Document:

EX-10.1

 Exhibit 10.1 

SUBSCRIPTION AGREEMENT 

This Subscription Agreement (this “Agreement”) is dated September 6, 2016, among Anthera Pharmaceuticals, Inc. a
Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its permitted successors and assigns, a “Purchaser” and collectively the
“Purchasers”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to an effective
registration statement filed pursuant to the Securities Act (as defined below), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, shares of Preferred Stock
and warrants to purchase shares of Common Stock (each as defined below and as more fully described in this Agreement). 
 NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings
set forth in this Section 1.1: 
 “Affiliate” means any Person that, directly or indirectly
through one or more intermediaries, controls or is controlled by or is under common control with a Person (as such terms are used in and construed under Rule 405 of the Securities Act). With respect to a Purchaser, any investment fund or managed
account that is managed on a discretionary basis by the same investment manager as such Purchaser will be deemed to be an Affiliate of such Purchaser. 

“Certificate of Incorporation” means the Company’s Fifth Amended and Restated Certificate of
Incorporation, as amended from time to time. 
 “Closing” means the closing of the purchase and sale of the
Securities on the Initial Closing Date or the Second Closing Date, as applicable, pursuant to Section 2.1 of this Agreement. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, $0.001 par value per share, and any other class of
securities into which such securities may hereafter be reclassified or changed into. 
 “Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof, pursuant to the terms of such securities, 

 
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or
exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 
 “Exchange Act” means
the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder. 
 “Exempt
Issuance” means: (a) the issuance of shares of Common Stock, options to purchase Common Stock and other securities convertible into or exchangeable for Common Stock pursuant to any plan or agreement, the issuance of securities under
which would be eligible to be registered on Form S-8 under the Securities Act (regardless of whether such issuance is actually registered on Form S-8), and (b) the offer and sale of up to 1,000,000 shares of Common Stock pursuant to the
Company’s existing at-the-market offering facility, with H.C. Wainwright & Co. as sales agent, as described in that certain prospectus supplement, dated April 21, 2016 (Registration No. 333-210166). 

“Subscription Notice” shall mean a notice electing to subscribe for shares of Series X-1 Preferred Stock, in
the form attached hereto as Exhibit D. 
 “Fundamental Transaction” means (a) the Company
effects any merger or consolidation of the Company with or into another Person or any stock sale to, or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, share exchange or scheme of
arrangement) with or into another Person (other than such a transaction in which the Company is the surviving or continuing entity and its Common Stock is not exchanged for or converted into other securities, cash or property), (b) the Company
effects any sale of all or substantially all of its assets in one transaction or a series of related transactions, (c) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which more than 50% of
the Common Stock not held by the Company or such Person is exchanged for or converted into other securities, cash or property, or (d) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant (other
than as a result of a dividend, subdivision or combination) to which the Common Stock is effectively converted into or exchanged for other securities, cash or property. 

“Indebtedness” means (a) any liabilities for borrowed money or amounts owed in excess of $250,000 (other
than trade accounts payable incurred in the ordinary course of business), (b) all guaranties, endorsements and other contingent obligations in respect of Indebtedness of others, whether or not the same are or should be reflected in the
Company’s balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, and (c) the present value of any lease
payments in excess of $250,000 due under leases required to be capitalized in accordance with GAAP. 
 “Initial
Closing” means the closing of the purchase and sale of Securities on the Initial Closing Date pursuant to Section 2.1 of this Agreement. 

  
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 “Initial Closing Date” means the third Trading Day after the
date hereof. 
 “Investment Company Act” means the Investment Company Act of 1940, as amended. 

“Lead Investors” means Biotechnology Value Fund, L.P. and Rock Springs Capital Master Fund LP. 

“Liens” means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or
other restriction (other than, in the case of the Securities, restrictions provided in the Transaction Documents or as otherwise agreed or imposed by a Purchaser). 

“Material Adverse Effect” means any material adverse effect on (a) the enforceability of any Transaction
Document, (b) the results of operations, assets, business or financial condition of the Company and its Subsidiaries, taken as a whole, or (c) the Company’s ability to perform in any material respect on a timely basis its obligations
under any Transaction Document to be performed as of the date of determination, other than any such change, effect, event or circumstance, including, without limitation, any change in the stock price or trading volume of the Common Stock, that
resulted exclusively from (i) any change in the United States or foreign economies or securities or financial markets in general that does not have a disproportionate effect on the Company and its Subsidiaries, (ii) any change that
generally affects the industry in which the Company and its Subsidiaries operate that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, (iii) any change arising in connection with natural disasters,
hostilities, acts of war, sabotage or terrorism or military actions or any escalation or material worsening of any such natural disasters, hostilities, acts of war, sabotage or terrorism or military actions existing as of the date hereof,
(iv) any action taken by the Purchaser, its Affiliates or its or their permitted successors and assigns with respect to the transactions contemplated by this Agreement, (v) the effect of any changes in applicable laws or accounting rules
that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, and (vi) any change resulting from compliance with the terms of this Agreement or the consummation of the transactions contemplated by this
Agreement. 
 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Preferred Stock” means the Series X Preferred Stock and the Series X-1 Preferred Stock. 

“Proceeding” means any action, claim, suit, investigation or proceeding whether commenced or threatened. 

“Prospectus” means the final prospectus filed for the Registration Statement, including the documents
incorporated by reference in the Registration Statement, including the documents incorporated by reference in such final prospectus. 

  
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 “Prospectus Supplement” means the supplement to the Prospectus
complying with Rule 424(b) of the Securities Act that is delivered by the Company to each Purchaser prior to the execution and delivery of this Agreement, including the documents incorporated by reference therein, and that is filed with the
Commission. 
 “Registration Statement” means the effective registration statement on Form S-3 (Commission
File No. 333-210166) filed by the Company with the Commission pursuant to the Securities Act for the registration of the Securities, as such Registration Statement may be amended and supplemented from time to time (including pursuant to Rule
462(b) of the Securities Act), including all documents filed as part thereof or incorporated by reference therein, and including all information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430B of the Securities Act.

 “Required Minimum” means, as of any date, the maximum aggregate number of shares of Common Stock then
issued or potentially issuable pursuant to the Transaction Documents, including all Underlying Shares, and without regard to any conversion blockers. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Second Closing” means the closing of the purchase and sale of the Series X-1 Preferred Stock on the Second
Closing Date pursuant to Section 2.1 of this Agreement. 
 “Second Closing Date” means the third
Trading Day after the date of the Subscription Notice. 
 “Second Subscription Amount” means, as to each
Purchaser, the aggregate amount to be paid for the Securities purchased hereunder at the Second Closing as specified below such Purchaser’s name on the applicable Subscription Notice in United States dollars and in immediately available funds.

 “Securities” means the shares of the Preferred Stock and Warrants issued hereunder and the Underlying
Shares. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 “Series X Preferred Stock” means the Series X Convertible Preferred Stock of the
Company, $0.001 par value per share. 
 “Series X Preferred Stock Certificate of Designation” means the
Certificate of Designation of the Company, attached as Exhibit A to this Agreement, setting forth the rights preferences and privileges of the Series X Preferred Stock. 

  
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 “Series X-1 Preferred Stock” means the Series X-1 Convertible
Preferred Stock of the Company, $0.001 par value per share. 
 “Series X-1 Preferred Stock Certificate of
Designation” means the Certificate of Designation of the Company, attached as Exhibit B to this Agreement, setting forth the rights preferences and privileges of the Series X-1 Preferred Stock. 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO of the Exchange Act,
but shall be deemed to not include the location and/or reservation of borrowable shares of Common Stock. 

“Subscription Amount” means, as to each Purchaser, the aggregate amount to be paid for the Securities
purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds. 

“Trading Day” means a day on which the Common Stock is traded on a Trading Market. 

“Trading Market” means the following markets or exchanges on which (and if) the Common Stock is listed or
quoted for trading on the date in question: the NYSE MKT; The NASDAQ Capital Market; The NASDAQ Global Market; The NASDAQ Global Select Market; or the New York Stock Exchange. 

“Transaction Documents” means this Agreement and any other documents or agreements executed and delivered to
the Purchasers in connection with the transactions contemplated hereunder, including, but not limited to, the Series X Preferred Stock Certificate of Designation, Series X-1 Preferred Stock Certificate of Designation and the Warrants. 

“Underlying Shares” means the shares of Common Stock issued and issuable upon conversion or exercise of the
Series X Preferred Stock, the Series X-1 Preferred Stock, the Warrants and any other shares of Common Stock issuable to the Purchasers in connection with or pursuant to the Transaction Documents. 

“Warrants” means, collectively, each Warrant issued at the Initial Closing and exercisable for shares of
Common Stock, in the form attached as Exhibit C to this Agreement. 
 ARTICLE II 

PURCHASE AND SALE 
 2.1
Initial Closing. At the Initial Closing, upon the terms set forth herein, the Company shall sell, and the Purchasers shall purchase, in the aggregate, severally and not jointly, (i) $17,000,000, in the aggregate, of Series X
Preferred Stock, with each Purchaser purchasing Series X Preferred Stock with an aggregate purchase price equal to such Purchaser’s Subscription Amount and (ii) a Warrant to purchase up to the number of shares of Common Stock equal to
twenty-five percent (25%) of the number of shares of Common Stock issuable 

  
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upon conversion of the Series X Preferred Stock purchased by such Purchaser. The aggregate number of shares of Series X Preferred Stock sold hereunder shall be 17,000. Each Purchaser shall
deliver to the Company via wire transfer or certified check immediately available funds equal to its Subscription Amount and the Company shall deliver to each Purchaser its respective shares of Series X Preferred Stock and Warrants as determined
pursuant to Section 2.3(a) of this Agreement and the other items set forth in Section 2.3 of this Agreement deliverable at the Closing on the Initial Closing Date. The Closing shall occur at 10:00 a.m., Pacific Time, at the
offices of Goodwin Procter LLP, Three Embarcadero Center, 24th Floor, San Francisco, California 94111, or such other time and location as the parties shall mutually agree. 

2.2 Second Closing. 

(a) From the date hereof, through the date that is 20 Trading Days following the Company’s first filing of a Current Report on Form 8-K
(the “Solution 8-K”) disclosing top-line clinical efficacy and safety data from the Company’s ongoing “SOLUTION” clinical study (Phase 3 study evaluating the efficacy and safety of Liprotamase in subjects with cystic
fibrosis-related exocrine pancreatic insufficiency) (the “Subscription Period”), the Purchasers shall have the right, but not the obligation, in their sole discretion, to subscribe for and purchase up to an aggregate of 28,330
shares of Series X-1 Preferred Stock in the Second Closing (the “Second Closing Shares”), severally and not jointly, corresponding with a potential investment of $28,330,000, with each Purchaser having the right to purchase up to
the following number of shares of Series X-1 Preferred Stock (i) the entities affiliated with Biotechnology Value Fund, L.P. shall be entitled to purchase up to $25,000,000 in shares of Series X-1 Preferred Stock and (ii) the entities
affiliated with Rock Springs Capital Master Fund LP shall be entitled to purchase up to $3,330,000 in shares of Series X-1 Preferred Stock. 

  
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 (b) If one or more of the Purchasers elects through a Subscription Notice (which shall be
delivered to the Company prior to 5:30 p.m. (Pacific Time) on the last day of the Subscription Period) to purchase part or all of the Second Closing Shares, then the Company shall sell, and the Purchasers shall purchase, in the aggregate, severally
and not jointly, that number of Second Closing Shares as indicated in the Subscription Notice at a price of $1,000 per share of Series X-1 Preferred Stock. Each Purchaser participating in the Second Closing shall deliver to the Company via wire
transfer or certified check then immediately available funds equal to its Second Subscription Amount, and the Company shall deliver to each Purchaser its respective shares of Series X-1 Preferred Stock. The Second Closing shall occur at 10:00 a.m.,
Pacific Time on the Second Closing Date, at the offices of Goodwin Procter LLP, Three Embarcadero Center, 24th Floor, San Francisco, California 94111, or such other time and location as the parties shall mutually agree. 

2.3 Deliveries; Closing Conditions. 

(a) Prior to the Initial Closing, the Company shall have adopted and filed with the Secretary of State of the State of Delaware the Series X
Preferred Stock Certificate of Designation, and the Series X Preferred Stock Certificate of Designation shall be in full force and effect. 

(b) Prior to the Second Closing, the Company shall have adopted and filed with the Secretary of State of the State of Delaware the Series X-1
Preferred Stock Certificate of Designation, and the Series X-1 Preferred Stock Certificate of Designation shall, of such time, be in full force and effect. 

(c) At the Initial Closing, the Company shall (i) deliver or cause to be delivered to each Purchaser evidence that the number of shares
(including any fractions thereof) of Series X Preferred Stock equal to such Purchaser’s Subscription Amount, divided by $1,000 (representing the per-share price) have been recorded in book entry form in the name of such Purchaser as beneficial
owner on the records of the Company’s transfer agent, American Stock Transfer & Trust Company, LLC and (ii) issue to each Purchaser a Warrant; 

(d) At the Second Closing, the Company shall deliver or cause to be delivered to each Purchaser evidence that the number of shares (including
any fractions thereof) of Series X-1 Preferred Stock equal to such Purchaser’s Second Subscription Amount divided by $1,000 (representing the per-share price) have been recorded in book entry form the name of such Purchaser as beneficial owner
on the records of the Company’s transfer agent, American Stock Transfer & Trust Company, LLC; 
 (e) At each Closing, each
Purchaser shall deliver or cause to be delivered to the Company such Purchaser’s Subscription Amount or Second Subscription Amount, as applicable, by wire transfer to the account as specified in writing by the Company; and 

  
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 (f) The respective obligations of the Company, on the one hand, and the Purchasers, on the other
hand, hereunder in connection with each Closing are subject to the following conditions being met: 
 (i) the accuracy in all
material respects on the Initial Closing Date of the representations and warranties contained herein (unless made as of a specified date therein) of the Company (with respect to the obligations of the Purchasers) and the Purchasers (with respect to
the obligations of the Company); 
 (ii) all obligations, covenants and agreements of the Company (with respect to the
obligations of the Purchasers) and the Purchasers (with respect to the obligations of the Company) required to be performed at or prior to the applicable Closing shall have been performed in all material respects; 

(iii) the delivery by the Company (with respect to the obligations of the Purchasers) and the Purchasers (with respect to the
obligations of the Company) of the items set forth in Section 2.3 of this Agreement; 
 (iv) there shall have
been no Material Adverse Effect with respect to the Company since the date hereof; and 
 (v) from the date hereof to the
applicable Closing, trading in the Common Stock shall not have been suspended on the Company’s principal U.S. Trading Market and, at any time prior to the applicable Closing, trading in securities generally as reported by Bloomberg L.P. shall
not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, on any U.S. Trading Market. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. Except as set forth in the SEC Reports, which shall qualify any
representation or warranty otherwise made herein to the extent of such disclosure, the Company hereby makes the following representations and warranties set forth below to each Purchaser as of the date hereof and as of the applicable Closing: 

(a) Subsidiaries. Each of the direct and indirect subsidiaries (each, a “Subsidiary”) of the Company are set
forth on Exhibit 21.1 to the Company’s most recently filed Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Except as disclosed in the SEC Reports, the Company owns, directly or indirectly, all of the capital stock
or other equity interests of each Subsidiary free and clear of any Liens, except for such Liens as would not reasonably be expected to result in a Material Adverse Effect, and all the issued and outstanding shares of capital stock of each Subsidiary
are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities of the Company. 

(b) Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own and use its properties and assets and to carry on its business as currently
conducted. Neither the Company nor any Subsidiary is in violation or 

  
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default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and the Subsidiaries is duly
qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to
be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to
revoke, limit or curtail such power and authority or qualification except where the revocation, limitation or curtailment could not have or reasonably be expected to result in a Material Adverse Effect. 

(c) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the
transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of the Transaction Documents to which it is a party by the Company and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate action on the part of the Company and no further corporate consent or action is required to be obtained by the Company, its
Board of Directors or its shareholders in connection therewith other than in connection with the Required Approvals. Each Transaction Document has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance
with the terms hereof and thereof, will constitute the legally valid and binding obligation of the Company enforceable against the Company in accordance with its terms except (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief
or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 (d)
No Conflicts. The execution, delivery and performance of the Transaction Documents to which it is a party by the Company, the issuance and sale of the Securities and the consummation by the Company of the other transactions contemplated
hereby and thereby do not and will not (i) after giving effect to the Required Approvals, conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other
organizational or charter documents, or (ii) after giving effect to the Required Approvals, conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of
any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility,
debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or
(iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary
is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected, except in the case of each of clauses (ii) and (iii) only, such
as would not have or reasonably be expected to result in a Material Adverse Effect. 

  
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 (e) Filings, Consents and Approvals. Except as disclosed in the SEC Reports and except
where the failure to obtain any such consent, waiver, authorization or order, give any such notice or make any such filing or registration would not reasonably be expected to result in a Material Adverse Effect, the Company is not required to obtain
any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person or other entity of any kind, including, without
limitation, any Trading Market in connection with the execution, delivery and performance by the Company of the Transaction Documents, except for any filings required to be made under applicable federal and state securities laws and the listing
applications with respect to the listing of the Securities required pursuant to Section 4.6 (collectively, the “Required Approvals”). 

(f) Issuance of the Securities. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and non-assessable, free and clear of all Liens imposed by the Company. The Securities are being issued pursuant to the Registration Statement and the issuance of the Securities will
be registered by the Company pursuant to the Securities Act. The Company has prepared and filed with the Commission in accordance with the provisions of the Securities Act the Registration Statement. The Registration Statement is effective pursuant
to the Securities Act and available for the issuance of the Securities thereunder and the Company has not received any written notice that the Commission has issued or intends to issue a stop-order or other order with respect to the Registration
Statement or the Prospectus or that the Commission otherwise has (i) suspended or withdrawn the effectiveness of the Registration Statement or (ii) issued any order preventing or suspending the use of the Prospectus, in either case, either
temporarily or permanently or intends or has threatened in writing to do so. The “Plan of Distribution” section of the Registration Statement permits the issuance of the Securities hereunder. Upon receipt of the Securities, the Purchasers
will have good and marketable title to such Securities and, upon issuance in compliance with the terms of the Transaction Documents, the Underlying Shares will be immediately freely tradable on each Trading Market. At the time the Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at each deemed effective date thereof pursuant to Rule 430B(f)(2) of the Securities Act, the Registration Statement and any amendments thereto complied and
will comply in all material respects with the requirements of the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at the time the Prospectus or any amendment or supplement thereto was issued and as of the Closing, complied and will comply in all material respects
with the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading. The Company meets all of the requirements for the use of a registration statement on Form S-3 (“Form S-3”) pursuant to the Securities Act for the offering and sale of the Securities contemplated by
this Agreement, and the Commission has not notified the Company of any objection to the use of the form of the Registration Statement pursuant to Rule 401(g)(1) of the Securities Act. The Registration Statement, as of its effective date, meets
the requirements set forth in Rule 415(a)(1)(x) pursuant to the Securities Act. At the earliest time after the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule
164(h)(2) of the Securities Act) relating to any of the Securities, the Company was not and is not an Ineligible Issuer (as defined in Rule 405 of the Securities Act). 

  
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 (g) Capitalization. Except as disclosed in the SEC Reports, the Company has not issued any
capital stock since its most recently filed periodic report pursuant to the Exchange Act, other than pursuant to the exercise of stock options pursuant to the Company’s equity incentive plans, the issuance of shares of Common Stock to
employees, directors and consultants pursuant to the Company’s equity incentive plans and stock purchase plans, and pursuant to the conversion or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed
periodic report pursuant to the Exchange Act. No Person has any right of first refusal, preemptive right, right of participation or any similar right to participate in the transactions contemplated by the Transaction Documents. Except for various
outstanding series of convertible debt, options and warrants described in the SEC Reports, there are no outstanding series of convertible stock, options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever
relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents. The issuance and sale of the Securities will not obligate the Company to issue shares of Common Stock or other
securities to any Person other than the Purchasers, and will not result in a right of any holder of Company securities to adjust the exercise, conversion, exchange or reset price under any of such Securities. All of the outstanding shares of capital
stock of the Company are validly issued, fully paid and non-assessable, and none of such outstanding shares were issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities. Other than the Required
Approvals, no further approval or authorization after the date hereof of any shareholder, the Board of Directors of the Company or others is required for the issuance and sale of the Securities. Except as disclosed in the SEC Reports or as
contemplated by this Agreement or as otherwise agreed by a Purchaser, there are no shareholder agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the
knowledge of the Company, between or among any of the Company’s shareholders. 
 (h) SEC Reports; Financial Statements. The
Company has complied in all material respects with requirements to file all reports, schedules, forms, statements and other documents required to be filed by it pursuant to the Securities Act and the Exchange Act, including, without limitation,
pursuant to Section 13(a) or 15(d) thereof, for the two (2) years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits
thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of
such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act,
as applicable, the rules and regulations of the Commission promulgated thereunder and other federal, state and local laws, rules and regulations applicable to it, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact 

  
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required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the
Company included in the SEC Reports, together with the related notes and schedules thereto, comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission and all other applicable rules and
regulations with respect thereto as in effect at the time of filing. Such financial statements, together with the related notes and schedules, have been prepared in accordance with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject,
in the case of unaudited statements, to normal, immaterial, year-end audit adjustments. 
 (i) Material Changes; Undisclosed Events,
Liabilities or Developments. Except as disclosed in the SEC Reports or as otherwise contemplated by this Agreement, since the date of the latest audited financial statements included within the SEC Reports, (i) there has been no event,
occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the
Commission, (iii) the Company has not altered its method of accounting, and (iv) the Company has not issued any equity securities to any officer, director or Affiliate except pursuant to existing Company equity incentive and incentive
compensation plans. Except for the issuance of the Securities contemplated by this Agreement, or as set forth in the SEC Reports, or as otherwise disclosed to the Purchasers, no event, liability or development has occurred or exists with respect to
the Company or its Subsidiaries or their respective business, properties, operations or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made that has not
been publicly disclosed at least one (1) Trading Day prior to the date that this representation is made. 
 (j) Litigation.
Except as disclosed in the SEC Reports, there is no Proceeding pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, legal validity or enforceability of
any of the Transaction Documents or the Securities or (ii) would, if there were an unfavorable decision, reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the SEC Reports, neither the Company nor any
Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. Except as disclosed in the SEC
Reports, there has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary pursuant to the Exchange Act or the Securities Act. 

  
 12 

 (k) Labor Relations. No material labor dispute exists or, to the knowledge of the Company,
is imminent with respect to any of the employees of the Company which would reasonably be expected to result in a Material Adverse Effect. The Company and its Subsidiaries believe that their relationships with their employees are good. No executive
officer, to the knowledge of the Company, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other
contract or agreement or any restrictive covenant, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its
Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (l) Compliance. Except as
disclosed in the SEC Reports, neither the Company nor any Subsidiary (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the
Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is
a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of
any statute, rule or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws applicable to its business and all such laws that affect the environment, except as disclosed herein and except in
each case as would not reasonably be expected to have a Material Adverse Effect. 
 (m) Regulatory Permits. Except as disclosed in
the SEC Reports, (i) the Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as
described in the SEC Reports, except where the failure to possess such permits would not have or reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and (ii) neither the Company nor any
Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit. 
 (n) Title to
Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them that is material to the business of the Company and the Subsidiaries and good and marketable title in all personal property
owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for Liens which do not materially affect the value of such property and do not materially interfere with the use
made and proposed to be made of such property by the Company and the Subsidiaries and Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties or for taxes that are being contested
in good faith and by appropriate proceedings, and except for Liens which would not reasonably be expected to result in a Material Adverse Effect. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them
under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance. 

  
 13 

 (o) Patents and Trademarks. The Company and the Subsidiaries have, or have rights to use,
all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other similar intellectual property rights currently owned by or licensed to them in connection
with the business currently operated by them that are necessary for use in the conduct of their respective businesses as described in the SEC Reports, except where the failure to so have would not reasonably be expected to have a Material Adverse
Effect (collectively, the “Intellectual Property Rights”). Neither the Company nor any Subsidiary has received any written notice that any of the Intellectual Property Rights used by the Company or any Subsidiary violates or
infringes upon the rights of any Person, except for such as would not reasonably be expected to have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing
infringement by another Person of any of the Intellectual Property Rights of the Company or any Subsidiaries. 
 (p) Insurance. The
Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged,
including, but not limited to, directors and officers insurance coverage. To the Company’s knowledge, such insurance contracts are accurate and complete. Neither the Company nor any Subsidiary has any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without a significant increase in cost, except for such renewals or failures
to obtain similar coverage from similar insurers as would not reasonably be expected to have a Material Adverse Effect or as affect the industry generally. 

(q) Transactions With Affiliates and Employees. None of the officers or directors of the Company and, to the knowledge of the Company,
none of the employees of the Company is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors) that is required to be disclosed and is not disclosed in the SEC Reports,
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee
or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner, other than for (i) payment of salary, consulting fees or financial
advisory fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including restricted stock programs and stock option agreements under any stock option plan of the
Company. 
 (r) Sarbanes-Oxley. The Company is in material compliance with all provisions of the Sarbanes-Oxley Act of 2002, as
amended, which are applicable to it as of the date hereof. 

  
 14 

 (s) Certain Fees. Other than as disclosed in the Prospectus Supplement, no brokerage or
finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction
Documents. 
 (t) Investment Company. The Company is not, and immediately after receipt of payment for the Securities will not be, an
“investment company” within the meaning of the Investment Company Act. 
 (u) Registration Rights. No Person has any right
to cause the Company to effect the registration pursuant to the Securities Act of any securities of the Company, which rights will interfere with the transactions contemplated hereunder. 

(v) Listing and Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act,
and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock pursuant to the Exchange Act nor has the Company received any notification that the
Commission is currently contemplating terminating such registration. Except as disclosed in the SEC Reports, the Company has not, in the twelve (12) months preceding the date hereof, received notice from any Trading Market on which the Common
Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market that would result in immediate delisting. 

(w) Application of Takeover Protections. The Company and its Board of Directors have taken all necessary action, if any, in order to
render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement), or other similar anti-takeover provision pursuant to the Certificate of Incorporation (or similar charter
documents) or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights pursuant to the Transaction Documents,
including without limitation, as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities. 

(x) No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in
Section 3.2 of this Agreement, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any
security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company in a manner that would require shareholder approval pursuant to the rules of any Trading Market on which any of the
securities of the Company are listed or designated. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of any Trading Market. 

(y) Indebtedness. The SEC Reports set forth as of the dates thereof all outstanding secured and unsecured Indebtedness of the Company
or any Subsidiary, or for which the Company or any Subsidiary has commitments. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness disclosed to the Purchasers except for any such default that would not have or
reasonably be expected to result in a Material Adverse Effect. 

  
 15 

 (z) Tax Status. Except for matters that would not, individually or in the aggregate, have
or reasonably be expected to result in a Material Adverse Effect and except as disclosed in the SEC Reports, the Company and each Subsidiary have filed (or requested valid extensions thereof) all necessary federal, state and foreign income and
franchise tax returns (unless and only to the extent that the Company and each of its Subsidiaries has set aside on its books provisions reasonably adequate for the payment of all unpaid and unreported taxes) and have paid or accrued all taxes shown
as due thereon, and the Company has no knowledge of a tax deficiency which has been asserted or threatened against the Company or any Subsidiary. 

(aa) Foreign Corrupt Practices. Neither the Company, nor to the knowledge of the Company, any agent or other person while acting on
behalf of the Company, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign
or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company (or made by any person acting on its behalf of
which the Company is aware) which is in violation of law, or (iv) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended. 

(bb) Accountants. BDO USA, LLP (i) to the knowledge of the Company, is an independent public accountant as required by the
Exchange Act and is an independent registered public accounting firm within the meaning of the Sarbanes-Oxley Act of 2002, as amended, as required by the rules of the Public Company Accounting Oversight Board and (ii) expressed its opinion with
respect to the audited financial statements as of December 31, 2014 and 2015 and for fiscal years 2013, 2014 and 2015 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. 

(cc) Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the Purchasers
is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the
Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities. The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement
and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives. 

(dd) Acknowledgement Regarding Purchasers’ Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Section 3.2(d) of this Agreement, which shall control), it is understood and acknowledged by the Company (i) that none of the Purchasers have been asked to agree, nor has any Purchaser agreed, to desist
from 

  
 16 

 
purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified
term, (ii) that past or future open market or other transactions by any Purchaser, including Short Sales, and specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or
future transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) that any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly
or indirectly, presently may have a “short” position in the Common Stock, and (iv) that each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative”
transaction. The Company further understands and acknowledges that (A) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, and (B) such hedging activities (if any)
could reduce the value of the existing shareholders’ equity interests in the Company at and after the time that the hedging activities are being conducted. The Company acknowledges that such aforementioned hedging activities, to the extent
not prohibited by this Agreement, do not constitute a breach of any of the Transaction Documents. 
 (ee) Regulation M
Compliance. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any
compensation for soliciting another to purchase any other securities of the Company. 
 (ff) Office of Foreign Assets Control.
Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or any person acting on behalf of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office
of Foreign Assets Control of the U.S. Treasury Department. 
 (gg) Money Laundering. The operations of the Company and its
Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes
and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened. 

(hh) Disclosure Controls and Procedures. Except as disclosed in the SEC Reports, the Company has established and maintains disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to the Company, including any consolidated Subsidiaries, is made known to its
principal executive officer and principal financial officer by others within those entities. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period
covered by the most recently filed quarterly or annual periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed quarterly or annual

  
 17 

 
periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date. Since the Evaluation Date, there have been no significant changes in the Company’s internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) or, to the Company’s knowledge, in
other factors that could significantly affect the Company’s internal control over financial reporting. 
 (ii) Accounting
Controls. Except as disclosed in the SEC Reports, the Company maintains a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or
specific authorization, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets, (iii) access to assets is permitted only in accordance
with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

(jj) Placement Agent. The Company has taken no action that would give rise to any claim by any Person for brokerage commissions,
placement agent’s fees or similar payments relating to this Agreement or the transactions contemplated hereby. 
 3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the execution and delivery of this Agreement on the date first above written in this Agreement
to the Company as follows: 
 (a) Organization; Authority. Such Purchaser is an entity duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization with full right, corporate or partnership power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its
obligations hereunder and thereunder. The execution, delivery and performance by such Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate or similar action on the part of such Purchaser.
Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser,
enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law. 
 (b) No Intent to Take Over. Such Purchaser has no present actual intent to seek to effect, or to assist others
in effecting, a hostile acquisition of the Company. 
 (c) Experience of Such Purchaser. Such Purchaser understands that nothing in
the Agreement or any other materials presented to the Purchaser in connection with the purchase and sale of the Securities constitutes legal, tax or investment advice. Such Purchaser acknowledges that it must rely on legal, tax and investment
advisors of its own choosing in connection with its purchase of the Securities. 

  
 18 

 (d) Short Sales and Confidentiality Prior to the Date Hereof. Other than consummating the
transactions contemplated hereunder, such Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchases or sales, including Short Sales, of the
securities of the Company during the period commencing as of the time that such Purchaser first learned of the specific purchase and sale transaction being effected pursuant to this Agreement and ending immediately prior to the execution and
delivery hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no
direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio
manager that made the investment decision to purchase the Securities covered by this Agreement. Other than to other Persons party to this Agreement and to its counsel, such Purchaser has maintained the confidentiality of all disclosures made to it
in connection with the transaction expressly contemplated by this Agreement (including the existence and terms of this transaction). As of the date hereof, the Purchaser does not own any shares of the Company’s Common Stock that are borrowed.
Notwithstanding the foregoing, except as set forth in Section 3.2(e), for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the
availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions after the Second Closing Date. 

(e) Prohibition of Short Sales and Hedging Transactions. Each Purchaser agrees that beginning on the date of this Agreement and ending
on the Second Closing Date, Purchaser and its agents, representatives and affiliates shall not in any manner whatsoever enter into or effect, directly or indirectly, any (i) Short Sale of the Company’s Common Stock or (ii) hedging
transaction, which establishes a net short position with respect to the Company’s Common Stock. Without limiting the generality of the foregoing, neither the Purchaser nor any of its agents, representatives or affiliates will take, directly or
indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which would reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company.

 (f) No Government Review. Such Purchaser understands that no U.S. federal or state agency or any other government or governmental
agency has passed upon or made any recommendation or endorsement of the Securities purchased hereunder. 
 (g) Beneficial Ownership.
Immediately following such Purchaser’s purchase of Securities hereunder, such Purchaser, together with its Affiliates, will not beneficially own more than 9.99% of the Common Stock, including shares of Common Stock to be acquired upon exercise
of the Warrants. For purposes hereof, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder. 

  
 19 

 ARTICLE IV 

OTHER AGREEMENTS OF THE PARTIES 

4.1 Integration. After this transaction, the Company shall not sell, offer for sale or solicit offers to buy or otherwise
negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities such that the rules of the Trading Market would require shareholder approval of this
transaction prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction. 

4.2 Securities Laws Disclosure; Publicity. The Company shall (a) issue a press release disclosing the material terms of the
transactions contemplated hereby simultaneously with the execution and delivery hereof (the “Press Release”), and (b) by 5:30 p.m. (New York City time) on the fourth Trading Day following the date hereof, file a Current Report
on Form 8-K disclosing the material terms of the transactions contemplated hereby and including the Transaction Documents as exhibits thereto. From and after the issuance of the Press Release, no Purchaser shall be in possession of any material,
non-public information received from the Company, any of its Subsidiaries or any of their respective officers, directors or employees that is not disclosed in the Press Release. The Company and each Purchaser shall consult with each other in issuing
any other press releases with respect to the transactions contemplated hereby, and, except as may be required by law, neither the Company nor any Purchaser shall issue any such press release or otherwise make any such public statement without the
prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except
if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the
name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or any Trading Market, without the prior written consent of such Purchaser, except (i) in the Press Release, (ii) the
filing of this Agreement (including the signature pages hereto), the Prospectus Supplement, the Press Release, the Form 8-K and in its periodic reports with the Commission, and (iii) to the extent such disclosure is required by law or any
Trading Market, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this subclause (iii). The Company shall deliver a copy of the Solution 8-K to the Purchasers within one Trading Day following
the filing of such report. 
 4.3 Non-Public Information. Except with respect to the material terms and conditions of the
transactions contemplated by the Transaction Documents, the Company covenants and agrees that neither it nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that the Company believes
constitutes material non-public information. Notwithstanding the foregoing, to the extent the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that
such Purchaser shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public information. The Company understands and confirms that each Purchaser shall be relying on the foregoing
covenant in effecting transactions in securities of the Company. 

  
 20 

 4.4 Use of Proceeds. The Company will use the proceeds from the offering as
described in the Prospectus Supplement. 
 4.5 Indemnification of Purchasers. Subject to the provisions of this
Section 4.5, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles
notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders,
agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling Persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of
investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction
Documents or (b) any action instituted against a Purchaser, or any of them or their respective Affiliates, by any shareholder of the Company who is not an Affiliate of such Purchaser or any governmental or regulatory agency, with respect to any
of the transactions contemplated by the Transaction Documents (unless such action is based upon a material breach of such Purchaser’s representations, warranties or covenants of the Transaction Documents or any agreements or understandings such
Purchaser may have with any such shareholder or any material violations by the Purchaser of state or federal securities laws or any conduct by such Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance). If any
action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense
thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party. Any Purchaser Party shall have the right to engage separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such
counsel shall be at the expense of such Purchaser Party except to the extent that (i) the engagement thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to
assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser
Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (i) for any settlement by a
Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed or (ii) to the extent, but only to the extent, that a loss, claim, damage or liability is attributable to any
Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents. 

  
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 4.6 Reservation and Listing of Securities. 

(a) The Company shall maintain a reserve from its duly authorized shares of Common Stock for issuance pursuant to the Transaction Documents in
such amount as may then be required to fulfill its obligations in full under the Transaction Documents, but not less than the Required Minimum. 

(b) If, on any date, the number of authorized but unissued (and otherwise unreserved) shares of Common Stock is less than the Required Minimum
on such date (such date, the “Authorized Share Failure”), then the Company shall promptly take all action necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to
reserve and have available the Required Minimum as of such date. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety
(90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders or conduct a consent solicitation for the approval of an increase in the number of authorized shares of Common Stock to have
available the Required Minimum. 
 (c) The Company shall, if applicable: (i) in the time and manner required by the principal Trading
Market, prepare and file with such Trading Market an additional shares listing application covering a number of shares of Common Stock at least equal to the Required Minimum on the date of such application, (ii) take all steps necessary to
cause such shares of Common Stock to be approved for listing or quotation on such Trading Market as soon as possible thereafter, (iii) provide to the Purchaser evidence of such listing or quotation and (iv) use commercially reasonable
efforts to maintain the listing of the Common Stock on a Trading Market, and the Company shall list all of the Securities on each of The NASDAQ Capital Market no later than the applicable Closing. The Company further agrees that if the Company
applies to have the Common Stock traded on any other Trading Market, it will include in such application all of the Securities and will take such other action as is necessary to cause all of the Securities to be listed on such other Trading Market
as promptly as possible. The Company will take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market, other than in connection with a Fundamental Transaction in which the Company is not the
surviving entity or in which all of the capital stock of the Company is acquired by an unaffiliated and unrelated Person, and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of
such Trading Market. 
 4.7 Limitations on Subsequent Financings. The Company shall not consummate a Subsequent Financing (as
defined below) from the date hereof through the expiration of the Subscription Period without the prior written consent of the Purchasers holding a majority of the Securities issued and issuable pursuant to the Transaction Documents. 

4.8 Participation in Future Financings. 

(a) From the date hereof through the first anniversary of the Initial Closing Date, upon any proposed issuance by the Company or any of its
Subsidiaries of Common Stock, or Common Stock Equivalents for cash consideration, Indebtedness or a combination thereof, other than an Exempt Issuance (a “Subsequent Financing”), the Purchaser shall have the right to participate in
such Subsequent Financing up to its pro rata amount, calculated as its percentage equity ownership of the Company’s outstanding equity (assuming the conversion of all 

  
 22 

 
outstanding Preferred Stock into shares of Common Stock without regard to any blockers) (the “Participation Maximum”) on the same terms, conditions and price provided for in the
Subsequent Financing, unless the Subsequent Financing is an underwritten public offering, in which case the Company shall offer the Purchaser the right to participate in such public offering up to its pro rata amount when it is lawful for the
Company to do so. 
 (b) At least five Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to the
Purchaser a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall inquire with the Purchaser whether it wishes to review the details of such proposed financing (such additional
notice, a “Subsequent Financing Notice”). Upon the request of the Purchaser, and only upon a request by the Purchaser, for a Subsequent Financing Notice, the Company shall promptly, but no later than one Trading Day after such
request, deliver a Subsequent Financing Notice to the Purchaser. The requesting Purchaser shall be deemed to have acknowledged that the Subsequent Financing Notice may contain material non-public information. The Subsequent Financing Notice shall
describe in reasonable detail the proposed terms of such Subsequent Financing, the amount of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed to be effected and shall
include a term sheet or similar document relating thereto as an attachment. 
 (c) If the Purchaser wishes to participate in such Subsequent
Financing it must provide written notice to the Company by not later than 5:30 p.m. (Pacific Time) on the fifth Trading Day after the Purchaser has received the Subsequent Financing Notice, that the Purchaser is willing to participate in the
Subsequent Financing and the amount of the Purchaser’s participation. If the Company receives no such notice from the Purchaser as of such fifth Trading Day, the Purchaser shall be deemed to have notified the Company that it does not elect to
participate and the Company may effect the Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice. 

(d) If by 5:30 p.m. (Pacific Time) on the fifth Trading Day after the Purchaser has received the Subsequent Financing Notice, the Company has
received written notification by the Purchaser of its willingness to participate in the Subsequent Financing (or to cause its designees to participate), then the Company shall effect the Subsequent Financing with the Purchaser (in the amount
indicated in its notification up to the Participation Maximum) and, with respect to the remaining portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice. 

(e) The Company must provide the Purchaser with a second Subsequent Financing Notice, and the Purchaser will again have the right of
participation set forth above in this Section 4.7, if the Subsequent Financing subject to the initial Subsequent Financing Notice is amended in any material respect or is not consummated for any reason on the terms set forth in such
Subsequent Financing Notice within 30 days after the date of the initial Subsequent Financing Notice. 
 (f) Notwithstanding anything to the
contrary in this Section 4.7 and unless otherwise agreed to by the Purchaser, the Company shall either confirm in writing to the Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or

  
 23 

 
shall publicly disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that the Purchaser will not be in possession of any material,
non-public information, by the fifth Business Day following delivery of the Subsequent Financing Notice. If by such fifth Business Day, no public disclosure regarding a transaction with respect to the Subsequent Financing has been made, and no
notice regarding the abandonment of such transaction has been received by the Purchaser, such transaction shall be deemed to have been abandoned and the Purchaser shall not be deemed to be in possession of any material, non-public information with
respect to the Company or any of its Subsidiaries. 
 ARTICLE V 

MISCELLANEOUS 
 5.1
Termination. This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written
notice to the other parties, if the Closing has not been consummated on or before 5:00 p.m. (Pacific Time) on the tenth Trading Day after the date hereof through no fault of such Purchaser; provided, however, that no such termination
will affect the right of any party to sue for any breach by the other party (or parties). 
 5.2 Fees and Expenses. Except as
expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement; provided, however, that the Company shall pay the legal fees and expenses incurred by the Purchasers affiliated with Biotechnology Value Fund, L.P. in connection with
the transactions contemplated by this Agreement up to an aggregate amount of $50,000. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 5.3 Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire
understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such subject matter, which the parties acknowledge have been merged into such documents,
exhibits and schedules; provided that the foregoing shall not have any effect on any agreements that a Purchaser has entered into with the Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment
made by such Purchaser in the Company. 
 5.4 Notices. Any and all notices or other communications or deliveries required
or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via email at the email address set forth on the
signature pages attached hereto or facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (Pacific Time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such
notice or communication is delivered via email at the email address set forth on the signature pages attached hereto or facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later
than 5:30 p.m. (Pacific Time) on any Trading Day, (c) the second Trading Day following the date of mailing, if sent by U.S. nationally 

  
 24 

 
recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set
forth on the signature pages attached hereto. 
 5.5 Amendments; Waivers. No provision of this Agreement may be waived or
amended except in a written instrument signed, in the case of an amendment, by the Company and the Lead Investors or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default
with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. 
 5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 

5.7 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their permitted
successors and assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger). The Purchasers may not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the Company (other than by merger). 
 5.8 No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as
otherwise set forth in Section 4.5 of this Agreement. 
 5.9 Governing Law. All questions concerning the
construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of California, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its
respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of San Francisco. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City and County of San Francisco for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the
enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and
notice thereof. Nothing 

  
 25 

 
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any
provisions of the Transaction Documents, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding. 
 5.10 Survival. The representations, warranties and covenants contained herein
shall survive the Closing and the delivery of the Securities for a period of one (1) year following the Closing. 
 5.11
Execution. This Agreement may be executed in two (2) or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party
and delivered to each other party, it being understood that the parties need not sign the same counterpart. In the event that any signature on this Agreement or any instrument pursuant to Section 5.5 hereof is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a legally valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof. 
 5.12 Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable. 
 5.13 Rescission and Withdrawal Right. Notwithstanding
anything to the contrary contained in (and without limiting any similar provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and the Company does not
timely perform its related obligations within the periods therein provided, then such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election in whole or
in part without prejudice to its future actions and rights. 
 5.14 Replacement of Securities. If any certificate or
instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity or bond, if requested. The applicant for a new certificate
or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities. 

  
 26 

 5.15 Remedies. In addition to being entitled to exercise all rights provided herein
or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance pursuant to the Transaction Documents. The parties agree that monetary damages may not be adequate compensation for any
loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agrees to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be
adequate. 
 5.16 Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any
Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction
Document. Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently
protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any
proceeding for such purpose. Each Purchaser has been represented by its own separate legal counsel in their review and negotiation of the Transaction Documents. 

5.17 Construction. The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to
revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any
amendments hereto. 
 (Signature Pages Follow) 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be duly
executed by their respective authorized signatories as of the date first indicated above. 
  

					
	ANTHERA PHARMACEUTICALS, INC.	 		 	Address for Notice:
		 		 	25801 Industrial Blvd, Suite B
		 		 	Hayward, California 94545
		 		 	Attn: Paul Truex
			
	 /s/ Paul Truex
	 		 	
	Name: Paul Truex	 		 	 With a copy to (which shall not constitute

notice):

	Title:   CEO	 		 
			
		 		 	Goodwin Procter LLP
		 		 	Three Embarcadero Center, 24th Floor
		 		 	San Francisco, California 94111
		 		 	Facsimile: (415) 520-9513
		 		 	Attn: Bradley A. Bugdanowitz, Esq.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; 

PURCHASER SIGNATURE PAGES FOLLOW] 

[Subscription Agreement]  

  
 28 

 IN WITNESS WHEREOF, the undersigned have caused this Subscription Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above. 
  

			
	Name of Purchaser:	  	 Biotechnology Value Fund, L.P.

 

			
	Signature of Authorized Signatory of Purchaser:	  	 /s/ Mark Lampert

 

			
	Name of Authorized Signatory:	 	 Mark Lampert

		
	Title of Authorized Signatory:	 	 President of BVF, Inc., itself GP of BVF Partners L.P., itself GP of Biotechnology Value Fund,
L.P.

		
	Email Address of Purchaser:	 	 loy@bvflp.com

		
	Fax Number of Purchaser:	 	 (415) 288-2394

  

			
	 Address for Notice of Purchaser:
  

One Sansome Street,
30th Floor
 San
Francisco, CA 94104

	  

	Telephone:	 	 (415) 525-8890

	Email:	 	 loy@bvflp.com

	Facsimile:	 	 (415) 288-2394

	Attention:	 	 Spike Loy

	  
 With a copy to (which shall not constitute
notice):
  
 Gibson, Dunn & Crutcher, LLP

555 Mission Street, Suite 3000
 San Francisco, CA 94105

Attn: Ryan A. Murr

 Address for delivery of securities for
Purchaser (if not same as address for notice): 
  

			
	 The Depository Trust Company

570 Washington Blvd – 5th Floor

Jersey City, NJ 07310

	Telephone:	 	 N/A

	Email:	 	 NA

	Facsimile:	 	 NA

			
	Attention:	 	   BNY Mellon/Branch Deposit Department for the account

 

			
	Subscription Amount:	 	 $6,949,000

 

			
	Shares of Series X Preferred Stock:	 	 6,949

 

			
	EIN Number:	 	  

  
 29 

 IN WITNESS WHEREOF, the undersigned have caused this Subscription Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above. 
  

			
	Name of Purchaser:	  	 Biotechnology Value Fund II, L.P.

			
		
	Signature of Authorized Signatory of Purchaser:	  	 /s/ Mark Lampert

			
		
	Name of Authorized Signatory:	 	 Mark Lampert

		
	Title of Authorized Signatory:	 	 President of BVF, Inc., itself GP of BVF Partners L.P., itself GP of Biotechnology Value Fund II,
L.P.

		
	Email Address of Purchaser:	 	 loy@bvflp.com

		
	Fax Number of Purchaser:	 	 (415) 288-2394

  

			
	Address for Notice of Purchaser:
	
	 One Sansome Street, 30th
Floor

	 San Francisco, CA 94104

	  

			
	Telephone:	 	 (415) 525-8890

	Email:	 	 loy@bvflp.com

	Facsimile:	 	 (415) 288-2394

	Attention:	 	 Spike Loy

			
	
	With a copy to (which shall not constitute notice):

			
	
	Gibson, Dunn & Crutcher, LLP
	555 Mission Street, Suite 3000
	San Francisco, CA 94105
	Attn: Ryan A. Murr

			
	
	Address for delivery of securities for Purchaser (if not same as address for notice):

			
	
	 The Depository Trust Company

	 570 Washington Blvd – 5th
Floor

	 Jersey City, NJ 07310

			
	Telephone:	 	 N/A

	Email:	 	 NA

	Facsimile:	 	 NA

			
	Attention:	 	   BNY Mellon/Branch Deposit Department for the account

			
		
	Subscription Amount:	 	 $4,542,00

			
		
	Shares of Series X Preferred Stock:	 	 4,542

			
		
	EIN Number:	 	  

  
 30 

 IN WITNESS WHEREOF, the undersigned have caused this Subscription Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above. 
  

			
	Name of Purchaser:	 	 Biotechnology Value Trading Fund OS,
L.P.

			
		
	Signature of Authorized Signatory of Purchaser:	 	 /s/ Mark Lampert

			
		
	Name of Authorized Signatory:	 	 Mark Lampert

	
	 Title of Authorized Signatory: President of BVF, Inc., itself GP of BVF
Partners L.P., itself Sole Member of BVF Partners OS, Ltd., itself GP of Biotechnology Value Trading Fund OS, L.P.

		
	Email Address of Purchaser:	 	 loy@bvflp.com

		
	Fax Number of Purchaser:	 	 (415) 288-2394

 

			
	 Address for Notice of Purchaser:
  

One Sansome Street,
30th Floor
 San
Francisco, CA 94104

	  

	Telephone:	 	 (415) 525-8890

	Email:	 	 loy@bvflp.com

	Facsimile:	 	 (415) 288-2394

	Attention:	 	 Spike Loy

	  

With a copy to (which shall not constitute notice):

 
 Gibson, Dunn & Crutcher, LLP

555 Mission Street, Suite 3000
 San Francisco, CA 94105

Attn: Ryan A. Murr

 Address for delivery of securities for
Purchaser (if not same as address for notice): 
  

			
	 The Depository Trust Company

570 Washington Blvd – 5th Floor

Jersey City, NJ 07310

	Telephone:	 	 N/A

	Email:	 	 NA

	Facsimile:	 	 NA

			
	Attention:	 	   BNY Mellon/Branch Deposit Department for the account

 

			
	Subscription Amount:	 	 $1,352,000

 

			
	Shares of Series X Preferred Stock:	 	 1,352

 

			
	EIN Number:	 	  

  
 31 

 IN WITNESS WHEREOF, the undersigned have caused this Subscription Agreement to be duly executed
by their respective authorized signatories as of the date first indicated above. 
  

			
	Name of Purchaser:	 	 MSI BVF SPV, L.L.C.

			
		
	Signature of Authorized Signatory of Purchaser:	 	 /s/ Mark Lampert

			
		
	Name of Authorized Signatory:	 	 Mark Lampert

			
		
	Title of Authorized Signatory:	 	 President of BVF, Inc., itself GP of BVF Partners L.P., itself attorney-in-fact for MSI BVF SPV,
L.L.C.

		
	Email Address of Purchaser:	 	 loy@bvflp.com

		
	Fax Number of Purchaser:	 	 (415) 288-2394

 

			
	 Address for Notice of Purchaser:
  

One Sansome Street,
30th Floor
 San
Francisco, CA 94104

	  

	Telephone:	 	 (415) 525-8890

	Email:	 	 loy@bvflp.com

	Facsimile:	 	 (415) 288-2394

	Attention:	 	 Spike Loy

	  

With a copy to (which shall not constitute notice):

 
 Gibson, Dunn & Crutcher, LLP

555 Mission Street, Suite 3000
 San Francisco, CA 94105

Attn: Ryan A. Murr

 Address for delivery of securities for
Purchaser (if not same as address for notice): 
  

			
	 BNP Paribas Prime Brokerage

787 Seventh Avenue, 8th Floor

New York, NY 10019

	Telephone:	 	 212-471-6836

	Email:	 	 jose.nevarez@us.bnpparibas.com

	Facsimile:	 	 NA

	Attention:	 	Jose Nevarez

  

			
	Subscription Amount:	 	 $2,157,000

 

			
	Shares of Series X Preferred Stock:	 	 2,157

 

			
	EIN Number:	 	  

  
 32 

 EXHIBIT A 

Series X Preferred Stock Certificate of Designation 

  
 33 

 EXHIBIT B 

Series X-1 Preferred Stock Certificate of Designation 

  
 34 

 EXHIBIT C 

Form of Warrant 

  
 35 

 EXHIBIT D 

Subscription Notice 
  

	To:	                                    
 

  

	(1)	The undersigned Purchaser hereby elects to purchase                  shares of the Series X-1 Convertible Preferred Stock
(“Series X-1 Preferred Stock”) of Anthera Pharmaceuticals, Inc. (the “Company”), pursuant to the terms of the Subscription Agreement dated the 6th day of September, 2016 (the “Agreement”) between the Company and the
Purchasers named therein, and tenders herewith payment of the purchase price set forth below in full. 

  

	(2)	Please issue a certificate or certificates representing said shares of Series X-1 Preferred Stock in the name of the undersigned or in such other name as is specified below. 

 

			
	Number of shares of Series X Preferred Stock owned:	  	  

		
	Number of shares of Common Stock owned:	  	  

			
		
	Number of shares of Series X-1 Preferred Stock to be purchased:	  	  

		
	Price per share:	  	 $1,000

		
	Total purchase price:	  	  

			
		
	Address for delivery of physical certificates:	  	  

		
	or	  	

			
		
	For DWAC Delivery:	  	  

		
	DWAC Instructions:	  	  

			
		
	 Broker no:
	  	  

			
		
	Account no:	  	  

  

					
	PURCHASER
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

			
		 	Date:	 	  

  
 36Exhibit 4.4

 

SOUTHSIDE BANCSHARES, INC.

 

SENIOR DEBT INDENTURE

 

DATED AS OF      ,
20

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,
AS TRUSTEE

  

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page Number
	 	 	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Other Definitions	4
	Section 1.3	Incorporation by Reference of Trust Indenture Act	4
	Section 1.4	Rules Of Construction	5
	 	 	 
	Article II THE SECURITIES	5
	 	 	 
	Section 2.1	Issuable In Series	5
	Section 2.2	Establishment Of Terms Of Series Of Securities	5
	Section 2.3	Execution and Authentication	7
	Section 2.4	Registrar and Paying Agent	8
	Section 2.5	Paying Agent to Hold Money in Trust	8
	Section 2.6	Securityholder Lists	8
	Section 2.7	Transfer and Exchange	9
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	9
	Section 2.9	Outstanding Securities	9
	Section 2.10	Treasury Securities	10
	Section 2.11	Temporary Securities	10
	Section 2.12	Cancellation	10
	Section 2.13	Defaulted Interest	11
	Section 2.14	Global Securities.	11
	Section 2.15	CUSIP Numbers	12
	 	 	 
	Article III REDEMPTION	12
	 	 	 
	Section 3.1	Notice To Trustee	12
	Section 3.2	Selection of Securities to be Redeemed	12
	Section 3.3	Notice of Redemption	13
	Section 3.4	Effect of Notice of Redemption	13
	Section 3.5	Deposit of Redemption Price	14
	Section 3.6	Securities Redeemed in Part	14
	 	 	 
	Article IV COVENANTS	14
	 	 	 
	Section 4.1	Payment of Principal and Interest	14
	Section 4.2	SEC Reports	14
	Section 4.3	Compliance Certificate	14
	Section 4.4	Stay, Extension and Usury Laws	14
	Section 4.5	Corporate Existence	15
	Section 4.6	Taxes	15
	 	 	 
	Article V SUCCESSORS	15
	 	 	 
	Section 5.1	When Company May Merge, Etc.	15
	Section 5.2	Successor Corporation Substituted	15
	 	 	 
	Article VI  DEFAULTS AND REMEDIES	16
	 	 	 
	Section 6.1	Events of Default	16
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	17
	Section 6.3	Collection Of Indebtedness And Suits For Enforcement By Trustee	17

 

    i 

     

    

  

	Section 6.4	Trustee May File Proofs Of Claim	18
	Section 6.5	Trustee May Enforce Claims Without Possession Of Securities	18
	Section 6.6	Application of Money Collected	18
	Section 6.7	Limitation On Suits	19
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	19
	Section 6.9	Restoration of Rights and Remedies	19
	Section 6.10	Rights and Remedies Cumulative	20
	Section 6.11	Delay or Omission Not Waiver	20
	Section 6.12	Control by Holders	20
	Section 6.13	Waiver Of Past Defaults	20
	Section 6.14	Undertaking For Costs	20
	 	 	 
	Article VII TRUSTEE	21
	 	 	 
	Section 7.1	Duties of Trustee	21
	Section 7.2	Rights of Trustee	22
	Section 7.3	Individual Rights of Trustee	23
	Section 7.4	Trustee’s Disclaimer	24
	Section 7.5	Notice Of Defaults	24
	Section 7.6	Reports by Trustee to Holders	24
	Section 7.7	Compensation and Indemnity	24
	Section 7.8	Replacement of Trustee	25
	Section 7.9	Successor Trustee by Merger, Etc.	25
	Section 7.10	Eligibility; Disqualification	26
	Section 7.11	Referential Collection of Claims Against Company	26
	 	 	 
	Article VIII  SATISFACTION AND DISCHARGE; DEFEASANCE	26
	 	 	 
	Section 8.1	Satisfaction and Discharge of Indenture	26
	Section 8.2	Application of Trust Funds; Indemnification	27
	Section 8.3	Legal Defeasance of Securities of any Series	27
	Section 8.4	Covenant Defeasance	28
	Section 8.5	Repayment to Company	29
	 	 	 
	Article IX  AMENDMENTS AND WAIVERS	29
	 	 	 
	Section 9.1	Without Consent of Holders	29
	Section 9.2	With Consent of Holders	31
	Section 9.3	Limitations	32
	Section 9.4	Compliance With Trust Indenture Act	32
	Section 9.5	Revocation and Effect of Consents	31
	Section 9.6	Notation on or Exchange of Securities	32
	Section 9.7	Trustee Protected	32
	 	 	 
	Article X MISCELLANEOUS	32
	 	 	 
	Section 10.1	Trust Indenture Act Controls	32
	Section 10.2	Notices	32
	Section 10.3	Communication by Holders with Other Holders	33
	Section 10.4	Certificate and Opinion as to Conditions Precedent	33
	Section 10.5	Statements Required in Certificate or Opinion	33
	Section 10.6	Rules by Trustee and Agents	34
	Section 10.7	Legal Holidays	34
	Section 10.8	No Recourse Against Others	34
	Section 10.9	Counterparts	34

 

    ii 

     

    

  

	Section 10.10	Governing Laws	34
	Section 10.11	No Adverse Interpretation of Other Agreements	34
	Section 10.12	Successors	34
	Section 10.13	Severability	35
	Section 10.14	Table of Contents, Headings, Etc.	35
	 	 	 
	Article XI SINKING FUNDS	35
	 	 
	Section 11.1	Applicability of Article	35
	Section 11.2	Satisfaction Of Sinking Fund Payments With Securities	35
	Section 11.3	Redemption Of Securities For Sinking Fund	35

 

    iii 

     

    

  

CROSS REFERENCE TABLE

 

	Trust Indenture	 	Indenture
	Act Section	 	Section
	Section 310	(a)(1)	7.10
	 	(a)(2)	7.10
	 	(a)(3)	N/A
	 	(a)(4)	N/A
	 	(a)(5)	7.10
	 	(b)	7.10
	Section 311	(a)	7.11
	 	(b)	7.11
	 	(c)	N/A
	Section 312	(a)	2.6
	 	(b)	10.3
	 	(c)	10.3
	Section 313	(a)	7.6
	 	(b)(1)	7.6
	 	(b)(2)	7.6
	 	(c)(1)	7.6
	 	(d)	7.6
	Section 314	(a)	4.2, 10.5
	 	(b)	N/A
	 	(c)(1)	10.4
	 	(c)(2)	10.4
	 	(c)(3)	N/A
	 	(d)	N/A
	 	(e)	10.5
	 	(f)	N/A
	Section 315	(a)	7.1
	 	(b)	7.5
	 	(c)	7.1
	 	(d)	7.1
	 	(e)	6.14
	Section 316	(a)	2.10
	 	(a)(1)(A)	6.12
	 	(a)(1)(B)	6.13
	 	(b)	6.8
	Section 317	(a)(1)	6.3
	 	(a)(2)	6.4
	 	(b)	2.5
	Section 318	(a)	10.1

 

* This Cross Reference Table shall not,
for any purpose, be deemed to be part of the Indenture.

 

    iv 

     

    

  

This
Senior Debt Indenture, dated
as of             , 20              is made by and between SOUTHSIDE BANCSHARES, INC., a Texas corporation (the “Company”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely
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 direct or indirect
common control with such specified person. For the purposes of this definition, “control” (including, with correlative
meanings, the terms “controlled by” and “under common control with”), as used with respect to any person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such person, whether through the ownership of voting securities or by agreement or otherwise.

 

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

 

“Authorized
Newspaper” means a newspaper in an official language of the country of publication customarily published at least once
a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is
used. If it shall be impractical in the opinion of the Trustee to make any publication of any notice required hereby in an Authorized
Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication
of such notice.

 

“Bearer Security”
means any Security, including any interest coupon appertaining thereto, that does not provide for the identification of the Holder
thereof.

 

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

 

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

 

“Business
Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto
for a particular Series, any day except a Saturday, Sunday, a legal holiday or any other day on which banking institutions in the
City of New York, New York, or any Place of Payment are authorized or required by law, regulation or executive order to close.

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

     

     

    

  

“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 two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

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

 

“Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office
at the date hereof is located at 1100 North Market Street, Wilmington, DE 19890, Attention: Southside Bancshares, Inc. Administrator,
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal
corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time
by notice to the Holders and the Company).

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depository”
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the Securities
of any Series shall mean the Depository with respect to the Securities of such Series.

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the Stated 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.

 

“GAAP”
means generally accepted accounting principles in the United States 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.

 

“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 Depository for such Series or its nominee, and registered
in the name of such Depository or nominee.

 

“Holder”
or “Securityholder” means a person in whose name a Security is registered or the holder of a Bearer Security.

 

“Indenture”
means this Senior Debt 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.

 

    	 	- 2 -	 

     

    

  

“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 or installment of principal thereof, means the date on which the principal of such Security
or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration
of acceleration, call for redemption, or otherwise.

 

“Officer”
means the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant Treasurer or
any Assistant Secretary of the Company.

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

“Opinion of
Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company.

 

“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.

 

“Place of
Payment”, when used with respect to the Securities of or within any Series, means the place or places where the principal
of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.

 

“principal”
or “principal amount” of a Security means the principal amount of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible
Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular
corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and
familiarity with a particular subject, in each case, who has direct responsibility for the administration of this Indenture.

 

“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.

 

“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.

 

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

 

“Subsidiary”
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.

 

    	 	- 3 -	 

     

    

  

“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 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 (a) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (b) obligations of a person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America, and which in the case of clauses (a) and (b) are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian
for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligation evidenced by such depository receipt.

 

Section 1.2           Other
Definitions.

 

	Term	Defined in Section
	“Bankruptcy Law”	6.1
	“Custodian”	6.1
	“Event of Default”	6.1
	“Legal Holiday”	10.7
	“mandatory sinking fund payment”	11.1
	“optional sinking fund payment”	11.1
	“Paying Agent”	2.4
	“Registrar”	2.4
	“Service Agent”	2.4
	“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.

 

    	 	- 4 -	 

     

    

  

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

 

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

 

Section 1.4           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 generally accepted accounting principles;

 

		(c)	references to “generally accepted accounting principles”
and “GAAP” shall mean generally accepted accounting principles, consistently applied, in effect as of the time when
and for the period as to which such accounting principles are to be applied;

 

		(d)	“or” is not exclusive;

 

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

 

		(f)	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, supplemental indenture or Officers’ 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, Officers’ 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 Section 2.2(a) and either as to such Securities within the Series or as to the
Series generally, in the case of Sections 2.2(b) through 2.2(q)) by or pursuant to a Board Resolution, and set forth or determined
in the manner provided in a Board Resolution, supplemental indenture
or an Officers’ Certificate:

 

		(a)	the title of the Series (which shall distinguish the Securities of that particular Series from
the Securities of any other Series);

 

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

 

    	 	- 5 -	 

     

    

  

		(c)	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);

 

		(d)	the date or dates on which the principal of the Securities of the Series is payable;

 

		(e)	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;

 

		(f)	the Place of Payment 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 served, and the method
of such payment, if by wire transfer, mail or other means;

 

		(g)	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;

 

		(h)	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;

 

		(i)	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;

 

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

 

		(k)	the forms of the Securities of the Series in bearer or fully registered form (and, if in fully
registered form, whether the Securities will be issuable as Global Securities);

 

		(l)	if other than the entire 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;

 

		(m)	the provisions, if any, relating to any lien, security or encumbrance provided for the Securities
of the Series;

 

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

 

    	 	- 6 -	 

     

    

  

		(o)	any addition to or change in the covenants set forth in Article IV or V which applies to Securities
of the Series;

 

		(p)	any other terms of the Securities of the Series (which may modify or delete any provision of this
Indenture insofar as it applies to such Series); and

 

		(q)	any depositories, interest rate calculation agents, exchange rate calculation agents or other agents
with respect to Securities of such Series if other than those appointed herein.

 

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 Officers’ Certificate referred to
above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities
of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

Section 2.3           Execution
and Authentication.

 

Two Officers shall
sign the Securities for the Company by manual or facsimile 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. Such a signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

 

The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order
may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent
or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication
unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal
amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such
Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.2, 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 Officers’ Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that
Series, (b) an Officers’ Certificate complying with Section 10.4, 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 shall determine that such action would expose the Trustee to
personal liability to Holders of any then outstanding Series of Securities.

 

    	 	- 7 -	 

     

    

  

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 of Payment 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 (the “Paying Agent”), where Securities of such Series may
be surrendered for registration of transfer or exchange (the “Registrar”) and where notices and demands (other than service of process) to or
upon the Company in respect of the Securities of such Series and this Indenture may be served (the
“Service 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 Service Agent. If at any time the Company shall fail to maintain any
such required Registrar, Paying Agent or Service 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 (other than service of process).

 

The Company may also
from time to time designate one or more co-registrars, additional paying agents or additional service 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 Service 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
service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional
paying agent; and the term “Service Agent” includes any additional service agent.

 

The Company hereby
appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying
Agent or Service 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
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.

 

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.

 

    	 	- 8 -	 

     

    

   

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 mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

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 make available for delivery 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 satisfactory indemnity as may be required by them to save each of them and any agent of either of them harmless, then,
in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company
shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

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

 

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

 

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

 

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

 

Section 2.9           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.

 

    	 	- 9 -	 

     

    

   

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, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue (to the extent of the Maturity of such Security if less than the entire principal
amount is due and payable on such date of Maturity).

 

A Security does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Security.

 

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 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 the Trustee knows are so owned shall
be so disregarded.

 

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 request shall authenticate definitive Securities of the same Series and Stated 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. All Securities and coupons surrendered for
payment, redemption, repayment at the option of the Holder, registration of transfer or exchange or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such
Securities and coupons and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly
cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the
Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption
or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to the Trustee
for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in
this Section, except as expressly permitted by
this Indenture. Cancelled Securities and coupons held by the Trustee shall be destroyed by the Trustee in accordance with its customary
procedures. The Company by Company Order may direct the Trustee to deliver a certificate of such destruction to the Company.

 

    	 	- 10 -	 

     

    

   

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 10 days before
the record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record
date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14         Global
Securities.

 

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

 

		(b)	Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section
2.7 and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 for Securities registered in the
names of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies the Company that
it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing
agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository registered as
a clearing agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an
Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is
exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository
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(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a
nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.

 

		(c)	Legend. Any Global Security issued hereunder shall bear a legend in substantially the following
form:

 

“This Security is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository or a nominee
of the Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or
its nominee only in the limited circumstances described in the Indenture, and may not be transferred except as a whole by the Depository
to a nominee of the Depository, by a nominee of the Depository
to the Depository or another nominee of
the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.”

 

    	 	- 11 -	 

     

    

  

		(d)	Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize
participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

 

		(e)	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.

 

		(f)	Consents, Declaration and Directions. Except as provided in Section 2.14(e), 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 Depository 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 of the redemption date and the principal amount of Series of Securities to be redeemed. The Company
shall give the notice at least 45 days before the redemption date (or such shorter notice as may be acceptable 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
or an Officers’ Certificate, if less than all the Securities of any Series issued on the same day with the same terms are
to be redeemed, the particular Securities to be redeemed shall be selected not more than 45 days prior to the redemption date
by the Trustee, from the Outstanding Securities of such Series issued on such date with the same terms not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate, and, in the case of global Securities, in accordance
with the procedures of the depositary; provided that such method complies with the rules of any national securities exchange
or quotation system on which the Securities are listed, and may provide for the selection for redemption of portions (equal to
the minimum authorized denomination for Securities of that Series or any integral multiple thereof) of the principal amount of
Securities of such Series of a denomination larger than the minimum authorized denomination for Securities of that Series; provided,
however, that no such partial redemption shall reduce the portion of the principal amount
of a Security not redeemed to less than the minimum authorized denomination for Securities of such Series.

 

    	 	- 12 -	 

     

    

  

The Trustee shall promptly
notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and,
in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

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

 

Notwithstanding the
foregoing, if any Security to be redeemed is a Global Security then any partial redemption of that Series of Securities will be
made in accordance with the Depository’s applicable procedures among all Holders of such Series of Securities.

 

Section 3.3           Notice
of Redemption. Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a
notice of redemption by first-class mail to each Holder whose Securities are to be redeemed and, if any Bearer Securities are
outstanding, publish on one occasion a notice in an Authorized Newspaper.

 

The
notice shall identify the Securities of the Series to be redeemed and shall state:

 

		(a)	the redemption date;

 

		(b)	the redemption price and accrued interest, if any, to the redemption date payable as provided;

 

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

 

		(d)	that Securities of the Series called for redemption must be surrendered to the Paying Agent to
collect the redemption price;

 

		(e)	that interest on Securities of the Series called for redemption ceases to accrue on and after the
redemption date;

 

		(f)	the CUSIP number, if any;

 

		(g)	any conditions precedent that must be satisfied prior to the redemption; 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 given at least five Business Days prior to the date such notice is given to Holders, the Trustee shall give
the notice of redemption in the Company’s name and at its expense.

  

Section 3.4           Effect
of Notice of Redemption. Once notice of redemption is mailed or published 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, subject to, with respect to any
redemption that is conditioned upon the satisfaction of any conditions precedent, (i) the delay of such redemption date until
such time as any or all of such conditions precedent have been satisfied or (ii) the revocation of such redemption if the Company
determines that such conditions precedent will not be satisfied. Upon surrender to the Paying Agent, such Securities shall be
paid at the redemption price plus
accrued interest to, but excluding, the redemption date; provided that installments of interest whose Stated Maturity is on or prior to
the redemption date shall be

 

    	 	- 13 -	 

     

    

  

payable to the Holders
of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor
according to their terms and the terms of this Indenture.

 

Section 3.5           Deposit
of Redemption Price. On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to
pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6           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 will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the
terms of such Securities and this Indenture.

 

Section 4.2           SEC
Reports. The Company shall 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 Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act. The Company also shall comply with the other provisions of TIA Section 314(a). Delivery of such reports, information and
documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’
Certificate).

 

Section 4.3           Compliance
Certificate. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an
Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have
knowledge).

 

The Company will, so
long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of
Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes
to take with respect thereto.

 

Section 4.4           Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture or the Securities and the Company (to the extent it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law has been enacted.

 

    	 	- 14 -	 

     

    

   

Section 4.5           Corporate
Existence. Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence and the rights (charter and statutory), licenses and franchises of the Company; provided,
however, that the Company shall not be required to preserve any such right, license or franchise if the Board of Directors
shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries
taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

Section 4.6           Taxes.
The Company shall pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and
by appropriate proceedings.

 

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”), nor shall the Company permit
any other person to consolidate with or merge into it or convey, transfer or lease all or substantially all of its properties
and assets to it, in either case unless:

 

		(a)	the Company is the surviving corporation or the successor person (if other than the Company) is
a corporation 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; and

 

		(b)	immediately after giving effect to the transaction, and treating any indebtedness that becomes
the obligation of the Company or any of its Subsidiaries as having been incurred at the effective date of such transaction no Default
or Event of Default shall have occurred and be continuing.

 

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

 

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.

 

 

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 Officers’ Certificate, it is provided that such Series shall not have the benefit
of said Event of Default:

 

    	 	- 15 -	 

     

    

 

 

 

		(a)	default in the payment of any interest on any Security
of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount
of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of
30 days);

 

		(b)	default in the payment of principal of any Security of
that Series at its Maturity;

 

		(c)	default in the deposit of any sinking fund payment, when
and as due in respect of any Security of that Series;

 

		(d)	default in the performance or breach of any covenant or
warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences of nonperformance or breach
are addressed elsewhere in this Section 6.1 and other than a covenant or warranty that has been included in this Indenture solely
for the benefit of Series of Securities other than that Series), which default or breach continues uncured or unwaived in accordance
with the provisions of this Indenture for a period of 90 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 25.0% 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;

 

		(e)	the Company pursuant to or within the meaning of any Bankruptcy
Law:

 

		i.	commences a voluntary case,

 

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

 

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

 

		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

 

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

 

		i.	is for relief against the Company in an involuntary case,

 

		ii.	appoints a Custodian of the Company or for all or substantially
all of its property, or

 

		iii.	orders the liquidation of the Company, and the order or
decree remains unstayed and in effect for 60 days; or

 

		(g)	any other Event of Default provided with respect to Securities
of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in
accordance with Section 2.2(n).

 

    	 	- 16 -	 

     

    

 

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. Except to the extent provided otherwise in the establishing Board Resolution, supplemental
indenture or Officers’ Certificate for such Series, 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(e) or 6.1(f)), then in every
such case the Trustee or the Holders of not less than 25.0% in aggregate 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 portion thereof) and accrued and unpaid interest, if any, shall become
immediately due and payable. If an Event of Default specified in Section 6.1(e) or 6.1(f) shall occur, the principal amount (or
portion thereof) of and accrued and unpaid interest, if any, on all outstanding Securities shall automatically become and be immediately
due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

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 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,

 

		(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 will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and 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 fails
to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed

 

    	 	- 17 -	 

     

    

 

to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever
situated.

 

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.

 

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

 

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

 

    	 	- 18 -	 

     

    

 

Third: To the Company.

 

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 not less than 25.0% in principal amount
of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default in its own name as Trustee hereunder;

 

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

 

		(d)	the Trustee for 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 and intended that no
one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all such Holders.

 

Section 6.8           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 Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

 

Section 6.9           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 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

 

    	 	- 19 -	 

     

    

 

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:

 

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

 

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

 

		(c)	subject to the provisions of Section 6.1, 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.

 

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 waive any past Default hereunder with respect to such Series
and its consequences, except a Default (a) 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) or (b) in respect of a covenant or provision hereof which cannot be modified or
amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 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 Stated Maturity or Stated
Maturities 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 their 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, and no implied covenants or obligations shall be read into this Indenture against the
Trustee. The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within its rights or powers. The Trustee is not required to give any bond or surety with respect to the performance of its
duties or the exercise of its powers under this Indenture. 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.

 

		ii.	In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’
Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in
the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine
whether or not they conform to the requirements of this Indenture.

 

		(c)	The Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act, its own bad faith 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.

 

		(d)	Every provision of this Indenture that in any way relates
to the Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section.

 

    	 	- 21 -	 

     

    

 

		(e)	The Trustee may refuse to perform any duty or exercise
any right or power at the request or direction of any Holder unless it receives security or indemnity satisfactory to it against any loss,
liability or expense.

 

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

 

		(g)	No provision of this Indenture shall require the Trustee
to risk 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 it shall have reasonable grounds for believing that repayment of such funds or satisfactory indemnity
against such risk is not assured to it.

 

		(h)	The Paying Agent,
                                         the Registrar and any authenticating agent shall be entitled to the protections, immunities
                                         and standard of care as are set forth in paragraphs (b) and (c) of this Section
                                         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 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 Officers’ Certificate, an Opinion of Counsel, or both. The Trustee shall not be liable for any action it takes
or omits to take in good faith in reliance on such Officers’ Certificate and/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 Depository shall be deemed an agent of the Trustee and
the Trustee shall not be responsible for any act or omission by any Depository.

 

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

 

		(e)	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.

 

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

 

		(g)	The Trustee may conclusively rely upon and 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

 

    	 	- 22 -	 

     

    

 

			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.

 

		(i)	Delivery of reports, information and documents (including,
without limitation, reports contemplated in this Section) to the Trustee is for information purposes only, and the Trustee’s
receipts thereof shall not constitute actual or constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with covenants under the Indenture, Securities, and guarantees
(if any), as to which the Trustee is entitled to rely exclusively on Officers’ Certificates.

 

		(j)	The Trustee shall have no responsibility for monitoring
the Company’s compliance with any of its covenants under this Indenture.

 

		(k)	The Trustee shall not be responsible or liable for punitive,
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective
of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of actions.

 

		(l)	Any permissive right of the Trustee to take or refrain
from taking actions enumerated in this Indenture shall not be construed as a duty.

 

		(m)	The Trustee shall not be responsible or liable for any
failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly,
by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism;
wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware
or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and governmental
action.

 

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

 

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 mail to each Securityholder of the Securities of that Series
and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, 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

 

    	 	- 23 -	 

     

    

 

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 it 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 September 15 in each year, the Trustee shall transmit by mail to all Securityholders,
as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish
in an Authorized Newspaper, a brief report dated as of such September 15, in accordance with, and to the extent required under, TIA
Section 313.

 

A copy of each report
at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange, if any, on which
the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed
on any stock exchange.

 

Section 7.7           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 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 loss, liability, claim (including
any between the parties to this Indenture), suit or expense, 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. The
Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need
not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 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 to the extent of its negligence or willful misconduct.

 

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(e) or 6.1(f) 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 resignation or removal of the Trustee and 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

 

    	 	- 24 -	 

     

    

 

principal amount of the Securities of any Series may remove the Trustee with respect
to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one
or more Series if:

 

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

 

		(b)	the Trustee is adjudged a bankrupt or an insolvent or an
order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

		(c)	a Custodian or public officer takes charge of the Trustee
or its property; or

 

		(d)	the Trustee becomes incapable of acting.

 

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

 

If a successor Trustee
with respect to the Securities of any one or more Series does not take office within 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 and, if any Bearer Securities
are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant
to this Section 7.8, the Company’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee with
respect to expenses and liabilities incurred by it 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 person, the successor person without any further act shall be the successor Trustee.

 

Section 7.10         Eligibility;
Disqualification. This Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2)
and 310(a)(5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent
published annual report of condition. The Trustee shall comply with TIA Section 310(b).

 

Section 7.11         Referential
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.

 

    	 	- 25 -	 

     

    

 

Article VIII
 SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1           Satisfaction
and Discharge of Indenture. This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided
in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when

 

		(a)	either:

 

		i.	all Securities theretofore authenticated and delivered
(other than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the
Trustee for cancellation; or

 

		ii.	all such Securities not theretofore delivered to the Trustee
for cancellation

 

		(1)	have become due and payable, or

 

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

 

(3)         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 clauses
(1), (2) and (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount
sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become due
and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 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, 8.1, 8.2
and 8.5 shall survive.

 

Section 8.2           Application
of Trust Funds; Indemnification.

 

		(a)	Subject to the provisions of Section 8.5, all money deposited
with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section
8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee pursuant
to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this

 

    	 	- 26 -	 

     

    

 

			Indenture, to the payment, either directly or through any
Paying Agent (other than 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 8.3 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 deposited pursuant to Section 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 Request any U.S. 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 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 money were deposited or received. This provision shall not authorize the
sale by the Trustee of any U.S. Government Obligations held under this Indenture.

 

Section 8.3           Legal
Defeasance of Securities of any Series. Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2(p), 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 90th day after the date of the deposit referred to in subparagraph (c) hereof,
and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect
(and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same),
except as to:

 

		(a)	the rights of Holders of Securities of such Series to receive,
from the trust funds described in subparagraph (c) hereof, (i) payment of the principal of and each installment of principal of
and interest on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal
or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day
on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series;

 

		(b)	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3, and
8.5; and

 

		(c)	the rights, powers, trust and immunities of the Trustee
hereunder; provided that, the following conditions shall have been satisfied:

 

		i.	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 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, cash in Dollars and/or U.S. 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 regionally recognized firm of independent public accountants expressed in a written certification
thereof

 

    	 	- 27 -	 

     

    

 

			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;

 

		ii.	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;

 

		iii.	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 90th day after
such date;

 

		iv.	the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel to the effect that (A) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling, or (B) 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 amounts 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;

 

		v.	the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of
such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company; and

 

		vi.	the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated
by this Section have been complied with.

 

Section 8.4           Covenant
Defeasance. Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p) to be inapplicable to Securities of
any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, 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, 4.6, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or a
Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(p) (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 Officers’ Certificate
delivered pursuant to Section 2.2(n) 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; 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, cash in Dollars and/or U.S. Government Obligations, which through the payment of interest and principal in

 

    	 	- 28 -	 

     

    

 

			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 regionally recognized firm of independent certified
public accountants 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 the Securities of such Series on
the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

		(c)	No Default or Event of Default with respect to the Securities
of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 90th day after
such date;

 

		(d)	The Company shall have delivered to the Trustee an Opinion
of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income
tax purposes as a result of such deposit and 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;
and

 

		(e)	The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant
defeasance contemplated by this Section have been complied with.

 

Section 8.5           Repayment
to Company. 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 six months. 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.

 

Article
IX

AMENDMENTS AND WAIVERS

 

Section 9.1           Without
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series
without the consent of any Securityholder by indentures supplemental hereto:

 

		(a)	to cure any ambiguity, defect or inconsistency;

 

		(b)	to comply with Article V;

 

		(c)	to evidence the succession of another corporation to the
Company, or successive successions, pursuant to Article XI, and the assumption by the successor corporation of the covenants,
agreements and obligations of the Company herein and in the Securities;

 

		(d)	to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions as its Board of Directors shall consider to be for the protection of the holders of Securities,
and to make the occurrence, or the occurrence and continuance, of a default in any of such additional covenants, restrictions,
conditions or provisions an Event of Default

 

    	 	- 29 -	 

     

    

 

			permitting the enforcement of all or any of the several
remedies provided in this Indenture as herein set forth, with such period of grace, if any, and subject to such conditions as
such supplemental indenture may provide;

 

		(e)	to add to or change any of the provisions of this Indenture
to provide that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of
principal of or any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered
Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to
permit or facilitate the issuance of Securities in uncertificated form; provided that any such action shall not adversely
affect the interests of the holders of Securities of any Series or any related coupons in any material respect;

 

		(f)	to modify, eliminate or add to the provisions of this Indenture
to such extent as shall be necessary to effect the qualification of this Indenture under the TIA, or under any similar federal
statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly permitted by the TIA, excluding
however, the provisions referred to in Section 316(a)(2) of the TIA or any corresponding provision in any similar federal
statute hereafter enacted;

 

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

 

		(h)	to modify, eliminate or add to any of the provisions of
this Indenture; provided that any such change or elimination (i) shall become effective only when there is no Security
of any Series Outstanding and created prior to the execution of such supplemental indenture that is entitled to the benefit of
such provision or (ii) shall not apply to any Security Outstanding;

 

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

 

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

 

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

 

		(l)	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; or

 

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

 

Section 9.2           With
Consent of Holders. The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders
of at least a majority in principal amount of the outstanding Securities of 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

 

    	 	- 30 -	 

     

    

 

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 mail to the Holders of Securities affected thereby and, if any
Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper, a notice briefly describing
the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.3           Limitations.
Without the consent of each Securityholder affected, an amendment or waiver may not:

 

		(a)	reduce the 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;

 

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

 

		(h)	waive a redemption payment with respect to any Security.

 

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

 

    	 	- 31 -	 

     

    

 

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. In that case, the amendment or waiver shall bind each Holder of a Security
who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security.

 

Section 9.6           Notation
on or Exchange of Securities. 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.

 

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 Officers’ Certificate and Opinion of Counsel stating that all
conditions precedent have been satisfied, the execution of such supplemental indenture is authorized or permitted by this Indenture
and that such supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects it.

 

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 or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly
given if in writing and delivered in person or mailed by first-class mail:

 

	 	if to the Company:	 
	 	 	 
	 	Southside Bancshares, Inc.	 
	 	1201 S. Beckham Avenue	 
	 	Tyler, Texas 75701	 
	 	Attention: Lee Gibson, President	 
	 	Telephone: (903) 531-7111	 
	 	 	 
	 	if to the Trustee:	 
	 	Wilmington Trust, National Association	 
	 	Rodney Square North	 
	 	1100 North Market Street	 
	 	Wilmington, Delaware 19890	 

 Attention: Southside Bancshares,
Inc. Administrator

Telephone: (302) 636-6398

 

The Company or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

    	 	- 32 -	 

     

    

 

Any notice or communication
to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar and, if any
Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder
of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

If a notice or communication
is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder
receives it.

 

If the Company mails
a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. Notwithstanding
any other provision of the Indenture or any Security, where the Indenture or any Security provides for notice of any event or any
other communication (including any notice of redemption or repurchase) to a Securityholder of a Security (whether by mail or otherwise),
such notice shall be sufficiently given if given to Depository (or its designee) pursuant to the applicable procedures from Depository
or its designee, including by electronic mail in accordance with accepted practices at Depository.

 

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 Officers’ Certificate stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with; and

 

		(b)	an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

 

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, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such
covenant or condition has been complied with; and

 

		(d)	a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

 

    	 	- 33 -	 

     

    

 

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, Officers’ 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, as such, of the Company shall not have any liability
for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.9         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.

 

Section 10.10         Governing
Laws. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

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 in this Indenture and the Securities shall bind its successor. 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.

 

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, 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 

 

    	 	- 34 -	 

     

    

 

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 (a) 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 (b) 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 Officers’ 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.

 

Section 11.3         Redemption
of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture
or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any
Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which
is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that Series pursuant to Section 11.2, 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, Officers’ Certificate or supplemental indenture in respect of a particular
Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.3. 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.

 

[Signature page follows]

 

    	 	- 35 -	 

     

    

 

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

 

	 	SOUTHSIDE BANCSHARES, INC.
	 	 
	 	By:	        
	 	Name:
	 	Title:
	 	 
	 	WILMINGTON TRUST, NATIONAL
	 	ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

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