Document:

Exhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made as of March 10, 2021 (the “Effective
Date”) by and between CorMedix Inc., a Delaware corporation (the “Company”), and Elizabeth
Masson-Hurlburt (“Executive”). Each of the Company and Executive is referred to herein as a “Party”
and together they are referred to as the “Parties.”

 

TERMS

 

In
consideration of the foregoing premises and the mutual covenants and agreements herein contained, the Parties, intending to be
legally bound, agree as follows:

 

1. Employment.

 

(a) Agreement.
The Parties are subject to an Employment Agreement dated as of March 19, 2018 (the “2018 Employment Agreement”).
The Parties wish to enter into this Agreement, which shall replace and supersede the 2018 Employment Agreement, effective as of
the Effective Date.

 

(b) Services.
Executive will continue to serve as the Company’s Executive Vice President and Head of Clinical Operations. Executive will
report directly to, and be subject to the supervision of, the Company’s Chief Executive Officer (the “CEO”).
Executive will perform such services for the Company and have such powers, responsibilities and authority as are customarily associated
with the position of Executive Vice President and Head of Clinical Operations and shall perform customary and appropriate duties
as may otherwise be reasonably assigned to the Executive from time to time by the CEO.

 

(c) Acceptance.
Executive hereby accepts such employment subject to the terms of this Agreement.

 

2. Term.

 

The
duration of employment under this Agreement shall commence on the Effective Date and shall continue for a term of three (3) years
thereafter, unless sooner terminated pursuant to Section 8 (such three-year period referred to herein as the “Initial
Term”); provided, however, that on the expiration of the Term, the Term shall be extended automatically for additional,
successive one-year periods (such extended periods referred to herein as the “Extended Term”), unless
one Party shall notify the other in writing at least ninety (90) days before the initial expiration of the Initial Term or the
expiration of any successive one-year period during the Extended Term that this Agreement shall not be so extended after such
expiry (a “Notice of Nonrenewal”). The Initial Term and the Extended Term collectively shall be referred
to herein as the “Term.” Notwithstanding anything to the contrary contained herein, the provisions of
this Agreement specified in Sections 5, 6, 9, 10, 11, 12, and 13 shall survive the expiration or termination hereof.

 

3. Duties;
Place of Performance.

 

(a) Duties.
Except as otherwise set forth in this Section 3(a), Executive (i) shall devote all of her business time, attention and energies
to the business and affairs of the Company, shall use her best efforts to advance the interests of the Company, and shall perform
her duties diligently and to the best of her ability, in compliance with the Company’s policies and procedures and the laws
and regulations that apply to the Company’s business; and (ii) shall not be engaged in any other business activity, whether
or not such business activity is pursued for gain, profit or other pecuniary advantage, that will interfere with the performance
by Executive of her duties hereunder or Executive’s availability to perform such duties or that Executive knows, or should
reasonably know, will adversely affect, or negatively reflect upon, the Company. With the advance written consent of the Company’s
Board of Directors (the “Board”), Executive may serve as a director of, or on the advisory committee
of, other pharmaceutical and life science companies.

 

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(b) Place
of Performance. The duties to be performed by Executive hereunder shall be performed remotely, subject to reasonable travel
requirements on behalf of the Company, and provided that the Company can require Executive to work at the Company’s headquarters
for a reasonable number of days per month.

 

4. Compensation.

 

As
full compensation for Executive’s performance of services as an employee of the Company, the Company shall pay Executive
as follows:

 

(a) Base
Salary. During the Initial Term, the Company shall pay Executive an annual base salary of three hundred fifteen thousand dollars
($315,000) (as it may be increased from time to time as provided hereunder, the “Base Salary”), less
applicable withholdings and deductions. Payment shall be made in accordance with the Company’s normal payroll practices.
Upon the expiration of the Initial Term, the Board, or its Compensation Committee, shall review the Base Salary to determine whether
an increase in the amount thereof is warranted in its sole discretion. The Base Salary will not be decreased unless (i) all officers
and/or members of the Company’s executive management team experience an equal or greater percentage reduction in annual
base salary and/or total compensation; and (ii) Executive’s Base Salary reduction is no greater than twenty-five percent
(25%).

 

(b) Annual
Bonus. Subject to the following provisions of this Section 4(b), Executive shall be eligible for an annual bonus,
less applicable withholdings and deductions, based upon a target amount of thirty percent (30%) of the Base Salary then in effect,
as determined by the Board (or its Compensation Committee) in good faith based upon the achievement, during the year in question,
of corporate objectives for the Company as a whole established by the Board (or its Compensation Committee) and such other factors
as the Board (or its Compensation Committee) deems appropriate. Executive must be employed by the Company through December 31
of a given year in order to be eligible to earn the annual bonus for such year. The annual bonus for a given year will be paid
no later than March 15 of the year following the year to which it relates.

 

(c) Equity
Grants. Each year during the Term, the Board (or its Compensation Committee) will make an annual equity grant to Executive,
which may include restricted stock or restricted stock units (“Awards”) or options to purchase shares
of capital stock of the Company (“Stock Options”), with time-based or performance-based vesting, in
such amounts and on such terms as the Board (or its Compensation Committee) deems appropriate.

 

(d) Withholding.
The Company will withhold from any amounts payable under this Agreement such federal, state and local taxes as the Company determines
are required to be withheld pursuant to applicable law.

 

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(e) 
Expenses. The Company shall reimburse Executive for all normal, usual and necessary expenses incurred by Executive in furtherance
of the business and affairs of the Company, including without limitation reasonable travel, lodging, meals, and entertainment,
upon timely receipt by the Company of appropriate vouchers or other proof of Executive’s expenditures and otherwise in accordance
with any expense reimbursement policy as may from time to time be adopted by the Company. Such reimbursements will be made in
a timely manner and in accordance with the policies of the Company, but in no event later than December 31 of the year following
the year in which Executive incurs such expense. The amount of expenses eligible for reimbursement during one year will not affect
the expenses eligible for reimbursement in any other year, and is not subject to liquidation or exchange for another benefit.

 

(f) Other
Benefits. Executive shall be entitled to all rights and benefits for which she shall be eligible under any benefit or other
plans (including, without limitation, dental, medical, medical reimbursement and hospital plans, pension plans, employee stock
purchase plans, profit sharing plans, bonus plans, prescription drug reimbursement plans, short and long term disability plans,
life insurance and other so-called “fringe” benefits) as the Company shall make available to its senior executives
from time to time. All such benefits are subject to the provisions of their respective plan documents in accordance with their
terms and are subject to amendment or termination by the Company without Executive’ s consent.

 

(g) Vacation.
Executive shall be entitled to a vacation up to four (4) weeks per annum, of which no more than two (2) weeks may be taken consecutively,
in addition to holidays observed by the Company and reasonable periods of paid personal and sick leave. All such paid time off
shall accrue and be used in accordance with the Company’s established policies and procedures.

 

5. Confidential
Information and Inventions.

 

(a) Confidential
Information; Non-Disclosure and Non-Use. Executive recognizes and acknowledges that in the course of her duties she will
receive confidential or proprietary information of the Company, its affiliates or third parties with whom the Company or any such
affiliates has an obligation of confidentiality. Accordingly, during and after the Term, Executive agrees to keep confidential
and not disclose or make accessible to any other person or use for any other purpose other than in connection with the fulfillment
of her duties under this Agreement, any “Confidential and Proprietary Information” (defined below) owned by, or received
by or on behalf of the Company or any of its affiliates. The term “Confidential and Proprietary Information”
shall include, but shall not be limited to, confidential or proprietary scientific or technical information, data, formulas and
related concepts, business plans (both current and under development), client lists, promotion and marketing programs, trade secrets,
or any other confidential or proprietary business information relating to development programs, costs, revenues, marketing, investments,
sales activities, promotions, credit and financial data, manufacturing processes, financing methods, and any and all information
relating to the operation of the Company’s business which the Company may from time to time designate as confidential or
proprietary or that Executive reasonably knows should be, or has been, treated by the Company as confidential or proprietary.
Executive expressly acknowledges that the Confidential and Proprietary Information constitutes a protectable business interest
of the Company. Confidential and Proprietary Information encompasses all formats in which information is preserved, whether electronic,
print, or any other form, including all originals, copies, notes, or other reproductions or replicas thereof. Executive agrees:
(i) not to use any such Confidential and Proprietary Information for herself or others; and (ii) not to take any Company
material or reproductions (including but not limited to writings, correspondence, notes, drafts, records, invoices, technical
and business policies, computer programs or disks) thereof from the Company’s offices at any time during her employment
by the Company, except in connection with the execution of Executive’s duties to the Company.

 

(b) Return
of Property. Upon request during employment and immediately at the termination of her employment, Executive will return to
the Company all Confidential and Proprietary Information in any form (including all copies and reproductions thereof) and all
other property whatsoever of the Company in her possession or under her control. If requested by the Company, Executive will certify
in writing that all such materials have been returned to the Company. Executive also expressly agrees that immediately upon the
termination of her employment with the Company for any reason, Executive will cease using any secure website, computer systems,
e-mail system, phone system or voicemail service provided by the Company for the use of its employees. Notwithstanding the foregoing,
Executive may retain her address book to the extent it only contains contact information.

 

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(c) Exceptions.
Confidential and Proprietary Information does not include any information that: (i) at the time of disclosure is generally known
to, or readily ascertainable by, the public; (ii) becomes known to the public through no fault of Executive or other violation
of this Agreement; or (iii) is disclosed to Executive by a third party under no obligation to Executive’s knowledge to maintain
the confidentiality of the information. The restrictions in Section 5(a) above will not apply to any information
the extent that that Executive is required to disclose such information by law, provided that the Executive (x) notifies the Company
of the existence and terms of such obligation, (y) gives the Company prompt notice to seek a protective or similar order to prevent
or limit such disclosure, and (z) only discloses that information actually required to be disclosed. Notwithstanding the foregoing,
nothing in this Agreement is meant to prohibit Executive from reporting possible violations of federal law or regulation to any
governmental agency or entity, including but not limited to the Department of Justice, the SEC, the Congress, and any agency Inspector
General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Executive
shall not be required to obtain the prior authorization of the Company to make any such reports or disclosures and is not required
to notify the Company that she has made such reports or disclosures.

 

(d) Notice
Of Immunity From Liability For Confidential Disclosure Of A Trade Secret To The Government Or In A Court Filing. Pursuant
to the Federal Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under any federal or
state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state or local government
official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected
violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose
the trade secret to her attorney and use the trade secret information in the court proceeding, if the individual (a) files any
document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

 

(e) Inventions.
Executive agrees that all inventions, discoveries, improvements and patentable or copyrightable works (“Inventions”)
initiated, conceived or made by her within the scope of the Company’s business and in the course of her employment with
the Company, either alone or in conjunction with others, during the Term shall be the sole property of the Company to the maximum
extent permitted by applicable law and, to the extent permitted by law, shall be “works made for hire” as that term
is defined in the United States Copyright Act (17 U.S.C.A., Section 101). The Company shall be the sole owner of all patents,
copyrights, trade secret rights, and other intellectual property or other rights in connection therewith; provided, however that
this Section 5(e) shall not apply to Inventions which are not related to the business of the Company and which are
made and conceived by Executive not during normal working hours, not on the Company’s premises and not using the Company’s
tools, devices, equipment or Confidential and Proprietary Information. Subject to the foregoing, Executive hereby assigns to the
Company all right, title and interest she may have or acquire in all Inventions; provided, however, that the Board may in its
sole discretion agree to waive the Company’s rights pursuant to this Section 5(e).

 

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(f) Further
Actions and Assistance. Executive agrees to cooperate reasonably with the Company and at the Company’s expense, both
during and after her employment with the Company, with respect to the procurement, maintenance and enforcement of copyrights,
patents, trademarks and other intellectual property rights (both in the United States and foreign countries) relating to the Inventions.
Executive shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths,
formal assignments, assignments of priority rights and powers of attorney, that the Company reasonably may deem necessary or desirable
in order to protect its rights and interests in any Inventions. Executive further agrees that if the Company is unable, after
reasonable effort, to secure Executive’s signature on any such papers, any officer of the Company shall be entitled to execute
such papers as her agent and attorney-in-fact and Executive hereby irrevocably designates and appoints each officer of the Company
as her agent and attorney-in-fact to execute any such papers on her behalf and to take any and all actions as the Company reasonably
may deem necessary or desirable in order to protect its rights and interests in any Inventions, under the conditions described
in this Section 5(f).

 

(g) Prior
Inventions. Executive will not assert any rights to any invention, discovery, idea or improvement relating to the business
of the Company or to her duties hereunder as having been made or acquired by Executive prior to her work for the Company, except
for the matters, if any, described in Exhibit A to this Agreement.

 

(h) Disclosure.
Executive agrees that she will promptly disclose to the Company all Inventions initiated, made, conceived or reduced to practice
by her, either alone or jointly with others, during the Term.

 

(i) Survival.
The provisions of this Section 5 shall survive any termination of this Agreement.

 

6. Non-Competition,
Non-Solicitation and Non-Disparagement.

 

(a) Executive
understands and recognizes that her services to the Company are special and unique and that in the course of performing such services
Executive will have access to and knowledge of Confidential and Proprietary Information. Executive agrees that, during the Term
and the twelve (12) month period immediately following Executive’s separation from employment (the “Termination
Restriction Period”), whether such separation is voluntary or involuntary, she shall not in any manner, directly
or indirectly, on behalf of herself or any person, firm, partnership, joint venture, corporation or other business entity (“Person”),
enter into or engage in any business involving the development or commercialization of a preventive anti-infective product that
would be a competitor of Neutrolin or a product containing taurolodine or any other product being actively developed or produced
by the Company as of the date of Executive’s termination of employment (the “Business of Company”),
either as an individual for her own account, or as a partner, joint venturer, owner, executive, employee, independent contractor,
principal, agent, consultant, salesperson, officer, director or shareholder of such Person, in any capacity that requires or could
result in Executive’s intentional or unintentional use of the Confidential and Proprietary Information and/or requires Executive
to perform services substantially similar to those performed for the benefit of the Company during the Term, anywhere in the world,
provided, however, that nothing shall prohibit Executive from performing executive duties for any Person that does not engage
in the Business of Company. Executive acknowledges that, due to the unique nature of the Business of the Company, the Company
has a strong legitimate business interest in protecting the continuity of its business interests and its Confidential and Proprietary
Information and the restriction herein agreed to by Executive narrowly and fairly serves such an important and critical business
interest of the Company. Notwithstanding the foregoing, nothing contained in this Section 6(a) shall be deemed to
prohibit Executive from acquiring or holding, solely for investment, publicly traded securities of any corporation, some or all
of the activities of which are engaged in the Business of Company so long as such securities do not, in the aggregate, constitute
more than four percent (4%) of any class or series of outstanding securities of such corporation; or being a passive investor
holding less than four percent (4%) of a private equity, venture capital or other commingled fund; and further notwithstanding
the foregoing, nothing contained in this Section 6(a) shall preclude Executive from becoming an employee of, or
from otherwise providing services to, a separate division or operating unit of a multi-divisional business or enterprise (a “Division”)
if: (i) the Division by which Executive is employed, or to which Executive provides services, is not engaged in the Business of
Company, (ii) Executive does not provide services, directly or indirectly, to any other division or operating unit of such multi-divisional
business or enterprise engaged in or proposing to engage in the Business of Company (individually, a “Competitive
Division” and collectively, the “Competitive Divisions”) and (iii) the Competitive Divisions,
in the aggregate, accounted for less than one-third of the multi-divisional business or enterprise’s consolidated revenues
for the fiscal year, and each subsequent quarterly period, prior to Executive’s commencement of employment with or provision
of services to the Division.

 

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(b) Reasonableness
of Restriction. Executive hereby acknowledges and agrees that the covenant against competition provided for pursuant to Section
6(a) is reasonable with respect to its duration, geographic area and scope. In addition, Executive acknowledges that the
Company engages in the Business of Company throughout the world, and Executive has been involved in the Business of the Company
in that geographic area. If, at the time of enforcement of this Section 6, a court holds that the restrictions stated
herein are unreasonable under the circumstances then existing, the Parties hereto agree that the maximum duration, scope or geographic
area legally permissible under such circumstances will be substituted for the duration, scope or area stated herein.

 

(c) Non-Solicitation.
During the Term and the applicable Termination Restriction Period (as defined below), Executive shall not, directly or indirectly,
on her own behalf or on behalf of any person or entity, without the prior written consent of the Company:

 

(i) solicit
or induce any employee, consultant or independent contractor of the Company or any of its affiliates to leave the employ of (or
end a contracting relationship with) the Company or any affiliate; or hire for any competitive purpose any employee consultant
or independent contractor of the Company; or hire any former employee who has left the employment of the Company or any affiliate
of the Company within six (6) months of the termination of such employee’s employment with the Company or any such affiliate
for any competitive purpose; or hire any former consultant or independent contractor who has ended his or her consultancy or contracting
relationship with the Company or any affiliate of the Company within six (6) months of the end of such consultancy or contracting
relationship for any competitive purpose; or hire any former employee of the Company in knowing violation of such employee’s
non-competition agreement with the Company or any such affiliate; or

 

(ii) solicit,
divert or take away, or attempt to divert or take away, the business or patronage of any agent, client or customer of the Company
which was served by the Company during the twelve (12) -month period prior to the termination of Executive’s employment
with the Company; or induce, encourage, or attempt to induce or encourage any client or customer of the Company which was served
by the Company during the twelve (12) -month period prior to the termination of Executive’s employment with the Company
to reduce, limit, or cancel its business with the Company.

 

For
clarity, the foregoing shall not be violated by general advertising, by serving as a reference upon request or by actions taken
in the good faith performance of Executive’s duties to the Company.

 

(d) Non-Disparagement.
Executive agrees that she shall not directly or indirectly disparage, whether or not truthfully, the name or reputation of the
Company or any of its affiliates, including but not limited to, any officer, director, employee or shareholder (provided Executive
has had material dealings with such shareholder) of the Company or any of its affiliates; provided that, nothing in this Section
shall be construed to interfere with Executive’s right to engage in protected concerted activity under the National Labor
Relations Act. Notwithstanding this Section 6(d), nothing contained herein shall apply to statements made by Executive
(x) in the course of her responsibility to evaluate the performance and/or participate in any investigation of the conduct or
behavior of officers, employees and/or others, (y) as part of any judicial, administrative or other legal action or proceeding,
or (z) in rebuttal of false or misleading statements by others, and nothing shall be construed to limit or impair the ability
of Executive to provide truthful testimony in response to any validly issued subpoena or to file pleadings or respond to inquiries
or legal proceedings by any government agency to the extent required by applicable law. These non-disparagement obligations will
cease to apply two (2) years after Executive’s termination of employment.

 

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(e) Enforcement.
In the event that Executive breaches or threatens to breach any provisions of Section 5 or this Section 6,
then, in addition to any other rights the Company may have, it shall be entitled to seek injunctive relief to enforce such provisions.
In the event that an actual proceeding is brought in equity to enforce the provisions of Section 5 or this Section
6, Executive shall not urge as a defense that there is an adequate remedy at law nor shall the Company be prevented from
seeking any other remedies that may be available to it nor shall the Company be required to post a bond.

 

(f) Remedies
Cumulative; Judicial Modification. Each of the rights and remedies enumerated in Section 6(e) shall be
independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company
at law or in equity. If any of the covenants contained in this Section 6, or any part of any of them, is hereafter
construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants
or rights or remedies, which shall be given full effect without regard to the invalid portions. If any of the covenants contained
in this Section 6 is held to be invalid or unenforceable because of the duration of such provision or the area covered
thereby, the Parties agree that the court making such determination shall have the power to reduce the duration and/or area of
such provision and in its reduced form such provision shall then be enforceable.

 

(g) Survival.
The provisions of this Section 6 shall survive any termination of this Agreement.

 

7. Representations
and Warranties.

 

(a) By
Executive. Executive hereby represents and warrants to the Company as follows:

 

(i) Neither
the execution or delivery of this Agreement nor the performance by Executive of her duties and other obligations hereunder conflict
with or constitute a default or breach of any covenant or obligation under (whether immediately, upon the giving of notice or
lapse of time or both) any prior employment agreement, contract, or other instrument to which Executive is a party or by which
she is bound.

 

(ii) Executive
has the full right, power and legal capacity to enter and deliver this Agreement and to perform her duties and other obligations
hereunder. This Agreement constitutes the legal, valid and binding obligation of Executive enforceable against her in accordance
with its terms. No approvals or consents of any persons or entities are required for Executive to execute and deliver this Agreement
or perform her duties and other obligations hereunder.

 

(iii) Executive
will not use any confidential information or trade secrets of any third Party in her employment by the Company in violation of
the terms of the agreements under which she had access to or knowledge of such confidential information or trade secrets.

 

(b) By
The Company. The Company hereby represents and warrants to Executive that the Company has the full right and power to enter
and deliver this Agreement and to perform its obligations hereunder. This Agreement constitutes the legal, valid and binding obligation
of the Company enforceable against it in accordance with its terms. All approvals or consents required for the Company to validly
execute and deliver this Agreement and perform its obligations hereunder, including, without limitation, approval of the Board,
if required, have been obtained.

 

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8. Termination.

 

(a) Cause.
Executive’s employment hereunder may be terminated by the Company immediately for Cause. Any of the following actions by
Executive shall constitute “Cause”:

 

(i) The
willful failure, disregard or refusal by Executive to perform her material duties or obligations under this Agreement (other than
as a result of Executive’s mental incapacity or illness, as confirmed by medical evidence provided by a physician selected
by the Company);

 

(ii) Any
willful, intentional or grossly negligent act by Executive having the effect of materially injuring (whether financially or otherwise)
the business or reputation of the Company or any of its affiliates (other than acts that were performed in a good faith attempt
to advance the business interests of the Company);

 

(iii) Executive’s
conviction of any felony involving moral turpitude (including entry of a guilty or nolo contendere plea);

 

(iv) The
Executive’s qualification as a “bad actor,” as defined by 17 CFR 230.506(a);

 

(v) The
good faith determination by the Board, after a reasonable and good-faith investigation by the Company that Executive engaged in
some form of harassment prohibited by law (including, without limitation, harassment on the basis of age, sex or race) unless
Executive’s actions were specifically directed by the Board;

 

(vi) Any
material misappropriation or embezzlement by Executive of the property of the Company or its affiliates (whether or not a misdemeanor
or felony); or

 

(vii) Breach
by Executive of any material provision of this Agreement that is materially injurious to the Company.

 

Notwithstanding
the foregoing, in no event shall Cause exist unless the Company’s Board has made a formal determination of Cause by majority
vote and provided Executive with ten (10) days advance notice followed by the right to be heard in front of the entire Board followed
by a second majority vote finding that Cause still exists. Such meeting of the Board can occur in person or via teleconference.
If the circumstances surrounding Cause are reasonably curable, then the Executive shall have the right to cure those circumstances
over the next twenty (20) days. If the circumstances are not curable or if those circumstances still exist after the cure period
has expired, then (and only then) shall Cause be deemed to exist for purposes of this Agreement.

 

(b) Death.
Executive’s employment hereunder shall be terminated upon Executive’s death.

 

(c) Disability.
The Company may terminate Executive’s employment hereunder due to Executive’s “Disability” (defined below)
while Executive is so Disabled. For purposes of this Agreement, a termination due to Executive’s “Disability”
shall be deemed to have occurred if the Executive has not been able to perform her material duties for one hundred eighty (180)
days in a three hundred sixty five (365) day period.

 

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(d) Good
Reason. Executive may terminate her employment hereunder for “Good Reason” (as defined below) pursuant to the
procedures set forth in this Section 8(d). In order for Executive to resign for Good Reason, Executive must provide
written notice to the Board of the existence of the Good Reason condition within sixty (60) days of the initial existence of such
Good Reason condition. Upon receipt of such notice, the Company will have thirty (30) days during which it may attempt to remedy
the Good Reason condition. If so remedied, Executive may not resign for Good Reason based on such condition. If the Good Reason
condition is not remedied within such thirty (30) day period, Executive may resign based on the Good Reason condition specified
in the notice effective no later than thirty (30) days following the expiration of the thirty (30) day cure period. The term “Good
Reason” shall mean any of the following occurring without the Executive’s consent:

 

(i) any
material breach of this Agreement by the Company;

 

(ii) any
material reduction by the Company of Executive’s duties, responsibilities, or authority;

 

(iii) a
material reduction in Executive’s annual Base Salary unless (i) all officers and/or members of the Company’s executive
management team experience an equal or greater percentage reduction in annual base salary and/or total compensation; and (ii)
Executive’s Base Salary and/or total compensation reduction is no greater than twenty-five (25) percent; or

 

(iv) a
material reduction in Executive’s target bonus level unless: (i) all officers and/or members of the Company’s executive
management team experience an equal or greater percentage reduction related to target bonus levels; and (ii) Executive’s
target bonus level reduction is no greater than twenty-five (25) percent.

 

(e) Convenience.
Either Party may terminate Executive’s employment hereunder for any reason or no reason at any time upon sixty (60) days
written notice of termination to the other Party, which notice shall specify the termination date, or by providing a Notice of
Nonrenewal to the other Party pursuant to the terms of Section 2.

 

9. Compensation
upon Termination.

 

In
the event Executive’s employment is terminated, the Company shall pay to Executive the Base Salary and benefits otherwise
payable to her under Section 4 through the last day of her actual employment by the Company, along with any reimbursable
business expenses subject to Company policy and any amounts due under any benefit plan or program in accordance with its terms
(together, the “Accrued Compensation”). Except for the Accrued Compensation, rights to indemnification
and directors’ and officers’ liability insurance, and as otherwise required by law, Executive will have no further
entitlement hereunder to any other compensation or benefits from the Company except as expressly provided below:

 

(a) Death
or Disability. If Executive’s employment is terminated as a result of her death or Disability, the Company shall pay
to Executive or to Executive’s estate, as applicable, the Accrued Compensation. In addition, Executive shall receive the
bonus due for any completed fiscal year to the extent that such bonus has not yet been paid (including timing of payment, the
“Prior Year Bonus”).

 

(b) Cause.
If Executive’s employment is terminated by the Company for Cause, Executive shall not be entitled to receive any payments
or benefits other than the Accrued Compensation, rights to indemnification and directors’ and officers’ liability
insurance and as otherwise required by law. All outstanding Awards and Options that were granted to Executive by the Company before
the Effective Date that have not vested as of the date of termination shall be forfeited as of that date. All outstanding Awards
and Options that are granted on or after the Effective Date, whether or not vested, shall be forfeited to the Company as of such
date.

 

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(c) Other
than for Cause, Non-Renewal, Death or Disability. If the Company terminates Executive’s employment, other than as a
result of Executive’s death or Disability, other than by Notice of Nonrenewal and other than for Cause, or if Executive
terminates Executive’s employment for Good Reason, then conditioned upon Executive executing and not revoking a Release
(as defined below) following such termination, the Company will provide to Executive the following separation benefits:

 

(i) Payment
of the Accrued Compensation and Prior Year Bonus, rights to indemnification and directors’ and officers’ liability
insurance and any rights or privilege otherwise required by law,

 

(ii) Payment
to Executive of an amount equal to nine (9) months of her Base Salary, which shall be paid over a period of nine (9) months following
the termination date,

 

(iii) Payment
to Executive of a prorated annual bonus for the year in which the termination date occurs, based on the actual achievement of
the objectives referenced in Section 4(b). The prorated bonus will be calculated as the annual bonus based on performance,
multiplied by a fraction, the numerator of which is the number of days preceding the termination date in the year of termination
and the denominator of which is three hundred sixty five (365) (the “Prorated Bonus”).

 

(iv) If
Executive timely elects continued health insurance coverage under COBRA, payment to Executive monthly of a portion of the premium
necessary to continue such coverage for Executive and Executive’s eligible dependents that is equal to the portion paid
for by the Company at the date of termination, until the conclusion of the time when Executive is receiving continuation of Base
Salary payments under Section 9(c)(ii) above or until Executive becomes eligible for group health insurance coverage
under another employer’s plan, whichever occurs first, provided however that the Company has the right to terminate such
payment of COBRA premiums on behalf of Executive and instead pay Executive a lump sum amount equal to the COBRA premium amount
described above times the number of months remaining in the specified period if the Company determines in its discretion that
continued payment of the COBRA premiums is or may be discriminatory under Section 105(h) of the Code, consistent with Section
409A of the Code, and

 

(v) All
Awards and Stock Options that are scheduled to vest on or before the next succeeding anniversary of the date of termination shall
be accelerated and deemed to have vested as of the termination date; provided that, for the avoidance of doubt, any performance-based
Awards and Stock Options whose vesting requirements have not been successfully met as of the date of Employee’s termination
of employment or resignation with Good Reason will not accelerate.. All Stock Options that have vested (or been deemed pursuant
to the immediately preceding sentence to have vested) as of the date of Executive’s termination shall remain exercisable
until the earlier of the expiry of ninety (90) days following such termination or the termination date applicable under the grant.

 

The
separation benefits set forth above are conditioned upon Executive executing a release of claims against the Company, its parents,
subsidiaries and affiliates and each of its officers, directors, employees, agents, successors and assigns in substantially the
form attached hereto as Exhibit B (the “Release”) within the time specified therein, which Release
is not revoked within any time period allowed for revocation under applicable law. The salary continuation described in Section
9(c)(ii) above will be payable to Executive over time in accordance with the Company’s payroll practices and procedures
beginning on the sixtieth (60th) day following the termination of Executive’s employment with the Company, provided that
the Company, in its sole discretion but in accordance with Internal Revenue Code Section 409A, may begin the payments earlier.
The Prorated Bonus described in Section 9(c)(iii) above shall be paid at the date on which the annual bonus would
have been paid had Executive continued in employment, and the COBRA payments Section 9(c)(iv) above shall be paid
monthly beginning on the date on which the salary continuation commences.

 

    10

     

    

 

(d) By
Notice of Non-Renewal; Termination without Good Reason. If, pursuant to Section 8(e), Executive terminates her
employment hereunder by written notice of termination without Good Reason or if either Party terminates Executive’s employment
by providing a Notice of Nonrenewal to the other Party, Executive shall not be entitled to receive any payments or benefits other
than the Accrued Compensation, the Prior Year’s Bonus, rights to indemnification and directors’ and officers’
liability insurance and as otherwise required by law.

 

(e) This
Section 9 sets forth the only obligations of the Company with respect to the termination of Executive’s employment
with the Company, and Executive acknowledges that, upon the termination of her employment, she shall not be entitled to any payments
or benefits which are not explicitly provided in this Section 9, except as required by law or the terms of another
employee plan, program or arrangement covering her. Executive acknowledges and agrees that upon the termination of her employment
with the Company, regardless of the reason or grounds therefor, she shall resign from any board, organization or foundation wherein
Executive sits or belongs as a representative of the Company.

 

(f) The
obligations of the Company that arise under this Section 9 shall survive the expiration or earlier termination of
this Agreement.

 

10. Corporate
Transaction.

 

(a) Corporate
Transaction Defined. The term “Corporate Transaction” shall have the same meaning as defined in
the Company’s 2019 Omnibus Stock Incentive Plan, as in effect on the date of this Agreement.

 

(b) Consequence
upon Executive’s Termination Without Cause or Executive’s Resignation With Good Reason. Upon Executive’s
termination of employment without Cause or Executive’s resignation of employment with Good Reason within twenty-four (24)
months after a Corporate Transaction, the Company shall provide Executive the following separation benefits:

 

(i) Payment
of the Accrued Compensation, the Prior Year Bonus, rights to indemnification and directors’ and officers’ liability
insurance and any rights or privilege otherwise required by law,

 

(ii) Payment
to Executive of an amount equal to nine (9) months of her Base Salary and full target bonus as in effect for the year of termination,
which shall be paid over a period of nine (9) months following the termination date,

 

(iii) 
Payment to Executive of the Prorated Bonus,

 

(iv) If
Executive timely elects continued health insurance coverage under COBRA, payment to Executive monthly of a portion of the premium
necessary to continue such coverage for Executive and Executive’s eligible dependents that is equal to the portion paid
for by the Company at the date of termination, until the conclusion of the time when Executive is receiving continuation of Base
Salary and bonus payments under Section 9(c)(ii) above or until Executive becomes eligible for group health insurance
coverage under another employer’s plan, whichever occurs first, provided however that the Company has the right to terminate
such payment of COBRA premiums on behalf of Executive and instead pay Executive a lump sum amount equal to the COBRA premium amount
described above times the number of months remaining in the specified period if the Company determines in its discretion that
continued payment of the COBRA premiums is or may be discriminatory under Section 105(h) of the Code, consistent with Section
409A of the Code, and

 

    11

     

    

  

(v) All
unvested Awards and unvested Stock Options held by Executive shall be accelerated and deemed to have vested as of the date of
the Executive’s termination of employment. All Stock Options that have vested (or been deemed pursuant to the immediately
preceding sentence to have vested) as of the date of Executive’s termination of employment shall remain exercisable until
the earlier of the expiry of twelve (12) months following such termination or the termination date applicable under the grant.

 

The
separation benefits set forth above are conditioned upon Executive executing a Release within the time specified therein, which
Release is not revoked within any time period allowed for revocation under applicable law. The salary and bonus continuation described
in Section 10(b)(ii) above will be payable to Executive over time in accordance with the Company’s payroll
practices and procedures beginning on the sixtieth (60th) day following the termination of Executive’s employment with the
Company, provided that the Company, in its sole discretion but in accordance with “Section 409A” (defined below),
may begin the payments earlier. The Prorated Bonus described in Section 10(b)(iii) above shall be paid at the date
on which the bonus would have been paid had Executive continued in employment, and the COBRA payments described in Section
10(b)(iv) above shall be paid monthly beginning on the date on which the salary continuation commences.

 

(c) Potential
Adjustments due to Tax Implications. Notwithstanding anything in this Agreement or any other agreement between Executive and
the Company to the contrary, but subject to this Section 10(c), the Company will effectuate the acceleration contemplated
under Section 10(b) and will make the payments and other acceleration of benefits under this Agreement and other
compensatory arrangements without regard to whether Section 280G of the Code would limit or preclude the deductibility of such
payments or benefits. However, if reducing or eliminating any payment and/or other benefit (including the vesting of her options
or other equity compensation) would increase the “Total After-Tax Payments” (defined below), then the amounts payable
to Executive will be reduced or eliminated as follows (or in such other manner as Executive may specify at the applicable time
if permitted to do so without violation of Internal Revenue Code Sections 280G, 409A and 4999) to the extent necessary to maximize
such Total After-Tax Payments:

 

(i) first,
by reducing or eliminating any cash payments or other benefits (other than the vesting of any options or stock) and

 

(ii) second,
by reducing or eliminating the vesting of options and stock that occurs as a result of a Corporate Transaction or other event
covered by Section 280G of the Code in reverse order of vesting and with grants whose parachute value is calculated without regard
to Treasury Regulations 280G-1 Q&A 24(c) being reduced prior to those subject to Q&A 24(c).

 

The
Company’s independent, certified public accounting firm will determine whether and to what extent payments or vesting are
required to be reduced or eliminated in accordance with the foregoing. If there is ultimately determined to be an underpayment
of or overpayment to Executive under this provision, the amount of such underpayment or overpayment will be immediately paid to
Executive or refunded by her, as the case may be, with interest at the applicable federal rate under the Code. The term “Total
After Tax Payments” means the total value of all “parachute payments” (as that term is defined in Section
280G(b)(2) of the Code) made to Executive or for her benefit (whether made under the Agreement or otherwise), after reduction
for all applicable federal taxes (including, without limitation, the tax described in Section 4999 of the Code). The cost of the
accountant shall be paid by the Company and the accountant shall deliver to the parties its calculations in a form that can be
relied upon for filing of tax returns. The calculations made pursuant to this section shall be made by allocating the full summary
compensation table value (from the latest filed proxy) or an estimate thereof of the Executive’s annual total compensation
to the noncompete set forth in this Agreement.

 

    12

     

    

  

11. Indemnification.

 

The
Company shall defend and indemnify Executive regard to her capacities with the Company, its affiliates and its benefit plans to
the fullest extent permitted under the Delaware General Corporate Law (the “DGCL”). The Company shall
also maintain a policy for indemnifying its officers and directors, including but not limited to Executive, for all actions permitted
under the DGCL taken in good faith pursuit of their duties for the Company, including, but not limited to, the obtaining of an
appropriate level of directors and officers liability insurance coverage and including such provisions in the Company’s
bylaws or certificate of incorporation, as applicable and customary. Executive shall be designated as a named insured on such
directors and officers liability insurance policy. Executive’s rights to, and the Company’s obligation to provide,
indemnification shall survive termination of this Agreement.

 

12. Compliance
with Code Section 409A.

 

(a) Intent
of the Parties. The intent of the Parties is that the payments, compensation and benefits under this Agreement will be exempt
from or comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated
thereunder (collectively “Section 409A”) and, in this connection, the Agreement shall be interpreted
to be exempt or in compliance with Section 409A. Further, if any benefit or payment payable under this Agreement is deemed to
not comply with Section 409A, the Company and Executive agree to renegotiate in good faith any such benefit or payment (including,
without limitation, as to the timing of any severance payments payable hereunder) so that either (i) Section 409A will not apply
or (ii) compliance with Section 409A will be achieved; provided, however, that any resulting renegotiated terms shall provide
to Executive the after-tax economic equivalent of what otherwise has been provided to Executive pursuant to the terms of this
Agreement, and provided further, that any deferral of payments or other benefits shall be only for such time period as may be
required to comply with Section 409A.

 

(b) Potential
Delay of Payment(s) and Adjustments. For the avoidance of doubt, the Parties intend that payments of the separation benefits
set forth in Section 9 and Section 10 above satisfy, to the greatest extent possible, the exemptions
from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-1(b)(9).
If any payment, compensation or other benefit provided to Executive in connection with her separation from service is determined,
in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Executive
is a “specified employee” within the meaning of Section 409A, no part of such payments shall be paid before the day
that is six (6) months plus one (1) day after the termination date or her earlier death (the “New Payment Date”).
The aggregate of any payments that otherwise would have been paid to Executive during the period between the termination date
and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain
outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally
scheduled, in accordance with the terms of this Agreement.

 

(c) Separation
from Service. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under Section
9 or Section 10 above that constitute “deferred compensation” within the meaning of Section
409A will not commence in connection with Executive’s termination of employment unless and until Executive has also incurred
a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h)), unless the Company
reasonably determines that such amounts may be provided to Executive without causing Executive to incur additional tax under Section
409A.

 

    13

     

    

  

(d) Installments;
Year of Payment. If any payment, compensation or other benefit required by the Agreement is to be paid in a series of installment
payments, each individual payment in the series shall be considered a separate payment for purposes of Section 409A. In no event
may Executive designate the year of payment of a benefit under this Agreement, except in accordance with Section 409A.

 

13. Miscellaneous.

 

(a) Governing
Law. This Agreement and all questions relating to its validity, interpretation, performance, remediation, and enforcement
(including, without limitation, provisions concerning limitations of actions) shall be governed by and construed in accordance
with the substantive laws of the State of Delaware, notwithstanding any choice-of-law doctrines of that jurisdiction or any other
jurisdiction that ordinarily would or might cause the substantive law of another jurisdiction to apply.

 

(b) Company
Policies. All incentive compensation under this Agreement shall be subject to the terms of any clawback, recoupment or other
policies approved by the Board and applicable to executive officers of the Company.

 

(c) Personal
Jurisdiction. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY ACTION OR PROCEEDING RELATING IN ANY WAY TO THIS AGREEMENT
MAY ONLY BE BROUGHT AND ENFORCED IN THE STATE OR FEDERAL COURTS LOCATED IN UNION COUNTY, NEW JERSEY, TO THE EXTENT SUBJECT MATTER
JURISDICTION EXISTS THEREFORE. THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION
OR PROCEEDING. THE PARTIES IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT THEY MAY NOW
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS, AS WELL AS ANY CLAIM THAT ANY SUCH ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM.

 

(d) Service
of Process. THE PARTIES FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN THE
MANNER AND TO THE ADDRESS SPECIFIED IN SECTION 13(i) OF THIS AGREEMENT.

 

(e) Waiver of Jury Trial.
EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT THEREOF. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY
BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

    14

     

    

  

(f) Assignment.
This Agreement, and Executive’s rights and obligations hereunder, may not be assigned by Executive. The Company may assign
its rights, together with its obligations, hereunder only in connection with any sale, transfer or other disposition of all or
substantially all of its business or assets and to an assignee who assumes such obligations by law or in writing. Subject to the
foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties hereto, and their respective heirs, legal
representatives, successors and assigns.

 

(g) Amendment.
This Agreement cannot be amended orally, or by any course of conduct or dealing, but only by a written agreement duly executed
by the Parties.

 

(h) Waiver.
The failure of either Party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement
shall not be construed as a waiver or relinquishment of future compliance therewith, and such terms, conditions and provisions
shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either Party shall
be effective for any purpose whatsoever unless such waiver is in writing and signed by such Party. Unless the written waiver instrument
expressly provides otherwise, no waiver by a Party of any right or remedy or breach by the other Party in any particular instance
shall be construed to apply to any right, remedy or breach arising out of or related to a subsequent instance.

 

(i) Notices.
All notices, demands or other communications desired or required to be given by a Party to the other Party shall be in writing
and shall be deemed effectively given upon (i) personal delivery to the Party to be notified, (ii) upon confirmation of receipt
of fax or other electronic transmission, (iii) one business day after deposit with a reputable overnight courier, prepaid for
priority overnight delivery, or (iv) five days after deposit with the United States Postal Service, postage prepaid, certified
mail, return receipt requested, in each case to the Party to be notified at the Company’s principal executive officers in
the case of the Company and at the latest address of the Executive on the books of the Company in the case of the Executive;
or to such other addresses and to the attention of such other individuals as either Party shall have designated to the other by
notice given in the foregoing manner.

 

(j) Entire
Agreement. This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter
hereof, and supersedes all prior agreements, arrangements and understandings, written or oral between the Parties, relating to
the subject matter hereof.

 

(k) Affiliate
and Control Defined. As used in this Agreement, the term “affiliate” of a specified Person shall
mean and include any Person controlling, controlled by or under common control with the specified Person. A Person shall be deemed
to “control” another Person if such first Person possesses directly or indirectly the power to direct,
or cause the direction of, the management and policies of the second Person, whether through the ownership of voting securities,
by contract or otherwise.

 

(l) Captions,
Headings and Cross-References. The section headings contained herein are for reference purposes and convenience only and shall
not in any way affect the meaning or interpretation of this Agreement. Except as expressly set forth otherwise, all cross-references
to sections refer to sections of this Agreement.

 

(m) Severability.
In addition to, and not in conflict with, the provisions of Sections 6(b) and 6(f), the Parties agree that each
and every provision of this Agreement shall be deemed valid, legal and enforceable in all jurisdictions to the fullest extent
possible. Any provision of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction shall,
as to that jurisdiction, be adjusted and reformed rather than voided, if possible, in order to achieve the intent of the Parties.
Any provision of this Agreement that is determined to be invalid, illegal or unenforceable in any jurisdiction which cannot be
adjusted and reformed shall for the purposes of that jurisdiction, be voided. Any adjustment, reformation or voidance of any provisions
of this Agreement shall only be effective in the jurisdiction requiring such adjustment or voidance, without affecting in any
way the remaining provisions of this Agreement in such jurisdiction or adjusting, reforming, voiding or rendering that provision
or any other provision of this Agreement invalid, illegal or unenforceable in any other jurisdiction.

 

    15

     

    

  

(n) Counterpart
Execution. This Agreement may be executed in one or more counterparts each of which shall be an original document and all
of which together shall constitute one and the same instrument. The Parties acknowledge that this Agreement may be executed and
delivered by means of electronic signatures and that use and acceptance of electronic signatures to bind the Parties represents
the voluntary agreement and intention of the Parties to conduct this transaction by electronic means. The Parties agree that execution
and delivery by electronic means will have the same legal effect as if signatures had been manually written on this Agreement.
This Agreement will be deemed lawfully executed by the Parties by such action for purposes of any statute or rule of law that
requires this Agreement to be executed by the Parties to make the mutual promises, agreements and obligations of the Parties set
forth herein legally enforceable. Facsimile and .pdf exchanges of signatures will have the same legal force and effect as the
exchange of original signatures. THE PARTIES HEREBY WAIVE ANY RIGHT TO RAISE ANY DEFENSE OR WAIVER BASED UPON EXECUTION OF THIS
AGREEMENT BY MEANS OF ELECTRONIC SIGNATURES IN ANY PROCEEDING ARISING UNDER OR RELATING TO THIS AGREEMENT. The Parties agree that
the legal effect, validity and enforceability of this Agreement will not be impaired solely because of its execution in electronic
form or that an electronic record was used in its formation. The Parties acknowledge that they are capable of retaining electronic
records of this transaction.

 

Signature
page follows.

 

    16

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Employment Agreement as of the date set forth above.

 

	CORMEDIX
    INC.	 	EXECUTIVE
	 	 	 
	/s/
    Khoso Baluch	 	/s/
    Elizabeth Masson-Hurlburt
	Date:
    March 10, 2021	 	Elizabeth
    Masson-Hurlburt
	 	 	Date:
    March 10, 2021

 

    18

     

    

 

EXHIBIT
A

 

PRIOR
INVENTIONS

 

    19

     

    

  

EXHIBIT
B

 

RELEASE

 

Separation
Agreement and Release

 

This
Separation Agreement and Release (the “Agreement”) sets forth the terms of your separation from employment with CorMedix
Inc. (the "Company"). If you understand and agree with these terms, please sign in the space provided below. If you
and the Company sign below, this will be a legally binding document representing the entire agreement between you and the Company
regarding the subjects it covers. We will refer to this document as the "Agreement."

 

Termination
Date. Your last day of work with the Company will be XXX.

 

Consideration.
The Company will pay you [DESCRIBE SEVERANCE PAY AND PAYMENT DATES], if you sign and do not revoke this Agreement. The severance
pay is provided pursuant to the terms of the Employment Agreement dated [______], 2021 between you and the Company (the “Employment
Agreement”).

 

Release
of Claims. In exchange for the payment(s) described in the Consideration clause, you hereby waive all claims available under
federal, state or local law against the Company, its parent, partners and affiliates, and its and their respective directors,
officers, employees, agents, insurers and reinsurers, and employee benefit plans (and the trustees, administrators, fiduciaries,
insurers and reinsurers of such plans) past, present, and future, their heirs, executors, administrators, representatives, successors
and assigns arising out of your employment with the Company or the termination of that employment, including but not limited to
all claims arising under the Americans with Disabilities Act, the Civil Rights Act of 1991, the Employee Retirement Income Security
Act, the Equal Pay Act, the Genetic Information Non-discrimination Act, the Family and Medical Leave Act, Section 1981 of U.S.C,
Title VII of the Civil Rights Act, and you also hereby waive your rights under the following statutes to the fullest extent permissible
under applicable state and local laws including, but not limited to the New Jersey Law Against Discrimination, New Jersey Equal
Pay Act, New Jersey Civil Rights Law, New Jersey Security and Financial Empowerment Act, New Jersey Conscientious Employee Protection
Act, New Jersey Family Leave Act, New Jersey Wage and Hour Law, New Jersey WARN Laws, retaliation provisions of New Jersey Workers'
Compensation Law, as well as wrongful termination claims, breach of contract claims, discrimination claims, harassment claims,
retaliation claims, whistleblower claims (to the fullest extent they may be released under applicable law), defamation or other
tort claims, and claims for attorneys’ fees and costs. You are not waiving your right to vested benefits under the written
terms of the Company 401(k) Plan, claims for unemployment or workers’ compensation benefits, any medical claim or any judgment
or monetary awards or settlements that may arise related to medical benefits under the group health plan sponsored by the Company,
claims arising after the date on which you sign this Agreement, claims that are not otherwise waivable under applicable law, or
claims to indemnification under Section 11 of the Employment Agreement. You acknowledge that you have not made any claims or allegations
related to sexual harassment or sexual abuse and none of the payments set forth in this Agreement are related to sexual harassment
or sexual abuse.

 

    20

     

    

 

Medicare
Disclaimer. You represent that you are not a Medicare Beneficiary as of the time you enter into this Agreement.

 

Limit
on Disclosures. You shall not disclose or cause to be disclosed the terms of this Agreement to any person (other than your
spouse or domestic/civil union partner, attorney and tax advisor), except pursuant to a lawful subpoena, as set forth in the Reports
to Government Entities clause below, or as otherwise permitted by law. This provision is not intended to restrict your legal right
to discuss the terms and conditions of your employment.

 

Restrictive
Covenants. You agree to comply with the confidentiality, inventions, non-competition, non-solicitation and non-disparagement
provisions of the Employment Agreement according to their terms.

 

Reports
to Government Entities. Nothing in this Agreement, including the Limit on Disclosures or Release of Claims clauses, restricts
or prohibits you from initiating communications directly with, responding to any inquiries from, providing testimony before, providing
confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an
investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment
Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities
and Exchange Commission, the Congress, and any agency Inspector General (collectively, the "Regulators"), or from making
other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. However, to the
maximum extent permitted by law, you are waiving your right to receive any individual monetary relief from the Company or any
others covered by the Release of Claims resulting from such claims or conduct, regardless of whether you or another party has
filed them, and in the event you obtain such monetary relief the Company will be entitled to an offset for the payments made pursuant
to this Agreement. This Agreement does not limit your right to receive an award from any Regulator that provides awards for providing
information relating to a potential violation of law. You do not need the prior authorization of the Company to engage in conduct
protected by this paragraph, and you do not need to notify the Company that you have engaged in such conduct.

 

Please
take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation
to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances
that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected
violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.

 

Non-Admission
of Liability.  Nothing in this Agreement is an admission of any wrongdoing, liability or unlawful activity by you or by the
Company.

 

No
Other Amounts Due. You acknowledge that the Company has paid you all wages, salaries, bonuses, benefits and other amounts
earned and accrued, less applicable deductions, and that the Company has no obligation to pay "any additional amounts other
than the payments described in the Consideration Clause of this Agreement.

 

    21

     

    

 

Addendum
to General Release for Age Claims. In addition to all other claims released for the payment(s) described in the Consideration
clause, you hereby waive all claims available against the Company and the directors, officers, employees, employee benefit plans
and agents of the Company arising out of your employment with the Company or the termination of that employment under the Age
Discrimination in Employment Act and the Older Workers Benefit Protection Act.

 

Acknowledgement
of Voluntariness and Time to Review.  You acknowledge that:

 

		●	you
                                         read this Agreement and you understand it;

 

		●	you
                                         are signing this Agreement voluntarily in order to release your claims against the Company
                                         in exchange for payment that is greater than you would otherwise have received;

 

		●	you
                                         are signing this Agreement after the date of your separation from the Company and you
                                         were offered at least 21 days to consider your choice to sign this Agreement;

 

		●	the
                                         Company advises you to consult with an attorney;

 

		●	you
                                         know that you can revoke this Agreement within 7 days of signing it and that the Agreement
                                         does not become effective until that 7-day period has passed. To revoke, contact xxx;
                                         and

 

		●	you
                                         agree that changes to this Agreement before its execution, whether material or immaterial,
                                         do not restart your time to review the Agreement.

 

Duty
of Cooperation. You agree to cooperate fully and in a timely manner with the Company and its counsel with respect to any matter
(including any litigation, investigation or governmental proceeding) which relates to your employment with the Company. This cooperation
may include appearing from time-to-time for conferences and interviews, and providing the officers of the Company and its counsel
with the full benefit of your knowledge with respect to any such matter. Subject to the Company's prior approval, the Company
will reimburse you for reasonable out-of-pocket costs and expenses such as travel expenses, and will endeavor to set meeting times
that are mutually agreeable.

 

Governing
Law. This Agreement shall be governed by the laws of New Jersey without reference to that jurisdiction's choice of law rules.

 

Return
of Records and Equipment. You agree that you have returned all Company property, including but not limited to keys, ID card,
cell phone, PDA, and Company documents and information (either hard copy or electronic) other than records related solely to your
own compensation or benefits.

 

Severability.
In the event a court, arbitrator or other entity with jurisdiction determines that any portion of this Agreement (other than the
general release clause) is invalid or unenforceable, the remaining portions of the Agreement shall remain in full force and effect.

 

[Signature
Page Follows]

 

    22

     

    

 

The
Company hereby advises you to consult with an attorney prior to signing this Agreement. You acknowledge that you have had a reasonable
amount of time to consider the terms of this Agreement and you sign it with the intent to be legally bound.

 

	CorMedix
    Inc.	 	 
	 	 	 
	 	 	Date:	
	 	 	 
	Employee:	 	 
	 	 	 
		 	Date:	 

 

 

[TO
BE SIGNED AFTER TERMINATION OF EMPLOYMENT]

 

 

22EX-4.7

 Exhibit 4.7 
  

 
 EXTRA SPACE STORAGE LP 

INDENTURE 
 Dated as of
___________, 20___ 
 [_________] 

Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.1.
	 	Definitions	  	 	1	 
	 Section 1.2.
	 	Other Definitions	  	 	5	 
	 Section 1.3.
	 	Incorporation by Reference of Trust Indenture Act	  	 	5	 
	 Section 1.4.
	 	Rules of Construction	  	 	6	 
		
	 ARTICLE II. THE SECURITIES
	  	 	6	 
	 Section 2.1.
	 	Issuable in Series	  	 	6	 
	 Section 2.2.
	 	Establishment of Terms of Series of Securities	  	 	6	 
	 Section 2.3.
	 	Execution and Authentication	  	 	9	 
	 Section 2.4.
	 	Registrar and Paying Agent	  	 	9	 
	 Section 2.5.
	 	Paying Agent to Hold Money in Trust	  	 	10	 
	 Section 2.6.
	 	Securityholder Lists	  	 	11	 
	 Section 2.7.
	 	Transfer and Exchange	  	 	11	 
	 Section 2.8.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	11	 
	 Section 2.9.
	 	Outstanding Securities	  	 	12	 
	 Section 2.10.
	 	Treasury Securities	  	 	12	 
	 Section 2.11.
	 	Temporary Securities	  	 	13	 
	 Section 2.12.
	 	Cancellation	  	 	13	 
	 Section 2.13.
	 	Defaulted Interest	  	 	13	 
	 Section 2.14.
	 	Global Securities	  	 	13	 
	 Section 2.15.
	 	CUSIP Numbers	  	 	15	 
		
	 ARTICLE III. REDEMPTION
	  	 	15	 
	 Section 3.1.
	 	Notice to Trustee	  	 	15	 
	 Section 3.2.
	 	Selection of Securities to be Redeemed	  	 	15	 
	 Section 3.3.
	 	Notice of Redemption	  	 	16	 
	 Section 3.4.
	 	Effect of Notice of Redemption	  	 	17	 
	 Section 3.5.
	 	Deposit of Redemption Price	  	 	17	 
	 Section 3.6.
	 	Securities Redeemed in Part	  	 	17	 
		
	 ARTICLE IV. COVENANTS
	  	 	17	 
	 Section 4.1.
	 	Payment of Principal and Interest	  	 	17	 
	 Section 4.2.
	 	SEC Reports	  	 	17	 
	 Section 4.3.
	 	Compliance Certificate	  	 	18	 
	 Section 4.4.
	 	Stay, Extension and Usury Laws	  	 	18	 
		
	 ARTICLE V. SUCCESSORS
	  	 	18	 
	 Section 5.1.
	 	When Company May Merge, Etc.	  	 	18	 
	 Section 5.2.
	 	Successor Corporation Substituted	  	 	19	 
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	20	 
	 Section 6.1.
	 	Events of Default	  	 	20	 

  
 i 

							
	 Section 6.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	21	 
	 Section 6.3.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	22	 
	 Section 6.4.
	 	Trustee May File Proofs of Claim	  	 	23	 
	 Section 6.5.
	 	Trustee May Enforce Claims Without Possession of Securities	  	 	23	 
	 Section 6.6.
	 	Application of Money Collected	  	 	23	 
	 Section 6.7.
	 	Limitation on Suits	  	 	24	 
	 Section 6.8.
	 	Unconditional Right of Holders to Receive Principal and Interest	  	 	25	 
	 Section 6.9.
	 	Restoration of Rights and Remedies	  	 	25	 
	 Section 6.10.
	 	Rights and Remedies Cumulative	  	 	25	 
	 Section 6.11.
	 	Delay or Omission Not Waiver	  	 	25	 
	 Section 6.12.
	 	Control by Holders	  	 	25	 
	 Section 6.13.
	 	Waiver of Past Defaults	  	 	26	 
	 Section 6.14.
	 	Undertaking for Costs	  	 	26	 
		
	 ARTICLE VII. TRUSTEE
	  	 	27	 
	 Section 7.1.
	 	Duties of Trustee	  	 	27	 
	 Section 7.2.
	 	Rights of Trustee	  	 	28	 
	 Section 7.3.
	 	Individual Rights of Trustee	  	 	29	 
	 Section 7.4.
	 	Trustee’s Disclaimer	  	 	29	 
	 Section 7.5.
	 	Notice of Defaults	  	 	29	 
	 Section 7.6.
	 	Reports by Trustee to Holders	  	 	29	 
	 Section 7.7.
	 	Compensation and Indemnity	  	 	30	 
	 Section 7.8.
	 	Replacement of Trustee	  	 	30	 
	 Section 7.9.
	 	Successor Trustee by Merger, Etc.	  	 	31	 
	 Section 7.10.
	 	Eligibility; Disqualification	  	 	31	 
	 Section 7.11.
	 	Preferential Collection of Claims Against Company	  	 	32	 
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	32	 
	 Section 8.1.
	 	Satisfaction and Discharge of Indenture	  	 	32	 
	 Section 8.2.
	 	Application of Trust Funds; Indemnification	  	 	33	 
	 Section 8.3.
	 	Legal Defeasance of Securities of any Series	  	 	34	 
	 Section 8.4.
	 	Covenant Defeasance	  	 	35	 
	 Section 8.5.
	 	Repayment to Company	  	 	36	 
	 Section 8.6.
	 	Reinstatement	  	 	36	 
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
	  	 	37	 
	 Section 9.1.
	 	Without Consent of Holders	  	 	37	 
	 Section 9.2.
	 	With Consent of Holders	  	 	38	 
	 Section 9.3.
	 	Limitations	  	 	38	 
	 Section 9.4.
	 	Compliance with Trust Indenture Act	  	 	39	 
	 Section 9.5.
	 	Revocation and Effect of Consents	  	 	39	 
	 Section 9.6.
	 	Notation on or Exchange of Securities	  	 	39	 
	 Section 9.7.
	 	Trustee Protected	  	 	40	 
		
	 ARTICLE X. MISCELLANEOUS
	  	 	40	 
	 Section 10.1.
	 	Trust Indenture Act Controls	  	 	40	 
	 Section 10.2.
	 	Notices	  	 	40	 

  
 ii 

							
	 Section 10.3.
	 	Communication by Holders with Other Holders	  	 	41	 
	 Section 10.4.
	 	Certificate and Opinion as to Conditions Precedent	  	 	41	 
	 Section 10.5.
	 	Statements Required in Certificate or Opinion	  	 	42	 
	 Section 10.6.
	 	Rules by Trustee and Agents	  	 	42	 
	 Section 10.7.
	 	Legal Holidays	  	 	42	 
	 Section 10.8.
	 	No Recourse Against Others	  	 	42	 
	 Section 10.9.
	 	Counterparts	  	 	43	 
	 Section 10.10.
	 	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	  	 	43	 
	 Section 10.11.
	 	No Adverse Interpretation of Other Agreements	  	 	44	 
	 Section 10.12.
	 	Successors	  	 	44	 
	 Section 10.13.
	 	Severability	  	 	44	 
	 Section 10.14.
	 	Table of Contents, Headings, Etc.	  	 	44	 
	 Section 10.15.
	 	Securities in a Foreign Currency	  	 	44	 
	 Section 10.16.
	 	Judgment Currency	  	 	45	 
	 Section 10.17.
	 	Force Majeure	  	 	45	 
	 Section 10.18.
	 	U.S.A. Patriot Act	  	 	45	 
		
	 ARTICLE XI. SINKING FUNDS
	  	 	46	 
	 Section 11.1.
	 	Applicability of Article	  	 	46	 
	 Section 11.2.
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	46	 
	 Section 11.3.
	 	Redemption of Securities for Sinking Fund	  	 	47	 
		
	 ARTICLE XII. GURANTEE
	  	 	47	 
	 Section 12.1.
	 	Unconditional Guarantee	  	 	47	 
	 Section 12.2.
	 	Execution and Delivery of Notation of Guarantee	  	 	48	 
	 Section 12.3.
	 	Limitation on Guarantors’ Liability	  	 	49	 
	 Section 12.4.
	 	Release of Guarantors from Guarantee	  	 	49	 

  
 iii 

 EXTRA SPACE STORAGE LP 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of ____________, 20__ 
  

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

  
  

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

 

  
 iv 

 Indenture, dated as of __________, 20__, among Extra Space Storage LP, a Delaware limited
partnership (“Company”), the Guarantors (as defined herein) party hereto and [______], as trustee (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 1.1. Definitions. 

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

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

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

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

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

“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture
hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law,
regulation or executive order to close. 
 “Capital Stock” means (a) in the case of a corporation, corporate stock;
(b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and
preferred stock of such person; and (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited). 

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

 “Company Order” means a written order signed in the name of the Company by
an officer of the General Partner. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular
time its corporate trust business related to this Indenture shall be principally administered, which office at the date of the Indenture is located at the address set forth in Section 10.2, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Company. 
 “CUSIP” means the Committee on Uniform Security
Identification Procedures and will be used pursuant to Section 2.15. 
 “Default” means any event which is, or after
notice or passage of time or both would be, an Event of Default. 
 “Depositary” means, with respect to the Securities of
any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if
at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of the United States of America, including the Euro. 
 “Foreign Government Obligations” means, with respect to
Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit
is pledged and which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means generally accepted
accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“General Partner” means Extra Space Storage Inc., in its capacity as general partner of the Company, and, subject to the
provisions of Article V, its successor and assigns. 

  
 2 

 “Global Security” or “Global Securities” means a Security
or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or
nominee. 
 “Guarantor” means each person that executes this Indenture as a guarantor and its respective successors and
assigns, in each case until the Guarantee of such person has been released in accordance with the provisions of this Indenture; provided, however, that such person shall be a Guarantor only with respect to a Series of Securities for which such
person has executed a Notation of Guarantee with respect to such Series. 
 “Holder” or “Securityholder”
means a person in whose name a Security is registered. 
 “Indenture” means this Indenture as amended or supplemented from
time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder. 

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

“Notation of Guarantee” means a notation, substantially in the form of Exhibit A, executed by a Guarantor and affixed to each
Security of any Series to which the Guarantee of such Guarantor under Article XII of this Indenture applies. 
 “Officer”
means the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the General Partner. 

“Officer’s Certificate” means a certificate signed by any Officer, which complies with Section 10.4. 

“Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 

“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” of
a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 

  
 3 

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

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture; provided, however, that, if at any time there is more than one person acting as Trustee under this Indenture, “Securities” with respect to any such person shall mean Securities authenticated and delivered under this
Indenture, exclusive, however, of Securities of any Series as to which such person is not Trustee. 
 “Series” or
“Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 

“Stated Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on
which the principal of such Security or interest is due and payable. 
 “Subsidiary” of any specified person means any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code 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 direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary 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 depositary 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 depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 

  
 4 

 Section 1.2. Other Definitions. 

 

					
	 TERM
	  	DEFINED IN
SECTION	 
	 “Bankruptcy Law”
	  	 	6.1	 
	 “Custodian”
	  	 	6.1	 
	 “Event of Default”
	  	 	6.1	 
	 “Guarantee”
	  	 	12.1	(b) 
	 “Judgment Currency”
	  	 	10.16	 
	 “Legal Holiday”
	  	 	10.7	 
	 “mandatory sinking fund payment”
	  	 	11.1	 
	 “New York Banking Day”
	  	 	10.16	 
	 “Notice Agent”
	  	 	2.4	 
	 “optional sinking fund payment”
	  	 	11.1	 
	 “Paying Agent”
	  	 	2.4	 
	 “Registrar”
	  	 	2.4	 
	 “Required Currency”
	  	 	10.16	 
	 “Specified Courts”
	  	 	10.10	 
	 “successor person”
	  	 	5.1	 

 Section 1.3. Incorporation by Reference of Trust Indenture Act. 

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

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

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

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

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

  
 5 

 Section 1.4. Rules of Construction. 

Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

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

(e) provisions apply to successive events and transactions. 

ARTICLE II. 
 THE SECURITIES 

Section 2.1. Issuable in Series. 

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

Section 2.2. Establishment of Terms of Series of Securities. 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1. the title (which shall distinguish the Securities of that
particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

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

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

  
 6 

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

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

2.2.6. the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by
wire transfer, mail or other means; 
 2.2.7. if applicable, the period or periods within which, the price or prices at which and the terms
and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 
 2.2.8. the
obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

2.2.9. the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the
option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
 2.2.10. if other than denominations
of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series shall be issuable; 
 2.2.11. the forms
of the Securities of the Series and whether the Securities will be issuable as Global Securities; 
 2.2.12. if other than the principal
amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 

2.2.13. the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of
denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 
 2.2.14. the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made; 

  
 7 

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

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

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

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

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

2.2.20. any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein; 
 2.2.21. the provisions, if any, relating to conversion or exchange of any Securities of such
Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events
requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

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

2.2.23. whether the Securities of such Series are entitled to the benefits of the Guarantee of any Guarantor pursuant to this Indenture,
whether any such Guarantee shall be made on a senior or subordinated basis and, if applicable, a description of the subordination terms of any such Guarantee. 

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

  
 8 

 Section 2.3. Execution and Authentication. 

Any Officer shall sign the Securities for the Company by manual, facsimile or other electronic signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2)
shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the
Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

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

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of
the Company. 
 Section 2.4. Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to
Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange
(“Registrar”) 

  
 9 

 
and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar shall keep a
register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or
Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the
Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 

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

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

Section 2.5. Paying Agent to Hold Money in Trust. 

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

  
 10 

 Section 2.6. Securityholder Lists. 

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

Section 2.7. Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6
or 9.6). 
 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of
any Series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is
sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in
part. 
 Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities. 

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

If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any
Security and (b) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon receipt of a Company Order 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. 

  
 11 

 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.9. Outstanding Securities. 

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

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary of the Company or an
Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date as provided in this Indenture, then on and after that date such Securities of the Series cease to be outstanding
and interest on them ceases to accrue. 
 The Company may purchase or otherwise acquire the Securities, whether by open market purchases,
negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 

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

Section 2.10. Treasury Securities. 

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

  
 12 

 Section 2.11. Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 
 Section 2.12. Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation. 
 Section 2.13. Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least ten days before the special record
date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful
manner. 
 Section 2.14. Global Securities. 

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

2.14.2. Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in
addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (a) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to
appoint a successor Depositary registered 

  
 13 

 
as a clearing agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this Section 2.14.2, a Global
Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 
 2.14.3. Legends. Any Global Security
issued hereunder shall bear a legend in substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as the
Depository Trust Company (“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 

“UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 2.14.4. Acts of Holders. The Depositary, as a Holder,
may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

  
 14 

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

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

Section 2.15. CUSIP Numbers. 

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

ARTICLE III. 
 REDEMPTION 

Section 3.1. Notice to Trustee. 

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

Section 3.2. Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if
less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the
Depositary; (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed; or (c) if not otherwise
provided for under clause (a) or (b), in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global
Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from 

  
 15 

 
Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the Series that have denominations larger than $1,000 may be selected for
redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 thereof or, with respect to Securities of any Series issuable in other denominations pursuant to
Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of
that Series called for redemption. 
 Section 3.3. Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a) the redemption date; 

(b) the redemption price; 

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

(d) if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and
that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the
original Security; 
 (e) that Securities of the Series called for redemption must be surrendered to the Paying Agent to
collect the redemption price; 
 (f) that interest on Securities of the Series called for redemption ceases to accrue on and
after the redemption date; 
 (g) the CUSIP number, if any; and 

(h) any other information as may be required by the terms of the particular Series or the Securities of a Series being
redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense,
provided, however, that the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such notice and
setting forth the information to be stated in such notice. 

  
 16 

 Section 3.4. Effect of Notice of Redemption. 

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

Section 3.5. Deposit of Redemption Price. 

On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6. Securities
Redeemed in Part. 
 Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security
of the same Series and the same Maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV. 

COVENANTS 

Section 4.1. Payment of Principal and Interest. 

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

Section 4.2. SEC Reports. 

The General Partner shall, so long as any Securities are outstanding, deliver to the Trustee within 15 days after it files them with the SEC
copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the General Partner is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. The Company and the General Partner also shall comply with the other provisions of TIA Section 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be
deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2. 
 Delivery of reports,
information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

  
 17 

 Section 4.3. Compliance Certificate. 

The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall, so long as any Securities are
outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Guarantor, the Company and its Subsidiaries during the preceding
fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such
Officer signing such certificate, that to the best of such Officer’s knowledge the Company and any Guarantor 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 such Officer may have knowledge). 

Section 4.4. Stay, Extension and Usury Laws. 

The Company and the Guarantors covenant (to the extent that they may lawfully do so) that they 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 and the Guarantors (to the extent they may lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenants that they 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. 
 ARTICLE V.

 SUCCESSORS 

Section 5.1. When Company May Merge, Etc. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a “successor person”) unless: 
 (a) the Company is the surviving entity or the
successor person (if other than the Company) is a corporation, partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities
and under this Indenture; 
 (b) immediately after giving effect to the transaction, no Default or Event of Default, shall
have occurred and be continuing; and 

  
 18 

 (c) if the Company is not the successor person, then each Guarantor, unless
it has become the successor person, shall confirm that its Guarantee shall continue to apply to the obligations under the Securities and this Indenture to the same extent as prior to such merger, conveyance, transfer or lease, as applicable. 

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

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

Section 5.2. Successor Corporation Substituted. 

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

Section 5.3. General Partner May Consolidate on Certain Terms. 

Nothing contained in this Indenture or in the Securities shall prevent any consolidation or merger of the General Partner with or into any
other person or persons (whether or not affiliated with the General Partner), or successive consolidations or mergers in which either the General Partner will be the continuing entity or the General Partner or its successor or successors shall be a
party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the General Partner, to any other person (whether or not affiliated with the General Partner); provided, however, that the
following conditions are met: 
 (a) the General Partner shall be the continuing entity, or the successor entity (if other
than the General Partner) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall expressly assume the obligations of the General Partner under the Guarantee and the due and punctual
performance and observance of all of the covenants and conditions in this Indenture; 
 (b) immediately after giving effect
to such transaction, no Default or Event of Default shall have occurred and be continuing; and 
 (c) either the General
Partner or the successor person, in either case, shall have delivered to the Trustee an Officer’s Certificate of the General Partner and Opinion of Counsel, stating that such consolidation, sale, merger, conveyance, transfer or lease and such
supplemental indenture comply with this Section 5.3 and that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
 19 

 Section 5.4. General Partner Successor to Be Substituted. 

Upon any consolidation or merger or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the
General Partner to any person in accordance with Section 5.3, the successor person formed by such consolidation or into which the General Partner is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the General Partner under this Indenture with the same effect as if such successor person had been named as the General Partner herein, and thereafter, the predecessor person shall be
released from all obligations and covenants under this Indenture; provided, however, that the predecessor General Partner shall not be relieved from the obligation, if any, to guarantee the payment of the principal of and interest on the Securities
except in the case of a sale of all or substantially all of the General Partner’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.3 hereof. 

ARTICLE VI. 
 DEFAULTS AND REMEDIES

 Section 6.1. Events of Default. 

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

(a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of
such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the
30th day of such period); or 
 (b) default in the payment of principal
of any Security of that Series at its Maturity; or 
 (c) default in the performance or breach of any covenant or warranty of
the Company in this Indenture (other than defaults pursuant to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that Series),
which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than a majority in principal amount of
the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

  
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 (d) the Company or any Guarantor pursuant to or within the meaning of any
Bankruptcy Law: 
 (i) commences a voluntary case, 

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

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

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

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

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

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

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

(iii) orders the liquidation of the Company or any Guarantor, and the order or decree remains unstayed and in effect for 60
days; or 
 (f) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board
Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
 The term
“Bankruptcy Law” means title 11, U.S. Code or any similar federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 
 Section 6.2. Acceleration of Maturity; Rescission and Annulment. 

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

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

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

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

The Company covenants that if: 

(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the Maturity
thereof, or 
 (c) default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

 then, the Company and the Guarantors shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel. 
 If the Company or the Guarantors fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company, any Guarantor or any other
obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company, any Guarantor or any other obligor upon such Securities, wherever situated. 

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

  
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 Section 6.4. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise, 
 (a) to file and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 

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

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

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

 Section 6.6. Application of Money Collected. 

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

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

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

Third: To the Company or the Guarantors, as applicable. 

Section 6.7. Limitation on Suits. 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (a) such Holder has
previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series; 

(b) the Holders of at least a majority in principal amount of the outstanding Securities of that Series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 
 (d) the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

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

  
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 Section 6.8. Unconditional Right of Holders to Receive Principal and
Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 6.9. Restoration of Rights and Remedies. 

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

Section 6.10. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 Section 6.11. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12. Control by Holders. 

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

  
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 (a) such direction shall not be in conflict with any rule of law or with
this Indenture, 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such
direction, 
 (c) subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any
such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

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

Section 6.13. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series, by written notice to the Trustee and the Company, 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. 
 Section 6.14. Undertaking for Costs. 

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

  
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 ARTICLE VII. 

TRUSTEE 

Section 7.1. Duties of Trustee. 

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

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

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

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates
or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form
requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
 (i) This paragraph does not limit the effect of
paragraph (b) of this Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 
 (iii) The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the
outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such Series in accordance with Section 6.12. 
 (d) Every provision of this Indenture that in any way
relates to the Trustee is subject to paragraph (a), (b) and (c) of this Section. 
 (e) The Trustee may refuse to
perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

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

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

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

Section 7.2. Rights of Trustee. 

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

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

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

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

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

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit. 
 (h) The Trustee shall not be deemed to have notice
of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture. 

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

(j) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation
or duty to do so. 
 Section 7.3. Individual Rights of Trustee. 

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

Section 7.4. Trustee’s Disclaimer. 

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

Section 7.5. Notice of Defaults. 

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

Section 7.6. Reports by Trustee to Holders. 

Within 60 days after each [    ] commencing [    ], 20[    ], 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 anniversary date, 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 national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 

  
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 Section 7.7. Compensation and Indemnity. 

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

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

The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence. 
 To secure the Company’s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The
provisions of this Section shall survive the termination of this Indenture. 
 Section 7.8. Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 

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

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

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

 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor
Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each
Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to
expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9. Successor Trustee by Merger, Etc. 

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

Section 7.10. Eligibility; 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). 

  
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 Section 7.11. Preferential 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 TIA Section 311(a) to the extent indicated. 
 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1. Satisfaction and Discharge of Indenture. 

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

(a) either 

(i) all Securities of such Series 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 of such Series not theretofore delivered to the Trustee for cancellation: 
 (1) have become due and payable by
reason of sending a notice of redemption or otherwise, or 
 (2) will become due and payable at their Stated Maturity within
one year, or 
 (3) have been called for redemption or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

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

and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an
amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities
of such Series on the dates such installments of principal or interest are due; 
 (b) the Company has paid or caused to be
paid all other sums payable hereunder by the Company; and 

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

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

If the Company exercises the satisfaction and discharge provisions in compliance with this Indenture with respect to Securities of a
particular Series that are entitled to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to that Series of Securities. 

Section 8.2. Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or
8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by
Section 8.1, 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or
on behalf of Holders. 
 (c) The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S.
Government Obligations or Foreign Government Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a
written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or
money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

  
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 Section 8.3. Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities (and the Trustee, at the expense of the Company, shall, upon receipt of a Company
Order, execute instruments acknowledging the same), except as to: 
 (a) the rights of Holders of Securities of such Series
to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or
installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series; 
 (b) the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and 

(c) the rights, powers, trust and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; 
 provided that, the following conditions shall have been satisfied: 

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

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

  
 34 

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

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

(h) the Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 (i) the
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Section 8.4. Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect
to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated
as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied: 
 (a) with reference to this Section 8.4, the Company
has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to,
the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a
Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in 

  
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accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of
money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 

(b) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (c) no Default or Event of Default with
respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit; 
 (d) the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that 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 and covenant
defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(e) The Company shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 
 (f) The
Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied
with. 
 Section 8.5. Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person. 
 Section 8.6. Reinstatement. 

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

  
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 ARTICLE IX. 

AMENDMENTS AND WAIVERS 

Section 9.1. Without Consent of Holders. 

The Company, any Guarantors 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 surrender any of the Company’s rights or powers under this Indenture; 

(e) to add covenants or events of default for the benefit of the holders of Securities of any Series; 

(f) to comply with the applicable procedures of the applicable Depositary; 

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

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

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

 (k) to reflect the release of any Guarantor in accordance with Article XII; or 

(l) to add Guarantors with respect to any or all of the Securities or to secure any or all of the Securities or the Guarantees.

  
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 Section 9.2. With Consent of Holders. 

The Company, any Guarantors and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a
majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in
Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 
 It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance
thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the
Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.3. Limitations. 

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

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

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

(c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for,
the payment of any sinking fund or analogous obligation; 
 (d) reduce the principal amount of Discount Securities payable
upon acceleration of the maturity thereof; 
 (e) waive a Default or Event of Default in the payment of the principal of or
interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration); 
 (f) make the principal of or interest, if any, on any Security payable in any currency
other than that stated in the Security; 

  
 38 

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

(h) waive a redemption payment with respect to any Security, provided that such redemption is made at the Company’s
option; or 
 (i) (i) if the Securities of that Series are entitled to the benefit of the Guarantee, release any Guarantor of
such Series other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders. 

Section 9.4. Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5. Revocation and Effect of Consents. 

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

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (h) of Section 9.3 or requires the consent of each Security Holder affected, as set forth in a supplemental indenture or Officer’s Certificate in respect to a particular Series of
Securities. 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.

 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those persons who were Holders at such record date
(or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 120 days after such record date. 
 Section 9.6. Notation on or Exchange of
Securities. 
 The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series
thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 

  
 39 

 Section 9.7. Trustee Protected. 

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

MISCELLANEOUS 

Section 10.1. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.2. Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any Guarantor or the
Trustee, is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier
guaranteeing next day delivery, to the others’ address: 
 if to the Company or any Guarantor: 

Extra Space Storage LP 
 2795
East Cottonwood Parkway, Suite 300 
 Salt Lake City, Utah 84121 

Attention: [_____] 
 Telephone:
(801) 365-4600 
 with a copy to: 

Latham & Watkins LLP 

12670 High Bluff Drive 
 San
Diego, California 92130 
 Attention: Craig M. Garner 

Telephone: (858) 523-5400 

  
 40 

 if to the Trustee: 

[_____] 
 Attention: [____] 

Telephone: [____] 
 with a copy to: 

[_____] 
 Attention: [____] 

Telephone: [____] 
 The Company,
any Guarantor or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on the
register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series. 
 If a notice or communication is sent 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 or any Guarantor sends a notice or
communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 
 Notwithstanding any other
provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be
sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary. 

Section 10.3. Communication by Holders with Other Holders. 

Securityholders of any Series may communicate pursuant to TIA 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 10.4. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

  
 41 

 Section 10.5. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA 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, such person has
made such examination or investigation as is necessary to enable such person 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. 

Section 10.6. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions. 
 Section 10.7. Legal Holidays. 

Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a
“Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. 
 Section 10.8. No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company or any Guarantor shall not have any liability for any
obligations of the Company under the Securities, the Guarantee 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. 

  
 42 

 Section 10.9. Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or
“.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all purposes. 

Unless otherwise provided herein or in any other Securities, the words “execute,” “execution,” “signed,” and
“signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other
modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a
paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or
in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee. 

Section 10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 

THE COMPANY, THE GUARANTORS, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted in
the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified Courts”), and each party
irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any
applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Guarantors, the Trustee and the Holders (by
their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to
plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

  
 43 

 Section 10.11. No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 10.12. Successors. 

All agreements of the Company and the Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of
the Trustee in this Indenture shall bind its successor. 
 Section 10.13. Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.14. Table of
Contents, Headings, Etc. 
 The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.15. Securities in a Foreign Currency. 

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

  
 44 

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

Section 10.16. Judgment Currency. 

The Company and each Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the
Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment
being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close. 
 Section 10.17. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 Section 10.18. U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 45 

 ARTICLE XI. 

SINKING FUNDS 

Section 11.1. Applicability of Article. 

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

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

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

  
 46 

 Section 11.3. Redemption of Securities for Sinking Fund. 

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

ARTICLE XII. 
 GUARANTEE 

Section 12.1. Unconditional Guarantee.  

(a) Notwithstanding any provision of this Article XII to the contrary, the provisions of this Article XII shall be applicable
only to, and inure solely to the benefit of, the Securities of any Series designated, pursuant to Section 2.2.23, as entitled to the benefits of the Guarantee of each Guarantor identified in such designation and that has executed a Notation of
Guarantee with respect to such Series. 
 (b) For value received, each Guarantor hereby jointly and severally, fully,
unconditionally and absolutely guarantees (the “Guarantee”) to the Holders and to the Trustee the due and punctual payment of the principal of, premium, if any, and interest on each Series of Securities for which such Guarantor has
executed a Notation of Guarantee with respect to such Series and all other amounts due and payable under this Indenture and the Securities of such Series by the Company, when and as such principal, premium, if any, and interest shall become due and
payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of such Securities and this Indenture, subject to the limitations set forth in Section 12.3. 

(c) Failing payment when due of any amount guaranteed pursuant to the Guarantee, for whatever reason, each of the Guarantors
will be jointly and severally obligated to pay the same immediately. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity, regularity or enforceability of the
Securities, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any 

  
 47 

 
waiver or consent by any Holder of the Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to
enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of any of the Guarantors. Each Guarantor hereby agrees that in the event of a default in payment of the principal of or interest
on the Securities entitled to the Guarantee of such Guarantor, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or,
subject to Section 6.7, by the Holders, on the terms and conditions set forth in this Indenture, directly against such Guarantor to enforce the Guarantee without first proceeding against the Company or any other Guarantor. 

(d) Each Guarantor hereby (i) waives diligence, presentment, demand of payment, filing of claims with a court in the event
of the merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever and (ii) acknowledges that any agreement, instrument or document evidencing the Guarantee may be transferred and that the benefit of its
obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it. Each Guarantor further agrees that if at any time all or any part of any payment theretofore applied by any
person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the Company or any of the Guarantors, the Guarantee shall, to the extent that such
payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not been
made. 
 (e) Each Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Company in respect
of any amounts paid by such Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until all
of the Securities entitled to the Guarantee of such Guarantor and the Guarantee shall have been paid in full or discharged. 

Section 12.2. Execution and Delivery of Notation of Guarantee. 

To evidence the Guarantee of a Guarantor of a Series of Securities, a Notation of Guarantee, executed by either manual or facsimile signature
of an Officer of such Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any Guarantor whose signature is on a Notation of Guarantee no longer holds that office at the time the
Trustee authenticates a Security to which such Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless. The delivery of any Security by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee relating to such Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor hereby agrees that its Guarantee shall remain in full force and
effect notwithstanding the absence of a Notation of Guarantee being affixed to such Security. 

  
 48 

 Section 12.3. Limitation on Guarantors’ Liability.  

Each Guarantor by its acceptance hereof and each Holder of Security and the Trustee entitled to the benefits of the Guarantee hereby confirms
that it is the intention of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the foregoing intention, each
Holder of a Security and the Trustee entitled to the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the Guarantee shall be limited to the maximum amount as will, after giving
effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under the Guarantee, not result in the
obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

Section 12.4. Release of Guarantors from Guarantee.  

(a) Notwithstanding any other provisions of this Indenture, the Guarantee of any Guarantor may be released upon the terms and
subject to the conditions set forth in Section 8.1, Section 8.3 and this Section 12.4. Provided that no Default shall have occurred and shall be continuing under this Indenture, the Guarantee incurred by a Guarantor pursuant to this
Article XII shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any person that is not an Affiliate of the Company, of all of the
Company’s direct or indirect equity interests in such Guarantor (provided such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger of such Guarantor into the Company or any other Guarantor or the liquidation
and dissolution of such Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) with respect to any Series of Securities, upon the occurrence of any other condition set forth in the Board Resolution, supplemental
indenture or Officer’s Certificate establishing the terms of such Series. 
 (b) Upon receipt of a written request of
the Company accompanied by an Officer’s Certificate or Opinion of Counsel to the effect that any Guarantor is entitled to be released from the Guarantee in accordance with the provisions of this Indenture, the Trustee shall deliver instruments
reasonably requested by the Company or such Guarantor evidencing the release of such Guarantor from the Guarantee. Any Guarantor not so released shall remain liable for the full amount of principal of and interest on the Securities entitled to the
benefits of the Guarantee as provided in this Indenture, subject to the limitations of Section 12.3. 
 [SIGNATURE PAGE FOLLOWS] 

  
 49 

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

			
	Extra Space Storage LP, as the Company
		
	By:	 	Extra Space Storage Inc., its sole general partner
		
	By:	 	  

		 	Name:
		 	Its:
	
	Extra Space Storage Inc., as Guarantor
		
	By:	 	  

		 	Name:
		 	Its:
	
	[_____], as Trustee
		
	By:	 	  

		 	Name:
		 	Its:

 [Signature Page to Indenture] 

 EXHIBIT A 

[FORM OF] 
 NOTATION OF GUARANTEE

 Each Guarantor signing below has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject
to the provisions in the Indenture, the due and punctual payment of the principal of, premium, if any, and interest on the Securities to which this notation is affixed and all other amounts due and payable under the Indenture and the Securities to
which this notation is affixed by the Company. 
 The obligations of such Guarantor to the Holders of Securities to which this notation is
affixed and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article XII of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	          

		 	Name:
		 	Its:

  
 A-1

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