Document:

Exhibit 10.1

 

Execution
Version

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

by and between

 

SEQUENTIAL BRANDS GROUP, INC.

 

and

 

WITH
YOU, INC.

 

October 7, 2021

 

    

     

    

 

TABLE OF CONTENTS

 

PAGE

 

	Article 1 Definitions 	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Construction	8
	 	 	 
	Article 2 Purchase And Sale 	8
	 	 	 
	Section 2.01	Purchase
    and Sale	8
	Section 2.02	Assignment
    of Contracts and Rights	9
	Section 2.03	Estimated
    Purchase Price	9
	Section 2.04	Good
    Faith Deposit	9
	Section 2.05	Closing
    Statement; Post-Closing Adjustment	10
	Section 2.06	Closing	11
	Section 2.07	Post-Closing
    Payment	13
	Section 2.08	Seller
    Receivables	14
	 	 	 
	Article 3 REPRESENTATIONS AND WARRANTIES OF SELLER 	14
	 	 	 
	Section 3.01	Organization
    and Qualification	14
	Section 3.02	Corporate
    Authorization	14
	Section 3.03	Execution
    and Delivery; Enforceability	14
	Section 3.04	Consents
    and Approvals	14
	Section 3.05	No
    Conflicts	15
	Section 3.06	Membership
    Interests	15
	Section 3.07	Title
    to the Purchased Assets	15
	Section 3.08	Equity
    Interests	15
	Section 3.09	Litigation	15
	Section 3.10	Intellectual
    Property	16
	Section 3.11	Taxes	16
	Section 3.12	No
    Other Representations or Warranties	17
	 	 	 
	Article 4 REPRESENTATIONS AND WARRANTIES OF BUYER 	17
	 	 	 
	Section 4.01	Corporate
    Existence and Power	17
	Section 4.02	Corporate
    Authorization	17
	Section 4.03	Execution
    and Delivery; Enforceability	17
	Section 4.04	No
    Conflicts	17
	Section 4.05	Availability
    of Funds; Solvency	17
	Section 4.06	Litigation	18
	Section 4.07	Investment
    Intent	18
	Section 4.08	Brokers	18
	Section 4.09	Independent
    Investigation	18
	 	 	 
	Article 5 COVENANTS OF SELLER 	19
	 	 	 
	Section 5.01	Conduct
    of the Business	19
	Section 5.02	Access
    to Information	20
	Section 5.03	Update
    of Disclosure Schedules	21

 

    

     

    

 

	Section 5.04	Use
    of Name	21
	Section 5.05	Notices
    of Certain Events	21
	Section 5.06	Wrong
    Pockets	21
	 	 	 
	Article 6 COVENANTS OF BUYER 	22
	 	 	 
	Section 6.01	Confidentiality	22
	Section 6.02	Notices
    of Certain Events	22
	Section 6.03	Preservation
    of Books and Records	22
	Section 6.04	Communication	22
	Section 6.05	Buyer’s
    Knowledge	23
	 	 	 
	Article 7 COVENANTS OF BUYER AND SELLER 	23
	 	 	 
	Section 7.01	Further
    Assurances	23
	Section 7.02	Certain
    Filings	23
	Section 7.03	Public
    Announcements	23
	Section 7.04	Tax
    Matters	24
	Section 7.05	Bulk
    Transfer Laws	24
	Section 7.06	Bankruptcy
    Court Approval	25
	Section 7.07	Bidding
    Protections	27
	 	 	 
	Article 8 CONDITIONS TO CLOSING 	29
	 	 	 
	Section 8.01	Conditions
    to Obligations of the Parties	28
	Section 8.02	Conditions
    to Obligation of Buyer	29
	Section 8.03	Conditions
    to Obligation of Seller	29
	 	 	 
	Article 9 SURVIVAL 	30
	 	 	 
	Section 9.01	Survival	30
	 	 	 
	Article 10 TERMINATION 	30
	 	 	 
	Section 10.01	Grounds
    for Termination	30
	Section 10.02	Effect of
    Termination	31
	Section 10.03	Costs
    and Expenses	32
	 	 	 
	Article 11 MISCELLANEOUS 	33
	 	 	 
	Section 11.01	Notices	33
	Section 11.02	Amendments
    and Waivers	33
	Section 11.03	Successors
    and Assigns	33
	Section 11.04	Governing
    Law	33
	Section 11.05	Jurisdiction	34
	Section 11.06	WAIVER
    OF JURY TRIAL	34
	Section 11.07	Counterparts;
    Third Party Beneficiaries	34
	Section 11.08	Specific
    Performance	34
	Section 11.09	Entire
    Agreement	35
	Section 11.10	No
    Strict Construction	35
	Section 11.11	Severability	35
	Section 11.12	Disclosure
    Schedules	35

 

    

     

    

 

EXHIBITS

 

	Exhibit A	Milestones
	Exhibit B	Bid Procedures Order

 

DISCLOSURE SCHEDULES

 

	Schedule 1.01	Certain Permitted Encumbrances
	Schedule ‎2.01(c)	Domain Names
	Schedule ‎2.02(a)	Assumed Contracts and Cure Costs
	Schedule 2.05(c)	Approved Marketing Activities
	Schedule ‎3.04	Consents and Approvals
	Schedule ‎3.09	Litigation
	Schedule ‎3.10	Intellectual Property
	Schedule 3.11(b)	Taxes
	Schedule ‎5.01	Conduct of the Business
	Schedule ‎6.04	Certain Seller Representatives

 

    

     

    

 

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

THIS MEMBERSHIP INTEREST
PURCHASE AGREEMENT, dated as of October 7, 2021 (the “Agreement”), is made and entered into by and between
Sequential Brands Group, Inc., a Delaware corporation (“Seller”), and With You, Inc., a California corporation
(“Buyer”). Seller and Buyer are sometimes referred to collectively herein as the “Parties” and individually
as a “Party”. Capitalized terms used herein and not otherwise defined herein have the meanings set forth in ‎‎‎‎Article 1.

 

W I T N E S E T H:

 

Whereas,
the issued and outstanding membership interests (the “Membership Interests”) of With You LLC, a Delaware limited liability
company (the “Company”), are owned as follows: Seller owns 62.5% of the Membership Interests (the “Seller
Interests”) and Buyer owns 37.5% of the Membership Interests;

 

WHEREAS,
the Parties, along with the Company, have entered into that certain Amended and Restated Operating Agreement of the Company, dated as
of April 8, 2015 (as amended or supplemented, the “Operating Agreement”);

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement, Seller desires to sell, assign, transfer, and convey to Buyer, and Buyer
desires to purchase and acquire from Seller all of Seller’s right, title and interest in and to the Purchased Assets (as defined
below), including without limitation, one hundred percent (100%) of the Seller Interests such that after giving effect to such purchase
of the Seller Interests, Buyer shall own 100% of the Membership Interests of the Company;

 

Whereas,
Seller and certain of its affiliates (the “Debtors”) have filed voluntary petitions for relief under Chapter 11 of
Title 11, §§ 101-1330 of the United States Code (as amended, the “Bankruptcy Code”): (a) commencing
cases (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy
Court”), which Chapter 11 Cases are jointly administered under Case No. 21-11194 (JTD); and (b) to seek approval of
the Bankruptcy Court to consummate the transactions contemplated by this Agreement.

 

     

     

    

 

Now,
Therefore, in consideration of the premises and the mutual promises herein made, and in consideration of the foregoing and
of the representations, warranties, covenants, agreements and conditions herein contained, the receipt and sufficiency of which are hereby
acknowledged, the Parties, intending to be legally bound hereby, agree as follows:

 

Article 1

 

Definitions

 

Section 1.01       Definitions.

 

(a)            The
following terms, as used herein, have the following meanings:

 

“Action”
means any claim, action, suit, arbitration or proceeding by or before any Governmental Authority.

 

“Administrative Manager”
has the meaning set forth in the Operating Agreement.

 

“Affiliate”
means, with respect to any Person, another Person that, directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with, such Person, where “control” means the possession, directly or indirectly, of the power
to direct the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise. For the
avoidance of doubt, ownership of more than fifty percent (50%) of the voting securities shall be deemed to be “control” for
purposes of this definition.

 

“Alternative Transaction”
means any reorganization, merger, transaction, consolidation, business combination, joint venture, partnership, sale of assets, financing
(debt or equity), or restructuring or similar transaction of or by Seller or the Company involving any of the Purchased Assets; provided,
however, that an Alternative Transaction shall not include (a) after the entry of the Bid Procedures Order, a sale for the
Purchased Assets determined by the Debtors to be higher or otherwise better in accordance with the Bid Procedures (as defined in the Bid
Procedures Order), or (b) pursuit of confirmation of a Chapter 11 plan of liquidation, confirmation of which plan shall take place
solely following the Bankruptcy Court’s entry of the Sale Order, with the occurrence of any “effective date” or similar
concept under such plan subject to the occurrence of the Closing Date.

 

“Auction”
means any auction for the sale of the Debtors’ assets conducted pursuant to the terms and conditions of the Bid Procedures and the
Bid Procedures Order.

 

“Backup
Bidder” has the meaning set forth in the Bid Procedures Order.

 

“Bankruptcy Rules”
means the Federal Rules of Bankruptcy Procedure.

 

“Bid Procedures”
means the bidding procedures for the solicitation and submission of bids for a sale, reorganization, or other disposition of the Debtors,
any portion of, or all or substantially all of their assets approved by the Bankruptcy Court pursuant to the Bid Procedures Order.

 

“Bid Procedures Motion”
means the motion seeking entry of the Bid Procedures Order and the Sale Order.

 

“Bid Procedures Order”
means an order of the Bankruptcy Court in the form attached hereto as Exhibit B that, among other things, approves (a) the
Bid Procedures, (b) bid protections granted to Buyer, including the Break-Up Fee and Expense Reimbursement and provides that such
bid protections shall constitute allowed administrative expenses of Debtors’ estates under section 503(b) of the Bankruptcy
Code, (c) the form and manner of notice of auction(s), sale transaction(s), and hearing(s), (d) the procedures for assumption
and assignment of the Assumed Contracts, and (e) the date for auction(s), if necessary; with any material changes thereto in form
and substance reasonably acceptable to Buyer.

 

“Break-Up Fee”
means a cash amount equal to $1,950,000.00.

 

    1

     

    

 

“Business”
means (i) the worldwide business of creating, designing, developing, manufacturing, marketing, selling and licensing of all consumer
related lifestyle products including but not limited to all categories within the Fashion, Home, Beauty, Personal Care, Baby, Crafts,
Pets, Holiday, Seasonal, Bridal, Celebrations, Travel, Floral, and Food industry segments, but specifically excluding only the Retained
Assets (as defined in the Operating Agreement), (ii) the exploitation of the Endorsement Rights (as defined in the Operating Agreement)
, (iii) all lines of business reasonably related or ancillary thereto (including the establishment and operating of retail stores),
and (iv) any other line of business approved by Buyer and Seller (in their capacity as members of the Company) as of the date of
this Agreement, in each case as conducted as of the date of this Agreement.

 

“Business Day”
means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law
to close.

 

“Causes of Action”
means any Claim, action, suit, arbitration or proceeding by or before any Governmental Authority.

 

“Claim”
means a “claim” as defined in Section 101 of the Bankruptcy Code.

 

“Closing Date”
means the date of the Closing.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Confidentiality
Agreement” means the Confidentiality and Nondisclosure Agreement, dated as of February 5, 2021 by and among Seller, Buyer
and Threadstone Advisors LLC.

 

“Contract”
means any contract, agreement, license, sublicense, sales order, purchase order, instrument or other commitment, that is binding on any
Person under applicable Law.

 

“COVID-19”
means SARS-CoV-2 or COVID-19, and any evolutions thereof or related or associated epidemics, pandemic or disease outbreaks.

 

“Cure Costs”
means with respect to any Assumed Contract, the Liabilities that must be paid or otherwise satisfied to cure all monetary defaults under
such Assumed Contract to the extent required by Section 365(b) of the Bankruptcy Code.

 

“Disclosure Schedules”
means the Disclosure Schedules attached hereto, as may be supplemented and amended pursuant to ‎‎‎Section 5.03.

 

“Encumbrance”
means any charge, claim, limitation, condition, equitable interest, mortgage, lien, option, pledge, security interest, easement, covenant,
encroachment, right of first refusal, adverse claim or restriction of any kind, including any restriction on transfer or other assignment,
as security or otherwise, of or relating to use, quiet enjoyment, voting, transfer, receipt of income or exercise of any other attribute
of ownership.

 

“Expense
Reimbursement” means an amount in cash equal to the lesser of (a) $400,000.00 and (b) all reasonable and
documented out-of-pocket third-party expenses actually incurred by Buyer in connection with the negotiation of this Agreement and
the transactions contemplated hereby.

 

    2

     

    

 

 

“Final Deficiency”
means the amount, if any, by which the Final Purchase Price (as finally determined in accordance with ‎Section 2.05)
is less than the Estimated Purchase Price.

 

“Final Excess”
means the amount, if any, by which the Final Purchase Price (as finally determined in accordance with ‎Section 2.05)
exceeds the Estimated Purchase Price.

 

“Final Order”
means a judgment or Order of the Bankruptcy Court (or any other court of competent jurisdiction) entered by the clerk of the Bankruptcy
Court (or such other court) on the docket in the Chapter 11 Cases (or the docket of such other court), which has not been modified, amended,
reversed, vacated or stayed (other than such modifications or amendments that are consented in writing to by Buyer); provided
that the possibility that a motion under Rule 60 of the Federal Rules of Civil Procedures, or any analogous rule under
the Federal Rules of Bankruptcy Procedure, may be filed relating to such Order, shall not cause an Order not to be a Final Order.

 

“Final
Purchase Price” means (a) the Base Purchase Price plus (b) the amount by which the Final Closing Working
Capital Amount is greater than zero (0), if any, minus (c) the amount by which the Final Closing Working Capital Amount is
less than zero (0), if any.

 

“GAAP”
means United States generally accepted accounting principles and practices, consistently applied.

 

“Governmental Authority”
means any (a) multinational, federal, state, municipal, local or other governmental or public department, court, tribunal, bureau,
agency or instrumentality of government, domestic or foreign, (b) any subdivision or authority of any of the foregoing or (c) any
regulatory or administrative authority.

 

“Intellectual
Property” means, with respect to any Person, all of the following in any jurisdiction in which the applicable Person
operates and currently, sells its products and services: (i) all patents and patent applications, (ii) all trademarks, service
marks, trade dress, logos, slogans, trade names, corporate names, URLs and Internet domain names, together with all translations, adaptations,
derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and renewals
in connection therewith, (iii) all published and unpublished works of authorship, copyrights therein and thereto and registrations
and applications for each of the foregoing, (iv) all mask works and all applications, registrations, and renewals in connection
therewith, (v) all trade secrets and confidential business information (including ideas, research and development, know-how, formulas,
compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and
supplier lists, pricing and cost information, and business and marketing plans and proposals), (vi) all advertising and promotional
materials, and (vii) all copies and tangible embodiments thereof (in whatever form or medium).

 

“Knowledge of Seller”
means the actual knowledge of each of Tina Simpson, Beth Pliler, Norma Rener, and following due inquiry, the knowledge of Chad Wagenheim
and Tracy Soinger.

 

    3

     

    

 

“Law”
means any law, treaty, statute, statute, ordinance, code, decree, Order, rule or regulation of any Governmental Authority.

 

“Liability”
means any and all debts, liabilities, commitments and obligations of any kind, whether fixed, contingent or absolute, matured or unmatured,
liquidated or unliquidated, accrued or not accrued, asserted or not asserted, known or unknown, determined, determinable or otherwise,
whenever or however arising (including, whether arising out of any Contract or tort based on negligence or strict liability) and whether
or not the same would be required to be reflected in financial statements or disclosed in the notes thereto.

 

“Licensed Intellectual
Property” means Intellectual Property that the Company licensed or is otherwise permitted by other Persons to use.

 

“Lien Release Letters”
means one or more release letters or termination statements or customary release documentation in the applicable jurisdiction with respect
to the Encumbrances set forth on Schedule 1.01 on the Purchased Assets, in form and substance reasonably satisfactory to Buyer,
which letters and other instruments provide that all such Encumbrances set forth on Schedule 1.01 on the Purchased Assets shall
be released and terminated effective concurrently with the Closing with no Liability to Buyer or any of its Affiliates, unless, in each
case above, such release has been included in the Sale Order.

 

“Material Adverse
Effect” means any change, effect, event, circumstance, occurrence or state of facts that, individually or in the aggregate,
(a) would be reasonably likely to prevent or materially delay or materially impair the ability of Seller to consummate the transactions
contemplated by this Agreement, or (b) has had or would reasonably be expected to have a material adverse effect on the Business,
taken as a whole, excluding, however, for purposes of clause (b) only, any change, effect, event, circumstance, occurrence or state
of facts that results from or arises out of: (i) the execution and delivery of this Agreement or the announcement thereof or the
pendency or consummation of the transactions contemplated by this Agreement and the other Transaction Documents; (ii) general
changes or developments in global or national political, economic, business, monetary, financial or capital or credit market conditions
or trends; (iii) general political, economic, business, monetary, financial or capital or credit market conditions or trends (including
interest rates); (iv) geopolitical conditions or any outbreak or escalation of hostilities, acts of terrorism or war, civil unrest,
epidemic, pandemic, disease outbreak or other health crisis or public health event (including COVID-19), regional, national or international
emergency, earthquakes, floods, hurricanes, tornadoes, wildfires, natural disasters or any other acts of God or similar force majeure
events, or any escalation or worsening of the foregoing; (v) the failure of the financial or operating performance of the Company
or its business to meet internal, Buyer or analyst or other external projections, forecasts or budgets for any period (it being understood
that the underlying cause of such failure to meet such projections and forecasts may be taken into account in determining whether a Material
Adverse Effect has occurred); (vi) any action taken or omitted to be taken after the date hereof by or at the written request of
Buyer, or in compliance with the express covenants and agreements contained in this Agreement; (vii) changes in (or proposals to
change) Laws or accounting regulations or principles; or (vii) the Chapter 11 Cases, including the Auction and any announced
liquidation of Seller or any of its assets; provided, that any change, effect, event, circumstance, occurrence or state of facts
described in clauses (ii), (iii), (iv) and (vii) shall be taken into account in determining whether a Material Adverse Effect
has occurred or would reasonably be expected to occur to the extent that such change, effect, event, circumstance, occurrence or state
of facts has a materially disproportionate effect on the Business, taken as a whole, as compared to the effects on other participants
in the same industry as the Business.

 

    4

     

    

 

“Milestones”
means the milestones set forth on Exhibit A.

 

“Order”
means any award, writ, injunction, judgment, order, ruling, decision, subpoena, precept, directive, consent, approval, award, decree
or similar determination or finding entered, issued, made or rendered by any Governmental Authority.

 

“Owned Intellectual
Property” means Intellectual Property owned by or exclusively licensed to the Company.

 

“Permitted Encumbrances”
means the following Encumbrances: (a) Encumbrances for Taxes, assessments or other governmental charges or levies that are not yet
due or payable or that are being contested in good faith by appropriate Causes of Action; (b) Encumbrances set forth on Schedule
1.01 that will be released at the Closing with no Liability to Buyer or its Affiliates; (c) Encumbrances incurred by or at the
written direction of Buyer at the Closing; and (d) outbound Intellectual Property licenses, covenants not to sue and similar rights
that are subject to Section 365(n) of the Bankruptcy Code or other outbound non-exclusive licenses to Intellectual Property
entered into in the ordinary course of business.

 

“Person”
means any individual, corporation (including any non-profit corporation), partnership, limited liability company, joint venture, unincorporated
organization, estate, trust, association, organization or other legal entity or group (as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended) or Governmental Authority.

 

“Pre-Closing Tax
Period” means any taxable period ending on or before the Closing Date and, with respect to any Straddle Period, the portion
of such taxable period ending on and including the Closing Date.

 

“Receivables”
means all receivables (including, without limitations, accounts receivable, loans receivables and customer advances) of the Company.

 

“Registered”
means issued by, registered, recorded or filed with, renewed by or the subject of a pending application before any Governmental Authority
or internet domain name registrar.

 

“Representatives”
means, with respect to any Person, the officers, directors, principals, employees, counsel, accountants, agents, auditors, advisors,
bankers and other representatives of such Person.

 

“Sale Order”
means an Order by the Bankruptcy Court, in form and substance reasonably acceptable to Buyer and Seller, among other things, (a) approving
this Agreement, (b) authorizing the sale of the Purchased Assets to Buyer pursuant to section 363 of the Bankruptcy Code, pursuant
to the terms and conditions set forth herein, free and clear of any Encumbrances, including the Permitted Encumbrances set forth on Schedule
1.01 but subject to the other Permitted Encumbrances, (c) authorizing the assumption and assignment to Buyer of the Assumed
Contracts pursuant to Section 365 of the Bankruptcy Code and (d) authorizing the other transactions
contemplated by this Agreement.

 

    5

     

    

 

“Successful Bidder”
has the meaning set forth in the Bid Procedures Order.

 

“Tax”
means (a) all federal, state, local or foreign income, gross receipts, franchise, estimated, alternative minimum, add-on minimum,
sales, use, transfer, real property gains, registration, value added, excise, natural resources, severance, stamp, occupation, premium,
windfall profit, environmental, customs, duties, real property, special assessment, personal property, capital stock, social security,
unemployment, disability, payroll, license, employee or other withholding tax, or any other taxes, fees, assessments or charges of any
kind whatsoever including any interest, penalties or additions to tax or additional amounts in respect of the foregoing; (b) any
Liability for payment of amounts described in clause (a), whether as a result of transferee Liability, of being a member of an affiliated,
consolidated, combined or unitary group for any period or otherwise through operation of law; and (c) any Liability for the payment
of amounts described in clauses (a) or (b) as a result of any tax sharing, tax indemnity, tax receivable or tax allocation
agreement or express or implied obligation (other than any such agreement or obligation entered into in the ordinary course of business
that is not primarily related to Taxes).

 

“Tax Return”
means any report, return, election, extension or similar document (including schedules or any related or supporting information) filed
or required to be filed with respect to Taxes with any Governmental Authority or other authority in connection with the determination,
assessment or collection of any Tax or the administration of any Laws or administrative requirements relating to any Tax, including any
information return, claim for refund, amended return or declaration of estimated Taxes.

 

“Transaction Documents”
means this Agreement, the Assignment and Assumption Agreement and any other agreements, instruments or documents entered into pursuant
to, or as contemplated by, this Agreement or the transactions contemplated hereby.

 

“Transition Services
Agreement” means a Transition Services Agreement, to be negotiated in good faith between Seller and Buyer prior to the Closing,
in form and substance reasonably acceptable to Seller and Buyer.

 

“Transfer Taxes”
means any sales, use, property transfer or gains, documentary, stamp, registration, intangible, conveyance, recording or similar Tax
(including, for certainty, goods and services tax and harmonized sales tax) and any recording costs or fees, however styled or designated,
or other amounts in the nature of transfer Taxes payable in connection with the sale or transfer of the Seller Interests, including filing
costs and attorneys’ fees.

 

“With You Avoidance
Actions” means: any and all claims for relief of the Debtors against the Company, any of the Company’s licensees, the
Buyer, Tina Simpson, or Jessica Simpson solely under chapter 5 of the Bankruptcy Code, including section 544 through 553, section 558
and any other applicable provisions of the Bankruptcy Code, or state fraudulent conveyance, fraudulent transfer, voidable transaction
or similar Laws.

 

    6

     

    

 

“Working Capital”
means (i) the sum of the current assets (excluding (A) Receivables, (B) deferred Tax assets and income Tax assets and
(C) cash, which will be distributed by the Company to Seller and Buyer immediately prior to the Closing
pursuant to the first sentence of Section 2.05(c)) of the Company, minus (ii) the sum of the current liabilities
(excluding deferred Tax Liabilities and income Tax payables) of the Company.

 

(b)            Each
of the following terms is defined in the Section set forth opposite such term:

 

	Term	Section
	Agreement	Preamble‎‎
	Assignment and Assumption
    Agreement	‎Section 2.06(b)(iv)
	Assumed Contracts	‎Section 2.02(a)
	Bankruptcy Code	Recitals
	Bankruptcy Court	Recitals
	Bankruptcy and Equity Exception	‎Section 3.03
	Base Purchase Price	‎Section 2.03
	Buyer	Preamble
	Chapter 11 Cases	Recitals
	Closing	‎Section 2.06
	Closing Statement	‎Section 2.05
	Company	Recitals
	Debtors	Recitals
	Disputed Matters	‎Section 2.05(f)
	Domain Names	‎Section 2.01(c)
	E-Commerce Termination
    Letter	Section 2.06(iv)
	End Date	‎Section 10.01(b)
	Estimated Closing Working
    Capital Amount	‎Section 2.05
	Estimated Purchase Price	‎Section 2.03
	Final Closing Working Capital
    Amount	‎Section 2.05(d)
	Good Faith Deposit	‎Section 2.04(a)
	Marketing Budget	Section 2.05(c)
	Marketing Spend Period	Section 2.05(c)
	Objections Statement	‎Section 2.05(e)
	Operating Agreement	Recitals
	Party or Parties	Preamble
	Post-Closing Statement

    Purchased Assets
	‎Section 2.05(d)

    Recitals

	Seller	Preamble‎
	Straddle Period	‎Section 7.04(a)(i)
	Surviving Post-Closing
    Covenants	‎Section 9.01

 

    7

     

    

 

Section 1.02     Construction.
In construing this Agreement, including the Exhibits and Schedules hereto, the following principles shall be followed: (a) the
terms “herein,” “hereof,” “hereby,” “hereunder” and other similar terms refer to
this Agreement as a whole and not only to the particular Article, Section or other subdivision in which any such terms may be
employed unless otherwise specified; (b) except as otherwise set forth herein, references to Articles, Sections, Schedules and
Exhibits refer to the Articles, Sections, Schedules and Exhibits of this Agreement, which are incorporated in and made a part of
this Agreement; (c) a reference to any Person shall include such Person’s successors and assigns; (d) the
word “includes” and “including” and their syntactical variants mean “includes, but is not limited
to” and “including, without limitation,” and corresponding syntactical variant expressions; (e) a defined
term has its defined meaning throughout this Agreement, regardless of whether it appears before or after the place in this Agreement
where it is defined, including in any Schedule; (f) the word “dollar” and the symbol “$” refer to the
lawful currency of the United States of America; (g) unless the context of this Agreement clearly requires otherwise, words
importing the masculine gender shall include the feminine and neutral genders and vice versa, (h) the words “to the
extent” shall mean “the degree by which” and not “if”; (i) the word “will” will be
construed to have the same meaning and effect as the word “shall,” and the words “shall,”
 “will,” or “agree(s)” are mandatory, and “may” is permissive, (j) where a word is defined
herein, references to the singular will include references to the plural and vice versa, (k) all references to a day or days
will be deemed to refer to a calendar day or calendar days, as applicable, unless Business Days are expressly specified,
(l) any reference to any agreement or Contract will be a reference to such agreement or Contract, as amended, modified,
supplemented or waived; (m) any reference to any particular Code section or any Law will be interpreted to include any
amendment to, revision of or successor to that section or Law regardless of how it is numbered or classified; provided that,
for the purposes of the representations and warranties set forth herein, with respect to any violation of or non-compliance with, or
alleged violation of or non-compliance, with any Code section or Law, the reference to such Code section or Law means such Code
section or Law as in effect at the time of such violation or non-compliance or alleged violation or non-compliance;
(n) references to “written” or “in writing” include in electronic form; (o) the headings contained
in this Agreement and the other Transaction Documents are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement and the other Transaction Documents; (p) when calculating the period of time before which,
within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date
in calculating such period shall be excluded and if the last day of such period is not a Business Day, the period shall end on the
next succeeding Business Day; and (q) the word “or” shall not be exclusive.

 

Article 2

 

Purchase
And Sale

 

Section 2.01     Purchase
and Sale. Subject to the entry of the Bid Procedures Order and the Sale Order and upon the terms and subject to the conditions of
this Agreement and the Sale Order, on the Closing Date, Seller shall sell, transfer, assign, convey and deliver to Buyer, and Buyer shall
purchase, acquire and accept from Seller, free and clear of all Encumbrances, including the Permitted Encumbrances set forth on Schedule
1.01, but subject to the other Permitted Encumbrances, all of Seller’s right, title and interest in the following assets, interests,
and rights (collectively, the “Purchased Assets”):

 

(a)            The
Seller Interests;

 

(b)            The
Assumed Contracts;

 

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(c)            Any
domain names, websites, or social media handles owned by Seller that are exclusively used or necessary for the Business, as set forth
in Schedule ‎2.01(c), including related passwords (collectively, the “Domain Names”);

 

(d)            Any
other Intellectual Property owned or licensed by Seller and exclusively used or necessary for the Business that is not otherwise owned
or exclusively licensed by the Company; and

 

(e)            The
With You Avoidance Actions.

 

Section 2.02    Assignment
of Contracts and Rights.

 

(a)            Schedule
‎2.02(a) sets forth a list of all Contracts to which Seller is a party and that Buyer intends to have Seller assume
and assign to Buyer on the Closing Date (the “Assumed Contracts”), together with the applicable Cure Costs, if any,
for each such Assumed Contract as reasonably estimated in good faith by Seller. At any time prior to the date that is five (5) Business
Days prior to the date of the hearing on the Sale Order, Buyer may, by written notice to Seller, designate in writing any Contract exclusively
related to the Business not designated as an Assumed Contract and, upon such designation, such Assumed Contract will constitute a Purchased
Asset and will be conveyed to Buyer under, and in accordance with the terms of, this Agreement at Closing. All Contracts of Seller which
do not constitute Assumed Contracts or which otherwise cannot be assumed and assigned to Buyer shall not be considered Purchased Assets.

 

(b)            At
Closing, (i) Seller shall, pursuant to the Sale Order and the Assignment and Assumption Agreement, assume and assign, or cause to
be assigned, to Buyer each of the Assumed Contracts that is capable of being assumed and assigned and the consideration for which is
included in the Purchase Price, and (ii) Buyer shall pay promptly all Cure Costs in connection with such assumption and assignment.

 

Section 2.03    Estimated
Purchase Price. On the terms and subject to the conditions contained herein, the purchase price for the Purchased Assets shall be
equal to $65,000,000 (the “Base Purchase Price”) plus (b) the amount by which the Estimated Closing Working
Capital Amount is greater than zero (0), if any, minus (c) the amount by which the Estimated Closing Working Capital Amount
is less than zero (0), if any (the Base Purchase Price, as adjusted pursuant to subsections (b) and (c), if any, the “Estimated
Purchase Price”).

 

Section 2.04   Good
Faith Deposit.

 

(a)            No
later than one (1) Business Day following the date of this Agreement, Buyer shall deposit (or cause to be deposited) in a trust
account maintained on behalf of Seller (and to be designated by Seller prior to the date hereof) cash in the amount of $5,000,000.00
(the “Good Faith Deposit”) to be held in escrow in accordance with the terms of this Agreement and to be released
as provided in ‎Section 2.04(b).

 

(b)            If
the Closing occurs, the Good Faith Deposit (and any interest accrued thereon) shall be transferred to and retained by Seller at the
Closing as a credit against the Purchase Price. If this Agreement is terminated in accordance with the terms hereof, the Good
Faith Deposit (together with any interest accrued thereon) shall be treated in the manner set forth in ‎‎‎‎Section 10.02(b).

 

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Section 2.05     Closing
Statement; Post-Closing Adjustment.

 

(a)            Within
three (3) Business Days prior to the Closing Date, Seller shall provide to Buyer a statement (the “Closing Statement”)
setting forth Seller’s good faith calculation of Working Capital as of 12:01 a.m. Eastern time on the Closing Date, without
taking into account any of the transactions occurring as part of the Closing (the “Estimated Closing Working Capital Amount”),
and on the basis of the foregoing, Seller’s good faith calculation of the Estimated Purchase Price.

 

(b)            As
of the date hereof and as of the Closing Date, the Company does not and will not have any indebtedness for borrowed money or any cash.
Buyer hereby acknowledges and agrees that there shall be no adjustment to the Purchase Price, prior to or after the Closing, with respect
to any indebtedness of the Company for borrowed money or any cash held by the Company.

 

(c)            The
Parties hereby acknowledge and agree that all cash of the Company will be distributed to Seller and Buyer in accordance with Section 3.01
of the Operating Agreement immediately prior to the Closing. In addition, the Parties hereby acknowledge and agree that, as of the date
of this Agreement, the Seller (as Administrative Manager) has approved, and the Company has allocated, $320,000 of the cash of the Company
(such amount, the “Marketing Budget”) towards marketing and advertising fees and expenses between the period beginning
from the date of this Agreement and ending on the Closing Date (such period, the “Marketing Spend Period”). The Marketing
Budget can only be spent by the Company during the Marketing Spend Period and only for the marketing and advertising activities described
on Schedule 2.05(c), unless otherwise agreed by the Parties in writing. Following the Marketing Spend Period, the Company shall
not utilize any portion of the Marketing Budget or incur any further marketing or advertising fees or expense, and the Buyer agrees that
any such amount taken from the Marketing Budget or incurred by the Company following the Marketing Spend Period shall be solely at the
Buyer’s expense. To the extent there is any amount that remains in the Marketing Budget following the Marketing Spend Period, the
Parties hereby agree that all such amount shall be distributed (along with other cash of the Company) to Seller and Buyer in accordance
with Section 3.01 of the Operating Agreement immediately prior to the Closing.

 

(d)            Within
twenty (20) Business Days after the Closing Date, Buyer shall prepare and deliver to Seller a statement (the “Post-Closing Statement”)
setting forth Buyer’s good-faith calculation of Working Capital as of 12:01 a.m. Eastern time on the Closing Date, without
taking into account any of the transactions occurring as part of the Closing (“Final Closing Working Capital Amount”),
and on the basis of the foregoing, Buyer’s calculation of the Final Purchase Price, together with reasonable detail and supporting
documentation. The Post-Closing Statement shall be prepared using the same methodologies and accounting principles used to prepare the
Closing Statement.

 

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(e)            During
the ten (10) Business Days following Seller’s receipt of the Post-Closing Statement, and during any period of dispute in accordance
with this ‎Section 2.05, Buyer shall (i) provide Seller and its Representatives upon prior written notice
with reasonable but confidential access during normal business hours to the books and records of Buyer, the personnel of, and work papers
prepared by, Buyer and/or its accountants to the extent relating to the Post-Closing Statement and to such historical financial information
relating to the calculations set forth in the Post-Closing Statement, (ii) reasonably cooperate with the Seller and its Representatives
in connection with such review, including providing on a timely basis all other information in connection with such review as is reasonably
requested by the Seller or its Representatives, and (iii) use its commercially reasonable efforts to cause its accountants, Representatives
and employees to timely and reasonably cooperate with the Seller and its Representatives in connection with such review. If Seller has
any objections to the Post-Closing Statement, then Seller shall deliver to Buyer a written statement (an “Objections Statement”)
setting forth in reasonable detail each item that Seller disputes (including the specific adjustments that Seller proposes to be made
to the Post-Closing Statement taking into account the information then available to Seller). If an Objections Statement is not delivered
to Buyer within ten (10) Business Days following the Seller’s receipt of the Post-Closing Statement, or if Seller delivers,
before the expiration of such ten (10) Business Day period, written notice to Buyer that it has no objections to the Post-Closing
Statement, then the Post-Closing Statement shall be final and binding on, and non-appealable by, the Parties. Any matters and amounts
not raised in the Objections Statement shall be deemed to be final and binding on, and non-appealable by, the Parties.

 

(f)            If
a timely Objections Statement is received by Buyer in accordance with ‎Section 2.05(e), then Seller and Buyer
shall negotiate in good faith to resolve the objections raised therein. If Buyer and Seller are unable to reach a final resolution of
all of such objections within ten (10) Business Days after the delivery of the Objections Statement to Buyer (or such longer period
as Seller and Buyer may agree in writing), then Seller and Buyer shall submit any and all matters and amounts (but only such matters
and amounts) that were included in the Objections Statement and remain in dispute (the “Disputed Matters”) to the
Bankruptcy Court for the purpose of resolving the Disputed Matters.

 

Section 2.06   Closing.
The closing (the “Closing”) of the purchase and sale of the Purchased Assets hereunder shall take place remotely by
conference call and by exchange of signature pages by email or fax, or at such other place as Seller and Buyer mutually may agree
in writing, as soon as possible following entry of the Sale Order, but in no event later than three (3) Business Days, after satisfaction
of the conditions set forth in ‎‎‎‎Article 8, or at such other time or place as Buyer and Seller
may agree in writing. At the Closing:

 

(a)            Buyer
shall deliver, or cause to be delivered, to Seller:

 

(i)            the
Estimated Purchase Price (less the Good Faith Deposit as set forth in ‎‎‎‎Section 2.04(a))
by wire transfer of immediately available funds, to the bank account(s) designated in writing by Seller prior to the Closing Date;

 

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(ii)           the
Assignment and Assumption Agreement, duly executed by Buyer;

 

(iii)          the
Transition Services Agreement, duly executed by Buyer;

 

(iv)          a
letter confirming the termination of that certain agreement between Buyer and the Company dated May 1, 2019 with respect to the
Jessica Simpson e-commerce platform and website (“E-Commerce Termination Letter”);

 

(v)           each
other Transaction Document to which Buyer is a party, duly executed by Buyer; and

 

(vi)          such
other assignments and other good and sufficient instruments of assumption and transfer, in form satisfactory to Buyer and Seller, as
Seller may reasonably request to transfer and assign the Purchased Assets to Buyer.

 

(b)           Seller
shall deliver, or cause to be delivered, to Buyer:

 

(i)            the
Seller Interests and certificates representing the Seller Interests, duly endorsed in blank or accompanied by powers duly endorsed in
blank in proper form for transfer, with appropriate transfer stamps, if any, affixed;

 

(ii)            Seller’s
books and records, to the extent exclusively related to the Business, including all corporate records, all technical information and
data, databases, computer files, schematics, all filings made with or records required to be kept by any Governmental Authority, all
research and development reports, all financial and accounting records (including without limitation, the unaudited balance sheets and
related statements of income as of and for (i) the fiscal year ended December 31, 2020, (ii) the fiscal year ended December 31,
2019 and (iii) the period ended the month prior to the Closing Date), all creative, promotional or advertising materials, and any
other ledgers, files, documents, correspondence and business records relating to the foregoing; provided, however, in no
event shall Seller be required to deliver to Buyer any books and records of any kind or medium, communications, corporate records, minute
books, emails, correspondence or any other transmission, records or materials that, in each case, are related to the sale of the Business
by Seller, including, without limitation, the transactions contemplated by this Agreement, the negotiation thereof and hereof and the
consummation of the transactions contemplated hereby; provided, further, that Seller shall be entitled to retain a copy
of such books and records described in this ‎Section 2.06(b)(ii) for recordkeeping purposes, which
such copies shall be retained in accordance with the terms of the Confidentiality Agreement;

 

(iii)          the
Domain Names, and a list of all user names, passwords and other relevant login information needed to access the foregoing;

 

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(iv)          an
assignment and assumption agreement, in form and substance reasonably acceptable to Seller and Buyer (the “Assignment and Assumption
Agreement”), with respect to the Assumed Contracts, duly executed by Seller;

 

(v)           the
With You Avoidance Actions;

 

(vi)          the
Transition Services Agreement, duly executed by Seller;

 

(vii)         the
E-Commerce Termination Letter;

 

(viii)        each
other Transaction Document to which Seller is a party, duly executed by Seller;

 

(ix)          the
resignation of the Administrative Manager as a manager of the Company;

 

(x)            a
certificate of non-foreign status executed by Seller (or, if applicable, a direct or indirect owner of Seller) for U.S. federal income
tax purposes, prepared in accordance with Treasury Regulation Section 1.1445-2(b) and a properly executed IRS Form W-9;

 

(xi)          Lien
Release Letters; and

 

(xii)         such
other assignments and other good and sufficient instruments of assumption and transfer, in form satisfactory to Buyer and Seller, as
Buyer may reasonably request to vest in Buyer all right, title and interest in and to the Purchased Assets.

 

Section 2.07   Post-Closing
Payment. After determination of the Final Purchase Price in accordance with ‎Section 2.05, an adjustment payment
shall be calculated as set forth in this ‎Section 2.07:

 

(a)            If
there is a Final Deficiency, then, no later than three (3) Business Days after the determination of the Final Purchase Price in
accordance with ‎Section 2.05, Seller shall pay the amount of the Final Deficiency by wire transfer of
immediately available funds to the account(s) designated by Buyer.

 

(a)            If
there is a Final Excess, then, no later than three (3) Business Days after the determination of the Final Purchase Price in accordance
with ‎Section 2.05, Buyer shall pay to Seller the amount of the Final Excess by wire transfer of immediately
available funds to the account designated by Seller.

 

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Section 2.08     Seller
Receivables. The Parties acknowledge and agree that Receivables that relate to any period prior to the Closing Date shall be
allocated to Seller and Buyer in accordance with Section 3.01 of the Operating Agreement, other than Receivables that are
royalties payable by Buyer to the Company pursuant to that certain License Agreement, dated as of May 1, 2019, by and between
Buyer and the Company, which the Parties acknowledge and agree shall be allocated 100% to Seller. From and after the Closing, with
respect to Receivables that relate to any period prior to the Closing Date, (a) to the extent that such Receivables are
paid to and actually collected by Buyer or any of its Affiliates, Buyer shall promptly remit, or cause its Affiliates to promptly
remit, Seller’s portion of such Receivables as set forth in the first sentence of this Section 2.08 to Seller by
wire transfer of immediately available funds no later than fifteen (15) days following the end of each calendar month following the
Closing Date, and (b) in furtherance of the foregoing, (i) Buyer shall, and shall cause the Company to, use commercially
reasonable efforts to collect on such Receivables and (ii) Buyer shall not, and shall cause the Company not to, take any action
that would have the effect of reducing the Receivables payable to the Company or delaying the payment of Receivables due to the
Company.

 

Article 3

 

REPRESENTATIONS
AND WARRANTIES OF SELLER

 

Except as set forth in the
Disclosure Schedules, Seller hereby represents and warrants to Buyer as of the date of this Agreement and the Closing Date as follows:

 

Section 3.01   Organization
and Qualification. Seller is a corporation duly organized and is validly existing and in good standing (where applicable) under the
Laws of the State of Delaware, with the requisite power and authority to own its properties and conduct its business as currently conducted,
except for any failure to be in good standing as would not, individually or in the aggregate, have a Material Adverse Effect.

 

Section 3.02   Corporate
Authorization. Subject to entry of the Sale Order, the execution, delivery and performance by Seller of this Agreement and all other
Transaction Documents to which Seller is or will be a party and the consummation of the transactions contemplated hereby and thereby
have been, or prior to the Closing will be, duly authorized by all necessary corporate or other action on the part of Seller. Subject
to entry of the Sale Order, Seller has all necessary power and authority to execute and deliver this Agreement and the other Transaction
Documents to which Seller is or will be a party, and to consummate the transactions contemplated hereby and thereby and to performs its
obligations hereunder and thereunder.

 

Section 3.03   Execution
and Delivery; Enforceability. This Agreement has been duly and validly executed and delivered by Seller and, subject to the Bankruptcy
Court’s entry of the Bid Procedures Order and the Sale Order and subject to the effect of any Laws relating to bankruptcy, reorganization,
insolvency, moratorium, fraudulent conveyance or preferential transfers, or similar Laws relating to or affecting creditors’ rights
generally and subject, as to enforceability, to the effect of general principles of equity (regardless of whether such enforceability
is considered in any Causes of Action in equity or at Law) (the “Bankruptcy and Equity Exception”), will constitute
the valid and binding obligation of Seller, enforceable against Seller in accordance with its terms.

 

Section 3.04   Consents
and Approvals. No consent, approval, authorization or Order of or with any third party, or Governmental Authority having
jurisdiction over Seller or any of its properties, is required for the execution and delivery by Seller of this Agreement and
performance of and compliance by Seller with all of the provisions hereof and the consummation of the transactions contemplated
herein, except: (a) as set forth on Schedule ‎3.04(a); (b) the entry of the Sale Order and the expiration, or
waiver by the Bankruptcy Court, of the fourteen (14) day period set forth in Rules 6004(h) and 3020(e) of the
Federal Rules of Bankruptcy Procedure, as applicable; (c) for notices, filings and consents required in connection with
the Chapter 11 Cases; and (d) for such consents, approvals, authorizations and Orders, the failure of which to provide, make or
obtain, would not, individually or in the aggregate, be material to the Company, taken as a whole.

 

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Section 3.05     No
Conflicts. The execution, delivery and performance by Seller of this Agreement and the other Transaction Documents to which Seller
is or will be a party and the consummation by Seller of the transactions contemplated hereby and thereby do not and will not (a) conflict
with or violate any of the organizational documents of Seller; (b) conflict with or violate any Law applicable to Seller; (c) result
in any breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a default) under or require
any consent of any Person pursuant to, any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise, instrument,
obligation or other contract to which Seller is a party; or (d) subject to entry of the Sale Order, require any consent or approval
of, registration or filing with, or notice to any Governmental Authority, except, in the causes of clauses (b) through (d), as would
not, individually or in the aggregate, be material to the Company, taken as a whole.

 

Section 3.06     Membership
Interests. The Membership Interests have been duly authorized, validly issued and are fully paid and nonassessable. There are no Encumbrances
to which the Company is subject, or other Contract to which the Company is subject, relating to the ownership, transfer or voting of any
Membership Interests in the Company. There are no outstanding options, warrants, convertible securities, subscriptions or other rights
obligating the Company to issue any additional Membership Interests.

 

Section 3.07     Title
to the Purchased Assets. Seller is the sole legal and beneficial owner of the Purchased Assets. Upon delivery to Buyer on the Closing
Date of the instruments of transfer contemplated hereby and subject to the terms of the Sale Order, Seller will thereby transfer to Buyer,
all of Seller’s right, title and interest in and to the Purchased Assets free and clear of all Encumbrances (other than Permitted
Encumbrances). Immediately following the Closing, Buyer will own one hundred percent (100%) of the Membership Interests.

 

Section 3.08     Equity
Interests. The Company (a) does not directly or indirectly own any equity, partnership, membership or similar interest in any
Person, or any interest convertible into, exercisable for the purchase of or exchangeable for any such equity, partnership, membership
or similar interest in such Person, and (b) is not under any current or prospective obligation to form or participate in, provide
funds to, make any loan, capital contribution or other investment in or assume any liability or obligation of, any Person.

 

Section 3.09     Litigation.
Except as set forth on Schedule ‎3.09, as of the date hereof, there are no Causes of Action to which the Company is a party
pending, or, to the Knowledge of Seller, threatened (a) to restrain or prevent the transactions contemplated by this Agreement, or
(b) otherwise affecting any material property or asset of the Company, except as would not be material to the Company, taken as a
whole. Except as set forth on Schedule ‎3.09, the Company is not a party to any outstanding Order.

 

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Section 3.10     Intellectual
Property.

 

(a)            Schedule ‎3.10(a) sets
forth a true and complete list of all material Owned Intellectual Property that is Registered.

 

(b)            Except
as set forth on Schedule ‎3.10(b), no Owned Intellectual Property has been in the last twelve (12) months or is now
involved in any opposition, cancellation, public protest, domain name dispute resolution, interference, reissue, reexamination, mediation
or arbitration proceeding and, to the Knowledge of Seller, no such proceeding is or has been threatened with respect to any of the Owned
Intellectual Property, except as would not, individually or in the aggregate, be material to the Company.

 

(c)            The
Company owns or otherwise holds valid rights to use all Intellectual Property used in the operation of the Business as currently conducted.
The Company exclusively owns, free and clear of any and all Encumbrances (other than Permitted Encumbrances and licenses granted under
third-party Intellectual Property exclusively licensed to the Company), all Owned Intellectual Property and, to the Knowledge of Seller,
all other Intellectual Property used in the Business other than Licensed Intellectual Property.

 

(d)            Except
as would not, individually or in the aggregate, be material to the Company, the Company has taken reasonable steps in accordance with
standard industry practices to protect its rights in its Owned Intellectual Property.

 

(e)            All
material Owned Intellectual Property is subsisting and, to the Knowledge of Seller, valid and enforceable.

 

(f)            The
Company has not transferred ownership of, or granted any exclusive license with respect to, any Owned Intellectual Property, other than
the license agreements with licensees of the Jessica Simpson brand to manufacture, import, sell, distribute, market and/or promote products
bearing the Jessica Simpson brand. Upon the consummation of the Closing, the Company shall continue to own all of the Owned Intellectual
Property rights reasonably necessary for the conduct of the Business as it is currently conducted and all of such rights shall be exercisable
by the Company to the same extent as prior to the Closing. To the Knowledge of Seller, other than as set forth on Schedule ‎3.10(f),
no loss or expiration of any of the Owned Intellectual Property used by the Company is threatened or, within three (3) months preceding
the date hereof, pending.

 

Section 3.11     Taxes.

 

(a)            The
Company has timely filed all income or other material Tax Returns required to be filed with the appropriate Governmental Authorities,
and all such Tax Returns are true, correct and complete in all material respects. All income and other material Taxes due and payable
by the Company with respect to the Business whether or not shown to be payable on such Tax Returns, have been timely paid. No claim has
been made in writing within the last three (3) taxable years by a Governmental Authority in a jurisdiction where Seller does not
file Tax Returns that Seller or the Business is or may be subject to taxation by that jurisdiction.

 

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(b)            Other
than as set forth on Schedule 3.11(b), there are no Encumbrances on any of the Membership Interests that arose in connection with any
failure (or alleged failure) of Seller or the Company to pay any Tax, other than Encumbrances for Taxes not yet due and payable.

 

Section 3.12     No
Other Representations or Warranties. Buyer acknowledges that, except for the representations and warranties expressly set forth in
this ‎‎‎‎Article 3, neither Seller nor any other Person or Representative acting on behalf of Seller
or otherwise makes any express or implied representation or warranty with respect to Seller or with respect to any information provided
by or on behalf of Seller to Buyer.

 

Article 4

 

REPRESENTATIONS
AND WARRANTIES OF BUYER

 

Buyer represents and warrants
to Seller as of the date of this Agreement as follows:

 

Section 4.01     Corporate
Existence and Power. Buyer is a corporation duly organized, validly existing and in good standing under the laws of the State of California
and has all power and authority to carry on its business as presently conducted.

 

Section 4.02     Corporate
Authorization. The execution, delivery and performance by Buyer of this Agreement and all other Transaction Documents to which Buyer
is or will be a party and the consummation of the transactions contemplated hereby and thereby are within the corporate powers of Buyer
and have been duly authorized by all necessary corporate action on the part of Buyer.

 

Section 4.03     Execution
and Delivery; Enforceability. This Agreement and all other Transaction Documents to which Buyer is or will be a party have been, or
prior to the Closing will be, duly and validly executed and delivered by Buyer, and constitute the valid and binding obligation of Buyer,
enforceable against Buyer in accordance with its terms, subject to the Bankruptcy and Equity Exception.

 

Section 4.04     No
Conflicts. The execution, delivery and performance by Buyer of this Agreement and the other Transaction Documents to which it is or
will be a party and the consummation by Buyer of the transactions contemplated hereby and thereby do not and will not (a) conflict
with or violate any of the organizational documents of Buyer; (b) conflict with or violate any Law applicable to Buyer; (c) result
in any breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a default) under or require
any consent of any Person pursuant to, any note, bond, mortgage, indenture, agreement, lease, license, permit, franchise, instrument,
obligation or other contract to which Buyer is a party; or (d) require any consent or approval of, registration or filing with, or
notice to any Governmental Authority, except for such consents or approvals that would not, individually or in the aggregate, reasonably
be expected to have a materially adverse effect on Buyer’s ability to consummate the transactions contemplated by this Agreement.

 

Section 4.05     Availability
of Funds; Solvency. Buyer shall have at the Closing sufficient funds to pay all of the Purchase Price and any other costs, fees
and expenses which may be required to be paid by or on behalf of Buyer under this Agreement and the other Transaction
Documents. Notwithstanding anything to the contrary contained herein, Buyer acknowledges and agrees that its obligations to
consummate the transactions contemplated hereby are not contingent upon its ability to obtain any third party financing. As of the
Closing and immediately after consummating the transactions contemplated by this Agreement and the other transactions contemplated
by the Transaction Documents, Buyer and its subsidiaries (taken as a whole) will not, (a) be insolvent (either because their
financial condition is such that the sum of their debts is greater than the fair value of their assets or because the present fair
value of their assets will be less than the amount required to pay their Liability (calculated as the amount that would reasonably
be expected to become an actual and matured Liability) on their debts as they become absolute and matured); (b) have
unreasonably small capital with which to engage in their respective businesses; or (c) have incurred or plan to incur debts
beyond their ability to repay such debts as they become absolute and matured.

 

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Section 4.06     Litigation.
There are no Actions to which Buyer is a party pending, or, to the knowledge of Buyer, threatened (a) to restrain or prevent the
transactions contemplated by this Agreement or any other Transaction Documents, or (b) that would affect in any material respect
Buyer’s ability to perform its obligations under this Agreement or any other Transaction Documents or to consummate the transactions
contemplated hereby or thereby.

 

Section 4.07     Investment
Intent. Buyer is acquiring the Purchased Assets for its own account for investment purposes only and not with a view to any public
distribution thereof or with any intention of selling, distributing or otherwise disposing of the Purchased Assets in a manner that would
violate the registration requirements of the Securities Act.

 

Section 4.08     Brokers.
No broker, finder or agent will have any claim against Seller for any fees or commissions in connection with the transactions contemplated
by this Agreement or any other Transaction Document based on arrangements made by or on behalf of Buyer.

 

Section 4.09     Independent
Investigation. BUYER HAS CONDUCTED ITS OWN INDEPENDENT REVIEW AND ANALYSIS OF THE COMPANY, INCLUDING ITS OPERATIONS,
ASSETS, LIABILITIES, RESULTS OF OPERATIONS, FINANCIAL CONDITION, SOFTWARE, TECHNOLOGY AND PROSPECTS OF THE BUSINESS, AND
ACKNOWLEDGES THAT IT HAS BEEN PROVIDED ACCESS TO PERSONNEL, PROPERTIES, PREMISES AND RECORDS OF THE COMPANY AND THE DATA ROOM
ESTABLISHED BY SELLER FOR SUCH PURPOSE. IN ENTERING INTO THIS AGREEMENT, BUYER HAS RELIED SOLELY UPON ITS OWN INVESTIGATION AND
ANALYSIS AND THE INFORMATION CONTAINED IN SUCH DATA ROOM, AND SELLER’S REPRESENTATIONS AND WARRANTIES SET FORTH IN ‎ARTICLE 3
AND ACKNOWLEDGES THAT NEITHER SELLER NOR ANY OF ITS AFFILIATES OR REPRESENTATIVES MAKES OR HAS MADE ANY REPRESENTATION OR WARRANTY,
EITHER EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF ANY OF THE INFORMATION PROVIDED OR MADE AVAILABLE TO BUYER OR ITS
REPRESENTATIVES (INCLUDING ANY INFORMATION PROVIDED OR MADE AVAILABLE TO BUYER IN THE DATA ROOM, EXCEPT AS EXPRESSLY PROVIDED IN ‎ARTICLE 3).
EXCEPT AS SPECIFICALLY SET FORTH IN ‎ARTICLE 3, (A) SELLER MAKES NO REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, IN RESPECT OF OR OTHERWISE IN ANY WAY RELATING TO THE COMPANY OR ITS ASSETS,
LIABILITIES OR OPERATIONS, OR ITS BUSINESS, INCLUDING WITH RESPECT TO VALUE, CONDITION OR PERFORMANCE OR MERCHANTABILITY,
NONINFRINGEMENT OR FITNESS FOR ANY PURPOSE (BOTH GENERALLY OR FOR ANY PARTICULAR PURPOSE) AND WITH RESPECT TO FUTURE REVENUE,
PROFITABILITY OR THE SUCCESS OF THE COMPANY AND THE BUSINESS AND (B) ANY SUCH OTHER REPRESENTATIONS OR WARRANTIES ARE HEREBY
EXPRESSLY DISCLAIMED. BUYER ACKNOWLEDGES THAT, SHOULD THE CLOSING OCCUR, BUYER SHALL ACQUIRE THE ASSETS OF THE BUSINESS WITHOUT ANY
WARRANTY AS TO MERCHANTABILITY OR FITNESS THEREOF FOR ANY PARTICULAR PURPOSE, IN AN “AS IS” CONDITION AND ON A
 “WHERE IS” BASIS.

 

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Article 5

 

COVENANTS
OF SELLER

 

Section 5.01     Conduct
of the Business. Except (1) as may be reasonably advisable to carry out any of the transactions contemplated by the Transaction
Documents or as set forth on Schedule ‎5.01, (2) as consented to by Buyer (which consent shall not be unreasonably withheld,
conditioned or delayed), with an email from Tina Simpson on behalf of Buyer being sufficient, (3) as expressly permitted pursuant
to the Bid Procedures Motion, Bid Procedures Order, and Bid Procedures or this Agreement, (4) as required or approved by the Bankruptcy
Code or any Orders entered by the Bankruptcy Court in the Chapter 11 Cases, including, without limitation, any debtor-in-possession financing
order or any order permitting the use of cash collateral, (5) as otherwise necessary to comply with applicable Law, or (6) for
any actions taken in good faith as reasonably necessary to respond to COVID-19 (provided, that prior to taking (or abstaining from
taking) any action pursuant to this clause (6), Seller shall use commercially reasonable efforts to provide reasonable advance notice
to Buyer and consult in good faith with Buyer with respect to the appropriateness of such action or inaction), from the date hereof until
the Closing Date, (x) Seller shall use commercially reasonable efforts to conduct the Business in the ordinary course of business
and (y) Seller shall cause the Company not to, and the Company shall not:

 

(a)            take
any actions with respect to Company’s capital structure or organizational structure, or amend or otherwise change Company’s
certificate of formation or operating agreement or equivalent organizational documents;

 

(b)            issue,
sell, pledge, transfer, dispose of or otherwise subject to any Encumbrance, except a Permitted Encumbrance, (i) any Membership Interests,
or any options, warrants, convertible securities or other rights of any kind to acquire any such Membership Interests, or any other equity
or ownership interest in the Company or the Business or (ii) any properties or assets of the Company or the Business, other than
sales of inventory or other products by licensees of the Business in the ordinary course of business;

 

(c)            acquire
any corporation, partnership, limited liability company, other business organization or division thereof or any material amount of assets,
or enter into any joint venture, strategic alliance, exclusive dealing, noncompetition or similar Contract or arrangement;

 

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(d)            incur
any indebtedness or issue any debt securities or assume, guarantee or endorse, or otherwise become responsible for, the obligations of
any Person, or make any loans or advances;

 

(e)            enter
into, amend, waive, modify or consent to the termination of any lease, any material Contract in respect of any Licensed Intellectual Property
or any other material Contract of the Company, or amend, waive, modify or consent to the termination of the Company’s rights thereunder
in any material respect;

 

(f)            permit
the lapse of any right relating to Owned Intellectual Property (or any other Intellectual Property that constitutes a Purchased Asset)
that is material to the Business as currently conducted; or

 

(g)            agree
or commit to do any of the foregoing.

 

Section 5.02     Access
to Information.

 

(a)            From
the date hereof until the Closing Date, Seller will use commercially reasonable efforts, subject to the terms of the Confidentiality Agreement,
to give, on reasonable prior written notice and during normal business hours, Buyer, its counsel, and financial advisors, reasonable access
to the offices, properties, books and records of Seller relating (and solely to the extent relating) to the Company, and (ii) to
furnish to Buyer, its counsel, financial advisors, auditors and other authorized Representatives such financial and operating data and
other information relating (and solely to the extent relating) to the Company as such Persons may reasonably request. Buyer agrees that
any investigation undertaken pursuant to the access granted under this ‎‎‎‎Section 5.02(a) shall
be conducted in such a manner as not to unreasonably interfere with the operation of Seller’s business.

 

(b)            Notwithstanding
anything to the contrary in this Agreement, Seller shall not be required to provide access to, or otherwise furnish, any information if
Seller determines, in its reasonable discretion, that (i) such access would be reasonably likely to jeopardize any attorney-client
or other similar privilege, (ii) such access would contravene any applicable Laws, fiduciary duty or binding agreement entered into
prior to the date of this Agreement, (iii) the information to be accessed is pertinent to any existing or potential litigation between
Seller or any of their Affiliates, on the one hand, and Buyer or any of its Affiliates, on the other hand or (iv) any information,
guidance or advice received by the Company and its Affiliates related to the transactions contemplated by this Agreement.

 

(c)            All
requests for access or information by or on behalf of Buyer shall be submitted to Stifel, Nicolaus & Co. or such other
person(s) as Seller may designate in writing, and none of Buyer or any of its Affiliates or Representatives shall communicate
with any other employees or officers of Seller without the prior written consent of Seller. For the avoidance of doubt, and
notwithstanding anything contained herein to the contrary, Buyer shall not have access to personnel records of Seller
relating to individual performance or evaluation records, medical histories or other information related to employees of Seller.

 

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(d)            At
and following the Closing, Seller may retain copies of the books and records of the Business to the extent Seller determines, in its sole
discretion, that Seller (i) should retain them to comply with applicable Law or (ii) may require such copies for Tax purposes.

 

Section 5.03     Update
of Disclosure Schedules. Until the Closing Date, Seller may deliver any new schedules or supplement or amend the Disclosure Schedules
with respect to any matter that, if existing, occurring or known as of the date hereof, would have been required to be set forth or described
in the Disclosure Schedules. Any such supplement or amendment shall be deemed to modify the Disclosure Schedules for purposes of this
Agreement except to the extent that, absent such modification(s) to the Disclosure Schedules, Seller would then be in breach of the
representations, warranties, covenants or other agreements contained herein such that the condition to Closing set forth in ‎‎‎Section 8.02(a) would
not then be satisfied.

 

Section 5.04     Use
of Name. After the Closing, Seller shall not, and shall cause its Affiliates not to, use, authorize the use, register, or attempt
to register the name “Jessica Simpson” or any confusingly similar variations thereof as a trademark, domain name, or any other
form of Intellectual Property.

 

Section 5.05     Notices
of Certain Events. Seller shall promptly (and in any event within five (5) Business Days) notify Buyer in writing (which notice
shall include, to the extent reasonably practicable, any relevant details and information in Seller’s possession or control) of
(a) the occurrence of any change, effect, event, circumstance, occurrence or state of facts of which it is or becomes aware, which
does, or which could be reasonably be expected to, cause any condition set forth in ‎‎‎‎Article 8
to fail to be satisfied or which would otherwise prevent, delay or impede the Closing, (b) any written notice or other communication
from any Governmental Authority (other than the Bankruptcy Court) related to or in connection with the transactions contemplated by this
Agreement and (c) the receipt of any notice or other communication from any Person alleging that the consent of such Person is or
may be required in connection with the transactions contemplated by this Agreement. Any required to provide notice to be provided under
this ‎Section 5.05 may be fully satisfied by providing notice to counsel to Buyer at the email address for such counsel
as set forth in ‎Section 11.01.

 

Section 5.06     Wrong
Pockets. Within twelve (12) months following the Closing Date, (a) in the event that any asset, right or property of Seller
or its Affiliates exclusively used or necessary for the Business is found to have been retained by Seller or its Affiliates,
(i) Seller shall, or shall cause its Affiliates to, transfer and convey such asset, right or property (and any related
Liability) as soon as reasonably practicable to Buyer, in each case for no additional consideration, and (ii) Seller shall hold
such asset, right or property in trust for Buyer until such transfer and conveyance is completed, or (b) any asset, right or
property of Seller or its Affiliates that are not related to or used in the Business is found to have been transferred and conveyed
to Buyer, (i) Buyer shall transfer and convey such asset, right or property (and any related Liability) as soon as reasonably
practicable to Seller, in each case for no additional consideration and (ii) Buyer shall hold such asset, right or
property in trust for Seller until such transfer and conveyance is completed.

 

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Article 6

 

COVENANTS
OF BUYER

 

Section 6.01     Confidentiality.
Buyer acknowledges and agrees that at any time prior to the Closing Date and after any termination of this Agreement, the Confidentiality
Agreement shall remain in full force and effect and Buyer and its Affiliates shall remain bound thereby during such periods.

 

Section 6.02     Notices
of Certain Events. Buyer shall promptly (and in any event within five (5) Business Days) notify Seller in writing (which notice
shall include, to the extent reasonably practicable, any relevant details and information in Buyer’s possession or control) of (a) the
occurrence of any change, effect, event, circumstance, occurrence or state of facts of which it is or becomes aware, which does, or which
could be reasonably be expected to, cause any condition set forth in ‎‎Article 8 to fail to be satisfied or which
would otherwise prevent, delay or impede the Closing, (b) any written notice or other communication from any Governmental Authority
(other than in or related to the Bankruptcy Court) related to or in connection with the transactions contemplated by this Agreement and
(c) the receipt of any notice or other communication from any Person alleging that the consent of such Person is or may be required
in connection with the transactions contemplated by this Agreement. Any requirement to provide notice under this ‎‎Section 6.02
may be fully satisfied by provided notice to counsel to Seller at the email address for such counsel as set forth in ‎‎Section 11.01.

 

Section 6.03     Preservation
of Books and Records. After the Closing Date, Buyer shall provide to Seller and its Affiliates and Representatives (without charge
to Seller other than the costs of copying, if any) reasonable access to, including the right to make copies of, all books and records
included in and otherwise related to the Company, to the extent necessary to permit Seller to determine any matter relating to their respective
rights and obligations hereunder or to any period ending on or before the Closing Date (for example, for purposes of any Tax or accounting
audit or any claim or litigation matter) or otherwise related to the Company, for periods prior to the Closing and shall preserve such
books and records until the latest of (a) such period as shall be consistent with Buyer’s records retention policy in effect
from time to time, (b) the retention period required by applicable Law, (c) the conclusion of all bankruptcy proceedings relating
to the Chapter 11 Cases, including the closing of the Chapter 11 Cases and (d) in the case of books and records relating to Taxes,
the expiration of the statute of limitations applicable to such Taxes. Such access shall include access to any information in electronic
form to the extent reasonably available. Buyer acknowledges that Seller has the right to retain originals or copies of all of books and
records related to the Company for periods prior to the Closing.

 

Section 6.04     Communication.
On and after the date hereof and through the Closing Date, other than the Representatives of Seller set forth on Schedule
 ‎6.04, Buyer shall not (and shall not permit any of Buyer’s Representatives or Affiliates to) contact or communicate
with the employees, licensees, customers, service providers and vendors of Seller without the prior consultation with and written
approval of Seller; provided that, subject to ‎Section 6.01, this ‎Section 6.04
shall not prohibit ordinary course communications that are unrelated to this Agreement or the transactions contemplated hereby.

 

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Section 6.05     Buyer’s
Knowledge. Notwithstanding anything herein to the contrary, Buyer acknowledges and agrees that, in the event that Buyer has entered
into this Agreement with any knowledge by Buyer or any Affiliate of Buyer of any breach by Seller of any representation, warranty or covenant
in this Agreement, Buyer shall not have any claim or recourse against Seller or any of its Affiliates with respect to such breach under
this Agreement, including under ‎‎Article 8 and ‎‎Article 10.

 

Article 7

 

COVENANTS
OF BUYER AND SELLER

 

Section 7.01     Further
Assurances.

 

(a)            At
and after the Closing, and without further consideration therefor, Seller and Buyer shall use commercially reasonable efforts to take,
or cause to be taken, all appropriate action to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable
Law or otherwise to consummate and make effective the transactions contemplated by this Agreement and the other Transaction Documents
as promptly as practicable .

 

(b)            The
Parties agree to (and shall cause each of their respective Affiliates to) provide each other with such information and assistance as is
reasonably necessary for the preparation of any Tax Returns or for the defense of any Tax claim or assessment, whether in connection with
an audit or otherwise, including the furnishing or making available on a timely basis of records, personnel (as reasonably required),
books of account, or other necessary materials.

 

Section 7.02     Certain
Filings. Seller and Buyer shall use their commercially reasonable efforts to take, or cause to be taken, all actions and to do, or
cause to be done, all things necessary under applicable Law to consummate and make effective the transactions contemplated by this Agreement,
including furnishing all information required by applicable Law in connection with approvals of or filings with any Governmental Authority,
and filing, or causing to be filed, as promptly as practicable, any required notification and report forms under other applicable competition
Laws with the applicable Governmental Authority.

 

Section 7.03     Public
Announcements. On and after the date hereof and through the Closing Date, the Parties shall consult with each other before
issuing any press release or otherwise making any public statements with respect to this Agreement or the transactions contemplated
hereby, and no Party shall issue any press release or make any public statement prior to obtaining the written consent of all other
Parties hereto (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that
that no such prior consultation or consent shall be required for disclosure by either Party (a) to its current, former or
prospective lenders and their respective Representatives, provided that the recipient of such information is subject to a
customary confidentiality obligation, (b) in earnings releases or earnings calls or as otherwise advised by accountants,
or (c) as required by applicable Law or applicable securities exchange rules.

 

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Section 7.04     Tax
Matters.

 

(a)            Allocation
of Straddle Period Taxes.

 

(i)            For
purposes of this Agreement, in order to apportion appropriately any Taxes relating to a taxable period beginning before and ending after
the day immediately prior to the Closing Date (a “Straddle Period”), the amount of Taxes that are allocable to the
portion of the Straddle Period ending on and including the day immediately prior to the Closing Date shall be:

 

(A)            in
the case of Taxes imposed on a periodic basis with respect to the business or assets of a Seller (such as ad valorem and property Taxes)
and exemptions, allowances or deductions that are calculated on an annual basis, such as depreciation, the amount of such Taxes, exemptions,
allowances or deductions for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of calendar days
in the portion of the Straddle Period ending on and including the Closing Date, and the denominator of which is the number of calendar
days in the entire Straddle Period (provided that any Tax exemption or allowance with respect to an annual period shall be pro-rated
on an equal daily basis between the pre-Closing Tax period and the remainder of the Straddle Period); and

 

(B)            in
the case of all other Taxes, determined on a “closing of the books basis” as if the taxable period ended on the Closing Date.

 

(b)            Tax
Cooperation. The Parties shall furnish or cause to be furnished to each other, upon request, and at the sole cost of the requesting
Party, as promptly as practicable, such information and assistance relating to the Company as is reasonably necessary for the filing of
Tax Returns and the preparation for, or the prosecution or defense of, any audit, claim, demand, proposed adjustment or deficiency relating
to Taxes, and any other matter or proceeding relating to Taxes.

 

(c)            Transfer
Taxes. To the extent Seller is required by applicable Law to pay Transfer Taxes, Buyer shall reimburse Seller the amount of such Transfer
Taxes at least five Business Days prior to the applicable due date for such Transfer Taxes, and Seller shall provide timely payment thereof
(if any payment is due) to the applicable Governmental Authority and promptly provide a copy of such Tax Return to Buyer. Further, each
Party hereto agrees to timely sign and deliver (or to cause to be timely signed and delivered) such certificates or forms as may be necessary
or appropriate and otherwise to cooperate to establish any available exemption from (or otherwise reduce) such Transfer Taxes. Closing.
The Parties hereto shall cooperate in good faith to establish any available exemption from (or reduction of) any Transfer Taxes.

 

Section 7.05     Bulk
Transfer Laws. The Parties intend that pursuant to Section 363(f) of the Bankruptcy Code, the transfer of the
Purchased Assets shall be free and clear of any security interests, including any liens or claims arising out of the bulk
transfer Laws, and the Parties shall take such steps as may be necessary or appropriate to so provide in the Sale Order. In
furtherance of the foregoing, each Party hereby waives compliance by the other Parties with the “bulk sales,”
 “bulk transfers” or similar Laws and all other similar Laws in all applicable jurisdictions in respect of the
transactions contemplated by this Agreement.

 

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Section 7.06     Bankruptcy
Court Approval.

 

(a)            The
Parties shall use their respective commercially reasonable efforts to have (i) the Bankruptcy Court enter the Bid Procedures Order
as promptly as practicable and (ii) the Bankruptcy Court enter the Sale Order as promptly as practicable after the completion of
the Auction but, in any event, in each case in compliance with the Milestones. Debtors and Buyer shall cooperate in good faith to obtain
the Bankruptcy Court’s entry of the Bid Procedures Order, the Sale Order, and any other Order reasonably necessary in connection
with the transactions contemplated by this Agreement, including furnishing affidavits, nonconfidential financial information, or other
documents or information for filing with the Bankruptcy Court and making such advisors of Debtors and Buyer and their respective Affiliates
available to testify before the Bankruptcy Court for the purposes of, among other things, providing adequate assurances of performance
by Buyer as required under Section 365 of the Bankruptcy Code, and demonstrating that Buyer is a “good faith” purchaser
under Section 363(m) of the Bankruptcy Code. Buyer agrees that it will promptly take such actions as are reasonably requested
by Seller to assist in obtaining entry of the Bid Procedures Order, the Sale Order, and any other Order reasonably necessary, consistent
with the above.

 

(b)            The
Debtors shall give notice under the Bankruptcy Code and the Bankruptcy Rules of the request for the relief specified in the Bid Procedures
and Sale Motion to all Persons entitled to such notice, including all Persons that have asserted Encumbrances on the Purchased Assets
and all non-debtor parties to the Assumed Contracts, and other appropriate notice as required by the Bankruptcy Rules and the local
rules of the Bankruptcy Court, including such additional notice as the Bankruptcy Court shall direct or as Buyer may reasonably request,
and provide appropriate opportunity for hearing, to all parties entitled thereto, of all motions, orders, hearings or other proceedings
in the Bankruptcy Court relating to this Agreement or the transactions contemplated hereby. Debtors shall be responsible for making all
appropriate filings relating to this Agreement with the Bankruptcy Court, and shall use commercially reasonable efforts to submit such
filings to Buyer no less than two Business Days prior to their filing with the Bankruptcy Court for Buyer’s prior review and comment,
which comments the Debtors shall consider and attempt to incorporate in good faith, in consultation with Buyer.

 

(c)            In
the event the entry of the Bid Procedures Order, the Sale Order or any other Orders of the Bankruptcy Court relating to this Agreement
or the transactions contemplated hereby shall be appealed by any Person (or if any petition for certiorari or motion for reconsideration,
amendment, clarification, modification, vacation, stay, rehearing or reargument shall be filed with respect to the Bid Procedures Order,
the Sale Order or other such Order), Debtors shall use commercially reasonable efforts to defend such appeal.

 

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(d)            The
Debtors and Buyer acknowledge that this Agreement and the transactions contemplated hereby are subject to (i) entry of, as applicable,
the Bid Procedures Order and the Sale Order and (ii) the consideration by the Debtors and Seller of higher or better competing bids
(whether through any and all types of consideration, including, without limitation, cash, assumed liabilities or credit bid) in respect
of a sale, reorganization, or other disposition of the Debtors or Seller, the Business or the Purchased Assets. In the event of any discrepancy
between this Agreement and the Bid Procedures Order and the Sale Order, the Bid Procedures Order and the Sale Order shall govern; provided,
however, that nothing in this ‎Section 7.07(d) shall limit the rights of Buyer hereunder in
the event that any Bid Procedures Order or any Sale Order does not comply with the terms of this Agreement.

 

(e)            During
the period commencing on the date hereof and ending on the earlier of (i) the date of entry of the Bid Procedures Order or (ii) the
date this Agreement is terminated as provided in ‎Article 10, Seller will not, nor will it permit any
of its Affiliates or anyone acting on behalf of any of them to, solicit, negotiate or enter into any discussions or negotiations with
any Person (other than Buyer or its Representatives) in connection with any Alternative Transaction; provided that Seller shall
be permitted to furnish or cause to be furnished to any Person any information concerning the Purchased Assets or the Business. Seller
shall, immediately upon the execution of this Agreement, cease any and all ongoing discussions with any other potential purchaser of all
or any portion of the Purchased Assets and/or the Business and shall cause its Representatives and Affiliates and their respective Representatives
to do the same. Notwithstanding anything to the contrary herein, from the date of entry of the Bid Procedures Order and until the transactions
contemplated hereby are consummated, Buyer agrees and acknowledges that Seller, Debtors and their Affiliates, including through their
Representatives, are and may continue soliciting and/or responding to inquiries, proposals or offers from third parties in connection
with any Alternative Transaction, including, without limitation, inquiries, proposals or offers related to the Purchased Assets, and may
facilitate (and perform any and all other acts related thereto), including, without limitation, furnishing any information (subject to
entering into a customary confidentiality agreement) with respect to, any effort or attempt by any Person to seek to do any of the foregoing
in connection with an Alternative Transaction. Seller shall promptly notify Buyer of receipt by Debtors or any of their Representatives
of any such inquiries, proposals or offers; provided that, as to any inquiries, proposals or offers received prior to entry of
the Bid Procedures Order, Seller shall provide Buyer with a copy of any such inquiries, proposals or offers within two (2) Business
Days of receipt by the Debtors or their Representatives.

 

(f)            The
Sale Order shall, among other things, (i) approve, pursuant to sections 105, 363, and 365 of the Bankruptcy Code, (A) the
execution, delivery and performance by Seller of this Agreement, (B) the sale of the Purchased Assets to Buyer on the terms set
forth herein and free and clear of all Encumbrances, including the Permitted Encumbrances set forth on Schedule 1.01 but
subject to the other Permitted Encumbrances, and (C) the performance by Debtors of their respective obligations under this
Agreement; (ii) authorize and empower Seller to assume and assign to Buyer the Assumed Contracts; (iii) find that Buyer is
a “good faith” buyer within the meaning of section 363(m) of the Bankruptcy Code, find that Buyer is not a
successor to any Seller, and grant Buyer the protections of section 363(m) of the Bankruptcy Code; (iv) find that Buyer
shall have no Liability or responsibility for any Liability or other obligation of Seller arising under or related to the Purchased
Assets other than as expressly set forth in this Agreement, including successor or vicarious Liabilities of any kind or character,
including any theory of antitrust, successor, or transferee Liability, labor law, de facto merger, or substantial continuity; and
(v) find that Buyer has provided adequate assurance (as that term is used in Section 365 of the Bankruptcy Code) of future
performance in connection with the assumption of the Assumed Contracts.

 

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(g)            Debtors
shall comply with the Milestones.

 

(h)            If
an Auction is conducted, and Buyer is not the Successful Bidder at the Auction but is the next highest bidder after the Successful Bidder
at the Auction, Buyer shall serve as a Backup Bidder and keep its bid to consummate the transactions contemplated by this Agreement on
the terms and conditions set forth in this Agreement (as the same may be improved upon in the Auction) open and irrevocable, notwithstanding
any right of Buyer to otherwise terminate this Agreement pursuant to ‎‎Article 10 hereof, until
the earlier of (i) the Backup Bid Expiration Date (as defined in the Bid Procedures) or (ii) the first Business Day after the
closing of a transaction with a Successful Bidder for the Purchased Assets that is not Buyer; provided, however, that if
prior to the Backup Bid Expiration Date, a Successful Bidder for the Purchased Assets that is not Buyer fails to consummate its transaction
as a result of a breach or failure to perform on the part of such Successful Bidder, or because a condition in such Successful Bidder’s
purchase agreement cannot otherwise be met, and the purchase agreement with such Successful Bidder is terminated, Buyer (as the Backup
Bidder) will be deemed to have the new prevailing bid, and Seller will be authorized, without further order of the Bankruptcy Court,
to, and Buyer (as the Backup Bidder) shall, subject to the terms and conditions of this Agreement, consummate the transactions contemplated
by this Agreement by the later of (x) ten (10) days of becoming the Successful Bidder and (ii) the Backup Bid Expiration
Date, on the terms and conditions set forth in this Agreement (as the same may be improved upon in the Auction).

 

Section 7.07                 Bidding
Protections.

 

(a)            If
this Agreement is terminated by Buyer or Seller pursuant to (i) ‎‎‎‎Section 10.01(c),
(ii) ‎Section 10.01(h) or (iii) ‎Section 10.01(j), then,
in each case, Seller shall (or shall cause the Debtors to), without the requirement of any notice or demand by Buyer, pay to Buyer the
Break-Up Fee, such payment to be made upon the earlier of (x) the consummation of an Alternative Transaction, (y) the consummation
of a sale to the “Successful Bidder” or “Next Highest Bidder” at the Auction or (z) the date that is forty-five
(45) days following such termination, in immediately available funds to one or more bank accounts of Buyer (or any of its Affiliates)
designated in writing by Buyer to Seller.

 

(b)            If
this Agreement is terminated by Buyer or Seller pursuant to
(i) ‎‎‎‎Section 10.01(c),
(ii) ‎‎‎Section 10.01(e),
(iii) ‎‎‎‎Section 10.01(h),
(iv) ‎Section 10.01(i) or
(v) ‎‎‎‎Section 10.01(j), then, in each case, Seller shall (or shall cause
the Debtors to), without the requirement of any notice or demand by Buyer, pay to Buyer the Expense Reimbursement, such
payment to be made upon the earlier of (x) the consummation of an Alternative Transaction, (y) the consummation of a sale
to the “Successful Bidder” or “Next Highest Bidder” at the Auction or (z) the date that is forty-five
(45) days following such termination by wire transfer(s) in immediately available funds to one or more bank accounts of Buyer
(or any of its Affiliates) designated in writing by Buyer to Seller.

 

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(c)            The
Parties acknowledge and agree that (i) the Parties have expressly negotiated the provisions of this ‎Section 7.07
and the payment of the Break-Up Fee and the Expense Reimbursement are integral parts of this Agreement, (ii) in the absence
of Seller’s obligations to make these payments, Buyer would not have entered into this Agreement, and (iii) subject to approval
by the Bankruptcy Court, the Break-Up Fee and the Expense Reimbursement shall constitute allowed superpriority Administrative Expense
Claims pursuant to sections 105(a), 503(b), and 507(a)(2) of the Bankruptcy Code with priority over all other administrative expenses
of the kind specified in section 503(b) of the Bankruptcy Code. Seller shall seek the approval of the Break-Up Fee and the Expense
Reimbursement as set forth in this ‎Section 7.07 and this Agreement in the Bid Procedures Order. Buyer
acknowledges and agrees that in the event the Break-Up Fee becomes payable, the right to receive the Break-Up Fee and the Expense Reimbursement
and the return of the Good Faith Deposit shall be the sole and exclusive remedy of Buyer against Debtors, Seller, and any of their respective
Affiliates for any liability, damage or other loss resulting from, the termination of this Agreement, breach of any representation, warranty
covenant or agreement contained herein or the failure of the transactions contemplated hereby to be consummated, and none of Buyer nor
any of its Affiliates shall have any other remedy or cause of action under or relating to this Agreement or any applicable Law. Notwithstanding
the foregoing, nothing set forth herein shall limit or restrict Buyer’s rights to pursue a grant of specific performance pursuant
to ‎‎‎‎Section 11.08 prior to any termination of this Agreement by Buyer.

 

Article 8

 

CONDITIONS
TO CLOSING

 

Section 8.01                 Conditions
to Obligations of the Parties. The obligations of each of the Parties to consummate the Closing are subject to the satisfaction or
valid waiver at or prior to the Closing of the following conditions:

 

(a)            no
provision of any applicable Law and no judgment, injunction or Order shall then be in effect prohibiting or making illegal the consummation
of the Closing;

 

(b)            the
Bankruptcy Court shall have entered the Bid Procedures Order and the Bid Procedures Order shall be a Final Order; and

 

(c)            the
Bankruptcy Court shall have entered the Sale Order in form and substance reasonably acceptable to Buyer and Seller and the Sale Order
shall be a Final Order.

 

    28

     

    

 

Section 8.02                Conditions
to Obligation of Buyer. The obligation of Buyer to consummate the Closing is subject to the satisfaction (or valid waiver) at or
prior to the Closing of the following further conditions:

 

(a)            (i) each
of the representations and warranties of Seller contained in ‎‎‎Section 3.01, ‎‎‎Section 3.02,
‎‎‎Section 3.03, and ‎‎‎Section 3.07 shall be true and
correct in all respects (except for any failure to be so true and correct that is de minimis in nature) on and as of the date hereof
and on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing
Date (provided that representations and warranties which speak to a specified date shall speak only as of such date) and (ii) each
other representation and warranty of Seller contained in ‎‎‎Article 3 shall be true and correct
on and as of the date hereof and as of Closing Date with the same effect as though such representations and warranties had been made
on and as of the Closing Date (provided that representations and warranties which speak to a specified date shall speak only as of such
date) except where the failure to be so true and correct (without giving effect to any limitation or qualification as to “materiality”
(including the word “material”) or “Material Adverse Effect” or other similar term set forth therein) would not,
individually or in the aggregate, have a Material Adverse Effect and Buyer shall have received a certificate of the Company certifying
as to the matters set forth in this ‎‎‎‎Section 8.02(a) signed by a duly authorized
Representative of the Company;

 

(b)            the
material covenants and agreements that Seller is required to perform or to comply with pursuant to this Agreement at or prior to the
Closing shall have been performed and complied with in all material respects and Buyer shall have received a certificate of the Company
to such effect signed by a duly authorized Representative of the Company.

 

(c)             From
the date hereof, there shall not have occurred any Material Adverse Effect.

 

Section 8.03                Conditions
to Obligation of Seller. The obligation of Seller to consummate the Closing is subject to the satisfaction (or valid waiver) at or
prior to the Closing of the following further conditions:

 

(a)            the
representations and warranties of Buyer contained in ‎‎‎‎Article 4 shall be true and
correct on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the
Closing Date (provided that representations and warranties which speak to a specified date shall speak only as of such date) except
where the failure to be so true and correct (without giving effect to any limitation or qualification as to “materiality”
(including the word “material”) or similar term set forth therein) would not, individually or in the aggregate, prevent,
materially impede or delay the consummation of the Closing in accordance with its terms and Seller shall have received a certificate
of Buyer to such effect signed by a duly authorized officer of Buyer;

 

(b)            the
material covenants and agreements that Buyer is required to perform or to comply with pursuant to this Agreement at or prior to the
Closing shall have been performed and complied with in all material respects and Seller shall have received a certificate of
Buyer to such effect signed by a duly authorized officer of Buyer; and

 

    29

     

    

 

(c)            Buyer
shall have delivered (or caused to be delivered) each of the documents and instruments to be delivered by Buyer at the Closing pursuant
to ‎Section 2.06.

 

Article 9

 

SURVIVAL

 

Section 9.01               Survival.
The Parties, intending to modify any applicable statute of limitations, agree that (a) (i) the representations and warranties
in this Agreement and in any certificate delivered pursuant hereto and (ii) the covenants in this Agreement only requiring performance
prior to the Closing shall, in each case, terminate and be of no further force and effect effective as of the Closing and shall not survive
the Closing for any purpose, and thereafter there shall be no Liability on the part of, nor shall any claim be made by or on behalf of,
any Party or any Party’s Affiliates in respect thereof and (b) the covenants in this Agreement that contemplate performance
at or after the Closing or expressly by their terms survive the Closing shall survive the Closing in accordance with their respective
terms (the “Surviving Post-Closing Covenants”). Except with respect to the Surviving Post-Closing Covenants, no other
remedy shall be asserted or sought by Buyer, and Buyer shall cause its Affiliates not to assert or seek any other remedy, against Seller
or any of its Affiliates under any contract, misrepresentation, tort, strict liability, or statutory or regulatory Law or theory or otherwise,
all such remedies being hereby knowingly and expressly waived and relinquished to the fullest extent permitted under applicable law.

 

Article 10

 

TERMINATION

 

Section 10.01              Grounds
for Termination. This Agreement may be terminated at any time prior to the Closing:

 

(a)             by
mutual written agreement of Seller and Buyer;

 

(b)            by
either Seller or Buyer, if the Closing shall not have been consummated on or before November 14, 2021 (the “End Date”);
provided, however, that the right to terminate this Agreement pursuant to this ‎‎‎‎Section 10.01(b) shall
not be available to a Party whose breach of any of its representations, warranties, covenants or agreements contained herein has been
the primary cause of the failure of the Closing to occur on or before the End Date;

 

(c)             by
either Seller or Buyer, if at the end of the Auction for the Purchased Assets (if any), Buyer is not determined by the Debtors to be
either the “Successful Bidder” or “Backup Bidder” (each as defined in the Bid Procedures Order);

 

(d)            by
Seller, if Seller is not then in material breach of its obligations under this Agreement and Buyer breaches or fails to perform any
of its representations, warranties, covenants or agreements contained in this Agreement and such breach or failure to perform
(i) would prevent the satisfaction of a condition set forth in ‎‎‎‎Section 8.01
or ‎‎‎‎Section 8.03, (ii) cannot be, or has not been, cured within ten
(10) Business Days following delivery of written notice to Buyer of such breach or failure to perform and (iii) has not
been waived by Seller;

 

    30

     

    

 

(e)             by
Buyer, if Buyer is not then in material breach of its obligations under this Agreement and Seller breaches or fails to perform any of
its representations, warranties, covenants or agreements contained in this Agreement and such breach or failure to perform (i) would
prevent the satisfaction of a condition set forth in ‎‎‎‎Section 8.01 or ‎‎‎‎Section 8.02,
(ii) cannot be, or has not been, cured within ten (10) Business Days following delivery of written notice to the Company of
such breach or failure to perform and (iii) has not been waived by Buyer;

 

(f)             by
either Seller or Buyer upon the conversion of any of Seller’s Chapter 11 Cases to cases under Chapter 7 of the Bankruptcy Code,
the dismissal of any of Seller’s Chapter 11 Cases, or if a trustee or examiner with expanded powers to operate or manage the financial
affairs of Seller is appointed;

 

(g)            by
either Seller or Buyer, if the Bankruptcy Court enters a final, non-appealable order that precludes the consummation of the transactions
contemplated hereby on the terms and conditions set forth in this Agreement;

 

by either Seller or Buyer, if any court of competent
jurisdiction or other competent Governmental Authority shall have enacted or issued a Law or decree or taken any other action permanently
restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated by this Agreement and such Law or decree
or other action shall have become final and non-appealable; provided, however, that the right to terminate this Agreement
under this ‎‎‎‎0 shall not be available to a Party if the failure to consummate the Closing because of
such action by a Governmental Authority shall be due to the failure of such Party to have fulfilled, in any material respect, any of
its obligations under this Agreement;

 

(h)            by
either Seller or Buyer, if the Bankruptcy Court enters an order approving an Alternative Transaction with one or more Persons other than
Buyer;

 

(i)              by
Buyer, if any of the Milestones are not met; or

 

(j)              by
Seller, if Seller or its board of directors (or similar governing body), based on the advice of counsel, determines that proceeding with
the transactions contemplated by this Agreement or failing to terminate this Agreement would be inconsistent with its or such Person’s
or body’s fiduciary duties or applicable law.

 

The Party desiring to terminate
this Agreement pursuant to this ‎‎‎‎Section 10.01 (other than pursuant to ‎‎‎‎Section 10.01(a))
shall give written notice of such termination to the other Party in accordance with ‎‎‎‎Section 11.01.

 

    31

     

    

 

Section 10.02             Effect
of Termination.

 

(a)            If
this Agreement is terminated as permitted by ‎‎‎‎Section 10.01, (i) this Agreement
shall become null and void and of no further force and except, except for the provisions of ‎Section 2.04,
‎Section 6.01‎‎‎, ‎Section 7.06, ‎Section 10.03,
‎‎‎‎Article 11 and this ‎‎‎‎Section 10.02,
which shall survive such termination of this Agreement and (ii) no Party (nor any stockholder, director, officer, employee, agent,
consultant or Representative of any such Party) shall thereafter have any Liability hereunder; provided, nothing in this ‎‎‎‎Section 10.02
shall be deemed to release any Party from any Liability (x) for any breach of any covenants contained in this Agreement occurring
prior to its termination and (y) that may otherwise be provided in, or contemplated by, the provisions of ‎Section 2.04
or ‎Section 10.02(b).

 

(b)            If
this Agreement is terminated pursuant to ‎‎‎Section 10.01(d), the Good Faith Deposit (together
with any interest accrued thereon) shall be retained by Debtors for their own account as damages, and the Parties acknowledge and agree
that such payment of the Good Faith Deposit to Debtors shall constitute liquidated damages (and not a penalty) and shall be the sole
and exclusive remedy of Seller and any other Person against Buyer and its Affiliates arising under this Agreement in connection with
any such termination, and upon payment of the Good Faith Deposit to the Debtors, neither seller nor any other Person shall be entitled
to bring or maintain any other Action against Buyer or any of its Affiliates and neither Buyer nor any of its Affiliates shall have any
further liability or obligation to Seller arising out of this Agreement, the transactions contemplated by this Agreement or any matters
forming the basis of such termination. The Parties acknowledge and agree that (i) the agreements contained in this ‎Section 10.01(b) are
an integral part of this Agreement and the transactions contemplated hereby and (ii) in light of the difficulty of accurately determining
actual damages with respect to the foregoing, the right to any such receipt of the Good Faith Deposit constitutes a reasonable estimate
of the damages that will compensate Seller in the circumstances in which such fee is payable for the efforts and resources expended and
the opportunities forgone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation
of the transactions contemplated hereby. If this Agreement is terminated pursuant to any provision of ‎‎‎Section 10.01
(other than ‎‎‎‎‎Section 10.01(d)), Debtors shall promptly (but in any event
within two (2) Business Days of such termination) return the Good Faith Deposit (together with any interest accrued thereon) to
Buyer by wire transfer of immediately available funds.

 

Section 10.03             Costs
and Expenses.

 

(a)            Except
as otherwise expressly provided in this Agreement, including as set forth in ‎‎‎‎Section 10.02(b) whether
or not the transactions contemplated by this Agreement are consummated, all costs and expenses incurred in connection with this Agreement
shall be paid by the Party incurring such cost or expense.

 

(b)            All
transfer, sales, use, value added, excise, stock transfer, stamp, recording, registration and any similar Tax that become payable in
connection with the transactions contemplated hereby and not exempted by the Bankruptcy Code shall be paid one-half by Seller and one-half
by Buyer.

 

    32

     

    

 

Article 11

 

MISCELLANEOUS

 

Section 11.01            Notices.
All notices, requests and other communications to any Party hereunder shall be in writing and shall be delivered to the addresses set
forth below (or pursuant to such other address(es) as may be designated in writing by the Party to receive such notice):

 

if to Buyer (or after the
Closing, the Company):

 

DL
Business Management

244 West 54th Street - 9th Floor

New York, NY 10019

Attention:   David Levin, CPA, Esq.

E-mail:   davidlevin@dlbm.com

 

with a copy, which shall not constitute notice, to:

 

Littman
Krooks LLP

655 Third Avenue, 20th Floor

New York, NY  10017

Attention:   Mitchell C. Littman, Esq.

E-mail:   mlittman@littmankrooks.com

 

and to:

 

Culhane Meadows, PLLC

3411 Silverside Road

Baynard Building, Suite 104-13

Wilmington, Delaware 19810

Attention:   Mette H. Kurth, Esq.

E-mail:   mkurth@cm.law

 

if to Seller (or prior to
the Closing, the Company):

 

Sequential Brands Group, Inc.

1407 Broadway, 38th Floor

 

New York, NY 10001

Attention: Eric Gul

 

Email: EGul@sbg-ny.com

 

with a copy, which shall
not constitute notice, to:

 

Gibson,
Dunn & Crutcher LLP

200 Park Avenue

New York, NY 10166-0193

Attention:   Joshua Brody, Esq; Saee Muzumdar, Esq.

Email:   jbrody@gibsondunn.com; smuzumdar@gibsondunn.com

 

All such notices, requests and other communications
shall be deemed received (a) if delivered prior to 5:00 p.m.  New York time on a day which is a Business Day, then on such
date of delivery if delivered personally, or, if by e-mail, upon written confirmation of delivery by e-mail (which may be electronic),
and if delivered after 5:00 p.m.  New York time (whether personally or by email) then on the next succeeding Business Day, (b) on
the first (1st) Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier
or (c) on the earlier of confirmed receipt or the fifth (5th) Business Day following the date of mailing if delivered by registered
or certified mail, return receipt requested, postage prepaid.

 

Section 11.02            Amendments
and Waivers.

 

(a)            Any
provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by each of
Buyer and Seller.

 

(b)            No
failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The
rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.

 

Section 11.03            Successors
and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and assigns. Buyer, on the one hand, may not assign, delegate or otherwise transfer any of its rights or obligations under
this Agreement without the prior written consent of Seller, and Seller, on the other hand, may not assign, delegate or otherwise transfer
any of their respective rights or obligations under this Agreement without the prior written consent of Buyer; provided, however,
that Buyer may assign any or all of its rights and obligations under this Agreement (including the right to receive the Purchased Assets)
to one or more subsidiaries of Buyer, in each case, without the prior written consent of Seller; provided, further, that
no such assignment will relieve Buyer of its obligations hereunder. Any attempted assignment in violation of this ‎‎‎‎Section 11.03
shall be null and void, ab initio.

 

Section 11.04          Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard to the
conflicts of law rules of such State.

 

    33

     

    

 

Section 11.05     Jurisdiction.
Without limiting any Party’s right to appeal any order of the Bankruptcy Court, (i) the Bankruptcy Court will retain
exclusive jurisdiction to enforce the terms of this Agreement and to decide any claims or disputes which may arise or result from,
or be connected with, this Agreement, any breach or default hereunder, or the transactions contemplated hereby, and (ii) any
and all proceedings related to the foregoing will be filed and maintained only in the Bankruptcy Court, and the Parties hereby
consent to and submit to the jurisdiction and venue of the Bankruptcy Court for such purposes and will receive notices at such
locations as indicated in ‎Section 11.01; provided, however, that if the Chapter 11 Cases have been closed
pursuant to Section 350 of the Bankruptcy Code, the Parties agree to unconditionally and irrevocably submit to the exclusive
jurisdiction of the United States District Court for the Southern District of New York, or in the event (but only in the event)
that such court does not have subject matter jurisdiction over such Action, in the Supreme Court of the State of New York, New York
County, for the resolution of any such claim or dispute. The Parties hereby irrevocably waive, to the fullest extent permitted by
applicable Law, any objection which they may now or hereafter have to the laying of venue of any such Action brought in such court
or any defense of inconvenient forum for the maintenance of such dispute. Each of the Parties agrees that a judgment in any such
dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Process in any such
Action may be served on any party anywhere in the world, whether within or without the jurisdiction of the Bankruptcy Court, the
United States District Court for the District of New York or any state court of the State of New York. Without limiting the
foregoing, each Party agrees that service of process on such Party as provided in ‎‎‎‎Section 11.01 shall
be deemed effective service of process on such Party.

 

Section 11.06             WAIVER
OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY WAIVES, AND COVENANTS THAT
IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM,
DEMAND, ACTION OR CAUSES OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT
OR ANY ANCILLARY DOCUMENT OR THE SUBJECT MATTER HEREOF OR THEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN
TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS ‎SECTION 11.06
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

Section 11.07            Counterparts;
Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each Party
shall have received a counterpart hereof signed by the other Party. Delivery of a .pdf version of one or more signatures to this Agreement
shall be deemed adequate delivery for purposes of this Agreement. No provision of this Agreement is intended to confer upon any Person
other than the Parties any rights, benefits, Causes of Action or remedies hereunder.

 

Section 11.08           Specific
Performance. It is understood and agreed by the Parties that money damages (even if available) would not be a sufficient remedy
for any breach of this Agreement by Seller or Buyer and as a consequence thereof, Seller and Buyer shall each be entitled to seek
specific performance and injunctive or other equitable relief as a remedy for any such breach or threatened breach in addition to
any other remedy to which such Party may be entitled in Law or in equity, including an Order of the Bankruptcy Court or other court
of competent jurisdiction requiring Buyer or Seller, as may be applicable, to comply promptly with any of their obligations
hereunder. Each of the Parties agrees that it will not oppose the granting of an injunction, specific performance and other
equitable relief on the basis that the other Party has an adequate remedy at Law or that any award of specific performance is not an
appropriate remedy for any reason at Law or in equity. Any Party seeking an injunction or injunctions to prevent breaches of
this Agreement and to enforce specifically the terms and provisions of this Agreement shall not be required to provide any bond or
other security in connection with such Order.

 

    34

     

    

 

Section 11.09           Entire
Agreement. This Agreement and the other Transaction Documents (together with the Schedules and Exhibits hereto and thereto), and
the Confidentiality Agreement, constitutes the entire agreement between the Parties with respect to the subject matter hereof and thereof
and supersede all prior agreements and understandings, both oral and written, between the Parties with respect to such subject matter.
No Party to this Agreement shall be liable or bound to any other Party in any manner by any representations, warranties, covenants or
agreements relating to such subject matter except as specifically set forth herein and therein. In the event an ambiguity or question
of intent or interpretation arises with respect to this Agreement, the terms and provisions of the execution version of this Agreement
will control and prior drafts of this Agreement and the documents referenced herein will not be considered or analyzed for any purpose
(including in support of parol evidence proffered by any Person in connection with this Agreement), will be deemed not to provide any
evidence as to the meaning of the provisions hereof or the intent of the Parties with respect hereto and will be deemed joint work product
of the Parties.

 

Section 11.10           No
Strict Construction. Buyer, on the one hand, and Seller, on the other hand, participated jointly in the negotiation and drafting
of this Agreement, and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as
jointly drafted by Buyer, on the one hand, and Seller, on the other hand, and no presumption or burden of proof shall arise favoring
or disfavoring any Party by virtue of the authorship of any provision of this Agreement. Without limitation as to the foregoing, no rule of
strict construction construing ambiguities against the draftsperson shall be applied against any Person with respect to this Agreement.

 

Section 11.11          Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable
manner in order that the transaction contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

Section 11.12           Disclosure
Schedules. The representations and warranties of Seller set forth in this Agreement are made and given subject to the
disclosures in the Disclosure Schedules. Where a reference is made only to a particular disclosed document, the full contents of the
document are deemed to be disclosed. Inclusion of information in the Disclosure Schedules will not be construed as an admission that
such information is material to the business, operations or condition (financial or otherwise) of Seller, in whole or in part, or as
an admission of Liability or obligation of Seller to any third Person. The specific disclosures set forth in the Disclosure
Schedules have been organized to correspond to section references in this Agreement to which the disclosure is most likely to
relate, together with appropriate cross-references when disclosure is applicable to other sections of this Agreement; provided, however,
that any disclosure in any section of the Disclosure Schedules will apply to and will be deemed to be disclosed in any other
section of the Disclosure Schedules, so long as the applicability of such disclosure is reasonably apparent on its face. It is
understood and agreed that the specification of any dollar amount in the representations and warranties or covenants contained in
this Agreement or the inclusion of any specific item in the Disclosure Schedules is not intended to imply that such amounts or
higher or lower amounts, or the items so included or other items, are or are not material, and no Party or other Person shall use
the fact of the setting of such amounts or the fact of the inclusion of any such item in the Disclosure Schedules in any dispute or
controversy as to whether any obligation, item or matter not described in this Agreement or included in the Disclosure Schedules is
or is not material for purposes of this Agreement. Nothing in this Agreement (including the Disclosure Schedules) shall be deemed an
admission by either Party or any of its Affiliates, in any Causes of Action, that such Party or any such Affiliate, or any third
party, is or is not in breach or violation of, or in default in, the performance or observance of any term or provisions of any
Contract or Law.

 

[Signature Pages Follow]

 

    35

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers as of
the day and year first above written.

 

	 	SEQUENTIAL BRANDS GROUP, INC.
	 	 
	 	By:	/s/ Lorraine DiSanto
	 	Name: Lorraine DiSanto
	 	Title: Chief Financial Officer

 

	 	WITH YOU, INC.
	 	 
	 	By:	/s/ Jessica Simpson
	 	Name: Jessica Simpson
	 	Title: CEO

 

[Signature Page to Membership Interest Purchase Agreement]Document

Exhibit 4.5

COMPASS PATHWAYS PLC
FORM OF
SENIOR INDENTURE
Dated as of [             ], 20[ ]
[              ]
Trustee

Table of Contents
									
			Page

	Article I 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	1
		Section 1.01    Definitions
	1
		Section 1.02    Other Definitions
	5
		Section 1.03    Incorporation by Reference of Trust Indenture Act
	5
		Section 1.04    Rules of Construction
	6
	Article II
	THE SECURITIES
	6
		Section 2.01    Issuable in Series
	6
		Section 2.02    Establishment of Terms of Series of Securities
	7
		Section 2.03    Execution and Authentication
	8
		Section 2.04    Registrar and Paying Agent
	10
		Section 2.05    Paying Agent to Hold Money in Trust
	10
		Section 2.06    Securityholder Lists
	11
		Section 2.07    Transfer and Exchange
	11
		Section 2.08    Mutilated, Destroyed, Lost and Stolen Securities
	11
		Section 2.09    Outstanding Securities
	12
		Section 2.10    Treasury Securities
	13
		Section 2.11    Temporary Securities
	13
		Section 2.12    Cancellation
	13
		Section 2.13    Defaulted Interest
	13
		Section 2.14    Global Securities
	14
		Section 2.15    CUSIP Numbers
	16
	Article III
	REDEMPTION
	16
		Section 3.01    Notice to Trustee
	16
		Section 3.02    Selection of Securities to be Redeemed
	16
		Section 3.03    Notice of Redemption
	17
		Section 3.04    Effect of Notice of Redemption
	17
		Section 3.05    Deposit of Redemption Price
	17
		Section 3.06    Securities Redeemed in Part
	17
	Article IV
	COVENANTS
	18
		Section 4.01    Payment of Principal and Interest
	18
		Section 4.02    SEC Reports
	18
		Section 4.03    Compliance Certificate
	19
		Section 4.04    Stay, Extension and Usury Laws
	19
		Section 4.05    Corporate Existence
	19
		Section 4.06    Taxes
	20
		Section 4.07    Additional Interest Notice
	20
		Section 4.08    Further Instruments and Acts
	20
	Article V
	SUCCESSORS
	20

i

									
		Section 5.01    When Company May Merge, Etc.
	20
		Section 5.02    Successor Corporation Substituted
	21
	Article VI 
	DEFAULTS AND REMEDIES
	21
		Section 6.01    Events of Default
	21
		Section 6.02    Acceleration of Maturity; Rescission and Annulment
	23
		Section 6.03    Collection of Indebtedness and Suits for Enforcement by Trustee
	24
		Section 6.04    Trustee May File Proofs of Claim
	24
		Section 6.05    Trustee May Enforce Claims Without Possession of Securities
	25
		Section 6.06    Application of Money Collected
	25
		Section 6.07    Limitation on Suits
	26
		Section 6.08    Unconditional Right of Holders to Receive Principal and Interest
	26
		Section 6.09    Restoration of Rights and Remedies
	26
		Section 6.10    Rights and Remedies Cumulative
	27
		Section 6.11    Delay or Omission Not Waiver
	27
		Section 6.12    Control by Holders
	27
		Section 6.13    Waiver of Past Defaults
	27
		Section 6.14    Undertaking for Costs
	28
	Article VII 
	TRUSTEE
	28
		Section 7.01    Duties of Trustee
	28
		Section 7.02    Rights of Trustee
	29
		Section 7.03    Individual Rights of Trustee
	30
		Section 7.04    Trustee’s Disclaimer
	30
		Section 7.05    Notice of Defaults
	30
		Section 7.06    Reports by Trustee to Holders
	31
		Section 7.07    Compensation and Indemnity
	31
		Section 7.08    Replacement of Trustee
	32
		Section 7.09    Successor Trustee by Merger, etc.
	33
		Section 7.10    Eligibility; Disqualification
	33
		Section 7.11    Preferential Collection of Claims Against Company
	33
	Article VIII 
	SATISFACTION AND DISCHARGE; DEFEASANCE
	33
		Section 8.01    Satisfaction and Discharge of Indenture
	33
		Section 8.02    Application of Trust Funds; Indemnification
	34
		Section 8.03    Legal Defeasance of Securities of any Series
	35
		Section 8.04    Covenant Defeasance
	36
		Section 8.05    Repayment to Company
	37
		Article IX AMENDMENTS AND WAIVERS
	38
		Section 9.01    Without Consent of Holders
	38
		Section 9.02    With Consent of Holders
	38

ii

									
		Section 9.03    Limitations
	39
		Section 9.04    Compliance with Trust Indenture Act
	40
		Section 9.05    Revocation and Effect of Consents
	40
		Section 9.06    Notation on or Exchange of Securities
	40
		Section 9.07    Trustee Protected
	40
		Section 9.08    Effect of Supplemental Indenture
	40
	Article X
	MISCELLANEOUS
	41
		Section 10.01    Trust Indenture Act Controls
	41
		Section 10.02    Notices
	41
		Section 10.03    Communication by Holders with Other Holders
	42
		Section 10.04    Certificate and Opinion as to Conditions Precedent
	42
		Section 10.05    Statements Required in Certificate or Opinion
	42
		Section 10.06    Record Date for Vote or Consent of Holders
	43
		Section 10.07    Rules by Trustee and Agents
	43
		Section 10.08    Legal Holidays
	43
		Section 10.09    No Recourse Against Others
	43
		Section 10.10    Counterparts
	43
		Section 10.11    Governing Laws and Submission to Jurisdiction
	43
		Section 10.12    No Adverse Interpretation of Other Agreements
	44
		Section 10.13    Successors
	44
		Section 10.14    Severability
	44
		Section 10.15    Table of Contents, Headings, Etc.
	44
		Section 10.16    Securities in a Foreign Currency or in ECU
	44
		Section 10.17    Judgment Currency
	45
		Section 10.18    Compliance with Applicable Anti-Terrorism and Money Laundering Regulations
	45
	Article XI
	SINKING FUNDS
	46
		Section 11.01    Applicability of Article
	46
		Section 11.02    Satisfaction of Sinking Fund Payments with Securities
	46
		Section 11.03    Redemption of Securities for Sinking Fund
	47

iii

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture,
Dated as of [            ], 20[ ]
						
	Section 310(a)(1)	7.10
	(a)(2)	7.10
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.10
	(b)	7.10
	(c)	Not Applicable
	Section 311(a)	7.11
	(b)	7.11
	(c)	Not Applicable
	Section 312(a)	2.06
	(b)	10.03
	(c)	10.03
	Section 313(a)	7.06
	(b)(1)	7.06
	(b)(2)	7.06
	(c)(1)	7.06
	(d)	7.06
	Section 314(a)	4.02, 10.05
	(b)	Not Applicable
	(c)(1)	10.04
	(c)(2)	10.04
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	10.05
	(f)	Not Applicable
	Section 315(a)	7.01
	(b)	7.05
	(c)	7.01
	(d)	7.01
	(e)	6.14
	Section 316(a)(1)(A)	6.12
	(a)(1)(B)	6.13
	(a)(2)	Not Applicable
	(b)	6.13
	(c)	10.06
	Section 317(a)(1)	6.03
	(a)(2)	6.04

iv

						
	(b)	2.05
	Section 318(a)	10.01

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

Indenture dated as of [                    ], 20[ ] between COMPASS Pathways Plc, a public limited company incorporated under the laws of England and Wales with registered number 12696098 (the “Company”) and [                ] (the “Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.
ARTICLE I
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.01Definitions.
“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified therein and which are owing to such Holders.
“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person.  For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar or Paying Agent.
“Bankruptcy Law” means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for the relief of debtors.
“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
“Business Day” means any day other than a (x) Saturday, (y) Sunday or (z) day on which state or federally chartered banking institutions in New York, New York are not required to be open.
“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, but excluding any debt securities convertible into such equity.
1

“Certificated Securities” means Securities in the form of physical, certificated Securities in registered form.
“Company” means the party named as such above until a successor replaces it in accordance with the terms of this Indenture and thereafter means the successor.
“Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.
“Company Request” means a written request signed in the name of the Company by its Chairman of the Board, a President or a Vice President, and by its Chief Financial Officer, 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 Indenture is [  ], Attention:  [  ], or at such other address as the Trustee may designate from time to time.
“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.
“Default” or “default” means any event which is, or after notice or passage of time or both would be, an Event of Default.
“Default Rate” means the default rate of interest specified in the Securities.
“Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.
“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.
“Dollars” means the currency of The United States of America.
“ECU” means the European Currency Unit as determined by the Commission of the European Union.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of America.
2

“Foreign Government Obligations” means with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.
“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.
“Holder” or “Securityholder” means a person in whose name a Security is registered.
“Indenture” means this Indenture as amended and supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“Interest,” in respect of the Securities, unless the context otherwise requires, refers to interest payable on the Securities, including any additional interest that may become payable pursuant to Section 6.02(b).
“Maturity,” when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such 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, notice of option to elect repayment or otherwise.
“Officer” means the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.
“Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer.
“Opinion of Counsel” means a written opinion of legal counsel who is, and which opinion is, acceptable to the Trustee and its counsel.  Such legal counsel may be an employee of or counsel to the Company or the Trustee.
“Person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.
“Principal” or “principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
3

“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, any vice president, managing director, director, associate, assistant vice president, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject.
“SEC” means the U.S. Securities and Exchange Commission.
“Security” or “Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.
“Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof.
“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.
“Subordinated Indebtedness” means any indebtedness which is expressly subordinated to the indebtedness evidenced by Securities.
“Subsidiary” means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.
“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.
“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
“U.S. Government Obligations” means securities which are (i) direct obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii)obligations of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which is unconditionally guaranteed as a full 
4

faith and credit obligation by The United States of America, and which in the case of (i) and (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.
Section 1.02Other Definitions.
						
	TERM	DEFINED IN SECTION
		
	“Applicable Law”
	10.18
	“Event of Default”
	6.01
	“Instrument”
	6.01
	“Journal”
	10.16
	“Judgment Currency”
	10.17
	“Legal Holiday”
	10.08
	“mandatory sinking fund payment”
	11.01
	“Market Exchange Rate”
	10.16
	“New York Banking Day”
	10.17
	“optional sinking fund payment”
	11.01
	“Paying Agent”
	2.04
	“Registrar”
	2.04
	“Required Currency”
	10.17
	“successor person”
	5.01
	“Temporary Securities”
	2.11

Section 1.03Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  This Indenture shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990.  The following TIA terms used in this Indenture have the following meanings:
“indenture securities” means the Securities.
“indenture security holder” means a Securityholder.
“indenture to be qualified” means this Indenture.
5

“indenture trustee” or “institutional trustee” means the Trustee.
“obligor” on the indenture securities means the Company and any successor obligor upon the Securities.
All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.
Section 1.04Rules of Construction.  Unless the context otherwise requires:
(a)a term has the meaning assigned to it;
(b)an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles;
(c)references to “generally accepted accounting principles” shall mean generally accepted accounting principles in effect as of the time when and for the period as to which such accounting principles are to be applied;
(d)“or” is not exclusive;
(e)words in the singular include the plural, and in the plural include the singular;
(f)provisions apply to successive events and transactions;
(g)references to agreements and other instruments include subsequent amendments thereto;
(h)the term “merger” includes a statutory share exchange, and the term “merged” has a correlative meaning; and
(i)“herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
ARTICLE II
THE SECURITIES
Section 2.01Issuable in Series.  The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.  The Securities may be issued in one or more Series.  All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution.  In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined.  
6

Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.
Section 2.02Establishment of Terms of Series of Securities.  At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection (a), and either as to such Securities within the Series or as to the Series generally in the case of Subsections (b) through (t) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution:
(a)the title, designation, aggregate principal amount and authorized denominations of the Securities of the Series;
(b)the price or prices, (expressed as a percentage of the aggregate principal amount thereof) at which the Securities of the Series will be issued;
(c)the date or dates on which the principal of the Securities of the Series is payable;
(d)the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;
(e)any optional or mandatory sinking fund provisions or conversion or exchangeability provisions upon which Securities of the Series shall be redeemed, purchased, converted or exchanged;
(f)the date, if any, after which and the price or prices at which the Securities of the Series may be optionally redeemed or must be mandatorily redeemed and any other terms and provisions of optional or mandatory provisions;
(g)if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable;
(h)if other than the full principal amount, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration pursuant to Section 6.02 or provable in bankruptcy;
(i)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 6.02;
(j)the currency or currencies, including composite currencies, in which payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, if other than the currency of the United States of America;
7

(k)if payments of principal of, premium or interest, if any, on the Securities of the Series will be payable, at the Company’s election or at the election of any Holder, in a currency other than that in which the Securities of the Series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;
(l)if payments of interest, if any, on the Securities of the Series will be payable, at the Company’s election or at the election of any Holder, in cash or additional securities, and the terms and conditions upon which the election may be made;
(m)if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price of the Securities of the Series in the currency of the United States of America for purposes of determining the voting rights of Holders of the Securities of the Series;
(n)if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other than that in which the Securities of the Series are stated to be payable, the manner in which the amounts will be determined;
(o)any restrictive covenants or other material terms relating to the Securities of the Series;
(p)whether the Securities of the Series will be issued in the form of global securities or certificates in registered form;
(q)any terms with respect to subordination;
(r)any listing on any securities exchange or quotation system;
(s)additional provisions, if any, related to defeasance and discharge of the offered debt securities; and
(t)the applicability of any guarantees, which would be governed by New York law.
All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuance of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental Indenture or Officers’ Certificate.
Section 2.03Execution and Authentication.
Two Officers shall sign the Securities for the Company by manual or facsimile signature.
8

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.  The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.
The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order.  Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing.  Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.
The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08.
Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on:  (a) the Board Resolution, supplemental indenture hereto or Officers Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04.
The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series:  (a) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.
The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities.  An authenticating agent may authenticate Securities whenever the Trustee may do so.  Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate.
If any successor that has replaced the Company in accordance with Article 5 has executed an indenture supplemental hereto with the Trustee pursuant to Section 5.01, any of the Securities authenticated or delivered prior to such transaction may, from time to time, at the request of such successor, be exchanged for other Securities executed in the name of the such successor with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal amount; and the Trustee, upon receipt of a Company Order of such successor, shall authenticate and deliver Securities as 
9

specified in such order for the purpose of such exchange.  If Securities shall at any time be authenticated and delivered in any new name of such successor pursuant to this provision of Section 2.03 in exchange or substitution for or upon registration of transfer of any Securities, such successor, at the option of the Holders but without expense to them, shall provide for the exchange of all Securities then outstanding for Securities authenticated and delivered in such new name.
Section 2.04Registrar and Paying Agent.
The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”) and where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”).  The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.  The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar and Paying Agent.  If at any time the Company shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations and surrenders 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 and surrenders.
The Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar or Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent.  The term “Registrar” includes any co-registrar; and the term “Paying Agent” includes any additional paying agent.
The Company hereby appoints [                                         ] as the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent as the case may be, is appointed prior to the time Securities of that Series are first issued.  Each Registrar and Paying Agent shall be entitled to all of the rights, protections, exculpations and indemnities afforded to the Trustee in connection with its roles as Registrar and Paying Agent.
Section 2.05Paying Agent to Hold Money in Trust.  The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any default by the Company in making any such payment.  While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.  The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money.  If the Company or a Subsidiary acts 
10

as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.
Section 2.06Securityholder Lists.  The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a).  If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least [  ] days before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.
Section 2.07Transfer and Exchange.
Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met.  To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.  Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge required by law; provided that this sentence shall not apply to any exchange pursuant to Section 2.11, 2.08, 3.06 or 9.06.
Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business [  ] days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.
All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange.  Any Registrar appointed pursuant to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities.  Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable U.S. federal or state securities law.
Section 2.08Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security is surrendered to the Registrar, 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.
11

If there shall be delivered to the Company and the Registrar (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 Registrar that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 2.09Outstanding Securities.
The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.
If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.
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In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.
Section 2.10Treasury Securities.  In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.
Section 2.11Temporary Securities.  Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary securities upon a Company Order (“Temporary Securities”).  Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.  Without unreasonable delay, the Company shall prepare and the Trustee upon written request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.  Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.
Section 2.12Cancellation.
The Company at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall forward to the Trustee or its agent any Securities surrendered to them for transfer, exchange, payment or conversion.  The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered for transfer, exchange, payment, conversion or cancellation and shall deliver the cancelled Securities to the Company.  No Security shall be authenticated in exchange for any Security cancelled pursuant to this Section 2.12.
The Company may, to the extent permitted by law, purchase Securities in the open market or by tender offer at any price or by private agreement.  Any Securities purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the final maturity of such Securities may, to the extent permitted by law, be reissued or resold or may, at the option of the Company, be surrendered to the Trustee for cancellation.  Any Securities surrendered for cancellation may not be reissued or resold and shall be promptly cancelled by the Trustee, and the Company may not hold or resell such Securities or issue any new Securities to replace any such Securities.
Section 2.13Defaulted Interest.  If the Company defaults in a payment of interest on a Series of Securities, it shall pay defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest at the Default Rate, to the persons who are Security 
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holders of the Series on a subsequent special record date.  The Company shall fix the record date and payment date.  At least [  ] days before the record date, the Company shall mail to the Trustee and the Paying Agent and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid.  The Company may pay defaulted interest in any other lawful manner.
Section 2.14Global Securities.
(a)A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities.
(b)  Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (A) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (B) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (C) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing.
(ii)Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.
(iii)Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the Depository shall designate and shall bear the applicable legends provided for herein.  Any Global Security to be exchanged in whole shall be surrendered by the Depository to the Trustee, as Registrar.  With regard to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Registrar is acting as custodian for the Depository or its nominee with respect to such Global Security, the principal amount thereof shall be reduced by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee.  Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or upon the order of the Depository or an authorized representative thereof.
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(iv)The registered Holder may grant proxies and otherwise authorize any Person, including participants in the Depository and persons that may hold interests through participants in the Depository, to take any action which a Holder is entitled to take under this Indenture or the Securities.
(v)In the event of the occurrence of any of the events specified in 2.14(b)(i), the Company will promptly make available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons.  If (A) an event described in Section 2.14(b)(i)(A) or (B) occurs and definitive Certificated Securities are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner instructions to obtain definitive Certificated Securities due to an event described in Section 2.14(b)(i)(C) and definitive Certificated Securities are not issued promptly to any such beneficial owner, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.07 hereof, the right of any beneficial owner of Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial owner’s Securities as if such definitive certificated Securities had been issued.
(vi)Notwithstanding any provision to the contrary in this Indenture, so long as a Global Security remains outstanding and is held by or on behalf of the Depository, transfers of a Global Security, in whole or in part, or of any beneficial interest therein, shall only be made in accordance with Section 2.07, this Section 2.14(b) and the rules and procedures of the Depository for such Global Security to the extent applicable to such transaction and as in effect from time to time.
(c)Any Global Security issued hereunder shall bear a legend in substantially the following form:
“This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee of the Depository.  This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”
(d)The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.
(e)Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof at their registered office.
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(f)At all times the Securities are held in book-entry form with a Depository, (i) the Trustee may deal with such Depository as the authorized representative of the Holders, (ii) the rights of the Holders shall be exercised only through the Depository and shall be limited to those established by law and agreement between the Holders and the Depository and/or direct participants of the Depository, (iii) the Depository will make book-entry transfers among the direct participants of the Depository and will receive and transmit distributions of principal and interest on the Securities to such direct participants; and (iv) the direct participants of the Depository shall have no rights under this Indenture, or any supplement hereto, under or with respect to any of the Securities held on their behalf by the Depository, and the Depository may be treated by the Trustee and its agents, employees, officers and directors as the absolute owner of the Securities for all purposes whatsoever.
Section 2.15CUSIP Numbers.  The Company in issuing the Securities may use “CUSIP”, “CCN”, “ISIN” or other identification numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”, “CCN”, “ISIN” or such other identification numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
ARTICLE III
REDEMPTION
Section 3.01Notice to Trustee.  The Company may, with respect to any series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities.  If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee and Registrar in writing of the redemption date and the principal amount of Series of Securities to be redeemed.  The Company shall give the notice at least [  ] days before the redemption date (or such shorter notice as may be acceptable to the Trustee and Registrar).
Section 3.02Selection of Securities to be Redeemed.  Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Registrar shall select the Securities of the Series to be redeemed in accordance with its customary procedures.  The Registrar shall make the selection from Securities of the Series outstanding not previously called for redemption.  The Registrar may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000.  Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(g), the minimum principal denomination for each Series and integral multiples thereof.  Provisions of 
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this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.
Section 3.03Notice of Redemption.  Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least [  ] days but not more than [  ] days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.
The notice shall identify the Securities of the Series to be redeemed and shall state:
(a)the redemption date;
(b)the redemption price;
(c)the name and address of the Paying Agent;
(d)that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(e)that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; and
(f)any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.
At the Company’s written request, the Trustee shall distribute the notice of redemption prepared by the Company in the Company’s name and at its expense.
Section 3.04Effect of Notice of Redemption.  Once notice of redemption is mailed or published as provided in Section 3.03, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price.  A notice of redemption may not be conditional.  Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date.
Section 3.05Deposit of Redemption Price.  On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.
Section 3.06Securities Redeemed in Part.  Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.
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ARTICLE IV
COVENANTS
Section 4.01Payment of Principal and Interest.  The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.
Unless otherwise provided under the terms of a particular Series of Securities:
(a)an installment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other than the Company) holds by [  ] [a].m., New York City time, on that date money, deposited by the Company or an Affiliate thereof, sufficient to pay such installment.  The Company shall (in immediately available funds), to the fullest extent permitted by law, pay interest on overdue principal and overdue installments of interest at the rate borne by the Securities per annum; and
(b)payment of the principal of and interest on the Securities shall be made at the office or agency of the Company maintained for that purpose in [  ] (which shall initially be [  ], the Paying Agent) in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that 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 appears in the register; provided, further, that a Holder with an aggregate principal amount in excess of $[  ] will be paid by wire transfer in immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions to the Company at least [  ] Business Days prior to the payment date.
Section 4.02SEC Reports.
So long as any Securities are outstanding, the Company shall (i) file with the SEC within the time periods prescribed by its rules and regulations and (ii) furnish to the Trustee and the Holders of the Securities within [  ] days after the date on which the Company would be required to file the same with the SEC pursuant to its rules and regulations (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), all quarterly and annual financial information required to be furnished or filed with the SEC pursuant to Section 13 and Section 15(d) of the Exchange Act and, with respect to the annual consolidated financial statements only, a report thereon by the Company’s independent auditors.  The Company also shall comply with the other provisions of TIA Section 314(a).
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).  The Company shall not be required to file any report or other information with the SEC if the SEC does not permit such filing, although such reports shall be furnished to the Trustee.  Documents filed by the Company with the SEC via the SEC’s 
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EDGAR system (or any successor thereto) will be deemed furnished to the Trustee and the Holders of the Securities as of the time such documents are filed via EDGAR (or such successor).
Section 4.03Compliance Certificate.
The Company shall deliver to the Trustee, within [   ] days after the end of each fiscal year of the Company, an officers certificate signed by two of the Company’s officers stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have knowledge in reasonable detail and the efforts to remedy the same).  For purposes of this Section 4.03, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture.
The Company shall deliver to the Trustee, within [  ] days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any Event of Default described in Section 6.01(e), (f), (g) or (h) and any event of which it becomes aware that with the giving of notice or the lapse of time would become such an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto.  For the avoidance of doubt, a breach of a covenant under an Instrument that is not a payment default and that has not given rise to a right of acceleration under such Instrument shall not trigger the requirement to provide notice under this paragraph.
Section 4.04Stay, Extension and Usury Laws.  The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.
Section 4.05Corporate Existence.  Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate, partnership or other existence of each Subsidiary in accordance with the respective organizational documents of each Subsidiary and the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors shall determine that 
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the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.
Section 4.06Taxes.  The Company shall, and shall cause each of its Subsidiaries to, pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and by appropriate proceedings.
Section 4.07Additional Interest Notice.  In the event that the Company is required to pay additional interest to Holders of Securities pursuant to Section 6.02(b) hereof, the Company shall provide a direction or order in the form of a written notice to the Trustee (and if the Trustee is not the Paying Agent, the Paying Agent) of the Company’s obligation to pay such additional interest no later than [   ] Business Days prior to date on which any such additional interest is scheduled to be paid.  Such notice shall set forth the amount of additional interest to be paid by the Company on such payment date and direct the Trustee (or, if the Trustee is not the Paying Agent, the Paying Agent) to make payment to the extent it receives funds from the Company to do so.  The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether additional interest is payable, or with respect to the nature, extent, or calculation of the amount of additional interest owed, or with respect to the method employed in such calculation of additional interest.
Section 4.08Further Instruments and Acts.  The Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.
ARTICLE V
SUCCESSORS
Section 5.01When Company May Merge, Etc.  The Company shall not consolidate with, enter into a binding share exchange, or merge into any other Person in a transaction in which it is not the surviving entity, or sell, assign, convey, transfer or lease or otherwise dispose of all or substantially all of its properties and assets to any Person (a “successor person”), unless:
(a)the successor person (if any) is a corporation, partnership, trust or other entity organized and validly existing under the laws of the Kingdom of Belgium, [  ], the United States, any state of the United States or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, and any interest on, all Securities and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed;
(b)immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing; and
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(c)the Company shall have delivered to the Trustee, prior to the consummation of the proposed transaction, an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture.
Section 5.02Successor Corporation Substituted.  Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor person formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor company in the case of a sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company shall not be released from the obligation to pay the principal of and interest, if any, on the Securities.
ARTICLE VI 
DEFAULTS AND REMEDIES
Section 6.01Events of Default.  “Event of Default,” wherever used herein with respect to securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:
(a)default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or
(b)default in the payment of any principal of any Security of that Series at its Maturity; or
(c)default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or
(d)the Company fails to perform or comply with any of its other covenants or agreements contained in the Securities or in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (a), (b) or (c) of this Section 6.01) and the default continues for 60 days after notice is given as specified below;
(e)any indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by, or any other payment obligation of, the Company or any Subsidiary (an “Instrument”) with a principal amount then, individually or in 
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the aggregate, outstanding in excess of $[  ], whether such indebtedness now exists or shall hereafter be created, is not paid at Maturity or when otherwise due or is accelerated, and such indebtedness is not discharged, or such default in payment or acceleration is not cured or rescinded, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least [  ]% in aggregate principal amount of the outstanding Securities of that Series a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such default to be cured or waived or such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder.  A payment obligation (other than indebtedness under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company or any Subsidiary or under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or any Subsidiary) shall not be deemed to have matured, come due, or been accelerated to the extent that it is being disputed by the relevant obligor or obligors in good faith.  For the avoidance of doubt, the Maturity of an Instrument is the Maturity as set forth in that Instrument, as it may be amended from time to time in accordance with the terms of that Instrument;
(f)the Company or any Subsidiary fails to pay one or more final and non-appealable judgments entered by a court or courts of competent jurisdiction, the aggregate uninsured or unbonded portion of which is in excess of $[  ], if the judgments are not paid, discharged, waived or stayed within [   ] days;
(g)the Company or any Subsidiary of the Company, pursuant to or within the meaning of any Bankruptcy Law:
(i)commences a voluntary case or proceeding;
(ii)consents to the entry of an order for relief against it in an involuntary case or proceeding;
(iii)consents to the appointment of a Custodian of it or for all or substantially all of its property; or
(iv)makes a general assignment for the benefit of its creditors; or
(v)or generally is unable to pay its debts as the same become due; or
(h)a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i)is for relief against the Company or any of its Subsidiaries in an involuntary case or proceeding;
(ii)appoints a Custodian of the Company or any of its Subsidiaries for all or substantially all of the property of the Company or any such Subsidiary; or
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(iii)orders the liquidation of the Company or any of its Subsidiaries;
and the case of each of clause (i), (ii) and (iii), the order or decree remains unstayed and in effect for [  ] consecutive days; or
(i)any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.02(i).
A default under clause (d) above is not an Event of Default until the Trustee notifies the Company, or the Holders of at least [  ]% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default, and the Company does not cure the default within 60 days after receipt of such notice.  The notice given pursuant to this Section 6.01 must specify the default, demand that it be remedied and state that the notice is a “Notice of Default.”  When any default under this Section 6.01 is cured, it ceases.
The Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer at the Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent of any Holder.
Section 6.02Acceleration of Maturity; Rescission and Annulment.
(a)If an Event of Default (other than an Event of Default specified in clause (g) or (h) of Section 6.01) occurs and is continuing with respect to any Securities of any Series, then in every such case, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities of that Series (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) then outstanding may, by notice to the Company and the Trustee, declare all unpaid principal of, and accrued and unpaid interest on to the date of acceleration, the Securities of that Series then outstanding (if not then due and payable) to be due and payable upon any such declaration, and the same shall become and be immediately due and payable.  If an Event of Default specified in clause (g) or (h) of Section 6.01 occurs, all unpaid principal of the Securities then outstanding, and all accrued and unpaid interest thereon to the date of acceleration, shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.  The Holders of a majority in aggregate principal amount of the Securities of that Series then outstanding by notice to the Trustee may rescind an acceleration of such Securities of that Series and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which has become due solely by such declaration of acceleration, have been cured or waived; (b) to the extent the payment of such interest is lawful, interest (calculated at the Default Rate) on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; (c) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (d) all payments due to the Trustee and any predecessor Trustee under Section 7.07 have been made.  No such rescission shall affect any subsequent default or impair any right consequent thereto.
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(b)Notwithstanding any of provision of this Article 6, at the election of the Company in its sole discretion, the sole remedy under this Indenture for an Event of Default relating to the failure to comply with Section 4.02, and for any failure to comply with the requirements of Section 314(a)(1) of the TIA, will consist, for the 180 days after the occurrence of such an Event of Default, exclusively of the right to receive additional interest on the Securities at a rate equal to 0.50% per annum of the aggregate principal amount of the Securities then outstanding up to, but not including, the 181st day thereafter (or, if applicable, the earlier date on which the Event of Default relating to Section 4.02 is cured or waived).  Any such additional interest will be payable in the same manner and on the same dates as the stated interest payable on the Securities.  In no event shall additional interest accrue under the terms of this Indenture at a rate in excess of 0.50% per annum, in the aggregate, for any violation or default caused by the failure of the Company to be current in respect of its Exchange Act reporting obligations.  If the Event of Default is continuing on the 181st day after an Event of Default relating to a failure to comply with Section 4.02, the Securities will be subject to acceleration as provided in this Section 6.02.  The provisions of this Section 6.02(b) will not affect the rights of Holders in the event of the occurrence of any other Events of Default.
In order to elect to pay additional interest as the sole remedy during the first 180 days after the occurrence of an Event of Default relating to the failure to comply with Section 4.02 in accordance with the immediately preceding paragraph, the Company shall notify all Holders and the Trustee and Paying Agent of such election on or before the close of business on the fifth Business Day after the date on which such Event of Default otherwise would occur.  Upon a failure by the Company to timely give such notice or pay additional interest, the Securities will be immediately subject to acceleration as otherwise provided in this Section 6.02.
Section 6.03Collection of Indebtedness and Suits for Enforcement by Trustee.
If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.
If an Event of Default in the payment of principal, interest, if any, specified in clause (a) or (b) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole amount of principal, and accrued interest remaining unpaid, if any, together with, to the extent that payment of such interest is lawful, interest on overdue principal, on overdue installments of interest, if any, in each case at the Default Rate, and 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.
Section 6.04Trustee May File Proofs of Claim.  In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the 
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Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,
(a)to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and
(b)to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.05Trustee May Enforce Claims Without Possession of Securities.  All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
Section 6.06Application of Money Collected.  Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:  and
First:  To the payment of all amounts due the Trustee under Section 7.07;
Second:  To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit of which such money has been collected, 
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ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and
Third:  To the Company.
Section 6.07Limitation 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 the Securities or any related coupon, or for the appointment of a receiver or trustee, or for any other remedy hereunder (except actions for payment of overdue principal and interest), unless:
(a)such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;
(b)the Holders of not less than [  ]% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;
(c)such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request;
(d)the Trustee for [  ] days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and
(e)no direction inconsistent with such written request has been given to the Trustee during such [  ]-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 such Holders.
Section 6.08Unconditional Right of Holders to Receive Principal and Interest.  Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.
Section 6.09Restoration 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 
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remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.
Section 6.10Rights and Remedies Cumulative.  Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08, 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.
Section 6.11Delay or Omission Not Waiver.  No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
Section 6.12Control by Holders.  The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that
(a)such direction shall not be in conflict with any rule of law or with this Indenture,
(b)the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and
(c)subject to the provisions of Section 6.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights of another Holder or the Trustee.
Section 6.13Waiver of Past Defaults.  Subject to Section 9.02, the Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration).  Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
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Section 6.14Undertaking for Costs.  All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than [  ]% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption date).
ARTICLE VII
TRUSTEE
Section 7.01Duties of Trustee.
(a)If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his own affairs.
(b)Except during the continuance of an Event of Default:
(i)The Trustee need perform only those duties that are specifically set forth in this Indenture and no implied duties, covenants or obligations shall be deemed to be imposed upon the Trustee.
(ii)in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform on their face to the requirements of this Indenture.
(c)The Trustee may not be relieved from liability for its own its own negligent action, its own negligent failure to act or willful misconduct, except that:
(i)This paragraph does not limit the effect of paragraph (b) of Section 7.01 herein.
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(ii)The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer.
(iii)The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.
(d)Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section.
(e)The Trustee may refuse to perform any duty or exercise any right or power unless it receives an indemnity satisfactory to it against any loss, liability or expense.
(f)The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.  Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(g)No provision of this Indenture shall require the Trustee to risk or expend its own funds or otherwise incur liability, financial or otherwise, in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk is not reasonably assured to it.
(h)The Paying Agent, the Registrar and any authenticating agent shall be entitled to the same rights, indemnities, protections and immunities afforded to the Trustee.
(i)The Trustee shall have no duty to monitor the performance or compliance of the Company with its obligations hereunder or any under supplement hereto, nor shall it have any liability in connection with the malfeasance or nonfeasance by the Company.  The Trustee shall have no liability in connection with compliance by the Company with statutory or regulatory requirements related to this Indenture, any supplement or any Securities issued pursuant hereto or thereto.
Section 7.02Rights of Trustee.
(a)The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting as a result of its reasonable belief that any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, direction, approval or other paper or document was genuine and had been signed or presented by the proper person.  The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it sees fit.
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(b)Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.
(c)The Trustee may act through agents and shall not be responsible for the misconduct or negligence of, or for the supervision of, any agent appointed with due care.  No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.
(d)The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.
(e)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.
(f)The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture at the request, order or direction of any of the Holders of Securities, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
Section 7.03Individual Rights of Trustee.  The Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.  The Trustee is also subject to Sections 7.10 and 7.11.
Section 7.04Trustee’s Disclaimer.  The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities and the recitals contained herein and in the Securities shall be taken as statements of the Company and not of the Trustee, and the Trustee has no responsibility for such recitals.  The Trustee shall not be accountable for the Company’s use or application of the proceeds from the Securities or for monies paid over to the Company pursuant to this Indenture, and it shall not be responsible for any statement in the Securities other than its authentication.
Section 7.05Notice of Defaults.  If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if a Responsible Officer of the Trustee has knowledge or receives written notice of such event, the Trustee shall mail to each Securityholder of the Securities of that Series, notice of a Default or Event of Default within [  ] days after it occurs or, if later, after a Responsible Officer of the Trustee has actual knowledge of such Default or Event of Default.  Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, including any additional interest that may become payable pursuant to Section 6.02(b), the Trustee may withhold the notice so long as 
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the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.
Section 7.06Reports by Trustee to Holders.
Within [   ] days after [                             ] in each year, the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such [                ], in accordance with, and to the extent required under, TIA Section 313.
A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed.  The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.
Section 7.07Compensation and Indemnity.
The Company shall pay to the Trustee from time to time such compensation for its services as shall be agreed upon in writing.  The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it.  Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents, counsel and other persons not regularly in its employ.
The Company shall indemnify, defend and hold harmless the Trustee and its officers, directors, employees, representatives and agents, from and against and reimburse the Trustee for any and all claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property, or natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable attorney’s and agent’s fees and expenses) of whatever kind or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or indirectly relating to, or arising from, claims against the Trustee by reason of its participation in the transactions contemplated hereby, including without limitation all reasonable costs required to be associated with claims for damages to persons or property, and reasonable attorneys’ and consultants’ fees and expenses and court costs except to the extent caused by the Trustee’s negligence or willful misconduct.  The provisions of this Section 7.07 shall survive the termination of this Agreement or the earlier resignation or removal of the Trustee.  The Company shall defend any claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or delayed.  This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.
The Company need not reimburse any expense or indemnify against any loss liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.
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To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or (g) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.
Section 7.08Replacement of Trustee.
A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company.  The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.  The Company may remove the Trustee with respect to Securities of one or more Series if:
(a)the Trustee fails to comply with Section 7.10;
(b)the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(c)a Custodian or public officer takes charge of the Trustee or its property; or
(d)the Trustee becomes incapable of acting.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.
If a successor Trustee with respect to the Securities of any one or more Series does not take office within [  ] days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least [  ] % in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.  Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, and subject to the payment of any and all amounts then due and owing to the retiring Trustee, the resignation or removal of the retiring Trustee shall become effective, and the 
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successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.  A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series.  Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring trustee with respect to expenses and liabilities incurred by it prior to such replacement.
Section 7.09Successor Trustee by Merger, etc.  If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee herein.
Section 7.10Eligibility; Disqualification.  This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a) (1), (2) and (5).  The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition.  The Trustee shall comply with TIA Section 310(b).
Section 7.11Preferential Collection of Claims Against Company.  The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b).  A Trustee who has resigned or been removed shall be subject to TTA Section 311(a) to the extent indicated.
ARTICLE VIII
SATISFACTION AND DISCHARGE; DEFEASANCE
Section 8.01Satisfaction and Discharge of Indenture.  This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, on the demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when
(a)either
(i)all Securities theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or
(ii)all such Securities not theretofore delivered to the Trustee for cancellation have become due and payable, or
(1)have become due and payable, or
(2)will become due and payable at their Stated Maturity within [    ], or
(3)are to be called for redemption within [                            ] under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or
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(4)are deemed paid and discharged pursuant to Section 8.03, as applicable; and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;
(b)the Company has paid or caused to be paid all other sums payable hereunder by the Company; and
(c)the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each meeting the applicable requirements of Sections 10.04 and 10.05 and each stating that all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with and the Trustee receives written demand from the Company to discharge.
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.07, 2.08, 8.01 8.02 and 8.05 shall survive.
Section 8.02Application of Trust Funds; Indemnification.
(a)Subject to the provisions of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.03 or 8.04.
(b)The Company shall pay and shall indemnify the Trustee and the Agents against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders.
(c)The Trustee shall, in accordance with the terms of this Indenture, deliver or pay to the Company from time to time, upon Company Request and at the expense of the Company any U.S. Government Obligations or Foreign Government Obligations or money held 
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by it pursuant to this Indenture as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants, expressed in a written certification thereof and delivered to the Trustee together with such Company Request, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received.  This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.
Section 8.03Legal Defeasance of Securities of any Series.  Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of such Series on the [   ] day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:
(a)the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;
(b)the provisions of Sections 2.04, 2.07, 2.08, 2.14, 8.02, 8.03 and 8.05; and
(c)the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following conditions shall have been satisfied:
(d)the Company shall have deposited or caused to be deposited irrevocably with the Paying Agent as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [   ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee and the Paying Agent, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest, if any, on all the Securities of such Series on the dates such installments of interest or principal are due;
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(e)such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
(f)no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the [    ] day after such date;
(g)the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;
(h)the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company;
(i)such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and
(j)the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.
Section 8.04Covenant Defeasance.  Unless this Section 8.04 is otherwise specified pursuant to Section 2.02(s) to be inapplicable to Securities of any Series, on and after the [    ] day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.02, 4.03, 4.04, 4.05, 4.06, and 5.01 as well as any additional covenants contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02(s) (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section 6.01) and the occurrence of any event described in clause (e) of Section 6.01 shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:
(a)With reference to this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the Paying Agent as trust 
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funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Paying Agent), not later than [   ] day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Paying Agent, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are due;
(b)Such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;
(c)No Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the [    ] day after such date;
(d)the company shall have delivered to the Trustee an Opinion of Counsel confirming that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;
(e)the Company shall have delivered to the Trustee an Officers’ Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and
(f)The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.
Section 8.05Repayment to Company.  The Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and interest that remains unclaimed for two years.  After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person and all liability of the Paying Agent with respect to that money shall cease.
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ARTICLE IX
AMENDMENTS AND WAIVERS
Section 9.01Without Consent of Holders.  Subject to Section 9.02 and Section 9.03, the Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:
(a)to cure any ambiguity, defect or inconsistency;
(b)to comply with Article V;
(c)to provide for uncertificated Securities in addition to or in place of certificated Securities;
(d)to make any change that does not adversely affect the rights of any Securityholder;
(e)to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;
(f)to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee;
(g)to comply with requirements of the TIA and any rules promulgated under the TIA; and
(h)to add to the covenants of the Company for the equal and ratable benefit of the Holders or to surrender any right, power or option conferred upon the Company.
Any amendment or supplement made solely to conform the provisions of this Indenture or the Securities of any Series to the description thereof contained in the final prospectus relating to such Series will be deemed not to adversely affect the rights of any Holder.
Section 9.02With Consent of Holders.
Subject to Section 9.03, the Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such supplemental indenture, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series.  Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of all Series affected by such waiver by notice to the Trustee, taken together as one class (including consents obtained in connection with a tender offer or exchange offer for the 
38

Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.
It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof.  After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver.  Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Section 9.03Limitations.  Without the consent of each Securityholder affected, an amendment or waiver may not:
(a)change the amount of Securities whose Holders must consent to an amendment, supplement or waiver, except to increase any such amount or to provide that certain provisions of this Indenture cannot be modified, amended or waived without the consent of the Holder of each outstanding Security affected thereby;
(b)reduce the amount of interest, or change the interest payment time, on any Security;
(c)waive a redemption payment or alter the redemption provisions (other than any alteration that would not materially adversely affect the legal rights of any Holder under this Indenture) or the price at which the Company is required to offer to purchase the Securities;
(d)reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;
(e)reduce the principal amount payable of any Security upon Maturity;
(f)waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);
(g)change the place or currency of payment of principal of or interest, if any, on any Security other than that stated in the Security;
(h)impair the right of any Holder to receive payment of principal or, or interest on, the Securities of such Holder on or after the due dates therefor;
(i)impair the right to institute suit for the enforcement of any payment on, or with respect to, any Security;
(j)make any change in Sections 10.15 or 10.16;
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(k)change the ranking of the Securities; or
(l)make any other change which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate as a limitation under this Section.
For the avoidance of doubt, any amendment or waiver shall always be subject to the consent of the Company.
Section 9.04Compliance with Trust Indenture Act.  Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.
Section 9.05Revocation and Effect of Consents.
Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security.  However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.
Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.03 in that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
Section 9.06Notation on or Exchange of Securities.  If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee and the Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder.  Alternatively, if the Company or the Trustee so determines, the Company shall issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the changed terms.
Section 9.07Trustee Protected.  In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel or an Officer’s Certificate, or both stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights, duties or indemnities.
Section 9.08Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and each such supplemental indenture shall form part of this Indenture for all purposes 
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with respect to the relevant Series; and every Holder of Securities of the relevant Series theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.
ARTICLE X
MISCELLANEOUS
Section 10.01Trust Indenture Act Controls.  If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.
Section 10.02Notices.  Any notice or communication by the Company, the Trustee, the Paying Agent or the Registrar to another is duly given if in writing and delivered in person or mailed by first-class mail:
if to the Company:
[                                         ] 
Attn:  [                          ] 
Fax:  [                             ]
if to the Trustee:
[                                         ] 
Attn:  [                          ] 
Fax:  [                             ]
if to the Registrar or Paying Agent:
[                                         ] 
Attn:  [                          ] 
Fax:  [                             ]
with copy to:
[                                         ] 
Attn:  [                          ] 
Fax:  [                             ]
The Company, the Trustee and each Agent by notice to each other may designate additional or different addresses for subsequent notices or communications.
Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar.  Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
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If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.
If the company mails a notice or communication to Securityholders, it will mail a copy to the Trustee and each Agent at the same time.
Whenever a notice is required to be given by the Company, such notice may be given by the Trustee or Registrar on the Company’s behalf (and the Company will make any notice it is required to give to Holders available on its website).
Section 10.03Communication by Holders with Other Holders.  Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series.  The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).
Section 10.04Certificate and Opinion as to Conditions Precedent.  Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:
(a)an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and
(b)an Opinion of Counsel stating that, in the opinion of counsel, all such conditions precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with.
Section 10.05Statements Required in Certificate or Opinion.  Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:
(a)a statement that the person making such certificate or opinion has read such covenant or condition;
(b)a brief statement as to the nature and scope of the examination or investigation  upon which the statements or opinions  contained in such certificate or opinion are based;
(c)a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(d)a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.
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provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials.
Section 10.06Record Date for Vote or Consent of Holders.  The Company (or, in the event deposits have been made pursuant to Section 11.02, the Trustee) may set a record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more than [  ] days prior to the date of the commencement of solicitation of such action.  Notwithstanding the provisions of Section 9.05, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly designated proxies), and only those persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date.
Section 10.07Rules by Trustee and Agents.  The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series.  Any Agent may make reasonable rules and set reasonable requirements for its functions.
Section 10.08Legal Holidays.  Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture for a particular Series, a “Legal Holiday” is any day that is not a Business Day.  If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.
Section 10.09No Recourse Against Others.  A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  Each Securityholder by accepting a Security waives and releases all such liability.  The waiver and release are part of the consideration for the issue of the Securities.
Section 10.10Counterparts.  This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Section 10.11Governing Laws and Submission to Jurisdiction.
THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK EXCLUDING ANY RULE OF LAW THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.
The Company agrees that any legal suit, action or proceeding arising out of or based upon this Indenture may be instituted in any federal or state court sitting in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the 
43

laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any suit, action or proceeding.  The Company, as long as any Securities remain outstanding or the parties hereto have any obligation under this Indenture, shall have an authorized agent in the United States upon whom process may be served in any such legal action or proceeding.  Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding and, if it fails to maintain such agent, any such process or summons may be served by mailing a copy thereof by registered mail, or a form of mail substantially equivalent thereto, addressed to it at its address as provided for notices hereunder.  The Company hereby appoints [__________________], as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent.
Section 10.12No Adverse Interpretation of Other Agreements.  This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary.  Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
Section 10.13Successors.  All agreements of the Company in this Indenture and the Securities shall bind its successor.  All agreements of the Trustee in this Indenture shall bind its successor.
Section 10.14Severability.  In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 10.15Table of Contents, Headings, Etc.  The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 10.16Securities in a Foreign Currency or in ECU.
Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time.  For purposes of this Section 10.16, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union (such publication or any successor 
44

publication, the “Journal”).  If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate.  The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.
All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.
Section 10.17Judgment Currency.
The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York
Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture.  For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.
Section 10.18Compliance with Applicable Anti-Terrorism and Money Laundering Regulations.  In order to comply with the laws, rules, regulations and executive orders in effect 
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from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Trustee.  Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with the Applicable Law.
ARTICLE XI
SINKING FUNDS
Section 11.01Applicability of Article.
The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.
The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02.  Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the securities of such Series.
Section 11.02Satisfaction of Sinking Fund Payments with Securities.  The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited.  Such Securities shall be received by the Registrar, together with an Officers’ Certificate with respect thereto, not later than [  ] days prior to the date on which the Registrar begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Registrar at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.  If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $[], the Registrar need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Paying Agent shall from time to time upon receipt of a Company Order pay over and 
46

deliver to the Company any cash payment so being held by the Paying Agent upon delivery by the Company to the Registrar of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.
Section 11.03Redemption of Securities for Sinking Fund.  Not less than [  ] days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee and the Paying Agent an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.02., and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.  Not less than [  ] days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.03.  Such notice having been duly given, the redemption of such Securities shall stated in Sections 3.04, 3.05 and 3.06.
[The remainder of this page is intentionally left blank]
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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
						
	COMPASS PATHWAYS PLC
		
	By:	
		Name:
		Its:
	[                          ]
	as Trustee
		
	By:	
		Name:
		Its:
		
	By:	
		Name:
		Its:
		
	[                          ]
	as Registrar and Paying Agent
		
	By:	
		Name:
		Its:
		
	By:	
		Name:
		Its:

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