Document:

Exhibit 10.5

 

Registration
Rights Agreement

 

By
and Among

 

Medgenics,
Inc.

 

And

 

Investors
Signatory Hereto

 

June
18, 2012

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE 1	 	Definitions	 	1
	 	 	 	 	 
	ARTICLE 2	 	Registration Rights	 	3
	 	 	 	 	 
	2.1	 	Current Public Information	 	3
	2.2	 	Registration.	 	3
	2.3	 	Piggyback Registration.	 	5
	2.4	 	Underwriting; Holdback Agreements.	 	7
	2.5	 	Registration Procedures	 	7
	2.6	 	Conditions Precedent to Company’s Obligations Pursuant to this Agreement	 	9
	2.7	 	Fees and Expenses	 	10
	2.8	 	Indemnification.	 	10
	2.9	 	Participation in Registrations.	 	13
	2.10	 	Compliance	 	13
	 	 	 	 	 
	ARTICLE 3	 	Transfers of Certain Rights	 	13
	 	 	 	 	 
	3.1	 	Transfer	 	13
	3.2	 	Transferees	 	13
	3.3	 	Subsequent Transferees	 	13
	 	 	 	 	 
	ARTICLE 4	 	Miscellaneous	 	14
	 	 	 	 	 
	4.1	 	Recapitalizations, Exchanges, etc	 	14
	4.2	 	No Inconsistent Agreements	 	14
	4.3	 	Amendments and Waivers	 	14
	4.4	 	Severability	 	14
	4.5	 	Counterparts	 	14
	4.6	 	Notices	 	14
	4.7	 	Governing Law	 	14
	4.8	 	Forum; Service of Process	 	15
	4.9	 	Captions	 	15
	4.10	 	No Prejudice	 	15
	4.11	 	Words in Singular and Plural Form	 	15
	4.12	 	Successors and Assigns, Third Party Beneficiaries	 	15
	4.13	 	Entire Agreement	 	15
	4.14	 	Attorneys’ Fees	 	15
	4.15	 	Termination of Rights	 	15
	4.16	 	Omnibus Signature Page	 	15

 

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REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT, dated as of June 18, 2012 (the “Agreement”), is entered into by and among MEDGENICS, INC.,
a Delaware corporation (the “Company”), and the investors listed on Exhibit A attached hereto and signatory
hereto (individually an “Investor” and collectively the “Investors”).

 

Recitals:

 

A.           The
Investors desire to purchase from the Company, and the Company desires to issue and sell to the investors, certain units with each
units (the “Units”) with each Unit consisting of one share of common stock, $0.0001 par value per share,
of the Company (the “Common Stock”), and a warrant to purchase 0.75 of one share of Common Stock (the
“Warrants”), all upon terms set forth in the Subscription Agreement entered into by each Investor and
the Company (collectively, the “Subscription Agreement”).

 

B.           It
is a condition precedent to the consummation of the transactions contemplated by the Subscription Agreement that the Company provide
for the rights set forth in this Agreement; and

 

C.           Certain
terms used in this Agreement are defined in Article 1 hereof.

 

Agreement

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, intending to be legally bound, the parties hereto
hereby agree as follows:

 

ARTICLE
1

Definitions

 

“Affiliate”
means any Person that directly or indirectly controls, or is under control with, or is controlled by such Person. As used in this
definition, “control” (including with its correlative meanings, “controlled by” and “under common
control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise).

 

“Business
Day” means any day excluding Saturday, Sunday or any other day which is a legal holiday under the laws of the State
of New York or is a day on which banking institutions therein located are authorized or required by law or other governmental action
to close.

 

“Closing
Date” has the meaning ascribed to such term in the Subscription Agreement.

 

“Common
Stock” means the common stock, par value $0.0001 per share, of the Company.

 

“Company”
has the meaning set forth in the preamble.

 

“Designated
Holders” means the Investors and the Placement Agent and any qualifying transferees of the Investors or the Placement
Agent under Section 3.1 hereof who hold Registrable Securities.

 

    	 

    	 

    

 

“Effectiveness
Deadline” has the meaning set forth in Section 2.2(c).

 

“Effectiveness
Period” has the meaning set forth in Section 2.2(a).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder.

 

“Filing
Deadline” means the date which is 30 days following the final Closing Date.

 

“Indemnified
Party” has the meaning set forth in Section 2.8.

 

“Losses”
has the meaning set forth in Section  2.8.

 

“Majority
Holders” means those Designated Holders holding a majority of the Registrable Securities.

 

“Person”
means any individual, company, partnership, firm, joint venture, association, joint-stock company, trust, unincorporated organization,
governmental body or other entity.

 

“Piggyback
Registration” has the meaning set forth in Section 2.3.

 

“Placement
Agent” means Maxim Group LLC.

 

“Investors”
has the meaning set forth in the preamble.

 

“Purchase
Price” has the meaning ascribed to such term in the Subscription Agreement.

 

“Registrable
Securities” means, subject to the immediately following sentences, (i) shares of Common Stock included in the
Units acquired by the Investors from the Company pursuant to the Subscription Agreement, (ii) the shares of Common Stock issuable
upon exercise of the Warrants, (iii) the shares of Common Stock issuable upon exercise of the Warrants issued to the Placement
Agent in connection with the offering of the Units, and (iv) any shares of Common Stock issued or issuable, directly or indirectly,
with respect to the securities referred to in clauses (i), (ii) or (iii) by way of stock dividend or stock split or in connection
with a combination of shares, recapitalization, merger, consolidation or other reorganization. In addition, any particular shares
of Common Stock constituting Registrable Securities will cease to be Registrable Securities when they (w) have been effectively
registered under the Securities Act and disposed of in accordance with a Registration Statement covering them, (x) have been sold
to the public pursuant to Rule 144 (or by similar provision under the Securities Act), (y) are eligible for resale under Rule 144
(or by similar provision under the Securities Act) without any limitation on the amount of securities that may be sold under paragraph
(d) thereof, or (z) are otherwise transferred and such securities may be resold without subsequent registration under the Securities
Act.

 

“Registration
Statement” means a registration statement on Form S-3 (or, if the Company is not eligible to use Form S-3, such other
appropriate registration form of the SEC pursuant to which the Company is eligible to register the resale of Registrable Securities)
filed by the Company under the Securities Act which covers any of the Registrable Securities pursuant to the provisions of this
Agreement, including the prospectus, amendments and supplements to such registration statement, including post-effective amendments,
all exhibits and all material incorporated by reference in such registration statement, which shall permit the Investors to offer
and sell, on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, the Registrable Securities.

 

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“register,”
“registered” and “registration” each shall refer to a registration effected
by preparing and filing a registration statement or statements or similar documents in compliance with the Securities Act and the
declaration or ordering of effectiveness of such registration statement(s) or documents by the SEC.

 

“Representatives”
has the meaning set forth in Section 2.8.

 

“Rule 144”
means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“Rule 415”
means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“SEC”
means the United States Securities and Exchange Commission or any other federal agency at the time administering the Securities
Act.

 

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

 

“Subscription
Agreement” has the meaning set forth in the recitals.

 

ARTICLE
2

Registration Rights

 

2.1           Current
Public Information. The Company covenants that it will use its best efforts to file all reports required to be filed by it
under the Exchange Act and the rules and regulations adopted by the SEC thereunder, and will use its reasonable best efforts to
take such further action as the Designated Holders may reasonably request, all to the extent required to enable the Designated
Holders to sell Registrable Securities pursuant to Rule 144 or Rule 144A adopted by the SEC under the Securities Act or any similar
rule or regulation hereafter adopted by the SEC. The Company shall, upon the request of a Designated Holder, deliver to such Designated
Holder a written statement as to whether it has complied with such requirements during the twelve month period immediately preceding
the date of such request.

 

2.2           Registration.

 

(a)          On
or prior to the Filing Deadline, the Company shall prepare and file with the SEC a Registration Statement covering the resale of
all Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall
provide for the resale from time to time, and pursuant to any method or combination of methods legally available of any and all
Registrable Securities and the additional shares of Common Stock, if any, so to be registered by the holders thereof. The Registration
Statement may, at the Company’s election, some or all shares of Common Stock which the Company or Persons entitled to exercise
“piggy-back” registration rights pursuant to contractual commitments of the Company may elect to register in connection
with the offering of Registrable Securities. The Company shall use its reasonable best efforts to cause the Registration Statement
to be declared effective under the Securities Act as soon as possible, and shall use its reasonable best efforts to keep the Registration
Statement continuously effective, supplemented and amended to the extent necessary to ensure that is available for the resale of
all Registrable Securities by the Designated Holders and that it conforms in all material respects to the requirements of the Securities
Act during the entire period beginning on the date the Registration Statement is declared effective, if any, and ending on the
date on which all Registrable Securities have ceased to be Registrable Securities (the “Effectiveness Period”).

 

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(b)          Notwithstanding
the registration obligations set forth in this Section 2.2, in the event the SEC informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration
statement, the Company agrees to promptly (i) inform each of the Designated Holders thereof and use its commercially reasonable
efforts to file amendments to the Registration Statement as required by the Commission and/or (ii) withdraw the Registration Statement
and file a new registration statement (a “New Registration Statement”), in either case covering the maximum
number of Registrable Securities permitted to be registered by the SEC, on Form S-3 or such other form available to register
for resale the Registrable Securities as a secondary offering; provided, however, that prior to filing such amendment or
New Registration Statement, the Company shall be obligated to use its commercially reasonable efforts to advocate with the SEC
for the registration of all of the Registrable Securities in accordance with then current written guidance provided by the SEC
(the “SEC Guidance”). Notwithstanding any other provision of this Agreement, if any SEC Guidance sets
forth a limitation of the number of Registrable Securities permitted to be registered on a particular Registration Statement as
a secondary offering (and notwithstanding that the Company used diligent efforts to advocate with the SEC for the registration
of all or a greater number of Registrable Securities), unless otherwise directed in writing by a Designated Holder as to its Registrable
Securities, the number of Registrable Securities to be registered on such Registration Statement will first be reduced by Registrable
Securities not acquired pursuant to the Subscription Agreement (whether pursuant to registration rights or otherwise), second by
Registrable Securities represented by Designated Holders of shares of Common Stock issuable upon exercise of the Warrants (applied,
in the case that some shares of Common Stock issuable upon exercise of the Warrants may be registered, to the Designated Holders
on a pro rata basis based on the total number of unregistered shares of Common Stock issuable upon exercise of the Warrants held
by such Designated Holders) and third by Registrable Securities represented by shares of Common Stock included in the Units (applied,
in the case that some shares of Common Stock included in the Units may be registered, to the Designated Holders on a pro rata basis
based on the total number of unregistered shares of Common Stock included in the Units held by such Designated Holders, subject
to a determination by the Commission that certain Designated Holders must be reduced first based on the number of shares of Common
Stock included in the Units held by such Designated Holders). In the event the Company amends the initial Registration Statement
or files a New Registration Statement, as the case may be, under clauses (i) or (ii) above, the Company will use its commercially
reasonable efforts to file with the SEC, as promptly as allowed by SEC or SEC Guidance provided to the Company or to registrants
of securities in general, one or more registration statements on Form S-3 or such other form available to register for resale those
Registrable Securities that were not registered for resale on the initial Registration Statement, as amended, or the New Registration
Statement.

 

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(c)          If
the initial Registration Statement is not filed with the SEC on or prior to the Filing Deadline or if a Registration Statement
referenced in either Section 2.2(a) or 2.2(b) is not declared effective within 120 days following the final Closing Date (the “Effectiveness
Deadline”), then in addition to any other rights the Designated Holders may have hereunder or under applicable law:
(x) within five Business Days after the Filing Deadline or the Effectiveness Deadline, as applicable, the Company shall pay to
each Designated Holder an amount in cash, as liquidated damages and not as a penalty, equal to 1.0% of the aggregate purchase price
paid by such Designated Holder pursuant to the Subscription Agreement for any Registrable Securities held by such Designated Holder
on such date; and (y) on each 30-day anniversary (or pro rata portion thereof) following such Filing Deadline until the filing
of the initial Registration Statement or folloring such Effectiveness Deadline until such Registration Statement is declared effective,
as may be applicable, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty, equal
to 1.0% of the aggregate purchase price paid by such Designated Holder pursuant to the Subscription Agreement for any unregistered
Registrable Securities then held by such Holder. The amounts payable pursuant to this Section 2(c) are referred to collectively
as “Liquidated Damages.” The parties agree that in no event shall the aggregate amount of Liquidated
Damages payable to a Designated Holder exceed, in the aggregate, 5.0% of the aggregate purchase price paid by such Designated Holder
pursuant to the Subscription Agreement. If the Company fails to pay any Liquidated Damages pursuant to this Section 2(c) in full
within five Business Days after the date payable, the Company will pay interest thereon at a rate of 1.5% per month (or such lesser
maximum amount that is permitted to be paid by applicable law) to the Designated Holder, accruing daily from the date such Liquidated
Damages are due until such amounts, plus all such interest thereon, are paid in full. Unless otherwise specified in Section 2(c),
the Liquidated Damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the
filing of the initial Registration Statement or prior to effectiveness, as the case may be. The Company shall not be liable for
Liquidated Damages under this Agreement as to any Registrable Securities which are not permitted by the SEC to be included in a
Registration Statement due solely to SEC Guidance from the time that it is determined that such Registrable Securities are not
permitted to be registered. In such case, the Liquidated Damages shall be calculated to only apply to the percentage of Registrable
Securities which are permitted in accordance with SEC Guidance to be included in such Registration Statement. 

 

(d)          The
Company may, at any time it is eligible to do so, file a post-effective amendment on Form S-3 to any Registration Statement on
Form S-1 for the resale of any then existing Registrable Securities or in any such other manner as is preferred or permitted by
the SEC to convert such Registration Statement to a Form S-3 Registration Statement. Upon the effectiveness of such Form S-3 Registration
Statement, all references to a Registration Statement in this Agreement shall then automatically be deemed to be a reference to
the Form S-3 Registration Statement. 

 

(e)          The
Company shall have the right at any time, to suspend the filing of a Registration Statement under this Section 2.2
or require that the Designated Holders of Registrable Securities suspend further open market offers and sales of Registrable Securities
pursuant to a Registration Statement filed hereunder for a period not to exceed an aggregate of 30 days in any six month period
or an aggregate of 60 days in any twelve-month period for valid business reasons (not including avoidance of their obligations
hereunder) (i) to avoid premature public disclosure of a pending corporate transaction, including pending acquisitions or divestitures
of assets, mergers and combinations and similar events; (ii) upon the occurrence of any of the events specified in Section 2.5(e),
until the time that the Designated Holders receive copies of a supplement or amendment to the prospectus included in the applicable
Registration Statement as contemplated in Section 2.5(e); and (iii) upon the occurrence of any of the events specified
in Section 2.5(i), until the time the Company notifies the Designated Holders in writing that such suspension is no
longer effective.

 

2.3           Piggyback
Registration.

 

(a)          Whenever
the Company proposes to register any of its securities under the Securities Act (other than pursuant to a registration pursuant
to Section 2.2 or a registration on Form S-4 or S-8 or any successor or similar forms) and the registration form to
be used may be used for the registration of Registrable Securities, whether or not for sale for its own account, the Company will
give prompt written notice (but in no event less than 30 days before the anticipated filing date) to all Designated Holders (other
than Designated Holders all of whose Registrable Securities are then covered by an effective Registration Statement), and such
notice shall describe the proposed registration and distribution and offer to all such Designated Holders the opportunity to register
the number of Registrable Securities as each such Designated Holder may request. The Company will include in such registration
statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein within
15 days after the Designated Holders’ receipt of the Company’s notice (a “Piggyback Registration”).

 

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(b)          The
Company shall use its reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering
involving a Piggyback Registration to permit the Registrable Securities requested to be included in a Piggyback Registration to
be included on the same terms and conditions as any similar securities of the Company or any other security holder included therein
and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method of distribution
thereof.

 

(c)          Any
Designated Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Registration
Statement pursuant to this Section 2.3 by giving written notice to the Company of its request to withdraw. The Company
may withdraw a Piggyback Registration at any time prior to the time it becomes effective.

 

(d)          If
(i) a Piggyback Registration involves an underwritten offering of the securities being registered, whether or not for sale for
the account of the Company, to be distributed (on a firm commitment basis) by or through one or more underwriters of recognized
standing under underwriting terms appropriate for such a transaction, and (ii) the managing underwriter of such underwritten offering
shall inform the Company and Designated Holders requesting such registration by letter of its belief that the distribution of all
or a specified number of such Registrable Securities concurrently with the securities being distributed by such underwriters would
interfere with the successful marketing of the securities being distributed by such underwriters (such writing to state the basis
of such belief and the approximate number of such Registrable Securities which may be distributed without such effect), then the
Company will be required to include in such registration only the amount of securities which it is so advised should be included
in such registration. In such event: (x) in cases initially involving the registration for sale of securities for the Company’s
own account, securities shall be registered in such offering in the following order of priority: (i) first, the securities which
the Company proposes to register, and (ii) second, Registrable Securities and securities which have been requested to be included
in such registration by Persons entitled to exercise “piggy-back” registration rights pursuant to contractual commitments
of the Company (pro rata based on the amount of securities sought to be registered by Designated Holders and such other Persons);
and (y) in cases not initially involving the registration for sale of securities for the Company’s own account, securities
shall be registered in such offering in the following order of priority: (i) first, the securities of any Person whose exercise
of a “demand” registration right pursuant to a contractual commitment of the Company is the basis for the registration,
(ii) second, Registrable Securities and securities which have been requested to be included in such registration by Persons
entitled to exercise “piggy-back” registration rights pursuant to contractual commitments of the Company (pro rata
based on the amount of securities sought to be registered by Designated Holders and such other Persons), and (iii) third, the securities
which the Company proposes to register.

 

(e)          If,
as a result of the proration provisions of this Section 2.3, any Designated Holder shall not be entitled to include
all Registrable Securities in a Piggyback Registration that such Designated Holder has requested to be included, such holder may
elect to withdraw his request to include Registrable Securities in such registration.

 

(f)          The
right of the Designated Holders to register Registrable Securities pursuant to this Section 2.3 is only exercisable
with respect to Registrable Securities not then covered by an effective Registration Statement.

 

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2.4           Underwriting;
Holdback Agreements.

 

(a)          In
the event that one or more Designated Holders elect to dispose of Registrable Securities under a Registration Statement pursuant
to an underwritten offering, the managing underwriter or underwriters shall be selected by the holders of a majority (by number
of shares) of the Registrable Securities to be sold in the underwritten offering or requested to be included in such Registration
Statement and shall be reasonably acceptable to the Company. In connection with any such underwritten offering, the Company shall
take all such reasonable actions as are required by the managing underwriters in order to expedite and facilitate the registration
and disposition of the Registrable Securities, including the Company causing appropriate officers of the Company or its Affiliates
to participate in a “road show” or similar marketing effort being conducted by such managing underwriters with respect
to such underwritten offering.

 

(b)          All
Designated Holders proposing to distribute their Registrable Securities through an underwritten offering shall enter into an underwriting
agreement in customary form with the managing underwriters selected for such underwritten offering.

 

(c)          To
the extent not inconsistent with applicable law, in connection with a public offering of securities of the Company, upon the request
of the Company or, in the case of an underwritten public offering of the Company’s securities, the managing underwriters,
each Designated Holder who beneficially owns (as defined in Rule 13d-3 adopted by the SEC under the Exchange Act) at least 5% of
the outstanding capital stock of the Company will not effect any sale or distribution (other than those included in the registration
statement being filed with respect to such public offering) of, or any short sale of, or any grant of option to purchase, or any
hedging or similar transaction with respect to, any securities of the Company, or any securities, options or rights convertible
into or exchangeable or exercisable for such securities during the 14 days prior to and the 90-day period beginning on the effective
date of such public offering, unless the Company, or in the case of an underwritten public offering, the managing underwriters
otherwise agree to a shorter period of time. At the request of the Company or the managing underwriters, each such Designated Holder
shall execute a customary “lock-up” agreement consistent with the provisions of this Section 2.4; provided,
however, that no Designated Holder shall be required to enter into any such “lock up” agreement unless and until all
of the Company’s executive officers and directors execute substantially similar “lock up” agreements and the
Company uses commercially reasonable efforts to cause each holder of more than 5% of its outstanding capital stock to execute substantially
similar “lock up” agreements. Neither the Company nor the underwriter shall terminate, materially amend or waive the
enforcement of any material provision under a “lock up” agreement unless each “lock up” agreement with
a Designated Holder is also amended or waived in a similar manner or terminated, as the case may be. The Company may impose stop-transfer
instructions to enforce the restrictions imposed by this Section 2.4.

 

2.5           Registration
Procedures. The Company will use its reasonable best efforts to effect the registration of Registrable Securities pursuant
to this Agreement in accordance with the intended methods of disposition thereof, and pursuant thereto the Company will use its
reasonable best efforts to:

 

(a)          before
filing the Registration Statement, the Company will furnish to counsel for the Placement Agent a copy of such Registration Statement,
and will provide such counsel with all written correspondence with the SEC regarding the Registration Statement;

 

(b)          if
the Registration Statement is declared effective, prepare and file with the SEC such amendments and supplements to such Registration
Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for
the periods provided for in Section 2.2, or the periods contemplated by the Company or the Persons requesting any Registration
Statement filed pursuant to Section 2.3;

 

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(c)          furnish
to each Designated Holder selling such Registrable Securities such number of copies of such Registration Statement, each amendment
and supplement thereto, the prospectus included in the Registration Statement (including each preliminary prospectus) and such
other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable Securities owned
by such Designated Holder;

 

(a)          use
its reasonable best efforts to register or qualify such Registrable Securities under such other state securities or blue sky laws
as the selling Designated Holders selling such Registrable Securities reasonably requests and do any and all other acts and things
which may be reasonably necessary or reasonably advisable to enable such Designated Holder to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such Designated Holder and to keep each such registration or qualification
(or exemption therefrom) effective during the period which the Registration Statement is required to be kept effective (provided,
that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise
be required to qualify but for this subparagraph, (ii) subject itself to taxation in any such jurisdiction or (iii) consent to
general service of process in any such jurisdiction);

 

(b)          notify
each Designated Holder selling such Registrable Securities, at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of the happening of any event as a result of which the prospectus included in the Registration Statement
contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the
light of the circumstances under which they were made, and, at the request of any such Designated Holder, the Company will use
its reasonable best efforts to prepare and furnish to such Designated Holder a reasonable number of copies of a supplement or amendment
to such prospectus so that, as thereafter delivered to the Investors of such Registrable Securities, such prospectus will not contain
an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in the
light of the circumstances under which they were made;

 

(c)          cause
all such Registrable Securities to be listed or quoted on each securities exchange or quotation service on which similar securities
issued by the Company are then listed or quoted and, if not so listed, to be approved for trading on any automated quotation system
of a national securities association on which similar securities of the Company are quoted;

 

(d)          provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration Statement;

 

(e)          enter
into such customary agreements (including underwriting agreements containing customary representations and warranties) and take
all other customary and appropriate actions as the holders of a majority of the Registrable Securities being sold or the managing
underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities;

 

(f)          notify
each Designated Holder of any stop order issued or threatened by the SEC;

 

(g)          otherwise
comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering the period of at least twelve months beginning with the first day of the Company’s
first full calendar quarter after the effective date of the Registration Statement, which requirement will be deemed to be satisfied
if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise
complies with Rule 158 under the Securities Act; and

 

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(h)          in
the event of the issuance of any stop order suspending the effectiveness of a Registration Statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any securities included in such Registration
Statement for sale in any jurisdiction, the Company will use its reasonable best efforts to promptly obtain the withdrawal of such
order;

 

(i)          with
respect to an underwritten offering pursuant to any Registration Statement filed under Section 2.3, obtain one or more
comfort letters, dated the effective date of the Registration Statement and, if required by the managing underwriters, dated the
date of the closing under the underwriting agreement, signed by the Company’s independent public accountants in customary
form and covering such matter of the type customarily covered by comfort letters in similar transactions;

 

(j)          with
respect to an underwritten offering pursuant to any Registration Statement filed under Section 2.3, obtain a legal
opinion of the Company’s outside counsel, dated the effective date of such Registration Statement and, if required by the
managing underwriters, dated the date of the closing under the underwriting agreement, with respect to the Registration Statement,
each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents
relating thereto in customary form and covering such matters of the type customarily covered by legal opinions in similar transactions;

 

(k)          subject
to execution and delivery of mutually satisfactory confidentiality agreements, make available at reasonable times for inspection
by each Designated Holder selling such Registrable Securities, any managing underwriter participating in any disposition of such
Registrable Securities pursuant to the Registration Statement, and any attorney, accountant or other agent retained by such Designated
Holder or any such managing underwriter, during normal business hours of the Company at the Company’s corporate offices and
without unreasonable disruption of the Company’s business or unreasonable expense to Company and solely for the purpose of
due diligence with respect to the Registration Statement, legally disclosable, financial and other records and pertinent corporate
documents of the Company and its subsidiaries reasonable requested by such Persons, and cause the Company’s employees to,
and request its independent accountants to, supply all similar information reasonably requested by any such Person, as shall be
reasonably necessary to enable them to exercise their due diligence responsibility; and

 

(l)          take
all other steps reasonably necessary to effect the registration of the Registrable Securities contemplated hereby.

 

2.6           Conditions
Precedent to Company’s Obligations Pursuant to this Agreement. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Article 2 with respect to the Registrable Securities of any Designated
Holder that such Designated Holder shall timely furnish to the Company such information regarding itself, the Registrable Securities
held by it and the intended method of distribution of such securities as shall reasonably be required to effect the registration
of such Designated Holder’s Registrable Securities.

 

    	9

    	 

    

 

2.7           Fees
and Expenses. All expenses incident to the Company’s performance of or compliance with this Agreement including, without
limitation, all registration and filing fees payable by the Company, fees and expenses of compliance by the Company with securities
or blue sky laws, printing expenses of the Company, messenger and delivery expenses of the Company, and fees and disbursements
of counsel for the Company and all independent certified public accountants of the Company, and other Persons retained by the Company,
the expense of any annual audit or quarterly review, and the expenses and fees for listing or approval for trading of the securities
to be registered on each securities exchange on which similar securities issued by the Company are then listed or on any automated
quotation system of a national securities association on which similar securities of the Company are quoted, will be borne by the
Company. In connection with any Registration Statement filed hereunder, the Company will pay the reasonable fees and expenses of
counsel to the Placement Agent, including the fees and expenses related to any filing with FINRA as a result of the filing of a
Registration Statement. The Company shall have no obligation to pay any underwriting discounts or commissions attributable to the
sale of Registrable Securities and any of the expenses incurred by any Designated Holder which are not payable by the Company,
such costs to be borne by such Designated Holder or Holders, including, without limitation, underwriting fees, discounts and expenses,
if any, applicable to any Designated Holder’s Registrable Securities; fees and disbursements of counsel or other professionals
that any Designated Holder may choose to retain in connection with a Registration Statement filed pursuant to this Agreement (except
as otherwise provided herein); selling commissions or stock transfer taxes applicable to the Registrable Securities registered
on behalf of any Designated Holder; and any other expenses incurred by or on behalf of such Designated Holder in connection with
the offer and sale of such Designated Holder’s Registrable Securities other than expenses which the Company is expressly
obligated to pay pursuant to this Agreement.

 

2.8           Indemnification.

 

(a)          The
Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Designated Holder and its general or
limited partners, officers, directors, members, managers, employees, advisors, representatives, agents and Affiliates (collectively,
the “Representatives”), and each underwriter, if any, and any Person who controls such underwriter (within
the meaning of Section 15 of the Securities Act), from and against any loss, claim, damage, liability, reasonable attorney’s
fees, cost or expense and costs and expenses of investigating and defending any such claim (collectively, the “Losses”),
joint or several, and any action in respect thereof to which such Designated Holder or its Representatives may become subject under
the Securities Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect
thereto) arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration
Statement, prospectus or preliminary or summary prospectus or any amendment or supplement thereto or (ii) any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
and the Company shall reimburse each such Designated Holder and its Representatives for any reasonable legal or any other expenses
incurred by them in connection with investigating or defending or preparing to defend against any such Loss, action or proceeding;
provided, however, that the Company shall not be liable to any such Designated Holder or other indemnitee in any such case to the
extent that any such Loss (or action or proceeding, whether commenced or threatened, in respect thereof) arises out of or is based
upon (x) an untrue statement or alleged untrue statement or omission or alleged omission, made in such Registration Statement,
any such prospectus or preliminary or summary prospectus or any amendment or supplement thereto, in reliance upon, and in conformity
with, written information prepared and furnished to the Company by any Designated Holder or its Representatives expressly for use
therein and, with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus
relating to the Registration Statement, to the extent that a prospectus relating to the Registrable Securities was required to
be delivered by such Designated Holder under the Securities Act in connection with such purchase, there was not sent or given to
such Person, at or prior to the written confirmation of the sale of such Registrable Securities to such Person, a copy of the final
prospectus that corrects such untrue statement or alleged untrue statement or omission or alleged omission if the Company had previously
furnished copies thereof to such Designated Holder or (y) use of a Registration Statement or the related prospectus during a period
when a stop order has been issued in respect of such Registration Statement or any proceedings for that purpose have been initiated
or use of a prospectus when use of such prospectus has been suspended pursuant to Sections 2.5 or (i); provided that
in each case, that such Holder received prior written notice of such stop order, initiation of proceedings or suspension from the
Company. In no event, however, shall the Company be liable for indirect, incidental or consequential or special damages of any
kind.

 

    	10

    	 

    

 

(b)          In
connection with the filing of the Registration Statement by the Company pursuant to this Agreement, the Designated Holders will
furnish to the Company in writing such information as the Company reasonably requests for use in connection with such Registration
Statement and the related prospectus and, to the fullest extent permitted by law, each such Designated Holder will indemnify and
hold harmless the Company and its Representatives, and each underwriter, if any, and any Person who controls such underwriter (within
the meaning of Section 15 of the Securities Act), from and against any Losses, severally but not jointly, and any action in respect
thereof to which the Company and its Representatives may become subject under the Securities Act or otherwise, insofar as such
Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) the
purchase or sale of Registrable Securities during a suspension as set forth in Section 2.5(e) or Section 2.5(i)
in each case after receipt of written notice of such suspension, (ii) any untrue or alleged untrue statement of a material fact
contained in the Registration Statement, prospectus or preliminary or summary prospectus or any amendment or supplement thereto,
or (iii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but, with respect to clauses (ii) and (iii) above, only to the extent that such untrue statement or omission
is made in such Registration Statement, any such prospectus or preliminary or summary prospectus or any amendment or supplement
thereto, in reliance upon and in conformity with written information prepared and furnished to the Company by such Designated Holder
expressly for use therein or by failure of such Designated Holder to deliver a copy of the Registration Statement or prospectus
or any amendments or supplements thereto, and such Designated Holder will reimburse the Company and each Representative for any
reasonable legal or any other expenses incurred by them in connection with investigating or defending or preparing to defend against
any such Loss, action or proceeding; provided, however, that such Designated Holder shall not be liable in any such case to the
extent that prior to the filing of any such Registration Statement or prospectus or amendment or supplement thereto, such Designated
Holder has furnished in writing to the Company information expressly for use in such Registration Statement or prospectus or any
amendment or supplement thereto which corrected or made not misleading information previously furnished to the Company. The obligation
of each Designated Holder to indemnify the Company and its Representatives shall be limited to the net proceeds received by such
Designated Holder from the sale of Registrable Securities under such Registration Statement. In no event, however, shall any Designated
Holder be liable for indirect, incidental or consequential or special damages of any kind.

 

(c)          Promptly
after receipt by any Person in respect of which indemnity may be sought pursuant to Section 2.8(a) or 2.8(b)
(an “Indemnified Party”) of notice of any claim or the commencement of any action, the Indemnified Party
shall, if a claim in respect thereof is to be made against the Person against whom such indemnity may be sought (an “Indemnifying
Party”), promptly notify the Indemnifying Party in writing of the claim or the commencement of such action; provided,
that the failure to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability which it may have
to an Indemnified Party under Section 2.8(a) or 2.8(b) except to the extent of any actual prejudice resulting
therefrom. If any such claim or action shall be brought against an Indemnified Party, and it shall notify the Indemnifying Party
thereof, the Indemnifying Party shall be entitled to participate therein, and, to the extent that it wishes, jointly with any other
similarly notified Indemnifying Party, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party.
After notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such claim or action,
the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the
Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, that the Indemnified
Party shall have the right to employ separate counsel to represent the Indemnified Party and its Representatives who may be subject
to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying
Party, but the fees and expenses of such counsel shall be for the account of such Indemnified Party unless (i) the Indemnifying
Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the written opinion of counsel
to such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential
conflicts of interest between them, it being understood, however, that the Indemnifying Party shall not, in connection with any
one such claim or action or separate but substantially similar or related claims or actions in the same jurisdiction arising out
of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys
(together with appropriate local counsel) at any time for all Indemnified Parties. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any claim or pending or threatened proceeding in respect of
which the Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party,
unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim
or proceeding other than the payment of monetary damages by the Indemnifying Party on behalf of the Indemnified Party. Whether
or not the defense of any claim or action is assumed by the Indemnifying Party, such Indemnifying Party will not be subject to
any liability for any settlement made without its written consent, which consent will not be unreasonably withheld.

 

    	11

    	 

    

 

(d)          If
the indemnification provided for in this Section 2.8 is unavailable to the Indemnified Parties in respect of any Losses
referred to herein notwithstanding that this Section 2.8 by its terms provides for indemnification in such case, then
each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative benefits received by
the Company on the one hand and the Designated Holders on the other from the offering of the Registrable Securities, or if such
allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but
also the relative fault of the Company on the one hand and the Designated Holders on the other in connection with the statements
or omissions which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the Company
on the one hand and of each Designated Holder on the other shall be determined by reference to, among other things, whether any
action taken, including any untrue or alleged untrue statement of a material fact, or the omission or alleged omission to state
a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission. The Company and the Designated Holders agree that it would
not be just and equitable if contribution pursuant to this Section 2.8(d) were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an Indemnified Party as a result of the Losses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses reasonably
incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 2.8, no Designated Holder shall be required to contribute any amount in excess of the amount
by which the total price at which the Registrable Securities of such Designated Holder were offered to the public exceeds the amount
of any Losses which such Designated Holder has otherwise paid by reason of such untrue or alleged untrue statement or omission
or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Designated Holder’s
obligations to contribute pursuant to this Section 2.8 is several in the proportion that the proceeds of the offering
received by such Designated Holder bears to the total proceeds of the offering received by all the Designated Holders. The indemnification
provided by this Section 2.8 shall be a continuing right to indemnification with respect to sales of Registrable Securities
and shall survive the registration and sale of any Registrable Securities by any Designated Holder and the expiration or termination
of this Agreement. The indemnity and contribution agreements contained herein are in addition to any liability that any Indemnifying
Party might have to any Indemnified Party.

 

    	12

    	 

    

 

2.9           Participation
in Registrations.

 

(a)          No
Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents reasonably required under the terms of such underwriting arrangements and this Agreement.

 

(b)          Each
Person that is participating in any registration under this Agreement agrees that, upon receipt of any notice from the Company
of the happening of any event of the kind described in Section 2.5(e) or Section 2.5(i) above, such Person
will forthwith discontinue the disposition of its Registrable Securities pursuant to the Registration Statement and all use of
the Registration Statement or any prospectus or related document until such Person’s receipt of the copies of a supplemented
or amended prospectus as contemplated by such Section 2.5(e) or Section 2.5(i) and, if so directed by the
Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such
Designated Holder’s possession of such documents at the time of receipt of such notice. Furthermore, each Designated Holder
agrees that if such Designated Holder uses a prospectus in connection with the offering and sale of any of the Registrable Securities,
the Designated Holder will use only the latest version of such prospectus provided by Company.

 

2.10         Compliance.
With respect to any registration under this Agreement, each Designated Holder shall comply in all material respects with all applicable
securities and other laws, rules and regulations, including but not limited to all rules and regulations of the SEC, the National
Association of Securities Dealers and any securities exchange or quotation service on which the Company’s securities are
listed or quoted.

 

ARTICLE
3

Transfers of Certain Rights

 

3.1           Transfer.
The rights granted to the Investors under this Agreement may be transferred, subject to the provisions of Sections 3.2
and 3.3; provided that nothing contained herein shall be deemed to permit an assignment, transfer or disposition of the
Registrable Securities in violation of the terms and conditions of the Subscription Agreement or applicable law.

 

3.2           Transferees.
Any transferee to whom rights under this Agreement are transferred shall, before and as a condition to such transfer, deliver to
the Company a written instrument (i) stating the name and address of the transferor and the transferee and the number of Registrable
Securities with respect to which the rights are intended to be transferred, and (ii) by which such transferee agrees to be bound
by the obligations imposed upon the Investors under this Agreement to the same extent as if such transferee were a Investor hereunder.

 

3.3           Subsequent
Transferees. A transferee to whom rights are transferred pursuant to this Section 3 may not again transfer such
rights to any other Person, other than as provided in Sections 3.1 or 3.2 above.

 

    	13

    	 

    

 

ARTICLE
4

Miscellaneous

 

4.1           Recapitalizations,
Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect to (i) the Registrable
Securities, (ii) any and all shares of Common Stock into which the Registrable Securities are converted, exchanged or substituted
in any recapitalization or other capital reorganization by the Company and (iii) any and all equity securities of the Company or
any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect
of, in conversion of, in exchange for or in substitution of, the Registrable Securities and shall be appropriately adjusted for
any stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. The
Company shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to enter into a new
registration rights agreement with the Designated Holders on terms substantially the same as this Agreement as a condition of any
such transaction.

 

4.2           No
Inconsistent Agreements. The Company has not and shall not enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Investors in this Agreement. The parties acknowledge and agree that the Company may
grant registration rights hereafter, which shall be pari passu with the registration rights of the Investors, and shall not be
deemed to conflict with this covenant.

 

4.3           Amendments
and Waivers. With the written consent of the Designated Holders of at least a majority of the Registrable Securities then outstanding,
this Agreement may be amended and the obligations of the Company and the rights of the holders of the Registrable Securities under
this Agreement, including Article 2, may be waived or modified (either generally or in a particular instance, either retroactively
or prospectively and either for a specified period of time or indefinitely). Upon the effectuation of each such waiver, consent,
agreement of amendment or modification, the Company shall promptly give written notice thereof to the record holders of the Registrable
Securities who have not previously consented thereto in writing.

 

4.4           Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

 

4.5           Counterparts.
This Agreement may be executed in one or more counterparts each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument, but in making proof of this Agreement, it shall not be necessary to produce or account
for more than one such counterpart. It is not necessary that each Designated Holder execute the same counterpart, so long as identical
counterparts are executed by the Company and each Designated Holder.

 

4.6           Notices.
Any notice required or permitted by any provision of this Agreement shall be given in writing, and shall be delivered either personally
or by registered or certified mail, postage prepaid, addressed (i) in the case of the Company, to its principal office at 555 California
Street, Suite 365, San Francisco, California 94104, Attn: Chief Operating Officer, (ii) in the case of any Designated Holder which
or who is an original party to this Agreement at the address of such Holder as set forth in the records of the Company or such
other address for such Designated Holder as shall be designated in writing from time to time by such Holder; and (iii) in the case
of any permitted transferee of a party to this Agreement or its transferee, to such transferee at its address as designated in
writing by such transferee to the Company from time to time.

 

4.7           Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard
to the conflicts of laws rules or provisions.

 

    	14

    	 

    

 

4.8           Forum;
Service of Process. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States or the courts of the State of New York in each case located
in the City of New York and the County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts
in any such suit, action or proceeding. Service of process, summons, notice or other document by mail in accordance with Section
4.6 shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably
waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum.

 

4.9           Captions.
The captions, headings and arrangements used in this Agreement are for convenience only and do not in any way limit or amplify
the terms and provisions hereof.

 

4.10         No
Prejudice. The terms of this Agreement shall not be construed in favor of or against any party on account of its participation
in the preparation hereof.

 

4.11         Words
in Singular and Plural Form. Words used in the singular form in this Agreement shall be deemed to import the plural, and vice
versa, as the sense may require.

 

4.12         Successors
and Assigns, Third Party Beneficiaries. This Agreement and all of the provisions hereof shall be binding upon and inure to
the benefit of the parties hereto, each assignee of the Designated Holders pursuant to Article 3 and their respective successors
and assigns and executors, administrators and heirs. Designated Holders are intended third party beneficiaries of this Agreement
and this Agreement may be enforced by such Designated Holders.

 

4.13         Entire
Agreement. This Agreement, together with the Subscription Agreement and any related exhibits and schedules thereto, constitutes
the entire agreement and understanding between the parties as to the subject matter hereof and supersedes all prior and contemporaneous
discussions, agreements and understandings of any and every nature among them. Notwithstanding the foregoing, in the event of any
conflict between the terms and provisions of this Agreement and those of the Subscription Agreement, the terms and conditions of
this Agreement shall control.

 

4.14         Attorneys’
Fees. In the event of any action or suit based upon or arising out of any actual or alleged breach by any party of any representation,
warranty, covenant or agreement in this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’
fees and expenses of such action or suit from the other party in addition to any other relief ordered by any court.

 

4.15         Termination
of Rights. All rights under this Agreement will terminate as to a Designated Holder when that Designated Holders no longer
holds any Registrable Securities.

 

4.16         Omnibus
Signature Page. With respect to the Designated Holders, this Agreement is intended to be read and construed in conjunction
with the Subscription Agreement. Accordingly, pursuant to the terms and conditions of this Agreement and such related agreements,
it is hereby agreed that the execution by the Holders of the Subscription Agreement, in the place set forth therein, shall constitute
their agreement to be bound by the terms and conditions hereof and the terms and conditions of the Subscription Agreement and this
Agreement, with the same effect as if each of such separate but related agreements were separately signed.

 

    	15

    	 

    
 

IN WITNESS WHEREOF,
the parties hereto have caused this Registration Rights Agreement to be duly executed as of the date and year first written above. 

 

	 	 	COMPANY:
	 	 	 
	 	 	MEDGENICS, INC.
	 	 	 	 
	 	 	By:	/s/ Andrew L. Pearlman
	 	 	 	Name:  Andrew L. Pearlman
	 	 	 	Title: Chief Executive Officer and President
	 	 	 	 
	INVESTOR:	 	 	 
	 	 	 	 
	If Entity:	 	If Individual:
	 	 	 	 
	 	 	 
	[Name of Entity]	 	[Signature]
	 	 	 	 
	By:	 	 	 
	 	Name:	 	 [Print Name]
	 	Title: 	 	 	 
	 		 	

 -OR-

 

See Signature Page to Subscription Agreement
dated as of June 18, 2012 for Investor’s Signature

 

	 	 	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

LIST OF INVESTORS

 

    	17Exhibit 4.2

 

 

 

 

HEMISPHERX BIOPHARMA, INC.

 

 

 

 

INDENTURE

 

Dated as of                    ,
20

 

 

 

 

[Name of Trustee]

 

Trustee

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	 1
	Section 1.1.	Definitions.	1
	Section 1.2.	Other Definitions.	3
	Section 1.3.	Incorporation by Reference of Trust Indenture Act.	4
	Section 1.4.	Rules of Construction.	4
	 	 	 
	ARTICLE II. THE SECURITIES	4
	Section 2.1.	Issuable in Series.	4
	Section 2.2.	Establishment of Terms of Series of Securities.	5
	Section 2.3.	Execution and Authentication.	6
	Section 2.4.	Registrar and Paying Agent.	7
	Section 2.5.	Paying Agent to Hold Money in Trust.	8
	Section 2.6.	Securityholder Lists.	8
	Section 2.7.	Transfer and Exchange.	8
	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities.	8
	Section 2.9.	Outstanding Securities.	9
	Section 2.10.	Treasury Securities.	9
	Section 2.11.	Temporary Securities.	9
	Section 2.12.	Cancellation.	10
	Section 2.13.	Defaulted Interest.	10
	Section 2.14.	Global Securities.	10
	Section 2.15.	CUSIP Numbers.	11

 

    	 

    	 

    

 

	ARTICLE III. REDEMPTION	11
	Section 3.1.	Notice to Trustee.	11
	Section 3.2.	Selection of Securities to be Redeemed.	11
	Section 3.3.	Notice of Redemption.	12
	Section 3.4.	Effect of Notice of Redemption.	12
	Section 3.5.	Deposit of Redemption Price.	12
	Section 3.6.	Securities Redeemed in Part.	12
	 	 	 
	ARTICLE IV. COVENANTS	13
	Section 4.1.	Payment of Principal and Interest.	13
	Section 4.2.	SEC Reports.	13
	Section 4.3.	Compliance Certificate.	13
	Section 4.4.	Stay, Extension and Usury Laws.	13
	Section 4.5.	Corporate Existence.	13
	 	 	 
	ARTICLE V. SUCCESSORS	14
	Section 5.1.	When Company May Merge, Etc.	14
	Section 5.2.	Successor Corporation Substituted.	14
	 	 	 
	ARTICLE VI. DEFAULTS AND REMEDIES	14
	Section 6.1.	Events of Default.	14
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment.	15
	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee.	15
	Section 6.4.	Trustee May File Proofs of Claim.	16
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities.	17
	Section 6.6.	Application of Money Collected.	17
	Section 6.7.	Limitation on Suits.	17
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest.	17
	Section 6.9.	Restoration of Rights and Remedies.	18

 

    	 

    	 

    

 

	Section 6.10.	Rights and Remedies Cumulative.	18
	Section 6.11.	Delay or Omission Not Waiver.	18
	Section 6.12.	Control by Holders.	18
	Section 6.13.	Waiver of Past Defaults.	18
	Section 6.14.	Undertaking for Costs.	19
	 	 	 
	ARTICLE VII. TRUSTEE	19
	Section 7.1.	Duties of Trustee.	19
	Section 7.2.	Rights of Trustee.	20
	Section 7.3.	Individual Rights of Trustee.	21
	Section 7.4.	Trustee’s Disclaimer.	21
	Section 7.5.	Notice of Defaults.	21
	Section 7.6.	Reports by Trustee to Holders.	21
	Section 7.7.	Compensation and Indemnity.	21
	Section 7.8.	Replacement of Trustee.	22
	Section 7.9.	Successor Trustee by Merger, Etc.	22
	Section 7.10.	Eligibility; Disqualification.	23
	Section 7.11.	Preferential Collection of Claims Against Company.	23
	 	 	 
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	23
	Section 8.1.	Satisfaction and Discharge of Indenture.	23
	Section 8.2.	Application of Trust Funds; Indemnification.	23
	Section 8.3.	Legal Defeasance of Securities of any Series.	24
	Section 8.4.	Covenant Defeasance.	25
	Section 8.5.	Repayment to Company.	26
	Section 8.6.	Reinstatement.	26
	 	 	 
	ARTICLE IX. AMENDMENTS AND WAIVERS	26
	Section 9.1.	Without Consent of Holders.	26

 

    	 

    	 

    

 

	Section 9.2.	With Consent of Holders.	27
	Section 9.3.	Limitations.	27
	Section 9.4.	Compliance with Trust Indenture Act.	27
	Section 9.5.	Revocation and Effect of Consents.	27
	Section 9.6.	Notation on or Exchange of Securities.	28
	Section 9.7.	Trustee Protected.	28
	 	 	 
	ARTICLE X. MISCELLANEOUS	28
	Section 10.1.	Trust Indenture Act Controls.	28
	Section 10.2.	Notices.	28
	Section 10.3.	Communication by Holders with Other Holders.	29
	Section 10.4.	Certificate and Opinion as to Conditions Precedent.	29
	Section 10.5.	Statements Required in Certificate or Opinion.	29
	Section 10.6.	Rules by Trustee and Agents.	30
	Section 10.7.	Legal Holidays.	30
	Section 10.8.	No Recourse Against Others.	30
	Section 10.9.	Counterparts.	30
	Section 10.10.	Governing Laws.	30
	Section 10.11.	No Adverse Interpretation of Other Agreements.	30
	Section 10.12.	Successors.	30
	Section 10.13.	Severability.	30
	Section 10.14.	Table of Contents, Headings, Etc.	30
	Section 10.15.	Securities in a Foreign Currency.	31
	Section 10.16.	Judgment Currency.	31
	Section 10.17.	Force Majeure.	31
	 	 	 
	ARTICLE XI. SINKING FUNDS	32
	Section 11.1.	Applicability of Article.	32
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities.	32
	Section 11.3.	Redemption of Securities for Sinking Fund.	32

 

    	 

    	 

    

 

HEMISPHERX BIOPHARMA, INC.

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of                     ,
201   

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

 

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

 

    	 

    	 

    

 

Indenture dated as of                     ,
20      between Hemispherx Biopharma, Inc., a company incorporated under the laws of Delaware (“Company”),
and [            ] (“Trustee”).

 

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

 

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1. Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Company” means the
party named as such above until a successor replaces it and thereafter means the successor.

 

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

 

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

 

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

 

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

 

    	1

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“GAAP” means accounting
principles generally accepted in the United States of America 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 have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

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

 

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

 

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

 

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

 

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

 

“Officer” means the
Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any
Assistant Secretary, and any Vice President of the Company.

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

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

 

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

 

“Subsidiary” of any
specified person means any corporation, association or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

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

 

“Trustee” means the
person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person
who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect
to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.

 

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

 

Section 1.2. Other Definitions.

 

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

  

    	3

    	 

    

 

Section 1.3. Incorporation
by Reference of Trust Indenture Act.

 

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

“Commission”
means the SEC.

“indenture securities”
means the Securities.

“indenture security holder”
means a Securityholder.

“indenture to be qualified”
means this Indenture.

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

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

 

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

 

Section 1.4. Rules of Construction.

 

Unless the context otherwise requires:

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

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

(c) “or”
is not exclusive;

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

(e) provisions apply to successive
events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section 2.1. Issuable in Series.

 

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

 

    	4

    	 

    

 

Section 2.2. Establishment
of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as
to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.24) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto
or Officer’s Certificate:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	5

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.3. Execution and
Authentication.

 

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

 

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

 

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

 

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

 

    	6

    	 

    

 

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

 

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

 

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

 

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

 

Section 2.4. Registrar and
Paying Agent.

 

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

 

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

 

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

 

    	7

    	 

    

 

Section 2.5. Paying Agent
to Hold Money in Trust.

 

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

 

Section 2.6. Securityholder
Lists.

 

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

 

Section 2.7. Transfer and
Exchange.

 

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

 

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

 

Section 2.8. Mutilated, Destroyed,
Lost and Stolen Securities. 

 

If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

    	8

    	 

    

 

 

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

 

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

 

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

 

Section 2.9. Outstanding Securities.

 

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

 

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

 

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

 

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

 

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

 

Section 2.10. Treasury Securities.

 

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

 

Section 2.11. Temporary Securities.

 

Until definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities
shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company Order shall
authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

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Section 2.12. Cancellation.

 

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

 

Section 2.13. Defaulted Interest.

 

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

 

Section 2.14. Global Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.15. CUSIP Numbers.

 

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

 

ARTICLE III.

REDEMPTION

 

Section 3.1. Notice to Trustee.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If
a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or
part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption
date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 15 days before
the redemption date.

 

Section 3.2. Selection of
Securities to be Redeemed.

 

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

 

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Section 3.3. Notice of Redemption.

 

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

 

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

		(a)	the redemption date;

		(b)	the redemption price;

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

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

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

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

		(g)	the CUSIP number, if any; and

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

 

At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered
to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4. Effect of Notice of
Redemption.

 

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

 

Section 3.5. Deposit of Redemption
Price.

 

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

 

Section 3.6. Securities Redeemed
in Part.

 

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

 

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ARTICLE IV.

COVENANTS

 

Section 4.1. Payment of Principal
and Interest.

 

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

 

Section 4.2. SEC Reports.

 

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

 

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

 

Section 4.3. Compliance
Certificate.

 

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

 

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

 

Section 4.4. Stay, Extension and
Usury Laws.

 

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

 

Section 4.5. Corporate Existence.

 

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

 

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ARTICLE V.

SUCCESSORS

 

Section 5.1. When Company May Merge,
Etc.

 

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

 

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

 

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

 

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

 

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

 

Section 5.2. Successor Corporation
Substituted.

 

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

 

ARTICLE VI.

DEFAULTS AND REMEDIES

 

Section 6.1. Events of Default.

 

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

 

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

 

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

 

(c) default in the performance
or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or
(b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series
of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

(i) commences a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii) orders the liquidation
of the Company,

 

and the order or decree remains unstayed
and in effect for 60 days; or

 

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

 

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

 

Section 6.2. Acceleration of Maturity;
Rescission and Annulment.

 

If an Event of Default with respect to
Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d)
or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities
of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of
the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of
the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the
principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such a declaration of
acceleration with respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained
by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities
of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if
all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest, if any,
of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 6.13.

 

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

 

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

 

The Company covenants that if

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.4. Trustee May File Proofs
of Claim.

 

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

 

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

 

(b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same,

 

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

 

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

 

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Section 6.5. Trustee May Enforce
Claims Without Possession of Securities.

 

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

 

Section 6.6. Application of Money
Collected.

 

Any money or property collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case
of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

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

 

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

 

Third: To the Company.

 

Section 6.7. Limitation on Suits.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 6.9. Restoration of
Rights and Remedies.

 

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

 

Section 6.10. Rights and Remedies
Cumulative.

 

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

 

Section 6.11. Delay or Omission
Not Waiver.

 

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

 

Section 6.12. Control by Holders.

 

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

 

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

 

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

 

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

 

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

 

Section 6.13. Waiver of Past
Defaults.

 

The Holders of not less than a majority
in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series
waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal
of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding
Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon.

 

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Section 6.14. Undertaking
for Costs.

 

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

 

ARTICLE VII.

TRUSTEE

 

Section 7.1. Duties of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Indenture with respect to the Securities of such Series
in accordance with Section 6.12.

 

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

 

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

 

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

 

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

 

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

 

Section 7.2. Rights of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) The Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.

 

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

 

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

 

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

 

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Section 7.3. Individual Rights
of Trustee.

 

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

 

Section 7.4. Trustee’s Disclaimer.

 

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

 

Section 7.5. Notice of Defaults.

 

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

 

Section 7.6. Reports by Trustee
to Holders.

 

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

 

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

 

Section 7.7. Compensation and Indemnity.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.8. Replacement of Trustee.

 

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

 

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

 

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

 

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

 

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

 

(d) the Trustee becomes incapable
of acting.

 

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

 

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

 

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

 

Section 7.9. Successor Trustee
by Merger, Etc.

 

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

 

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Section 7.10. Eligibility; Disqualification.

 

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

 

Section 7.11. Preferential Collection
of Claims Against Company.

 

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

 

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1. Satisfaction and Discharge
of Indenture.

 

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

 

(a) either

 

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

 

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

 

(1) have become due and payable,
or

 

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

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited
with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section 8.2. Application of
Trust Funds; Indemnification.

 

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

 

    	23

    	 

    

 

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

 

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

 

Section 8.3. Legal Defeasance
of Securities of any Series.

 

Unless this Section 8.3 is otherwise
specified, pursuant to Section 2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to have
paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the
deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company
Order, execute instruments acknowledging the same), except as to:

 

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

 

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

 

(c) the rights, powers, trust
and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;

 

provided that, the following conditions shall have been satisfied:

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 8.4. Covenant Defeasance.

 

Unless this Section 8.4 is otherwise
specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, the Company may omit to comply with respect
to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well
as any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s
Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a
Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a
supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant
to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with
respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

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

 

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

 

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

 

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

 

    	25

    	 

    

 

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

 

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

 

Section 8.5. Repayment to
Company.

 

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

 

Section 8.6. Reinstatement.

 

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

 

ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section 9.1. Without Consent
of Holders.

 

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

 

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

 

(b) to comply with Article
V;

 

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

 

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

 

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

 

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

 

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

 

    	26

    	 

    

 

Section 9.2. With Consent
of Holders.

 

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

 

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

 

Section 9.3. Limitations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 9.4. Compliance with
Trust Indenture Act.

 

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

 

Section 9.5. Revocation and
Effect of Consents.

 

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

 

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

 

Section 9.6. Notation on or
Exchange of Securities.

 

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

 

Section 9.7. Trustee Protected.

 

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

 

ARTICLE X.

MISCELLANEOUS

 

Section 10.1. Trust Indenture
Act Controls.

 

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

 

Section 10.2. Notices.

 

Any notice or communication by the Company
or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person
or mailed by first-class mail:

 

if to the Company:

 

Hemispherx Biopharma, Inc.

1617 JFK Boulevard

Philadelphia, Pennsylvania 19103

Attention: Chief Financial Officer

Telephone: (215) 988-0080

 

with a copy to:

Silverman Sclar Shin & Byrne
PLLC

381 Park Avenue South, Suite
1601

New York, New York, 10016

Attention: Richard Feiner

Telephone: (212) 779-8600

 

if to the Trustee:

[            ]

Attention: [            ]

Telephone: [            ]

 

with a copy to:

[            ]

Attention: [            ]

Telephone: [            ]

 

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

 

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

 

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

 

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

 

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

 

Section 10.3. Communication by
Holders with Other Holders.

 

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

 

Section 10.4. Certificate and Opinion
as to Conditions Precedent.

 

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

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

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

 

Section 10.5. Statements Required
in Certificate or Opinion.

 

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

 

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

 

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

 

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

 

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

 

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Section 10.6. Rules by Trustee
and Agents.

 

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

 

Section 10.7. Legal Holidays.

 

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

 

Section 10.8. No Recourse Against
Others.

 

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

 

Section 10.9. Counterparts.

 

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

 

Section 10.10. Governing Laws.

 

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

 

Section 10.11. No Adverse Interpretation
of Other Agreements.

 

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

 

Section 10.12. Successors.

 

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

 

Section 10.13. Severability.

 

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

 

Section 10.14. Table of Contents,
Headings, Etc.

 

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

 

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Section 10.15. Securities in a
Foreign Currency.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with
respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of
a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action
at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated more than one currency,
then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action
shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series
of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate
delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall
be at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates”
section (of, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times,
such source as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall
apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

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

 

Section 10.16. Judgment Currency.

 

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

 

Section 10.17. Force Majeure.

 

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

 

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ARTICLE XI.

SINKING FUNDS

 

Section 11.1. Applicability of
Article.

 

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

 

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

 

Section 11.2. Satisfaction of Sinking
Fund Payments with Securities.

 

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

 

Section 11.3. Redemption of Securities
for Sinking Fund.

 

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

 

    	32

    	 

    

 

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

 

	 	HEMISPHERX BIOPHARMA, INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Its:	 

 

	 	 	[                    _______________________ ], as Trustee

 

	 	By:	 	 
	 	 	Name:	 
	 	 	Its:	 

 

    	33

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