Document:

EX-4.4

 Exhibit 4.4 
  

 
  

ENTERPRISE PRODUCTS OPERATING LLC, 

AS ISSUER 
 ENTERPRISE PRODUCTS
PARTNERS L.P., 
 AS PARENT GUARANTOR 

and 
 WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 
 AS TRUSTEE

  
  

THIRTY-FIFTH SUPPLEMENTAL INDENTURE 

Dated as of August 7, 2020 

to 
 Indenture dated as of
October 4, 2004 
  
  

3.200% Senior Notes due 2052 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	 	 	  	 Page

	ARTICLE I
	THE NOTES
			
	Section 1.1	 	Form	  	2
	Section 1.2	 	Title, Amount, Stated Maturity and Interest	  	2
	Section 1.3	 	Registrar and Paying Agent	  	3
	Section 1.4	 	Transfer and Exchange	  	3
	Section 1.5	 	Guarantee of the Notes	  	3
	Section 1.6	 	Defeasance and Discharge	  	3
	Section 1.7	 	Amendment to Section 4.12 of the Original Indenture	  	3
	Section 1.8	 	Amendment to Section 4.13 of the Original Indenture	  	3
	
	ARTICLE II
	REDEMPTION
			
	Section 2.1	 	Redemption	  	3
	
	ARTICLE III
	MISCELLANEOUS PROVISIONS
			
	Section 3.1	 	Table of Contents, Headings, etc.	  	4
	Section 3.2	 	Counterpart Originals	  	4
	Section 3.3	 	Governing Law	  	4
	Section 3.4	 	Certain Trustee Matters	  	4

 Exhibit A        Form of the 3.200% Senior Notes due 2052 

  
 i 

 THIS THIRTY-FIFTH SUPPLEMENTAL INDENTURE dated as of August 7, 2020 (this
“Thirty-Fifth Supplemental Indenture”), is among Enterprise Products Operating LLC, a Texas limited liability company (the “Issuer”), Enterprise Products Partners L.P., a Delaware limited partnership (the “Parent
Guarantor”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”). Each capitalized term used but not defined in this Thirty-Fifth Supplemental Indenture shall have the meaning
assigned to such term in the Original Indenture (as defined below). 
 RECITALS: 

WHEREAS, Enterprise Products Operating L.P. (the “Original Issuer”) and the Parent Guarantor have executed and delivered to the
Trustee an Indenture, dated as of October 4, 2004 (the “Original Indenture”), providing for the issuance by the Original Issuer from time to time of its debentures, notes, bonds or other evidences of indebtedness, issued and to be
issued in one or more series unlimited as to principal amount (the “Debt Securities”), and the guarantee by each Guarantor of the Debt Securities (the “Guarantee”); and 

WHEREAS, the Original Issuer, the Issuer and the Parent Guarantor have executed and delivered to the Trustee a Tenth Supplemental Indenture,
dated as of June 30, 2007, providing for the Issuer as the successor issuer; and 
 WHEREAS, the Original Indenture, as amended and
supplemented by the Tenth Supplemental Indenture, shall be referred to herein as the “Base Indenture”; and 
 WHEREAS, the Base
Indenture, as amended and supplemented from time to time, including without limitation pursuant to this Thirty-Fifth Supplemental Indenture, shall be referred to herein as the “Indenture”; and 

WHEREAS, on or before the date hereof the Issuer has issued several series of Debt Securities pursuant to previous supplements to the Base
Indenture; and 
 WHEREAS, the Issuer has duly authorized and desires to cause to be issued pursuant to the Indenture, one new series of
Debt Securities (the “Notes”), designated as set forth in this Thirty-Fifth Supplemental Indenture; and 
 WHEREAS, all of the
Notes will be guaranteed by the Parent Guarantor as provided in Article XIV of the Original Indenture; and 
 WHEREAS, the Issuer
desires to cause the issuance of the Notes pursuant to Sections 2.01 and 2.03 of the Original Indenture, which sections permit the execution of indentures supplemental thereto to establish the form and terms of Debt Securities of any series;
and 
 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Issuer and the Parent Guarantor have requested that the Trustee
join in the execution of this Thirty-Fifth Supplemental Indenture to establish the form and terms of the Notes; and 
 WHEREAS, all things
necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered under the Indenture and duly issued by the Issuer, and the Guarantee of the Parent Guarantor, when the Notes are duly issued by the Issuer, the
valid obligations of the Issuer and the Parent Guarantor, respectively, and to make this Thirty-Fifth Supplemental Indenture a valid agreement of the Issuer and the Parent Guarantor, enforceable in accordance with the terms hereof; 

 NOW, THEREFORE, the Issuer, the Parent Guarantor and the Trustee hereby agree that the
following provisions shall supplement the Base Indenture: 
 ARTICLE I 

THE NOTES 

SECTION 1.1    Form. 

The 3.200% Senior Notes due 2052 (as defined below) and the related Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A to this Thirty-Fifth Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as the Issuer may deem appropriate or as may be required or appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any
securities exchange or automated quotation system on which any of the Notes may be listed or traded, or to conform to general usage, or as may, consistently with the Indenture, be determined by the officers executing such Notes, as evidenced by
their execution thereof. 
 Such Exhibit A is hereby incorporated into this Thirty-Fifth Supplemental Indenture.
The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Thirty-Fifth Supplemental Indenture, and to the extent applicable, the Issuer, the Parent Guarantor and the Trustee, by their execution
and delivery of this Thirty-Fifth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 The Notes
shall be issued only as Registered Securities. The Notes shall be issued upon original issuance in whole in the form of one or more Global Securities (the “Book-Entry Notes”). Each Book-Entry Note shall represent such of the Outstanding
Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Book-Entry Note to reflect the amount, or any increase or decrease in the amount, of Outstanding Notes represented thereby shall be made by the
Trustee in accordance with written instructions or such other written form of instructions as is customary for the Depositary, from the Depositary or its nominee on behalf of any Person having a beneficial interest in the Book-Entry Note. The Issuer
initially appoints The Depository Trust Company to act as Depositary with respect to the Book-Entry Notes. 

SECTION 1.2    Title, Amount, Stated Maturity and Interest. 

There is hereby established one new series of Debt Securities to be issued under the Indenture, that is designated as the “3.200% Senior
Notes due 2052.” 
 The Notes are referred to herein as so designated. The Trustee shall initially authenticate and deliver for
original issue 3.200% Senior Notes due 2052 in an initial aggregate principal amount of $1,000,000,000 upon delivery to the Trustee of a Company Order for the authentication and delivery of such Notes. 

The 3.200% Senior Notes due 2052 shall initially be limited in aggregate principal amount to $1,000,000,000. The Issuer may, without the
consent of the Holders of the Notes, issue additional Notes so that the additional Notes may be consolidated and form a single series with the Notes issued on the date hereof and have the same terms (except for the issue date, the public offering
price and, if applicable, the initial Interest Payment Date) as to ranking, maturity, redemption or otherwise, provided that such additional Notes shall be fungible with the previously issued Notes for U.S. federal income tax purposes. 

The Stated Maturity of the Notes shall be February 15, 2052. 

The rate or rates at which the Notes shall bear interest, the date or dates from which such interest shall accrue, the dates on which any such
interest shall be payable and the regular record date for any interest payable on any interest payment date, in each case, shall be as set forth in the form of Note attached as an exhibit to this Thirty-Fifth Supplemental Indenture. Payments of
principal of, premium, if any, and interest due on any Notes representing Book-Entry Notes on any interest payment date or at maturity, will be made available to the Trustee by 11:00 a.m., New York City time, on such date, unless such date
falls on a day that is not a Business Day, in which case such payments will be made available to the Trustee by 11:00 a.m., New York City time, on the next Business Day. As soon as possible thereafter, the Trustee will make such payments to the
Depositary. 

  
 2 

 SECTION 1.3    Registrar and Paying Agent. 

The Issuer initially appoints the Trustee as Registrar and paying agent with respect to the Notes. The office or agency in the City and State
of New York where Notes may be presented for registration of transfer or exchange and the Place of Payment for the Notes shall initially be the corporate trust office of the Trustee located at Corporate Trust, Municipal & Escrow
Solutions, 150 E. 42nd Street, 40th Floor, New York, New York 10017. 
 SECTION 1.4    Transfer and
Exchange. 
 The transfer and exchange of Book-Entry Notes or beneficial interests therein shall be effected through the Depositary, in
accordance with Section 2.15 of the Original Indenture and the rules and procedures of the Depositary therefor. 

SECTION 1.5    Guarantee of the Notes. 

In accordance with Article XIV of the Original Indenture, the Notes will be fully, unconditionally and absolutely guaranteed on an
unsecured, unsubordinated basis by the Parent Guarantor. 
 SECTION 1.6    Defeasance and Discharge. 

The Notes shall be subject to satisfaction and discharge and to both legal defeasance and covenant defeasance as contemplated by
Article XI of the Original Indenture. 
 SECTION 1.7    Amendment to Section 4.12 of the
Original Indenture. 
 The last paragraph of Section 4.12 of the Original Indenture is hereby amended and restated in relation
solely to the Notes to read as follows: 
 “Notwithstanding the foregoing provisions of this Section, the Parent Guarantor may, and may
permit any Subsidiary to, effect any Sale/Leaseback Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section, provided that the Attributable Indebtedness from such Sale/Leaseback Transaction, together with
the aggregate principal amount of all other such Attributable Indebtedness deemed to be outstanding and all outstanding Indebtedness (other than the Debt Securities) secured by liens, other than Permitted Liens, upon Principal Properties or upon any
capital stock of any Restricted Subsidiary, do not exceed 10% of Consolidated Net Tangible Assets.” 

SECTION 1.8    Amendment to Section 4.13 of the Original Indenture. 

The last sentence of Section 4.13 of the Original Indenture is hereby amended and restated in relation solely to the Notes to read as
follows: 
 “Notwithstanding the foregoing, the Parent Guarantor may, and may permit any Subsidiary to, create, assume, incur or suffer
to exist any lien, other than a Permitted Lien, upon any Principal Property or upon any capital stock of any Restricted Subsidiary to secure Indebtedness of the Parent Guarantor, the Company or any other Person (other than the Debt Securities),
without in any such case making effective provision whereby all the Debt Securities Outstanding under this Indenture are secured equally and ratably with, or prior to, such Indebtedness so long as such Indebtedness is secured; provided that the
aggregate principal amount of all Indebtedness then outstanding secured by such lien and all similar liens, together with the aggregate amount of Attributable Indebtedness deemed to be outstanding in respect of all Sale/Leaseback Transactions
(exclusive of any such Sale/Leaseback Transactions otherwise permitted under clauses (a) through (d) of Section 4.12), does not exceed 10% of Consolidated Net Tangible Assets.” 

ARTICLE II 

REDEMPTION 

SECTION 2.1    Redemption. 

The Issuer, at its option, may redeem the Notes in accordance with the provisions of paragraph 5 of the Notes and Article III of the
Original Indenture. 

  
 3 

 ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 3.1    Table of Contents, Headings, etc. 

The table of contents and headings of the Articles and Sections of this Thirty-Fifth Supplemental Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 3.2    Counterpart Originals. 

The parties may sign any number of copies of this Thirty-Fifth Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of signed copies of this Thirty-Fifth Supplemental Indenture by facsimile transmission or emailed portable document format (pdf) shall constitute effective execution and delivery of this
Thirty-Fifth Supplemental Indenture as to the parties hereto and such copies may be used in lieu of the original Thirty-Fifth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or portable document
format (pdf) shall be deemed to be their original signatures for all purposes other than authentication of Notes by the Trustee. 

SECTION 3.3    Governing Law. 

THIS THIRTY-FIFTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
 SECTION 3.4    Certain Trustee Matters. 

The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Thirty-Fifth Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or thereof by the Issuer. 

* * * 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Thirty-Fifth Supplemental Indenture
to be duly executed as of the date first written above. 
  

			
	ENTERPRISE PRODUCTS OPERATING LLC,
		 	  as Issuer
		
	By:	 	ENTERPRISE PRODUCTS OLPGP, INC.,
		 	  its Sole Manager
		
	By:	 	 /s/ Christian M. Nelly

	Name:	 	Christian M. Nelly
	Title:	 	Executive Vice President – Finance and Sustainability and Treasurer
	
	ENTERPRISE PRODUCTS PARTNERS L.P.,
		 	  as Parent Guarantor
	
	By: ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	  its General Partner
		
	By:	 	 /s/ Christian M. Nelly

	Name:	 	Christian M. Nelly
	Title:	 	Executive Vice President – Finance and Sustainability and Treasurer
	
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION,
		 	  as Trustee
		
	By:	 	 /s/ Patrick T. Giordano

	Name:	 	Patrick T. Giordano
	Title:	 	Vice President

 Thirty-Fifth Supplemental Indenture Signature Page 

 Exhibit A 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

			
	 No. R-            

CUSIP: 29379V CA9
	 	 Principal Amount: $         [which amount may be

increased or decreased by the Schedule

of Increases and Decreases in Global Security attached hereto.]*

 ENTERPRISE PRODUCTS OPERATING LLC 

3.200% SENIOR NOTE DUE 2052 

ENTERPRISE PRODUCTS OPERATING LLC, a Texas limited liability company (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to                  or its registered assigns, the principal sum of
                     ($        ) U.S. dollars, [or such greater or lesser principal sum as is shown on
the attached Schedule of Increases and Decreases in Global Security]*, on February 15, 2052 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts,
and to pay interest thereon at an annual rate of 3.200% payable on February 15 and August 15 of each year, commencing on [Insert February 15, 2021 or for later issuances, the first Interest Payment Date occurring
after the date of issuance of this Security], to the person in whose name this Debt Security (this “Security”) is registered at the close of business on the record date for such interest, which shall be the preceding February 1 or
August 1, as the case may be (each, a “Regular Record Date”), respectively, with interest accruing from and including [Insert the date of issuance of this Security, or if Debt Securities of this same series have been previously
issued, insert the most recent Interest Payment Date on which interest has been paid on Debt Securities of such series], or from and including the most recent date to which interest on this Security shall have been paid. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Security are an integral
part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have
been manually signed by the Trustee under the Indenture. 
  
  

	*	 To be included in a Book-Entry Note. 

  
 A-1 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its sole
manager. 
 Dated:
                         
  

			
	ENTERPRISE PRODUCTS OPERATING LLC
		
	By:	 	ENTERPRISE PRODUCTS OLPGP, INC.,
		 	  its sole manager
		
	By:	 	
                     
                                         
                   

	Name:	 	Christian M. Nelly
	Title:	 	Executive Vice President – Finance and Sustainability and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	      as Trustee
		
	By:	 	
                     
                                         
                       

		 	Authorized Signatory

  
 A-2 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

3.200% SENIOR NOTE DUE 2052 
  

	1.	 Interest. 

The Issuer promises to pay interest on the principal amount of this Security at the rate of 3.200% per annum. The Issuer will pay interest
semi-annually on February 15 and August 15 of each year, commencing on February 15, 2021 (each an “Interest Payment Date”). Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. The Issuer shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments of interest (without
regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful. 

 

	2.	 Method of Payment. 

The Issuer shall pay interest on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of
business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of
business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may then be listed if such manner of payment shall
be deemed practicable by the Trustee, as more fully provided in the Indenture. The Issuer shall pay principal, premium, if any, and interest in such coin or currency of the United States of America as at the time of payment shall be legal tender for
payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in
respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Issuer maintained for such purpose within The City of New York, which initially will be the corporate trust
office of Wells Fargo Bank, National Association at Corporate Trust, Municipal & Escrow Solutions, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the option of the Issuer, payment of interest may be made by
check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities in definitive form will be made by wire transfer of
immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying agent. The Holder must surrender this Security to a
paying agent to collect payment of principal. 
  

	3.	 Paying Agent and Registrar. 

Initially, Wells Fargo Bank, National Association will act as paying agent and Registrar. The Issuer may change any paying agent or Registrar
at any time upon notice to the Trustee and the Holders. The Issuer may act as paying agent. 
  

	4.	 Indenture. 

Reference is made hereby to (i) the Indenture dated as of October 4, 2004 (the “Original Indenture”) among Enterprise
Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”),
(ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Issuer, the Parent Guarantor and the Trustee, providing for the Issuer as the successor
issuer and (iii) the Thirty-Fifth Supplemental Indenture thereto dated as of August 7, 2020 (the “Thirty-Fifth Supplemental Indenture”), among the Issuer, the Parent Guarantor and the Trustee, providing for the issuance of Debt
Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the Thirty-Fifth Supplemental Indenture, and as may be further duly amended and
supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Indenture. 

  
 A-3 

 This Security is one of a duly authorized issue of Debt Securities of the series designated
by the Issuer as “3.200% Senior Notes due 2052” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The terms of the
Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of Securities are
referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, the Parent Guarantor and the Holder hereof. If and
to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the TIA,
such required provision shall control. 
  

	5.	 Optional Redemption. 

Prior to August 15, 2051 (the “Par Call Date”), the Securities are redeemable, at the option of the Issuer, at any time in
whole, or from time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to the date of redemption (the “Redemption
Date”)) that would have been due if the Securities had matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 35 basis points; plus, in either case, accrued and unpaid interest to the Redemption Date. 

On or after the Par Call Date, the Securities are redeemable, at the option of the Issuer, at any time in whole, or from time to time in part,
at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to the Redemption Date. 

The actual Make-Whole Price, calculated as provided above, shall be calculated and certified to the Trustee and the Issuer by the Independent
Investment Banker. 
 For purposes of determining the Make-Whole Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means
the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed, calculated as if the maturity date of the Securities were the Par Call Date
(the “Remaining Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of the Securities
to be redeemed; provided, however, that if no maturity is within three months before or after the Par Call Date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security
will be determined and the treasury rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month. 

“Independent Investment Banker” means any one of J.P. Morgan Securities LLC, Mizuho Securities USA LLC, MUFG Securities Americas
Inc. and Scotia Capital (USA) Inc. and their respective successors appointed by the Issuer or, if no such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing
appointed by the Trustee and reasonably acceptable to the Issuer. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date, (a) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer
than four Reference Treasury Dealer Quotations, the average of all such quotations. 

  
 A-4 

 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC, Mizuho
Securities USA LLC, a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by MUFG Securities Americas Inc. or its successor, and Scotia Capital (USA) Inc., its affiliate or successor, in
each case, so long as it is a Primary Treasury Dealer at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors, plus a Primary Treasury Dealer
selected by the Issuer; provided, however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Issuer will substitute therefor another Primary Treasury Dealer.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its principal amount) quoted in writing to an
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 10 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of
Securities to be redeemed, the Redemption Date, the redemption price (or the method of calculating such redemption price), and the place(s) that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Issuer
defaults in payment of the redemption price, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional redemption. If less than all the Securities are redeemed at any time, the Trustee
will select the Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate, and when the Securities are in book-entry form, in accordance with the applicable procedures of DTC. 

The Securities may be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the
Indenture. 
  

	6.	 Denominations; Transfer; Exchange. 

The Securities are to be issued in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the terms of the Indenture without charge. 

 

	7.	 Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

 

	8.	 Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision
may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent of any Holder of a Security, the parties thereto may amend or supplement the Indenture to,
among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of this Security
(unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor, irrespective of
whether or not any notation thereof is made upon this Security or such other Securities. 

  
 A-5 

	9.	 Defaults and Remedies. 

Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the Securities, together with
premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is continuing, then in every such
case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities, together with premium, if any, and accrued and unpaid interest thereon, to
be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been made, the Holders of a majority in
principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of a court already rendered and if all Events
of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been cured or shall have been waived. No such rescission
shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity or security satisfactory
to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then Outstanding may direct the Trustee in its exercise of any trust or power with
respect to the Securities. 
  

	10.	 Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the
Issuer or its Affiliates or any subsidiary of the Issuer’s Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 
  

	11.	 Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

 

	12.	 Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants
by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 
  

	13.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Issuer has caused CUSIP numbers to be
printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.

  

	14.	 Absolute Obligation. 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the rate and in the coin or currency herein prescribed. 

 

	15.	 No Recourse. 

The general partner of the Parent Guarantor and its directors, officers, employees and members, as such, shall have no liability for any
obligations of any Guarantor or the Issuer under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting the Securities waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

  
 A-6 

	16.	 Governing Law. 

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

 

	17.	 Guarantee. 

The Securities are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by the Parent Guarantor as set forth in
Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the Parent Guarantor may be required to join in such
guarantee. 
  

	18.	 Reliance. 

The Holder, by accepting this Security, acknowledges and affirms that (i) it has purchased the Security in reliance upon the separateness
of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and (ii) Parent Guarantor and the general partner of Parent Guarantor have
assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 A-7 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), has fully, unconditionally and absolutely guaranteed, to
the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and
the Securities by the Issuer. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

			
	ENTERPRISE PRODUCTS PARTNERS L.P.
	
	By: ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	  its General Partner
		
	By:	 	
                     
                                        

	Name:	 	Christian M. Nelly
	Title:	 	Executive Vice President – Finance and Sustainability and Treasurer

  
 A-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

							
	TEN COM	 	 –  as tenants in common
	  	UNIF GIFT MIN ACT –	  	
                       
                     

(Cust.)

				
	TEN ENT	 	 –  as tenants by entireties
	  	Custodian for:	  	
                       
                     

(Minor)

				
	JT TEN	 	 –  as joint tenants with right of survivorship and not as tenants in
common
	  	under Uniform Gifts to Minors Act of	  	
                       
                     

(State)

     Additional abbreviations may also be used though not in the above list. 

 
  

ASSIGNMENT 
     FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

 

                          
                                         
  
  
  

Please print or type name and address including postal zip code of assignee 
  

 
  

 
 the within Security and all rights thereunder,
hereby irrevocably constituting and appointing 
  
  

to transfer said Security on the books of the Issuer, with full power of substitution in the premises. 

 

			
	  Dated                                   
                                         
                     	 	  

		 	Registered Holder

  
 A-9 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of

Decrease in
 Principal
Amount
 of this Global

Security
	 	 Amount of

Increase in
 Principal
Amount
 of this Global

Security
	  	 Principal Amount

of this Global
 Security
following
 such decrease (or

increase)
	  	 Signature of

authorized officer
 of
Trustee or
 Depositary

		 		 		  		  	

  

	†	 To be included in a Book-Entry Note. 

  
 A-10TherapeuticsMD, Inc. 10-Q

Exhibit 4.1

 

[FORM OF WARRANT]

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS WARRANT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

THIS WARRANT IS ONE OF THE WARRANTS
TO PURCHASE COMMON STOCK ISSUED PURSUANT TO THAT CERTAIN SUBSCRIPTION AGREEMENT, DATED AS OF AUGUST 5, 2020, BY AND AMONG THE COMPANY
AND THE INVESTORS REFERRED TO THEREIN. ANY HOLDER OF THIS WARRANT TAKES SUCH WARRANT SUBJECT TO THE TERMS AND CONDITIONS OF SUCH
SUBSCRIPTION AGREEMENT AND, BY ITS ACCEPTANCE HEREOF, AGREES TO ABIDE BY THE TERMS AND CONDITIONS THEREOF NOTWITHSTANDING ANYTHING
TO THE CONTRARY SET FORTH HEREIN.

 

TherapeuticsMD,
Inc.

 

Warrant
To Purchase Common Stock

 

Warrant No.: _____________

Number of Shares of Common Stock:_____________

Date of Issuance: August 5, 2020 (“Issuance Date”)

 

TherapeuticsMD, Inc.,
a Nevada corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, [LENDER DESIGNEE], the registered
holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after the Issuance Date,
but not after 11:59 p.m., New York time, on the Expiration Date, (as defined below), ______________ (_____________)
fully paid nonassessable shares of Common Stock, subject to adjustment as provided herein (the “Warrant Shares”).
Except as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings set
forth in Section 17. This Warrant is one of the Warrants to purchase Common

 

 

     

     

    

 

Stock (the “Lender Warrants”) issued
pursuant to Section 2 of that certain Subscription Agreement, dated as of August 5, 2020 (the “Subscription Date”),
by and among the Company and the investors (the “Subscribers”) referred to therein (the “Subscription
Agreement”). Capitalized terms used herein and not otherwise defined shall have the definitions ascribed to such terms
in the Subscription Agreement.

 

1.             EXERCISE OF WARRANT.

 

(a)   
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Issuance Date, in
whole or in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) (A) payment to the Company of an amount
equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised
(the “Aggregate Exercise Price”) in cash by wire transfer of immediately available funds to an account designated
in writing by the Company or (B) by notifying the Company in writing that this Warrant is being exercised pursuant to a Cashless
Exercise (as defined in Section 1(d)). No ink-original Exercise Notice shall be required, nor shall any medallion guarantee (or
other type of guarantee or notarization) of any Exercise Notice be required, provided that the Company shall have no liability
to the Holder for honoring a non-medallion guaranteed Exercise Notice that the Company reasonably believes to be genuine. The
registered Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and
delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation
of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares.
On or before the first (1st) Trading Day following the Trading Day on which the Holder has delivered an Exercise Notice
and the Aggregate Exercise Price (or notice of a Cashless Exercise) to the Company (for purposes of this Warrant, if an Exercise
Notice is delivered to the Company on a day that is not a Trading Day, such Exercise Notice shall be deemed to have been delivered
on the first Trading Day following the day of actual delivery), the Company shall transmit by electronic mail an acknowledgment
of confirmation of receipt of the Exercise Notice to the Holder. On or before the earlier of (i) the second (2nd) Trading
Day and (ii) the number of Trading Days comprising the Standard Settlement Period, in each case, following the date on which the
Holder has delivered the Exercise Notice and the Aggregate Exercise Price (or notice of a Cashless Exercise) to the Company (a
“Share Delivery Date”), the Company shall (X) provided that the Company’s transfer agent (the “Transfer
Agent”) is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program and (A) the Warrant Shares are subject to an effective resale registration statement
in favor of the Holder and the Holder has delivered to the Company a representation that such Warrant Shares have been sold pursuant
to such registration statement or (B) if exercised via Cashless Exercise, at a time when Rule 144 would be available for immediate
resale of the Warrant Shares by the Holder, and the Holder has delivered to the Company a representation that such Warrant Shares
have been sold pursuant to Rule 144, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian
system, or (Y) if (A) the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program or
(B) the Warrant Shares are not subject to an effective resale registration statement in favor of the Holder or the Holder has
not delivered to the Company a representation that such Warrant Shares have been sold pursuant to such registration statement
and, if exercised via Cashless Exercise, at a time when Rule 144 would not be available for immediate resale of the Warrant Shares
by the Holder or the Holder has not delivered to the Company a representation that such Warrant Shares have been sold pursuant
to such registration statement, (i) issue and dispatch by overnight courier to the address as specified in the Exercise
Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee and bearing
such restrictive legends as the Company deems necessary, for the number of Warrant Shares to which the Holder is entitled pursuant
to such exercise, or (ii) issue and dispatch by electronic mail to the address as specified in the Exercise Notice, evidence of
book entry, registered in the Company’s share register in the name of the Holder or its designee and bearing such restrictive
legends as the Company deems necessary, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise.
The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the
issuance of Warrant Shares via DTC, if any, including without limitation for same day processing. Upon delivery of the Exercise
Notice and the Aggregate Exercise Price (or notice of a Cashless Exercise), the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates or
book entry evidence evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise
pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than
the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later
than five (5) Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this Warrant, less the number
of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are to be issued upon the exercise
of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded to the nearest whole number. The Company
shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of
this Warrant. 

 

(b)  
Exercise Price. For purposes of this Warrant, “Exercise Price” means $1.58, subject to adjustment
as provided herein.

 

(c)   
[Reserved].

 

(d)  
Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion,
exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company
upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number”
of shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

    - 2 - 

     

    

 

Net Number
= (A x B) - (A x C)

B

 

For purposes
of the foregoing formula:

 

A=
 the total number of shares with respect to which this Warrant is then being exercised.

 

B=
 as applicable: (i) the Weighted Average Price of the Common Stock on the Trading Day immediately preceding the date of the applicable
Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not
a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular
trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading
Day, (ii) at the option of the Holder indicated in the Exercise Notice, either (x) the Weighted Average Price of the Common Stock
on the Trading Day immediately preceding the date of the applicable Exercise Notice, or (y) the Weighted Average Price of the Common
Stock on the Trading Day of the applicable Exercise Notice if such Exercise Notice is executed and delivered during “regular
trading hours” on a Trading Day pursuant to Section 1(a) hereof, or (iii) the Weighted Average Price of the Common Stock on
the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both
executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day.

 

C=
 the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of Rule
144(d) promulgated under the 1933 Act, as in effect on the date hereof, the Company hereby acknowledges and agrees that the Warrant
Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant
Shares shall be deemed to have commenced, on the date this Warrant was last acquired by such Holder prior to such Cashless Exercise.
The Company agrees not to take any position contrary to this Section 1(d).

 

(e)   
 Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 12.

 

    - 3 - 

     

    

 

(f)    
 Beneficial Ownership Limitations on Exercises. Notwithstanding anything to the contrary contained herein, the
Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion
of this Warrant, and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect
to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of 4.99%
(the “Maximum Percentage”) of the number of shares of Common Stock outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
the Holder and the other Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other
Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the
determination of such sentence is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution
Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including,
without limitation, any convertible notes or convertible preferred stock or warrants, including the other Lender Warrants) beneficially
owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation
contained in this Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of determining
the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the
Maximum Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most
recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Securities
and Exchange Commission (the “SEC”), as the case may be, (y) a more recent public announcement by the Company
or (z) any other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding
(the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time
when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall
(i) notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise
Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum
Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise
Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably
practicable, the Company shall return to the Holder any Exercise Price paid by the Holder for the Reduction Shares. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within one (1) Trading Day confirm orally and in
writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. The number of outstanding shares
of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this
Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported.
In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant results in the Holder and
the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number
of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which
the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess
Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote
or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null
and void, the Company shall return to the Holder the Exercise Price paid by the Holder for the Excess Shares. Upon delivery of
a written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage
not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease
will apply only to the Holder and the other Attribution Parties and not to any other holder of Lender Warrants that is not an Attribution
Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess
of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of
Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall
have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 1(f) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective
or inconsistent with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived
and shall apply to a successor holder of this Warrant.

 

    - 4 - 

     

    

 

2.             ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. Adjustment Upon Subdivision or Combination of Shares
of Common Stock. If the Company at any time on or after the Subscription Date subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect
immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately
increased. If the Company at any time on or after the Subscription Date combines (by combination, reverse stock split or otherwise)
its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such
combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment
under this Section 2 shall become effective at the close of business on the date the subdivision or combination becomes effective.

 

3.             [Reserved].

 

4.             FUNDAMENTAL TRANSACTIONS. In the event of a Fundamental Transaction, the Company shall make appropriate provision
to ensure that (a) the purchaser (or its parent) shall assume this Warrant (with appropriate changes to the Exercise Price to take
into account the value of the securities substituted for the Common Stock so as to preserve the intrinsic spread between the fair
market value of any substituted securities and the Exercise Price), or (b) Holder will thereafter have the right to receive upon
an exercise of this Warrant, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) issuable
upon the exercise of this Warrant prior to such Fundamental Transaction, such securities, cash or other assets (including warrants
or other purchase or subscription rights) which the Holder would have been entitled to receive on a per share basis upon the happening
of such Fundamental Transaction had this Warrant been exercised immediately prior to such Fundamental Transaction (without regard
to any limitations on the exercise of this Warrant); provided, however, that following any Fundamental Transaction,
this Warrant shall only be exercisable via Cashless Exercise. The provisions of this Section 4 shall apply similarly and equally
to successive Fundamental Transactions.

 

    - 5 - 

     

    

 

5.           
 NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Articles
of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, and will at all times in good faith carry out all of the provisions of this Warrant and take all action
as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (a) shall
not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price
then in effect, (b) shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (c) shall, so long as
any of the Lender Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued
shares of Common Stock, solely for the purpose of effecting the exercise of the Lender Warrants, 100% of the number of shares of
Common Stock as shall from time to time be necessary to effect the exercise of the Lender Warrants then outstanding (without regard
to any limitations on exercise).

 

6.           
 WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely
in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder
of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right
to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock,
consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of
this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase
any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted
by the Company or by creditors of the Company.

 

7.           
 REISSUANCE OF WARRANTS.

 

(a)   
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company,
whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the
Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)  
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right
to purchase the Warrant Shares then underlying this Warrant.

 

    - 6 - 

     

    

 

(c)   
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided,
however, that no Lender Warrants for fractional Warrant Shares shall be given.

 

(d)  
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock
underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying
this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance
Date, and (iv) shall have the same rights and conditions as this Warrant.

 

8.           
 NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in accordance with Section 6.3 of the Subscription Agreement. The Company will give written notice to the Holder
(a) promptly following any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation
of such adjustment and (b) at least ten (10) days prior to the date on which the Company closes its books or takes a record (i)
with respect to any dividend or distribution upon the shares of Common Stock, (ii) with respect to any grants, issuances or sales
of any options, convertible securities or rights to purchase stock, warrants, securities or other property, in each case pro rata
to all record holders of Common Stock, or (iii) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation; provided in each case that such information shall be made known to the public prior to or in conjunction
with such notice being provided to the Holder.

 

9.             AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if
the Company has obtained the written consent of the Required Holders. Any amendment or waiver by the Company and the Required Holders
shall be binding on the Holder of this Warrant and all holders of the Lender Warrants.

 

    - 7 - 

     

    

 

10.         
 GOVERNING LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance
with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed
by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, 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 brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained
herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in
any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security
for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

11. 
         CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and all of the Subscribers
and shall not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference
and shall not form part of, or affect the interpretation of, this Warrant.

 

12.        
 DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic
calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via electronic
mail within three (3) Business Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder.
If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares
within three (3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the
Company shall, within three (3) Business Days submit via electronic mail (a) the disputed determination of the Exercise Price,
together with the Company’s and Holder’s respective calculations, to an independent, reputable investment bank or financial services
firm selected by the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned, or delayed,
or (b) the disputed arithmetic calculation of the Warrant Shares, together with the Company’s and Holder’s respective calculations,
to an independent, outside accountant, selected by the Holder and approved by the Company, such approval not to be unreasonably
withheld, conditioned, or delayed. The Company shall cause the investment bank, financial services firm or accountant, as the case
may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than five (5)
Business Days from the time it receives the disputed determinations or calculations. Such investment bank’s, financial services
firm’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable
error. The costs of such investment bank, financial services firm or accountant shall be allocated by such firm between the Company
and the Holder proportionally based on such firm’s determination or calculation and the Company’s and Holder’s respective calculations
submitted to such firm.

 

    - 8 - 

     

    

 

13.         
 REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including
a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue
actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach
by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may
be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant
shall be entitled, in addition to all other available remedies, to seek an injunction restraining any breach, without the necessity
of showing economic loss and without any bond or other security being required.

 

14. 
         TRANSFER. This Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned
without the consent of the Company, except as may otherwise be required by Section 6.5 of the Subscription Agreement.

 

15. 
         SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid
or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable
shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability
of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

16.         
 DISCLOSURE. Upon delivery by the Company to the Holder of any notice required to be given in accordance with
the terms of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute
material, nonpublic information relating to the Company or its Subsidiaries, the Company shall contemporaneously with any such
delivery publicly disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that
the Company believes that any notice required to be delivered by the Company in accordance with the terms of this Warrant contains
material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to the Holder contemporaneously
with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters
relating to such notice do not constitute material, nonpublic information relating to the Company or its Subsidiaries.

 

    - 9 - 

     

    

 

17.         
 CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)   
“1933 Act” means the Securities Act of 1933, as amended.

 

(b)  
“Affiliate” shall have the meaning ascribed to such term in Rule 405 of the 1933 Act.

 

(c)   
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly
managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates
of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the
Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Common Stock would or could be aggregated
with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of
the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(d)  
“Bloomberg” means Bloomberg Financial Markets.

 

(e)   
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York, New York are authorized or required by law to remain closed; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York, New York generally are open for use by customers on such day.

 

(f)    
“Common Stock” means (i) the Company’s shares of common stock, par value $0.001 per share, and (ii) any
capital stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification, reorganization
or recapitalization of such Common Stock.

 

(g)   
“Designee” means Sixth Street Specialty Lending, Inc.

 

(h)   
“Eligible Market” means the Principal Market, the NYSE American, The Nasdaq Global Select Market, The Nasdaq
Global Market, The Nasdaq Capital Market or The New York Stock Exchange, Inc.

 

(i)     
“Expiration Date” means the date that is one hundred twenty (120) months after the Issuance Date or, if
such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”),
the next day that is not a Holiday.

 

    - 10 - 

     

    

 

(j)    
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through Subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or
(z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3
under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement or
other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with one or more Subject Entities whereby such Subject Entities, individually or in the aggregate, acquire, either (x) at least
50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any
shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party
to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock
such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least
50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company
shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow
any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined
in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender,
tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization,
recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock,
(y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock not held by all such
Subject Entities as of the Subscription Date calculated as if any shares of Common Stock held by all such Subject Entities were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of Common
Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger
or other transaction requiring other stockholders of the Company to surrender their shares of Common Stock without approval of
the stockholders of the Company or (C) directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one
or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to
circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition
or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.

 

(k)  
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined
in Rule 13d-5 thereunder.

 

    - 11 - 

     

    

 

(l)    “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

(m) 
“Principal Market” means The Nasdaq Stock Market LLC.

 

(n)   “Required Holders” means the holders of the Lender Warrants representing at least a majority of the shares
of Common Stock underlying the Lender Warrants then outstanding and shall include the Designee as long as the Designee or any of
its Affiliates holds any Lender Warrants.

 

(o)  
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
on the principal securities exchange or securities market on which the Common Stock is then traded as in effect on the date of
delivery of the applicable Exercise Notice.

 

(p)  
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

 

(q)  
“Subsidiary” has the meaning as set forth in the Subscription Agreement.

 

(r)    “Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock on such day, then on the principal securities exchange or securities
market on which the Common Stock is then traded.

 

(s)   “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price
for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the
Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other
time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume
at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other
time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other
time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest
closing ask price of any of the market makers for such security as reported in the OTC Link or “pink sheets” by OTC Markets
Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being
substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination, reclassification or other similar transaction during the applicable calculation period.

 

[Signature Page Follows]

 

    - 12 - 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above in accordance
with the terms of the Warrant.

 

	 	THERAPEUTICSMD, INC.	 
	 	 	 	 
	 	By: 	               	 
	 	Name:	 
	 	Title:	 

 

    - 13 - 

     

    

 

 EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

TherapeuticsMD,
Inc.

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of TherapeuticsMD,
Inc., a Nevada corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1. Form of Exercise
Price. The Holder intends that payment of the Exercise Price shall be made as:

 

		____________	a “Cash Exercise” with respect to _________________
Warrant Shares; and/or

 

		____________	a “Cashless Exercise”
with respect to _______________ Warrant Shares, resulting in a delivery obligation
of the Company to the Holder of __________ shares of Common Stock representing the applicable Net Number.

 

2. Payment of Exercise
Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3. Delivery of Warrant
Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant as follows,
subject to Section 1(a) of the Warrant.

 

		____________	Warrant Shares have been sold pursuant to an effective
resale registration statement and should be credited to the Holder’s or its designee’s balance account with DTC through its Deposit
/ Withdrawal At Custodian system pursuant to the information that accompanies this notice; and/or

		____________	Warrant Shares acquired via Cashless Exercise have been
sold pursuant to Rule 144 and the Holder has delivered to the Company representations from the Holder and the Holder’s broker
indicating such and such Warrant Shares should be credited to the Holder’s or its designee’s balance account with DTC through
its Deposit / Withdrawal At Custodian system pursuant to the information that accompanies this notice; and/or

		____________	Warrant Shares represented by a certificate or evidence
of book entry should be sent to the Holder or its designee at the address below.

 

Date: _______________ __, ______

 

     

     

    

	 	 	 
	Name of Registered Holder	 
	 	 
	By: 	   	 
	 	Name:	 
	 	Title:	 

 

Address for certificate or evidence of
book entry delivery (if applicable):

 

	 	 
	 	 
	 	 

 

DTC Information (if applicable):

 

	 	 
	 	 
	 	 

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs Computershare Trust Company, N.A. to issue the above indicated number of shares
of Common Stock.

 

	 	THERAPEUTICSMD, INC.	 
	 	 	 	 
	 	By: 	               	 
	 	Name:	 
	 	Title:

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