B) and (D) through (K).

 

Section 4.04     Limitation
on Incurrence of Additional Indebtedness.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume, guarantee,
acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively,
 “incur”) any Indebtedness (other than Permitted Indebtedness); provided, however, that if no Default or Event
of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness,
the Company or any of its Restricted Subsidiaries may incur Indebtedness (including, without limitation, Acquired Indebtedness),
in each case if on the date of the incurrence of such Indebtedness, after giving effect to the incurrence thereof, the Consolidated
Fixed Charge Coverage Ratio of the Company is greater than 2.0 to 1.0.

 

(b)            The
Company will not, and will not permit any Restricted Subsidiary to directly or indirectly, incur any Indebtedness which by its
terms (or by the terms of any agreement governing such Indebtedness) is expressly subordinated in right of payment to any other
Indebtedness of the Company or such Restricted Subsidiary, as the case may be, unless such Indebtedness is also by its terms (or
by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Securities to the same extent and
in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company or such Restricted Subsidiary, as
the case may be.

 

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Section 4.05     Limitation
on Asset Sales.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

		(i)	the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration
at the time of such Asset Sale at least equal to the fair market value of the assets sold or otherwise disposed of (as determined
in good faith by the Company’s Board of Directors);

 

		(ii)	at least 75% of the consideration received by the Company or the Restricted Subsidiary, as the
case may be, from such Asset Sale shall be in the form of cash, Cash Equivalents and/or Replacement Assets (as defined below) (or
a combination thereof) and is received at the time of such disposition; provided that

 

		(A)	the amount of any liabilities (as shown on the Company’s or such Restricted Subsidiary’s
most recent balance sheet) of the Company or any such Restricted Subsidiary (other than liabilities that are by their terms subordinated
to the Securities) that are assumed by the transferee of any such assets;

 

		(B)	the fair market value of any securities or other assets received by the Company or any such Restricted
Subsidiary in exchange for any such assets that are converted into cash within 180 days after such Asset Sale; and

 

		(C)	any of the assets described in clauses (iii)(B) and (C) shall be deemed to be cash for
purposes of this provision; and

 

		(iii)	upon the consummation of an Asset Sale, the Company shall apply, or cause such Restricted Subsidiary
to apply, the Net Cash Proceeds relating to such Asset Sale within 365 days of receipt thereof either:

 

		(A)	to repay (i) any Obligations under the Credit Agreement and effect a permanent reduction in the availability under such
Credit Agreement and (ii) in the case of an Asset Sale by a Restricted Subsidiary, Obligations of such Restricted Subsidiary;

 

		(B)	to invest or commit to invest in properties and assets that replace the properties and assets that were the subject of such
Asset Sale or in properties and assets (including Capital Stock) that will be used in the business of the Company and its Restricted
Subsidiaries as existing on the Issue Date or in businesses reasonably related thereto (“Replacement Assets”);

 

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		(C)	to acquire or commit to acquire all or substantially all of the assets of, or a majority of the voting Capital Stock of a Permitted
Business; and/or

 

		(D)	a combination of prepayment and investment permitted by the foregoing clauses (iii)(A) through (iii)(C);

 

provided that in the case of a commitment under clauses
(B) and (C) above made prior to the expiration of such 365-day period, such investment or acquisition shall be deemed
to comply with this covenant if consummated within six months after such commitment.

 

(b)            When
the Net Cash Proceeds from Asset Sales not applied or invested as provided in the preceding paragraph total $5.0 million or more
(each, a “Net Proceeds Offer Trigger Date”), the Company will, within 30 days, make an offer to purchase (the
 “Net Proceeds Offer”) to all Holders and, to the extent required by the terms of any Pari Passu Debt, an offer
to purchase to all holders of such Pari Passu Debt, on a date (the “Net Proceeds Offer Payment Date”) not less
than 30 nor more than 60 days following the applicable Net Proceeds Offer Trigger Date, from all Holders (and holders of any Pari
Passu Debt) on a pro rata basis, that amount of Securities (and Pari Passu Debt) equal to the Net Proceeds Offer Amount
at a price equal to 100% of the principal amount of the Securities (and Pari Passu Debt) to be purchased, plus accrued and unpaid
interest thereon, if any, to the date of purchase; provided, however, that if at any time any non-cash consideration
received by the Company or any Restricted Subsidiary of the Company, as the case may be, in connection with any Asset Sale is converted
into or sold or otherwise disposed of for cash (other than as contemplated by clause 2(b) above and other than interest received
with respect to any such non-cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale
hereunder and the Net Cash Proceeds thereof shall be applied in accordance with this covenant.

 

(c)            In
the event of the transfer of substantially all (but not all) of the property and assets of the Company and its Restricted Subsidiaries
as an entirety to a Person in a transaction permitted under Article V hereof, which transaction does not constitute a Change
of Control, the successor corporation shall be deemed to have sold the properties and assets of the Company and its Restricted
Subsidiaries not so transferred for purposes of this covenant, and shall comply with the provisions of this covenant with respect
to such deemed sale as if it were an Asset Sale. In addition, the fair market value of such properties and assets of the Company
or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this covenant.

 

(d)            Each
Net Proceeds Offer will be mailed to the record Holders as shown on the register of Holders within 30 days following the Net Proceeds
Offer Trigger Date, with a copy to the Series Trustee, and shall comply with the procedures set forth in this Indenture. Upon
receiving notice of the Net Proceeds Offer, Holders may elect to tender their Securities in whole or in part in a principal amount
of $25 and integral multiples of $25 in excess thereof in exchange for cash. To the extent Holders properly tender Securities in
an amount exceeding the Net Proceeds Offer Amount, Securities of tendering Holders will be purchased on a pro rata basis
(based on amounts tendered). A Net Proceeds Offer shall remain open for a period of 20 business days or such longer period as may
be required by law. If any Net Cash Proceeds remain after the consummation of any Net Proceeds Offer, the Company may use those
Net Cash Proceeds for any purpose not otherwise prohibited by this Indenture. Upon completion of each Net Proceeds Offer, the amount
of Net Cash Proceeds will be reset at zero.

 

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(e)            The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Securities pursuant to a
Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.05
or Section 3.03, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.05 or Section 3.03 by virtue thereof.

 

Section 4.06     Limitations
on Transactions with Affiliates.

 

(a)            The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist
any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any
property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each, an “Affiliate Transaction”),
other than (x) Affiliate Transactions permitted under paragraph (c) of this Section and (y) Affiliate Transactions
on terms that are no less favorable than those that might reasonably have been obtained in a comparable transaction at such time
on an arm’s-length basis from a Person that is not an Affiliate of the Company or such Restricted Subsidiary (as determined
in good faith by the Board of Directors of the Company).

 

(b)            All
Affiliate Transactions (and each series of related Affiliate Transactions which are similar or part of a common plan) involving
aggregate payments or other property with a fair market value in excess of $1.0 million must be approved by the Company’s
Board of Directors or such Restricted Subsidiary, as the case may be, such approval to be evidenced by a Board Resolution stating
that such Board of Directors has determined that such transaction complies with the foregoing provisions. If the Company or any
Restricted Subsidiary enters into an Affiliate Transaction (or a series of related Affiliate Transactions related to a common plan)
that involves an aggregate fair market value of more than $2.5 million, the Company or such Restricted Subsidiary, as the case
may be, shall, prior to the consummation thereof, obtain a written opinion stating that the Affiliate Transaction or series of
related Affiliate Transactions is (i) fair to the Company or the relevant Restricted Subsidiary, as the case may be, from
a financial point of view, from an Independent Financial Advisor or (ii) on terms not less favorable than might have been
obtained in a comparable transaction at such time on an arm’s length basis from a Person who is not an Affiliate, and file
the same with the Series Trustee.

 

(c)            The
restrictions set forth in paragraphs (a) and (b) shall not apply to:

 

		(i)	reasonable fees and compensation (including the payment of reasonable and customary benefits (including
retirement, health, option, deferred compensation and other benefits plans) to officers and employees of the Company) paid to,
and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary
of the Company as determined in good faith by the Company’s Board of Directors or senior management;

 

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		(ii)	transactions exclusively between or among the Company and any of its Restricted Subsidiaries or
exclusively between or among such Restricted Subsidiaries, provided such transactions are not otherwise prohibited by this
Indenture;

 

		(iii)	any agreement as in effect as of the Issue Date or any amendment thereto or any transaction contemplated
thereby (including pursuant to any amendment thereto) in any replacement agreement thereto so long as any such amendment or replacement
agreement is not more disadvantageous to the Holders in any material respect than the original agreement as in effect on the Issue
Date as determined in good faith by the Board of Directors of the Company;

 

		(iv)	Restricted Payments or Permitted Investments permitted by this Indenture; and

 

		(v)	the issuance of Qualified Capital Stock otherwise permitted hereunder.

 

Section 4.07     Limitation
on Liens.

 

(a)            The
Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume
or permit or suffer to exist any Liens of any kind against or upon any property or assets of the Company or any of its Restricted
Subsidiaries (whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, or assign or otherwise
convey any right to receive income or profits therefrom) that secure any Indebtedness unless:

 

		(i)	in the case of Liens securing Subordinated Indebtedness, the Securities are secured by a Lien on
such property, assets or proceeds that is senior in priority to such Liens; and

 

		(ii)	in all other cases, the Securities are equally and ratably secured,

 

except for:

 

		(i)	Liens existing as of the Issue Date to the extent and in the manner such Liens are in effect on
the Issue Date;

 

		(ii)	Liens securing Indebtedness and other Obligations under Credit Facilities in an aggregate amount
not to exceed the amount permitted to be incurred pursuant to clause (2) of the definition of “Permitted Indebtedness”;

 

		(iii)	Liens securing the Securities or any guarantee thereof;

 

		(iv)	Liens in favor of the Company or any Restricted Subsidiary of the Company on assets of any Restricted
Subsidiary of the Company;

 

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		(v)	Liens securing Refinancing Indebtedness which is incurred to Refinance any Indebtedness which has
been secured by a Lien permitted under this Indenture and which has been incurred in accordance with the provisions of this Indenture;
provided, however, that such Liens: (i) are no less favorable to the Holders in any material respect and are
not more favorable to the lienholders in any material respect with respect to such Liens than the Liens in respect of the Indebtedness
being Refinanced; and (ii) do not extend to or cover any property or assets of the Company or any of its Restricted Subsidiaries
not securing the Indebtedness so Refinanced; and

 

		(vi)	Permitted Liens.

 

Section 4.08     Limitation
on Subsidiary Guarantees of Company Indebtedness.

 

The Company shall not
permit any Restricted Subsidiary, directly or indirectly, to guarantee any Indebtedness of the Company (other than the Securities
and Indebtedness under clause (26) of the definition of Permitted Indebtedness) unless such Restricted Subsidiary executes and
delivers to the Series Trustee a supplemental indenture providing for the guarantee of the Securities by such Subsidiary,
which guarantee of the Securities will rank equally in right of payment with such Subsidiary’s guarantee of the Company Indebtedness
(unless the Company Indebtedness is subordinated in right of payment to the Securities, in which case the guarantee of the Indebtedness
of the Company shall be subordinated to the guarantee of the Securities to the same extent as the Indebtedness of the Company is
subordinated to the Securities). Any guarantee of the Securities provided pursuant to this Section 4.08 will be automatically
released when the Indebtedness is no longer outstanding or the guarantee of the Indebtedness is released or terminated, in each
case, other than as a result of a payment thereon by the Restricted Subsidiary.

 

Section 4.09     Payments
for Consent.

 

The Company will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit
of any Holder of Securities for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this
Indenture or the Securities unless such consideration is offered to be paid and is paid to all Holders of the Securities that consent,
waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.

 

Section 4.10     Limitation
on Preferred Stock of Restricted Subsidiaries.

 

The Company will not permit any Restricted
Subsidiary to issue any Preferred Stock other than Preferred Stock issued to the Company or a Restricted Subsidiary of the Company.
The Company will not sell, transfer or otherwise dispose of Preferred Stock issued by a Restricted Subsidiary or permit a Restricted
Subsidiary to sell, transfer or otherwise dispose of Preferred Stock issued by a Restricted Subsidiary, other than to the Company
or a Restricted Subsidiary of the Company. Notwithstanding the foregoing, nothing in this Section 4.10 will prohibit Preferred
Stock issued by a Person prior to the time:

 

(A)     such
person becomes a Restricted Subsidiary;

 

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(B)     such
person merges with or into a Restricted Subsidiary; or

 

(C)     a
Restricted Subsidiary merges with or into such person;

 

provided, however, that such Preferred Stock was not
issued or incurred by such person in anticipation of a transaction contemplated by subclause (B) or (C) above.

 

Section 4.11     Conduct
of Business.

 

The Company and its Restricted Subsidiaries
will not engage in any businesses other than a Permitted Business, except to the extent it would not be material to the Company
and its Restricted Subsidiaries taken as a whole.

 

ARTICLE V

 

SUCCESSORS

 

Section 5.01     Merger,
Consolidation and Sale of Assets. Section 4.1 of the Indenture shall be deleted in its entirety and replaced with the
following:

 

(a)            The
Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell,
assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign,
transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated
basis for the Company and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to
any Person unless:

 

		(i)	either:

 

(A)           the
Company shall be the surviving or continuing corporation; or

 

(B)            the
Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires
by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s
Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”):

 

(x)             shall
be a corporation organized and validly existing under the laws of the United States or any State thereof or the District of Columbia;
and

 

(y)            shall
expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the Series Trustee), executed
and delivered to the Series Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on
all of the Securities and the performance of every covenant of the Securities and this Indenture on the part of the Company to
be performed or observed;

 

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		(ii)	immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(y) above
(including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with
or in respect of such transaction), either (x) the Company or such Surviving Entity, as the case may be, shall be able to
incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4..04(a) or (y) the
Consolidated Fixed Charge Coverage Ratio of the Company would be no less than such ratio immediately prior to such transaction;

 

		(iii)	immediately before and immediately after giving effect to such transaction and the assumption contemplated
by clause (i)(B)(y) above (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred
or anticipated to be incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of
Default shall have occurred or be continuing; and

 

		(iv)	the Company or the Surviving Entity shall have delivered to the Series Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance
or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture
comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction
have been satisfied and constitutes the legal, valid and binding obligation of the Company or the Surviving Entity, enforceable
against it in accordance with its terms.

 

(b)            For
purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions)
of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company the Capital Stock
of which constitutes all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of
all or substantially all of the properties and assets of the Company.

 

(c)            Notwithstanding
the foregoing clauses (ii) and (iii) of Section 5.1(a), the Company may merge with an Affiliate that is a Person
that has no material assets or liabilities and which was organized solely for the purpose of reorganizing the Company in another
jurisdiction.

 

Section 5.02     Successor
Corporation Substituted.

 

Upon any consolidation, combination or merger
or any transfer of all or substantially all of the assets of the Company in accordance with Section 5.1 in which the Company
is not the continuing corporation, the successor Person formed by such consolidation or into which the Company is merged or to
which such conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture and the Securities with the same effect as if such Surviving Entity had been named as such.
When a successor corporation assumes all of the obligations of the predecessor hereunder and under the Securities and agrees in
writing to be bound hereby and thereby, the predecessor shall be released from such obligations.

 

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ARTICLE VI

 

SERIES
TRUSTEE WITH RESPECT TO THE Securities

 

Section 6.01     Appointment
by the Company of The Bank of New York Mellon Trust Company, N.A. as Series Trustee, Paying Agent and Registrar.

 

Pursuant to the Existing Indenture as amended
by this Third Supplemental Indenture, the Company hereby appoints The Bank of New York Mellon Trust Company, N.A. as Series Trustee
under the Indenture with respect to the Securities (but only with respect to the Securities) with all of the rights, powers, trusts,
duties and obligations of Trustee under the Indenture with respect to the Securities (but only with respect to the Securities)
with like effect as if originally named as such in the Indenture.

 

Pursuant to the Existing Indenture as amended
by this Third Supplemental Indenture, the Company hereby appoints The Bank of New York Mellon Trust Company, N.A. as “Registrar”
and “Paying Agent” with respect to the Securities (but only with respect to the Securities) with like effect as if
originally named as such in the Indenture.

 

Section 6.02     Acceptance
by The Bank of New York Mellon Trust Company, N.A. of Appointment as Series Trustee.

 

The Bank of New York Mellon Trust Company,
N.A. hereby accepts its appointment as Series Trustee under the Indenture with respect to the Securities (but only with respect
to the Securities) and accepts all of the rights, powers, trusts, duties and obligations of Trustee under the Indenture with respect
to the Securities (but only with respect to the Securities), upon the terms and conditions set forth herein and therein, with like
effect as if originally named as such in the Indenture.

 

Section 6.03     Eligibility
of Series Trustee.

 

The Series Trustee hereby represents
that it is qualified and eligible under the provisions of the Trust Indenture Act and Section 7.8 of the Existing Indenture
to accept its appointment as Series Trustee with respect to the Securities.

 

Section 6.04     Concerning
the Series Trustee.

 

Neither the Original Trustee nor the Series Trustee
assumes any duties, responsibilities or liabilities by reason of this Third Supplemental Indenture; other than, in the case of
the Series Trustee only, as set forth in the Existing Indenture and, in carrying out the responsibilities of the Series Trustee
hereunder, the Series Trustee shall have all of the rights, powers, privileges, protections, duties and immunities which it
possesses under the Existing Indenture. The Original Trustee and the Series Trustee shall not constitute co-trustees of the
same trust, and each of the Original Trustee and the Series Trustee shall be trustee of a trust or trusts under the Indenture
separate and apart from any trust or trusts under the Indenture administered by the other trustee. The Original Trustee shall have
no liability for any acts or omissions of the Series Trustee and the Series Trustee shall have no liability for any acts
or omissions of the Original Trustee.

 

    49

     

    

 

Section 6.05     Concerning
the Original Trustee

 

The Company, The Bank
of New York Mellon Trust Company, N.A. as Series Trustee, the Holders and each and every other party hereto, each agree that:

 

(a)            the
Original Trustee shall have no duties, obligations, responsibilities or liabilities whatsoever with respect to this Third Supplemental
Indenture and the Securities;

 

(b)            the
Original Trustee shall be entitled to all the rights, privileges, protections, immunities, indemnities and benefits provided to
the Trustee under the Existing Indenture (including, without limitation, Article VII thereof);

 

(c)            The
Original Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained
herein, all of which recitals or statements are made solely by the Company, or for or with respect to (i) the validity or
sufficiency of this Third Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof
by the Company and The Bank of New York Mellon Trust Company, N.A. as Series Trustee, or otherwise, (iii) the due execution
hereof by the Company and The Bank of New York Mellon Trust Company, N.A. as Series Trustee, and/or (iv) the consequences
(direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Original Trustee does
not make any representation with respect to any such matters; and

 

(d)            Pursuant
to the Existing Indenture, there shall continue to be vested in the Original Trustee all of its rights, powers, trusts, duties
and obligations as Trustee under the Existing Indenture with respect to all of the series of securities as to which it has served
and continues to serve as Trustee, and the Original Trustee shall have no rights, powers, trusts, duties and obligations with respect
to the Securities; and

 

(e)            the
Original Trustee acknowledges and agrees with the Company and The Bank of New York Mellon Trust Company, N.A., as Series Trustee,
that the Original Trustee is not a trustee of the Securities.

 

ARTICLE VII

 

MISCELLANEOUS

 

Section 7.01     Ratification of Indenture.

 

This Third Supplemental Indenture is executed
and shall be constructed as an indenture supplement to the Indenture, and as supplemented and modified hereby, the Indenture is
in all respects ratified and confirmed, and the Indenture and this Third Supplemental Indenture shall be read, taken and constructed
as one and the same instrument.

 

    50

     

    

 

Section 7.02  Trust Indenture Act Controls.

 

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

 

Section 7.03  Notices.

 

All notices and other communications shall
be given as provided in the Indenture; provided that notices to a Guarantor shall be given to such Guarantor in care of
the Company.

 

Section 7.04  Governing Law; Jurisdiction.

 

THIS THIRD SUPPLEMENTAL INDENTURE AND THE
SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE
ORIGINAL TRUSTEE, THE SERIES TRUSTEE AND THE HOLDERS 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 THIRD SUPPLEMENTAL INDENTURE, THE
SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

EACH OF THE COMPANY, THE ORIGINAL TRUSTEE,
THE SERIES TRUSTEE AND THE HOLDERS IRREVOCABLY CONSENTS AND AGREES THAT ANY LEGAL ACTION, SUIT OR PROCEEDING AGAINST IT WITH RESPECT
TO OBLIGATIONS, LIABILITIES OR ANY OTHER MATTER ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE OR THE SECURITIES MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR THE COURTS OF THE UNITED STATES LOCATED IN THE BOROUGH OF MANHATTAN, NEW YORK
CITY, NEW YORK AND HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF EACH SUCH COURT IN PERSONAM, GENERALLY
AND UNCONDITIONALLY WITH RESPECT TO ANY ACTION, SUIT OR PROCEEDING AND DESIGNATES AND APPOINTS CORPORATION SERVICE COMPANY, 1180
AVENUE OF THE AMERICAS, SUITE 210, NEW YORK, NY 10036-8401, AS ITS AUTHORIZED AGENT FOR RECEIPT OF SERVICE OF PROCESS IN ANY SUCH
SUIT, ACTION OR PROCEEDING.

 

Section 7.05  Successors.

 

All agreements of the Company in this Third
Supplemental Indenture and the Securities shall bind their successors. All agreements of the Trustee in this Third Supplemental
Indenture shall bind its successors.

 

Section 7.06  Multiple Originals.

 

The parties may sign any number of copies
of this Third Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
One signed copy is enough to prove this Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

    51

     

    

 

Section 7.07  Headings.

 

The headings of the Articles and Sections
of this Third Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a
part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section 7.08  Trustee Not Responsible for Recitals

 

The Trustee accepts the amendments of the
Indenture effected by this Supplemental Indenture, but on the terms and conditions set forth in the Indenture, including the terms
and provisions defining and limiting the liabilities and responsibilities of the Trustee. Without limiting the generality of the
foregoing, the recitals contained herein shall be taken as statements of the Company, and the Trustee does not assume any responsibility
for their correctness. The Trustee makes no representations as to (i) the validity or sufficiency of this Supplemental Indenture
or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the
due execution hereof by the Company or (iv) the consequences of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters, except that the Trustee represents that it is duly authorized to execute and deliver
this Third Supplemental Indenture and perform its obligations hereunder.

 

Section 7.09.  Binder Nature of Supplemental Indenture.

 

The Company hereby represents and warrants
that this Third Supplemental Indenture is its legal, valid and binding obligation, enforceable against it in accordance with its
terms.

 

Section 7.10  Electronic Signatures.

 

The words “execution,” “signed,” “signature,”
and words of like import in this Third Supplemental Indenture or in any other certificate, agreement or document related to this
Third Supplemental Indenture, including, without limitation, any Global Security, shall include images of manually executed signatures
transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”)
and other electronic signatures (including, without limitation, DocuSign and AdobeSign), so long as any electronic signature is
a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including,
without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means)
shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any
state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. This Third Supplemental Indenture shall
be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party
by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any
other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments
of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions
of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each
party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied
manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise
verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution
or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended
character of the writings.

 

    52

     

    

 

Section 7.11          Tax
Withholding.

 

Notwithstanding any other provision of this
Indenture, the Series Trustee shall be entitled to make a deduction or withholding from any payment which it makes under this
Indenture for or on account of any present or future taxes, duties or charges if and to the extent so required by any applicable
law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing
an intergovernmental approach thereto or by virtue of the relevant holder failing to satisfy any certification or other requirements
in respect of the Securities, in which event the Trustee shall make such payment after such withholding or deduction has been made
and shall account to the relevant authorities for the amount so withheld or deducted and shall have no obligation to gross up any
payment hereunder or pay any additional amount as a result of such withholding tax.

 

The Company hereby covenants with the Series Trustee
that it will provide the Series Trustee with sufficient information so as to enable the Series Trustee to determine whether
or not the Series Trustee is obliged, in respect of any payments to be made by it pursuant to the Indenture, to make any withholding
or deduction pursuant to an agreement described in Section 1471(b) of the US Internal Revenue Code of 1986, as amended
(the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements
thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction
facilitating the implementation thereof (or any law implementing such an intergovernmental agreement).

 

    53

     

    

 

Section 7.12         Notice
of Event of Default.

 

With respect to these Securities or any
issuance of Securities hereafter Section 7.2(g) of the Indenture is amended as follows:

 

“(g)        The
Trustee is not required to take notice and shall not be deemed to have notice of any Default or Event of Default hereunder with
respect to any series of Securities, unless a Trust Officer of the Trustee has actual knowledge thereof or has
received notice in writing of such Default or Event of Default from the Company or the Holders of at least 25% in aggregate principal
amount of the Securities of such series then outstanding and such notice references the Securities and this Indenture, and in the
absence of any such notice, the Trustee may conclusively assume that no such Default or Event of Default exists.”

 

    54

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Third Supplemental Indenture to be duly executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	GENERAL FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to
the Third Supplemental Indenture]

 

    

     

    

 

	 	TRUSTEE:
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Series Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Original Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to
the Third Supplemental Indenture]

 

    

     

    

 

SCHEDULE I

 

EXHIBIT A

 

FORM OF NOTE

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY THE DEPOSITORY TRUST
COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP / ISIN NO. [●] / [●]

 

GENERAL FINANCE CORPORATION

 

7.875% SENIOR NOTE DUE 2025

 

	$[●] 	No.: R-1	 

 

GENERAL FINANCE CORPORATION, a Delaware
corporation (herein called the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of _______ MILLION DOLLARS or such other principal amount as shall be set forth on Schedule I hereto
on October 31, 2025 and to pay interest thereon at the rate of 7.875% per annum from and including October 27, 2020,
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on January 31, April 30,
July 31 and October 31 of each year, commencing on January 31, 2021 (each, an “Interest Payment Date”),
until the principal hereof is paid or made available for payment.

 

    Exhibit A - Page 1

     

    

 

The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid
to the Person 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 will be the January 15, April 15, July 15 and October 15 (whether
or not that date is a Business Day), as the case may be (each, a “Regular Record Date”), immediately preceding each
Interest Payment Date. 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 either may be paid to the Person 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 the Holders not less than ten days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the Indenture. Payment of the principal of and interest
on this Security (including, without limitation, any Redemption Price, Special Mandatory Redemption Price or purchase price relating
to a Change of Control Offer) will be made at the office or agency of the Company maintained for that purpose pursuant to the Indenture
(initially the Corporate Trust Office of the Trustee), in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made
at the option of the Company (i) by check mailed to the address of the Person entitled thereto as such address shall appear
in the Securities Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in
the Securities Register. Payments of principal and interest at maturity will be made against presentation of this Security at the
Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer.

 

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

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; provided,
however, that any electronic signature is a true representation of such signatory’s actual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Signature Pages Follow]

 

    Exhibit A - Page 2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Security to be to be duly executed as of the date set forth below.

 

Date:

 

	 	GENERAL FINANCE CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A - Page 3

     

    

 

Series Trustee’s Certificate
of Authentication

 

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

 

Dated:

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Series Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit A - Page 4

     

    

 

(Reverse of Security)

 

GENERAL FINANCE CORPORATION

 

7.875% SENIOR NOTE DUE 2025

 

1.            This
Security is one of a duly authorized issue of securities of the Company designated as its 7.875% Senior Notes due 2025 (the “Securities),
issued under an indenture, dated as of June 18, 2014 (the “Existing Indenture”) originally between the Company
and Wells Fargo Bank, National Association, as trustee (the “Original Trustee”), as amended and supplemented by the
Third Supplemental Indenture among the Company, the Original Trustee and The Bank of New York Mellon Trust Company, N.A., as series
trustee for the Securities referred to below (and the Existing Indenture, as so amended and supplemented by the Third Supplemental
Indenture and all other indentures supplemental thereto, the “Indenture”). Reference is hereby made to the Indenture
for a statement of the respective rights thereunder of the Company, the Original Trustee, the Series Trustee (as defined below)
and the Holders of the Securities, and the terms upon which the Securities are, and are to be, authenticated and delivered. The
indebtedness of the Company evidenced by the Securities, including the principal thereof and interest thereon (including post-default
interest), will constitute unsecured and unsubordinated indebtedness of the Company and will rank equally in right of payment with
all of the Company's current and future unsecured and unsubordinated indebtedness.

 

2.            This
Security is one of the series designated on the face hereof, limited to an aggregate principal amount not to exceed $69,000,000,
which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Securities
of this series, as specified in the Third Supplemental Indenture among the Company, the Original Trustee and The Bank of New York
Mellon Trust Company, N.A., as series trustee for the Securities (herein called the “Series Trustee,” which term
includes any successor trustee thereto with respect to the Securities under the Indenture), dated as of October 27, 2020,
establishing the form and certain terms of the Securities pursuant to the Indenture (the “Third Supplemental Indenture”).
References herein to “this series” mean the series of Securities designated on the face hereof.

 

3.            The
Securities are subject to redemption, in whole or in part, from time to time, at the Company’s option at the Redemption Prices
set forth in the Indenture.

 

4.            Upon
the occurrence of a Change of Control Triggering Event, unless the Company has given written notice with respect to a redemption
of the Securities pursuant to paragraph 2 of this Security, each Holder of Securities will have the right to require the Company
to purchase all or a portion of such Holder’s Securities pursuant to the Change of Control Offer, at a purchase price equal
to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase.

 

5.            When
the Net Cash Proceeds from Asset Sales not applied or invested as provided in the Indenture total $5.0 million or more, the Company
will be required to make an offer to purchase an amount of Securities (and Pari Passu Debt) equal to the Net Proceeds Offer Amount
at a price equal to 100% of the principal amount of the Securities (and Pari Passu Debt) to be purchased, plus accrued and unpaid
interest thereon, if any, to the date of purchase.

 

    Exhibit A – Page 5

     

    

 

6.            If
an Event of Default with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared
due and payable in the manner and with the effect provided in the Indenture.

 

7.            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 Guarantors and the rights of the Holders of Securities under the Indenture at any time by the Company, the
Guarantors and the Trustee with the consent of the Holders of a majority in aggregate principal amount of Securities at the time
outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of Securities
at the time outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with certain provisions
of the Indenture and 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 of any Security
issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

8.            No
reference herein to the Indenture and no provisions 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 interest on this Security at the times, places and
rate, and in the coin or currency, herein prescribed.

 

9.            As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security may be registered
on the Securities Register of the Company, upon surrender of this Security for registration of transfer at the Corporate Trust
Office, duly endorsed by, or accompanied by a written instruction of transfer in form satisfactory to the Company, and duly executed
by the Holder hereof or such Holder’s attorney, duly authorized in writing, on which instruction the Company can rely, 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.

 

10.          The
Securities are issuable only in fully registered form, without coupons, in minimum denominations of $25 or any amount in excess
thereof which is an integral multiple of $25. As provided in the Indenture, and subject to certain limitations therein set forth,
the Securities are exchangeable for a like aggregate principal amount of Securities in authorized denominations, as requested by
the Holder surrendering the same.

 

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

 

12.          Prior
to the due presentment of this Security for registration of transfer or exchange, 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.

 

    Exhibit A – Page 6

     

    

 

13.          Interest
on the Securities shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

14.          The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company
or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

15.          No
past, present or future director, manager, officer, employee, incorporator, member, partner, stockholder or other owner of Capital
Stock of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or of the Guarantors
under the Securities, the Indenture, the Securities Guarantees or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Securities. The waiver and release may not be effective to waive
or release liabilities under the federal securities laws.

 

16.          This
Security shall not be valid until authenticated by the manual, facsimile or electronic signature of the Trustee or an authenticating
agent; provided, however, that any electronic signature is a true representation of such signatory’s actual
signature.

 

17.          Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

18.          Each
Holder of this Security covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing
provisions.

 

19.          THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE
AND THE HOLDERS 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 NOTE.

 

20.          All
capitalized terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    Exhibit A – Page 7

     

    

 

ASSIGNMENT FORM

  

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	          	 
	 	 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

 

______________________________________

 

______________________________________

 

______________________________________

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing __________________________________ attorney to transfer said Security on the books
of the Company, with full power of substitution in the premises.

 

Dated:     __________________________

 

Signature: ____________________________

 

NOTICE:      THE
SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    Exhibit A – Page 8

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Issuer pursuant to Section 3.02 or Section 4.05 of the Supplemental Indenture, check the appropriate
box:

 

Section 3.02     [       ] Change of Control Offer

Section 4.05     [       ] Net proceeds Offer

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to Section 3.02 or Section 4.05 of the Supplemental Indenture, state
the amount you elect to have purchased:

 

$

 

	Dated:	 
	 	 
	 	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Note in every
particular without alteration or enlargement or any change whatsoever and be guaranteed.

 

Signature Guarantee:

 

    Exhibit A – Page 9

     

    

 

Schedule I

 

SCHEDULE OF TRANSFERS AND EXCHANGES

 

The following increases
or decreases in principal amount of this Global Security have been made:

 

	Date of

 Exchange	 	Amount of Decrease in

 Principal Amount of

 this Global Security	 	Amount of Increase in

 Principal Amount of

 this Global Security	 	Principal Amount of this

 Global Security following 

such Decrease 

or Increase	 	Signature of

 Authorized

 Signatory of trustee 

or Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Exhibit A – Schedule I

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]