Document:

Exhibit
4.4

 

CUENTAS
INC., as

ISSUER

 

 

and

[                     
              ], as

INDENTURE
TRUSTEE

 

 

INDENTURE

Dated
as of [                  ]

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	4
	Section 1.03	Incorporation by Reference of Trust Indenture Act	4
	Section 1.04	Rules of Construction	5
	 	 
	ARTICLE II THE SECURITIES	5
	 	 	 
	Section 2.01	Issuable in Series	5
	Section 2.02	Establishment of Terms of Series of Securities	5
	Section 2.03	Execution and Authentication	7
	Section 2.04	Registrar and Paying Agent	8
	Section 2.05	Paying Agent to Hold Money in Trust	8
	Section 2.06	Holder Lists	8
	Section 2.07	Transfer and Exchange	8
	Section 2.08	Mutilated, Destroyed, Lost and Stolen Securities	9
	Section 2.09	Outstanding Securities	9
	Section 2.10	Treasury Securities	9
	Section 2.11	Temporary Securities	10
	Section 2.12	Cancellation	10
	Section 2.13	Defaulted Interest	10
	Section 2.14	Global Securities	10
	Section 2.15	CUSIP Numbers	11
	 	 
	ARTICLE III REDEMPTION	12
	 	 	 
	Section 3.01	Notice to Trustee	12
	Section 3.02	Selection of Securities to be Redeemed	12
	Section 3.03	Notice of Redemption	12
	Section 3.04	Effect of Notice of Redemption	13
	Section 3.05	Deposit of Redemption Price	13
	Section 3.06	Securities Redeemed in Part	13
	 	 
	ARTICLE IV COVENANTS	13
	 	 	 
	Section 4.01	Payment of Principal and Interest	13
	Section 4.02	SEC Reports	13
	Section 4.03	Compliance Certificate	13
	Section 4.04	Stay, Extension and Usury Laws	13
	 	 
	ARTICLE V SUCCESSORS	14
	 	 	 
	Section 5.01	When Company May Merge, Etc	14
	Section 5.02	Successor Corporation Substituted	14

 

    i

    
 

    

 

	ARTICLE VI DEFAULTS AND REMEDIES	14
	 	 	 
	Section 6.01	Events of Default	14
	Section 6.02	Acceleration of Maturity; Rescission and Annulment	15
	Section 6.03	Collection of Indebtedness and Suits for Enforcement by Trustee	16
	Section 6.04	Trustee May File Proofs of Claim	16
	Section 6.05	Trustee May Enforce Claims Without Possession of Securities	17
	Section 6.06	Application of Money Collected	17
	Section 6.07	Limitation on Suits	17
	Section 6.08	Unconditional Right of Holders to Receive Principal and Interest	18
	Section 6.09	Restoration of Rights and Remedies	18
	Section 6.10	Rights and Remedies Cumulative	18
	Section 6.11	Delay or Omission Not Waiver	18
	Section 6.12	Control by Holders	18
	Section 6.13	Waiver of Past Defaults	18
	Section 6.14	Undertaking for Costs	19
	 	 
	ARTICLE VII TRUSTEE	19
	 	 	 
	Section 7.01	Duties of Trustee	19
	Section 7.02	Rights of Trustee	20
	Section 7.03	Individual Rights of Trustee	21
	Section 7.04	Trustee’s Disclaimer	21
	Section 7.05	Notice of Defaults	21
	Section 7.06	Reports by Trustee to Holders	22
	Section 7.07	Compensation and Indemnity	22
	Section 7.08	Replacement of Trustee	22
	Section 7.09	Successor Trustee by Merger, etc	23
	Section 7.10	Eligibility; Disqualification	23
	Section 7.11	Preferential Collection of Claims Against Company	23
	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	23
	 	 	 
	Section 8.01	Satisfaction and Discharge of Indenture	23
	Section 8.02	Application of Trust Funds; Indemnification	24
	Section 8.03	Legal Defeasance of Securities of any Series	24
	Section 8.04	Covenant Defeasance	26
	Section 8.05	Repayment to Company	26
	Section 8.06	Reinstatement	27

 

	ARTICLE IX AMENDMENTS AND WAIVERS	27
	 	 	 
	Section 9.01	Without Consent of Holders	27
	Section 9.02	With Consent of Holders	28
	 	 	 
	Section 9.03	Limitations	28
	Section 9.04	Compliance with Trust Indenture Act	29
	Section 9.05	Revocation and Effect of Consents	29
	Section 9.06	Notation on or Exchange of Securities	29
	Section 9.07	Trustee Protected	29

 

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	ARTICLE X MISCELLANEOUS	29
	 	 	 
	Section 10.01	Trust Indenture Act Controls	29
	Section 10.02	Notices	30
	Section 10.03	Communication by Holders with Other Holders	30
	Section 10.04	Certificate and Opinion as to Conditions Precedent	30
	Section 10.05	Statements Required in Certificate or Opinion	30
	Section 10.06	Rules by Trustee and Agents	31
	Section 10.07	Legal Holidays	31
	Section 10.08	No Recourse Against Others	31
	Section 10.09	Counterparts	31
	Section 10.10	Governing Laws	31
	Section 10.11	No Adverse Interpretation of Other Agreements	31
	Section 10.12	Successors	31
	Section 10.13	Severability	31
	Section 10.14	Table of Contents, Headings, Etc	31
	Section 10.15	Securities in a Foreign Currency	32
	Section 10.16	U.S.A. Patriot Act	32
	Section 10.17	Waiver of Jury Trial	32
	 	 
	ARTICLE XI SINKING FUNDS	32
	 	 	 
	Section 11.01	Applicability of Article	32
	Section 11.02	Satisfaction of Sinking Fund Payments with Securities	33
	Section 11.03	Redemption of Securities for Sinking Fund	33

 

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CUENTAS INC.

Reconciliation and tie between Trust Indenture
Act of 1939 and 

Indenture, dated as of                 .

 

	Section 310 (a)(1)	     7.10   
	(a)(2)	     7.10   
	(a)(3)	     NOT APPLICABLE   
	(a)(4)	     NOT APPLICABLE   
	(a)(5)	     7.10   
	(b)	     7.10   
	Section 311 (a)	     7.11   
	(b)	     7.11   
	(c)	     NOT APPLICABLE   
	Section 312 (a)	     2.06   
	(b)	     10.03   
	(c)	     10.03   
	Section 313 (a)	     7.06   
	(b)(1)	     7.06   
	(b)(2)	     7.06   
	(c)(1)	     7.06   
	(d)	     7.06   
	Section 314 (a)	     4.02, 10.05   
	(b)	     NOT APPLICABLE   
	(c)(1)	     10.04   
	(c)(2)	     10.04   
	(c)(3)	     NOT APPLICABLE   
	(d)	     NOT APPLICABLE   
	(e)	     10.05   
	(f)	     NOT APPLICABLE   
	Section 315 (a)	     7.01   
	(b)	     7.05   
	(c)	     7.01   
	(d)	     7.01   
	(e)	     6.14   
	Section 316 (a)	     2.10   
	(a)(1)(a)	     6.12   
	(a)(1)(b)	     6.13   
	(b)	     6.08   
	Section 317 (a)(1)	     6.03   
	(a)(2)	     6.04   
	(b)	     2.05   
	Section 318 (a)	     10.01   

 

    iv

    
 

    

 

INDENTURE,
dated as of [            ], between Cuentas Inc., a Florida corporation (“Company”), and [                ], as trustee (“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture.

 

ARTICLE I

DEFINITIONS
AND INCORPORATION BY REFERENCE 

 

Section 1.01
Definitions.

 

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

 

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

 

“Agent”
means any Registrar or Paying Agent.

 

“Applicable
Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein,
the rules and procedures of DTC or any successor Depositary, in each case to the extent applicable to such transaction and as in effect
from time to time.

 

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

 

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

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law,
regulation or executive order to close or be closed in the State of New York.

 

“Capital
Interests” means any and all shares, interests, participations, rights or other equivalents (however designated) of capital
stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other
interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets
of, such partnership.

 

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

 

    1

     

    

 

“Company
Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer.

 

“Company
Request” means a written request signed in the name of the Company by its Chief Executive Officer or Chief Financial Officer
and delivered to the Trustee.

 

“Corporate
Trust Office” means the address of the Trustee specified in Section 10.02, or such other address as to which the Trustee
may give notice to the Holders and the Company.

 

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

 

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

 

“Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02.

 

“Dollars”
and “$” means the currency of The United States of America.

 

“DTC”
means the Depository Trust Company, a New York corporation.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Foreign
Currency” means any currency or currency unit issued by a government other than the government of The United States of America.

 

“Foreign
Government Obligations” means, with respect to Securities of any Series that are denominated in a Foreign Currency, (i) direct
obligations of the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or instrumentality of such
government the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which,
in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession.

 

“Global
Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.02 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or
its nominee, and registered in the name of such Depositary or nominee.

 

“Holder”
means a person in whose name a Security is registered.

 

    2

     

    

 

“Indenture”
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.

 

“interest”
with respect to any Discount Security which by its terms bears interest only after Maturity means interest payable after Maturity.

 

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

 

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

 

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

 

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

 

“person”
means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.

 

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

 

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

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities”
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02 hereof.

 

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

 

“Subsidiary”
means, with respect to any person, any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof or, in the case of a partnership, more than 50% of the partners’ Capital Interests (considering all partners’
Capital Interests as a single class), is at the time owned or controlled, directly or indirectly, by such person or one or more of the
other Subsidiaries of such person or combination thereof.

 

    3

     

    

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture and the rules
and regulations promulgated thereunder; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.

 

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

 

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

 

Section 1.02
Other Definitions.

	 	 	 	 
	TERM
	 	Defined
    in Section
	Bankruptcy
    Law	 	 	6.01
	Custodian	 	 	6.01
	Event
    of Default	 	 	6.01
	Legal
    Holiday	 	 	10.07
	mandatory
    sinking fund payment	 	 	11.01
	Market
    Exchange Rate	 	 	10.15
	optional
    sinking fund payment	 	 	11.01
	Paying
    Agent	 	 	2.04
	Registrar	 	 	2.04
	Successor
    Person	 	 	5.01

 

Section 1.03
Incorporation by Reference of Trust Indenture Act.

 

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

 

“Commission”
means the SEC.

 

“indenture
securities” means the Securities.

 

“indenture
security holder” means a Holder.

 

“indenture
to be qualified” means this Indenture.

 

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

 

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

 

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

 

    4

     

    

 

Section 1.04
Rules of Construction.

 

Unless
the context otherwise requires:

 

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

 

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

 

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

 

(d)
“or” is not exclusive;

 

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

 

(f)
provisions apply to successive events and transactions.

 

 

ARTICLE II

THE
SECURITIES 

 

Section 2.01
Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture
is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be
set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing
the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to
be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the
terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in
respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

Section 2.02
Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the following
shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the
Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(s)) by or pursuant to a Board Resolution,
and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officers’ Certificate:

 

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

 

    5

     

    

 

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

 

(c)
any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or 9.06);

 

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

 

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

 

(f)
the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company
in respect of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer,
mail or other means;

 

(g)
if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;

 

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

 

(i)
the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at
the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

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

 

(k)
if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(l)
the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and the agency or organization,
if any, responsible for overseeing such composite currency;

 

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

 

    6

     

    

 

(n)
any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of
the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;

 

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

 

(p)
the provisions, if any, relating to conversion of any Securities of such Series, including, if applicable, the securities into which
the Securities are convertible, the conversion price, the conversion period, provisions as to whether conversion will be mandatory, at
the option of the Holders or at the option of the Company, the events requiring an adjustment of the conversion price and provisions
affecting conversion if such Series of Securities are redeemed;

 

(q)
whether the Securities of such Series will be senior debt securities or subordinated debt securities and, if applicable, a description
of the subordination terms thereof;

 

(r)
any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such
Series if other than those appointed herein; and

 

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

 

All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms
of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate
referred to above, and, unless otherwise provided in such Board Resolution, a Series may be reopened, without the consent of the
Holders, for increases in the aggregate principal amount of such Series and issuances of additional Securities of such Series.

 

Section 2.03
Execution and Authentication. At least one Officer shall sign the Securities for the Company by manual or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to electronic instructions in PDF from the Company or its duly authorized agent or agents.
Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate. The aggregate principal amount of Securities of any Series outstanding at any time may
not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.02 or 2.08. Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the
Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities
within that Series, (b) an Officers’ Certificate complying with Section 10.04 and (c)(1) an Opinion of Counsel complying
with Section 10.04 or (2) an Opinion of Counsel (or reliance letter with respect to an Opinion of Counsel) that the Securities
have been duly authorized, executed and delivered by the Company and such Securities will constitute valid and binding obligations of
the Company, enforceable against the Company in accordance with its terms. The Trustee may appoint an authenticating agent acceptable
to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights
as an Agent to deal with the Company or an Affiliate of the Company.

 

    7

     

    

 

Section 2.04
Registrar and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at the place or places
specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may
be presented or surrendered for payment (“Paying Agent”), and where Securities of such Series may be surrendered
for registration of transfer or exchange (“Registrar”). The Registrar shall keep a register with respect to each Series of
Securities and of their transfer and exchange. The Company hereby appoints the Trustee as Paying Agent and Registrar. The Company will
give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying
Agent. The Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar and a Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for
such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the name or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar;
and the term “Paying Agent” includes any additional paying agent. The Company hereby appoints the Trustee as the initial
Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the
time Securities of that Series are first issued.

 

Section 2.05
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability
for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund
for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. Upon an Event of Default under Section
6.01(d) or (e), the Trustee shall be the Paying Agent.

 

Section 2.06
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If
the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten (10) days before each interest payment date
and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Holders of each Series of Securities.

 

Section 2.07
Transfer and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer
or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.06 or 9.06). Neither the Company nor the Registrar shall be required (a) to issue,
register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days
immediately preceding the delivery of a notice of redemption of Securities of that Series selected for redemption and ending at
the close of business on the day of such delivery, or (b) to register the transfer of or exchange Securities of any Series selected,
called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called
for redemption in part.

 

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Section 2.08
Mutilated, Destroyed, Lost and Stolen Securities.

 

(a)
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available
for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding. If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a protected purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for
delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost or stolen Security has become
due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

 

(b)
Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that Series duly issued hereunder. The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.

 

Section 2.09
Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee
in accordance with the provisions hereof and those described in this Section as not outstanding. If a Security is replaced pursuant
to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held
by a protected purchaser. If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds
on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date
such Securities of the Series cease to be outstanding and interest on them ceases to accrue. A Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security. In determining whether the Holders of the requisite principal
amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal
amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02.

 

Section 2.10
Treasury Securities. In determining whether the Holders of the required principal amount of Securities of a Series have
concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company
shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request,
demand, authorization, direction, notice, consent or waiver, only Securities of a Series that a Responsible Officer of the Trustee
knows are so owned shall be so disregarded.

 

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Section 2.11
Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and
the Trustee upon request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12
Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall
cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation in accordance with its
customary procedures. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for
cancellation.

 

Section 2.13
Defaulted Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted
interest at the rate established for the particular Series, if any, plus, to the extent permitted by law, any interest payable on the
defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Company shall fix the
special record date and payment date; provided that if no rate for defaulted interest is specified for any Series of Securities, then
the defaulted interest rate shall be the interest rate specified for such Series of Securities. At least ten (10) days before the
special record date, the Company shall deliver to the Trustee and to each Holder of the Series a notice that states the record date,
the related payment date and the amount of interest to be paid. The Company may also pay defaulted interest in any other lawful manner.

 

Section 2.14
Global Securities

 

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

 

(b)
Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names
of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency
registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing
agency under the Exchange Act within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’
Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities
represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and terms.

 

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(c) Except as provided in this Section 2.14(c),
a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

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

 

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

 

(f) Payments. Notwithstanding the other provisions
of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any,
on any Global Security shall be made to the Holder thereof.

 

(g) Consents, Declaration and Directions. Except
as provided in Section 2.14(g), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount
of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary
with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given
by the Holders pursuant to this Indenture.

 

(h) The Depositary or its nominee, as registered
owner of a Global Security, shall be the Holder of such Global Security for all purposes under the Indenture and the Securities, and owners
of beneficial interests in a Global Security shall hold such interests pursuant to the Applicable Procedures. Accordingly, any such owner’s
beneficial interest in a Global Security will be shown only on, and the transfer of such interest shall be effected only through, records
maintained by the Depositary or its nominee and such owners of beneficial interests in a Global Security will not be considered the owners
or holders thereof. Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Global Security
provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Security (whether by mail
or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions
from the Depositary or its designee, including by electronic mail in accordance with applicable Depositary procedures.

 

Section 2.15 CUSIP Numbers. The Company in issuing
the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers
in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be
placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company shall promptly notify the Trustee of any change in “CUSIP” numbers of which the
Company becomes aware.

 

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ARTICLE III 

REDEMPTION 

 

Section 3.01 Notice to Trustee. The Company may, with
respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem
and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated
Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of
the redemption date and the principal amount of the Series of Securities to be redeemed.

 

Section 3.02 Selection of Securities to be Redeemed. Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if
less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed
in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the Series outstanding
not previously called for redemption. Securities of a Series and portions selected for redemption shall be in amounts of $1,000 or
whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.02(j),
the minimum principal denomination for each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities
of a Series called for redemption also apply to portions of Securities of that Series called for redemption. The Trustee shall
not be liable for the selection made in accordance with this Section 3.02.

 

Section 3.03 Notice of Redemption.

 

(a) Unless otherwise specified for a particular
Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least 30 days but not more than 60 days
before a redemption date, the Company shall deliver notice of redemption to each Holder whose Securities are to be redeemed. The notice
shall identify the Securities of the Series to be redeemed and shall state:

 

(i) the redemption date;

 

(ii) the redemption price or the manner of the calculation
of the redemption price;

 

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

 

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

 

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

 

(vi) the CUSIP number, if any; and

 

(vii) any other information as may be required by
the terms of the particular Series or the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense; provided that the Company shall have delivered to the Trustee,
at least five Business Days (or such shorter period as the Trustee may consent to in writing) before notice of redemption is required
to be delivered or caused to be delivered to Holders pursuant to this Section 3.03, an Officers’ Certificate of the Company
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

 

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Section 3.04 Effect of Notice of Redemption. Once
notice of redemption is delivered as provided in Section 3.03, Securities of a Series called for redemption become due and payable
on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date; provided that installments of interest
whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or one or more predecessor
Securities) registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture.

 

Section 3.05 Deposit of Redemption Price. Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, on or before
11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.06 Securities Redeemed in Part. Upon surrender
of a Security that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder a new Security of the
same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE IV 

COVENANTS 

 

Section 4.01 Payment of Principal and Interest. The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the
principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.02 SEC Reports. Any information, documents
or other reports that the Company shall file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed
with the Trustee within 15 days after the same is filed with the Commission; provided that any such information, documents or reports
filed or furnished with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system shall be deemed
filed with the Trustee as of the time such information, documents or reports are filed or furnished via EDGAR.

 

Section 4.03 Compliance Certificate. The Company shall,
so long as any of the Securities are outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company,
an Officers’ Certificate stating whether or not to the knowledge of the signers thereof the Company is in default in the performance
and observance of any of the terms, provisions and conditions hereof (without regard to any period of grace or requirement of notice provided
hereunder), and if a Default or Event of Default shall have occurred, specifying all such Defaults or Events of Default and the nature
and status thereof of which they may have knowledge.

 

Section 4.04 Stay, Extension and Usury Laws. The Company
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture or the Securities or any other law that would prohibit or forgive the Company
from paying all or any portion of the principal of, or interest on, the Securities as contemplated in the Indenture, any indenture supplemental
thereto relating to the Securities or the Securities and the Company (to the extent it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been
enacted.

 

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ARTICLE V 

SUCCESSORS 

 

Section 5.01 When Company May Merge, Etc. The Company
shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to,
another person (a “Successor Person”) unless:

 

(a) the Company is the surviving corporation or
the Successor Person (if other than the Company) is organized and validly existing under the laws of any U.S. domestic jurisdiction and
expressly assumes the Company’s obligations on the Securities and under this Indenture; and

 

(b) immediately after giving effect to the transaction,
no Default or Event of Default shall have occurred and be continuing.

 

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

 

Section 5.02 Successor Corporation Substituted. Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.01, the successor corporation formed by such consolidation or into or with which the Company is merged
or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every
right and power of, the Company under this Indenture with the same effect as if such Successor Person has been named as the Company herein;
provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released
from all obligations and covenants under this Indenture and the Securities.

 

ARTICLE VI 

DEFAULTS AND REMEDIES 

 

Section 6.01 Events of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of
Default or the terms of such Event of Default have been modified or superceded as set forth in the Board Resolution, supplemental indenture
or Officers’ Certificate for such Securities of any Series:

 

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

 

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

 

(c) default in the performance or breach of any
covenant or warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences of nonperformance
or breach are addressed elsewhere in this Section 6.01 and other than a covenant or warranty that has been included in this Indenture
solely for the benefit of a Series of Securities other than that Series), which default continues uncured for a period of 60 days
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders
of not less than a majority in principal amount of the outstanding Securities of that Series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

(i) commences a voluntary case or proceeding;

 

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

 

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

 

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

 

(v) makes an admission in writing that it is generally
unable to pay its debts as the same become due; or

 

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

 

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

 

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

 

(iii) orders the liquidation of the Company, and
the order or decree remains unstayed and in effect for 90 days; or

 

(f) any other Event of Default provided with respect
to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate,
in accordance with Section 2.02(n).

 

The term “Bankruptcy Law” means
Title 11 of the U.S. Code or any similar federal or state law for the relief of debtors. The term “Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.02 Acceleration of Maturity; Rescission and Annulment. If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event
of Default referred to in Section 6.01(d) or (e)), then in every such case the Trustee or the Holders of not less than a majority
in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that
Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and
accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and
accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.01(d)
or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities
shall be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. At any time after
such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article; provided that the Holders of a majority in principal amount of the
outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its
consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest,
if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived
as provided in Section 6.13. No such rescission shall affect any subsequent Default or impair any right consequent thereon.

 

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Section 6.03 Collection of Indebtedness and Suits for Enforcement
by Trustee.

 

The Company covenants that if:

 

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

 

(b) default is made in the payment of principal
of any Security at the Maturity thereof,

 

then the Company will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to
the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the
rate or rates prescribed therefor in such Securities and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

 

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

 

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

 

Section 6.04 Trustee May File Proofs of Claim. In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment
of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, (a) to file and
prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and
(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

 

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Section 6.05 Trustee May Enforce Claims Without Possession
of Securities. All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee
without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

 

Section 6.06 Application of Money Collected.

 

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

 

First: To the payment of all amounts due the Trustee
under Section 7.07; and

 

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

 

Third: To the Company.

 

Section 6.07 Limitation on Suits. No Holder of any
Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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

 

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

 

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

 

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

 

(e) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities
of that Series;

 

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

 

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Section 6.08 Unconditional Right of Holders to Receive Principal
and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is
absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated
Maturities expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent of such Holder.

 

Section 6.09 Restoration of Rights and Remedies. If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted.

 

Section 6.10 Rights and Remedies Cumulative. Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.08,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right
or remedy.

 

Section 6.11 Delay or Omission Not Waiver. No delay
or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy
given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders, as the case may be.

 

Section 6.12 Control by Holders. Subject to Section 7.02(f),
the Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the
Trustee, with respect to the Securities of such Series, provided that:

 

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

 

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

 

(c) subject to the provisions of Section 7.01,
the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer
of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

Section 6.13 Waiver of Past Defaults. The Holders
of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default
(i) in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration) or (ii) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

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Section 6.14 Undertaking for Costs. All parties to
this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the
costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against
any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding
Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption
date).

 

ARTICLE VII 

TRUSTEE 

 

Section 7.01 Duties of Trustee.

 

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

 

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

 

(i) The Trustee need perform only those duties that
are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against
the Trustee.

 

(ii) In the absence of bad faith on its part, the
Trustee may conclusively rely and is fully protected, as to the truth of the statements and the correctness of the opinions expressed
therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this
Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein) .

 

(c) The Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

 

(i) This paragraph does not limit the effect of paragraph
(b) of this Section.

 

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

 

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

 

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

 

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

 

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

 

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

 

(h) The rights, privileges, protections, immunities
and benefits given to the Trustee, including the right to be indemnified, are extended to, and shall be enforceable by the Trustee in
each of its capacities hereunder and to its agents. The provisions set forth in paragraphs (a), (b) and (c) of this Section shall
apply to the Trustee in each of its capacities hereunder and its agents.

 

Section 7.02 Rights of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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(g) The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by the Trustee to
be genuine and to have been signed or delivered by the proper person.

 

(h) The Trustee shall not be deemed to have notice
of any Default or Event of Default, other than a failure by the Company to make any payment hereunder when due if the Trustee is the Paying
Agent, unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact
such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally
or the Securities of a particular Series and this Indenture and states that it is a “notice of default.”

 

(i) The permissive rights of the Trustee enumerated
herein shall not be construed as duties.

 

(j) In no event shall the Trustee be responsible
or liable for any special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever (including, but not limited
to, lost profits) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

(k) Neither the Trustee nor any Agent shall be
responsible or liable for any failure or delay in the performance of its obligation under this Indenture arising out of or caused, directly
or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; wars;
acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions of utilities, computer
(hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action;
it being understood that each of the Trustee and Agents shall use commercially reasonable efforts which are consistent with accepted practices
in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

 

(l) The Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties hereunder.

 

Section 7.03 Individual Rights of Trustee. The Trustee
in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate
of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also
subject to Sections 7.10 and 7.11.

 

Section 7.04 Trustee’s Disclaimer. The Trustee
makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s
use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.05 Notice of Defaults. If a Default or Event
of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the
Trustee, the Trustee shall deliver to each Holder of the Securities of that Series notice of a Default or Event of Default within
90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except
in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold
the notice if and so long as it in good faith determines that withholding the notice is in the interests of Holders of that Series.

 

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Section 7.06 Reports by Trustee to Holders. Within
60 days after March 15 in each year, the Trustee shall transmit by deliver to all Holders, as their names and addresses appear on
the register kept by the Registrar a brief report dated as of such March 15, in accordance with, and to the extent required under,
TIA Section 313. A copy of each report at the time of its delivery to Holders of any Series shall be filed with the SEC and
each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities
of any Series are listed on any stock exchange.

 

Section 7.07 Compensation and Indemnity. The Company
shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time agree
upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include
the reasonable compensation and expenses of the Trustee’s agents and counsel. The Company shall indemnify each of the Trustee and
any predecessor Trustee (including the cost of defending itself) against any loss, liability or expense, including taxes (other than taxes
based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in this Section 7.07 in the
performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. Failure or delay by the Trustee to so notify the Company of any claim for which it may seek indemnity shall not
relieve the Company of its obligations hereunder except to the extent such failure or delay shall have materially prejudiced the Company.
The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company
shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents
of the Trustee. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any
officer, director, employee, shareholder or agent of the Trustee through the gross negligence or willful misconduct of any such persons
as determined by a final order of a court of competent jurisdiction. When the Trustee incurs expenses or renders services after an Event
of Default specified in Section 6.01(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute
expenses of administration under any insolvency, bankruptcy or similar law. The provisions of this Section shall survive the resignation
or removal of the Trustee and the termination or discharge of this Indenture.

 

Section 7.08 Replacement of Trustee. A resignation
or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section. The Trustee may resign with respect to the Securities of one or more Series by so notifying
the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities
of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may
remove the Trustee with respect to Securities of one or more Series if:

 

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

 

(b) the Trustee is adjudged bankrupt or insolvent
or an order for relief is entered with respect to the Trustee under any insolvency, bankruptcy or similar law;

 

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

 

(d) the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.

 

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If a successor Trustee with respect to the Securities
of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property
held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect
to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall deliver a notice of
its succession to each Holder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the
Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee with respect to expenses
and liabilities incurred by it prior to the date of such replacement.

 

Section 7.09 Successor Trustee by Merger, etc. If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business (including
administration of this Indenture) to, another corporation, the successor corporation without any further act shall be the successor Trustee.

 

Section 7.10 Eligibility; Disqualification. This Indenture
shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5) and has a combined capital
and surplus of at least $50,000,000. The Trustee shall comply with TIA Section 310(b).

 

Section 7.11 Preferential Collection of Claims Against Company. The
Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has
resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated.

ARTICLE VIII 

SATISFACTION AND DISCHARGE; DEFEASANCE 

 

Section 8.01 Satisfaction and Discharge of Indenture.

 

This Indenture shall upon Company Order cease to
be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a) any of the following shall have occurred:

 

(i) no Securities have been issued hereunder;

 

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

 

(iii) all such Securities not theretofore delivered
to the Trustee for cancellation (1) have become due and payable, or (2) will become due and payable at their Stated Maturity
within one year, or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Company; and the Company has irrevocably deposited or caused
to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness
on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in
the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption
date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.07 and, if money shall have been deposited with the Trustee pursuant to
clause (a) of this Section, the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.01, 8.02 and 8.05 shall survive.

 

Section 8.02 Application of Trust Funds; Indemnification.

 

(a) Subject to the provisions of Section 8.05,
all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee in respect of U.S. Government Obligations
or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04, shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(other than the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal
and interest for whose payment such money has been deposited with or received by the Trustee or analogous payments as contemplated by
Sections 8.03 or 8.04.

 

(b) The Company shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations
deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such obligations other than any
payable by or on behalf of Holders.

 

(c) The Trustee shall deliver or pay to the Company
from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided
in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required
to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or
received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations
held under this Indenture.

 

Section 8.03 Legal Defeasance of Securities of any Series. Unless
this Section 8.03 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day
after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such
outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company
Request, execute such instruments reasonably requested by the Company acknowledging the same), except as to:

 

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

 

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(b) the provisions of Sections 2.04, 2.05,
2.07, 2.08, 8.02, 8.03 and 8.05; and

 

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

 

(d) with reference to this Section 8.03, the
Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit
of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or
U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than
a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof
in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee),
not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such
Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

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

 

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

 

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

 

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

 

(j) such defeasance shall not result in the trust
arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless
such trust shall be registered under such Act or exempt from registration thereunder.

 

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Section 8.04 Covenant Defeasance. Unless this Section 8.04
is otherwise specified, pursuant to Section 2.02(s), to be inapplicable to Securities of any Series, on and after the 91st day after
the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with respect to the Securities of
any Series with any term, provision or condition set forth under Sections 4.02, 4.03, and 5.01 as well as any additional covenants
specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered
pursuant to Section 2.02 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with
respect to such Series under Section 6.01) and the occurrence of any event specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 and designated as an Event
of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, provided that
the following conditions shall have been satisfied:

 

(a) with reference to this Section 8.04, the
Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c)) with the Trustee as trust funds
in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite
currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance
with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than
one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on
the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

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

 

(d) the Company shall have delivered to the Trustee
an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred;

 

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

 

(f) Such defeasance shall not result in the trust
arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless
such trust shall be registered under such Act or exempt from registration thereunder.

 

Section 8.05 Repayment to Company. The Trustee and
the Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal and interest that remains
unclaimed for two years, and after such time, Holders entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another person.

 

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Section 8.06 Reinstatement. If the Trustee or the
Paying Agent is unable to apply any money deposited with respect to Securities of any series in accordance with Section 8.01 by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such series and under
the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such
time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.01; provided, however,
that if the Company has made any payment of principal of, premium (if any) or interest on any Additional Amounts with respect to any Securities
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive
such payment from the money held by the Trustee or the Paying Agent.

 

ARTICLE IX 

AMENDMENTS AND WAIVERS 

 

Section 9.01 Without Consent of Holders. Unless otherwise
specified for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, the Company and the
Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Holder:

 

(a) to evidence the succession of another person
to the Company under this Indenture and the Securities and the assumption by any such Successor Person of the obligations of the Company
hereunder and under the Securities;

 

(b) to add covenants of the Company for the benefit
of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities,
stating that such covenants are expressly being included for the benefit of such series) or to surrender any right or power herein conferred
upon the Company provided such action does not adversely affect the interests of the Holders;

 

(c) to add any additional Events of Default;

 

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

 

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

 

(f) to establish the forms or terms of the Securities
of any series issued pursuant to the terms hereof;

 

(g) to cure any ambiguity or correct any inconsistency
in this Indenture;

 

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

 

    27

     

    

 

(i)
to qualify this Indenture under the Trust Indenture Act;

 

(ii)

 

(j) to provide for uncertificated securities in
addition to certificated securities;

 

(k) to supplement any provisions of this Indenture
necessary to permit or facilitate the defeasance and discharge of any series of Securities, provided that such action does not adversely
affect the interests of the Holders of Securities of such series or any other series;

 

(l) to conform the Indenture to any Description
of Securities for a particular Series of Securities; and

 

(m) to comply with the rules or regulations of
any securities exchange or automated quotation system on which any of the Securities may be listed or traded.

 

Section 9.02 With Consent of Holders. The Company
and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount
of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with
a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the
Holders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding
Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer
for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect
to such Series. It shall not be necessary for the consent of the Holders of Securities under this Section 9.02 to approve the particular
form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After
a supplemental indenture or waiver under this section becomes effective, the Company shall deliver to the Holders of Securities affected
thereby a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to deliver such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

Section 9.03 Limitations. Unless otherwise specified
for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, without the consent of each
Holder affected, an amendment or waiver may not:

 

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

 

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

 

(c) reduce the principal or change the Stated Maturity
of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

(d) reduce the principal amount of Discount Securities
payable upon acceleration of the maturity thereof;

 

(e) waive a Default or Event of Default in the
payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by
the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default
that resulted from such acceleration);

 

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(f) make the principal of or interest, if any,
on any Security payable in any currency other than that stated in the Security;

 

(g) make any change in Sections 6.08, 6.13,
or 9.03; or

 

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

 

Section 9.04 Compliance with Trust Indenture Act. Every
amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect.

 

Section 9.05 Revocation and Effect of Consents. Until
an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may
revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the
supplemental indenture or the date the waiver becomes effective. Any amendment or waiver once effective shall bind every Holder of each
Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.03.
In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 

Section 9.06 Notation on or Exchange of Securities. The
Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated. The
Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that
Series that reflect the amendment or waiver.

 

Section 9.07 Trustee Protected. In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall receive, in addition to the documents required by Section 10.04, and (subject to Section 7.01)
shall be fully protected in relying upon, an Opinion of Counsel stating that all conditions precedent in this Indenture to the execution
of such supplemental indenture, if any, have been complied with, such supplemental indenture is authorized hereunder, and, that such supplemental
indenture is the valid and legally binding obligation of the Company. The Trustee shall sign all supplemental indentures, except that
the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

ARTICLE X 

MISCELLANEOUS 

 

Section 10.01 Trust Indenture Act Controls. If any
provision of this Indenture limits, qualifies or conflicts with another provision which is required or deemed to be included in this Indenture
by the TIA, such required or deemed provision shall control.

 

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Section 10.02 Notices.

 

(a) Any notice or communication by the Company
or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed
by first-class mail or sent by telecopier transmission or electronic transmission in PDF addressed as follows:

 

if to the Company:

 

Cuentas Inc.

235 Lincoln Rd., Suite 210

Miami Beach, FL 33139

Attention: Jeffery D. Johnson

Telephone: (800) 611-3622

 

if to the Trustee:

 

[                                ]

 

(b) The Company or the Trustee by notice to the
other may designate additional or different addresses for subsequent notices or communications. Any notice or communication to a Holder
shall be delivered to his address shown on the register kept by the Registrar. Failure to deliver a notice or communication to a Holder
of any Series or any defect in it shall not affect its sufficiency with respect to other Holders of that or any other Series. If
a notice or communication is delivered in the manner provided above, within the time prescribed, it is duly given, whether or not the
Holder receives it. If the Company delivers a notice or communication to Holders, it shall deliver a copy to the Trustee and each Agent
at the same time.

 

(c) Any notice or demand that by any provision
of this Indenture is required or permitted to be given or served by the Company may, at the Company’s written request received by
the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable to the Trustee) to the
date on which such notice must be given or served, be given or served by the Trustee in the name of and at the expense of the Company.

 

Section 10.03 Communication by Holders with Other Holders. Holders
of any Series may communicate pursuant to TIA Section 312(b) with other Holders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA Section 312(c).

 

Section 10.04 Certificate and Opinion as to Conditions Precedent. Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

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

 

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

 

Section 10.05 Statements Required in Certificate or Opinion. Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:

 

(a) a statement that the person making such certificate
or opinion has read such covenant or condition;

 

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

 

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

 

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

 

Section 10.06 Rules by Trustee and Agents. The Trustee
may make reasonable rules for action by or a meeting of Holders of one or more Series. Any Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section 10.07 Legal Holidays. Unless otherwise provided
by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on
the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

 

Section 10.08 No Recourse Against Others. A director,
officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.09 Counterparts. This Indenture may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture
and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the
parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes.

 

Section 10.10 Governing Laws. This Indenture and the
Securities will be governed by, and construed in accordance with, the internal laws of the State of New York.

 

Section 10.11 No Adverse Interpretation of Other Agreements. This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 10.12 Successors. All agreements of the Company
in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.13 Severability. In case any provision
in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

 

Section 10.14 Table of Contents, Headings, Etc. The
Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 

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Section 10.15 Securities in a Foreign Currency. Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.02
of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by
a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated
in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding
for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate
at such time. For purposes of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate
in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate
is not available for any reason with respect to such currency, the Company shall use, in its sole discretion and without liability on
its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more
major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the Company, shall
deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities
of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the
terms of this Indenture. All decisions and determinations of the Company regarding the Market Exchange Rate or any alternative determination
provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted
by law, be conclusive for all purposes and irrevocably binding upon the Company, the Trustee and all Holders. The Trustee shall have no
duty to calculate or verify the calculations made pursuant to this Section 10.15.

 

Section 10.16 U.S.A. Patriot Act. The Company acknowledges
that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions, and in order to help
fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person
or legal entity that establishes a relationship or opens an account with the Trustee. The Company agrees that it will provide the Trustee
with such information as it may reasonably request as required in order for the Trustee to satisfy the requirements of the U.S.A. Patriot
Act.

 

Section 10.17 Waiver of Jury Trial. EACH OF THE COMPANY
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING AS BETWEEN THE COMPANY AND THE TRUSTEE ONLY ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES.

 

ARTICLE XI 

SINKING FUNDS 

 

Section 11.01 Applicability of Article. The provisions
of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted
or required by any form of Security of such Series issued pursuant to this Indenture. The minimum amount of any sinking fund payment
provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment”
and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 11.02. Each sinking fund payment shall be applied to the redemption of Securities of
any Series as provided for by the terms of the Securities of such Series.

 

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Section 11.02 Satisfaction of Sinking Fund Payments with Securities. The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment
is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit
Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed
either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking
fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together
with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process
of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities
for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a
result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.02, the principal amount of Securities
of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call
Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment
shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee
or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the
Company having an unpaid principal amount equal to the cash payment required to be released to the Company.

 

Section 11.03 Redemption of Securities for Sinking Fund. Not
less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officers’ Certificate in respect
of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will
deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.02,
and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon
be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officers’
Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.03.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.04,
3.05 and 3.06.

 

[Remainder of page intentionally left blank]

 

    33

     

    

 

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

 

	 	CUENTAS INC.
	 	 	 
	 	By:	 
	 	Name: 	Jeffery D. Johnson
	 	Title:	Chief Executive Officer
	 	 
	 	
    [                     ].

    as Trustee

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

[Signature Page to Indenture]

 

 

34Exhibit 10 A

 

Unanimous Written Consent of the

Board of Directors in Lieu of a Meeting of the

Board of Directors of

 

CUENTAS INC.

 

February 14, 2022

 

The undersigned, being all
of the members of the Board of Directors (the “Board”) of Cuentas, Inc., a Florida corporation (the “Corporation”),
and acting in accordance with the Florida Business Corporation Act, as amended, and the bylaws of the Corporation, hereby consent to the
adoption of the following resolutions, effective as of the date set forth above, in lieu of holding a special meeting of the Board:

 

 

WHEREAS, the Board
has determined that it is in the best interests of the Corporation to be in a position to issue securities if market conditions are favorable
or as and when the Board determines that the Corporation should do so;

 

WHEREAS, to be ready
to respond to such favorable market conditions and so that the Corporation will be in a position to issue and sell securities at such
times as the Board determines, the Board believes it is in the best interests of the Corporation to file with the Securities and Exchange
Commission (“SEC”) an unallocated universal shelf registration statement on Form S-3 for the registration under the
Securities Act of 1933, as amended (“Securities Act”), on a delayed or continuous basis up to an aggregate of $75,000,000
of securities (the “Shelf Registration Statement”) consisting of indeterminate amounts of those types of securities
referenced in the Shelf Registration Statement (collectively, the “Securities”), all at prices and on terms to be determined
and authorized for issuance by the Board at the time of the offering of any of such Securities; and

 

WHEREAS, the Board
wishes to authorize the filing by the Corporation of such Shelf Registration Statement and approve all related transactions and to authorize
the officers of the Corporation to execute and deliver any and all documents used or required in connection therewith.

 

NOW, THEREFORE, BE IT

 

RESOLVED, that each
of the Corporation’s officers (each an “Authorized Officer” and collectively, the “Authorized Officers”)
be, and each hereby is, authorized and directed to take, or cause to be taken, all actions necessary or advisable to effect the registration
of the Securities under the Securities Act, including, but not limited to,

 

		●	the execution by and in the name of the Corporation
and public filing with the SEC of the Shelf Registration Statement in substantially the form as previously presented to the Board, with
such changes, amendments and modifications as the Authorized Officers (acting jointly or individually), in consultation with outside Corporation
counsel, shall approve, 
	 	 	 

		●	the preparation, execution by and in the name
of the Corporation and filing of any amendments to the Shelf Registration Statement (including post-effective amendments and a Rule 462(b)
registration statement) and any supplements to the prospectus or prospectuses contained therein, 
	 	 	 

		●	the preparation execution by and in the name
of the Corporation and filing of all certificates, letters, applications any and other documents connected therewith that may be required
to be filed with the SEC with respect to the registration, offering, issuance and sale from time to time of the Securities and with respect
to any withdrawal of the Shelf Registration Statement, 

 

     

     

    

 

		●	the taking of any and all action in the name
and on behalf of the Corporation that outside counsel to the Corporation shall advise or that any of the Authorized Officers taking such
action shall determine to be necessary, advisable or appropriate in connection with the registration, offering, issuance and sale from
time to time of the Securities, such determination to be evidenced conclusively by the taking of such action; and be it further

  

RESOLVED, that the
execution of the Shelf Registration Statement and any of the amendments and supplements thereto by the Authorized Officers and directors
of the Corporation either personally or by any of the Authorized Officers acting as attorney-in-fact and duly authorized agent for such
directors pursuant to a power or powers of attorney executed by the directors, is specifically authorized; and be it further

 

RESOLVED, that the
Securities are being offered (up to the amounts permitted by SEC rules and subject to Board approval) pursuant to a prospectus and one
or more prospectus supplements (including amendments thereto or other similar documents, and term sheets in the form permitted under the
Securities Act), which shall be prepared and filed with the SEC (to the extent required) and used in connection with the Shelf Registration
Statement and approved by any Authorized Officer, such approval to be evidenced conclusively by such preparation or filing; and be it
further

 

RESOLVED, that each
of the Authorized Officers, or such counsel as the Authorized Officers shall choose to represent the Corporation, with full authority
to act without the other, be, and each hereby is, authorized to appear in the name and on behalf of the Corporation before the SEC in
connection with any matter relating to the Shelf Registration Statement or any amendments thereto; and be it further

 

RESOLVED, that Jeffery
D. Johnson be, and he hereby is, appointed the agent of the Corporation to accept service of notices, orders, legal process and any other
documents and certificates in connection with the Shelf Registration Statement; and be it further

 

RESOLVED, that each
of the Authorized Officers be, and each hereby is, authorized and directed to prepare or cause to be prepared, with the advice and assistance
of counsel to the Corporation, and to file with the Financial Industry Regulatory Authority, Inc., an application for approval of the
Shelf Registration Statement pursuant to FINRA Rule 5110; and be it further

 

RESOLVED, that the
officers of the Corporation be, and each of them hereby is, authorized to do and perform, or cause to be done or performed, in the name
and on behalf of the Corporation or otherwise, such other acts, and to execute and deliver, or cause to be executed and delivered, any
and all other notices, certificates, or other instruments or documents, under the corporate seal or otherwise in the name and on behalf
of the Corporation, or otherwise, and to pay all such fees, expenses and taxes, as they, or any of them, may deem necessary or proper
in order to carry into effect the intent of the foregoing resolutions or to comply with any requirement of the instruments or agreements
approved or authorized by the foregoing resolutions; and be it further

 

RESOLVED, that all
actions previously taken by any officer, director, representative, attorney or agent of the Corporation, in the name or on behalf of the
Corporation, in connection with the transactions contemplated by the foregoing resolutions be, and each of the same hereby is, adopted,
ratified, confirmed and approved in all respects as the act and deed of the Corporation; and be it further

 

RESOLVED, that this
Consent may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the
same instrument. A facsimile or other reproduction of this Consent may be executed by one or more parties hereto, and an executed copy
of this Consent may be delivered by one or more parties hereto by facsimile or similar instantaneous electronic transmission device pursuant
to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and
effective for all purposes.

 

[Signature Page Follows]

 

    1

     

    

 

IN WITNESS WHEREOF, the undersigned have executed
this Unanimous Written Consent of the Board as of the date and year first set forth above by signature below or electronic transmission,
as the case may be.

 

	 	 
	 	Arik Maimon
	 	Executive Chairman of the Board
	 	 
	 	 
	 	Michael De Prado
	 	Vice Chairman of the Board
	 	 
	 	 
	 	Yochanon Bruk
	 	Board Member
	 	 
	 	 
	 	Adiv Baruch
	 	Board Member
	 	 
	 	 
	 	Carol Pepper 
	 	Board Member
	 	 
	 	 
	 	Jeffrey Lewis
	 	Board Member
	 	 
	 	 
	 	Edward Maldonado 
	 	Board Member

 

 

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