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EXECUTIVE EMPLOYMENT AGREEMENT

(Werner Funk)

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) dated March 10, 2021, is entered into by and between Omnitek Engineering Corp., a California corporation (the “Company”) and Werner Funk, an individual (“Employee”).    

 

RECITALS

 

WHEREAS, Employee is the founder of the Company and has served as its Chief Executive Officer, President, Secretary and a Member of the Company’s board of directors since the Company’s formation in May of 2001, and is subject to the terms of the Employment Agreement dated January 15, 2018 which term ended on January 14, 2021.

 

WHEREAS, the Company desires to continue the employment of Employee in an Employee capacity on the terms and conditions and for the consideration hereinafter set forth for the period provided herein commencing upon the Effective Date, and Employee desires employment with the Company on such terms and conditions and for such consideration as set forth herein; and

 

WHEREAS, Employee possesses significant capabilities and knowledge important for the development of the Company’s business and the Company desires to provide incentive to Employee to provide his services to the Company; and

 

WHEREAS, Employee has, and will acquire during the term of his employment, significant knowledge and experience in the Company’s business and intimate knowledge of its customers, processes, trade secrets, and/or other business information, and the Company needs to protect its commercial goodwill and other assets.

 

NOW THEREFORE, in consideration of the foregoing, the agreements set forth below, the parties’ desire to preserve the value inherent in the Company for their mutual benefit, and for other valuable consideration (the receipt of which Employee hereby acknowledges), Employee, intending to be legally bound hereby, agrees with the Company as follows: 

 

AGREEMENT

 

1.Employment.  The Company hereby agrees to employ Employee, and Employee hereby accepts employment on the terms and conditions set forth herein, commencing March 10, 2021 (the “Effective Date”).    

 

2.Term of Employment.  The term of Employee’s employment shall begin on the Effective Date and shall continue for a period of three (3) years until March 09, 2024, unless terminated earlier pursuant to other provisions of this Agreement.  At the end of the initial term, unless terminated pursuant to other provisions of this Agreement, this Agreement will renew for additional term of one year, the date of renewal being the “Renewal Date”.  The period during which Employee remains an Employee of the Company may be referred to herein as the “Employment Period”). 

 

3.Position.  During Employee’s employment with the Company, Employee shall serve as President and Chief Executive Officer of the Company and, if elected or appointed as otherwise provided, shall be a member of the Company’s board of directors.  Employee shall report and be responsible to the board of directors of the Company.  Company shall maintain a full-time office in San Diego County,  

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California, during the Employment Period and Employee shall not be required to relocate to a work location more than 25 miles from such office during the Employment Period.

 

4.Scope of Services.   

 

(a)Scope. Employee shall be responsible for the management and running of the day-to-day operations of the Company and shall focus his time and energy on the business development, sales, research and development and marketing for the Company.  Employee agrees to devote such time, attention, skills, and best efforts to the performance of these duties. The Company acknowledges that the Employee is also currently engaged as the President and Chief Executive Officer and a Director of Nology Engineering, Inc. (“Nology”), as well as various other ventures, and that Employee may continue in such capacity, without limitation.  Employee agrees that Nology are not engaged in any activity currently in direct competition with the business of the Company and that Employee shall refrain from engaging in any business related directly or indirectly to the business of the Company. 

 

(b)Related Business Opportunity. During the Employment Period, the Employee (i) shall inform the Company of each actual business opportunity available to the Company that falls within or is related to the business plan of the Company or any Related Company (as hereinafter defined) of which he becomes aware (each such actual business opportunity a “Company Related Business Opportunity”) and shall not, directly or indirectly, exploit any such Company Related Business Opportunity for his own account or others in competition with or planning to be in competition with the Company or any Related Company; and (ii) shall not render any services to any other such person or business to develop any such Company Related Business Opportunity, other than in his capacity as an Employee of the Company or as otherwise approved by the board of directors of the Company. 

 

5.Salary, Compensation, and Benefits. 

 

(a)Base Salary.  During the Employment Period, the Company agrees to pay, and Employee agrees to accept, a Base Salary of $150,000 per year. 

 

(b)Employee’s salary shall be payable upon the same schedule that the Company pays its employees generally.  Base Salary will be reviewed from time to time by the Board of Directors of the Company.  

 

(c)Annual Bonus. Annual bonus payments shall be determined by the Company’s Board of Directors in its sole discretion in accordance with performance-based criteria applicable generally to the Employee-level employees of the Company and its other majority-owned subsidiaries.  

 

(d)Additional Bonus.  Additional bonus payments and amounts shall be determined by the Company’s board of directors in its sole discretion in accordance with performance-based criteria applicable generally to the Employee-level employees of the Company.  

 

(e)Equity Participation.  The Company hereby grants to Employee options to purchase up to 300,000 shares of the Company’s common stock (as adjusted for stock splits, combinations, recapitalizations, and the like occurring on and after the Effective Date) (such options the “Options”), with an exercise price of $0.1155 per share representing 110% of the average of the closing price of the common stock as reported on the OTCBB as of the Effective Date.  One-thirty sixth (1/36) of the total number of shares subject to the Options shall vest and  

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become exercisable at the end of each month following the Effective Date on the same day of each month as the Effective Date, so that all shares subject to the Options will be fully vested on the third anniversary of the Effective Date.  These Options will be exercisable for a period of seven (7) years from the Effective Date and will be incentive stock options to the extent permitted by applicable law.  The options shall be granted pursuant to the Company’s 2017 Long-Term Incentive Plan, as it may be amended and adopted from time to time.

 

(f)Fringe Benefits.  During the Employment Period, Employee shall be entitled to the benefits of such group medical, travel and accident, short- and long-term disability, and term life insurance, if any, as the Company shall make generally available from time to time to the Company’s Executive officers. 

 

(g)Other.  During the Employment Period, Employee and, to the extent applicable, Employee’s family, dependents, and beneficiaries, shall be allowed to participate in all benefits, plans, and programs, including improvements or modifications of the same, that are now or may hereafter be available to Executive officers of the Company generally.  Such benefits, plans, and programs may include a profit sharing plan, a thrift plan, group medical insurance, dental insurance, vision insurance, travel and accident insurance, short-term and long-term disability insurance, life insurance, and a pension plan.  The Company shall not, however, by reason of this subsection be obligated to institute, maintain, or refrain from changing, amending, or discontinuing any such benefit plan or program, so long as such changes are similarly applicable to Executive Officers of the Company generally. 

 

(h)Reimbursement.  The Company shall reimburse Employee (or, in the Company’s sole discretion, shall pay directly), upon presentation of vouchers and other supporting documentation as the Company may reasonably require, for reasonable out-of-pocket expenses incurred by Employee relating to the business or affairs of the Company or the performance of Employee’s duties hereunder, including reasonable expenses for entertainment, travel, and similar items, provided that Employee shall have complied with the Company’s regular reimbursement procedures and practices generally applicable from time to time to the Company’s Executive officers. 

 

(i)Vacation.  In addition to statutory holidays and other holidays declared by the Company that are of general applicability to the Company’s Employees, during the term of this Agreement, Employee shall be entitled to three (3) weeks of vacation each calendar year during Employee’s employment, accruing ratably each month, to be taken in accordance with the procedures and practices generally applicable from time to time to the Company’s Employees, provided that such vacation time for any particular calendar year that accrues but is not taken shall carry over to subsequent calendar years.   

 

(j)Withholding.  The Company may withhold from Employee’s compensation all applicable amounts required by law. 

 

6.Termination by the Company.  The following provisions shall govern the termination of Employee’s employment by the Company during the term of this Agreement. 

 

(a)Termination by the Company for Cause.  The Company shall have the right to terminate Employee’s employment with the Company “For Cause” (as such term is hereinafter defined), effective upon notice of termination to Employee.  As used herein, the term “For Cause” shall mean (i) Employee’s repeated failure, in the reasonable judgment of the Company’s board of directors, to substantially perform his assigned duties or responsibilities as President and  

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Chief Executive Officer of the Company as reasonably directed or assigned by the Company’s board of directors (other than a failure resulting from the Employee’s Disability); (ii) Employee engaging in knowing and intentional illegal conduct that was or is materially injurious to the Company; (iii) Employee’s knowing violation of a federal or state law or regulation directly or indirectly applicable to the business of the Company, which violation was or is reasonably likely to be injurious to the Company; (iv) Employee’s material breach of the terms of any confidentiality agreement or invention assignment agreement between Employee and the Company; (v) repeated misuse (following at least one written warning from the Company) of alcohol, narcotics, or other controlled substances that is materially detrimental to the Company and that materially interferes with Employee’s performance of his duties hereunder; or (vi) Employee being convicted of, or entering a plea of nolo contendere to, a felony or committing any act of moral turpitude or fraud against, or the misappropriation of material property belonging to the Company, provided, however, in all cases other than Employee being convicted of, or entering a plea of nolo contendere to, a felony, that prior to the Company having the right to terminate Employee’s employment with the Company For Cause pursuant to this Subsection 6(a), (1) the Company’s board of directors must first provide written notice to Employee describing in reasonable detail the basis upon which the Company would terminate Employee’s employment with the Company For Cause and the Employee must have had opportunity to address the Company’s board of directors, with counsel, regarding such alleged basis and (2) Employee shall have failed, during the period of 30 days following such opportunity to address the Company’s board of directors, to remedy any such alleged basis for “For Cause” termination.  In the event Employee’s employment is terminated in accordance with this Subsection 6(a), the Company shall pay to Employee all amounts accrued through the Termination Date (as hereinafter defined), any unreimbursed expenses incurred pursuant to Subsection 5(h) of this Agreement, and any other benefits specifically provided to Employee under any benefit plan.

 

(b)Termination upon Death or Disability of Employee.  This Agreement shall terminate immediately upon Employee’s death or upon the Disability of Employee.  In the event Employee’s employment is terminated in accordance with this Subsection 6(b), the Company shall provide to Employee the Disability Termination Compensation as provided in Subsection 18(j). 

 

(c)Other Termination by Company.  In the event of any termination of this Agreement by the Company other than in accordance with subsections (a) or (b) of this Section 6, the Company shall provide to Employee the Full Termination Compensation as provided in Subsection 18(c). 

 

7.Termination by Employee.  The following provisions shall govern the termination of Employee’s employment by Employee during the term of this Agreement.   

 

(a)Termination for Good Reason.  Employee’s employment with the Company may be regarded as having been constructively terminated by the Company, and the Employee may therefore terminate his employment for Good Reason (as defined below), by providing written notice to the Company and thereupon become entitled to the Full Termination Compensation as provided in Subsection 18(c).  For purposes of this section, “Good Reason” shall mean if, at any time during the Employment Period, one or more of the following events shall occur: 

 

(i)without the Employee’s express written consent, the assignment to the Employee of any duties or the reduction of the Employee’s duties, either of which results in a significant diminution in the Employee’s position or responsibilities with the  

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Company in effect immediately prior to such assignment, or the removal of the Employee from such position and responsibilities; provided, however, that upon and following the consummation of a Change of Control, Employee may not terminate his employment for Good Reason pursuant to this subsection, unless Employee is assigned a title lower than that of an Employee Vice President of the controlling entity following the Change of Control or Employee is assigned any duties or his duties are reduced to a level inconsistent with the role of an Employee Vice President or higher role with such controlling entity;

 

(ii)without the Employee’s express written consent, a substantial reduction, without good business reasons, as determined by the Company’s board of directors, of the facilities and perquisites (including office space and location) available to the Employee immediately prior to such reduction;  

 

(iii)a material reduction by the Company in the Base Salary or bonus opportunity of the Employee as in effect immediately prior to such reduction;  

 

(iv)a material reduction by the Company in the kind or level of Employee benefits to which the Employee is entitled immediately prior to such reduction with the result that the Employee’s overall benefits package is significantly reduced;  

 

(v)the relocation of the Employee to a facility or a location more than 25 miles from the Employee’s then present work location in San Diego, California, without the Employee’s express written consent;  

 

(vi)the failure of the Company to obtain the assumption of this Agreement by any successor; or  

 

(vii)any material breach by the Company of any material provision of this Agreement. 

 

(b)Voluntary Termination.  Employee may voluntarily terminate his employment with the Company at any time, after which no further compensation will be paid to Employee, by providing written notice to the Company in accordance with Section 23 below.  In the event Employee voluntarily terminates his employment other than pursuant to Subsection 7(a), the Company shall pay to Employee all amounts accrued through the Termination Date, any unreimbursed expenses incurred pursuant to Subsection 5(h) of this Agreement, and any other benefits specifically provided to Employee under any benefit plan.   

 

8.Resignation upon Termination.  The termination of this Agreement for any reason shall also constitute the automatic resignation by Employee from all positions held by Employee as an Employee (but not as a consultant or a director) of the Company and all Affiliates of the Company, including any position as a manager, officer, agent or trustee of the Company or any Affiliate of the Company.  Upon the request of the Company, Employee shall deliver to the Company such written confirmation of such resignation as the Company may reasonably request. 

 

9.Exit Interview.  To ensure a clear understanding of this Agreement, including but not limited to the protection of Employer’s business interests, Employee agrees, at no additional expense to Employee, to engage in an exit interview with the Company at a time and place as may be reasonably designated by the Company. 

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10.Confidential Information.  The Company hereby agrees to provide the Employee with, and the Employee hereby acknowledges that he will be made aware of, certain confidential business information, trade secrets, innovations and inventions, expertise and know-how, customer information, and other nonpublic information concerning the business of Company and the Related Companies including (a) any and all trade secrets concerning the business and affairs of the Company, costs, bidding practices, price lists, product specifications, data, know-how, formulae, compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current and planned research and development, current and planned manufacturing and distribution methods and processes, customer lists, current and anticipated customer requirements, market studies, business plans, computer software and programs (including object code and source code), computer software and database technologies, systems, structures and architectures (and related processes, formulae, compositions, improvements, devices, know-how, inventions, discoveries, concepts, ideas, designs, methods and information of the Company), and any other information, however documented; and (b) any and all information concerning the business and affairs of the Company (which includes historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, personnel training and techniques and materials); and (c) any and all notes, analysis, compilations, studies, summaries, and other material prepared by or for the Company containing or based, in whole or in part, on any information included in the foregoing (“Confidential Information”).  Employee further acknowledges that such information, even though it may be contributed, developed, or acquired by the Employee, constitutes valuable, special, and unique assets of the Company, which are to be used by the Employee solely for the Company’s benefit.  The Employee further acknowledges that the Confidential Information includes “trade secrets.”  In addition to the other protections provided herein, all trade secrets shall be accorded the protections and benefits of the Uniform Trade Secrets Act and any other applicable law. 

 

11.Confidentiality of Information.  The Employee shall not, during the Employee’s employment and for a period of two (2) years thereafter, divulge or disclose to any third person, firm, or company, or make personal or non-Company use of, any Confidential Information.  These obligations of nondisclosure shall not apply to information that: (a) is in the public domain or is generally known or available, or hereafter becomes part of the public domain or is generally known or available through no violation of this Agreement; (b) is henceforth lawfully acquired by the Employee from any third party not bound, to the actual knowledge of the Employee, by an obligation of confidence to the Company; (c) is required, pursuant to judicial action or governmental regulations or other requirements, to be disclosed by the Employee, provided that the Employee has notified the Company of such imminent disclosure and cooperates with the Company in the event that the Company elects to contest and avoid such disclosure; or (d) is approved for release by prior written authorization from the Company.  Notwithstanding anything to the contrary contained herein, Employee may disclose this Agreement and any other agreement to which Employee is or to which Employee may become a party to Employee’s immediate family, attorneys, accountants, auditors, tax preparers, and financial advisors and otherwise insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. 

 

12.Return of Information.  Upon termination or expiration of this Agreement, or at any time the Company may request, the Employee shall return to the Company, and will not keep in his possession, all Confidential Information, including documents, drawings, computer files, or any other information in tangible form. 

 

13.Noncompetition.  While Employee is an employee of the Company (the “Noncompetition Period”), Employee agrees that Employee will not, singly, jointly, or as a partner, member, employee, agent, officer, director, stockholder (except as a holder, for investment purposes only, of not more than 4.99% of the outstanding stock of any company listed on a national securities exchange or actively traded in a national over-the-counter market), equity holder, lender, consultant, independent  

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contractor, or joint venturer of any other person, or in any other capacity, directly or beneficially, own, manage, operate, join, control, participate in the ownership, management, operation or control of, permit the use of his name by, work for, provide consulting, financial or other assistance to a Competing Business (as hereinafter defined) anywhere in the Protected Territory (as hereinafter defined).  Notwithstanding the above, nothing in this Section 13 shall (i) prohibit Employee’s continued association as an officer, director and shareholder of Nology.  

 

14.Nondisparagement.  Employee shall not, during or after the term of this Agreement (a) attempt or seek to cause any of the customers of the Company to refrain from maintaining, selling to, or acquiring from or through the Company any service or product relating to the Company’s business as conducted during the term of this Agreement; or (b) openly disparage the Company or any of its equity holders, directors, officers, Employees, or agents, which has or may reasonably be expected to have a material adverse effect on a current or prospective business relationship with a current or prospective customer, supplier, investor, direct or indirect equity owner, or creditor.   

 

15.Nonsolicitation.  For a period of two years following the Termination Date (the “Nonsoliciation Period”), Employee agrees that Employee shall not: (a) employ, retain, engage (as an Employee, consultant, or independent contractor), or induce or attempt to induce to be employed, retained, or engaged, any person that is or was during the Noncompetition Period an Employee, consultant, or independent contractor of the Company; (b) induce or attempt to induce any person that during the Noncompetition Period is an Employee, consultant, or independent contractor of the Company to terminate his or her employment or other relationship with the Company; (c) induce or attempt to induce any person that is a customer of the Company or that otherwise is a contracting party with the Company during the Noncompetition Period to terminate any written or oral agreement, understanding, or other relationship with the Company; or (d) solicit any direct or indirect customers of the Company or any Related Company within the Protected Territory for a Competing Business.   

 

16.Employee’s Representations and Warranties.  Except for Employee’s current and continued association with Nology as set forth above, Employee represents and warrants that Employee is not a party to any other employment, noncompetition, or other agreement or restriction that could interfere with Employee’s employment with the Company or Employee’s or the Company’s rights and obligations hereunder and that Employee’s acceptance of employment with the Company and the performance of Employee’s duties hereunder will not breach the provisions of any contract, agreement, or understanding to which Employee is party or any duty owed by Employee to any other person.  Employee further warrants that Employee has provided to the Company a copy of any employment agreement, consulting agreement, noncompetition covenant, nondisclosure agreement, or other agreement, covenant, understanding, or restriction with respect to any employment, consultancy, or confidentiality of information thereunder, to which Employee is subject or a party, and that such copy is a true and correct representation of such agreement, provided that the Employee may redact from such document any provision specifying the amount of financial remuneration and other highly sensitive information.  The Employee hereby represents and warrants to the Company that he has the legal capacity to execute and perform this Agreement, that this Agreement is a valid and binding agreement enforceable against him according to its terms, and that the execution and performance of this Agreement by him does not violate the terms of any existing agreement or understanding, written or oral, to which the Employee is a party or any judgment or decree to which the Employee is subject.   

 

17.Excise Tax and Gross-Up Payments.  If any payment Employee receives or would receive pursuant to this Agreement (any such payment a “Payment”) will be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, or any interest or penalties are incurred by Employee with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Employee will be entitled  

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to receive an additional payment (a “Gross-Up Payment”) in an amount equal to the Excise Tax imposed upon the Payments made to the Employee in excess of 10% above the capped limit of 2.99 times the base amount as such term is defined in Section 280G of the Internal Revenue Code, and any Excise Tax imposed upon the Gross-Up Payment.  An initial determination (the “Determination”) as to whether a Gross-Up Payment is required pursuant to this Agreement and the amount of such Gross-Up Payment shall be made at the Company’s expense by an accounting firm selected by the Company (the “Accounting Firm”).  The Accounting Firm shall provide its Determination, together with detailed supporting calculations and documentation to the Company and Employee within 30 days of the effective date of the Termination Date, or such other time as requested by the Company.  If the Accounting Firm determines that no Excise Tax is payable by Employee with respect to a Payment, it shall furnish Employee with an opinion that no Excise Tax will be imposed with respect to any such Payment.  Employee shall have 30 days to dispute the Determination.  The Company shall pay the Gross-Up Payment, if any, to Employee within 30 days of the receipt of the Determination, regardless of whether Employee has disputed the Determination.  Upon the final resolution of a dispute, the Company shall promptly pay to Employee any additional amount required by such resolution and such resolution shall be binding, final, and conclusive upon the Company and Employee.  If there is no dispute, the Determination shall be binding, final, and conclusive upon the Company and Employee.  Notwithstanding anything contained in this Agreement to the contrary, in the event that, according to the Determination, an Excise Tax will be imposed on any Payment, the Company shall pay to the applicable government taxing authorities, as Excise Tax withholding, the amount of the Excise Tax that the Company withholds from the Payment.

 

18.Definitions.  Capitalized terms used in this Agreement but not otherwise defined herein shall have the meaning hereby assigned to them as follows. 

 

(a)Competing Business.  “Competing Business” shall mean any one or more of the following: (i) any business (other than the business of Nology) that engages in the development and marketing of advanced engine technology products; (ii) any other business in which the Company engages in following the Effective Date that the Company is actively engaged in as of the Termination Date; or (iii) any other business in which the Company develops an intention to engage on or before the Termination Date, as determined by resolution of the Company’s board of directors, and for which the Company has prepared a business plan on or before the Termination Date or for which the Company commissioned a business plan on or before the Termination Date. 

 

(b)Disability.  Employee shall be deemed to have a “Disability” for purposes of this Agreement if Employee is substantially unable to perform Employee’s duties under this Agreement either for more than 180 days, whether or not consecutive, in any 12-month period by reason of a physical or mental illness or injury.  Time spent for vacation under Subsection 5(i) shall not be taken into account in the foregoing calculation for purposes of determining Disability. 

 

(c)Full Termination Compensation.  “Full Termination Compensation” shall mean: 

 

(i)all amounts accrued to Employee through the Termination Date, any unreimbursed expenses incurred pursuant to Subsection 5(h) of this Agreement, and any other benefits specifically provided to Employee under any benefit plan; 

 

(ii)the continuation of Employee’s Base Salary for 24 months, payable on the Company’s payroll payment dates; 

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(iii)the greater of (1) the minimum annual bonus for each of the four quarters in the year in which such termination occurs, and (2) the additional bonus earned by Employee for the four fiscal quarters immediately preceding such termination; 

 

(v)the continuation, at the Company’s expense, of group medical coverage under the same terms as in effect at the Termination Date for the earlier of (1) three months past the Termination Date, or (2) until Employee obtains alternate health insurance coverage, in addition to any health insurance continuation obligation under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA); and 

 

(vi)full acceleration of all vesting of Options and any other options or shares of capital stock that may be subject to vesting, so that all Options and any other options and shares subject to any vesting will be immediately vested and exercisable as of and for a period of two years following the Termination Date. 

 

(d)Person.  The term “person” shall mean an individual, partnership, corporation, limited liability company, association, trust, joint venture, unincorporated organization, and any government, governmental department or agency, or political subdivision thereof. 

 

(e)Protected Territory.  “Protected Territory” shall mean the world. 

 

(f)Termination Date.  “Termination Date” shall mean the date Employee ceases to be employed by the Company. 

 

(g)Related Company.  “Related Company” means any Affiliate (as defined below) of the Company that is engaged in a business substantially similar to, complementary with, or directly related to the business in which the Company is engaged during the Employment Period.  

 

(h)Affiliate.  “Affiliate” means, with respect to a person, another person that controls, is controlled by, or is under common control with such person. 

 

(i)Change of Control.  For purposes of this Agreement, a “Change of Control” means either: (i) consummation of the acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation, or stock transfer, but excluding any such transaction effected primarily for the purpose of changing the domicile of the Company), unless the Company’s stockholders of record immediately prior to such transaction or series of related transactions hold, immediately after such transaction or series of related transactions, at least 50% of the voting power of the surviving or acquiring entity (provided that the sale by the Company of its securities for the purposes of raising additional funds shall not constitute a Change of Control hereunder); or (ii) consummation of a sale of all or substantially all of the assets of the Company in a single transaction or series of related transactions. 

 

(j)Disability Termination Compensation.  “Disability Termination Compensation” shall mean: 

 

(i)all amounts accrued to Employee through the Termination Date, any unreimbursed expenses incurred pursuant to Subsection 5(h) of this Agreement, and any other benefits specifically provided to Employee under any benefit plan; 

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(ii)the continuation for a period of 12 months of Employee’s Base Salary, payable on the Company’s regular payroll payment dates; 

 

(iii)the continuation, at the Company’s expense, of group medical coverage under the same terms as in effect at the Termination Date for the earlier of (1) two months past the Termination Date, or (2) until Employee obtains alternate health insurance coverage, in addition to any health insurance continuation obligation under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA); and 

 

(iv)full acceleration of all vesting of Options and any other options or shares of capital stock that may be subject to vesting, so that all Options and any other options and shares subject to any vesting will be immediately vested and exercisable as of and for a period of two years following the Termination Date. 

 

19.[Intentionally Deleted]. 

  

20.Waivers and Amendments.  The respective rights and obligations of the Company and Employee under this Agreement may be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period of time or indefinitely) or amended only with the written consent of the Company and Employee or a duly authorized representative of the Company and Employee. 

 

21.Successors and Assigns.  The provisions hereof shall inure to the benefit of, and be binding upon, the Company’s successors and assigns. 

 

22.Entire Agreement.  This Agreement constitutes the full and entire understanding and agreement of the parties with regard to the subjects hereof and supersedes in their entirety all other or prior agreements, whether oral or written, with respect thereto. 

 

23.Notices.  Any notice, demand, request, or other communication permitted or required under this Agreement shall be in writing and shall be deemed to have been given as of the date so delivered, if personally served; as of the date so sent, if transmitted by facsimile and receipt is confirmed by the facsimile operator of the recipient; as of the date so sent, if sent by electronic mail and receipt is acknowledged by the recipient; one day after the date so sent, if delivered by overnight courier service; or five days after the date so mailed, if mailed by certified mail, return receipt requested, addressed as follows: 

 

If to the Company, addressed to: 

Omnitek Engineering Corp.  

1333 Keystone Way 

Suite 101

Vista, CA 92081

 

If to Employee:  To the current address listed in the Company’s regular payroll records. 

 

24.Governing Law.  This Agreement shall be construed and enforced in accordance with and governed by the laws of California (without giving effect to any conflicts or choice of laws provisions thereof that would cause the application of the domestic substantive laws of any other jurisdiction). 

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25.Consent to Jurisdiction and Venue. 

 

(a)Jurisdiction.  Each of the parties hereto hereby consents to the jurisdiction of all state and federal courts located in San Diego County, California, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, for the purpose of any suit, action, or other proceeding arising out of, or in connection with this Agreement or any of the transactions contemplated hereby, including any proceeding relating to ancillary measures in aid of arbitration, provisional remedies, and interim relief, or any proceeding to enforce any arbitral decision or award.  Each party hereby expressly waives any and all rights to bring any suit, action, or other proceeding in or before any court or tribunal other than the courts described above and covenants that it shall not seek in any manner to resolve any dispute other than as set forth in this section, or to challenge or set aside any decision, award, or judgment obtained in accordance with the provisions hereof. 

 

(b)Venue.  Each of the parties hereto hereby expressly waives any and all objections it may have to venue, including the inconvenience of such forum, in any of such courts.  In addition, each party consents to the service of process by personal service or any manner in which notices may be delivered hereunder in accordance with this Agreement.   

 

26.Severability; Titles and Subtitles; Gender; Singular and Plural; Counterparts; Facsimile. 

 

(a)Headings.  The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

 

(b)Mutual Terms.  The use of any gender in this Agreement shall be deemed to include the other genders, and the use of the singular in this Agreement shall be deemed to include the plural (and vice versa), wherever appropriate. 

 

(c)Counterparts; Electronic Signature.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, portable document format (.pdf), DocuSign or other electronic transmission shall be equally as effective as delivery of a manually executed counterpart of this Agreement. 

 

 

*** Signature Page Follows ***

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date set forth above.

 

	COMPANY:

	 

	 

	 

	 

	OMNITEK ENGINEERING CORP.

	 

	 

	 

	 

	/s/

	John Palumbo

	 

	 

	By:  John Palumbo

	 

	 

	Title:  Director

	 

	 

	 

	 

	/s/

	Gary Maier

	 

	 

	By:  Gary Maier

	 

	 

	Title:  Director

	 

	 

	 

	 

	EMPLOYEE:

	 

	 

	 

	 

	/s/

	Werner Funk

	 

	 

	Werner Funk

	 

Funk 2021 Employment Agreement Page 12 of 12EXHIBIT 4.2

 

RESONANT INC.,

Issuer

AND

[TRUSTEE],

Trustee

_____________

 

INDENTURE

 

Dated as of [●], 20__

_____________

 

DEBT SECURITIES

 

     

     

    

 

Table
Of Contents (1)

 

	Article I	DEFINITIONS	1
	Section 1.01	Definitions of Terms.	1
	 	 	 
	Article II	ISSUE, DESCRIPTION, TERMS,
    EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	Section 2.01	Designation and Terms of Securities.	4
	Section 2.02	Form of Securities and Trustee’s Certificate.	6
	Section 2.03	Denominations: Provisions for Payment.	7
	Section 2.04	Execution and Authentications.	8
	Section 2.05	Registration of Transfer and Exchange.	9
	Section 2.06	Temporary Securities.	10
	Section 2.07	Mutilated, Destroyed, Lost or Stolen Securities.	10
	Section 2.08	Cancellation.	11
	Section 2.09	Benefits of Indenture.	11
	Section 2.10	Authenticating Agent.	11
	Section 2.11	Global Securities.	12
	Section 2.12	CUSIP Numbers.	12
	 	 	 
	Article III	REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	13
	Section 3.01	Redemption.	13
	Section 3.02	Notice of Redemption.	13
	Section 3.03	Payment Upon Redemption.	14
	Section 3.04	Sinking Fund.	14
	Section 3.05	Satisfaction of Sinking Fund Payments with Securities.	14
	Section 3.06	Redemption of Securities for Sinking Fund.	15
	 	 	 
	Article IV	COVENANTS	15
	Section 4.01	Payment of Principal, Premium and Interest.	15
	Section 4.02	Maintenance of Office or Agency.	15
	Section 4.03	Paying Agents.	16
	Section 4.04	Appointment to Fill Vacancy in Office of Trustee.	16
	Section 4.05	Compliance with Consolidation Provisions.	17
	 	 	 
	Article V	SECURITYHOLDERS’ LISTS
    AND REPORTS BY THE COMPANY AND THE TRUSTEE	17
	Section 5.01	Company to Furnish Trustee Names and Addresses of Securityholders.	17
	Section 5.02	Preservation Of Information; Communications With Securityholders.	17
	Section 5.03	Reports by the Company.	17
	Section 5.04	Reports by the Trustee.	18
	 	 	 
	Article VI	REMEDIES OF THE TRUSTEE AND
    SECURITYHOLDERS ON EVENT OF DEFAULT	18
	Section 6.01	Events of Default.	18
	Section 6.02	Collection of Indebtedness and Suits for Enforcement by Trustee.	20
	Section 6.03	Application of Moneys Collected.	21
	Section 6.04	Limitation on Suits.	21

 

    (i) 

     

    

 
	Section 6.05	Rights and Remedies Cumulative; Delay or Omission Not Waiver.	22
	Section 6.06	Control by Securityholders.	22
	Section 6.07	Undertaking to Pay Costs.	23
	 	 	 
	Article VII	CONCERNING THE TRUSTEE	23
	Section 7.01	Certain Duties and Responsibilities of Trustee.	23
	Section 7.02	Certain Rights of Trustee.	24
	Section 7.03	Trustee Not Responsible for Recitals or Issuance or Securities.	26
	Section 7.04	May Hold Securities.	26
	Section 7.05	Moneys Held in Trust.	26
	Section 7.06	Compensation and Reimbursement.	26
	Section 7.07	Reliance on Officers’ Certificate.	27
	Section 7.08	Disqualification; Conflicting Interests.	27
	Section 7.09	Corporate Trustee Required; Eligibility.	27
	Section 7.10	Resignation and Removal; Appointment of Successor.	28
	Section 7.11	Acceptance of Appointment By Successor.	29
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business.	30
	Section 7.13	Preferential Collection of Claims Against the Company.	30
	Section 7.14	Notice of Default	30
	 	 	 
	Article VIII	CONCERNING THE SECURITYHOLDERS	31
	Section 8.01	Evidence of Action by Securityholders.	31
	Section 8.02	Proof of Execution by Securityholders.	31
	Section 8.03	Who May be Deemed Owners.	31
	Section 8.04	Certain Securities Owned by Company Disregarded.	32
	Section 8.05	Actions Binding on Future Securityholders.	32
	 	 	 
	Article IX	SUPPLEMENTAL INDENTURES	32
	Section 9.01	Supplemental Indentures Without the Consent of Securityholders.	32
	Section 9.02	Supplemental Indentures With Consent of Securityholders.	33
	Section 9.03	Effect of Supplemental Indentures.	34
	Section 9.04	Securities Affected by Supplemental Indentures.	34
	Section 9.05	Execution of Supplemental Indentures.	34
	 	 	 
	Article X	SUCCESSOR ENTITY	35
	Section 10.01	Company May Consolidate, Etc.	35
	Section 10.02	Successor Entity Substituted.	35
	Section 10.03	Evidence of Consolidation, Etc. to Trustee.	36
	 	 	 
	Article XI	SATISFACTION AND DISCHARGE	36
	Section 11.01	Satisfaction and Discharge of Indenture.	36
	Section 11.02	Discharge of Obligations.	36
	Section 11.03	Deposited Moneys to be Held in Trust.	37
	Section 11.04	Payment of Moneys Held by Paying Agents.	37
	Section 11.05	Repayment to Company.	37
	 	 	 
	Article XII	IMMUNITY
    OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	37
	Section 12.01	No Recourse.	37

 

    (ii) 

     

    

 
	Article XIII	MISCELLANEOUS PROVISIONS	38
	Section 13.01	Effect on Successors and Assigns.	38
	Section 13.02	Actions by Successor.	38
	Section 13.03	Surrender of Company Powers.	38
	Section 13.04	Notices.	38
	Section 13.05	Governing Law; Jury Trial Waiver.	38
	Section 13.06	Treatment of Securities as Debt.	38
	Section 13.07	Certificates and Opinions as to Conditions Precedent.	38
	Section 13.08	Payments on Business Days.	39
	Section 13.09	Conflict with Trust Indenture Act.	39
	Section 13.10	Counterparts.	39
	Section 13.11	Separability.	39
	Section 13.12	Compliance Certificates.	39
	Section 13.13	Force Majeure.	40

 

	(1)	 	This Table of Contents does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

    (iii) 

     

    

 

 

INDENTURE

 

INDENTURE,
dated as of [●], [●], among Resonant Inc., a Delaware corporation
(the “Company”), and [Trustee],
as trustee (the “Trustee”): 

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of debt securities (hereinafter referred to as the “Securities”),
in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided,
as registered Securities without coupons, to be authenticated by the certificate of the Trustee; 

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly
authorized the execution of this Indenture; and 

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders
thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 

 

Article
I  

DEFINITIONS

 

		Section	1.01          Definitions
of Terms.

 

The terms defined in
this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings
specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are
defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933,
as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at
the date of the execution of this instrument.

 

“Authenticating
Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee
pursuant to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

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

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state
banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the
Trustee, are authorized or obligated by law, executive order or regulation to close.

 

     

     

    

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.

 

“Company”
means Resonant Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions
of Article Ten, shall also include its successors and assigns.

 

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

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default”
means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a
Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing
agency under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or other applicable
statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

“Global
Security” means, with respect to any series of Securities, a Security executed by the Company and delivered by the
Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall
be registered in the name of the Depositary or its nominee.

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment
of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer
thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank
or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest
on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided,
however, 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 Governmental Obligation or the specific
payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“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.

 

    2 

     

    

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means
the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series
as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer
or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officers’
Certificate” means a certificate signed by any two Officers. Each such certificate shall include the statements provided
for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee
of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include
the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular
time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that
have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice
of such redemption shall have been given as in Article Three provided, or provision satisfactory to the Trustee shall have
been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost,
destroyed or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means the chairman of its board of directors, the chief executive
officer, the president, any vice president, the secretary, the treasurer, any trust officer, any corporate trust officer 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.

 

    3 

     

    

 

“Securities”
means the debt Securities authenticated and delivered under this Indenture.

 

“Securityholder”,
 “holder of Securities”, “registered holder”, or other similar term, means the
Person or Persons in whose name or names a particular Security shall be registered on the books of the Company kept for that purpose
in accordance with the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the
time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of
its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership
or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one
or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general
partner.

 

“Trustee”
means ________________, and, subject to the provisions of Article Seven, shall also include its successors and assigns, and,
if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person.
The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect
to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“Voting
Stock”, as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity
interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the
equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency.

 

Article
II 

ISSUE, DESCRIPTION,
TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

		Section	2.01          
Designation and Terms of Securities.

 

(a)             
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time
to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the
initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in
an Officers’ Certificate, or established in one or more indentures supplemental hereto:

 

1.                  
the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

2.                  
any limit upon the aggregate principal amount of the Securities of that 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 that series);

 

3.                  
the maturity date or dates on which the principal of the Securities of the series is payable;

 

    4 

     

    

 

4.                 
 the form of the Securities of the series including the form of the certificate of authentication for such series;

 

5.                 
the applicability of any guarantees;

 

6.                 
whether or not the Securities will be secured or unsecured, and the terms of any secured debt;

 

7.                 
whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and
the terms of any subordination;

 

8.                  
if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued
is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration
of the maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another
security or the method by which any such portion shall be determined;

 

9.                 
the interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest
will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method
for determining such dates;

 

10.              
the Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 

11.              
if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the
Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the
terms of those redemption provisions;

 

12.              
the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory
sinking fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series
of Securities and the currency or currency unit in which the Securities are payable;

 

13.              
the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof;

 

14.              
any and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any security
for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with
the marketing of Securities of that series;

 

15.              
whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities;
the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other
individual Securities; and the Depositary for such Global Security or Securities;

 

16.              
if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions
upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or
how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or
exchange, which may, without limitation, include the payment of cash as well as the delivery of securities;

 

17.              
if other than the full 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 pursuant to Section 6.01;

 

    5 

     

    

 

18.             
 additions to or changes in the covenants applicable to the series of Securities being issued, including, among others,
the consolidation, merger or sale covenant;

 

19.             
additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee
or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due
and payable;

 

20.             
additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance;

 

21.             
additions to or changes in the provisions relating to satisfaction and discharge of this Indenture;

 

22.            
additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent
of Securityholders of Securities issued under this Indenture;

 

23.            
the currency of payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in
U.S. dollars;

 

24.            
whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option
and the terms and conditions upon which the election may be made;

 

25.             
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium,
if any and principal amounts of the Securities of the series to any Securityholder that is not a “United States person”
for federal tax purposes;

 

26.             
any restrictions on transfer, sale or assignment of the Securities of the series; and

 

27.             
any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions
or changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or
regulations.

 

All Securities of any
one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to
any such Board Resolution or in any indentures supplemental hereto.

 

If any of the terms
of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of
such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

 

Securities of any particular
series may be issued at various times, with different dates on which the principal or any installment of principal is payable,
with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates
on which such interest may be payable and with different redemption dates.

 

		Section	2.02          
Form of Securities and Trustee’s Certificate.

 

The Securities of
any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the
tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set
forth in an Officers’ Certificate, and they may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate
and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of
that series may be listed, or to conform to usage.

 

    6 

     

    

 

		Section	2.03          
Denominations: Provisions for Payment.

 

The Securities shall
be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the
rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the Securities
of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or
currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be
dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve
30-day months.

 

The interest installment
on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
of business on the regular record date for such interest installment. In the event that any Security of a particular series or
portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest
Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of
such Security as provided in Section 3.03.

 

Any interest on any
Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same
series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder
on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company,
at its election, as provided in clause (1) or clause (2) below:

 

(1)               
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name
and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security
Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment
of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special
record date.

 

    7 

     

    

 

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

 

Unless otherwise set
forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a
series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately
preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur,
if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date established
for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month,
whether or not such date is a Business Day.

 

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

 

		Section	2.04          
Execution and Authentications.

 

The Securities shall
be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use
the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated
the date of its authentication by the Trustee.

 

A Security shall not
be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature
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. At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together
with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee
in accordance with such written order shall authenticate and deliver such Securities.

 

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 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

The Trustee shall not
be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable
to the Trustee.

 

    8 

     

    

 

		Section	2.05          
Registration of Transfer and Exchange.

 

(a)               
Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for
such purpose in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations,
and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same
series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)               
The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan,
the City and State of New York, or such other location designated by the Company, a register or registers (herein referred to as
the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company
shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall
be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein
provided shall be appointed as authorized by Board Resolution (the “Security Registrar”).

 

Upon surrender for
transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities
of the same series as the Security presented for a like aggregate principal amount.

 

All Securities presented
or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the
Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(c)               
Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate,
or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration
of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to
Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer.

 

(d)               
The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the
Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register
the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion
of any such Securities being redeemed in part. The provisions of this Section 2.05 are, with respect to any Global Security,
subject to Section 2.11 hereof.

 

The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among
depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of,
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

    9 

     

    

 

		Section	2.06          
Temporary Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the
form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be
appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be
executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish
definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange
therefor (without charge to the holders), at the office or agency of the Company designated for the purpose in the Borough of Manhattan,
the City and State of New York, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such
temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the
Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until
so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series authenticated and delivered hereunder.

 

		Section	2.07          
Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary
or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security,
or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee
may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of
the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Trustee) connected therewith.

 

In case any Security
that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing
a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security)
if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to
save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of
the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement
Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the
Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that
the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities, and shall preclude (to the extent lawful) 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.

 

    10 

     

    

 

		Section	2.08          
Cancellation.

 

All Securities surrendered
for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying
agent, 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 required or permitted by any of the provisions of this Indenture. On request
of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee.
In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver
a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same
are delivered to the Trustee for cancellation.

 

		Section	2.09          
Benefits of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the
holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant,
condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties
hereto and of the holders of the Securities.

 

		Section	2.10          
Authenticating Agent.

 

So long as any of the
Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which
the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication
by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation
that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction
under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under
such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time
any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any
time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination
to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating
Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating
Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor
hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

    11 

     

    

 

		Section	2.11          
Global Securities.

 

(a)               
If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued
as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate
and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its
nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall
bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture,
this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary
or to a nominee of such successor Depositary.”

 

(b)              
Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not
in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor
Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)               
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue
as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing
under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed
by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be,
or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary, this Section 2.11
shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04,
the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange
for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer
be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of
such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officers’
Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive
registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount
of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities
in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee.
Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c)
shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary
for delivery to the Persons in whose names such Securities are so registered.

 

		Section	2.12          
CUSIP Numbers.

 

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

 

    12 

     

    

 

Article
III 

REDEMPTION OF SECURITIES AND SINKING
FUND PROVISIONS

 

		Section	3.01          
Redemption.

 

The Company may redeem
the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series
pursuant to Section 2.01 hereof.

 

		Section	3.02          
Notice of Redemption.

 

(a)               
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities
of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company
shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed
by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days
before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security
Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any
case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part,
or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such
series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’
Certificate evidencing compliance with any such restriction.

 

Each such notice of
redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of
the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such Securities, that
interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest
will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less than all the Securities of a series
are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular
Securities to be so redeemed.

 

In case any Security
is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof
to be redeemed, and shall state that on and after the redemption date, 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.

 

(b)                If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’
notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the
aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in
such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion
or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such
Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the
Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it
shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to
call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner
set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent
may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the
Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case
may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to
enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this
Section.

 

    13 

     

    

 

		Section	3.03          
Payment Upon Redemption.

 

(a)               
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities
of the series to be redeemed 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 interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall
default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation
and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said
Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon
to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable
on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b)               
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the
Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the
expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed
portion of the Security so presented.

 

		Section	3.04          
Sinking Fund.

 

The provisions of Sections 3.04,
3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified
as contemplated by Section 2.01 for Securities of such series.

 

The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of
any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms
of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05.
Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities
of such series.

 

		Section	3.05          
Satisfaction of Sinking Fund Payments with Securities.

 

The Company
(i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have
been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of
such Securities as provided for by the terms of such series, provided that such Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in
such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly.

 

    14 

     

    

 

		Section	3.06          
Redemption of Securities for Sinking Fund.

 

Not less than 45 days
prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officers’
Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund
payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in
the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Section 3.03.

 

Article
IV 

COVENANTS

 

		Section	4.01          
Payment of Principal, Premium and Interest.

 

The Company will duly
and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at
the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on
the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn
on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S.
dollar wire transfer to, a U.S. dollar account (such wire transfer to be made only to a Securityholder of an aggregate principal
amount of Securities of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished
wire instructions to the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities
may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address
of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to,
a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities
of the applicable series in excess of U.S. $2,000,000 and only if such Securityholder shall have furnished wire instructions in
writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.

 

		Section	4.02          
Maintenance of Office or Agency.

 

So long as any
series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan,
the City and State of New York, with respect to each such series and at such other location or locations as may be designated
as provided in this Section 4.02, where (i) Securities of that series may be presented for payment,
(ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange,
and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be given or served, such designation to continue with respect to such office or agency until the Company shall, by written
notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some
other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may
be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee
located in the Borough of Manhattan, the City of New York as its paying agent with respect to the Securities.

 

    15 

     

    

 

		Section	4.03          
Paying Agents.

 

(a)             
If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee,
the Company will cause each 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:

 

1.              
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest
on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities)
in trust for the benefit of the Persons entitled thereto;

 

2.              
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make
any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and
payable;

 

3.              
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

4.              
that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)               
If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each
due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust
for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming
due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action.
Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the
principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient
to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify
the Trustee of this action or failure so to act.

 

(c)               
Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this
Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee
all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions
as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying
agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

 

		Section	4.04          
Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

    16 

     

    

 

		Section	4.05          
Compliance with Consolidation Provisions.

 

The Company will not,
while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company
is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless
the provisions of Article Ten hereof are complied with.

 

Article
V 

SECURITYHOLDERS’ LISTS AND REPORTS
BY THE COMPANY AND THE TRUSTEE

 

		Section	5.01          
Company to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish
or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03)
a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities
as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any
time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at
such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided,
however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar
..

 

		Section	5.02          
Preservation of Information; Communications 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 5.01 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 5.01 upon receipt of a new list so furnished.

 

(c)               
Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with
respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee
shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b)
of the Trust Indenture Act.

 

		Section	5.03          
Reports by the Company.

 

(a)                The
Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide
(which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of
any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required
to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall
not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company
has sought and received confidential treatment by the Commission; and provided further, that so long as such filings by the
Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any
successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further
action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and
other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this
Section 5.03.

 

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(b)              
Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and
the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein including the Company’s compliance with any of their covenants
thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no
duty to examine any such reports, information or documents delivered to the Trustee or filed with the SEC via EDGAR to ensure compliance
with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained
therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings
with the SEC on EDGAR (or any successor system) has occurred.

 

		Section	5.04          
Reports by the Trustee.

 

(a)               
If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall
transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register,
a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b)               
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)               
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the
Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange
Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

Article
VI 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
ON EVENT OF DEFAULT

 

		Section	6.01          
Events of Default.

 

(a)               
Whenever used herein with respect to Securities of a particular series, “Event of Default” means
any one or more of the following events that has occurred and is continuing:

 

1.                  
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when
the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid
extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall
not constitute a default in the payment of interest for this purpose;

 

2.                  
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as
and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment
required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of
the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default
in the payment of principal or premium, if any;

 

3.                   the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this
Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than
a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of
Securities other than such series) for a period of 90 days after the date on which written notice of such failure,
requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder,
shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by
the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding;

 

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4.                  
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents
to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of
it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

5.                  
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company
in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders
the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)               
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless
the principal of all the Securities of that 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 that series then Outstanding hereunder, by notice in writing
to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and
accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration
the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above
occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately
due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)               
At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that 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 holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and
its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments
of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that
series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to
the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the
nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not
have become due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No such rescission
and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d)               In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or
shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and
all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been
taken.

 

    19 

     

    

 

		Section	6.02          
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)             
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the
Securities of a series, or in any payment required by any sinking or analogous fund established with respect to that series as
and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in
case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same
shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or
otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities
of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium,
if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, and the amount payable to the Trustee under Section 7.06.

 

(b)             
If the Company shall fail to pay such amounts forthwith 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 proceeding to judgment or final decree, and may enforce any
such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged
or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities
of that series, wherever situated.

 

(c)             
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition
or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such
proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law)
be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims
of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under
the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and
to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee
or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such
payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

 

(d)              All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to
Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to
the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such
series.

 

In case of an Event of Default hereunder, 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 of 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 the 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.

 

    20 

     

    

 

Nothing contained herein
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities of that 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.

 

		Section	6.03          
Application of Moneys Collected.

 

Any moneys collected
by the Trustee pursuant to this Article with respect to a particular series of Securities 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 premium,
if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially
paid, and upon surrender thereof if fully paid:

 

FIRST: To the payment
of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.06;

 

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

 

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

 

		Section	6.04          
Limitation on Suits.

 

No holder of any Security
of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an
Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (ii) 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, suit or proceeding in its own name
as Trustee hereunder; (iii) such holder or holders 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; (iv) the Trustee for 90 days after its
receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and
(v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request.

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security
to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after
the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute
suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or
affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee,
that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such
Securities, or to obtain or seek to obtain priority over or preference to any other such holder, 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 such 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.

 

    21 

     

    

 

 

		Section	6.05          
Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)               
Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies
available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b)               
No delay or omission of the Trustee or of any holder of any of the 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 default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy
given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

 

		Section	6.06          
Control by Securityholders.

 

The holders of a majority
in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.04,
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 such series; provided, however, that such direction shall
not be in conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.01, the Trustee shall
have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers
of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act,
would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding.
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby,
determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any
past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect
to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any
of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration
(unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium
has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby
shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of
such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other default or impair any right consequent thereon.

 

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		Section	6.07          
Undertaking to Pay Costs.

 

All parties to this
Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, 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, holding more than 10% in aggregate principal amount
of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) 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
VII 

CONCERNING THE TRUSTEE

 

		Section	7.01          
Certain Duties and Responsibilities of Trustee.

 

(a)               
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing
of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with
respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and
no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities
of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

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

 

i.                   
prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving
of all such Events of Default with respect to that series that may have occurred:

 

(a)               the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the
performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

 

(b)               in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that 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;

 

    23

     

    

 

ii.                 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;

 

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

 

iv.                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 is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured to it;

 

v.                 the Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder;

 

vi.                the
permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 

vii.              
no Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to
a series of Securities hereunder.

 

		Section	7.02          
Certain Rights of Trustee.

 

Except as otherwise
provided in Section 7.01:

 

(a)               
The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, 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;

 

(b)               
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution
or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof
is specifically prescribed herein);

 

(c)               
The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance
thereon;

 

(d)                The
Trustee shall be under no obligation to exercise any of the rights 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 may be
incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the
occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise
with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same
degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs;

 

    24

     

    

 

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

 

(f)               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, bond, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular
series affected thereby (determined as provided in Section 8.04); provided, however, 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 costs, expenses or liabilities as a condition to so proceeding. The
reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company
upon demand; and

 

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

 

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

 

(i)                In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action; and

 

(j)                The
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions,
subsequent to such transmission of written instructions, shall provide the originally executed instructions or directions to the
Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative
of the party providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees
to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third
parties. The Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and
any other matters or directions pursuant to this Indenture.

 

    25

     

    

 

(k)               The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.

 

(l)                The
Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default relating to the
failure to pay the interest on, or the principal of, the Securities) until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

		Section	7.03          
Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a)               The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b)               The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)               The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture
or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than
the Trustee.

 

		Section	7.04          
May Hold Securities.

 

The Trustee or any
paying agent or Security Registrar, 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 Trustee, paying agent or Security Registrar.

 

		Section	7.05          
Moneys Held in Trust.

 

Subject to the provisions
of Section 11.05, 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 law. The
Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company
to pay thereon.

 

		Section	7.06          
Compensation and Reimbursement.

 

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

 

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(b)              The
Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense (including
the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel)
incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties under this
Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The
Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its
consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

 

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

 

(d)               To
ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds
or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities.
When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or (5),
the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith
are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive the termination
of this Indenture and the resignation or removal of the Trustee.

 

		Section	7.07          
Reliance on Officers’ Certificate.

 

Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take 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 Officers’ 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 to be taken by it under the provisions of this Indenture upon the faith
thereof.

 

		Section	7.08          
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 Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

		Section	7.09          
Corporate Trustee Required; Eligibility.

 

There shall at all
times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and
subject to supervision or examination by federal, state, territorial, or District of Columbia authority.

 

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If such
corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under
common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in
Section 7.10.

 

		Section	7.10          
Resignation and Removal; Appointment of Successor.

 

(a)             
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series
by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid,
to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of 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 resigning Trustee
and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within
30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who
has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself 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 one of the following shall occur:

 

i.                  the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company
or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or

 

ii.                 the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after
written request therefor by the Company or by any such Securityholder; or

 

iii.               
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, 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,
the Company may remove the Trustee with respect to all Securities and appoint a successor trustee 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 any Securityholder who has been a bona fide holder of a Security or Securities for at least six
months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper
and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)              The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time
remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor
Trustee for such series with the consent of the Company.

 

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(d)               Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided
in Section 7.11.

 

(e)               Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

		Section	7.11          
Acceptance of Appointment By Successor.

 

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

 

(b)               
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all)
series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) 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, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring
Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested
in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor trustee relates.

 

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

 

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

 

(e)               Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of
the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses
appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

		Section	7.12          
Merger, Conversion, Consolidation or Succession to Business.

 

Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business
of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder,
provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of
Section 7.09, 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 any Securities shall have been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

		Section	7.13          
Preferential Collection of Claims Against the Company.

 

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

 

		Section	7.14          
Notice of Default

 

If any Default or any
Event of Default occurs and is continuing and if such Default or Event of Default is known to a Responsible Officer of the Trustee,
the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture
Act notice of the Default or Event of Default within 45 days after it occurs, unless such Default or Event of Default has
been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or
interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the
executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interest of the Securityholders.

 

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Article
VIII 

CONCERNING THE SECURITYHOLDERS

 

		Section	8.01          
Evidence of Action by Securityholders.

 

Whenever in this Indenture
it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular
series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by
such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

If the Company shall
solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other
action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series
for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver
or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of
record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities
of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by
such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than six months after the record date.

 

		Section	8.02          
Proof of Execution by Securityholders.

 

Subject to the provisions
of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or
his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following
manner:

 

(a)               
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable
to the Trustee.

 

(b)               
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security
Registrar thereof.

 

The Trustee may require
such additional proof of any matter referred to in this Section as it shall deem necessary.

 

		Section	8.03          
Who May be Deemed Owners.

 

Prior to the due
presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the
absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of
the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes;
and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to
the contrary.

 

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		Section	8.04          
Certain Securities Owned by Company Disregarded.

 

In determining whether
the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent
or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities
of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or
any other obligor on the Securities of that series 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 of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities
so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee
is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee.

 

		Section	8.05          
Actions Binding on Future Securityholders.

 

At any time prior to
(but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the majority
or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders
of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in
Section 8.02, 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 Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not
any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively
binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

Article
IX 

SUPPLEMENTAL INDENTURES

 

		Section	9.01          
Supplemental Indentures Without the Consent of Securityholders.

 

In addition to any
supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as
then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a)               
to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)               
to comply with Article Ten;

 

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

 

    32

     

    

 

(d)               
 to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders
of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of
less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such
additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred
upon the Company;

 

(e)               
to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes
of issue, authentication, and delivery of Securities, as herein set forth;

 

(f)                
to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g)               
to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided
in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture
or any series of Securities, or to add to the rights of the holders of any series of Securities;

 

(h)               
to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(i)                
to comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification
of this Indenture under the Trust Indenture Act.

 

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
that 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 by the Company and the Trustee without the consent of the holders
of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

		Section	9.02          
Supplemental Indentures With Consent of Securityholders.

 

With the consent (evidenced
as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of
each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as then in effect) 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
not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby,
(a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any such supplemental indenture.

 

    33

     

    

 

It shall not be necessary
for the consent of the Securityholders of any series affected thereby 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.

 

		Section	9.03          
Effect of Supplemental Indentures.

 

Upon the execution
of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect
to such series, 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 Company and the holders of Securities of the 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.

 

		Section	9.04          
Securities Affected by Supplemental Indentures.

 

Securities of any series
affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to
the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form
meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board
of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company,
authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

		Section	9.05          
Execution of Supplemental Indentures.

 

Upon the request of
the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing
with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join
with the Company 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. The Trustee, subject to the provisions of Section 7.01, may receive
an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant
to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee
under the provisions of this Article to join in the execution thereof; provided, however, that such Officers’ Certificate
or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms
of a series of Securities pursuant to Section 2.01 hereof.

 

Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register.
Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

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Article
X 

SUCCESSOR ENTITY

 

		Section	10.01       Company May Consolidate,
Etc.

 

Except as provided
pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in
one or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger
of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers
in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer
or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety,
to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and
operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any such consolidation or merger
(in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due
and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with
the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and
conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01
to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions
of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee
by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have
acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable
for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision
so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of
such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities
of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange
occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

 

		Section	10.02       Successor Entity
Substituted.

 

(a)               
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the
successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the
obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed
to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

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

 

(c)               
Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any
Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or
otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

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		Section	10.03       Evidence of Consolidation, Etc. to Trustee.

 

The Trustee, subject
to the provisions of Section 7.01, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence
that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the
provisions of this Article.

 

Article
XI 

SATISFACTION AND DISCHARGE

 

		Section	11.01       Satisfaction and
Discharge of Indenture.

 

If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered
to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been
replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such
trust, as provided in Section 11.05); or (b) all such Securities of a particular 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 under arrangements satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental
Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of
that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due
or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon
cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02,
4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and
11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of
the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such
series.

 

		Section	11.02       Discharge of Obligations.

 

If at any time all
such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and
payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust
funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or
to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause
to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental
Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect
to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03,
7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid.

 

Thereafter, Sections 7.06
and 11.05 shall survive.

 

    36

     

    

 

		Section	11.03       Deposited Moneys to be Held in Trust.

 

All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for
payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders
of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been
deposited with the Trustee.

 

		Section	11.04       Payment of Moneys
Held by Paying Agents.

 

In connection with
the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the
provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be
released from all further liability with respect to such moneys or Governmental Obligations.

 

		Section	11.05       Repayment to Company.

 

Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or
premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders
of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such
Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned
or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if
then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released
from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled
to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

Article
XII 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
OFFICERS AND DIRECTORS

 

		Section	12.01       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
Company or of any predecessor or successor corporation, either directly or through the Company 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 Company 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.

 

    37

     

    

 

Article
XIII 

MISCELLANEOUS PROVISIONS

 

		Section	13.01       Effect on Successors
and Assigns.

 

All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns,
whether so expressed or not.

 

		Section	13.02       Actions by Successor.

 

Any act or proceeding
by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
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 Company.

 

		Section	13.03       Surrender of Company
Powers.

 

The Company by instrument
in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

		Section	13.04       Notices.

 

Except as otherwise
expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be
given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on
the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is
filed in writing by the Company with the Trustee), as follows Resonant Inc., 10900 Stonelake Boulevard, Suite 100, Office 02-131,
Austin, Texas 78759, Attention: Chief Financial Officer. Any notice, election, request or demand by the Company or any Securityholder
or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

 

		Section	13.05       Governing Law;
Jury Trial Waiver.

 

This Indenture and
each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall
be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

		Section	13.06       Treatment of Securities
as Debt.

 

It is intended that
the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture
shall be interpreted to further this intention.

 

		Section	13.07       Certificates and
Opinions as to Conditions Precedent.

 

(a)                Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in
this Indenture (other than the certificate to be delivered pursuant to Section 13.12) 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.

 

    38

     

    

 

(b)               
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with
a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion
has read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion
of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with.

 

		Section	13.08       Payments on Business
Days.

 

Except as provided
pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in
one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any)
may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date.

 

		Section	13.09       Conflict with
Trust Indenture Act.

 

If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control.

 

		Section	13.10       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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.

 

		Section	13.11       Separability.

 

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.

 

		Section	13.12       Compliance Certificates.

 

The Company shall
deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were
outstanding, an officer’s certificate stating whether or not the signers know of any Default or Event of Default that
occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer,
principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities
of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions
and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without
regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing
such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or
Event of Default and its status.

 

    39

     

    

 

		Section	13.13       Force Majeure.

 

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

 

    40

     

    

 

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

 

	 	RESONANT INC.
	 	 
	 	By:	           

 

	 	Name:	 
	 	 
	 	Title:	        
	 	 
	 	 
	 	[TRUSTEE], as TRUSTEE

 

	 	By:	   

 

	 	Name:	     
	 	 
	 	Title:	 

 

    S-1

     

    

 

CROSS-REFERENCE TABLE (1)

 

	Section of Trust Indenture Act of 1939, as Amended	 	Section of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(b)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

(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.

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