Document:

Exhibit 4.2

 

 

 

VERSUS SYSTEMS INC.

 

TO

 

_____________________________________, Trustee

 

Form of Indenture

 

Dated as of ____________ ___, 20___

 

SUBORDINATED DEBT SECURITIES

 

 

 

     

     

    

 

CERTAIN SECTIONS OF THIS INDENTURE RELATING

TO SECTIONS 3.10 THROUGH 3.18, INCLUSIVE,

OF THE TRUST INDENTURE ACT OF 1939:

 

	TRUST INDENTURE

ACT SECTION	 	INDENTURE

SECTION
	 	 	 
	ss. 3.10	(a)(1)	 	6.09
	 	 	 	 
	 	(a)(2)	 	6.09
	 	 	 	 
	 	(a)(3)	 	Not Applicable
	 	 	 	 
	 	(a)(4)	 	Not Applicable
	 	 	 	 
	 	(b)	 	6.08
	 	 	 	 
	 	 	 	6.10
	 	 	 	 
	ss. 3.11	(a)	 	6.13
	 	 	 	 
	 	(b)	 	6.13
	 	 	 	 
	ss. 3.12	(a)	 	7.01
	 	 	 	 
	 	 	 	7.02
	 	 	 	 
	 	(b)	 	7.02
	 	 	 	 
	 	(c)	 	7.02
	 	 	 	 
	ss. 3.13	(a)	 	7.03
	 	 	 	 
	 	(b)	 	7.03
	 	 	 	 
	 	(c)	 	7.03
	 	 	 	 
	 	(d)	 	7.04
	 	 	 	 
	ss. 3.14	(a)	 	1.01
	 	 	 	 
	 	(a)(4)	 	10.04
	 	 	 	 
	 	(b)	 	Not Applicable
	 	 	 	 
	 	(c)(1)	 	1.02
	 	 	 	 
	 	(c)(2)	 	1.02
	 	 	 	 
	 	(c)(3)	 	Not Applicable
	 	 	 	 
	 	(d)	 	Not Applicable
	 	 	 	 
	 	(e)	 	1.02

 

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	ss. 3.15	(a)	 	6.01
	 	 	 	 
	 	(b)	 	6.02
	 	 	 	 
	 	(c)	 	6.01
	 	 	 	 
	 	(d)	 	6.01
	 	 	 	 
	 	(e)	 	5.14
	 	 	 	 
	ss. 3.16	(a)	 	1.01
	 	 	 	 
	 	(a)(1)(A)	 	5.02
	 	 	 	 
	 	 	 	5.12
	 	 	 	 
	 	(a)(1)(B)	 	5.13
	 	 	 	 
	 	(a)(2)	 	Not Applicable
	 	 	 	 
	 	(b)	 	5.08
	 	 	 	 
	 	(c)	 	1.04
	 	 	 	 
	ss. 3.17	(a)(1)	 	5.03
	 	 	 	 
	 	(a)(2)	 	5.04
	 	 	 	 
	 	(b)	 	10.03
	 	 	 	 
	ss. 3.18	(a)	 	1.07

 

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

 

    ii

     

    

 

TABLE OF CONTENTS

 

	RECITALS OF THE COMPANY	1
	 	 
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.01. Definitions	1
	Section 1.02. Compliance Certificates and Opinions	6
	Section 1.03. Form of Documents Delivered to Trustee	7
	Section 1.04. Acts of Holders; Record Dates	7
	Section 1.05. Notices, Etc., to Trustee and Company	8
	Section 1.06. Notice to Holders; Waiver	9
	Section 1.07. Conflict with Trust Indenture Act	9
	Section 1.08. Effect of Headings and Table of Contents	9
	Section 1.09. Successors and Assigns	9
	Section 1.10. Separability Clause	9
	Section 1.11. Benefits of Indenture	9
	Section 1.12. Governing Law; Waiver of Trial by Jury	9
	Section 1.13. Legal Holidays	10
	 	 
	ARTICLE TWO SECURITY FORMS	10
	Section 2.01. Forms Generally	10
	Section 2.02. Form of Face of Security	10
	Section 2.03. Form of Reverse of Security	11
	Section 2.04. Form of Legend for Global Securities	15
	Section 2.05. Form of Trustee’s Certificate of Authentication	15
	Section 2.06. Securities Issuable in the Form of a Global Security	15
	 	 
	ARTICLE THREE THE SECURITIES	17
	Section 3.01. Amount Unlimited; Issuable in Series	17
	Section 3.02. Denominations	19
	Section 3.03. Execution, Authentication, Delivery and Dating	19
	Section 3.04. Temporary Securities	20
	Section 3.05. Registration; Registration of Transfer and Exchange	20
	Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities	21
	Section 3.07. Payment of Interest; Interest Rights Preserved	21
	Section 3.08. Persons Deemed Owners	22
	Section 3.09. Cancellation	23
	Section 3.10. Computation of Interest	23
	Section 3.11. CUSIP Numbers	23
	Section 3.12. Further Issuances	23
	 	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE	24
	Section 4.01. Satisfaction and Discharge of Indenture	24
	Section 4.02. Application of Trust Money	24
	 	 
	ARTICLE FIVE REMEDIES	25
	Section 5.01. Events of Default	25
	Section 5.02. Acceleration of Maturity; Rescission and Annulment	25
	Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee	26
	Section 5.04. Trustee May File Proofs of Claim	27
	Section 5.05. Trustee May Enforce Claims Without Possession of Securities	27
	Section 5.06. Application of Money Collected	27
	Section 5.07. Limitation on Suits	28
	Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest or to Convert	28
	Section 5.09. Restoration of Rights and Remedies	28

 

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	Section 5.10. Rights and Remedies Cumulative	28
	Section 5.11. Delay or Omission Not Waiver	29
	Section 5.12. Control by Holders	29
	Section 5.13. Waiver of Past Defaults	29
	Section 5.14. Undertaking for Costs	29
	Section 5.15. Waiver of Usury, Stay or Extension Laws	30
	 	 
	ARTICLE SIX THE TRUSTEE	30
	Section 6.01. Certain Duties and Responsibilities	30
	Section 6.02. Notice of Defaults	31
	Section 6.03. Certain Rights of Trustee	31
	Section 6.04. Not Responsible for Recitals or Issuance of Securities	32
	Section 6.05. May Hold Securities	32
	Section 6.06. Money Held in Trust	33
	Section 6.07. Compensation and Reimbursement	33
	Section 6.08. Conflicting Interests	33
	Section 6.09. Corporate Trustee Required; Eligibility	33
	Section 6.10. Resignation and Removal; Appointment of Successor	34
	Section 6.11. Acceptance of Appointment by Successor	35
	Section 6.12. Merger, Conversion, Consolidation or Succession to Business	36
	Section 6.13. Preferential Collection of Claims Against Company	36
	Section 6.14. Appointment of Authenticating Agent	36
	 	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	37
	Section 7.01. Company to Furnish Trustee Names and Addresses of Holders	37
	Section 7.02. Preservation of Information; Communications to Holders	37
	Section 7.03. Reports by Trustee	37
	Section 7.04. Reports by Company	38
	 	 
	ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	38
	Section 8.01. Company May Consolidate, Etc., Only on Certain Terms	38
	Section 8.02. Successor Substituted	38
	 	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES	39
	Section 9.01. Supplemental Indentures Without Consent of Holders	39
	Section 9.02. Supplemental Indentures with Consent of Holders	40
	Section 9.03. Execution of Supplemental Indentures	40
	Section 9.04. Effect of Supplemental Indentures	40
	Section 9.05. Conformity with Trust Indenture Act	41
	Section 9.06. Reference in Securities to Supplemental Indentures	41
	Section 9.07. Notice to Holders	41
	 	 
	ARTICLE TEN COVENANTS	41
	Section 10.01. Payment of Principal, Premium and Interest	41
	Section 10.02. Maintenance of Office or Agency	41
	Section 10.03. Money for Securities Payments to Be Held in Trust	41
	Section 10.04. Statement by Officers as to Default	42
	Section 10.05. Existence	42
	Section 10.06. Maintenance of Properties	43
	Section 10.07. Payment of Taxes and Other Claims	43
	Section 10.08. Waiver of Certain Covenants	43
	Section 10.09. Calculation of Original Issue Discount	43
	 	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	43
	Section 11.01. Applicability of Article	43
	Section 11.02. Election to Redeem; Notice to Trustee	43
	Section 11.03. Selection by Trustee of Securities to Be Redeemed	44
	Section 11.04. Notice of Redemption	44
	Section 11.05. Deposit of Redemption Price	45
	Section 11.06. Securities Payable on Redemption Date	45
	Section 11.07. Securities Redeemed in Part	45

 

    iv

     

    

 

	ARTICLE TWELVE SINKING FUNDS	45
	Section 12.01. Applicability of Article	45
	Section 12.02. Satisfaction of Sinking Fund Payments with Securities	46
	Section 12.03. Redemption of Securities for Sinking Fund	46
	 	 
	ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE	46
	Section 13.01. Company’s Option to Effect Defeasance or Covenant Defeasance	46
	Section 13.02. Defeasance and Discharge	46
	Section 13.03. Covenant Defeasance	47
	Section 13.04. Conditions to Defeasance or Covenant Defeasance	47
	Section 13.05. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	49
	Section 13.06. Reinstatement	49
	 	 
	ARTICLE FOURTEEN SUBORDINATION OF SECURITIES	49
	Section 14.01. Securities Subordinate to Senior Indebtedness	49
	Section 14.02. Payment Over of Proceeds Upon Dissolution, Etc.	50
	Section 14.03. Prior Payment to Senior Indebtedness Upon Acceleration of Securities	50
	Section 14.04. No Payment When Senior Indebtedness in Default	51
	Section 14.05. Payment Permitted in Certain Situations	51
	Section 14.06. Subrogation to Rights of Holders of Senior Indebtedness	51
	Section 14.07. Provisions Solely to Define Relative Rights	51
	Section 14.08. Trustee to Effectuate Subordination	52
	Section 14.09. No Waiver of Subordination Provisions	52
	Section 14.10. Notice to Trustee	52
	Section 14.11. Reliance on Judicial Order or Certificate of Liquidating Agent	53
	Section 14.12. Trustee Not Fiduciary for Holders of Senior Indebtedness or Entitled Persons	53
	Section 14.13. Rights of Trustee as Holder of Senior Indebtedness or Entitled Person; Preservation of Trustee’s Rights	53
	Section 14.14. Article Applicable to Paying Agents	53
	Section 14.15. Securities to Rank Pari Passu with All Other Securities; Payment of Proceeds in Certain Cases	53
	Section 14.16. Certain Conversions Deemed Payment	55
	 	 
	ARTICLE FIFTEEN CONVERSION OF SECURITIES	55
	Section 15.01. Applicability of Article	55
	Section 15.02. Conversion Privilege and Conversion Price	55
	Section 15.03. Exercise of Conversion Privilege	55
	Section 15.04. Fractions of Shares	56
	Section 15.05. Adjustment of Conversion Price	56
	Section 15.06. Notice of Adjustments of Conversion Price	57
	Section 15.07. Notice of Certain Corporate Action	58
	Section 15.08. Company to Reserve Common Shares	58
	Section 15.09. Taxes on Conversions	58
	Section 15.10. Covenant as to Common Shares	58
	Section 15.11. Cancellation of Converted Securities	58
	Section 15.12. Provisions in Case of Consolidation, Merger or Sale of Assets	59
	Section 15.13. Responsibility of Trustee	59

 

    v

     

    

 

INDENTURE, dated as of ___,
20___between Versus Systems Inc., a corporation incorporated under the laws of the province of British Columbia, Canada (herein called
the “Company”), having its principal office at #1558 West Hastings Street, Vancouver, British Columbia, V6G 3J4, and _____________________________,
as Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured subordinated debentures, notes
or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture
provided.

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE ONE

 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION

 

Section 1.01.  Definitions.

 

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

 

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

 

(2)  all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned
to them therein;

 

(3)  all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles,
and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any
computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

 

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

 

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

 

“Act”, when used
with respect to any Holder, has the meaning specified in Section 1.04.

 

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

 

“Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one
or more series.

 

     

     

    

 

“Bank” means (i)
any institution which accepts deposits that the depositor has a legal right to withdraw on demand and engages in the business of making
commercial loans, and (ii) any trust company.

 

“Board of Directors”
means either the board of directors of the Company or any duly authorized committee of that 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, and delivered to the Trustee.

 

“Business Day”,
when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

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

 

“Common Shares”
includes any stock of any class of the Company that has no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding-up of the Company and that is not subject to redemption by the Company. However,
subject to the provisions of Section 15.12, shares issuable on conversion of Securities shall include only shares of the class designated
as Common Shares of the Company at the date of this instrument or shares of any class or classes resulting from any reclassification or
reclassifications thereof and that have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding-up of the Company and that are not subject to redemption by the Company; provided that if at any time
there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion
that the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such
classes resulting from all such reclassifications.

 

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

 

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

 

“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 of the execution of this instrument is located at _____________________________________, Attention: _________________________,
or such other address as the Trustee may designate from time to time by notice to the Company, or the principal corporate trust office
of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company).

 

“corporation”
means a corporation, association, company, joint-stock company or business trust.

 

“Covenant Defeasance”
has the meaning specified in Section 13.03.

 

“Default” has
the meaning specified in Section 5.03.

 

“Defaulted Interest”
has the meaning specified in Section 3.07.

 

“Defeasance” has
the meaning specified in Section 13.02.

 

    2

     

    

 

“Depositary” means,
unless otherwise specified by the Company pursuant to Sections 2.06 or 3.01, with respect to Securities of any series issuable or issued
in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any successor thereto
registered under the Exchange Act, or other applicable statue or regulation.

 

“Entitled Persons”
means any Person entitled to payment pursuant to the terms of “Other Financial Obligations.”

 

“Event of Default”
has the meaning specified in Section 5.01.

 

“Excess Proceeds”
has the meaning specified in Section 14.15(c).

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date”
has the meaning specified in Section 1.04.

 

“Final Conversion Date”,
when used with respect to any Security, means the last day on which such Security shall be convertible into Common Shares.

 

“Foreign Government
Obligations” has the meaning specified in Section 13.04.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series which is executed by the Company and authenticated and delivered
by the Trustee to the Depository or pursuant to the Depository’s instruction, all in accordance with this Indenture and pursuant
to a Company Order, which shall be registered as to principal and interest in the name of the Depository or its nomine.

 

“Holder” means
a Person in whose name a Security is registered in the Security Register.

 

“Indenture” means
this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 3.01.

 

“Initial Conversion
Date”, when used with respect to any Security, means the first day on which such Security shall be convertible into Common Shares.

 

“Initial Conversion
Price”, when used with respect to any Security, means the price at which the Common Shares shall be delivered upon conversion of
such Security, prior to any adjustment of such price as provided herein.

 

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

 

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

 

“Investment Company
Act” means the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

“Junior Securities”
has the meaning specified in Section 14.16.

 

    3

     

    

 

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

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Chief Financial Officer, Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. One of the officers signing
an Officers’ Certificate given pursuant to Section 10.04 shall be the principal executive, financial or accounting officer of the
Company.

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Company, and who shall be reasonably acceptable to the Trustee.

 

“Original Issue Discount
Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

 

“Other Financial Obligations”
means, unless otherwise determined with respect to any series of Securities pursuant to Section 3.01, whether outstanding on the date
of the Indenture or thereafter created, incurred or assumed, all obligations of the Company to make payment pursuant to the terms of financial
instruments such as (i) securities contracts and foreign currency exchange contracts, (ii) derivative instruments, such as swap agreements
(including interest rate and currency and foreign exchange rate swap agreements), cap agreements, floor agreements, collar agreements,
interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts and commodity options contracts and (iii)
financial instruments similar to those set forth in (i) or (ii) above; provided, however, that Other Financial Obligations shall
not include (A) obligations on account of Senior Indebtedness and (B) obligations on account of indebtedness for money borrowed ranking
pari passu with or subordinate to the Securities.

 

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

 

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

 

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

 

(3)  Securities
as to which Defeasance has been effected pursuant to Section 13.02; and

 

(4)  Securities
which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made
or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal
amount of an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which
would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.02, (B) if, as of
such date, the principal amount payable at the Stated Maturity of a

 

Security is not determinable,
the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated
by Section 3.01, (C) the principal amount of a Security denominated in one or more foreign currencies or currency units which shall be
deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by Section
3.01, of the principal amount of such Security (or, in the case of a Security described in Clause (A) or (B) above, of the amount determined
as provided in such Clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities
which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

 

    4

     

    

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

 

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

 

“Place of Payment”,
when used with respect to the Securities of any series, means the place or places where the principal of and any premium and interest
on the Securities of that series are payable as specified as contemplated by Section 3.01.

 

“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 3.06 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security.

 

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

 

“Redemption Price”,
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date”
for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.01.

 

“Responsible Officer”,
when used with respect to the Trustee, means any trust officer or assistant trust officer or any other officer in the corporate trust
department of the Trustee having direct responsibility for the administration of this Indenture and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular
subject.

 

“Securities” has
the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under
this Indenture.

 

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 3.05.

 

“Senior Indebtedness”
means the principal of (and premium, if any) and interest on (a) all indebtedness of the Company (including indebtedness of others guaranteed
by the Company), other than the Securities, which is (i) for money borrowed or (ii) evidenced by a note or similar instrument given in
connection with the acquisition of any businesses, properties or assets of any kind, and (b) amendments, renewals, extensions, modifications
or refundings of any such indebtedness, unless in any case in the instrument creating or evidencing any such indebtedness or pursuant
to which the same is outstanding it is provided that such indebtedness is not superior in right of payment to the Securities or is to
rank pari passu with or subordinate to the Securities.

 

    5

     

    

 

“Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

 

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

 

“Subsidiary” means
a corporation more than 50% of the outstanding voting stock of which is owned, directly or indirectly, by the Company or by one or more
other Subsidiaries, or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock”
means stock which ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of
stock has such voting power by reason of any contingency.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that
in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required
by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

“U.S. Government Obligation”
has the meaning specified in Section 13.04.

 

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

 

Section 1.02.  Compliance Certificates and
Opinions.

 

Upon any application or request
by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such
certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form
of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel, and
shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section
10.04) shall include:

 

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

 

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

 

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

 

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

 

    6

     

    

 

Section 1.03.  Form of Documents Delivered
to Trustee.

 

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

 

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

 

of the Company, unless such
counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such
matters are erroneous.

 

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

 

Section 1.04.  Acts of Holders; Record Dates.

 

(a)  Any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to a Responsible Officer of the Trustee and, where it is hereby expressly required,
to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the
Trustee and the Company, if made in the manner provided in this Section.

 

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

 

(c)  The
ownership of Securities shall be proved by the Security Register.

 

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

 

(e)  The
Company may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for,
and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the
relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be
cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the
requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series
in the manner set forth in Section 1.06.

 

    7

     

    

 

(f)  The
Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
join in the giving or making of (i) any notice of Default or Event of Default, (ii) any declaration of acceleration referred to in Section
5.02, (iii) any request to institute proceedings referred to in Section 5.07(2) or (iv) any direction referred to in Section 5.12, in
each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or
direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such
series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action
is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section 1.06.

 

(g)  With
respect to any record date set pursuant to this Section, the party hereto which sets such record dates may designate any day as the “Expiration
Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective
unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.06, on or prior to the existing Expiration Date. If an Expiration Date is not designated
with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially
designated the 90th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration
Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 90th day after the applicable
record date.

 

(h)  Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant
to such appointment with regard to all or any part of such principal amount.

 

Section 1.05.  Notices, Etc., to Trustee and
Company.

 

Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given
or furnished to, or filed with,

 

(1)  the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with a Responsible Officer of the Trustee at its Corporate Trust Office, or

 

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

 

    8

     

    

 

Section 1.06.  Notice to Holders; Waiver.

 

Where this Indenture provides
for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register,
not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In
any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

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

 

Section 1.07.  Conflict with Trust Indenture
Act.

 

If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part of and govern this Indenture,
the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act which
may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the
case may be.

 

Section 1.08.  Effect of Headings and Table
of Contents.

 

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

 

Section 1.09.  Successors and Assigns.

 

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

 

Section 1.10.  Separability Clause.

 

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

 

Section 1.11.  Benefits of Indenture.

 

Nothing in this Indenture
or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the
holders of Senior Indebtedness subject to Section 14.15, Entitled Persons in respect of Other Financial Obligations and the Holders, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.12.  Governing Law; Waiver of Trial
by Jury.

 

This Indenture and the Securities
shall be governed by and construed in accordance with the law of the State of New York. This Indenture is subject to the provisions of
the Trust Indenture Act that are required or deemed to be part of this Indenture and shall, to the extent applicable, be governed by such
provision.

 

EACH OF THE COMPANY AND THE TRUSTEE, AND EACH
HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

    9

     

    

 

Section 1.13.  Legal Holidays.

 

In any case where any Interest
Payment Date, Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert his Securities
shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities
(other than a provision of any Security which specifically states that such provision shall apply in lieu of this Section)) payment of
interest or principal (and premium, if any) or conversion of the Securities need not be made at such Place of Payment on such date, but
may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment
Date or Redemption Date, or at the Stated Maturity, or on such last day for conversion, provided that no interest shall accrue with respect
to such payment for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

 

ARTICLE TWO

 

SECURITY FORMS

 

Section 2.01.  Forms Generally.

 

The Securities of each series
shall be in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary therefor
or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. If
the form of Securities of any series is established by action taken pursuant to a Board Resolution, 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 Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities.

 

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

 

Section 2.02.  Form of Face of Security.

 

[If the Security is an
Original Issue Discount Security, insert - FOR PURPOSES OF SECTION 1273 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED,
THE ISSUE PRICE OF THIS SECURITY IS ___% OF ITS PRINCIPAL AMOUNT AND THE ISSUE DATE IS.]

 

[Insert any additional
legends required by the Internal Revenue Code and the regulations thereunder.] THIS NOTE IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IS
NOT INSURED BY THE ISSUER, ANY OF THE ISSUER’S AFFILIATES, THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE DEPOSIT INSURANCE FUND,
OR ANY OTHER FEDERAL GOVERNMENTAL AGENCY.

 

    10

     

    

 

VERSUS SYSTEMS INC.

 

CUSIP No. _____________

 

	
    No._____________
	 	$_____________

 

Versus Systems Inc., a corporation
incorporated under the laws of the province of British Columbia, Canada (herein called the “Company”, which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to , or registered assigns,
the principal sum of Dollars on [if the Security is to bear interest prior to Maturity, insert - , and to pay interest thereon
from or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on and in each
year, commencing at the rate of ___% per annum, until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the or (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and
may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders
of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture].

 

[If the Security is not
to bear interest prior to Maturity, insert - The principal of this Security shall not bear interest except in the case of a default
in the payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue
premium shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest shall be legally enforceable),
from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium shall
be payable on demand.]

 

Payment of the principal of
(and premium, if any) and [if applicable, insert - any such] interest on this Security will be made at the office or agency of
the Company maintained for that purpose in [insert applicable Place of Payment] in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts [if applicable, insert - ; provided,
however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register].

 

[Interest on this Security
shall be computed on the basis of a 360-day year of twelve 30-day months.]

 

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

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed.

 

Dated:_______________________________________

 

VERSUS SYSTEMS INC.

 

By:

 

Attest:

 

Section 2.03.  Form of Reverse of Security.

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of _____________ (herein called the “Indenture”, which term shall have the meaning assigned
to it in such instrument), between the Company and ________________________________________ (herein called the “Trustee”,
which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof [, limited in aggregate principal amount to [$]_____________ ].

 

    11

     

    

 

[If applicable, insert
- The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, [if applicable, insert
- (1) on__________________________ in any year commencing with the year ___and ending with the year ___through operation of the sinking
fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert -
on or after__________________________ , ___], as a whole or in part, at the election of the Company, at the following Redemption Prices
(expressed as percentages of the principal amount): If redeemed [if applicable, insert on or before __________________________
, ___%, and if redeemed] during the 12-month period beginning _____________ of the years indicated,

 

	Year	 	Redemption Price	 	Year	 	Redemption Price

 

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

 

[If applicable, insert
- Subject to and in compliance with the provisions of the Indenture, the Holder of this Security is entitled, at his option, at any
time on or after the opening of business on the Initial Conversion Date and on or before the close of business on the Final Conversion
Date, or in case this Security or a portion hereof is called for redemption, then in respect of this Security or such portion hereof until
and including, but (unless the Company defaults in making the payment due upon redemption) not after, the close of business on the Redemption
Date, to convert this Security (or any portion of the principal amount hereof which is $1,000 or an integral multiple thereof), at the
principal amount hereof, or of such portion, into fully paid and non-assessable shares (calculated as to each conversion to the nearest
1/100 of a share) of Common Shares of the Company at the Initial Conversion Price (or at the current adjusted conversion price if an adjustment
has been made as provided in the Indenture) by surrender of this Security, duly endorsed or assigned to the Company or in blank, to the
Company at its office or agency in the Borough of Manhattan, The City of New York, accompanied by written notice to the Company that the
Holder hereof elects to convert this Security, or if less than the entire principal amount hereof is to be converted, the portion hereof
to be converted, and, in case such surrender shall be made during the period from the close of business on any Regular Record Date next
preceding any Interest Payment Date (unless this Security or the portion thereof being converted has been called for redemption on a Redemption
Date within such period), also accompanied by payment in New York Clearing House or other funds acceptable to the Company of an amount
equal to the interest payable on such Interest Payment Date on the principal amount of this Security then being converted. Subject to
the aforesaid requirement for payment in the case of a conversion after the Regular Record Date next preceding any Interest Payment Date
and on or before such Interest Payment Date, to the right of the Holder of this Security (or any Predecessor Security) of record at such
Regular Record Date to receive an installment of interest (with certain exceptions provided in the Indenture), no payment or adjustment
is to be made on conversion for interest accrued hereon or for dividends on the Common Shares issued on conversion. No fractions of shares
or scrip representing fractions of shares will be issued on conversion, but instead of any fractional interest the Company shall pay a
cash adjustment as provided in the Indenture. The conversion price is subject to adjustment as provided in the Indenture. In addition,
the Indenture provides that in case of certain consolidations or mergers to which the Company is a party or the transfer of substantially
all of the assets of the Company, the Indenture shall be amended, without the consent of any Holders of Securities, so that this Security,
if then outstanding, will be convertible thereafter, during the period this Security shall be convertible as specified above, only into
the kind and amount of securities, cash and other property receivable upon the consolidation, merger or transfer by a holder of the number
of shares of Common Shares into which this Security might have been converted immediately prior to such consolidation, merger or transfer
(assuming such holder of Common Shares failed to exercise any rights of election and received per share the kind and amount received per
share by a plurality of non-electing shares), assuming, if such consolidation, merger or transfer is prior to the Initial Conversion Date,
that is Security were convertible at the time of such consolidation, merger or transfer at the Initial Conversion Price specified above
as adjusted from the date of establishment of the Initial Conversion Price to such time pursuant to the Indenture.]

 

    12

     

    

 

[If applicable, insert
- The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, (1) on in any year commencing
with the year and ending with the year ___through operation of the sinking fund for this series at the Redemption Prices for redemption
through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any
time [if applicable, insert - on or after .], as a whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table
below: If redeemed during the 12-month period beginning of the years indicated,

 

	 	 	Redemption Price for Redemption	 	Redemption Price for Redemption
	 	 	Through Operation	 	Otherwise than Through Operation
	Year	 	of the Sinking Fund	 	of the Sinking Fund

 

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

 

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

 

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

 

[If the Security is subject
to redemption of any kind, insert - In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.]

 

The Company covenants and
agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner
set forth in Article Fourteen of the Indenture, the indebtedness represented by the Securities and the payment of principal of (and premium,
if any) and interest on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior
payment in full of all Senior Indebtedness and Other Financial Obligations.

 

[If applicable, insert
- The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive
covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the
Indenture.]

 

[If the Security is not
an Original Issue Discount Security, insert - If an Event of Default (defined in the Indenture as certain events involving the bankruptcy
or reorganization of the Company) with respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the Indenture. There is no right of acceleration
of the payment of principal of the Securities of this series upon a default in the payment of [an installment of principal of (or premium,
if any) or] interest on such Securities or in the performance of any covenant of the Company in the Indenture or in such Securities.]

 

    13

     

    

 

[If the Security is an
Original Issue Discount Security, insert - If an Event of Default (defined in the Indenture as certain events involving the bankruptcy
or reorganization of the Company) with respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall
be equal to - insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable
and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall
be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and interest, if any, on
the Securities of this series shall terminate. There is no right of acceleration of the payment of principal of the Securities of this
series upon a default in the payment of [an installment of principal of (or premium, if any) or] interest on such Securities or in the
performance of any covenant of the Company in the Indenture or in such Securities.]

 

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

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed. [If applicable, insert - or to convert this Security as provided in the Indenture.]

 

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

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $_____________ and any integral multiple thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

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

 

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

 

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

 

This Security shall be governed
by and construed in accordance with the law of the State of New York.

 

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Section 2.04.  Form of Legend for Global Securities.

 

Unless otherwise specified
as contemplated by Section 3.01 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall
bear a legend in substantially the following form:

 

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

 

UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]

 

Section 2.05.  Form of Trustee’s Certificate
of Authentication.

 

The Trustee’s certificates
of authentication shall be in substantially the following form:

 

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

 

Dated:__________________________

 

	 	___________________________________, as Trustee
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Section 2.06.  Securities Issuable in the Form
of a Global Security.

 

(a)  If
the Company shall establish pursuant to Section 3.01 that the Securities of a particular series are to be issued in whole or in part in
the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with Section 3.03 and the
Company Order delivered to the Trustee thereunder, authenticate and deliver, such Global Security or Securities, which (i) shall represent,
and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Securities of such series to be represented
by such Global Security or Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities 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: “Unless and until it is exchanged in whole or in part for the individual Securities
represented hereby, this Global Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or
by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such success Depositary.”

 

(b)  Notwithstanding
any other provision of this Section 2.06 or of Section 3.05, unless the terms of a Global Security expressly permit such Global Security
to be exchanged in whole or in part for individual Securities, a Global Security may be transferred, in whole but not in part and in the
manner provided in Section 3.05, only to the Depositary or another nominee of the Depositary for such Global Security, or to a successor
Depositary for such Global Security selected or approved by the Company or to a nominee of such successor Depositary. Except as provided
below, owners of beneficial interests in a Global Security shall not be entitled to receive physical delivery of the Securities represented
by such Global Security and will not be considered the Holders thereof for any purpose under this Indenture.

 

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(c)  (i)  If at any
time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time the Depositary for the Securities for such series shall no longer be eligible or in good standing under the
Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depositary
with respect to such Global Security. If a successor Depositary for such Global Security is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 3.01(16)
shall no longer be effective with respect to such Global Security and the Company will execute, and the Trustee, upon receipt of a Company
Order for the authentication and delivery of individual Securities of such series in exchange for such Global Security, will authenticate
and deliver individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to
the principal amount of the Global Security in exchange for such Global Security.

 

(ii)  The
Company may at any time and in its sole discretion determine that the Securities of any series issued or issuable in the form of one or
more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute, and
the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of such series in exchange in
whole or in part for such Global Security, will authenticate and deliver individual Securities of such series of like tenor and terms
in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities representing such
series in exchange for such Global Security or Securities.

 

(iii)  A
Global Security will also be exchangeable if there shall have occurred or be continuing a Default or an event which, with the giving of
notice or lapse of time or both, would constitute a Default with respect to the Securities of such series represented by such Global Security.
In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual
Securities of such series in exchange in whole or in part for such Global Security, will authenticate and deliver individual Securities
of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global
Security or Securities representing such series in exchange for such Global Security or Securities.

 

(iv)  If
specified by the Company pursuant to Section 3.01 with respect to Securities issued or issuable in the form of a Global Security, the
Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Securities of such
series of like tenor and terms in definitive form on such terms as are acceptable to the Company and such Depositary. Thereupon the Company
shall execute, and the Trustee shall authenticate and deliver, without service charge, (1) to each Person specified by such Depositary
a new Security or Securities of the same series of like tenor and terms and of any authorized denominations as requested by such Person
or the Depositary in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security;
and (2) to such Depositary a new Global Security of like tenor and terms and in a denomination equal to the difference, if any, between
the principal amount of the surrendered Global Security and the aggregate principal amount of Securities delivered to Holders thereof.

 

(v)  In
any exchange provided for in any of the preceding four paragraphs, the Company will execute and the Trustee will authenticate and deliver
individual fully registered Securities in authorized denominations. Upon the exchange of a Global Security for individual Securities,
such Global Security shall be cancelled by the Trustee. Securities issued in exchange for a Global Security pursuant to this Section 2.06
shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to the instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee in writing. The Trustee shall deliver such Securities
to the Persons in whose names such Securities are so registered.

 

(vi) Members
in and participants of the Depositary shall have no rights under the Indenture with respect to any Global Security held on their behalf
by a Depositary, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner
of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee
or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by
a Depositary or impair, as between a Depositary and its members and participants, the operation of customary practices governing the exercise
of the rights of a Holder of any Security of the series represented by such Global Security, including, without limitation, the granting
of proxies or other authorization of participants to give or take any request, demand, authorization, direction, notice, consent, waiver
or other action which a Holder is entitled to give or take under the Indenture.

 

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ARTICLE THREE

 

THE SECURITIES

 

Section 3.01.  Amount Unlimited; Issuable in
Series.

 

The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued
in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 3.03, set forth, or determined
in the manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series:

 

(1)  the
title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2)  any
limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed
never to have been authenticated and delivered hereunder);

 

(3)  the
Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)  the
date or dates on which the principal of any Securities of the series is payable;

 

(5)  the
rate or rates at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest shall
accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest payable
on any Interest Payment Date;

 

(6)  the
place or places where the principal of and any premium and interest on any Securities of the series shall be payable;

 

(7)  the
period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series may
be redeemed, in whole or in part, at the option of the Company;

 

(8) the
obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions
and the period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

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

 

(10)  if
the amount of principal of or any premium or interest on any Securities of the series may be determined with reference to an index or
pursuant to a formula, the manner in which such amounts shall be determined;

 

(11)  if
other than the currency of the United States of America, the currency, currencies or currency units in which the principal of or any premium
or interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the
United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 1.01;

 

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(12)  if
the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder
thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency,
currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election is made
shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable
(or the manner in which such amount shall be determined);

 

(13)  if
other than the entire principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02;

 

(14)  if
the principal amount payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates
prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any
purpose thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the
Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner
in which such amount deemed to be the principal amount shall be determined);

 

(15)  if
applicable, that the Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.02 or Section
13.03 or both such Sections and, if other than by a Board Resolution, the manner in which any election by the Company to defease such
Securities shall be evidenced;

 

(16)  if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 2.04 and any circumstances in which any such Global Security may
be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(17)  any
addition to or change in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02;

 

(18)  any
addition to or change in the covenants set forth in Article Ten which applies to Securities of the series; and

 

(19) I f applicable, that
the Securities of the series shall be convertible pursuant to Article Fifteen, and the Initial Conversion Price, the Initial Conversion
Date, the Final Conversion Date and any other terms relating to the conversion of the Securities as provided herein; and

 

(20)  any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section
9.01(5)).

 

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 the Board
Resolution referred to above and (subject to Section 3.03) set forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or in any such indenture supplemental hereto. All securities of any one series need not be issued at one time and, unless
otherwise provided, a series may be reopened for issuances of additional securities of such series.

 

Unless otherwise specifically
provided with respect to the Securities of a series, at the option of the Company, interest on the Securities of any series that bears
interest may be paid by mailing a check to the address of the person entitled thereto as such address shall appear in the Security Register.

 

If any of the terms of the
series are established by action taken pursuant to a Board Resolution, 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 setting forth the terms of the series.

 

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Section 3.02.  Denominations.

 

The Securities of each series
shall be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section
3.01. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section 3.03.  Execution, Authentication, Delivery
and Dating.

 

The Securities shall be executed
on behalf of the Company by its Chairman of the Board, its President, its Chief Financial Officer or one of its Vice Presidents attested
by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

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

 

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 Company Order for the authentication and delivery of such Securities, and the Trustee
in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series
have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive,
and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating:

 

(1)  if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 2.01, that such form has been
established in conformity with the provisions of this Indenture;

 

(2)  if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.01, that such terms have
been established in conformity with the provisions of this Indenture;

 

(3)  that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with
their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors’ rights and to general equity principles;

 

(4)  that
all laws and requirements in respect of the execution and delivery by the Company of such Securities have been complied with; and

 

(5)  that
all conditions precedent under the Indenture relating to the authentication and delivery of such securities have been complied with.

 

If such form or terms have
been so established, 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
which is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions
of Section 3.01 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not
be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.01 or the Company Order and Opinion of
Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

 

Each Security shall be dated
the date of its authentication.

 

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No Security shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall
be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

Section 3.04.  Temporary Securities.

 

Pending the preparation of
definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of
any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the
same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series and
tenor.

 

Section 3.05.  Registration; Registration of
Transfer and Exchange.

 

The Company shall cause to
be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency
of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers
of Securities as herein provided.

 

Upon surrender for registration
of transfer of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option of the Holder,
Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

 

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

 

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

 

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No service charge shall be
made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer.

 

If the Securities of any series
(or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer
of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for redemption
under Section 11.03 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

None of the Company, the Trustee,
any Paying Agent or the Securities Registrar will have any responsibility or liability for any aspect of the Depositary’s records
relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.

 

Section 3.06.  Mutilated, Destroyed, Lost and
Stolen Securities.

 

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

 

If there shall be delivered
to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

Section 3.07.  Payment of Interest; Interest
Rights Preserved.

 

Except as otherwise provided
as contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

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Any interest on any Security
of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder,
and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below:

 

(1)  The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which
shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Security of such series 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 be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities of such
series in the manner set forth in Section 1.06, 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 so mailed, such Defaulted Interest shall be paid to the Persons
in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following Clause (2).

 

(2)  The
Company may make payment of any Defaulted Interest on the Securities of any series 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.

 

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

 

Section 3.08.  Persons Deemed Owners.

 

Prior to due presentment of
a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.07) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

In the case of any convertible
Security which is converted after any Regular Record Date and on or prior to the next succeeding Interest Payment Date (other than any
Security whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall
be payable on such Interest Payment Date notwithstanding such conversion, and such interest (whether or not punctually paid or duly provided
for) shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business
on such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any convertible
Security which is converted, interest whose Stated Maturity is after the date of conversion of such Security shall not be payable.

 

No holder of any beneficial
interest in any Global Security held on such holder’s behalf by a Depositary shall have any rights under this Indenture with respect
to such Global Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as
the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between
a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the
Depositary as Holder of any Security.

 

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None of the Company, the Trustee,
the Paying Agent or the Security Registrar shall have any responsibility or obligation to any beneficial owner in a Global Security or
other Person with respect to the accuracy of the records of the Depositary or its nominee or of any agent member, with respect to any
ownership interest in the Securities or with respect to the delivery to any agent member, beneficial owner or other Person (other than
the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities.
All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities and this Indenture
shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of
the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to
the applicable procedures. The Trustee, the Paying Agent and the Security Registrar shall be entitled to rely and shall be fully protected
in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustee,
the Paying Agent and the Security Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered
holder of any Global Security for all purposes of this Indenture relating to such Global Security (including the payment of principal,
premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder
of a beneficial ownership interest in such Global Security) as the sole holder of such Global Security and shall have no obligations to
the beneficial owners thereof. None of the Company, the Trustee, the Paying Agent or the Security Registrar shall have any responsibility
or liability for any acts or omissions of the Depository with respect to such Global Security, for the records of any such Depositary,
including records in respect of beneficial ownership interests in respect of any such Global Security, for any transactions between the
Depository and any agent member or between or among the Depositary, any such agent member and/or any holder or owner of a beneficial interest
in such Global Security, or for any transfer or beneficial interests in any such Global Security.

 

Section 3.09.  Cancellation.

 

All Securities surrendered
for payment, redemption, registration of transfer or exchange or conversion or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled
by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance
with its customary procedures.

 

Section 3.10.  Computation of Interest.

 

Except as otherwise specified
as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis
of a 360-day year of twelve 30-day months.

 

Section 3.11.  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 notice 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

Section 3.12.  Further Issuances.

 

The Company may from time
to time without the consent of the Holders of Securities of any series affected create and issue further Securities of such series having
the same terms and conditions as the Securities of such series in all respects (or in all respects except for the payment of interest
of the Securities of such series (i) scheduled and paid prior to the date of issuance of the additional Securities of such series or (ii)
payable on the first Interest Payment Date following such issuance) so that such further issues shall be consolidated and form a single
series with the outstanding Securities of any series. Any further Securities forming a single series with the outstanding Securities of
any series may be constituted by the Indenture or any supplement to this Indenture.

 

    23

     

    

 

ARTICLE FOUR

 

SATISFACTION AND DISCHARGE

 

Section 4.01.  Satisfaction and Discharge of
Indenture.

 

This Indenture shall upon
Company Request cease to be of further effect (except as to any surviving rights of conversion, registration of transfer or exchange of
Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

 

(1)  either

 

(A)  all
Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 3.06 and (ii) Securities for whose payment money has theretofore been deposited in trust
or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation; or

 

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

 

(i)  have
become due and payable, or

 

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

 

(iii)  are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest
to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date,
as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.07, the obligations of the Company to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1)
of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.03 shall survive. The provisions
of this Section shall survive the termination of this Indenture.

 

Section 4.02.  Application of Trust Money.

 

Subject to the provisions
of the last paragraph of Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
and any premium and interest for whose payment such money has been deposited with the Trustee. All monies deposited with the Trustee pursuant
to Section 4.01 (and held by it or the Paying Agent) for the payment of Securities subsequently converted shall be returned to the Company
upon Company Request.

 

Money deposited and held in
trust pursuant to this Section 4.02 shall not be subject to claims of the holders of Senior Indebtedness or Entitled Persons under Article
Fourteen.

 

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ARTICLE FIVE 

 

REMEDIES

 

Section 5.01.  Events of Default.

 

“Event of Default”,
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be occasioned by the provisions of Article Fourteen or be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

 

(1)  the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case
or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed
and in effect for a period of 60 consecutive days; or

 

(2)  the
commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of
a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it,
or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or
the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment
for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the
taking of corporate action by the Company in furtherance of any such action; or

 

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

 

Section 5.02.  Acceleration of Maturity; Rescission
and Annulment.

 

If an Event of Default with
respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if
any Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be
specified by the terms thereof) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder,
become immediately due and payable.

 

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

 

(1)  the
Company has paid or deposited with the Trustee a sum sufficient to pay

 

(A)  all
overdue interest on all Securities of that series,

 

(B)  the
principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such acceleration and any
interest thereon at the rate or rates prescribed therefor in such Securities, and

 

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

 

and

 

(2)  all
Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series
which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

Section 5.03.  Collection of Indebtedness and
Suits for Enforcement by Trustee.

 

The Company covenants that
if

 

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

 

(2)  default
is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand
of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and any premium and interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

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

 

“Default”, wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Default and
whether it shall be occasioned by the provisions of Article 14 or be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)  an
Event of Default with respect to that series specified in Section 5.01; or

 

(2)  any
event referred to in clause (1) or (2) of the first paragraph of this Section 5.03 with respect to Securities of that series; or

 

    26

     

    

 

(3)  default
in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default
in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period
of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and a Responsible
Officer of the Trustee by the Holders of not less than 25% in principal amount of the Outstanding Securities of that series a written
notice specifying such default or breach and requiring it to be remedied; or

 

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

 

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

 

Section 5.04.  Trustee May File Proofs of Claim.

 

In case of any judicial proceeding
relative to the Company or any other obligor upon the Securities or the property of the Company or such other obligor or their creditors,
the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under
the such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized (i) to file and prove a claim for
the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities in accordance with the
terms thereof and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expense, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceeding, and (ii) to collect and receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the Trustee shall consent to
the making of such payments directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07.

 

No provision of this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee.

 

Section 5.05.  Trustee May Enforce Claims Without
Possession of Securities.

 

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

 

Section 5.06.  Application of Money Collected.

 

Any money collected by the
Trustee pursuant to this Article and any money or other distributable in respect of the company’s obligation under this Indenture
after the occurrence of an Event of Default shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

First: To the payment of all
amounts due the Trustee under Section 6.07; and

 

    27

     

    

 

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

 

Section 5.07.  Limitation on Suits.

 

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

 

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

 

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

 

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

 

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

 

(5)  no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the Outstanding Securities of that series; it being understood and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

 

Section 5.08.  Unconditional Right of Holders
to Receive Principal, Premium and Interest or to Convert.

 

Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment
of the principal of and any premium and (subject to Section 3.07) interest on such Security on the respective Stated Maturities expressed
in such Security (or, in the case of redemption, on the Redemption Date) and, if applicable, to convert such Security in accordance with
Article Fifteen, to institute suit for the enforcement of any such payment and right to convert, and such rights shall not be impaired
without the consent of such Holder.

 

Section 5.09.  Restoration of Rights and Remedies.

 

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

 

Section 5.10.  Rights and Remedies Cumulative.

 

Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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Section 5.11. Delay or Omission Not Waiver.

 

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

 

Section 5.12.  Control by Holders.

 

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

 

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

 

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

 

(3)  such
direction is not unduly prejudicial to the rights of other Holders.

 

Section 5.13.  Waiver of Past Defaults.

 

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

 

(1) in
the payment of the principal of or any premium or interest on any Security of such series, or

 

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

 

Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14.  Undertaking for Costs.

 

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

 

    29

     

    

 

Section 5.15.  Waiver of Usury, Stay or Extension
Laws.

 

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

 

ARTICLE SIX

 

THE TRUSTEE

 

Section 6.01. Certain Duties and Responsibilities.

 

(a)  Except
during the continuance of an Event of Default,

 

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

 

(2)
in the absence of gross negligence, willful misconduct or bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture.

 

(b)  In
case an Event of Default with respect to Securities of a particular series shall have occurred and is continuing, the Trustee shall exercise
with respect to the Securities of such 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.

 

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

 

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

 

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

 

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

 

(4)  no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

 

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

 

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Section 6.02.  Notice of Defaults.

 

Within 90 days after the occurrence
of any default hereunder known to the Trustee with respect to the Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such default hereunder,
unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of
the principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund installment with
respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the Holders of Securities of such series; and provided, further, that in the case of any
default of the character specified in clauses (3) or (4) of the third paragraph of Section 5.03 with respect to Securities of such series,
no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both would become, a Default with respect to Securities
of such series.

 

Before the Trustee acts or
refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for
any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and
protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

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

 

Section 6.03.  Certain Rights of Trustee.

 

Subject to the provisions
of Section 6.01:

 

(1)  the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed
by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

 

(2)  any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution
of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

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

 

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

 

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

 

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(6)  the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and,
if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation;

 

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

 

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

 

(9)  the
Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge
thereof of unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture, unless the Trustee has received notice
of such default or Event of Default pursuant to Section 10.04 hereof;

 

(10)  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;

 

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

 

(12)  anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage
of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such
loss or damage and regardless of the form of action; and

 

(13)  the
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics or pandemics; riots; interruptions; loss or malfunctions
of utilities, computer (hardware or software) or communication services; any act or provision of any present of future law or regulation
or governmental authority, the unavailability of the Federal Reserve Bank wire or telex or other wire; accidents; labor disputes; acts
of civil or military authority and governmental action.

 

Section 6.04.  Not Responsible for Recitals
or Issuance of Securities.

 

The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and
neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Securities or the proceeds thereof.

 

Section 6.05.  May Hold Securities.

 

The Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same rights it
would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

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Section 6.06.  Money Held in Trust.

 

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

 

Section 6.07.  Compensation and Reimbursement.

 

The Company agrees

 

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

 

(2)  except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith; and

 

(3)  to
indemnify each of the Trustee and any predecessor Trustee and their officers, agents, directors and employees for, and to hold them harmless
against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based on the income of the Trustee)
incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether against the Company,
a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or
in connection with enforcing the Provisions of this Section 6.07.

 

The Trustee shall have a lien
prior to the Securities as to all property and funds held by it hereunder for any amount owing it or any predecessor Trustee pursuant
to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Securities.

 

When the Trustee incurs expenses
or renders services in connection with an Event of Default specified in Section 5.01(5) or Section 5.01(6), the expenses (including the
reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable Federal or State bankruptcy, insolvency or other similar law.

 

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

 

Section 6.08.  Conflicting Interests.

 

If the Trustee has or shall
acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

Section 6.09.  Corporate Trustee Required;
Eligibility.

 

There shall at all times be
one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one
or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, and has a combined
capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or to
the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust
Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

 

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Section 6.10.  Resignation and Removal; Appointment
of Successor.

 

(a)  No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11.

 

(b)  The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If
the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(c)  The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount
of the Outstanding Securities of such series, delivered to a Responsible Officer of the Trustee and to the Company. If the instrument
of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal,
the Trustee being removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

 

(d)  If
at any time:

 

(1)  the
Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has been a bona fide
Holder of a Security for at least six months, or

 

(2)  the
Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or by any
such Holder, or

 

(3)  the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with
respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)  If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause,
with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed
with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect
to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after
such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any
series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered
to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of
any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11,
any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.

 

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(f)  The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment
of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided
in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address
of its Corporate Trust Office.

 

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

 

Section 6.11.  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 (including fees and expenses of its agents and counsel), 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 (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust
or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation
or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall, upon payment of fees and expenses of its agents and counsel, duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of
that or those series to which the appointment of such successor Trustee relates.

 

(c)  Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, 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.

 

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Section 6.12.  Merger, Conversion, Consolidation
or Succession to Business.

 

Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without
the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities 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 6.13.  Preferential Collection of Claims
Against Company.

 

If and when the Trustee shall
be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the
Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

Section 6.14.  Appointment of Authenticating
Agent.

 

The Trustee may appoint an
Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer, partial conversion or
partial redemption thereof or pursuant to Section 3.06, 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. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at
all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District
of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

 

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

 

An Authenticating Agent may
resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and
shall give notice of such appointment in the manner provided in Section 1.06 to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating
Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

 

The Company agrees to pay
to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

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

 

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

 

__________________________________________________________,

 

As Trustee

 

By__________________________,

As Authenticating Agent

 

By__________________________

Authorized Signatory

 

ARTICLE SEVEN

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY

 

Section 7.01.  Company to Furnish Trustee Names
and Addresses of Holders.

 

The Company will furnish or
cause to be furnished to the Trustee:

 

(1)  semi-annually,
not later than 10 calendar days after each Regular Record Date in each year, a list for each series of Securities, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of Securities of each series as of the preceding Regular Record
Date, and

 

(2)
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; excluding from any such list
names and addresses received by the Trustee in its capacity as Security Registrar.

 

Section 7.02.  Preservation of Information;
Communications to Holders.

 

The Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the
Trustee as provided in Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished.

 

The rights of Holders to communicate
with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges
of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder of Securities,
by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the
Trust Indenture Act.

 

Section 7.03.  Reports by Trustee.

 

(a)  Within
60 days after May 15 of each year commencing with the year 20__, the Trustee shall transmit by mail to all Holders of Securities of each
series, as their names and addresses appear in the Security Register, and to any other Persons specified in Section 313(c) of the Trust
Indenture Act, a brief report dated as of such May 15, in accordance with, and to the extent required under, Section 313 of the Trust
Indenture Act.

 

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(b)  A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which
the Securities of any series are listed, with the Commission and with the Company. The Company will notify the Trustee when the Securities
of any series are listed on any stock exchange.

 

Section 7.04.  Reports by Company.

 

The Company shall file with
the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as
may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such
information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be
filed with the Trustee within 15 days after the same is so required to be filed with the Commission.

 

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

 

ARTICLE EIGHT

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER
OR LEASE

 

Section 8.01.  Company May Consolidate, Etc.,
Only on Certain Terms.

 

The Company shall not consolidate
with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person,
unless:

 

(1)  the
corporation formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust, shall
be organized and validly existing under the laws of Canada or U.S. and shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and
interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be
performed or observed and, if applicable, shall have provided for conversion rights in accordance with Section 15.11;

 

(2)  immediately
after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as
a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default,
and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and

 

(3)  the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger,
conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

Section 8.02.  Successor Substituted.

 

Upon any consolidation of
the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of
the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Securities.

 

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ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

Section 9.01. Supplemental Indentures Without
Consent of Holders.

 

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

 

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

 

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

 

(3)  to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly
being included solely for the benefit of such series); or

 

(4)  to
add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate
the issuance of Securities in uncertificated form; or

 

(5)  to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any
such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such
supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with
respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or

 

(6)  to
secure the Securities; or

 

(7)  to
establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; or

 

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

 

(9)  to
make provision with respect to the conversion rights of Holders pursuant to the requirements of Section 15.12, if applicable; or

 

(10)  to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein,
or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant
to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any material respect.

 

Notwithstanding any provision
in this Indenture or otherwise, the rights of Entitled Persons in respect of Other Financial Obligations under this Indenture and otherwise
in respect of the Securities or any series of the Securities may, at any time and from time to time, be modified in any respect or eliminated
without the consent of any Entitled Person in respect of Other Financial Obligations.

 

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Section 9.02.  Supplemental Indentures with
Consent of Holders.

 

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

 

(1)  change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount
thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an
Original Issue Discount Security or any other Security which would be due and payable upon an acceleration of the Maturity thereof pursuant
to Section 5.02, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or,
in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture with respect to the subordination
of the Securities in a manner adverse to the Holders, or adversely affect the right to convert any Security as provided in Article Fifteen
(except as permitted by Section 9.01(9); or

 

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

 

(3)  modify
any of the provisions of this Section, Section 5.13 or Section 10.08, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in
the references to “the Trustee” and concomitant changes in this Section and Section 10.08, or the deletion of this proviso,
in accordance with the requirements of Sections 6.11 and 9.01(8).

 

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

 

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

 

Section 9.03.  Execution of Supplemental Indentures.

 

In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an
Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted
by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.04.  Effect of Supplemental Indentures.

 

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

 

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Section 9.05.  Conformity with Trust Indenture
Act.

 

Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 

Section 9.06.  Reference in Securities to Supplemental
Indentures.

 

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

 

Section 9.07.  Notice to Holders.

 

After any supplemental indenture
under this Article become effective, the Company shall mail to the Holders a notice briefly describing such supplemental Indenture; provided,
however, that the failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of such
supplemental indenture.

 

ARTICLE TEN

 

COVENANTS

 

Section 10.01.  Payment of Principal, Premium
and Interest.

 

The Company covenants and
agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest
on the Securities of that series in accordance with the terms of the Securities and this Indenture.

 

Section 10.02.  Maintenance of Office or Agency.

 

(a)  The
Company will maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or exchange, where
convertible securities may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities
of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

(b)  The
Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment
for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency.

 

Section 10.03.  Money for Securities Payments
to Be Held in Trust.

 

If the Company shall at any
time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or
any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 

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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 or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

 

The Company will cause each
Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other
obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities
of that series.

 

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

 

Any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any
Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall
be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company
cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will
be repaid to the Company.

 

Section 10.04.  Statement by Officers as to
Default.

 

The Company will deliver to
the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any
of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder)
and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of which they may have knowledge.

 

The Company shall deliver
to the Trustee, as soon as possible and in any event within five days after the Company becomes aware of the occurrence of any Default
or Event of Default or an event which, with notice or the lapse of time or both, would constitute a Default or Event of Default, an Officers’
Certificate setting forth the details of such Default or Event of Default and the action which the Company proposes to take with respect
thereto.

 

Section 10.05.  Existence.

 

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

 

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Section 10.06.  Maintenance of Properties.

 

The Company will cause all
properties used or useful in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition,
repair and working order (ordinary wear and tear and casualty excepted) and supplied with all necessary equipment and will cause to be
made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be
necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided,
however, that nothing in this Section shall prevent the Company from discontinuing the operation or maintenance of any of such properties
if such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or the business of any Subsidiary
and not disadvantageous in any material respect to the Holders.

 

Section 10.07. Payment of Taxes and Other Claims.

 

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

 

Section 10.08.  Waiver of Certain Covenants.

 

Except as otherwise specified
as contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the Securities of any series, omit in
any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.01(18),
9.01(2) or 9.01(7) for the benefit of the Holders of such series or in any of Sections 10.05 to 10.07 inclusive if before the time for
such compliance the Holders of not less than a majority in principal amount of the Outstanding Securities of such series shall, by Act
of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but
no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect.

 

Section 10.09.  Calculation of Original Issue
Discount.

 

The Company shall file with
the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including
daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information
relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time.

 

ARTICLE ELEVEN

 

REDEMPTION OF SECURITIES

 

Section 11.01.  Applicability of Article.

 

Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.01 for such Securities) in accordance with this Article.

 

Section 11.02.  Election to Redeem; Notice
to Trustee.

 

The election of the Company
to redeem any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such
Securities. In case of any redemption at the election of the Company of the Securities of any series (including any such redemption affecting
only a single Security), the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series
to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of Securities prior to
the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

 

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Section 11.03.  Selection by Trustee of Securities
to Be Redeemed.

 

If less than all the Securities
of any series are to be redeemed (unless all the Securities of a specified tenor are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate (but subject to compliance with the rules
of any securities exchange on which the securities of such series may be listed) and which may provide for the selection for redemption
of a portion of the principal amount of any Security of such series, provided that the unredeemed portion of the principal amount of any
Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.
If less than all the Securities of such series and of a specified tenor are to be redeemed, the particular Securities to be redeemed shall
be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series and specified
tenor not previously called for redemption in accordance with the preceding sentence.

 

The Trustee shall promptly
notify the Company in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the principal amount thereof to be redeemed.

 

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

 

Section 11.04.  Notice of Redemption.

 

Notice of redemption shall
be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed, at his address appearing in the Security Register.

 

All notices of redemption
shall identify the Securities to be redeemed (including CUSIP number) and shall state:

 

(1)  the
Redemption Date,

 

(2)  the
Redemption Price,

 

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

 

(4)  that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that
interest thereon will cease to accrue on and after said date,

 

(5) the
conversion price, the date on which the right to convert the Securities to be redeemed will terminate and the place or places where such
Securities may be surrendered for conversion,

 

(6)  the
place or places where each such Security is to be surrendered for payment of the Redemption Price, and

 

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

 

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

 

Section 11.05.  Deposit of Redemption Price.

 

Prior to any Redemption Date,
the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and
hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date other than any convertible
Securities called for redemption on that date which have been converted prior to the date of such deposit.

 

If any convertible Security
called for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so segregated and held in trust for
the redemption of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest
as provided in the last paragraph of Section 3.07) be paid to the Company upon Company Request or, if then held by the Company, shall
be discharged from such trust.

 

Section 11.06.  Securities Payable on Redemption
Date.

 

Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however,
that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated Maturity is on or prior to the
Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close
of business on the relevant Record Dates according to their terms and the provisions of Section 3.07.

 

If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest
from the Redemption Date at the rate prescribed therefor in the Security.

 

Section 11.07.  Securities Redeemed in Part.

 

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

 

ARTICLE TWELVE

 

SINKING FUNDS

 

Section 12.01.  Applicability of Article.

 

The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by
Section 3.01 for such Securities.

 

The minimum amount of any
sinking fund payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment”,
and any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities as provided for
by the terms of such Securities.

 

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Section 12.02.  Satisfaction of Sinking Fund
Payments with Securities.

 

The Company (1) may deliver
Outstanding Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series
which have been converted pursuant to Article Fifteen or which have been redeemed either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to any Securities of such series required to
be made pursuant to the terms of such Securities as and to the extent provided for by the terms of such Securities; provided that the
Securities to be so credited have not been previously so credited. The Securities to be so credited shall be received and credited for
such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

Section 12.03.  Redemption of Securities for
Sinking Fund.

 

Not less than 60 days prior
to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof,
if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities pursuant to Section 12.02 and will also deliver to the Trustee any Securities to be so delivered. Not less than 45 days prior
to 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 11.03 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 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon
the terms and in the manner stated in Sections 11.06 and 11.07.

 

ARTICLE THIRTEEN

 

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 13.01.  Company’s Option to Effect
Defeasance or Covenant Defeasance.

 

The Company may elect, at
its option at any time, to have Section 13.02 or Section 13.03 applied to any Securities or any series of Securities, as the case may
be, designated pursuant to Section 3.01 as being defeasible pursuant to such Section 13.02 or 13.03, in accordance with any applicable
requirements provided pursuant to Section 3.01 and upon compliance with the conditions set forth below in this Article. Any such election
shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities.

 

Section 13.02.  Defeasance and Discharge.

 

Upon the Company’s exercise
of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall
be deemed to have been discharged from its obligations, with respect to such Securities as provided in this Section on and after the date
the conditions set forth in Section 13.04 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have
satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive
until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund
described in Section 13.04 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest
on such Securities when payments are due, (2) the Company’s obligations with respect to such Securities under Sections 3.04, 3.05,
3.06, 10.02 and 10.03, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to
compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding
the prior exercise of its option (if any) to have Section 13.03 applied to such Securities.

 

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Section 13.03.  Covenant Defeasance.

 

Upon the Company’s exercise
of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, (1) the Company
shall be released from its obligations under any Section applicable to such Securities that are determined pursuant to Section 3.01 to
be subject to this provision) and (2) the occurrence of any event specified in Sections 5.03(3) (with respect to any Section applicable
to such Securities that are determined pursuant to Section 3.01 to be subject to this provision) shall be deemed not to be or result in
an Event of Default (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with
respect to such Securities, the Company may omit to comply with (and no Event of Default shall arise out of such non-compliance with)
and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section or Article, whether
directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any
such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities
shall be unaffected thereby.

 

Section 13.04.  Conditions to Defeasance or
Covenant Defeasance.

 

The following shall be the
conditions to the application of Section 13.02 or Section 13.03 to any securities or any series of Securities, as the case may be:

 

(1)  The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 6.09 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of
such Securities, (A) in the case of Securities denominated in a foreign currency, money in such foreign currency or Foreign Government
Obligations of the foreign government or governments issuing such foreign currency which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, such
foreign currency in an amount or (B) in the case of Securities denominated in U.S. dollars, U.S. dollars or U.S. Government Obligations
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment, U.S. dollars in an amount, or (C) a combination of money and U.S. Government Obligations
or Foreign Government Obligations (as applicable), in each case 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 and discharge, and which shall be applied
by the Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any premium and interest on such Securities
on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government
Obligation” means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the
full faith and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the option of the
issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with
respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the holder of
such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is
so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation
or the specific payment of principal or interest evidenced by such depositary receipt. As used herein, “Foreign Government Obligation”
means any security denominated in a foreign currency which is (i) a direct obligation of a foreign government or governments for the payment
of which the full faith and credit of such foreign government or governments is pledged or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of such foreign government or governments the payment of which is unconditionally
guaranteed as a full faith and credit obligation by such foreign government, which, in either case (i) or (ii) is not callable or redeemable
at the option of the issuer thereof.

 

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(2)  In
the event of an election to have Section 13.02 apply to any Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling or (y) since the date of this instrument, there has been a change in the applicable Federal income tax
law, in either case (x) or (y) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will
not recognize gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect
to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be
the case if such deposit, Defeasance and discharge were not to occur.

 

(3)  In
the event of an election to have Section 13.03 apply to any Securities or any series of Securities, as the case may be, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss
for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and
will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit
and Covenant Defeasance were not to occur.

 

(4)  The
Company shall have delivered to the Trustee an Officer’s Certificate to the effect that neither such Securities nor any other Securities
of the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)  No
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other
Securities shall have occurred and be continuing (A) at the time of such deposit or, (B) with regard to any such event specified in Sections
5.01(5) and (6), at any time during the period ending on the 123rd day after the date of such deposit or, if longer, ending on the day
following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that
the condition in this clause (B) is a condition subsequent and shall not be deemed satisfied until the expiration of such period).

 

(6)  Such
Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture
Act (assuming all Securities are in default within the meaning of such Act).

 

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

 

(8)  Such
Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company within the
meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

(9)  The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent with respect to such Defeasance or Covenant Defeasance have been complied with.

 

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Section 13.05.  Deposited Money and U.S. Government
Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions
of the last paragraph of Section 10.03, all money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds
thereof) deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.06, the Trustee and
any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.04 in respect of any Securities
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest, but
money so held in trust need not be segregated from other funds except to the extent required by law. Money, U.S. Government Obligations
and Foreign Government Obligations so held in trust shall not be subject to the provisions of Article Fourteen.

 

The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or the Foreign
Government Obligations deposited pursuant to Section 13.04 or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Article to
the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S.
Government Obligations or the Foreign Government Obligations held by it as provided in Section 13.04 with respect to any Securities which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

Section 13.06.  Reinstatement.

 

If the Trustee or the Paying
Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or released pursuant to Section 13.02 or 13.03 shall be revived
and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee
or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.05 with respect to such Securities in accordance
with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest on any such
Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust.

 

ARTICLE FOURTEEN

 

SUBORDINATION OF SECURITIES

 

Section 14.01.  Securities Subordinate to Senior
Indebtedness.

 

The Company covenants and
agrees, and each Holder of a Security, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner
hereinafter set forth in this Article, the indebtedness represented by the Securities and the payment of the principal of (and premium,
if any) and interest on each and all of the Securities are hereby expressly made subordinate and subject in right of payment to the prior
payment in full of all Senior Indebtedness and, to the extent set forth in Section 14.15, of all Other Financial Obligations.

 

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Section 14.02.  Payment Over of Proceeds Upon
Dissolution, Etc.

 

In the event of (a) any insolvency
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection therewith,
relative to the Company or to its creditors, as such, or to its assets, or (b) any liquidation, dissolution or other winding up of the
Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c) any assignment for the benefit
of creditors or any other marshaling of assets and liabilities of the Company, then and in any such event the holders of Senior Indebtedness
shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all Senior Indebtedness, or provision
shall be made for such payment in money or money’s worth, before the Holders of the Securities are entitled to receive any payment
on account of principal of (or premium, if any) or interest on the Securities, and to that end the holders of Senior Indebtedness shall
be entitled to receive, for application to the payment thereof, any payment or distribution of any kind or character, whether in cash,
property or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any
other indebtedness of the Company being subordinated to the payment of the Securities, which may be payable or deliverable in respect
of the Securities in any such case, proceeding, dissolution, liquidation or other winding up or event.

 

In the event that, notwithstanding
the foregoing provisions of this Section, the Trustee or the Holder of any Security shall have received any payment or distribution of
assets of the Company of any kind or character, whether in cash, property or securities, including any such payment or distribution which
may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of the
Securities, before all Senior Indebtedness is paid in full or payment thereof provided for, and if such fact shall, at or prior to the
time of such payment or distribution, have been made known to a Responsible Officer of the Trustee or, as the case may be, such Holder,
then and in such event such payment or distribution shall (to the extent in its possession, in the case of the Trustee) be paid over or
delivered forthwith to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment
or distribution of assets of the Company for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary
to pay all Senior Indebtedness in full, after giving effect to any concurrent payment or distribution to or for the holders of Senior
Indebtedness.

 

For purposes of this Article
only, the words “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized
or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment which are
subordinated in right of payment to all Senior Indebtedness which may at the time be outstanding to substantially the same extent as,
or to a greater extent than, the Securities are so subordinated as provided in this Article. The consolidation of the Company with, or
the merger of the Company into, another Person or the liquidation or dissolution of the Company following the conveyance or transfer of
its properties and assets substantially as an entirety to another Person upon the terms and conditions set forth in Article Eight shall
not be deemed a dissolution, winding up, liquidation, reorganization, assignment for the benefit of creditors or marshaling of assets
and liabilities of the Company for the purposes of this Section if the Person formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer such properties and assets substantially as an entirety, as the case may
be, shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions set forth in Article Eight.

 

Section 14.03.  Prior Payment to Senior Indebtedness
Upon Acceleration of Securities.

 

In the event that any Securities
are declared due and payable before their Stated Maturity, then and in such event the holders of Senior Indebtedness outstanding at the
time such Securities become so due and payable shall be entitled to receive payment in full of all amounts due or to become due on or
in respect of all Senior Indebtedness or provision shall be made for such payment in money or money’s worth, before the Holders
of the Securities are entitled to receive any payment (including any payment which may be payable by reason of the payment of any other
indebtedness of the Company being subordinated to the payment of the Securities) by the Company on account of the principal of (or premium,
if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided, however, that
nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Twelve by delivering and
crediting pursuant to Section 12.02 Securities which have been acquired (upon redemption or otherwise) prior to such declaration of acceleration.

 

In the event that, notwithstanding
the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions
of this Section, and if such fact shall, at or prior to the time of such payment, have been made known to a Responsible Officer of the
Trustee or, as the case may be, such Holder, then and in such event such (to the extent in its possession, in the case of the Trustee)
payment shall be paid over and delivered forthwith to the Company.

 

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The provisions of this Section
shall not apply to any payment with respect to which Section 14.02 would be applicable.

 

Section 14.04.  No Payment When Senior Indebtedness
in Default.

 

(a)    
 In the event and during the continuation of any default in the payment of principal of (or premium, if any) or interest on any
Senior Indebtedness beyond any applicable grace period with respect thereto, or in the event that any event of default with respect to
any Senior Indebtedness shall have occurred and be continuing permitting the holders of such Senior Indebtedness (or a trustee on behalf
of the holders thereof) to declare such Senior Indebtedness due and payable prior to the date on which it would otherwise have become
due and payable, unless and until such event of default shall have been cured or waived or shall have ceased to exist and such acceleration
shall have been rescinded or annulled, or (b) in the event any judicial proceeding shall be pending with respect to any such default in
payment or event of default, then no payment (including any payment which may be payable by reason of the payment of any other indebtedness
of the Company being subordinated to the payment of the Securities) shall be made by the Company on account of principal of (or premium,
if any) or interest on the Securities or on account of the purchase or other acquisition of Securities; provided, however, that
nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Twelve by delivering and
crediting pursuant to Section 12.02 Securities which have been acquired (upon redemption or otherwise) prior to such default in payment
or event of default.

 

In the event that, notwithstanding
the foregoing, the Company shall make any payment to the Trustee or the Holder of any Security prohibited by the foregoing provisions
of this Section, and if such fact shall, at or prior to the time of such payment, have been made known to a Responsible Officer of the
Trustee or, as the case may be, such Holder, then and in such event such payment shall (to the extent in its possession, in the case of
the Trustee) be paid over and delivered forthwith to the Company.

 

The provisions of this Section
shall not apply to any payment with respect to which Section 14.02 would be applicable.

 

Section 14.05.  Payment Permitted in Certain
Situations.

 

Nothing contained in this
Article or elsewhere in this Indenture or in any of the Securities shall prevent (a) the Company, at any time except during the pendency
of any case, proceeding, dissolution, liquidation or other winding up, assignment for the benefit of creditors or other marshaling of
assets and liabilities of the Company referred to in Section 14.02 or under the conditions described in Section 14.03 or 14.04, from making
payments at any time of principal of (and premium, if any) or interest on the Securities or (b) the application by the Trustee of any
money deposited with it hereunder to the payment of or on account of the principal of (and premium, if any) or interest on the Securities
of any series or the retention of such payment by the Holder, if, at the time of such application by the Trustee, it did not have actual
knowledge that such payment would have been prohibited by the provisions of this Article.

 

Section 14.06.  Subrogation to Rights of Holders
of Senior Indebtedness.

 

Subject to the payment in
full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the extent of the payments or distributions made
to the holders of such Senior Indebtedness pursuant to the provisions of this Article to the rights of the holders of such Senior Indebtedness
to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of (and
premium, if any) and interest on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions
to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Securities or the Trustee would
be entitled except for the provisions of this Article, and no payments over pursuant to the provisions of this Article to the holders
of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than holders of Senior
Indebtedness and the Holders of the Securities, be deemed to be a payment or distribution by the Company to or on account of the Senior
Indebtedness.

 

Section 14.07.  Provisions Solely to Define
Relative Rights.

 

The provisions of this Article
are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities on the one hand and the holders
of Senior Indebtedness (and, in the case of Section 14.15, Entitled Persons in respect of Other Financial Obligations) on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair, as among the
Company, its creditors other than holders of Senior Indebtedness and other than Entitled Persons in respect of Other Financial Obligations
and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights
under this Article of the holders of Senior Indebtedness and Entitled Persons in respect of Other Financial Obligations, is intended to
rank equally with all other general obligations of the Company), to pay to the Holders of the Securities the principal of (and premium,
if any) and interest on the Securities as and when the same shall become due and payable in accordance with their terms; or (b) affect
the relative rights against the Company of the Holders of the Securities and creditors of the Company other than the holders of Senior
Indebtedness and Entitled Persons in respect of Other Financial Obligations; or (c) prevent the Trustee or the Holder of any Security
from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under
this Article of the holders of Senior Indebtedness and under Section 14.15 of Entitled Persons in respect of Other Financial Obligations,
to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder.

 

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Section 14.08.  Trustee to Effectuate Subordination.

 

Each Holder of a Security
by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate
the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes.

 

Section 14.09.  No Waiver of Subordination
Provisions.

 

No right of any present or
future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired
by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
non-compliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof any such
holder may have or be otherwise charged with.

 

Without in any way limiting
the generality of the foregoing paragraph, the holders of Senior Indebtedness (and Entitled Persons in respect of Other Financial Obligations)
may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Securities, without incurring
responsibility to the Holders of the Securities and without impairing or releasing the subordination provided in this Article or the obligations
hereunder of the Holders of the Securities to the holders of Senior Indebtedness and Entitled Persons, in respect of Other Financial Obligations,
do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter,
Senior Indebtedness or Other Financial Obligations, or otherwise amend or supplement in any manner Senior Indebtedness or Other Financial
Obligations or any instrument evidencing the same or any agreement under which Senior Indebtedness is or Other Financial Obligations are
outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness
or Other Financial Obligations; (iii) release any Person liable in any manner for the collection of Senior Indebtedness or Other Financial
Obligations; and (iv) exercise or refrain from exercising any rights against the Company and any other Person.

 

Section 14.10.  Notice to Trustee.

 

The Company shall give prompt
written notice to a Responsible Officer of the Trustee of any fact known to the Company which would prohibit the making of any payment
to or by the Trustee in respect of the Securities. Notwithstanding the provisions of this Article or any other provision of this Indenture,
the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by
the Trustee in respect of the Securities, unless and until a Responsible Officer of the Trustee shall have received written notice thereof
from the Company or a holder of Senior Indebtedness or from any trustee therefor or from any Entitled Persons in respect of Other Financial
Obligations; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 6.01, shall be entitled
in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided
for in this Section at least two Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal (and premium, if any) or interest on any security) then notwithstanding anything
to the contrary herein, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for
which such money was received and shall not be affected by any notice to the contrary which may be received by it within two Business
Days prior to such date.

 

Subject to the provisions
of Section 6.01, the Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be
a holder of Senior Indebtedness (or a trustee therefor) or an Entitled Person in respect of Other Financial Obligations to establish that
such notice has been given by a holder of Senior Indebtedness (or a trustee therefor) or an Entitled Person in respect of Other Financial
Obligations. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness or an Entitled Person in respect of Other Financial Obligations to participate in any payment
or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of Senior Indebtedness or other Financial Obligations held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article,
and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right
of such Person to receive such payment.

 

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Section 14.11.  Reliance on Judicial Order
or Certificate of Liquidating Agent.

 

Upon any payment or distribution
of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 6.01, and the Holders of the Securities
shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy,
receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee
in bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or other Person making such payment
or distribution, delivered to a Responsible Officer of the Trustee or to the Holders of Securities, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company
and the Entitled Persons in respect of Other Financial Obligations, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article.

 

Section 14.12.  Trustee Not Fiduciary for Holders
of Senior Indebtedness or Entitled Persons.

 

The Trustee shall not be deemed
to owe any fiduciary duty to the holders of Senior Indebtedness or Entitled Persons in respect of Other Financial Obligations and shall
not be liable to any such holders or creditors if it shall in good faith mistakenly pay over or distribute to Holders of Securities or
to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness or Entitled Persons in
respect of Other Financial Obligations shall be entitled by virtue of this Article or otherwise.

 

Section 14.13. Rights of Trustee as Holder
of Senior Indebtedness or Entitled Person; Preservation of Trustee’s Rights.

 

The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness which may at any time be
held by it and with respect to any Other Financial Obligations owed to the Trustee as an Entitled Person, to the same extent as any other
holder of Senior Indebtedness or Entitled Person in respect of Other Financial Obligations, as the case may be, and nothing in this Indenture
shall deprive the Trustee of any of its rights as such holder or Entitled Person.

 

Nothing in this Article shall
apply to claims of, or payments to, the Trustee under or pursuant to Section 6.07.

 

Section 14.14.  Article Applicable to Paying
Agents.

 

In case at any time any Paying
Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as
used in this Article shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; provided, however, that Section 14.13 shall not apply to the Company or any Affiliate of the Company if it
or such Affiliate acts as Paying Agent.

 

Section 14.15.  Securities to Rank Pari Passu
with All Other Securities; Payment of Proceeds in Certain Cases.

 

(a)  Subject
to the provisions of this Section and to any provisions established or determined with respect to Securities of any series pursuant to
Section 3.01, the Securities shall rank pari passu in right of payment with all other Securities.

 

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(b)  Upon
the occurrence of any of the events specified in clauses (a), (b) and (c) of the first paragraph of Section 14.02, the provisions of that
Section shall be given effect to determine the amount of cash, property or securities which may be payable or deliverable as between the
holders of Senior Indebtedness, on the one hand, and the Holders of Securities, on the other hand.

 

(c)  If,
after giving effect to the provisions of Section 14.02 and Section 14.06, any amount of cash, property or securities shall be available
for payment or distribution in respect of the Securities (“Excess Proceeds”), and any Entitled Persons in respect of Other
Financial Obligations shall not have received payment in full of all amounts due or to become due on or in respect of such Other Financial
Obligations (and provision shall not have been made for such payment in money or money’s worth), then such Excess Proceeds shall
first be applied (ratably with any amount of cash, property or securities available for payment or distribution in respect of any other
indebtedness of the Company that by its express terms provides for the payment over of amounts corresponding to Excess Proceeds to Entitled
Persons in respect of Other Financial Obligations) to pay or provide for the payment of the Other Financial Obligations remaining unpaid,
to the extent necessary to pay all Other Financial Obligations in full, after giving effect to any concurrent payment or distribution
to or for Entitled Persons in respect of Other Financial Obligations. Any Excess Proceeds remaining after the payment (or provision for
payment) in full of all Other Financial Obligations shall be available for payment or distribution in respect of the Securities.

 

(d)  In
the event that, notwithstanding the foregoing provisions of subsection (c) of this Section, after the occurrence of any of the events
specified in clauses (a), (b) and (c) of the first paragraph of Section 14.02, the Trustee or Holder of any Security shall have received
any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, before Senior
Indebtedness and all Other Financial Obligations are paid in full or payment thereof duly provided for, and if such fact shall, at or
prior to the time of such payment or distribution, have been made known to a Responsible Officer of the Trustee or, as the case may be,
such Holder, then and in such event, subject to any obligation that the Trustee or such Holder may have pursuant to Section 14.02, such
payment or distribution shall (to the extent in its possession, in the case of the Trustee) be paid over or delivered forthwith to the
trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other Person making payment or distribution of assets
of the Company for payment in accordance with subsection (c).

 

(e)  Subject
to the payment in full of all Other Financial Obligations, the Holders of the Securities shall be subrogated (equally and ratably with
the holders of all indebtedness of the Company that by its express terms provides for the payment over of amounts corresponding to Excess
Proceeds to Entitled Persons in respect of Other Financial Obligations and is entitled to like rights of subrogation) to the extent of
the payments or distributions made to Entitled Persons in respect of Other Financial Obligations pursuant to subsection (c) or (d) of
this Section to the rights of the Entitled Persons in respect of Other Financial Obligations to receive payments and distributions of
cash, property and securities applicable to the Other Financial Obligations until the principal of (and premium, if any) and interest
on the Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to Entitled Persons in respect
of Other Financial Obligations of any cash, property or securities to which Holders of the Securities or the Trustee would be entitled
except for the provisions of this Section, and no payments over pursuant to the provisions of this Section to Entitled Persons in respect
of Other Financial Obligations by Holders of Securities or the Trustee, shall, as among the Company, its creditors other than Entitled
Persons in respect of Other Financial Obligations and the Holders of Securities be deemed to be a payment or distribution by the Company
to or on account of the Other Financial Obligations.

 

(f)  The
provisions of subsections (c), (d) and (e) of this Section are and are intended solely for the purpose of defining the relative rights
of the Holders of the Securities, on the one hand, and the Entitled Persons in respect of Other Financial Obligations, on the other hand,
after giving effect to the rights of the holders of Senior Indebtedness, as provided in this Article. Nothing contained in subsections
(c), (d) and (e) of this Section is intended to or shall affect the relative rights against the Company of the Holders of the Securities
and creditors of the Company other than Entitled Persons in respect of Other Financial Obligations.

 

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Section 14.16.  Certain Conversions Deemed
Payment.

 

For purposes of this Article
only, the issuance and delivery of junior securities upon conversion of Securities in accordance with Article Fifteen shall not be deemed
to constitute a payment or distribution on account of the purchase or other acquisition of Securities, and (2) the payment, issuance or
delivery of cash, property or securities (other than junior securities) upon conversion of a security shall be deemed to constitute payment
on account of the principal of such Securities. For purposes of this Section, the term “junior securities” means (a) shares
of any stock of any class of the Company and (b) securities of the Company which are subordinated in right of payment to all Senior Indebtedness
and Other Financial Obligations which may be outstanding at the time of issuance or delivery of such securities to substantially the same
extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. Nothing contained in this Article
or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its creditors other than holders
of Senior Indebtedness and the Holders of the Securities, the right, which is absolute and unconditional, of the Holder of any convertible
Security to convert such Security in accordance with Article Fifteen.

 

ARTICLE FIFTEEN

 

CONVERSION OF SECURITIES

 

Section 15.01.  Applicability of Article.

 

The Company may elect, at
its option at any time, to have Section 15.02 applied to any Securities or any series of Securities, as the case may be, designated pursuant
to Section 3.01 as being convertible into Common Shares of the Company pursuant to such Section 15.02, in accordance with any applicable
requirements provided pursuant to Section 3.01 and upon compliance with the conditions set forth below in this Article. Any such election
shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities.

 

Section 15.02.  Conversion Privilege and Conversion
Price.

 

Subject to and upon compliance
with the provisions of this Article, at the option of the Holder thereof, any Security or any portion of the principal amount thereof
which is an integral multiple of the authorized denomination thereof may be converted at the principal amount thereof, or of such portion
thereof, into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100 of a share) of Common Shares
of the Company, at the conversion price for Securities of such series, determined as hereinafter provided, in effect at the time of conversion.
Such conversion right shall commence at the opening of business on the Initial Conversion Date and expire at the close of business on
the Final Conversion Date. In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security
or portion so called shall expire at the close of business on the Redemption Date, unless the Company defaults in making the payment due
upon redemption.

 

The price at which shares
of Common Shares shall be delivered upon conversion of Securities of a series (herein called the “conversion price” for Securities
of such series) shall be initially the Initial Conversion Price for Securities of such series per Common Share. The conversion price shall
be adjusted in certain instances as provided in paragraphs (1), (2), (3), (4) and (7) of Section 15.05.

 

Section 15.03.  Exercise of Conversion Privilege.

 

In order to exercise the conversion
privilege, the Holder of any Security to be converted shall surrender such Security, duly endorsed or assigned to the Company or in blank,
at any office or agency of the Company maintained for that purpose pursuant to Section 10.02, accompanied by written notice to the Company
at such office or agency that the Holder elects to convert such Security or, if less than the entire principal amount thereof is to be
converted, the portion thereof to be converted. Securities surrendered for conversion during the period from the close of business on
any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall (except
in the case of Securities or portions thereof which have been called for redemption on a Redemption Date within such period) be accompanied
by payment in legal tender or other funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment
Date on the principal amount of Securities being surrendered for conversion. Except as provided in the preceding sentence and subject
to the last paragraph of Section 3.07, no payment or adjustment shall be made upon any conversion on account of any interest accrued on
the Securities surrendered for conversion or on account of any dividends on the Common Shares issued upon conversion.

 

    55

     

    

 

Securities shall be deemed
to have been converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance
with the foregoing provisions, and at such time the rights of the Holders of such Securities as Holders shall cease, and the Person or
Persons entitled to receive the Common Shares issuable upon conversion shall be treated for all purposes as the record holder or holders
of such Common Shares at such time. As promptly as practicable on or after the conversion date, the Company shall issue and shall deliver
at such office or agency a certificate or certificates for the number of full shares of Common Shares issuable upon conversion, together
with payment in lieu of any fraction of a share, as provided in Section 15.04. In the case of any Security of a series which is converted
in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at
the expense of the Company, a new Security or Securities of such series of authorized denominations in aggregate principal amount equal
to the unconverted portion of the principal amount of such Security.

 

Section 15.04.  Fractions of Shares.

 

No fractional Common Shares
shall be issued upon conversion of Securities. If more than one Security of a series shall be surrendered for conversion at one time by
the same Holder, the number of full shares which shall be issuable upon conversion thereof shall be computed on the basis of the aggregate
principal amount of the Securities of such series (or specified portions thereof) so surrendered. Instead of any fractional Common Share
which would otherwise be issuable upon conversion of any Security or Securities (or specified portion thereof), the Company shall pay
a cash adjustment in respect of such fraction in an amount equal (computed to the nearest cent) to the same fraction of the market price
per Common Share (as determined by the Board of Directors or in any manner prescribed by the Board of Directors) at the close of business
on the day of conversion.

 

Section 15.05.  Adjustment of Conversion Price.

 

(1)  In
case at any time after the date of establishment of the Initial Conversion Price with respect to Securities of a series the Company shall
pay or make a dividend or other distribution in Common Shares on any class of capital stock of the Company, the conversion price in effect
at the opening of business on the day following the date fixed for the determination of stockholders entitled to receive such dividend
or other distribution shall be reduced by multiplying such conversion price by a fraction of which the numerator shall be the number of
Common Shares outstanding at the close of business on the date fixed for such determination and the denominator shall be the sum of such
number of shares and the total number of shares constituting such dividend or other distribution, such reduction to become effective immediately
after the opening of business on the day following the date fixed for such determination. For the purposes of this paragraph, the number
of Common Shares at any time outstanding shall not include shares held in the treasury of the Company. The Company will not pay any dividend
or make any distribution on Common Shares held in the treasury of the Company.

 

(2)  In
case at any time after the date of establishment of the Initial Conversion Price with respect to Securities of a series the Company shall
issue rights or warrants to all holders of its Common Shares entitling them to subscribe for or purchase shares of Common Shares at a
price per share less than the current market price per share (determined as provided in paragraph (6) of this Section) of the Common Shares
on the date fixed for the determination of stockholders entitled to receive such rights or warrants, the conversion price in effect at
the opening of business on the day following the date fixed for such determination shall be reduced by multiplying such conversion price
by a fraction of which the numerator shall be the number of Common Shares outstanding at the close of business on the date fixed for such
determination plus the number of Common Shares which the aggregate of the offering price of the total number of shares of Common Shares
so offered for subscription or purchase would purchase at such current market price and the denominator shall be the number of Common
Shares outstanding at the close of business on the dated fixed for such determination plus the number of Common Shares so offered for
subscription or purchase, such reduction to become effective immediately after the opening of business on the day following the date fixed
for such determination. For the purposes of this paragraph (2), the number of Common Shares at any time outstanding shall not include
shares held in the treasury of the Company. The Company will not issue any rights or warrants in respect of Common Shares held in the
treasury of the Company.

 

(3)  In
case at any time after the date of establishment of the Initial Conversion Price with respect to Securities of a series outstanding Common
Shares shall be subdivided into a greater number of Common Shares, the conversion price in effect at the opening of business on the day
following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding
Common Shares shall each be combined into a smaller number of Common Shares the conversion price in effect at the opening of business
on the day following the day upon which such combination becomes effective shall be proportionately increased, such reduction or increase,
as the case may be, to become effective immediately after the opening of business on the day following the day upon which such subdivision
or combination becomes effective.

 

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(4)  In
case at any time after the date of establishment of the Initial Conversion Price with respect to Securities of a series the Company shall,
by dividend or otherwise, distribute to all holders of its Common Shares evidences of its indebtedness or assets (including securities,
but excluding any rights or warrants referred to in paragraph (2) of this Section, any dividend or distribution paid in cash out of the
retained earnings of the Company and any dividend or distribution referred to in paragraph (1) of this Section), the conversion price
shall be adjusted so that the same shall equal the price determined by multiplying the conversion price in effect immediately prior to
the close of business on the date fixed for the determination of stockholders entitled to receive such distribution by a fraction of which
the numerator shall be the current market price per share (determined as provided in paragraph (6) of this Section) of the Common Shares
on the date fixed for such determination less the then fair market value (as determined by the Board of Directors, whose determination
shall be conclusive and described in a Board Resolution filed with the Trustee) of the portion of assets or evidences of indebtedness
so distributed applicable to one Common Share and the denominator shall be such current market price per Common Share such adjustment
to become effective immediately prior to the opening of business on the day following the date fixed for the determination of stockholders
entitled to receive such distribution.

 

(5)  The
reclassification of Common Shares into securities other than Common Shares (other than any reclassification upon a consolidation or merger
to which Section 15.02 applies) shall be deemed to involve (a) a distribution of such securities other than Common Shares to all holders
of Common Shares (and the effective date of such reclassification shall be deemed to be “the date fixed for the determination of
stockholders entitled to receive such distribution” and “the date fixed for such determination” within the meaning of
paragraph (4) of this Section), and (b) a subdivision or combination, as the case may be, of the Common Shares outstanding immediately
prior to such reclassification into the number of Common Shares outstanding immediately thereafter (and the effective date of such reclassification
shall be deemed to be “the day upon which such subdivision becomes effective” or “the day upon which such combination
becomes effective”, as the case may be, and “the day upon which such subdivision or combination becomes effective” within
the meaning of paragraph (3) of this Section).

 

(6)  For
the purpose of any computation under paragraphs (2) and (4) of this Section, the current market price per Common Share on any date shall
be deemed to be the average of the daily closing prices for the 30 consecutive Business Days selected by the Company commencing not less
than 30 nor more than 45 Business Days before the day in question. The closing price for each day shall be the last reported sales price
regular way or, in case no such reported sale takes place on such day, the average of the reported closing bid and asked prices regular
way, in either case, on the principal national securities exchange on which the Common Shares are listed or admitted to trading or, if
not listed or admitted to trading on any national securities exchange, on the National Association of Securities Dealers Automated Quotations
National Market System or, if the Common Share is not listed or admitted to trading on any national securities exchange or quoted on such
National Market System, the average of the closing bid and asked prices in the over-the-counter market as furnished by any New York Stock
Exchange member firm selected from time to time by the Company for that purpose.

 

(7)  The
Company may make such reductions in the conversion price, in addition to those required by paragraphs (1), (2), (3) and (4) of this Section,
as it considers to be advisable in order that any event treated for Federal income tax purposes as a dividend of stock or stock rights
shall not be taxable to the recipients.

 

Section 15.06.  Notice of Adjustments of Conversion
Price.

 

Whenever the conversion price
is adjusted as herein provided:

 

(a)  the
Company shall compute the adjusted conversion price in accordance with Section 15.05 and shall prepare a certificate signed by the Treasurer
of the Company setting forth the adjusted conversion price and showing in reasonable detail the facts upon which such adjustment is based,
and such certificate shall forthwith be filed at each office or agency maintained for the purpose of conversion of Securities pursuant
to Section 10.02; and

 

    57

     

    

 

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

 

Section 15.07.  Notice of Certain Corporate
Action.

 

In case at any time after
20 Business Days preceding the Initial Conversion Date:

 

(a)  the
Company shall declare a dividend (or any other distribution) on its Common Shares payable otherwise than in cash out of its retained earnings;
or

 

(b)  the
Company shall authorize the granting to the holders of its Common Shares of rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any other rights; or

 

(c)  of
any reclassification of the Common Shares of the Company (other than a subdivision or combination of its outstanding Common Shares), or
of any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required,
or of the sale or transfer of all or substantially all of the assets of the Company; or

 

(d)  of
the voluntary or involuntary dissolution, liquidation or winding up of the Company; then the Company shall cause to be filed at each office
or agency maintained for the purpose of conversion of Securities pursuant to Section 10.02, and shall cause to be mailed to all Holders
at their respective last addresses as they shall appear in the Security Register, at least 20 days (or 10 days in any case specified in
Clause (a) or (b) above) prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, rights or warrants, or, if a record is not to be taken, the date
as of which the holders of Common Shares of record to be entitled to such dividend, distribution, rights or warrants are to be determined,
or (y) the date on which such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected
to become effective, and the date as of which it is expected that holders of Common Shares of record shall be entitled to exchange their
Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up.

 

Section 15.08.  Company to Reserve Common Shares.

 

The Company shall at all times
reserve and keep available, free from pre-emptive rights, out of its authorized but unissued Common Shares, for the purpose of effecting
the conversion of Securities, the full number of Common Shares then issuable upon the conversion of all outstanding Securities.

 

Section 15.09.  Taxes on Conversions.

 

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

 

Section 15.10.  Covenant as to Common Shares.

 

The Company covenants that
all Common Shares which may be issued upon conversion of Securities will upon issue be fully paid and nonassessable and, except as provided
in Section 15.09, the Company will pay all taxes, liens and charges with respect to the issue thereof.

 

Section 15.11.  Cancellation of Converted Securities.

 

All Securities delivered for
conversion shall be delivered to the Trustee to be cancelled by or at the direction of the Trustee, which shall dispose of the same as
provided in Section 3.09.

 

    58

     

    

 

Section 15.12.  Provisions in Case of Consolidation,
Merger or Sale of Assets.

 

In case of any consolidation
of the Company with, or merger of the Company into, any other Person, any merger of another Person into the Company (other than a merger
which does not result in any reclassification, conversion, exchange or cancellation of outstanding Common Shares of the Company) or any
sale or transfer of all or substantially all of the assets of the Company, the Person formed by such consolidation or resulting from such
merger or which acquires such assets, as the case may be, shall execute and deliver to the Trustee a supplemental indenture providing
that the Holder of each Security then outstanding shall have the right thereafter, during the period such Security shall be convertible
as specified in Section 15.02, to convert such Security only into the kind and amount of securities, cash and other property receivable
upon such consolidation, merger, sale or transfer by a holder of the number of Common Shares of the Company into which such Security might
have been converted immediately prior to such consolidation, merger, sale or transfer, assuming such holder of Common Shares of the Company
(i) is not a Person with which the Company consolidated or into which the Company merged or which merged into the Company or to which
such sale or transfer was made, as the case may be (“constituent Person”), or an Affiliate of a constituent Person and (ii)
failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer (provided that if the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer is not the same for each Common Share of the Company held immediately prior to such consolidation,
merger, sale or transfer by others than a constituent Person or an Affiliate thereof and in respect of which such rights of election shall
not have been exercised (“non-electing share”), then for the purpose of this Section the kind and amount of securities, cash
and other property receivable upon such consolidation, merger, sale or transfer by each non-electing share shall be deemed to be the kind
and amount so receivable per share by a plurality of the non-electing shares), and assuming, if such consolidation, merger, sale or transfer
is prior to the Initial Conversion Date, that the Securities were convertible at the time of such consolidation, merger, sale or transfer
at the initial conversion price specified in Section 15.02 as adjusted from the date of establishment of the Initial Conversion Price
with respect to Securities of a series to such time pursuant to paragraphs (1), (2), (3), (4) and (7) of Section 15.05. Such supplemental
indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as
nearly equivalent as may be practicable to the adjustments provided for in this Article. The above provisions of this Section shall similarly
apply to successive consolidations, mergers, sales or transfers.

 

Section 15.13.  Responsibility of Trustee.

 

The Trustee shall not at any
time be under any duty or responsibility to any Holder of a Security to make or cause to be made any adjustment of the conversion price,
or to determine the price of Common Shares or any other security, whether any facts exist which may require any such calculation with
respect to, or adjustment, or with respect to the nature or extent of any such adjustment when made, or with respect to any method employed,
or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee shall not be accountable with respect
to the validity or value (or the kind or amount) of any Common Shares or of any securities or property which may at any time be issued
or delivered upon conversion of any Security; and the Trustee makes no representation with respect thereto. The Trustee shall not be responsible
for any failure of the Company to issue, transfer or deliver any Common Shares or stock certificates or other securities or property upon
surrender of any Security for the purpose of conversion or to comply with any of the covenants of the Company contained in this Article
Fifteen.

 

This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

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

 

	VERSUS SYSTEMS INC.	 
	 	 
	By:	                                                                         	 
	Name:	 	 
	Title:	 	 
	 	 
	_______________________________________, 	
	 	 
	as Trustee	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

59Document

EVELO BIOSCIENCES, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM
    Non-employee members of the board of directors (the “Board”) of Evelo Biosciences, Inc. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”), as amended by the Board effective April 1, 2022 (the “Effective Date”).  The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company.  This Program shall remain in effect until it is revised or rescinded by further action of the Board.  This Program may be amended, modified or terminated by the Board at any time in its sole discretion.  The terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors.  No Non-Employee Director shall have any rights hereunder, except with respect to stock options granted pursuant to the Program.  This Program, as amended, is effective as the Effective Date. 
I.    CASH COMPENSATION
    A.    Annual Retainers.  Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board (the “Annual Retainer”).
    B.    Additional Annual Retainers.  In addition, each Non-Employee Director shall receive the following annual retainers (each, “Committee Member Retainer”): 
        1.  Chairperson of the Board or Lead Independent Director.  A Non-Employee Director serving as Chairperson of the Board or Lead Independent Director shall receive an additional annual retainer of $35,000 for such service.
        2.  Audit Committee.  A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 for such service.  A Non-Employee Director serving as a member other than the Chairperson of the Audit Committee shall receive an additional annual retainer of $7,500 for such service.
        3.  Compensation Committee.  A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $10,000 for such service.  A Non-Employee Director serving as a member other than the Chairperson of the Compensation Committee shall receive an additional annual retainer of $5,000 for such service.
        4.  Nominating and Corporate Governance Committee.  A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $8,000 for such service.  A Non-Employee Director serving as a member other than the Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $4,000 for such service.
        5.  Science and Technology Committee.  A Non-Employee Director serving as Chairperson of the Science and Technology Committee shall receive an additional annual retainer of $8,000 for such 
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service.  A Non-Employee Director serving as a member other than the Chairperson of the Science and Technology Committee shall receive an additional annual retainer of $4,000 for such service.
    C.    Payment of Retainers.  The Annual Retainer and Committee Member Retainer shall be earned on a quarterly basis based on a calendar quarter and shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter.  In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(B), for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, as applicable.
 II.    EQUITY COMPENSATION
    Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2018 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”) and shall be granted subject to award agreements, including attached exhibits, in substantially the form previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of stock options hereby are subject in all respects to the terms of the Equity Plan and the applicable award agreement. For the avoidance of doubt, the share numbers in Sections II(A) and II(B) shall be subject to adjustment as provided in the Equity Plan, and in connection with any stock dividend, stock split, reverse stock split or other similar event affecting the Company’s common stock that is effected prior to the Effective Date.

    A.    Initial Awards.  Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date shall receive an option to purchase 40,000 shares of the Company’s common stock on the date of such initial election or appointment. The awards described in this Section II(A) shall be referred to as “Initial Awards.” No Non-Employee Director shall be granted more than one Initial Award.
    B.    Subsequent Awards.  A Non-Employee Director who (i) has been serving as a Non-Employee Director on the Board for at least six months as of the date of any annual meeting of the Company’s stockholders after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be automatically granted an option to purchase 20,000 shares of the Company’s common stock on the date of such annual meeting. A Non-Employee Director serving as Chairperson of the Board or Lead Independent Director who will continue to serve as Chairperson of the Board or Lead Director immediately following such meeting shall be automatically granted an additional option to purchase 30,000 shares of the Company’s common stock on the date of such annual meeting for such service (a “Specified Award”). The awards described in this Section II(B) shall be referred to as “Subsequent Awards.” For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company’s stockholders shall only receive an Initial Award in connection with such election, and shall not receive any Subsequent Award on the date of such meeting as well. 
    C.    Termination of Employment of Employee Directors.  Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the 
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Board will not receive an Initial Award pursuant to Section II(A) above, but to the extent that they are otherwise entitled, will receive, after termination of employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section II(B) above.
D.    Terms of Awards Granted to Non-Employee Directors.  
        1.  Exercise Price.  The per share exercise price of each option granted to a Non-Employee Director shall equal the Fair Market Value (as defined in the Equity Plan) of a share of the Company’s common stock on the date the option is granted.
        2.  Vesting.  Each initial award shall vest and become exercisable in thirty-six (36) substantially equal monthly installments following the date of grant, such that the Initial Award shall be fully vested on the third anniversary of the date of grant, subject to the Non-Employee Director continuing in service as a Non-Employee Director through each such vesting date.  Each Subsequent Award shall vest and become exercisable on the earlier of the first anniversary of the date of grant or the day immediately prior to the date of the next annual meeting of the Company’s stockholders occurring after the date of grant, in either case subject to the Non-Employee Director continuing in service on the Board as a Non-Employee Director through each such vesting date (or, with respect to a Specified Award, the Non-Employee Director continuing in service as Chairperson of the Board or Lead Independent Director).  Unless the Board otherwise determines, any portion of an Initial Award or Subsequent Award which is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board as a Non-Employee Director (or, with respect to a Specified Award, at the time the Non-Employee Director ceases to serve as Chairperson of the Board or Lead Independent Director) shall be immediately forfeited upon such termination of service and shall not thereafter become vested and exercisable.  All of a Non-Employee Director’s Initial Awards and Subsequent Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.
        3.  Term.  The maximum term of each stock option granted to a Non-Employee Director hereunder shall be ten (10) years from the date the option is granted.

* * * * *

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