Document:

ex_271941.htm

 

Exhibit 4.4

 

GB SCIENCES, INC.

2021 EQUITY INCENTIVE PLAN

 

ADOPTED BY THE BOARD OF DIRECTORS TO BE EFFECTIVE AS OF SEPTEMBER 17, 2021

 

1. GENERAL.

 

(a) Eligible Award Recipients. Employees, Directors and Consultants are eligible to receive Awards.

 

(b) Available Awards. The Plan provides for the grant of the following types of Awards: (i) Incentive Stock Options, and (ii) Nonstatutory Stock Options.

 

(c) Purpose. The Plan, through the grant of Awards, is intended to help the Company secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

2. ADMINISTRATION.

 

(a) Administration by the Board. The Board will administer the Plan.

 

(b) Powers of the Board. The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

 

(i) To determine (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to receive Common Stock under the Award; and (E) the number of shares of Common Stock subject to Award.

 

(ii) To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration of the Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it will deem necessary or expedient to make the Plan or Award fully effective.

 

(iii) To settle all controversies regarding the Plan and Awards granted under it.

 

(iv) To amend the Plan in any respect the Board deems necessary or advisable, including, without limitation, increasing the number of Options subject to the Plan.

 

(v) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards.

 

3. SHARES SUBJECT TO THE PLAN.

 

(a)  Limit. The aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Stock Awards will be 20,000,000.

 

4. ELIGIBILITY.

 

(a) Eligibility for Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Nonstatutory Stock Options may be granted to Employees, Directors and Consultants.

 

 

1

Exhibit 4.4

 

 

(b) Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant.

 

5. PROVISIONS RELATING TO OPTIONS.

 

(a) Term. No Option will be exercisable after the expiration of 10 years from the date of its grant or such shorter period specified in the Award Agreement.

 

(b) Exercise Price. The exercise or strike price of each Option or will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option on the date the Award is granted.

 

(c) Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid as determined by the Board by any combination of the methods of payment set forth below.

The permitted methods of payment are as follows:

 

(i) by cash, check, or money order payable to the Company;

 

(ii) if an Option is a Nonstatutory Stock Option, by a “net exercise” or “cashless exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; or

 

(v) in any other form of legal consideration that may be acceptable to the Board.

 

(d) Transferability of Options. The Board may, in its sole discretion, impose such limitations on the transferability of Options as the Board will determine.

 

(i) Restrictions on Transfer. An Option will not be transferable except by will or by the laws of descent and distribution (or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Board may permit transfer of the Option in a manner that is not prohibited by applicable tax and securities laws.

 

(ii) Domestic Relations Orders. Subject to the approval of the Board, an Option may be transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer.

 

(iii) Beneficiary upon Death. Upon the death of the Participant, the executor or administrator of the Participant’s estate will be entitled to exercise the Option and receive the Common Stock or other consideration resulting from such exercise.

 

(e) Vesting Generally. The total number of shares of Common Stock subject to an Option may vest and therefore become exercisable in periodic installments that may or may not be equal. The Option may be subject to such other terms and conditions on the time or times when it may or may not be exercised which may be based on the satisfaction of performance goals or other criteria as the Board may deem appropriate. The vesting provisions of individual Options may vary.

 

(f) Termination of Continuous Service. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s death or Disability), the Participant may exercise his or her Option to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service within the period of time ending on the earlier of (i) the date three months following the termination of the Participant’s Continuous Service or such longer or shorter period specified in the applicable Award Agreement, which period will not be less than 30 days if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option as set forth in the Award Agreement. If, after termination of Continuous Service, the Participant does not exercise his or her Option within the applicable time frame, the Option will terminate.

 

 

2

Exhibit 4.4

 

 

(g)  Disability of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his or her Option to the extent that the Participant was entitled to exercise such Option as of the date of termination of Continuous Service.

 

(h) Death of Participant. Except as otherwise provided in the applicable Award Agreement or other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the Participant dies within the period (if any) specified in the Award Agreement for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death), then the Option may be exercised by the Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Participant’s death, but only within the period ending on the earlier of (i) the date 18 months following the date of death (or such longer or shorter period specified in the Award Agreement, and (ii) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Participant’s death, the Option is not exercised within the applicable time frame, the Option will terminate.

 

(i) Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award Agreement or other individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option will terminate immediately upon such Participant’s termination of Continuous Service, and the Participant will be prohibited from exercising his or her Option from and after the date of such termination of Continuous Service.

 

6. COVENANTS OF THE COMPANY.

 

(a) Availability of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy then-outstanding Stock Awards.

 

(b) Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over the Plan, as necessary, such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise or vesting of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act or other securities or applicable laws, the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

 

(c) No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder as to the tax treatment or time or manner of exercising such Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award.

 

7. MISCELLANEOUS.

 

(a)  Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to an Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Award pursuant to its terms, and (ii) the issuance of the Common Stock subject to the Award has been entered into the books and records of the Company.

 

 

3

Exhibit 4.4

 

 

(b) No Employment or Other Service Rights. Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state of foreign jurisdiction in which the Company or the Affiliate is domiciled or incorporated, as the case may be.

 

(c) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

(d)  Withholding Obligations. The Company may, in its sole discretion, satisfy any federal, state or local tax withholding obligation relating to a Award by withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum amount of tax required to be withheld by law.

 

(e) Clawback/Recovery. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a right to voluntary terminate employment upon a “resignation for good reason,” or for a “constructive termination” or any similar term under any plan of or agreement with the Company.

 

8. ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS.

 

(a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) maximum number of securities subject to the Plan, and (ii) and number of securities and exercise price per share of stock subject to outstanding Awards. The Board will make such adjustments, and its determination will be final, binding and conclusive.

 

(b) Dissolution or Liquidation. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common Stock) will terminate immediately prior to the completion of such dissolution or liquidation, provided, however,that the Board may, in its sole discretion, cause some or all Awards to become fully vested and exercisable to the extent such Awards have not previously expired or terminated before the dissolution or liquidation is completed.

 

(c) Corporate Transaction. The following provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the following actions with respect to Awards, contingent upon the closing or completion of the Corporate Transaction:

 

 

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Exhibit 4.4

 

 

(i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume or continue the Award or to substitute a similar stock award for the Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction);

 

(ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);

 

(iii) accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective date of the Corporate Transaction), with such Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided, however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

 

(iv) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Corporate Transaction, in exchange for such cash consideration (including no consideration) as the Board, in its sole discretion, may consider appropriate; and

 

(v) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the property the Participant would have received upon the exercise of the Award immediately prior to the effective time of the Corporate Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be delayed to the same extent that payment of consideration to the holders of the Company’s Common Stock in connection with the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies.

 

The Board need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different actions with respect to the vested and unvested portions of an Award. Unless otherwise provided in the instrument evidencing a Performance Cash Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board, in the event of a Corporate Transaction, then all Performance Cash Awards outstanding under the Plan will terminate prior to the effective time of such Corporate Transaction.

 

(d) Change in Control. An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Award Agreement for such Award or as may be provided in any other written agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.

 

9. EFFECTIVE DATE OF PLAN.

 

This Plan, as amended and restated, will become effective on the Effective Date.

 

10. CHOICE OF LAW.

 

The laws of the State of Nevada will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s conflict of laws rules.

 

11. DEFINITIONS. As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a) “Adoption Date” means December 26, 2018, which is the date the Plan was determined to effective by the Board.

 

 

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Exhibit 4.4

 

 

(b) “Affiliate” means, at the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or “majority-owned subsidiary” status is determined within the foregoing definition.

 

(c) “Award” means an Stock Award.

 

(d) “Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of an Award.

 

(e) “Board” means the Board of Directors of the Company.

 

(f) “Capital Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.

 

(g) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure, or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

 

(h) “Cause” will have the meaning ascribed to such term in any written agreement between the Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) such Participant’s commission of any felony or any crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (ii) such Participant’s attempted commission of, or participation in, a fraud or act of dishonesty against the Company; (iii) such Participant’s intentional, material violation of any contract or agreement between the Participant and the Company or of any statutory duty owed to the Company; (iv) such Participant’s unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (v) such Participant’s gross misconduct. The determination that a termination of the Participant’s Continuous Service is either for Cause or without Cause will be made by the Company, in its sole discretion. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

 

(i) “Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

(i) any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur;

 

 

6

Exhibit 4.4

 

 

(ii) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; or

 

(iii) there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 

(iv)  “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

 

(j) “Common Stock” means the common stock of the Company.

 

(k) “Company” means GB Sciences, Inc., a Nevada corporation.

 

(l) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person.

 

(m) “Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company’s leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of “separation from service” as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

 

(n) “Corporate Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

 

 

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Exhibit 4.4

 

 

(i) a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries;

 

(ii) a sale or other disposition of more than 50% of the outstanding securities of the Company;

 

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

(o) “Director” means a member of the Board.

 

(p) “Disability” means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months as provided in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

 

(q) “Effective Date” means the effective date of this Plan as determined by the Board.

 

(r) “Employee” means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 

(s) “Entity” means a corporation, partnership, limited liability company or other entity.

 

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

 

(u) “Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.

 

(v) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i) If the Common Stock is listed on any established stock exchange, traded on any established market or listed on the OTC Markets, the Fair Market Value of a share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

 

(ii) Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

 

 

8

Exhibit 4.4

 

 

(iii) In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Section 409A of the Code or, in the case of Incentive Stock Options, in compliance with Section 422 of the Code.

 

(w) “Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

(x)  “Nonstatutory Stock Option” means an option granted pursuant to Section 5 of the Plan that does not qualify as an Incentive Stock Option.

 

(y) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

 

(z) “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

 

(aa) “Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(bb) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(cc) “Own,” “Owned,” “Owner,” “Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 

(dd) “Participant” means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

 

(ee) “Plan” means this GB Sciences, Inc. 2018 Equity Incentive Plan.

 

(ff) “Rule 405” means Rule 405 promulgated under the Securities Act.

 

(gg) “Securities Act” means the Securities Act of 1933, as amended.

 

(hh) “Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive Stock Option or a Nonstatutory Stock Option.

 

(ii) “Stock Award Agreement” means a written agreement between the Company and a Participant evidencing the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the Plan.

 

(jj) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

 

(kk) “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

9Exhibit 4.1 

    

     

    

    EXECUTION VERSION

     

    

    
      
 

    

    PAR TECHNOLOGY CORPORATION

    

    

    as Issuer

    

    

    and

    

    

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

    

    

    as Trustee

     

      

    
      
 

    
      

      

    

    INDENTURE

    

    

    Dated as of September 17, 2021

     

      

    
      

     

      

    
      
        

    

    
    CROSS-REFERENCE TABLE1

    

    

    	
            Section of Trust Indenture Act of 1939, as amended

          	
             

          	
            Section of Indenture

          
	
            310(a)

          	
            6.09

          
	
            310(b)

          	
            6.08

          
	
             

          	
            6.10

          
	
            310(c)

          	
            Inapplicable

          
	
            311(a)

          	
            6.13

          
	
            311(b)

          	
            6.13

          
	
            311(c)

          	
            Inapplicable

          
	
            312(a)

          	
            4.01

            4.04

          
	
            312(b)

          	
            4.04(c)

          
	
            312(c)

          	
            4.04(c)

          
	
            313(a)

          	
            4.03

          
	
            313(b)

          	
            4.03

          
	
            313(c)

          	
            4.03

          
	
            313(d)

          	
            4.03

          
	
            314(a)

          	
            4.02

          
	
            314(b)

          	
            Inapplicable

          
	
            314(c)

          	
            2.04

            8.04

            9.01(c)

            10.01(b)

            11.05

          
	
            314(d)

          	
            Inapplicable

          
	
            314(e)

          	
            11.05

          
	
            314(f)

          	
            Inapplicable

          
	
            315(a)

          	
            6.01

            6.02

          
	
            315(b)

          	
            5.11

          
	
            315(c)

          	
            6.01

          
	
            315(d)

          	
            6.01

          
	
             

          	
            6.02

          
	
            315(e)

          	
            5.12

          
	
            316(a)

          	
            5.09

            5.10

          
	
             

          	
            7.04

          
	
            316(b)

          	
            5.06

            5.10

          
	
            316(c)

          	
            7.02

          
	
            317(a)

          	
            5.04

          
	
            317(b)

          	
            3.04

          
	
            318(a)

          	
            11.07

          

    

    

     

      

    1 This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

    
      i

      
        

    

    TABLE OF CONTENTS

    

    

    	
             

          	
             

          	
            PAGE

          
	
             

          	
             

          	
             

          
	
            ARTICLE 1      DEFINITIONS

          	
            1

          
	
            Section 1.01

          	
            Certain Terms Defined

          	
            1

          
	
             

          	
             

          	
             

          
	
            ARTICLE 2      SECURITIES

          	
            7

          
	
            Section 2.01

          	
            Forms Generally

          	
            7

          
	
            Section 2.02

          	
            Form of Trustee’s Certificate of Authentication

          	
            7

          
	
            Section 2.03

          	
            Amount Unlimited; Issuable in Series

          	
            8

          
	
            Section 2.04

          	
            Authentication and Delivery of Securities

          	
            11

          
	
            Section 2.05

          	
            Execution of Securities

          	
            12

          
	
            Section 2.06

          	
            Certificate of Authentication

          	
            13

          
	
            Section 2.07

          	
            Denomination and Date of Securities; Payments of Interest

          	
            13

          
	
            Section 2.08

          	
            Registration, Transfer and Exchange

          	
            13

          
	
            Section 2.09

          	
            Mutilated, Defaced, Destroyed, Lost and Stolen Securities

          	
            16

          
	
            Section 2.10

          	
            Cancellation of Securities; Destruction Thereof

          	
            17

          
	
            Section 2.11

          	
            Temporary Securities

          	
            17

          
	
             

          	
             

          	
             

          
	
            ARTICLE 3      COVENANTS OF THE ISSUER

          	
            17

          
	
            Section 3.01

          	
            Payment of Principal and Interest

          	
            17

          
	
            Section 3.02

          	
            Offices for Payments, Etc

          	
            18

          
	
            Section 3.03

          	
            Appointment to Fill a Vacancy in Office of Trustee

          	
            18

          
	
            Section 3.04

          	
            Paying Agents

          	
            18

          
	
            Section 3.05

          	
            Written Statement to Trustee

          	
            19

          
	
             

          	
             

          	
             

          
	
            ARTICLE 4      SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

          	
            20

          
	
            Section 4.01

          	
            Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders

          	
            20

          
	
            Section 4.02

          	
            Reports by the Issuer

          	
            20

          
	
            Section 4.03

          	
            Reports by the Trustee

          	
            20

          
	
            Section 4.04

          	
            Preservation of Information; Communication with Securityholders

          	
            20

          
	
             

          	
             

          	
             

          
	
            ARTICLE 5      REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

          	
            21

          
	
            Section 5.01

          	
            Event of Default Defined; Acceleration of Maturity; Waiver of Default

          	
            21

          
	
            Section 5.02

          	
            Collection of Debt by Trustee; Trustee May Prove Debt

          	
            23

          
	
            Section 5.03

          	
            Application of Proceeds

          	
            25

          
	
            Section 5.04

          	
            Suits for Enforcement

          	
            26

          
	
            Section 5.05

          	
            Restoration of Rights on Abandonment of Proceedings

          	
            26

          
	
            Section 5.06

          	
            Limitations on Suits by Securityholders

          	
            26

          
	
            Section 5.07

          	
            Unconditional Right of Securityholders to Institute Certain Suits

          	
            27

          
	
            Section 5.08

          	
            Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default

          	
            27

          
	
            Section 5.09

          	
            Control by Holders of Securities

          	
            27

          
	
            Section 5.10

          	
            Waiver of Past Defaults

          	
            28

          
	
            Section 5.11

          	
            Trustee to Give Notice of Default

          	
            28

          
	
            Section 5.12

          	
            Right of Court to Require Filing of Undertaking to Pay Costs

          	
            29

          
	
             

          	
             

          	
             

          
	
            ARTICLE 6      CONCERNING THE TRUSTEE

          	
            29

          
	
            Section 6.01

          	
            Duties and Responsibilities of the Trustee; During Default; Prior to Default

          	
            29

          
	
            Section 6.02

          	
            Certain Rights of the Trustee

          	
            29

          

    
      ii

      
        

    

    	
            Section 6.03

          	
            Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof

          	
            31

          
	
            Section 6.04

          	
            Trustee and Agents May Hold Securities; Collections, Etc

          	
            31

          
	
            Section 6.05

          	
            Moneys Held by Trustee

          	
            31

          
	
            Section 6.06

          	
            Compensation and Indemnification of Trustee and Its Prior Claim

          	
            32

          
	
            Section 6.07

          	
            Right of Trustee to Rely on Officer’s Certificate, Etc

          	
            32

          
	
            Section 6.08

          	
            Disqualification; Conflicting Interests

          	
            32

          
	
            Section 6.09

          	
            Persons Eligible for Appointment as Trustee

          	
            32

          
	
            Section 6.10

          	
            Resignation and Removal; Appointment of Successor Trustee

          	
            33

          
	
            Section 6.11

          	
            Acceptance of Appointment by Successor Trustee

          	
            34

          
	
            Section 6.12

          	
            Merger, Conversion, Consolidation or Succession to Business of Trustee

          	
            35

          
	
            Section 6.13

          	
            Preferential Collection of Claims Against the Issuer

          	
            35

          
	
             

          	
             

          	
             

          
	
            ARTICLE 7      CONCERNING THE SECURITYHOLDERS

          	
            36

          
	
            Section 7.01

          	
            Evidence of Action Taken by Securityholders

          	
            36

          
	
            Section 7.02

          	
            Proof of Execution of Instruments and of Holding of Securities

          	
            36

          
	
            Section 7.03

          	
            Holders to Be Treated as Owners

          	
            36

          
	
            Section 7.04

          	
            Securities Owned by Issuer Deemed Not Outstanding

          	
            36

          
	
            Section 7.05

          	
            Right of Revocation of Action Taken

          	
            37

          
	
             

          	
             

          	
             

          
	
            ARTICLE 8      SUPPLEMENTAL INDENTURES

          	
            37

          
	
            Section 8.01

          	
            Supplemental Indentures Without Consent of Securityholders

          	
            37

          
	
            Section 8.02

          	
            Supplemental Indentures With Consent of Securityholders

          	
            39

          
	
            Section 8.03

          	
            Effect of Supplemental Indenture

          	
            40

          
	
            Section 8.04

          	
            Documents to Be Given to Trustee

          	
            40

          
	
            Section 8.05

          	
            Notation on Securities in Respect of Supplemental Indentures

          	
            40

          
	
             

          	
             

          	
             

          
	
            ARTICLE 9      CONSOLIDATION, MERGER, SALE OR CONVEYANCE

          	
            41

          
	
            Section 9.01

          	
            Issuer May Consolidate, Etc., on Certain Terms

          	
            41

          
	
            Section 9.02

          	
            Successor Issuer Substituted

          	
            41

          
	
             

          	
             

          	
             

          
	
            ARTICLE 10   SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEYS

          	
            42

          
	
            Section 10.01

          	
            Satisfaction and Discharge of Indenture; Defeasance

          	
            42

          
	
            Section 10.02

          	
            Application by Trustee of Funds Deposited for Payment of Securities

          	
            46

          
	
            Section 10.03

          	
            Repayment of Moneys Held by Paying Agent

          	
            46

          
	
            Section 10.04

          	
            Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years

          	
            46

          
	
            Section 10.05

          	
            Indemnity for U.S. Government Obligations and Foreign Government Obligations

          	
            47

          
	
             

          	
             

          	
             

          
	
            ARTICLE 11    MISCELLANEOUS PROVISIONS

          	
            47

          
	
            Section 11.01

          	
            No Recourse

          	
            47

          
	
            Section 11.02

          	
            Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities

          	
            47

          
	
            Section 11.03

          	
            Successors and Assigns of Issuer Bound by Indenture

          	
            48

          
	
            Section 11.04

          	
            Notices and Demands on Issuer, Trustee and Holders of Securities

          	
            48

          
	
            Section 11.05

          	
            Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein

          	
            49

          
	
            Section 11.06

          	
            Payments Due on Saturdays, Sundays and Holidays

          	
            50

          
	
            Section 11.07

          	
            Conflict of Any Provision of Indenture With Trust Indenture Act of 1939

          	
            50

          
	
            Section 11.08

          	
            New York Law to Govern

          	
            50

          
	
            Section 11.09

          	
            Counterparts

          	
            50

          
	
            Section 11.10

          	
            Effect of Headings

          	
            50

          
	
            Section 11.11

          	
            Actions by Successor

          	
            50

          
	
            Section 11.12

          	
            Severability

          	
            50

          

    
      iii

      
        

    

    	
            ARTICLE 12   REDEMPTION OF SECURITIES AND SINKING FUNDS

          	
            51

          
	
            Section 12.01

          	
            Applicability of Article

          	
            51

          
	
            Section 12.02

          	
            Notice of Redemption; Partial Redemptions

          	
            51

          
	
            Section 12.03

          	
            Payment of Securities Called for Redemption

          	
            52

          
	
            Section 12.04

          	
            Exclusion of Certain Securities from Eligibility for Selection for Redemption

          	
            53

          
	
            Section 12.05

          	
            Mandatory and Optional Sinking Funds

          	
            53

          

    
      iv

      
        

    

    
    THIS INDENTURE, dated as of September 17, 2021 between PAR Technology Corporation, a Delaware corporation (the “Issuer”), and The Bank of New York Mellon Trust Company, N.A., a national banking association (the “Trustee”),

    

    

    W I T N E S S E T H :

    

    

    WHEREAS, the Issuer may from time to time duly authorize the issue of its unsecured debentures, notes or other evidences of indebtedness to
      be issued in one or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture;

    

    

    WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to provide, among other things, for the
      authentication, delivery and administration of the Securities; and

    

    

    WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according to its terms have been done;

    

    

    NOW, THEREFORE:

    

    

    In consideration of the premises and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant
      and agree for the equal and proportionate benefit of the respective holders from time to time of the Securities as follows:

    

    

    ARTICLE 1

    DEFINITIONS

     

    

    Section 1.01          Certain Terms Defined.  The following terms
      (except as otherwise expressly provided or unless the context otherwise clearly requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section.  All other terms used
      in this Indenture that are defined in the Trust Indenture Act of 1939 or the definitions of which in the Securities Act of 1933, as amended are referred to in the Trust Indenture Act of 1939, including terms defined therein by reference to the
      Securities Act of 1933, as amended (except as herein otherwise expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act of 1933 as in
      force at the date of this Indenture.  All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United States at the time of any computation.  The words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.  The terms defined in this Article have the meanings assigned to them in
      this Article and include the plural as well as the singular.

    
      1

      
        

    

     “Additional Amounts” means any
        additional amounts that are required by this Indenture or by any Security, under circumstances specified herein or therein, to be paid by the Issuer in respect of certain taxes, assessments or other governmental charges imposed on Holders specified
        therein and which are owing to such Holders.

    

    

    “Applicable Procedures” means, with respect to a Depositary, as to any matter at any time, the
      policies and procedures of such Depositary, if any, that are applicable to such matter at such time.

    

    

    “Board of Directors” means either the Board of Directors of the Issuer or any committee of such
      Board duly authorized to act on its behalf.

    

    

    “Board Resolution” means a copy of one or more resolutions, certified by the secretary or an
      assistant secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect, and delivered to the Trustee.

    

    

    “Business Day” means, with respect to any Security, a day that in the city (or in any of the
      cities, if more than one) in which amounts are payable, as specified in the form of such Security, is not a day on which banking institutions are authorized or required by law or regulation to close.

    

    

    “Capital Stock” means (a) in the
        case of a corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (c) in the case of a partnership or
        limited liability company, partnership interests (whether general or limited) or membership interests; and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
        of assets of, the issuing Person, but excluding from all of the foregoing any Debt securities convertible into Capital Stock, whether or not such Debt securities include any right of participation with Capital Stock.

    

    

    “Commission” means the Securities and Exchange Commission, as from time to time constituted,
      created under the Securities Exchange Act of 1934, or if at any time after the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act of 1939, then the body
      performing such duties on such date.

    

    

    “Common Stock” means shares of common stock, par value $0.02 per share, of the Issuer as the same
      exists at the date of execution and delivery of this Indenture or as such stock may be reconstituted from time to time.

    
      2

      
        

    

    “Corporate Trust Office” means the office of the Trustee at which the corporate trust business of
      the Trustee shall, at any particular time, be principally administered, which office is, at the date as of which this Indenture is dated, located at 500 Ross Street 12th Floor, Pittsburgh, PA 15262, Attention: Corporate Trust Division – PAR
      Technology Corporation, except that with respect to presentation of Notes for payment or for registration of transfer, conversion or exchange, such term shall mean the office or agency of the Trustee at which at any particular time its corporate
      agency business shall be conducted, which office at the date of this instrument is located at 240 Greenwich Street, New York, New York 10286; Corporate Finance Unit, or, in the case of any of such offices or agency, such other address as the Trustee
      may designate from time to time by notice to the Company.

    

    

    “Debt” of any Person means any debt for money borrowed which is created, assumed, incurred or
      guaranteed in any manner by such Person or for which such Person is otherwise responsible or liable, and shall expressly include any such guaranty thereof by such Person.  For the purpose of computing the amount of the Debt of any Person there shall
      be excluded all Debt of such Person for the payment or redemption or satisfaction of which money or securities (or evidences of such Debt, if permitted under the terms of the instrument creating such Debt) in the necessary amount shall have been
      deposited in trust with the proper depositary, whether upon or prior to the maturity or the date fixed for redemption of such Debt; and, in any instance where Debt is so excluded, for the purpose of computing the assets of such Person there shall be
      excluded the money, securities or evidences of Debt deposited by such Person in trust for the purpose of paying or satisfying such Debt.

    

    

    “Depositary” means, with respect to the Securities of any series issuable or issued in the form of
      one or more Global Securities, the Person designated as Depositary by the Issuer pursuant to Section 2.04 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to
      the Securities of any such series shall mean the Depositary with respect to the Global Securities of that series.

    

    

    “Dollar” means the currency of the United States of America as at the time of payment is legal
      tender for the payment of public and private debts.

    

    

    “Event of Default” means any event or condition specified as such in Section 5.01.

    

    

    “Foreign Currency” means a currency issued by the government of a country other than the United
      States.

    
      3

      
        

    

    “Foreign Government Obligation” means

        (a) a direct obligation of the government of a country other than the United States of America, backed by the full faith and credit of such government, (b) an obligation of a Person controlled or supervised by and acting as an agency or
        instrumentality of such government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government or (c) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act of
        1933) as custodian with respect to any Foreign Government Obligation which is specified in clause (a) and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or
        interest on any such Foreign Government Obligation which is so specified and held, 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 depositary receipt
        from any amount received by the custodian in respect of the Foreign Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

    

    

    “Global Security” means a Security evidencing all or a part of a series of Securities, issued to
      the Depositary for such series in accordance with Section 2.04, and bearing the legend prescribed in Section 2.04.

    

    

    “Holder”, “holder”, “holder

        of Securities”, “Securityholder” or other similar terms mean the Person in whose name such Security is registered in the Security register kept by the Issuer for that purpose in accordance with the
      terms hereof.

    

    

    “Indenture” means this instrument as originally executed and delivered or, if amended or
      supplemented as herein provided, as so amended or supplemented or both, and shall include the forms and terms of particular series of Securities established as contemplated hereunder.

    

    

    “interest”, unless the context otherwise requires, refers to interest, and when used with respect
      to non-interest bearing Securities, refers to interest payable after maturity, if any.

    

    

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

    

    

    “Issuer” means PAR Technology Corporation, a Delaware corporation, and, subject to Article 9, its
      successors and assigns.

    

    

    “Issuer Order” means a written statement, request or order of the Issuer signed in its name by the
      chairman of the Board of Directors, the president or any vice president of the Issuer.

    

    

    “Notice of Default” shall have the
        meaning set forth in Section 5.01(c).

    

    

    “Officer’s Certificate” means a certificate signed by the chairman of the Board of Directors, the
      president, any vice president, the treasurer, the secretary or any assistant secretary of the Issuer and delivered to the Trustee.  Each such certificate shall comply with Section 314 of the Trust Indenture Act of 1939 and,
      except to the extent provided herein, shall include the statements provided for in Section 11.05.

    
      4

      
        

    

    “Opinion of Counsel” means an opinion in writing signed by the general corporate counsel or such
      other legal counsel who may be an employee of or counsel to the Issuer and who shall be satisfactory to the Trustee.  Each such opinion shall comply with Section 314 of the Trust Indenture Act of 1939 and shall include the statements provided for in
      Section 11.05, if and to the extent required hereby.

    

    

    “original issue date” of any Security (or portion thereof) means the earlier of (a) the date of
      such Security or (b) the date of any Security (or portion thereof) for which such Security was issued (directly or indirectly) on registration of transfer, exchange or substitution.

    

    

    “Original Issue Discount Security” means any Security that provides for an amount less than the
      principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 5.01.

    

    

    “Outstanding”, when used with reference to Securities, shall, subject to the provisions of Section
      7.04, mean, as of any particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except

    

    

    
      	
              (a)

            	
              Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

            

    

    

    

    
      	
              (b)

            	
              Securities, or portions thereof, for the payment or redemption of which cash, U.S. Government Obligations or Foreign Government Obligations (as provided for in Section 10.01(a) and
                Section 10.01(b)) in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held in trust by the Issuer for the Holders of such
                Securities (if the Issuer shall act as its own paying agent); provided, that if such Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided, or
                provision satisfactory to the Trustee shall have been made for giving such notice;

            

    

    

    

    
      	
              (c)

            	
              Securities as to which Legal Defeasance shall have been effected pursuant to Section 10.01(b);

            

    

    

    

    
      	
              (d)

            	
              Securities in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the terms of Section 2.09 (except with
                respect to any such Security as to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is a legal, valid and binding obligation of the Issuer), Securities converted into
                Common Stock pursuant hereto and Securities not deemed outstanding pursuant to Section 12.02; and

            

    

    
      5

      
        

    

    
      	
              (e)

            	
              Securities as to which any property deliverable upon conversion thereof has been delivered (or such delivery has been made available), or as to which any other particular conditions
                have been satisfied, in each case as may be provided for such Securities as contemplated in Section 2.03.

            

    

    

    

    In determining whether the Holders of the requisite principal amount of Outstanding Securities of any or all series have given any request,
      demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue 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 5.01, (B) if, as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable,
      the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 2.03, and (C) the principal amount of a Security denominated in one or more foreign currencies,
      composite currencies or currency units which shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section 2.03, of the principal amount of such Security (or, in
      the case of a Security described in clause (A) or (B) above, of the amount determined as provided in such clause).

    

    

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

    

    

    “principal” whenever used with reference to the Securities or any Security or any portion thereof,
      shall be deemed to include “and premium, if any”.

    

    

    “record date” shall have the
        meaning set forth in Section 2.07.

    

    

    “Responsible Officer”, when used with respect to the Trustee, means the chairman of the board of
      directors, any vice chairman of the board of directors, the chairman of the trust committee, the chairman of the executive committee, any vice chairman of the executive committee, the president, any vice president, the cashier, the secretary, the
      treasurer, any trust officer, any assistant trust officer, any assistant vice president, any assistant cashier, any assistant secretary, any assistant treasurer, or any other officer or assistant officer of the Trustee customarily performing
      functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

    
      6

      
        

    

    “Security” or “Securities” has the meaning stated in the
      first recital of this Indenture, or, as the case may be, Securities that have been authenticated and delivered under this Indenture.

    

    

    “Security Registrar” shall have the meaning set forth in Section 4.01(b).

    

    

    “Stated Maturity”, with respect to any Security or any installment of principal thereof or interest
      thereon or any Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or such Security as the fixed date on which the principal of such Security or such installment of principal or interest is, or such
      Additional Amounts are, due and payable.

    

    

    “Subsidiary” means any corporation or other entity (including, without limitation, partnerships,
      limited liability companies, joint ventures and associations) of which at least a majority of the outstanding Capital Stock having by the terms thereof (without regard to the occurrence or any contingency) ordinary voting power for the election of
      directors (or persons performing similar functions) of such corporation or other entity (irrespective of whether or not at the time the Capital Stock of any other class or classes of such corporation or other entity shall have or might have voting
      power by reason of the occurrence of any such contingency) is at the time directly or indirectly owned by the Issuer, or by one or more Subsidiaries of the Issuer, or by the Issuer and one or more other Subsidiaries of the Issuer.

    

    

     “Trust Indenture Act of 1939” (except as otherwise provided in Sections 8.01 and 8.02) means the
      Trust Indenture Act of 1939 as in force at the date as of which this Indenture was originally executed.

    

    

    “Trustee” means the Person identified as “Trustee”
      in the first paragraph hereof and, subject to the provisions of Article 6, shall also include any successor trustee.  “Trustee” shall also 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 the Securities of such series.

    

    

    “U.S. Government Obligation” means (a) a direct obligation of the United States of America, backed
      by its full faith and credit, or (b) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit
      obligation by the United States of America.

    

    

    “vice president”, when used with respect to the Issuer or the Trustee, means any vice president,
      whether or not designated by a number or a word or words added before or after the title of “vice president”.

    
      7

      
        

    

    “Yield to Maturity” means the yield to maturity on a series of securities, calculated at the time
      of issuance of such series, or, if applicable, at the most recent redetermination of interest on such series, and calculated in accordance with accepted financial practice.

    

    

    ARTICLE 2

    SECURITIES

    

    

    Section 2.01          Forms Generally.  The Securities of each series
      shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in a Board Resolution or, to the extent established pursuant to (rather than set forth
      in) a Board Resolution, an Officer’s Certificate detailing such establishment) or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
      by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with any rules or regulations
      pursuant thereto, or with any rules of any securities exchange or to conform to general usage, all as may be determined by the officers executing such Securities as evidenced by their execution of such Securities.

    

    

    The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all
      as determined by the officers executing such Securities as evidenced by their execution of such Securities.

    

    

    Section 2.02          Form of Trustee’s Certificate of Authentication.  The

      Trustee’s certificate of authentication on all Securities shall be in substantially the following form:

    

    

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

     

    

    
      	
               

            	 
	
               

            	
              as Trustee

            

    

     

    

    
      
        	
                 

              	
                By: 

                

              	
                 

              
	
                 

              	
                 

              	
                Authorized Officer 

                

              

      

    

    

    

    Section 2.03          Amount Unlimited; Issuable in Series.  The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

    
      8

      
        

    

    The Securities may be issued in one or more series.  The terms of a series of Securities shall be established prior to the initial issuance
      thereof in or pursuant to one or more Board Resolutions, or, to the extent established pursuant to (rather than set forth in) a Board Resolution, in an Officer’s Certificate detailing such establishment and/or established in one or more indentures
      supplemental hereto.  The terms of such series reflected in such Board Resolution, Officer’s Certificate, or supplemental indenture may include the following or any additional or different terms:

    

    

    
      	
              (a)

            	
              the designation of the Securities of the series (which may be part of a series of Securities previously issued);

            

    

    

    

    
      	
              (b)

            	
              any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and
                delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 2.08, 2.09, 2.11, 8.05 or 12.03);

            

    

    

    

    
      	
              (c)

            	
              the date or dates on which the principal of the Securities of the series is payable or the method used to determine those dates and the right, if any, to extend such date or dates;

            

    

    

    

    
      	
              (d)

            	
              the rate or rates at which the Securities of the series shall bear interest, if any or the method by which such rate or rates shall be determined; the record date or dates for the
                determination of holders to whom interest is payable; the date or dates from which such interest shall accrue and on which such interest shall be payable, or the method by which such date or dates shall be determined; the right, if any, to
                extend the interest payment periods and the duration of that extension; and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

            

    

    

    

    
      	
              (e)

            	
              the place or places where the principal of and any interest on Securities of the series shall be payable (if other than as provided in Section 3.02);

            

    

    

    

    
      	
              (f)

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

            

    

    

    

    
      	
              (g)

            	
              if other than denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which Securities of the series shall be issuable;

            

    

    

    

    
      	
              (h)

            	
              if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity
                thereof;

            

    

    
      9

      
        

    

    
      	
              (i)

            	
              if other than Dollars, the currency, currencies or currency units in which the Securities of the series are denominated;

            

    

    

    

    
      	
              (j)

            	
              if other than the currency in which the Securities of the series are denominated, the currency in which payment of the principal of or interest on the Securities of such series shall be
                payable;

            

    

    

    

    
      	
              (k)

            	
              if the principal of or interest on the Securities of the series is to be payable, at the election of the Issuer or a Holder thereof, in a currency other than that in which the
                Securities are denominated, the period or periods within which, and the terms and conditions upon which, such election may be made;

            

    

    

    

    
      	
              (l)

            	
              if the amount of payments of principal of and interest on the Securities of the series may be determined by reference to an index based on a currency other than that in which the
                Securities of the series are denominated, or by reference to one or more currency exchange rates, securities or baskets of securities, commodity prices or indices, the manner in which such amounts shall be determined;

            

    

    

    

    
      	
              (m)

            	
              the terms and conditions, if applicable, upon which conversion or exchange of the Securities into Common Stock will be effected, including the initial conversion or exchange price or
                rate and any adjustments thereto, the conversion or exchange period and other provisions in addition to or in lieu of those described herein;

            

    

    

    

    
      	
              (n)

            	
              if the Securities of the series may be issued in exchange for surrendered Securities of another series, or for other securities of the Issuer, pursuant to the terms of such Securities
                or securities or of any agreement entered into by the Issuer, the ratio of the principal amount of the Securities of the series to be issued to the principal amount of the Securities or securities to be surrendered in exchange, and any
                other material terms of the exchange;

            

    

    

    

    
      	
              (o)

            	
              if Sections 10.01(b) or 10.01(c) are inapplicable to Securities of such series;

            

    

    

    

    
      	
              (p)

            	
              whether and under what circumstances the Issuer will pay Additional Amounts on the Securities and, if so, whether the Issuer will have the option to redeem such
                Securities rather than pay such additional amounts;

            

    

    

    

    
      	
              (q)

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

            

    

    
      10

      
        

    

    
      	
              (r)

            	
              any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities of such series;

            

    

    

    

    
      	
              (s)

            	
              any other events of default or covenants with respect to the Securities of such series in addition to or in lieu of those contained in this Indenture; and

            

    

    

    

    
      	
              (t)

            	
              any other terms of the series.

            

    

    

    

    The Issuer may from time to time, without notice to or the consent of the holders of any series of Securities, create and issue further
      Securities of any such series ranking equally with the Securities of such series in all respects (or in all respects other than (1) the payment of interest accruing prior to the issue date of such further Securities or (2) the first payment of
      interest following the issue date of such further Securities).  Such further Securities may be consolidated and form a single series with the Securities of such series and have the same terms as to status, redemption or otherwise as the Securities of
      such series.

    

    

    Section 2.04          Authentication and Delivery of Securities.  The
      Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication together with the applicable documents referred to below in this Section, and the Trustee shall thereupon authenticate and deliver such Securities to
      or upon the order of the Issuer (contained in the Issuer Order referred to below in this Section) or pursuant to such procedures acceptable to the Trustee and to such recipients as may be specified from time to time by an Issuer Order.  The maturity
      date, original issue date, interest rate and any other terms of the Securities of such series shall be determined by or pursuant to such Issuer Order and procedures.  If provided for in such procedures, such Issuer Order may authorize authentication
      and delivery pursuant to oral instructions from the Issuer or its duly authorized agent, which instructions shall be promptly confirmed in writing.  In authenticating such Securities and accepting the additional
      responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon:

    

    

    
      	
              (a)

            	
              an Issuer Order requesting such authentication and setting forth delivery instructions if the Securities are not to be delivered to the Issuer;

            

    

    

    

    
      	
              (b)

            	
              any Board Resolution, Officer’s Certificate and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 by or pursuant to which the forms and terms of the Securities
                were established;

            

    

    

    

    
      	
              (c)

            	
              an Officer’s Certificate setting forth the form or forms and terms of the Securities stating that the form or forms and terms of the Securities have been established pursuant to
                Sections 2.01 and 2.03 and comply with this Indenture, and covering such other matters as the Trustee may reasonably request; and

            

    

    
      11

      
        

    

    
      	
              (d)

            	
              an Opinion of Counsel to the effect that:

            

    

    

    

    
      	
              (i)

            	
              the form or forms and terms of such Securities have been established pursuant to Sections 2.01 and 2.03 and comply with this Indenture,

            

    

    

    

    
      	
              (ii)

            	
              the authentication and delivery of such Securities by the Trustee are authorized under the provisions of this Indenture, and

            

    

    

    

    
      	
              (iii)

            	
              such Securities when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will
                constitute valid and binding obligations of the Issuer,

            

    

    

    

    and covering such other matters as the Trustee may reasonably request.

    

    

    The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by
      counsel, determines that such action may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors or board of trustees, executive committee, or a trust committee of directors or trustees or Responsible Officers
      shall determine that such action would expose the Trustee to personal liability to existing Holders or would affect the Trustee’s own rights, duties or immunities under the Securities, this Indenture or otherwise.

    

    

    The Issuer shall execute and the Trustee shall, in accordance with this Section with respect to the Securities of a
      series, authenticate and deliver one or more Global Securities that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Securities of such series issued and not yet cancelled, (ii) shall be
      registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend
      substantially to the following effect:

    

    

    “UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED
      EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR 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
      SUCCESSOR DEPOSITARY.”

    

    

    Each Depositary designated pursuant to this Section must, at the time of its designation and at all times while it serves as Depositary, be
      a clearing agency registered under the Securities Exchange Act of 1934, as amended and any other applicable statute or regulation.

    
      12

      
        

    

    Section 2.05          Execution of Securities.  The Securities shall
      be signed on behalf of the Issuer by the chairman of its Board of Directors, any vice chairman of its Board of Directors, its chief executive officer, its principal financial officer, its president, any vice president or its treasurer.  Such
      signatures may be the manual or facsimile signatures of the present or any future such officers.  Typographical and other minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any
      Security that has been duly authenticated and delivered by the Trustee.

    

    

    In case any officer of the Issuer who shall have signed any of the Securities shall cease to be such officer before the Security so signed
      shall be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security had not ceased to be such officer of the
      Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Issuer, although at the date of the execution and delivery of this Indenture
      any such person was not such an officer.

    

    

    Section 2.06          Certificate of Authentication.  Only such
      Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore recited, executed by the Trustee by the manual signature of one of its authorized officers, shall be entitled to the benefits of this Indenture or
      be valid or obligatory for any purpose.  The execution of such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been duly authenticated and
      delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

    

    

    Section 2.07          Denomination and Date of Securities; Payments of
        Interest.  The Securities of each series shall be issuable in denominations established as contemplated by Section 2.03 or, if not so established, in denominations of $2,000 and any integral multiple of $1,000 thereof.  The Securities of
      each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the officers of the Issuer executing the same may determine with the approval of the Trustee, as evidenced by the execution and
      authentication thereof.  Unless otherwise indicated in a Board Resolution, Officer’s Certificate or supplemental indenture for a particular series, interest will be calculated on the basis of a 360-day year of twelve 30-day months.

    

    

    Each Security shall be dated the date of its authentication.  The Securities of each series shall bear interest, if any, from the date, and
      such interest shall be payable on the dates, established as contemplated by Section 2.03.

    
      13

      
        

    

    The Person in whose name any Security of any series is registered at the close of business on any record date applicable to a particular
      series with respect to any Interest Payment Date for such series shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any transfer, exchange or conversion of such Security subsequent to the record
      date and prior to such Interest Payment Date, except if and to the extent the Issuer shall default in the payment of the interest due on such Interest Payment Date for such series, in which case such defaulted interest shall be paid to the Persons in
      whose names Outstanding Securities for such series are registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice
      given by or on behalf of the Issuer to the Holders of Securities not less than 15 days preceding such subsequent record date.  The term “record date” as used with respect to any Interest Payment Date (except a
      date for payment of defaulted interest) for the Securities of any series shall mean the date specified as such in the terms of the Securities of such series established as contemplated by Section 2.03, or, if no such date is so specified, if such
      Interest Payment Date is the first day of a calendar month, the 15th day of the immediately preceding calendar month or, if such Interest Payment Date is the 15th day of a calendar month, the first day of such calendar month, whether or not such
      record date is a Business Day.

    

    

    Section 2.08          Registration, Transfer and Exchange.  The
      Issuer will keep at each office or agency to be maintained for the purpose as provided in Section 3.02 for each series of Securities a register or registers in which, subject to such reasonable regulations as it may prescribe, it will provide for the
      registration of Securities of such series and the registration of transfer of Securities of such series.  Such register shall be in written form in the English language or in any other form capable of being converted into such
      form within a reasonable time.  At all reasonable times such register or registers shall be open for inspection by the Trustee.

    

    

    Upon due presentation for registration of transfer of any Security of any series at any such office or agency to be maintained for the
      purpose as provided in Section 3.02, the Issuer shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the same series, maturity date, interest rate and original issue
      date in authorized denominations for a like aggregate principal amount.

    

    

    At the option of the Holder thereof, Securities of any series (except a Global Security) may be exchanged for a Security or Securities of
      such series having authorized denominations and an equal aggregate principal amount, upon surrender of such Securities to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance with Section 3.02 and upon
      payment, if the Issuer shall so require, of the charges hereinafter provided.  Whenever any Securities are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
      the exchange is entitled to receive.  All Securities surrendered upon any exchange or transfer provided for in this Indenture shall be promptly cancelled and disposed of by the Trustee and the Trustee will deliver a certificate of disposition thereof
      to the Issuer.

    

    

    All Securities presented for registration of transfer, exchange, redemption or payment shall (if so required by the Issuer or the Trustee)
      be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his or her attorney duly authorized in writing.

    
      14

      
        

    

    The Issuer may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in
      connection with any exchange or registration of transfer of Securities.  No service charge shall be made for any such transaction.

    

    

    The Issuer shall not be required to exchange or register a transfer of (a) any Securities of any series for a period of 15 days immediately
      preceding the first delivery of notice of redemption of Securities of such series to be redeemed or (b) any Securities selected, called or being called for redemption, in whole or in part, except, in the case of any Security to be redeemed in part,
      the portion thereof not so to be redeemed.

    

    

    Notwithstanding any other provision of this Section 2.08, unless and until it is exchanged in whole or in part for Securities in definitive
      registered form, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
      Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.

    

    

    If at any time the Depositary for the Securities of a series notifies the Issuer that it is unwilling or unable to continue as Depositary
      for the Securities of such series or if at any time the Depositary for the Securities of a series shall no longer be eligible under Section 2.04, the Issuer shall appoint a successor Depositary with respect to the Securities of such series.  If a
      successor Depositary for the Securities of such series is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s determination pursuant to Section 2.03 that the Securities
      of such series be represented by a Global Security shall no longer be effective and the Issuer will execute, and the Trustee, upon receipt of an Officer’s Certificate for the authentication and delivery of definitive Securities of such series, will
      authenticate and deliver, Securities of such series in definitive registered form, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing the Securities of
      such series, in exchange for such Global Security or Securities.

    

    

    The Issuer may at any time and in its sole discretion determine that the Securities of any series issued in the form of one or more Global
      Securities shall no longer be represented by a Global Security or Securities.  In such event the Issuer will execute, and the Trustee, upon receipt of an Officer’s Certificate for the authentication and delivery of definitive Securities of such
      series, will authenticate and deliver, Securities of such series in definitive registered form, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such
      series, in exchange for such Global Security or Securities.

    
      15

      
        

    

    The Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same
      series in definitive registered form in accordance with the two preceding paragraphs or on such other terms as are acceptable to the Issuer and such Depositary.  Thereupon, the Issuer shall execute, and the Trustee shall authenticate and deliver,
      without service charge,

    

    

    
      	
              (i)

            	
              to the Person specified by such Depositary a new Security or Securities of the same series, of any authorized denominations as requested by such Person, in an aggregate principal amount
                equal to and in exchange for such Person’s beneficial interest in the Global Security; and

            

    

    

    

    
      	
              (ii)

            	
              to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and
                the aggregate principal amount of Securities authenticated and delivered pursuant to clause (i) above.

            

    

    

    

    Upon the exchange of a Global Security for Securities in definitive registered form, in authorized denominations, such Global Security
      shall be cancelled by the Trustee.  Securities in definitive registered form issued in exchange for a Global Security pursuant to this Section 2.08 shall be registered in such names and in such authorized denominations as the Depositary for such
      Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered.

    

    

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

    

    

    Section 2.09          Mutilated, Defaced, Destroyed, Lost and Stolen
        Securities.  In case any temporary or definitive Security shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request of any officer of the Issuer, the Trustee
      shall authenticate and deliver a new Security of the same series, maturity date, interest rate and original issue date, bearing a number or other distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the mutilated
      or defaced Security, or in lieu of and substitution for the Security so destroyed, lost or stolen.  In every case the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such
      security or indemnity as may be required by them to indemnify and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
      ownership thereof and in the case of mutilation or defacement shall surrender the Security to the Trustee.

    
      16

      
        

    

    Upon the issuance of any substitute Security, the Issuer 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.  In case any Security which has matured or is about to mature or has been called for redemption in full, or is
      being surrendered for conversion in full, shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Security (with the Holder’s consent, in the case of convertible Securities), pay or authorize
      the payment of the same or convert, or authorize conversion of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer and to the Trustee and any agent
      of the Issuer or the Trustee such security or indemnity as any of them may require to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
      and any agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof.

    

    

    Every substitute Security of any series issued pursuant to the provisions of this Section by virtue of the fact that any such Security is
      destroyed, lost or stolen shall constitute an additional contractual obligation of the Issuer, 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 (but shall be
      subject to all the limitations of rights set forth in) this Indenture equally and proportionately with any and all other Securities of such series duly authenticated and delivered hereunder.  All Securities shall be held and owned upon the express
      condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment or conversion of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights
      or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

    

    

    Section 2.10          Cancellation of Securities; Destruction Thereof.  All

      Securities surrendered for exchange for Securities of the same series or for payment, redemption, registration of transfer or conversion or for credit against any payment in respect of a sinking or analogous fund, if surrendered to the Issuer or any
      agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
      provisions of this Indenture.  The Trustee shall dispose of cancelled Securities held by it and deliver a certificate of disposition to the Issuer.  If the Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption
      or satisfaction of the Debt represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

    
      17

      
        

    

    Section 2.11          Temporary Securities.  Pending the preparation
      of definitive Securities for any series, the Issuer may execute and the Trustee shall authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form satisfactory to the
      Trustee).  Temporary Securities of any series shall be issuable in any authorized denomination, and substantially in the form of the definitive Securities of such series but with such omissions, insertions and variations as may be appropriate for
      temporary Securities, all as may be determined by the Issuer with the concurrence of the Trustee as evidenced by the execution and authentication thereof.  Temporary Securities may contain such reference to any provisions of this Indenture as may be
      appropriate.  Every temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities. 
      Without unreasonable delay the Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge at each office or agency to be
      maintained by the Issuer for that purpose pursuant to Section 3.02 and the Trustee shall authenticate and deliver in exchange for such temporary Securities of such series an equal aggregate principal amount of definitive Securities of the same series
      having authorized denominations.  Until so exchanged, the temporary Securities of any series shall be entitled to the same benefits under this Indenture as definitive Securities of such series, unless the benefits of the temporary Securities are
      limited pursuant to Section 2.03.

    

    

    ARTICLE 3

    COVENANTS OF THE ISSUER

    

    

    Section 3.01          Payment of Principal and Interest.  The Issuer
      covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay or cause to be paid the principal of, and interest on, each of the Securities of such series (together with any additional amounts payable pursuant
      to the terms of such Securities) at the place or places, at the respective times and in the manner provided in such Securities and in this Indenture.  The interest on Securities (together with any additional amounts payable pursuant to the terms of
      such Securities) shall be payable only to or upon the written order of the Holders thereof and at the option of the Issuer may be paid by mailing checks for such interest payable to or upon the written order of such Holders at their last addresses as
      they appear on the Security register of the Issuer.

    

    

    Section 3.02          Offices for Payments, Etc.  The Issuer will
      maintain (i) in the continental United States, an agency where the Securities of each series may be presented for payment, an agency where the Securities of each series may be presented for exchange and conversion, if applicable, as provided in this
      Indenture and an agency where the Securities of each series may be presented for registration of transfer as in this Indenture provided and (ii) such further agencies in such places as may be determined for the Securities of such series pursuant to
      Section 2.03.

    

    

    The Issuer will maintain in the continental United States, an agency where notices and demands to or upon the Issuer in respect of the
      Securities of any series or this Indenture may be served.

    

    

    The Issuer will give to the Trustee written notice of the location of each such agency and of any change of location thereof.  In case the
      Issuer shall fail to maintain any agency required by this Section to be located in the continental United States, or shall fail to give such notice of the location or of any change in the location of any of the above agencies,
      presentations and demands may be made and notices may be served at the Corporate Trust Office of the Trustee.

    
      18

      
        

    

    The Issuer may from time to time designate one or more additional agencies where the Securities of a series may be presented for payment,
      where the Securities of that series may be presented for exchange or conversion, if applicable, as provided in this Indenture and pursuant to Section 2.03 and where the Securities of that series may be presented for registration of transfer as in
      this Indenture provided, and the Issuer may from time to time rescind any such designation, as the Issuer may deem desirable or expedient; provided, however, that no
      such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain the agencies provided for in this Section.  The Issuer will give to the Trustee prompt written notice of any such designation or rescission thereof.

    

    

    Section 3.03          Appointment to Fill a Vacancy in Office of Trustee.  The

      Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder.

    

    

    Section 3.04          Paying Agents.  Whenever the Issuer shall
      appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the
      provisions of this Section,

    

    

    
      	
              (a)

            	
              that it will hold all sums received by it as such agent for the payment of the principal of or interest on the Securities of such series (whether such sums have been paid to it by the
                Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the Holders of the Securities of such series or of the Trustee,

            

    

    

    

    
      	
              (b)

            	
              that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities of such series) to make any payment of the principal of or interest on the
                Securities of such series when the same shall be due and payable, and

            

    

    

    

    
      	
              (c)

            	
              that at any time during the continuance of any such failure, upon the written request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust by such paying
                agent.

            

    

    

    

    The Issuer will, on or prior to each due date of the principal of or interest on the Securities of such series, deposit with the paying
      agent a sum sufficient to pay such principal or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly notify the Trustee of any failure to take such action.

    

    

    If the Issuer shall act as its own paying agent with respect to the Securities of any series, it will, on or before each due date of the
      principal of or interest on the Securities of such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to pay such principal or interest so becoming due.  The Issuer will
      promptly notify the Trustee of any failure to take such action.

    
      19

      
        

    

    Anything in this Section to the contrary notwithstanding, but subject to Section 10.01, the Issuer may at any time, for the purpose of
      obtaining a satisfaction and discharge with respect to one or more or all series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or any paying agent
      hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained.

    

    

    Anything in this Section to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section is subject to the
      provisions of Sections 10.03 and 10.04.

    

    

    Section 3.05          Written Statement to Trustee.  So long as any
      Securities are Outstanding hereunder, the Issuer will deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer ending after the date hereof, a written certificate covering the previous fiscal year, (which need not
      comply with Section 11.05), signed by its principal executive officer, principal financial officer or principal accounting officer, stating whether or not, to the best knowledge of such officer, the Issuer is in default in the performance and
      observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Issuer shall be in default, specifying all such defaults and the nature and
      status thereof of which they may have knowledge.

    

    

    ARTICLE 4

    SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

    

    

    Section 4.01          Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders.  The Issuer covenants and agrees that it will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of
      the Holders of the Securities of each series pursuant to Section 312 of the Trust Indenture Act of 1939:

    

    

    
      	
              (a)

            	
              semiannually and not more than 15 days after each record date for the payment of interest on such Securities, as hereinabove specified, as of such record date
                and on dates to be determined pursuant to Section 2.03 for non-interest bearing Securities in each year, and

            

    

    

    

    
      	
              (b)

            	
              at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request as of a date not more than 15 days prior to the time such
                information is furnished, provided, that, if and so long as the Trustee shall be the Security registrar (the “Security Registrar”) for such series, such list shall not be required to be furnished.

            

    

    
      20

      
        

    

    Section 4.02          Reports by the Issuer.  The Issuer covenants to
      comply with Section 314(a) of the Trust Indenture Act of 1939 insofar as it relates to information, documentation and other reports which the Issuer may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities
      Exchange Act of 1934, as amended.

    

    

    Section 4.03          Reports by the Trustee.  Any Trustee’s report
      required under Section 313(a) of the Trust Indenture Act of 1939 shall be transmitted on or before April 15 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the
      Trustee but no more than 60 nor less than 45 days prior thereto.  The Trustee shall comply with Sections 313(b), 313(c) and 313(d) of the Trust Indenture Act of 1939.

    

    

    Section 4.04          Preservation of Information; Communication with
        Securityholders.  (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders of Securities contained in the most recent list furnished to it as provided in
      Section 4.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

    

    

    
      	
              (b)

            	
              The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished.

            

    

    

    

    
      	
              (c)

            	
              Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act of 1939 with other Securityholders with respect to their rights under this Indenture or under
                the Securities.  The Issuer, the Trustee, the Security Registrar and any other Person shall have the protection of Section 312(c) of the Trust Indenture Act of 1939.

            

    

    

    

    ARTICLE 5

    REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

    

    

    Section 5.01          Event of Default Defined; Acceleration of Maturity;
        Waiver of Default.  “Event of Default”, with respect to Securities of any series wherever used herein, means any one of the following events which shall have
      occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
      of any administrative or governmental body):

    

    

    
      	
              (a)

            	
              default in the payment of any installment of interest upon any of the Securities of such series as and when the same shall become due and payable, and continuance of such default for a
                period of 30 days (or such other period as may be established for the Securities of such series as contemplated by Section 2.03); or

            

    

    
      21

      
        

    

    
      	
              (b)

            	
              default in the payment of all or any part of the principal on any of the Securities of such series as and when the same shall become due and payable either at maturity, upon redemption,
                by declaration or otherwise (and, if established for the Securities of such series as contemplated by Section 2.03, the continuance of such default for a specified period); or

            

    

    

    

    
      	
              (c)

            	
              default in the performance, or breach, of any covenant or agreement of the Issuer in respect of the Securities of such series (other than a covenant or agreement in respect of the
                Securities of such series a default in the performance or breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or
                certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring
                it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

            

    

    

    

    
      	
              (d)

            	
              a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other
                similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for all or substantially all of its property and assets or ordering the
                winding up or liquidation of its affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or

            

    

    

    

    
      	
              (e)

            	
              the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in
                an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its
                property and assets, or make any general assignment for the benefit of creditors; or

            

    

    

    

    
      	
              (f)

            	
              any other Event of Default provided for in such series of Securities.

            

    

    
      22

      
        

    

    If an Event of Default described in clauses (a), (b), (c) or (f) occurs and is continuing, then, and in each and
      every such case, unless the principal of all of the Securities of such series shall have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of such series then
      Outstanding hereunder (each such series voting as a separate class) by notice in writing to the Issuer (and also to the Trustee if given by Securityholders), may declare the entire principal (or, if the Securities of such series are Original Issue
      Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all Securities of such series and the interest accrued thereon, if any, to be due and payable immediately, and upon any such declaration the
      same shall become immediately due and payable.  If an Event of Default described in clauses (d) or (e) occurs and is continuing, then and in each and every such case, the entire principal (or, if any Securities are Original Issue Discount Securities,
      such portion of the principal as may be specified in the terms thereof) of all the Securities then Outstanding and interest accrued thereon, if any, shall automatically become immediately due and payable.

    

    

    The foregoing provisions, however, are subject to the condition that if, at any time after the principal of the Securities of any series
      shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to
      pay all matured installments of interest upon all the Securities of such series and the principal of any and all Securities of such series which shall have become due otherwise than by acceleration (with interest upon such principal and, to the
      extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the same rate as the rate of interest specified in the Securities of such series to the date of such payment or deposit) and such amount
      as shall be sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee except as a result of negligence or bad faith, and if
      any and all Events of Default under the Indenture with respect to such series, other than the non-payment of the principal of Securities of such series which shall have become due solely by such acceleration, shall have been cured, waived or
      otherwise remedied as provided herein, then and in every such case the Holders of a majority in aggregate principal amount of all the Securities of such series then Outstanding, by
      written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any
      subsequent default or shall impair any right consequent thereon.

    

    

    Unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture for a series of Original Issue Discount
      Securities, for all purposes under this Indenture, if a portion of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such
      declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable
      as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute
      payment in full of such Original Issue Discount Securities.

    
      23

      
        

    

    Section 5.02          Collection of Debt by Trustee; Trustee May Prove
        Debt.  The Issuer covenants that (a) in case default shall be made in the payment of any installment of interest on any of the Securities of any series when such interest shall have become due and payable, and such default shall have
      continued for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities of any series when the same shall have become due and payable, whether upon maturity of the Securities
      of such series or upon any redemption or by declaration or otherwise, then, upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit of the Holders of the Securities of such series the whole amount that then shall have become
      due and payable on all Securities of such series for principal or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment of such interest is enforceable under applicable law,
      on overdue installments of interest at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and, in addition thereto, such further amount as shall
      be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee and each predecessor trustee, their respective agents, attorneys and counsel, and any expenses and liabilities incurred, and all advances
      made, by the Trustee and each predecessor trustee except as a result of its negligence or bad faith.

    

    

    In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express
      trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree,
      and may enforce any such judgment or final decree against the Issuer or other obligor upon such Securities and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Securities, wherever situated, the
      moneys adjudged or decreed to be payable.

    

    

    In case there shall be pending proceedings relative to the Issuer or any other obligor upon the Securities under Title 11 of the United
      States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for
      or taken possession of the Issuer or its property or such other obligor or its property, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or
      property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any 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 pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise:

    

    

    
      	
              (i)

            	
              to file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue Discount Securities, such portion of the
                principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Securities of any series, 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 reasonable compensation to the Trustee and each predecessor trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made,
                by the Trustee and each predecessor trustee, except as a result of negligence or bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or other obligor upon the Securities of any series, or to the
                creditors or property of the Issuer or such other obligor,

            

    

    
      24

      
        

    

    
      	
              (ii)

            	
              unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a trustee or a standby trustee in arrangement,
                reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing similar functions in comparable proceedings, and

            

    

    

    

    
      	
              (iii)

            	
              to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims
                of the Securityholders and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Securityholders to make payments to the Trustee, and, in the event
                that the Trustee shall consent to the making of payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor trustee and their
                respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor trustee except as a result of negligence or bad faith and all other amounts due to the
                Trustee or any predecessor trustee pursuant to Section 6.06.

            

    

    

    

    Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of
      any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any
      such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person.

    

    

    All rights of action and of asserting claims under this Indenture, or under any of the Securities of any series, may be enforced by the
      Trustee without the possession of any of the Securities of such series or the production thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought in its own name as
      trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor trustee and their respective agents and attorneys, shall be for the ratable benefit of
      the Holders of the Securities in respect of which such action was taken.

    
      25

      
        

    

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

    

    

    Section 5.03          Application of Proceeds.  Any moneys collected
      by the Trustee pursuant to this Article in respect of any series shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal or interest, upon presentation
      of the several Securities in respect of which monies have been collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange for the presented Securities of like series
      if only partially paid, or upon surrender thereof if fully paid:

    

    

    FIRST:  To the payment of all amounts due to the Trustee or any predecessor trustee pursuant to Section 6.06;

    

    

    SECOND:  In case the principal of the Securities of such series in respect of which moneys have been collected shall not have become and be
      then due and payable, to the payment of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon
      the overdue installments of interest, to the extent permitted by applicable law, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments to be made
      ratably to the Persons entitled thereto, without discrimination or preference;

    

    

    THIRD:  In case the principal of the Securities of such series in respect of which moneys have been collected shall have become and shall
      be then due and payable, to the payment of the whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal, and (to the extent that such interest has been collected by
      the Trustee) upon overdue installments of interest, to the extent permitted by applicable law, at the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such
      series; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then to the payment of such principal and interest, without preference or priority of principal over interest,
      or of interest over principal, or of any installment of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal and accrued and unpaid
      interest; and

    

    

    FOURTH:  To the payment of the remainder, if any, to the Issuer or any other Person lawfully entitled thereto.

    
      26

      
        

    

    Section 5.04          Suits for Enforcement.  In case an Event of
      Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual
      to protect and enforce any such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this
      Indenture or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

    

    

    Section 5.05          Restoration of Rights on Abandonment of Proceedings.  In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned for any reason, or shall have
      been determined adversely to the Trustee, then and in every such case (subject to any determination in such proceeding) the Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
      and powers of the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had been taken.

    

    

    Section 5.06          Limitations on Suits by Securityholders.  No
      Holder of any Security of any series shall have any right by virtue, or by availing itself, of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to
      this Indenture, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the
      continuance thereof, as hereinbefore provided, and unless also the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action
      or proceedings in its own name as trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its
      receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 5.09; it being
      understood and intended, and being expressly covenanted by the Holder of every Security of a particular series with every other Holder of Securities of such series and the Trustee, that no one or more Holders of Securities of any series shall have
      any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities of such series, or to obtain or seek to obtain priority over or preference
      to any other such Holder of such series or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Securities of the applicable series.  For the protection and
      enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

    
      27

      
        

    

    Section 5.07          Unconditional Right of Securityholders to Institute
        Certain Suits.  Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on
      such Security on or after the respective due dates expressed in such Security in accordance with the terms hereof and thereof, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or
      affected without the consent of such Holder; it being understood and intended, and being expressly covenanted by the Holder of every Security of a particular series with every other Holder of Securities of such Series and the Trustee, that no one or
      more Holders of Securities of any series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other such Holder of Securities of such series, or to
      obtain or seek to obtain priority over or preference to any other such Holder of Securities of such series or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders
      of Securities of the applicable series.  For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

    

    

    Section 5.08          Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.  Except as provided in Section 5.06, no right or remedy herein conferred upon or reserved to the Trustee or to the
      Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
      existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

    

    

    No delay or omission of the Trustee or of any Holder of Securities to exercise any right or power accruing upon any Event of Default
      occurring and continuing as aforesaid shall impair any such right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 5.06, every power and remedy given by this Indenture or
      by law to the Trustee or to the Holders of Securities may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders of Securities.

    

    

    Section 5.09          Control by Holders of Securities.  The Holders
      of a majority in aggregate principal amount of the Securities of each series affected (with each series voting as a separate class) at the time Outstanding 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 by this Indenture; provided, that such direction shall not be otherwise
      than in accordance with law and the provisions of this Indenture and provided, further, that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by
      counsel, shall determine that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, the executive committee, or a trust committee of directors or Responsible Officers of the Trustee
      shall determine that the action or proceedings so directed would involve the Trustee in personal liability or if the Trustee in good faith shall so determine that the actions or forbearances specified in or pursuant to such direction would be unduly
      prejudicial to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood that (subject to Section 6.01) the Trustee shall have no duty to ascertain whether or not such
      actions or forbearances are unduly prejudicial to such Holders.

    
      28

      
        

    

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

    

    

    Section 5.10          Waiver of Past Defaults. 

      The Holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, by notice to the Trustee, may on behalf of the Holders of all the Securities of such series waive any existing default in the performance
      of any of the covenants contained herein or established pursuant to Section 2.03 with respect to such series and its consequences, except an uncured default in the payment of the principal of, or interest on, any of the Securities of that series as
      and when the same shall become due by the terms of such Securities; and may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration.  In the case of any such waiver, the Issuer, the
      Trustee and the Holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively, such default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of
      Default arising therefrom shall be deemed to have been cured, and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

    

    

    Section 5.11          Trustee to Give Notice of Default.  The Trustee
      shall, within 90 days after the occurrence of a default with respect to the Securities of any series, give notice of all defaults with respect to that series known to the Trustee to all Holders of Securities of such series in the manner and to the
      extent provided in Sections 4.03 and 11.04, unless in each case such defaults shall have been cured before the giving of such notice (the term “defaults” for the purpose of this Section being hereby defined to
      mean any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided, that, except in the case of default in the payment of the principal of or interest on
      any of the Securities of such series, or in the payment of any sinking fund installment on such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee
      of directors or trustees and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders of such series.

    
      29

      
        

    

    Section 5.12          Right of Court to Require
        Filing of Undertaking to Pay Costs.  All parties to this Indenture agree, and each Holder of any Security by his or her 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 Trustee, to any suit instituted by any Securityholder or group of Securityholders of any series holding in the aggregate more
      than 10% in aggregate principal amount of the Securities of such series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or interest on any Security of such series, on or after the respective due
      dates expressed in such Security or established pursuant to this Indenture.

    

    

    ARTICLE 6

    CONCERNING THE TRUSTEE

    

    

    Section 6.01          Duties and Responsibilities of the Trustee; During
        Default; Prior to Default. With respect to the Holders of any series of Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a
      particular series and after the curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.  In case an Event
      of Default with respect to the Securities of a series has occurred (and has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their
      exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.

    

    

    No provision of this Indenture shall be construed to relieve the Trustee
      from liability for its own negligent action, its own negligent failure to act or its own willful misconduct.

    

    

    Section 6.02          Certain Rights of the Trustee.  In furtherance
      of and subject to the Trust Indenture Act of 1939 and subject to Section 6.01:

    

    

    
      	
              (a)

            	
              in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
                any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such statements, certificates or opinions which by any provision hereof are specifically
                required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

            

    

    

    

    
      	
              (b)

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

            

    

    
      30

      
        

    

    
      	
              (c)

            	
              the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders pursuant to Section 5.09
                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;

            

    

    

    

    
      	
              (d)

            	
              none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of
                its duties or in the exercise of any of its rights or powers if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it;

            

    

    

    

    
      	
              (e)

            	
              the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate or any other certificate, statement, instrument, opinion,
                report, notice, request, consent, order, bond, debenture, note, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

            

    

    

    

    
      	
              (f)

            	
              any request, direction, order or demand of the Issuer mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein
                specifically prescribed); and any resolution of the Board of Directors may be evidenced to the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer;

            

    

    

    

    
      	
              (g)

            	
              the Trustee may consult with counsel and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to
                be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

            

    

    

    

    
      	
              (h)

            	
              the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant
                to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred therein or thereby;

            

    

    

    

    
      	
              (i)

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

            

    

    
      31

      
        

    

    
      	
              (j)

            	
              prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, 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, consent, order, approval, appraisal, bond, debenture, note, security, or other paper or document unless requested in writing so
                to do by the Holders of not less than a majority in aggregate principal amount of the Securities of all series affected then Outstanding; provided, that, if the payment within a reasonable time to the Trustee of the costs, expenses or
                liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
                reasonable indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such investigation shall be paid by the Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid
                by the Issuer upon demand; and

            

    

    

    

    
      	
              (k)

            	
              the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys not regularly in its employ and the
                Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder.

            

    

    

    

    Section 6.03          Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof.  The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the
      Trustee assumes no responsibility for the correctness of the same.  The Trustee makes no representation as to the validity or sufficiency of this Indenture or of the Securities.  The Trustee shall not be accountable for the
      use or application by the Issuer of any of the Securities or of the proceeds thereof.

    

    

    Section 6.04          Trustee and Agents May Hold Securities; Collections,
        Etc.  The Trustee or any agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise
      deal with the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee or such agent.

    

    

    Section 6.05          Moneys Held by Trustee.  Subject to the
      provisions of Section 10.04 hereof, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent
      required by mandatory provisions of law.  Neither the Trustee nor any agent of the Issuer or the Trustee shall be under any liability for interest on any moneys received by it hereunder.

    
      32

      
        

    

    Section 6.06          Compensation and Indemnification of Trustee and Its
        Prior Claim.  The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision
      of law in regard to the compensation of a trustee of an express trust) as the Issuer and the Trustee may from time to time agree in writing and, except as otherwise expressly provided herein, the Issuer covenants and agrees to pay or reimburse the
      Trustee and each predecessor trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture (including the reasonable compensation and
      the expenses and disbursements of its counsel and of all agents and other persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith.  The Issuer also covenants to indemnify the
      Trustee and each predecessor trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this Indenture or
      the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself against or investigating any claim of liability in the premises.  The obligations of the Issuer under this Section to compensate and indemnify the
      Trustee and each predecessor trustee and to pay or reimburse the Trustee and each predecessor trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this
      Indenture.  Such additional indebtedness shall be a senior claim to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular Securities, and
      the Securities are hereby subordinated to such senior claim.

    

    

    Section 6.07          Right of Trustee to Rely on
        Officer’s Certificate, Etc.  Subject to Sections 6.01 and 6.02, whenever in the administration of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or
      suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
      established by an Officer’s Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under
      the provisions of this Indenture upon the faith thereof.

    

    

    Section 6.08          Disqualification; Conflicting Interests.  If
      the Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Issuer shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

    

    

    Section 6.09          Persons Eligible for Appointment as Trustee.  The

      Trustee for each series of Securities hereunder shall at all times be a corporation having a combined capital and surplus of at least $50,000,000 and shall be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of
      1939.  If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of a Federal, State or District of Columbia supervising or examining authority, then, for the purposes of this Section, the combined
      capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

    
      33

      
        

    

    Section 6.10          Resignation and Removal; Appointment of Successor Trustee.  (a)  The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of resignation to the Issuer and
      by delivering notice of such resignation to the Holders of then Outstanding Securities of each series affected at their addresses as they shall appear on the Security register.  Upon receiving such notice of resignation, the Issuer shall promptly
      appoint a successor trustee or trustees with respect to the applicable series by written instrument in duplicate, executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
      to the successor trustee or trustees.  If no successor trustee shall have been so appointed with respect to any series and have accepted appointment within 30 days after the delivery of such notice of resignation, the resigning trustee may petition
      any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series for at least six months may, on behalf of himself or herself
      and all others similarly situated, petition any such court for the appointment of a successor trustee.  Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

    

    

    
      	
              (b)

            	
              In case at any time any of the following shall occur:

            

    

    

    

    
      	
              (i)

            	
              the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act of 1939 with respect to any series of Securities after written request therefor by the
                Issuer or by any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months; or

            

    

    

    

    
      	
              (ii)

            	
              the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act of 1939 and shall fail to resign after written request therefor by
                the Issuer or by any Securityholder; or

            

    

    

    

    
      	
              (iii)

            	
              the Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged bankrupt or insolvent, or a receiver or liquidator of the Trustee or of its
                property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

            

    

    

    

    then, in any such case, (A) the Issuer may remove the Trustee with respect to the applicable series of Securities and appoint a successor trustee for such
      series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, (B) subject to Section 315(e) of the Trust
      Indenture Act of 1939, any Securityholder who has been a bona fide Holder of a Security or Securities of such series for at least six months may on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for
      the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

    
      34

      
        

    

    
      	
              (c)

            	
              The Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding may at any time remove the Trustee with respect to Securities of such
                series and, with the consent of the Issuer, appoint a successor trustee with respect to the Securities of such series by delivering to the Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided for
                in Section 7.01 of the action in that regard taken by the Securityholders.

            

    

    

    

    
      	
              (d)

            	
              Any resignation or removal of the Trustee with respect to any series and any appointment of a successor trustee with respect to such series pursuant to any of the provisions of this
                Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11.

            

    

    

    

    Section 6.11          Acceptance of Appointment by Successor Trustee.  Any

      successor trustee appointed as provided in Section 6.10 shall execute and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee
      with respect to all or any applicable series shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its
      predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to
      act shall, subject to Section 10.04, pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and deliver an instrument transferring to such successor trustee all such rights, powers, duties and obligations. 
      Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers.  Any trustee ceasing to act shall,
      nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to secure any amounts then due it pursuant to the provisions of Section 6.06.

    

    

    If a successor trustee is appointed with respect to the Securities of one or more (but not all) series, the Issuer, the predecessor trustee
      and each successor trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
      rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of any series as to which the predecessor trustee is not retiring shall continue to be vested in the predecessor trustee, and shall add to or change any of
      the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
      trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts under separate indentures.

    
      35

      
        

    

    No successor trustee with respect to any series of Securities shall accept appointment as provided in this Section 6.11 unless at the time
      of such acceptance such successor trustee shall be qualified under the provisions of Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 310(a) of the Trust Indenture Act of 1939.

    

    

    Upon acceptance of appointment by any successor trustee as provided in this Section 6.11, the Issuer shall deliver
      notice thereof to the Holders of Securities of each series affected, by delivering such notice to such Holders at their addresses as they shall appear on the Security register.  If the acceptance of appointment is substantially contemporaneous with
      the resignation, then the notice called for by the preceding sentence may be combined with the notice called for by Section 6.10.  If the Issuer fails to deliver such notice within ten days after acceptance of appointment by the successor trustee,
      the successor trustee shall cause such notice to be given at the expense of the Issuer.

    

    

    Section 6.12          Merger, Conversion, Consolidation or Succession to Business of Trustee.  Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the
      Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided, that such corporation shall be qualified under
      the provisions of Section 310(b) of the Trust Indenture Act of 1939 and eligible under the provisions of Section 310(a) of the Trust Indenture Act of 1939, without the execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding.

    

    

    In case, at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Securities of any
      series shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such Securities so authenticated; and, in case at that time any of the
      Securities of any series shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor trustee; and in all such cases such certificate
      shall have the full force which it is anywhere in the Securities of such series or in this Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the certificate
      of authentication of any predecessor trustee or to authenticate Securities of any series in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation.

    

    

    Section 6.13          Preferential Collection of Claims Against the Issuer.  The Trustee shall
      comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act of 1939.  A Trustee who has resigned or been removed shall be subject to Section 311(a) of the
      Trust Indenture Act of 1939 to the extent included therein.

    
      36

      
        

    

    ARTICLE 7

    CONCERNING THE SECURITYHOLDERS

    

    

    Section 7.01          Evidence of Action Taken by Securityholders.  Any

      request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by a specified percentage in principal amount of the Securityholders of any or all series may be embodied in and
      evidenced by one or more instruments of substantially similar tenor signed by such specified percentage of Securityholders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
      such action shall become effective when such instrument or instruments are delivered to the Trustee.  Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
      Sections 6.01 and 6.02) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Article.

    

    

    Section 7.02          Proof of Execution of Instruments and of Holding of Securities.  Subject to Sections 6.01 and 6.02, the execution of any instrument by a Holder or his agent or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the
      Trustee or in such manner as shall be satisfactory to the Trustee.  The holding of Securities shall be proved by the Security register or by a certificate of the registrar thereof.  The Issuer may set a record date for purposes of determining the
      identity of Holders of any series entitled to vote or consent to any action referred to in Section 7.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or
      reconsideration) not more than 60 days nor less than five days prior to the proposed date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of such series of record on such record date shall be
      entitled to so vote or give such consent or revoke such vote or consent.  Notice of such record date may be given before or after any request for any action referred to in Section 7.01 is made by the Issuer.

    

    

    Section 7.03          Holders to Be Treated as Owners.  The Issuer,
      the Trustee and any agent of the Issuer or of the Trustee may deem and treat the Person in whose name any Security shall be registered upon the Security register for such series as the absolute owner of such Security (whether or not such Security
      shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of, and, subject to the provisions of this Indenture, interest on, such Security and for
      all other purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.  All such payments so made to any such Person, or upon his or her order, shall be valid, and, to
      the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable.

    
      
        37

        
          

      

    

    Section 7.04          Securities Owned by Issuer Deemed Not Outstanding.  In determining whether
      the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series have concurred in any direction, consent or waiver under this Indenture, Securities that are owned by the Issuer or any other obligor on the
      Securities with respect to which such determination is being made or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the Securities with respect to
      which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that, for the purpose of determining whether the Trustee shall be protected in
      relying on any such direction, consent or waiver, only Securities which the Trustee knows are so owned shall be so disregarded.  Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to
      the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any Person directly or indirectly controlling or controlled by or under
      direct or indirect common control with the Issuer or any other obligor on the Securities.  In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such
      advice.

    

    

    Section 7.05          Right of Revocation of Action Taken.  At any
      time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified
      in this Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included among the serial numbers of the Securities the Holders of which have consented to such action may, by filing
      written notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security.  Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and
      binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard thereto
      is made upon any such Security.  Any action taken by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture in connection with such action shall be
      conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.

    

    

    ARTICLE 8

    SUPPLEMENTAL INDENTURES

    

    

    Section 8.01          Supplemental Indentures Without Consent of Securityholders.  The Issuer, when authorized by a resolution of its Board of Directors, and the Trustee may from time to time and at any time, without the consent of any of the
      Securityholders, enter into an indenture or indentures supplemental hereto in form satisfactory to the Trustee for one or more of the following purposes:

    

    

    
      	
              (a)

            	
              to convey, transfer, assign, mortgage or pledge to the Trustee as security for the Securities of one or more series any property or assets;

            

    

    

    

    
      	
              (b)

            	
              to evidence the succession of another Person to the Issuer, or successive successions, and the assumption by such successor of the covenants, agreements and obligations of the Issuer
                pursuant to, or to otherwise comply with, Article 9

            

    

    
      38

      
        

    

    
      	
              (c)

            	
              to comply with the requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture Act of 1939, as amended;

            

    

    

    

    
      	
              (d)

            	
              to add to the covenants of the Issuer such further covenants, restrictions, conditions or provisions as its Board of Directors and the Trustee shall consider to be for the protection of
                the Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of
                the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace
                after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an
                Event of Default or may limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default;

            

    

    

    

    
      	
              (e)

            	
              to cure any ambiguity, defect or inconsistency, or to conform this Indenture or any supplemental indenture to the description of the Securities set forth in any prospectus, prospectus
                supplement or offering memorandum related to such series of Securities;

            

    

    

    

    
      	
              (f)

            	
              to provide for or add guarantors for the Securities of one or more series;

            

    

    

    

    
      	
              (g)

            	
              to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03;

            

    

    

    

    
      	
              (h)

            	
              to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Securities of one or more series and to add to or change any of the
                provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Section 6.11;

            

    

    

    

    
      	
              (i)

            	
              to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities; provided that any such addition, change or elimination shall (A)
                not (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such
                provision or (B) shall become effective only when there is no Security described in clause (A)(i) Outstanding;

            

    

    
      39

      
        

    

    
      	
              (j)

            	
              to make any change to the Securities of any series so long as no Securities of such series are Outstanding; and

            

    

    
      	
              (k)

            	
              to make any other change that does not adversely affect the interests of the Holders of the Securities in any material respect.

            

    

    

    

    The Trustee shall join with the Issuer in the execution of any such supplemental indenture, to make any further appropriate agreements and
      stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such supplemental indenture which affects the
      Trustee’s own rights, duties or immunities under this Indenture or otherwise.

    

    

    Any supplemental indenture authorized by the provisions of this Section may be executed without the consent of the Holders of any of the
      Securities at the time Outstanding, notwithstanding any of the provisions of Section 8.02.

    

    

    Section 8.02          Supplemental Indentures With Consent of
        Securityholders.  With the consent (evidenced as provided in Article 7) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of one or more series affected by such supplemental
      indenture (voting as separate series), the Issuer, when authorized by a resolution of the Board of Directors, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding
      any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such consenting series; provided, that no such supplemental indenture shall, without the consent of the Holder of each Security so affected, (a) extend the final maturity of any Security, or reduce the principal amount thereof, or reduce
      the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or make the principal thereof (including any amount in respect of original issue discount) or interest thereon payable in any currency
      other than that provided in the Securities or in accordance with the terms thereof, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof pursuant to
      Section 5.01 or the amount thereof provable in bankruptcy pursuant to Section 5.02, or (b) waive a continuing default in the payment of principal of any Security or interest thereon, other than any such default in payment that resulted solely from
      such acceleration, or change a provision related to the waiver of past defaults or impair the right of any Securityholder to institute suit for the enforcement of any such payment on or after the Stated Maturity or the date of redemption or
      conversion of any Security or, if the Securities provide therefor, any right of repayment at the option of the Securityholder, or (c) modify any of the provisions of this section except to increase any required percentage or to provide that certain
      other provisions cannot be modified or waived without the consent of the Holder of each Security so affected, or (d) make any change that adversely affects the right to convert or exchange any Security into or for Common Stock or other securities,
      cash or other property in accordance with the terms of such Security or (e) reduce the aforesaid percentage of Securities of any series, the consent of the Holders of which is required for any such supplemental indenture or the consent of Holders of
      which is required for any modification, amendment or waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture.

    
      40

      
        

    

    A supplemental indenture which changes or eliminates any covenant, Event of Default or other provision of this Indenture (1) that has been
      expressly included solely for the benefit of one or more particular series of Securities, if any, or (2) which modifies the rights of Holders of Securities of one or more series with respect to any covenant, Event of Default or provision, shall be
      deemed not to affect the rights under this Indenture of the Holders of Securities of any other series with respect to which such covenant, Event of Default or other provision has not been included or so modified.

    

    

    Upon the request of the Issuer, accompanied by a Board Resolution authorizing the execution of any such supplemental indenture, and upon
      the filing with the Trustee of evidence of the consent of Securityholders as aforesaid and other documents, if any, required by Section 7.01, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such
      supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

    

    

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

    

    

    Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the
      Trustee shall give a notice thereof to the Holders of then Outstanding Securities of each series affected thereby, by delivering a notice thereof, and in each case such notice shall set forth in general terms the substance of such supplemental
      indenture.  Any failure of the Trustee to deliver such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

    

    

    Section 8.03          Effect of Supplemental Indenture.  Upon the
      execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities
      under this Indenture of the Trustee, the Issuer and the Holders of Securities of each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
      amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

    
      41

      
        

    

    Section 8.04          Documents to Be Given to Trustee.  The Trustee,
      subject to the provisions of Sections 6.01 and 6.02, may receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article 8 complies with the applicable provisions of
      this Indenture.

    

    

    Section 8.05          Notation on Securities in Respect of Supplemental Indentures.  Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in form approved by the Trustee
      for such series as to any matter provided for by such supplemental indenture or as to any action taken by Securityholders.  If the Issuer or the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the
      Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then
      Outstanding.

    

    

    ARTICLE 9

    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

    

    

    Section 9.01          Issuer May Consolidate, Etc., on Certain Terms.  The

      Issuer shall not consolidate with or merge into any other Person (in a transaction in which the Issuer is not the surviving corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless (a) the
      Person formed by such consolidation or into which the Issuer is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Issuer substantially as an entirety (i) shall be a corporation, limited
      liability company, partnership or trust, (ii) shall be organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and (iii) shall expressly assume, by an indenture supplemental hereto,
      executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal, interest on and any Additional Amounts with respect to all the Securities and the performance or observance of every covenant
      of this Indenture on the part of the Issuer to be performed, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by the Person formed by such consolidation or into which the Issuer shall have been
      merged or by the Person which shall have acquired the Issuer’s assets; (b) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall
      have happened and be continuing; and (c) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is
      required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

    

    

    The restrictions in this Section 9.01 shall not apply to (i) the merger or consolidation of the Issuer with one of its affiliates, if the
      Board of Directors determines in good faith that the purpose of such transaction is principally to change the Issuer’s State of incorporation or convert the Issuer’s form of organization to another form, or (ii) the merger of the Issuer with or into
      a single direct or indirect wholly owned Subsidiary.

    
      42

      
        

    

    Section 9.02          Successor Issuer Substituted.  Upon any
      consolidation of the Issuer with, or merger of the Issuer into, any other Person or any conveyance, transfer or lease of the properties and assets of the Issuer substantially as an entirety in accordance with Section 9.01, the successor Person formed
      by such consolidation or into which the Issuer is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect
      as if such successor Person had been named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities.

    

    

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

    

    

    ARTICLE 10

    SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEYS

    

    

    Section 10.01        Satisfaction and Discharge of Indenture; Defeasance. 
      (a)  If at any time

    

    

    
      	
              (i)

            	
              the Issuer shall have paid or caused to be paid the principal of and interest on and any Additional Amounts with respect to all the Securities of any series Outstanding hereunder (other
                than Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.09) as and when the same shall have become due and payable, or

            

    

    

    

    
      	
              (ii)

            	
              the Issuer shall have delivered to the Trustee for cancellation all Securities of any series theretofore authenticated (other than any Securities of such series which shall have been
                destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09); or

            

    

    

    

    
      	
              (iii)

            	
              in the case of any series of Securities the exact amount (including the currency of payment) of principal of and interest and Additional Amounts due on which on the dates referred to in
                clause (B) below can be determined at the time of making the deposit referred to in such clause,

            

    

    
      43

      
        

    

    
      	
              (A)

            	
              all the Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one
                year or are to be called for redemption within one year in accordance with their terms under arrangements satisfactory to the Trustee for the giving of notice of redemption, and

            

    

    

    

    
      	
              (B)

            	
              the Issuer shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds the entire amount (i) in the case of any series of Securities the payments on which
                may only be made in Dollars, in Dollars (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with Section 10.04) and/or U.S. Government Obligations maturing as to principal and interest in such amounts
                and at such times as will insure the availability of cash in such currency, or (ii) in the case of any series of Securities the payments on which may only be made in a Foreign Currency, in such Foreign Currency (other than moneys repaid by
                the Trustee or any paying agent to the Issuer in accordance with Section 10.04) and/or Foreign Government Obligations maturing as to principal and interest in such amounts and at such times as will insure the availability of cash in such
                currency, in each case sufficient to pay on any subsequent Interest Payment Date all interest due on such Interest Payment Date on the Securities of such series and to pay at maturity or upon redemption all Securities of such series (in
                each case other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including
                principal, interest and Additional Amounts due or to become due to such date of maturity, as the case may be,

            

    

    

    

    and if, in a case described in Section 10.01(a)(iii)(B), the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer,
      including amounts due the Trustee pursuant to Section 6.06, with respect to Securities of such series, then this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (1) rights of registration of
      transfer, conversion and exchange of Securities of such series and the Issuer’s right of optional redemption, (2) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (3) rights of Holders of Securities to
      receive, solely from the trust fund described in Section 10.01(a)(iii)(B), payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of the Holders to receive,
      solely from the trust fund described in Section 10.01(a)(iii)(B), sinking fund payments, if any, (4) the rights (including the Trustee’s rights under Section 10.05) and immunities of the Trustee hereunder and the Trustee’s obligations under Sections
      10.02 and 10.04 and (5) the obligations of the Issuer under Section 3.02), and the Trustee, on demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel which complies with Section 11.05 and at the cost and expense of the
      Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging this Indenture with respect to such series.  The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred
      and to compensate the Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection with this Indenture or the Securities of such series.

    
      44

      
        

    

    
      	
              (b)

            	
              The following subsection shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution, Officer’s Certificate or indenture supplemental
                hereto pursuant to Section 2.03.  In addition to the right to discharge of the Indenture pursuant to subsection (a) above, the Issuer, at its option and at any time, by written notice by an officer delivered to the Trustee, may elect to
                have all of its obligations with respect to all Outstanding Securities of a series discharged (“Legal Defeasance”), such discharge to be effective on the date that the conditions set forth in clauses (i) through (iv) and (vi) of Section
                10.01(d) are satisfied, and thereafter the Issuer shall be deemed to have paid and discharged the entire Debt on all the Securities of such series, and satisfied all its other obligations under such Securities and this Indenture insofar as
                such Securities are concerned and this Indenture shall cease to be of further effect with respect to Securities of such series (except as to (1) rights of registration of transfer, conversion and exchange of Securities of such series, (2)
                substitution of apparently mutilated, defaced, destroyed, lost or stolen Securities, (3) rights of Holders of Securities to receive, solely from the trust fund described in Section 10.01(d)(i), payments of principal thereof, interest
                thereon and any Additional Amounts, upon the original Stated Maturities therefor (but not upon acceleration) and remaining rights of the Holders to receive, solely from the trust fund described in Section 10.01(d)(i), sinking fund payments,
                if any, (4) the rights (including the Trustee’s rights under Section 10.05) and immunities of the Trustee hereunder and the Trustee’s obligations with respect to the Securities of such series under Sections 10.02 and 10.04 and (5) the
                obligations of the Issuer under Section 3.02).

            

    

    

    

    
      	
              (c)

            	
              The following subsection shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution, Officer’s Certificate or indenture supplemental
                hereto provided pursuant to Section 2.03.  In addition to the right to discharge of the Indenture pursuant to subsection (a) and to Legal Defeasance pursuant to subsection (b), above, the Issuer, at its option and at any time, by written
                notice executed by an officer delivered to the Trustee, may elect to have its obligations under any covenant contained in this Indenture or in the Board Resolution or supplemental indenture relating to such series pursuant to Section 2.03
                discharged with respect to all Outstanding Securities of a series, this Indenture and any indentures supplemental to this Indenture with respect to such series (“Covenant Defeasance”), such discharge to be effective on the date the
                conditions set forth in clauses (i) through (iii) and (v) through (vi) of Section 10.01(d) are satisfied, and such Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or
                declaration of Securityholders (and any consequences thereof) in connection with such covenants, but shall continue to be “Outstanding” for all other purposes under this Indenture.  For this purpose, such Covenant Defeasance means that,
                with respect to the Outstanding Securities of a series, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly
                or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an Event
                of Default under Section 5.01(c) or otherwise, but except as specified in this Section 10.01(c), the remainder of the Issuer’s obligations under the Securities of such series, this Indenture, and any indentures supplemental to this
                Indenture with respect to such series shall be unaffected thereby.

            

    

    
      45

      
        

    

    
      	
              (d)

            	
              The following shall be the conditions to the application of Legal Defeasance (to the extent set forth in subsection (b)), or Covenant Defeasance (to the extent set forth in subsection
                (c)) to the Securities of the applicable series:

            

    

    

    

    
      	
              (i)

            	
              the Issuer irrevocably deposits or causes to be deposited in trust with the Trustee or, at the option of the Trustee, with a trustee satisfactory to the Trustee and the Company under
                the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee, (i) in the case of any series of Securities the payments on which may only be made in Dollars, Dollars (other than moneys repaid by the Trustee
                or any paying agent to the Issuer in accordance with Section 10.04) and/or U.S. Government Obligations maturing as to principal and interest in such amounts and at such times as will insure the availability of cash in such currency, or (ii)
                in the case of any series of Securities the payments on which may only be made in a Foreign Currency, such Foreign Currency (other than moneys repaid by the Trustee or any paying agent to the Issuer in accordance with Section 10.04) and/or
                Foreign Government Obligations maturing as to principal and interest in such amounts and at such times as will insure the availability of cash in such currency, in each case sufficient to pay on any subsequent Interest Payment Date all
                interest due on such Interest Payment Date on the Securities of such series and to pay at maturity or upon redemption all Securities of such series (in each case other than any Securities of such series which shall have been destroyed, lost
                or stolen and which shall have been replaced or paid as provided in Section 2.09) not theretofore delivered to the Trustee for cancellation, including principal, interest and Additional Amounts due or to become due to such date of maturity,
                as the case may be;

            

    

    

    

    
      	
              (ii)

            	
              the Issuer delivers to the Trustee an Officer’s Certificate stating that all conditions precedent specified herein relating to Legal Defeasance or Covenant Defeasance, as the case may
                be, have been complied with, and an Opinion of Counsel to the same effect;

            

    

    
      46

      
        

    

    
      	
              (iii)

            	
              no Event of Default under subsection (a), (b), (d) or (e) of Section 5.01 shall have occurred and be continuing, and no event which with notice or lapse of time or both would become
                such an Event of Default shall have occurred and be continuing, on the date of such deposit;

            

    

    

    

    
      	
              (iv)

            	
              in the event of an election for Legal Defeasance under subsection (b), the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (A) the
                Issuer has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the
                effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit, defeasance and discharge to be effected with respect
                to such Securities and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would be the case if such deposit, defeasance and discharge were not to occur;

            

    

    

    

    
      	
              (v)

            	
              in the event of an election for Covenant Defeasance under subsection (c), the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such
                Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in
                the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur; and

            

    

    

    

    
      	
              (vi)

            	
              notwithstanding any other provisions of this subsection (d), such defeasance shall be effected in compliance with any additional or substitute terms, conditions or limitations that may
                be imposed on the Issuer pursuant to Section 2.03.

            

    

    

    

    After such irrevocable deposit made pursuant to this Section 10.01(d) and satisfaction of the other applicable conditions set forth in
      this subsection (d), the Trustee upon request shall execute proper instruments acknowledging the discharge of the Issuer’s obligations pursuant to this Section 10.01.

    

    

    Section 10.02         Application by Trustee of
        Funds Deposited for Payment of Securities.  Subject to Section 10.04, all moneys deposited with the Trustee (or other trustee) pursuant to Section 10.01 shall be held in trust and applied by it to the
      payment, either directly or through any paying agent (including the Issuer acting as its own paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys have been deposited with the
      Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.

    
      47

      
        

    

    Section 10.03         Repayment of Moneys Held by Paying Agent.  In
      connection with the satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Securities shall, upon demand of
      the Issuer, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys.

    

    

    Section 10.04         Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years.  Any moneys deposited with or paid to the Trustee or any paying agent for the payment of the principal of, interest on or additional amounts in respect of any Security of any series and not applied but
      remaining unclaimed for two years after the date upon which such principal, interest or additional amount shall have become due and payable, shall be repaid to the Issuer by the Trustee for such series
      or such paying agent, and the Holder of the Securities of such series shall thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent with respect to such
      moneys shall thereupon cease.

    

    

    Section 10.05         Indemnity for U.S. Government Obligations and Foreign
        Government Obligations.  The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 10.01
      or the principal or interest received in respect of such obligations.

    

    

    ARTICLE 11

    MISCELLANEOUS PROVISIONS

    

    

    Section 11.01         No Recourse.  No recourse under or upon any
      obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the
      Issuer or of any predecessor or successor corporation, either directly or through the Issuer or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or
      penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the
      incorporators, stockholders, officers or directors as such, of the Issuer or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
      covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any
      and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in
      this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

    
      48

      
        

    

    Section 11.02         Provisions of Indenture for the Sole Benefit of
        Parties and Holders of Securities.  Nothing in this Indenture or in the Securities, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties
      hereto and their successors and the Holders of the Securities any legal or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the
      parties hereto and their successors and of the Holders of the Securities.

    

    

    Section 11.03         Successors and Assigns of Issuer Bound by Indenture.  All the covenants,
      stipulations, promises and agreements contained in this Indenture by or on behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.

    

    

    Section 11.04         Notices and Demands on Issuer, Trustee and Holders of Securities.  Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer may be delivered, given
      or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to PAR Technology Corporation, PAR Technology
      Park, 8383 Seneca Turnpike, New Hartford, New York 13413, Attn: Chief Financial Officer.  Any notice, direction, request or demand by the Issuer or any Holder of Securities to or upon the Trustee shall be deemed to have been sufficiently given or
      made, for all purposes, if given or made at The Bank of New York Mellon Trust Company, N.A., 500 Ross Street 12th Floor, Pittsburgh, PA 15262, Attn: Global Corporate
      Trust – PAR Technology Corporation.

    

    

    Where this Indenture provides for notice to Holders of Securities, such notice shall be sufficiently given (unless otherwise herein
      expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his, her or its last address as it appears in the Security register.  In case, by reason of the suspension of or irregularities in regular
      mail service, it shall be impracticable to mail notice of any event to Holders of Securities when said notice is required to be given pursuant to any provision of this Indenture or of the Securities, then any manner of giving such notice as shall be
      satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

    

    

    In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer
      when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

    
      49

      
        

    

    Where this Indenture provides for notice of any event to a Holder of a Global Security, such notice shall be sufficiently given if given to
      the Depositary for such Security (or its designee), pursuant to the Applicable Procedures of the Depositary, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice.

    

    

    Neither the failure to give notice, nor any defect in any notice so given, to any particular Holder of a Security shall affect the
      sufficiency of such notice with respect to other Holders of Securities given as provided above.

    

    

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

    

    

    Section 11.05         Officer’s Certificates and Opinions of Counsel;
        Statements to Be Contained Therein.  Upon any application or demand by the Issuer to the Trustee to take any action under any of the provisions of this Indenture, the Issuer shall furnish to the
      Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions
      precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand,
      no additional certificate or opinion need be furnished.

    

    

    Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
      covenant provided for in this Indenture 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 or she has made such examination or investigation as is necessary to enable him or
      her 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.

    

    

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

    
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    Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based, insofar as it relates to accounting matters,
      upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect to the
      accounting matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous.

    

    

    Any certificate or opinion of any independent firm of public accountants filed with and directed to the Trustee shall contain a statement
      that such firm is independent.

    

    

    Section 11.06         Payments Due on Saturdays, Sundays and Holidays.  If

      the date of maturity of interest on or principal of the Securities of any series or the date fixed for redemption or repayment of any such Security, or the last day on which a Holder has the right to convert any Security, shall not be a Business Day,
      then payment of interest or principal, or any conversion, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or on such
      last day for conversion, and no interest shall accrue for the period after such date.

    

    

    Section 11.07         Conflict of Any Provision of Indenture With Trust Indenture Act of 1939.  If and to the extent that any provision of this Indenture limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317,
      inclusive, of the Trust Indenture Act of 1939, such incorporated provision shall control.

    

    

    Section 11.08         New York Law to Govern.  This Indenture and
      each Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be governed by and construed in accordance with the laws of such State without regard to any principle of conflict of laws that would
      require or permit the application of the laws of any other jurisdiction, except as may otherwise be required by mandatory provisions of law.

    

    

    Section 11.09         Counterparts.  This Indenture may be executed
      in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.

    

    

    Section 11.10         Effect of Headings.  The Article and Section
      headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

    
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    Section 11.11         Actions by Successor.  Any act or proceeding by
      any provision of this Indenture authorized or required to be done or performed by any board of directors or its equivalent, committee or officer of the Issuer shall and may be done and performed with like force and effect by the corresponding board,
      committee or officer of any corporation that shall at the time be the lawful successor of the Issuer.

    

    

    Section 11.12         Severability.  In case any one or more of the
      provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of
      this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

     

    

    ARTICLE 12

    REDEMPTION OF SECURITIES AND SINKING FUNDS

    

    

    Section 12.01         Applicability of Article.  The provisions of
      this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking fund for the retirement of Securities of a series, except as otherwise specified, as contemplated by Section 2.03 for
      Securities of such series.

    

    

    Section 12.02         Notice of Redemption; Partial Redemptions.  Notice

      of redemption to the Holders of Securities of any series to be redeemed as a whole or in part at the option of the Issuer shall be given by providing notice of such redemption at least 30 days and not more than 60 days prior to the date fixed for
      redemption to such Holders of Securities of such series at their last addresses as they shall appear upon the Security register.  Any notice which is given in the manner herein provided shall be conclusively presumed to have been duly given, whether
      or not the Holder receives the notice.  Failure to give notice or any defect in the notice to the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the
      proceedings for the redemption of any other Security of such series.

    

    

    The notice of redemption to each such Holder shall specify the principal amount of each Security of such series held by such Holder to be
      redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption is pursuant to the mandatory or optional sinking fund,
      or both, if such be the case, that interest accrued to the date fixed for redemption will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue and shall
      also specify, if applicable, the conversion price then in effect and the date on which the right to convert such Securities or the portions thereof to be redeemed will expire.  In case any Security of a series is to be redeemed in part only, the
      notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of such series in principal
      amount equal to the unredeemed portion thereof will be issued.

    
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    The notice of redemption of Securities of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the
      Issuer’s request, by the Trustee in the name and at the expense of the Issuer.

    

    

    On or before the redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the
      Trustee or with one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in Section 3.04) an amount of money sufficient to redeem on the redemption date all the Securities of
      such series so called for redemption (other than those Securities theretofore surrendered for conversion into Common Stock in accordance with their terms) at the appropriate redemption price, together with accrued interest to the date fixed for
      redemption.  If any Security called for redemption is converted pursuant hereto and in accordance with the terms thereof, any money deposited with the Trustee or any paying agent or so segregated and held in trust for the redemption of such Security
      shall be paid to the Issuer upon the Issuer’s request, or, if then held by the Issuer, shall be discharged from such trust.  The Issuer will deliver to the Trustee at least 10 days prior to the date the notice required to be delivered to the Holders
      is to be sent (unless a shorter time period shall be acceptable to the Trustee) an Officer’s Certificate (which need not comply with Section 11.05) stating the aggregate principal amount of Securities to be redeemed.  In case of a redemption at the
      election of the Issuer prior to the expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section, an Officer’s Certificate stating that
      such restriction has been complied with.

    

    

    If less than all the Securities of a series are to be redeemed, the Trustee shall select, in such manner as it
      shall deem appropriate and fair, Securities of such series to be redeemed in whole or in part.  Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities of such series or any multiple thereof.  The
      Trustee shall promptly notify the Issuer in writing of the Securities of such series selected for redemption and, in the case of any Securities of such series selected for partial redemption, the principal amount thereof to be redeemed.  For all
      purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the
      principal amount of such Security which has been or is to be redeemed.  If any Security selected for partial redemption is surrendered for conversion after such selection, the converted portion of such Security shall be deemed (so far as may be
      possible) to be the portion selected for redemption.

    
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    Section 12.03         Payment of Securities Called for Redemption.  If

      notice of redemption has been given as above provided, the Securities or portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with
      interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on the Securities or
      portions of Securities so called for redemption shall cease to accrue, and such Securities shall cease from and after the date fixed for redemption to be convertible into Common Stock (to the extent otherwise convertible in accordance with their
      terms), if applicable, and cease to be entitled to any benefit or security under this Indenture, and except as provided in the paragraph below, the Holders thereof shall have no right in respect of such Securities except the right to receive the
      redemption price thereof and unpaid interest to the date fixed for redemption.  On presentation and surrender of such Securities at a place of payment specified in said notice, said Securities or the specified portions thereof shall be paid and
      redeemed by the Issuer at the applicable redemption price, together with interest accrued thereon to the date fixed for redemption; provided, that payment of interest becoming due on or prior to the date fixed
      for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date subject to the terms and provisions of Sections 2.03 and 2.07 hereof.

    

    

    If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly
      provided for, bear interest from the date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by such Security and, if applicable, such Security shall
      remain convertible into Common Stock until the principal of such Security shall have been paid or duly provided for.

    

    

    Upon presentation of any Security redeemed in part only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on
      the order of the Holder thereof, at the expense of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion of the Security so presented.

    

    

    Section 12.04        Exclusion of Certain Securities from Eligibility for Selection for Redemption.  Securities shall be excluded from eligibility for selection for redemption if they are identified by registration and certificate number in an Officer’s Certificate delivered to the
      Trustee at least 40 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written
      statement as directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer.

    

    

    Section 12.05         Mandatory and Optional Sinking Funds.  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 payment in excess of such minimum amount
      provided for by the terms of the Securities of any series is herein referred to as an “optional sinking fund payment”.  The date on which a sinking fund payment is to be
      made is herein referred to as the “sinking fund payment date”.

    
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    In lieu of making all or any part of any mandatory sinking fund payment with respect to any series of Securities in cash, the Issuer may at
      its option (a) deliver to the Trustee Securities of such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not previously
      so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10 and, if applicable, receive credit for Securities (not previously so credited)
      converted into Common Stock and so delivered to the Trustee for cancellation, (b) receive credit for optional sinking fund payments (not previously so credited) made pursuant to this Section, or (c) receive credit for Securities of such series (not
      previously so credited) redeemed by the Issuer through any optional redemption provision contained in the terms of such series.  Securities so delivered or credited shall be received or credited by the Trustee at the sinking fund redemption price
      specified in such Securities.

    

    

    On or before the 60th day next preceding each sinking fund payment date for any series, the Issuer will deliver to
      the Trustee an Officer’s Certificate (which need not contain the statements required by Section 11.05) (a) specifying the portion of the mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied by credit of
      Securities of such series and the basis for such credit, (b) stating that none of the Securities of such series for which credit will be taken has theretofore been so credited, (c) stating that no defaults in the payment of interest or Events of
      Default with respect to such series have occurred (which have not been waived or cured) and are continuing and (d) stating whether or not the Issuer intends to exercise its right to make an optional sinking fund payment with respect to such series
      and, if so, specifying the amount of such optional sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date.  Any Securities of such series to be credited and required to be delivered to the
      Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with such Officer’s Certificate (or
      reasonably promptly thereafter if acceptable to the Trustee).  Such Officer’s Certificate shall be irrevocable and upon its receipt by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or payments therein
      referred to, if any, on or before the next succeeding sinking fund payment date.  Failure of the Issuer, on or before any such 60th day, to deliver such Officer’s Certificate and Securities specified in this paragraph, if any, shall not constitute a
      default but shall constitute, on and as of such date, the irrevocable election of the Issuer that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the
      option to deliver or credit Securities of such series in respect thereof.

    
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    If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment date
      plus any unused balance of any preceding sinking fund payments made in cash shall exceed $50,000 (or the equivalent thereof in any Foreign Currency or a lesser sum in Dollars or in any Foreign Currency if the Issuer shall so request) with respect to
      the Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Securities of such series at the sinking fund redemption price together with accrued interest to the date fixed
      for redemption.  If such amount shall be $50,000 (or the equivalent thereof in any Foreign Currency) or less and the Issuer makes no such request then it shall be carried over until a sum in excess of $50,000 (or the equivalent thereof in any Foreign
      Currency) is available, which delay in accordance with this paragraph shall not be a default or breach of the obligation to make such payment.  The Trustee shall select, in the manner provided in Section 12.02, for redemption on such sinking fund
      payment date a sufficient principal amount of Securities of such series to which such cash may be applied, as nearly as may be, and shall (if requested in writing by the Issuer) inform the Issuer of the serial numbers of the
      Securities of such series (or portions thereof) so selected.  The Trustee, in the name and at the expense of the Issuer (or the Issuer, if it shall so request the Trustee in writing), shall cause notice of redemption of the Securities of such series
      to be given in substantially the manner provided in Section 12.02 (and with the effect provided in Section 12.03) for the redemption of Securities of such series in part at the option of the Issuer.  The amount of any sinking fund payments not so
      applied or allocated to the redemption of Securities of such series shall be added to the next cash sinking fund payment for such series and, together with such payment, shall be applied in accordance with the provisions of this Section.  Any and all
      sinking fund moneys held on the stated maturity date of the Securities of any particular series (or earlier, if such maturity is accelerated), which are not held for the payment or redemption of particular Securities of such series, shall be applied,
      together with other moneys, if necessary, sufficient for the purpose, to the payment of the principal of, and interest on, the Securities of such series at maturity.  The Issuer’s obligation to make a mandatory or optional sinking fund payment shall
      automatically be reduced by an amount equal to the sinking fund redemption price allocable to any Securities or portions thereof called for redemption pursuant to the preceding paragraph on any sinking fund payment date and converted into Common
      Stock in accordance with the terms of such Securities; provided that, if the Trustee is not the conversion agent for the Securities, the Issuer or such conversion agent
      shall give the Trustee written notice on or prior to the date fixed for redemption of the principal amount of Securities or portions thereof so converted.

    

    

    On or before each sinking fund payment date, the Issuer shall pay to the Trustee in cash or shall otherwise provide for the payment of all
      interest accrued to the date fixed for redemption on Securities to be redeemed on such sinking fund payment date.

    
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    The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking fund moneys or give any notice of redemption
      of Securities for such series by operation of the sinking fund during the continuance of a default in payment of interest on such Securities or of any Event of Default except that, where providing notice of redemption of any Securities shall
      theretofore have been made, the Trustee shall redeem or cause to be redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for such redemption.  Except as aforesaid, any moneys in the sinking fund for such
      series at the time when any such default or Event of Default shall occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have been
      collected under Article 5 and held for the payment of all such Securities.  In case such Event of Default shall have been waived as provided in Section 5.10, or the default cured on or before the 60th day preceding the sinking fund payment date in
      any year, such moneys shall thereafter be applied on such sinking fund payment date in accordance with this Section to the redemption of such Securities.

    

    

    [Signature pages follow]

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

      

      

      

      

      	 	
              PAR TECHNOLOGY CORPORATION, as Issuer

            
	 	 	 
	 	
              By:

            	
              /s/ Bryan Menar

            
	 	 	
              Name: Bryan Menar

            
	 	 	
              Title: Chief Financial Officer

            

      

      

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

            
	 	 	 
	 	
              By:

            	
              /s/ Julie Hoffman-Ramos

            
	 	 	
              Name: Julie Hoffman-Ramos

            
	 	 	
              Title: Vice President

            

      

      

    

    

    
      [Signature page to Indenture]

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