Document:

Exhibit 10.4

 

Morgan Stanley & Co. International plc

c/o Morgan Stanley & Co. LLC

1585 Broadway, 5th Floor

New York, NY 10036

 

November 29, 2013                        

 

		To:	Albany Molecular Research,
Inc. 

26 Corporate Circle  

Albany,
New York 12212 

		Attention:	Michael M. Nolan, Vice
President Finance, Chief Financial Officer and Treasurer

		Telephone	No.: (518)
512-2000

 

		Re:	Additional Warrants

 

The purpose of this
letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Warrants issued by Albany
Molecular Research, Inc. (“Company”) to Morgan Stanley & Co. International plc (“Dealer”)
as of the Trade Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below. This Confirmation shall replace any previous agreements and serve
as the final documentation for the Transaction.

 

The definitions and
provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”), as published
by the International Swaps and Derivatives Association, Inc. (“ISDA”), are incorporated into this Confirmation.
In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern.

 

Each party is hereby
advised, and each such party acknowledges, that the other party has engaged in, or refrained from engaging in, substantial financial
transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

 

1.           This
Confirmation evidences a complete and binding agreement between Dealer and Company as to the terms of the Transaction to which
this Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the
2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Company had
executed an agreement in such form (but without any Schedule except for the election of the laws of the State of New York as the
governing law (without reference to choice of law doctrine)) on the Trade Date. In the event of any inconsistency between provisions
of that Agreement and this Confirmation, this Confirmation will prevail for the purpose of the Transaction to which this Confirmation
relates. The parties hereby agree that no Transaction other than the Transaction to which this Confirmation relates shall be governed
by the Agreement.

 

2.           The
Transaction is a Warrant Transaction, which shall be considered a Share Option Transaction for purposes of the Equity Definitions.
The terms of the particular Transaction to which this Confirmation relates are as follows:

 

General Terms.

 

	Trade Date:	November 29, 2013
	 	 
	Effective Date:	The third Exchange Business Day immediately prior to the Premium Payment Date
	 	 
	Warrants:	Equity call warrants, each giving the holder the right to purchase a number of Shares equal to the Warrant Entitlement at a price per Share equal to the Strike Price, subject to the terms set forth under the caption “Settlement Terms” below.  For the purposes of the Equity Definitions, each reference to a Warrant herein shall be deemed to be a reference to a Call Option.
	 	 
	Warrant Style:	European
	 	 
	Seller:	Company

 

    	 

    	 

    

 

	Buyer:	Dealer
	 	 
	Shares:	The common stock of Company, par value USD 0.01 per Share (Exchange symbol “AMRI”)
	 	 
	Number of Warrants:	639,844.  For the avoidance of doubt, the Number of Warrants shall be reduced by any Warrants exercised or deemed exercised hereunder.  In no event will the Number of Warrants be less than zero.
	 	 
	Warrant Entitlement:	One Share per Warrant
	 	 
	Strike Price:	USD 18.9440.
	 	 
	 	Notwithstanding anything to the contrary in the Agreement, this Confirmation or the Equity Definitions, in no event shall the Strike Price be subject to adjustment  to the extent that, after giving effect to such adjustment,  the Strike Price would be less than USD 11.83, except for any adjustment pursuant to the terms of this Confirmation and the Equity Definitions in connection with stock splits or similar changes to Company’s capitalization.
	 	 
	Premium:	USD 1,540,000
	 	 
	Premium Payment Date:	December 4, 2013
	 	 
	Exchange:	The NASDAQ Global Select Market
	 	 
	Related Exchange(s):	All Exchanges

 

Procedures for Exercise.

 

	Expiration Time:	The Valuation Time
	 	 
	Expiration Dates:	Each Scheduled Trading Day during the period from, and including, the First Expiration Date to, but excluding, the 160th Scheduled Trading Day following the First Expiration Date shall be an “Expiration Date” for a number of Warrants equal to the Daily Number of Warrants on such date; provided that, notwithstanding anything to the contrary in the Equity Definitions, if any such date is a Disrupted Day, the Calculation Agent shall make adjustments, if applicable, to the Daily Number of Warrants or shall reduce such Daily Number of Warrants to zero for which such day shall be an Expiration Date and shall designate a Scheduled Trading Day or a number of Scheduled Trading Days as the Expiration Date(s) for the remaining Daily Number of Warrants or a portion thereof for the originally scheduled Expiration Date; and provided further that if such Expiration Date has not occurred pursuant to this clause as of the eighth Scheduled Trading Day following the last scheduled Expiration Date under the Transaction, the Calculation Agent shall have the right to declare such Scheduled Trading Day to be the final Expiration Date and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time on that eighth Scheduled Trading Day or on any subsequent Scheduled Trading Day, as the Calculation Agent shall determine using commercially reasonable means.

 

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	First Expiration Date:	February 15, 2019 (or if such day is not a Scheduled Trading Day, the next following Scheduled Trading Day), subject to Market Disruption Event below.
	 	 
	Daily Number of Warrants:	For any Expiration Date, the Number of Warrants that have not expired or been exercised as of such day, divided by the remaining number of Expiration Dates (including such day), rounded down to the nearest whole number, subject to adjustment pursuant to the provisos to “Expiration Dates”.
	 	 
	Automatic Exercise:	Applicable; and means that for each Expiration Date, a number of Warrants equal to the Daily Number of Warrants for such Expiration Date will be deemed to be automatically exercised at the Expiration Time on such Expiration Date.
	 	 
	Market Disruption Event:	Section 6.3(a) of the Equity Definitions is hereby amended by replacing clause (ii) in its entirety with “(ii) an Exchange Disruption, or” and inserting immediately following clause (iii) the phrase “; in each case that the Calculation Agent determines is material.”
	 	 
	 	Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the words “Scheduled Closing Time” in the fourth line thereof.

 

Valuation Terms.

 

	Valuation Time:	Scheduled Closing Time; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its reasonable discretion.
	 	 
	Valuation Date:	Each Exercise Date. 

 

Settlement Terms.

 

	Settlement Method:	Net Share Settlement.
	 	 
	Net Share Settlement:	On the relevant Settlement Date, Company shall deliver to Dealer a number of Shares equal to the Share Delivery Quantity for such Settlement Date to the account specified herein free of payment through the Clearance System, and Dealer shall be treated as the holder of record of such Shares at the time of delivery of such Shares or, if earlier, at 5:00 p.m. (New York City time) on such Settlement Date, and Company shall pay to Dealer cash in lieu of any fractional Share based on the Settlement Price on the relevant Valuation Date.
	 	 
	Share Delivery Quantity:	For any Settlement Date, a number of Shares, as calculated by the Calculation Agent, equal to the Net Share Settlement Amount for such Settlement Date divided by the Settlement Price on the Valuation Date for such Settlement Date, rounded down to the nearest whole number, plus any Fractional Share Amount.
	 	 
	Net Share Settlement Amount:	For any Settlement Date, an amount equal to the product of (i) the number of Warrants exercised or deemed exercised on the relevant Exercise Date, (ii) the Strike Price Differential for the relevant Valuation Date and (iii) the Warrant Entitlement. 

 

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	Settlement Price:	For any Valuation Date, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page AMRI <equity> AQR (or any successor thereto) in respect of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time on such Valuation Date (or if such volume-weighted average price is unavailable, the market value of one Share on such Valuation Date, as determined by the Calculation Agent).  Notwithstanding the foregoing, if (i) any Expiration Date is a Disrupted Day and (ii) the Calculation Agent determines that such Expiration Date shall be an Expiration Date for fewer than the Daily Number of Warrants, as described above, then the Settlement Price for the relevant Valuation Date shall be the volume-weighted average price per Share on such Valuation Date on the Exchange, as determined by the Calculation Agent based on such sources as it deems appropriate using a volume-weighted methodology, for the portion of such Valuation Date for which the Calculation Agent determines there is no Market Disruption Event.
	 	 
	Settlement Dates:	As determined pursuant to Section 9.4 of the Equity Definitions, subject to Section 9(k)(i) hereof.
	 	 
	Other Applicable Provisions:	The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Net Share Settled.” “Net Share Settled” in relation to any Warrant means that Net Share Settlement is applicable to that Warrant.
	 	 
	Representation and Agreement:	Notwithstanding Section 9.11 of the Equity Definitions, the parties acknowledge that any Shares delivered to Dealer may be, upon delivery, subject to restrictions and limitations arising from Company’s status as issuer of the Shares under applicable securities laws.

 

		3.	Additional Terms applicable to the Transaction.

 

	Adjustments applicable to the Transaction:	 
	 	 
	Method of Adjustment:	Calculation Agent Adjustment.  For the avoidance of doubt, in making any adjustments under the Equity Definitions, the Calculation Agent may make adjustments, if any, to any one or more of the Strike Price, the Number of Warrants, the Daily Number of Warrants and the Warrant Entitlement.  Notwithstanding the foregoing, any cash dividends or distributions on the Shares, whether or not extraordinary, shall be governed by Section 9(f) of this Confirmation in lieu of Article 10 or Section 11.2(c) of the Equity Definitions.
	 	 
	Extraordinary Events applicable to the Transaction:
	 	 
	New Shares:	Section 12.1(i) of the Equity Definitions is hereby amended (a) by deleting the text in clause (i) thereof in its entirety (including the word “and” following clause (i)) and replacing it with the phrase “publicly quoted, traded or listed (or whose related depositary receipts are publicly quoted, traded or listed) on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors)” and (b) by inserting immediately prior to the period the phrase “and (iii) of an entity or person that is a corporation organized under the laws of the United States, any State thereof or the District of Columbia that either (x) also becomes Company under the Transaction following such Merger Event or Tender Offer or (y) is the parent of Company, provides a full and conditional guarantee of the Company’s obligations under the Transaction and of which Company is a wholly-owned subsidiary”.

  

    	 

    	 

    

 

	 	 
	Consequence of Merger Events:	 
	 	 
	Merger Event:	Applicable; provided that if an event occurs that constitutes both a Merger Event under Section 12.1(b) of the Equity Definitions and an Additional Termination Event under Section 9(h)(ii)(B) of this Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.2 of the Equity Definitions or Section 9(h)(ii)(B) will apply.
	 	 
	Share-for-Share:	Modified Calculation Agent Adjustment
	 	 
	Share-for-Other:	Cancellation and Payment (Calculation Agent Determination)
	 	 
	Share-for-Combined:	Cancellation and Payment (Calculation Agent Determination); provided that Dealer may elect, in its commercially reasonable judgment, Component Adjustment (Calculation Agent Determination) for all or any portion of the Transaction.
	 	 
	Consequence of Tender Offers:	 
	 	 
	Tender Offer:	Applicable; provided that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “25%” in the third line thereof; provided further that if an event occurs that constitutes both a Tender Offer under Section 12.1(d) of the Equity Definitions and an Additional Termination Event under Section 9(h)(ii)(A) of this Confirmation, Dealer may elect, in its commercially reasonable judgment, whether the provisions of Section 12.3 of the Equity Definitions or Section 9(h)(ii)(A) will apply.
	 	 
	Share-for-Share:	Modified Calculation Agent Adjustment
	 	 
	Share-for-Other:	Modified Calculation Agent Adjustment
	 	 
	Share-for-Combined:	Modified Calculation Agent Adjustment

 

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	Announcement Event:	If an Announcement Date occurs in respect of a Merger Event (for the avoidance of doubt, determined without regard to the language in the definition of “Merger Event” following the definition of “Reverse Merger” therein) or Tender Offer (such occurrence, an “Announcement Event”), then on the earliest of the Expiration Date, Early Termination Date or other date of cancellation (the “Announcement Event Adjustment Date”) in respect of each Warrant, the Calculation Agent will determine the economic effect on such Warrant of the Announcement Event (regardless of whether the Announcement Event actually results in a Merger Event or Tender Offer, and taking into account such factors as the Calculation Agent may determine, which are limited to changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares or the Transaction whether prior to or after the Announcement Event or for any period of time, including, without limitation, the period from the Announcement Event to the relevant Announcement Event Adjustment Date).  If the Calculation Agent determines that such economic effect on any Warrant is material, then on the Announcement Event Adjustment Date for such Warrant, the Calculation Agent may make such adjustment to the exercise, settlement, payment or any other terms of such Warrant as the Calculation Agent determines appropriate to account for such economic effect, which adjustment shall be effective immediately prior to the exercise, termination or cancellation of such Warrant, as the case may be.
	 	 
	Announcement Date:	The definition of “Announcement Date” in Section 12.1 of the Equity Definitions is hereby amended by (i) replacing the words “a firm” with the word “any” in the second and fourth lines thereof, (ii) replacing the word “leads to the” with the words “, if completed, would lead to a” in the third and the fifth lines thereof, (iii) replacing the words “voting shares” with the word “Shares” in the fifth line thereof, and (iv) inserting the words “by any entity” after the word “announcement” in the second and the fourth lines thereof.
	 	 
	Nationalization, Insolvency or Delisting:	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the Exchange.
	 	 
	Additional Disruption Events:	 
	 	 
	Change in Law:	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the word “Shares” with the phrase “Hedge Positions” in clause (X) thereof and (ii) inserting the parenthetical “(including, for the avoidance of doubt and without limitation, adoption or promulgation of new regulations authorized or mandated by existing statute)” at the end of clause (A) thereof.
	 	 
	Failure to Deliver:	Not Applicable
	 	 
	Insolvency Filing:	Applicable
	 	 
	Hedging Disruption:	Applicable; provided that:

 

	 	(i)	Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following two phrases at the end of such Section:

 

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	 	 	“For the avoidance of doubt, the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk. And, for the further avoidance of doubt, any such transactions or assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing terms.”; and
	 	 	 
	 	(ii)	Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof,  after the words “to terminate the Transaction”, the words “or a portion of the Transaction affected by such Hedging Disruption”.

 

	Increased Cost of Hedging:	Not Applicable
	 	 
	Loss of Stock Borrow:	Applicable
	 	 
	Maximum Stock Loan Rate:	200 basis points
	 	 
	Increased Cost of Stock Borrow:	Applicable
	 	 
	Initial Stock Loan Rate:	25 basis points
	 	 
	Hedging Party:	For all applicable Additional Disruption Events, Dealer.
	 	 
	Determining Party:	For all applicable Extraordinary Events, Dealer.
	 	 
	Non-Reliance:	Applicable
	 	 
	Agreements and Acknowledgments 	 
	Regarding Hedging Activities:	Applicable
	 	 
	Additional Acknowledgments:	Applicable

 

	4.	Calculation Agent.	Dealer; provided that following the occurrence and during the continuation of an Event of Default pursuant to Section 5(a)(vii) of the Agreement with respect to which Dealer is the Defaulting Party, (i) Dealer may designate a nationally or internationally recognized third-party dealer with expertise in over-the-counter corporate equity derivatives (an “Equity Derivatives Dealer”) that is not an affiliate of Dealer and with respect to which no event of the type described in Section 5(a)(vii) of the Agreement is ongoing to replace Dealer as Calculation Agent, or (ii) if Dealer does not so designate any replacement Calculation Agent by the 10th Exchange Business Day following the date a calculation or determination is required to be made hereunder by the Calculation Agent and no such calculation or determination is made, Company shall have the right to designate an independent Equity Derivatives Dealer to replace Dealer as Calculation Agent and, in each case, the parties shall work in good faith to execute any appropriate documentation required by such replacement Calculation Agent.
	 	 	 
	 	 	Any determination or calculation by the Calculation Agent pursuant to this Confirmation, the Agreement and the Equity Definitions shall be made in good faith and in a commercially reasonable manner.  In the event the Calculation Agent makes any determination or calculations in any capacity pursuant to this Confirmation, the Agreement or the Equity Definitions, promptly following receipt of a written request from Company, the Calculation Agent shall provide an explanation in reasonable detail of the basis for such determination or calculation, it being understood that the Calculation Agent shall not be obligated to disclose any proprietary models or confidential information used by it for such determination or calculation.

 

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	5.	Account Details.	 
	 	 	 	 
	 	(a)	Account for payments to Company:
	 	 	 
	 	 	Bank:	Wells Fargo Bank
	 	 	ABA#:	121000248
	 	 	Acct No.:	4123411910
	 	 	Beneficiary:  Albany Molecular Research, Inc.
	 	 	Account for delivery of Shares from Company:
	 	 	 	 
	 	 	To be provided by Company
	 	 	 	 
	 	(b)	Account for payments to Dealer:
	 	 	 	 
	 	 	Bank:	Citibank, N.A.
	 	 	SWIFT:	CITIUS33
	 	 	Bank Routing:	021-000-089
	 	 	Acct Name:	Morgan Stanley and Co.
	 	 	Acct No.:	30632076
	 	 	 	 
	 	 	Account for delivery of Shares to Dealer:
	 	 	 	 
	 	 	To be provided by Dealer
	 	 	 	 
	6.	Offices.	 
	 	 	 	 
	 	(a)	The Office of Company for the Transaction is:  Inapplicable, Company is not a Multibranch Party.
	 	 	 	 
	 	(b)	The Office of Dealer for the Transaction is: New York
	 	 	 
	 	 	Morgan Stanley & Co. International plc
	 	 	c/o Morgan Stanley & Co. LLC
	 	 	1585 Broadway, 5th Floor
	 	 	New York, NY 10036
	 	 	 	 
	7.	Notices.  	 
	 	 	 	 
	 	(a)	Address for notices or communications to Company:
	 	 	 	 
	 	 	Albany Molecular Research, Inc.
	 	 	26 Corporate Circle
	 	 	Albany, New York 12212
	 	 	Attention:	Michael M. Nolan, Vice President Finance, Chief Financial Officer and Treasurer
	 	 	Telephone No.:	(518) 512-2000
	 	 	 	 
	 	(b)	Address for notices or communications to Dealer:
	 	 	 	 
	 	 	To:	Morgan Stanley & Co. International plc
	 	 	 	c/o Morgan Stanley & Co. LLC
	 	 	 	1585 Broadway, 5th Floor
	 	 	 	New York, NY 10036
	 	 	Attention:	Usman Khan
	 	 	Telephone:	(212) 761-0955
	 	 	Facsimile:	(212) 507-4261
	 	 	Email:	Usman.S.Khan@morganstanley.com

 

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	 	 	With a copy to:	Morgan Stanley & Co. International
	 	 	 	c/o Morgan Stanley & Co.
	 	 	 	1221 Avenue of the Americas, 34th Floor
	 	 	 	New York, NY 10020
	 	 	Attention:	Anthony Cicia
	 	 	Telephone:	(212) 762-4828
	 	 	Facsimile:	(212) 507-4338
	 	 	Email:	Anthony.Cicia@morganstanley.com

 

		8.	Representations and Warranties of Company.

 

Each of the representations and
warranties of Company set forth in Section 3 of the Purchase Agreement (the “Purchase Agreement”), dated
as of November 19, 2013, between Company and J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, as representative of
the several initial purchasers (the “Initial Purchasers”), are true and correct and are hereby deemed to be
repeated to Dealer as if set forth herein. Company hereby further represents and warrants to Dealer on the date hereof, on and
as of the Premium Payment Date and, in the case of the representations in Section 8(d), at all times until termination of the Transaction,
that:

 

		(a)	Company has all necessary corporate power and authority to execute, deliver and perform its obligations
in respect of the Transaction; such execution, delivery and performance have been duly authorized by all necessary corporate action
on Company’s part; and this Confirmation has been duly and validly executed and delivered by Company and constitutes its
valid and binding obligation, enforceable against Company in accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and
subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and
fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification
and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto.

 

		(b)	Neither the execution and delivery of this Confirmation nor the incurrence or performance of obligations
of Company hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any equivalent
documents) of Company, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental
authority or agency, or any agreement or instrument filed as an exhibit to, or incorporated by reference into, Company’s
Form 10-K filed on March 18, 2013, as amended, Form 10-Q filed on May 9, 2013, Form 10-Q filed on August 8, 2013 or Form 10-Q filed
on November 8, 2013, in each case, with the Securities and Exchange Commission to which Company or any of its subsidiaries is a
party or by which Company or any of its subsidiaries is bound or to which Company or any of its subsidiaries is subject, or constitute
a default under, or result in the creation of any lien under, any such agreement or instrument.

 

		(c)	No consent, approval, authorization, or order of, or filing with, any governmental agency or body
or any court is required in connection with the execution, delivery or performance by Company of this Confirmation, except such
as have been obtained or made and such as may be required under the Securities Act of 1933, as amended (the “Securities
Act”) or state securities laws.

 

		(d)	A number of Shares equal to the Maximum Number of Shares (as defined below) (the “Warrant
Shares”) have been reserved for issuance by all required corporate action of Company. The Warrant Shares have been duly
authorized and, when delivered against payment therefor (which may include Net Share Settlement in lieu of cash) and otherwise
as contemplated by the terms of the Warrants following the exercise of the Warrants in accordance with the terms and conditions
of the Warrants, will be validly issued, fully-paid and non-assessable, and the issuance of the Warrant Shares will not be subject
to any preemptive or similar rights.

 

		(e)	Company is not and, after consummation of the transactions contemplated hereby, will not be required
to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

 

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		(f)	Company is an “eligible contract participant” (as such term is defined in Section 1a(18)
of the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C)
of the Commodity Exchange Act).

 

		(g)	Company is not, on the date hereof, in possession of any material non-public information with respect
to Company or the Shares.

 

		(h)	No state or local (including any non-U.S. jurisdiction’s) law, rule, regulation or regulatory
order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without
limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or
holding (however defined) Shares.

 

		(i)	Company (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating
the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the broker-dealer in writing;
and (C) has total assets of at least USD 50 million.

 

		9.	Other Provisions.

 

		(a)	Opinions. Company shall deliver to Dealer an opinion of counsel, dated as of the
Trade Date, with respect to the matters set forth in Sections 8(a) through (d) of this Confirmation (subject to customary assumptions,
exceptions and qualifications). Delivery of such opinion to Dealer shall be a condition precedent for the purpose of Section 2(a)(iii)
of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement.

 

		(b)	Repurchase Notices. Company shall, on any day on which Company effects any repurchase
of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if following
such repurchase, the number of outstanding Shares on such day, subject to any adjustments provided herein, is (i) less than 30.589
million (in the case of the first such notice) or (ii) thereafter more than 0.945 million less than the number of Shares included
in the immediately preceding Repurchase Notice. Company agrees to indemnify and hold harmless Dealer and its affiliates and their
respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified
Person”) from and against any and all losses (including losses relating to Dealer’s hedging activities as a consequence
of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from
hedging activities or cessation of hedging activities and any losses in connection therewith with respect to the Transaction),
claims, damages, judgments, liabilities and reasonable expenses (including reasonable attorney’s fees), joint or several,
which an Indemnified Person actually may become subject to, as a result of Company’s failure to provide Dealer with a Repurchase
Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of
such Indemnified Persons for any reasonable legal or other expenses incurred in connection with investigating, preparing for, providing
testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against the Indemnified Person as a result
of Company’s failure to timely provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified
Person shall promptly notify Company in writing, and Company, upon request of the Indemnified Person, shall retain counsel reasonably
satisfactory to the Indemnified Person to represent the Indemnified Person and any others Company may designate in such proceeding
and shall pay the reasonable fees and expenses of such counsel related to such proceeding. Company shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment
for the plaintiff, Company agrees to indemnify any Indemnified Person from and against any loss or liability by reason of such
settlement or judgment. Company shall not, without the prior written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnity could
have been sought hereunder by such Indemnified Person, unless such settlement includes an unconditional release of such Indemnified
Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified
Person. If the indemnification provided for in this paragraph is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then Company under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses,
claims, damages or liabilities. The remedies provided for in this paragraph are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements
contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the Transaction.

 

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		(c)	Regulation M. Company is not on the Trade Date engaged in a distribution, as such
term is used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of
any securities of Company, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10) and
102(b)(7) of Regulation M. Company shall not, until the second Scheduled Trading Day immediately following the Effective Date,
engage in any such distribution.

 

		(d)	No Manipulation. Company is not entering into the Transaction to create actual or
apparent trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress
or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise
in violation of the Exchange Act.

 

		(e)	Transfer or Assignment. Company may not transfer any of its rights or obligations
under the Transaction without the prior written consent of Dealer. Dealer may, without Company’s consent, transfer or assign
all or any part of its rights or obligations under the Transaction to any affiliate of Dealer, and Dealer may, with Company’s
consent (such consent not to be unreasonably withheld), transfer or assign all or any part of its rights or obligations under the
Transaction to any third party. If at any time at which (A) the Section 16 Percentage exceeds 7.5%, (B) the Warrant Equity Percentage
exceeds 15.7%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses
(A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using its commercially reasonable efforts
to effect a transfer or assignment of Warrants to a third party on pricing terms reasonably acceptable to Dealer and within a time
period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business
Day as an Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such
that following such partial termination no Excess Ownership Position exists. In the event that Dealer so designates an Early Termination
Date with respect to a Terminated Portion, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination
Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Warrants equal to
the number of Warrants underlying the Terminated Portion, (2) Company were the sole Affected Party with respect to such partial
termination and (3) the Terminated Portion were the sole Affected Transaction (and, for the avoidance of doubt, the provisions
of Section 9(j) shall apply to any amount that is payable by Company to Dealer pursuant to this sentence as if Company was not
the Affected Party). The “Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A)
the numerator of which is the number of Shares that Dealer and each person subject to aggregation of Shares with Dealer under Section
13 or Section 16 of the Exchange Act and rules promulgated thereunder directly or indirectly beneficially own (as defined under
Section 13 or Section 16 of the Exchange Act and rules promulgated thereunder) and (B) the denominator of which is the number of
Shares outstanding. The “Warrant Equity Percentage” as of any day is the fraction, expressed as a percentage,
(A) the numerator of which is the sum of (1) the product of the Number of Warrants and the Warrant Entitlement and (2) the aggregate
number of Shares underlying any other warrants purchased by Dealer from Company, and (B) the denominator of which is the number
of Shares outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose
ownership position would be aggregated with that of Dealer (Dealer or any such person, a “Dealer Person”) under
any law, rule, regulation, regulatory order or organizational documents or contracts of Company that are, in each case, applicable
to ownership of Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls,
holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by
Dealer in its reasonable discretion. The “Applicable Share Limit” means a number of Shares equal to (A) the
minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining
prior approval from any person or entity) of a Dealer Person, or could result in an adverse effect on a Dealer Person, under any
Applicable Restriction, as determined by Dealer in its reasonable discretion, minus (B) 1% of the number of Shares outstanding.
Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive
or deliver any Shares or other securities, or make or receive any payment in cash, to or from Company, Dealer may designate any
of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or make or receive such payment in cash,
and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations.
Dealer shall be discharged of its obligations to Company only to the extent of any such performance.

 

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		(f)	Dividends. If at any time during the period from
and including the Effective Date, to and including the last Expiration Date, an ex-dividend date for a cash dividend occurs with
respect to the Shares (an “Ex-Dividend Date”), then the Calculation Agent will adjust any of the Strike Price,
Number of Warrants and/or Daily Number of Warrants to preserve the fair value of the Warrants to Dealer after taking into
account such dividend.

 

		(g)	Role of Agent. Morgan Stanley & Co. LLC (“MS&CO”)
is acting as agent for both parties but does not guarantee the performance of either party. (i) Neither Dealer
nor Company shall contact the other with respect to any matter relating to the Transaction without the direct involvement of MS&CO;
(ii) MS&CO, Dealer and Company each hereby acknowledges that any transactions by Dealer
or MS&CO with respect to Shares will be undertaken by Dealer as principal for its own account;
(iii) all of the actions to be taken by Dealer and MS&CO in connection with the Transaction
shall be taken by Dealer or MS&CO independently and without any advance or subsequent consultation
with Company; and (iv) MS&CO is hereby authorized to act as agent for Company only to the extent required to satisfy the requirements
of Rule 15a-6 under the Exchange Act in respect of the Transaction.

 

		(h)	Additional Provisions.

 

		(i)	Amendments to the Equity Definitions:

 

		(A)	Section 11.2(a) of the Equity Definitions is hereby amended by deleting
the words “a diluting or concentrative” and replacing them with the words “a material economic”; and adding
the phrase “or Warrants; provided that such
event is not based on (a) an observable market, other than the market for the Company’s own stock or (b) an observable index,
other than an index calculated measured solely by reference to Company’s own operations” at the end of the sentence.

 

		(B)	Section 11.2(c) of the Equity Definitions is hereby amended by (w) replacing the words “a
diluting or concentrative” with “an” in the fifth line thereof, (x) adding the phrase “or Warrants”
after the words “the relevant Shares” in the same sentence, (y) deleting the words “diluting or concentrative”
in the sixth to last line thereof and (z) deleting the phrase “(provided that no adjustments will be made to account solely
for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing
it with the phrase “(and, for the avoidance of doubt, adjustments may be made to account solely for changes in volatility,
expected dividends, stock loan rate or liquidity relative to the relevant Shares).”

 

		(C)	Section 11.2(e)(vii) of the Equity Definitions
is hereby amended by deleting the words “a diluting or concentrative” and replacing them with the word “a material
economic”; and adding the phrase “or Warrants; provided that such event is not based on (a) an observable
market, other than the market for the Company’s own stock or (b) an observable index, other than an index calculated measured
solely by reference to Company’s own operations” at the end
of the sentence.

 

		(D)	Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) deleting from the fourth
line thereof the word “or” after the word “official” and inserting a comma therefor, and (2) deleting the
semi-colon at the end of subsection (B) thereof and inserting the following words therefor “or (C) the occurrence of any
of the events specified in Section 5(a)(vii) (1) through (9) of the ISDA Master Agreement with respect to that Issuer.”

 

		(E)	Section 12.9(b)(iv) of the Equity Definitions is hereby amended by:

 

		(x)	deleting (1) subsection (A) in its entirety, (2) the phrase “or (B)” following subsection
(A) and (3) the phrase “in each case” in subsection (B); and

 

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		(y)	replacing the phrase “neither the Non-Hedging Party nor the Lending Party lends Shares”
with the phrase “such Lending Party does not lend Shares” in the penultimate sentence.

 

		(F)	Section 12.9(b)(v) of the Equity Definitions is hereby amended by:

 

		(x)	adding the word “or” immediately before subsection “(B)” and deleting the
comma at the end of subsection (A); and

 

		(y)	(1) deleting subsection (C) in its entirety, (2) deleting the word “or” immediately
preceding subsection (C), (3) deleting the penultimate sentence in its entirety and replacing it with the sentence “The Hedging
Party will determine the Cancellation Amount payable by one party to the other in a commercially reasonable manner.” and
(4) deleting clause (X) in the final sentence.

 

		(ii)	Notwithstanding anything to the contrary in this Confirmation, upon the occurrence of one of the
following events, with respect to the Transaction, (1) Dealer shall have the right to designate such event an Additional Termination
Event and designate an Early Termination Date pursuant to Section 6(b) of the Agreement, (2) Company shall be deemed the sole Affected
Party with respect to such Additional Termination Event and (3) the Transaction, or, at the election of Dealer in its sole discretion,
any portion of the Transaction, shall be deemed the sole Affected Transaction; provided that if Dealer so designates an
Early Termination Date with respect to a portion of the Transaction, (a) a payment shall be made pursuant to Section 6 of
the Agreement as if an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction
and a Number of Warrants equal to the number of Warrants included in the terminated portion of the Transaction, and (b) for
the avoidance of doubt, the Transaction shall remain in full force and effect except that the Number of Warrants shall be reduced
by the number of Warrants included in such terminated portion:

 

		(A)	A “person” or “group” within the meaning of Section 13(d) of the Exchange
Act, other than Company, its subsidiaries and its and their employee benefit plans, has become the direct or indirect “beneficial
owner,” as defined in Rule 13d-3 under the Exchange Act, of the common equity of Company representing more than 50% of the
voting power of such common equity. Notwithstanding the foregoing, any transaction or transactions set forth in this clause (A)
shall not constitute an Additional Termination Event if (x) at least 90% of the consideration received or to be received by
all holders of the Shares, excluding cash payments for fractional Shares and cash payments made pursuant to dissenters’ appraisal
rights, in connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any
of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors)
or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and (y) as a
result of such transaction or transactions, the Shares will consist of such consideration, excluding cash payments for fractional
Shares and cash payments made pursuant to dissenters’ appraisal rights.

 

		(B)	Consummation of (I) any recapitalization, reclassification or change of the Shares (other than
changes resulting from a share split or share combination or changes solely in par value) as a result of which all or substantially
all of the Shares would be converted into, or exchanged for, stock, other securities, other property or assets or (II) any share
exchange, consolidation or merger of Company pursuant to which the Shares will be converted into cash, securities or other property
or assets or (III) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of Company and its subsidiaries, taken as a whole, to any person other than one of Company’s
subsidiaries. Notwithstanding the foregoing, any transaction or transactions set forth in this clause (B) shall not constitute
an Additional Termination Event if (x) at least 90% of the consideration received or to be received by all holders of the
Shares, excluding cash payments for fractional Shares and cash payments made pursuant to dissenters’ appraisal rights, in
connection with such transaction or transactions consists of shares of common stock that are listed or quoted on any of The New
York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will
be so listed or quoted when issued or exchanged in connection with such transaction or transactions, and (y) as a result of
such transaction or transactions, the Shares will consist of such consideration, excluding cash payments for fractional Shares
and cash payments made pursuant to dissenters’ appraisal rights.

 

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		(C)	Default by Company or any of its significant subsidiaries (as defined in Article 1, Rule 1-02 of
Regulation S-X) with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there
may be secured or evidenced, any indebtedness for money borrowed in excess of USD 10 million (or its foreign currency equivalent)
in the aggregate of Company and/or of any such significant subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable prior to its stated maturity or (ii) constituting
a failure to pay the principal or interest of any such debt when due and payable (after the expiration of all applicable grace
periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and such acceleration
shall not have been rescinded or annulled or such failure to pay shall not have been cured, as the case may be, within 30 days
after written notice to Company has been received.

 

		(D)	A final judgment for the payment of USD 10 million (or its foreign currency equivalent) or more
(excluding any amounts covered by insurance) rendered against Company or any of its significant subsidiaries (as defined in Article
1, Rule 1-02 of Regulation S-X), which judgment is not discharged or stayed within 60 days after (I) the date on which the right
to appeal thereof has expired if no such appeal has commenced, or (II) the date on which all rights to appeal have been extinguished.

 

		(E)	Dealer, despite using commercially reasonable efforts, is unable or reasonably determines that
it is impractical or illegal, to effect a commercially reasonable hedge of its exposure with respect to the Transaction in the
public market without registration under the Securities Act or as a result of any legal, regulatory or self-regulatory requirements
or related policies and procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily
adopted by Dealer).

 

		(F)	On any day during the period from and including the Trade Date, to and including the earlier of
(x) the final Expiration Date and (y) the Share Reservation Date (if any), (I) the Notional Unwind Shares (as defined below) as
of such day exceeds a number of Shares equal to 60% of the Maximum Number of Shares, or (II) Company makes a public announcement
of any transaction or event that, in the reasonable opinion of Dealer would, upon consummation of such transaction or upon the
occurrence of such event, as applicable, and after giving effect to any applicable adjustments hereunder, cause the Notional Unwind
Shares immediately following the consummation of such transaction or the occurrence of such event to exceed a number of Shares
equal to 60% of the Maximum Number of Shares. The “Notional Unwind Shares” as of any day is a number of Shares
equal to (1) the amount that would be payable pursuant to Section 6 of the Agreement (determined as of such day as if an Early
Termination Date had been designated in respect of the Transaction and as if the Company were the sole Affected Party and the Transaction
were the sole Affected Transaction), divided by (2) the Settlement Price (determined as if such day were a Valuation Date).

 

		(i)	No Collateral or Setoff. Notwithstanding any provision of the Agreement or any other
agreement between the parties to the contrary, the obligations of Company hereunder are not secured by any collateral. Each party
waives any and all rights it may have to set off obligations arising under the Agreement and the Transaction against other obligations
between the parties, whether arising under any other agreement, applicable law or otherwise.

 

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		(j)	Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events.

 

		(i)	If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event)
occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of
an Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be
paid to holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Company’s control,
or (iii) an Event of Default in which Company is the Defaulting Party or a Termination Event in which Company is the Affected Party
other than an Event of Default of the type described in Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination
Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Company’s
control), and if Company would owe any amount to Dealer pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount
pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Company shall
satisfy the Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Company gives irrevocable
telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m. (New York City time)
on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination
Date or date of cancellation, as applicable, of its election that the Share Termination Alternative shall not apply, (b) Company
remakes the representation set forth in Section 8(g) as of the date of such election and (c) Dealer agrees, in its sole discretion,
to such election, in which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of
Section 6(d)(ii) of the Agreement, as the case may be, shall apply.

 

	 	Share Termination
Alternative:	If applicable, Company shall deliver to Dealer the Share Termination Delivery Property on the date (the “Share
Termination Payment Date”) on which the Payment Obligation would otherwise be due pursuant to Section 12.7 or Section
12.9 of the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable, subject to Section 9(k)(i) below, in satisfaction,
subject to Section 9(k)(ii) below, of the relevant Payment Obligation, in the manner reasonably requested by Dealer free of payment.
	 	 	 
	 	Share Termination
Delivery	 
		Property:	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to
the relevant Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the amount
of Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to
the value of such fractional security based on the values used to calculate the Share Termination Unit Price (without giving effect
to any discount pursuant to Section 9(k)(i)).

 

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		Share Termination
Unit Price:	The value to Dealer of property contained in one Share Termination Delivery Unit on the date such Share Termination
Delivery Units are to be delivered as Share Termination Delivery Property, as determined by the Calculation Agent in its discretion
by commercially reasonable means. In the case of a Private Placement of Share Termination Delivery Units that are Restricted Shares
(as defined below), as set forth in Section 9(k)(i) below, the Share Termination Unit Price shall be determined by the discounted
price applicable to such Share Termination Delivery Units. In the case of a Registration Settlement of Share Termination Delivery
Units that are Restricted Shares (as defined below) as set forth in Section 9(k)(ii) below, notwithstanding the foregoing, the
Share Termination Unit Price shall be the Settlement Price on the Merger Date, Tender Offer Date, Announcement Date (in the case
of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable. The Calculation
Agent shall notify Company of the Share Termination Unit Price at the time of notification of such Payment Obligation to Company
or, if applicable, at the time the discounted price applicable to the relevant Share Termination Units is determined pursuant to
Section 9(k)(i).
	 	 	 
	 	Share Termination
Delivery Unit:	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any
other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the “Exchange
Property”), a unit consisting of the type and amount of Exchange Property received by a holder of one Share (without
consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of any securities) in such Nationalization,
Insolvency or Merger Event. If such Nationalization, Insolvency or Merger Event involves a choice of Exchange Property to be received
by holders, such holder shall be deemed to have elected to receive the maximum possible amount of cash.
	 	 	 
	 	Failure to
Deliver:	Inapplicable
	 	 	 
	 	Other applicable
provisions:	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9, 9.11 and 9.12 (as modified
above) of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled”
shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read
as references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction
means that the Share Termination Alternative is applicable to the Transaction.

  

		(ii)	Notwithstanding anything to the contrary in this Confirmation, any Payment Obligation under this
Confirmation shall, for all purposes, be calculated prior to the Share Reservation Date (if any) as if the Maximum Number of Shares
were equal to two times the Number of Shares but any deliveries under Section 9(j)(i), Section 6(d)(ii) of the Agreement or Article
12 of the Equity Definitions, as the case may be, shall be limited to the Maximum Number of Shares as defined in Section 9(p)(i)
hereof.

 

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		(k)	Registration/Private Placement Procedures. If, in the reasonable opinion of Dealer,
based on the advice of counsel, following any delivery of Shares or Share Termination Delivery Property to Dealer hereunder, such
Shares or Share Termination Delivery Property would be in the hands of Dealer subject to any applicable restrictions with respect
to any registration or qualification requirement or prospectus delivery requirement for such Shares or Share Termination Delivery
Property pursuant to any applicable federal or state securities law (including, without limitation, any such requirement arising
under Section 5 of the Securities Act as a result of such Shares or Share Termination Delivery Property being “restricted
securities”, as such term is defined in Rule 144 under the Securities Act, or as a result of the sale of such Shares or Share
Termination Delivery Property being subject to paragraph (c) of Rule 145 under the Securities Act) (such Shares or Share Termination
Delivery Property, “Restricted Shares”), then delivery of such Restricted Shares shall be effected pursuant
to either clause (i) or (ii) below at the election of Company, unless Dealer waives the need for registration/private placement
procedures set forth in (i) and (ii) below. Notwithstanding the foregoing, solely in respect of any Daily Number of Warrants exercised
or deemed exercised on any Expiration Date, Company shall elect, prior to the first Settlement Date for the first applicable Expiration
Date, a Private Placement Settlement or Registration Settlement for all deliveries of Restricted Shares for all such Expiration
Dates which election shall be applicable to all remaining Settlement Dates for such Warrants and the procedures in clause (i) or
clause (ii) below shall apply for all such delivered Restricted Shares on an aggregate basis commencing after the final Settlement
Date for such Warrants. The Calculation Agent shall make reasonable adjustments to settlement terms and provisions under this Confirmation
to reflect a single Private Placement or Registration Settlement for such aggregate Restricted Shares delivered hereunder. For
the avoidance of doubt, these adjustments will only be commercially reasonable in nature (and will be limited to adjustments for
changes in volatility, expected dividends, stock loan rate or liquidity relevant to the Shares and the ability to maintain a commercially
reasonable hedge position in the underlying shares) and will not impact the Company’s unilateral right to settle in shares.

 

		(i)	If Company elects to settle the Transaction pursuant to this clause (i) (a “Private Placement
Settlement”), then delivery of Restricted Shares by Company shall be effected in customary private placement procedures
with respect to such Restricted Shares commercially reasonably acceptable to Dealer; provided that Company may not elect
a Private Placement Settlement if, on the date of its election, it has taken, or caused to be taken, any action that would make
unavailable either the exemption pursuant to Section 4(2) of the Securities Act for the sale by Company to Dealer (or any affiliate
designated by Dealer) of the Restricted Shares or the exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act
for resales of the Restricted Shares by Dealer (or any such affiliate of Dealer). The Private Placement Settlement of such Restricted
Shares shall include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities
to Dealer, due diligence rights (for Dealer or any designated buyer of the Restricted Shares by Dealer), provide for Counterparty
using best efforts to deliver opinions and certificates, and such other documentation as is customary for private placement agreements,
all commercially reasonably acceptable to Dealer. In the case of a Private Placement Settlement, Dealer shall determine the appropriate
discount to the Share Termination Unit Price (in the case of settlement of Share Termination Delivery Units pursuant to Section
9(j) above) or any Settlement Price (in the case of settlement of Shares pursuant to Section 2 above) applicable to such Restricted
Shares in a commercially reasonable manner and appropriately adjust the number of such Restricted Shares to be delivered to Dealer
hereunder. Notwithstanding anything to the contrary in the Agreement or this Confirmation, the date of delivery of such Restricted
Shares shall be the Exchange Business Day following notice by Dealer to Company, of such applicable discount and the number of
Restricted Shares to be delivered pursuant to this clause (i). For the avoidance of doubt, delivery of Restricted Shares shall
be due as set forth in the previous sentence and not be due on the Share Termination Payment Date (in the case of settlement of
Share Termination Delivery Units pursuant to Section 9(j) above) or on the Settlement Date for such Restricted Shares (in the case
of settlement in Shares pursuant to Section 2 above).

 

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		(ii)	If Company elects to settle the Transaction pursuant to this clause (ii) (a “Registration
Settlement”), then Company shall promptly (but in any event no later than the beginning of the Resale Period) file and
use commercially reasonable best efforts to make effective under the Securities Act a registration statement or supplement or amend
an outstanding registration statement in form and substance reasonably satisfactory to Dealer, to cover the resale of such Restricted
Shares in accordance with customary resale registration procedures, including covenants, conditions, representations, underwriting
discounts (if applicable), commissions (if applicable), indemnities due diligence rights, opinions and certificates, and such other
documentation as is customary for equity resale underwriting agreements, all reasonably acceptable to Dealer. If Dealer, in its
sole reasonable discretion, is not satisfied with such procedures and documentation Private Placement Settlement shall apply. If
Dealer is satisfied with such procedures and documentation, it shall sell the Restricted Shares pursuant to such registration statement
during a period (the “Resale Period”) commencing on the Exchange Business Day following delivery of such Restricted
Shares (which, for the avoidance of doubt, shall be (x) the Share Termination Payment Date in case of settlement in Share Termination
Delivery Units pursuant to Section 9(j) above or (y) the Settlement Date in respect of the final Expiration Date for all Daily
Number of Warrants) and ending on the earliest of (i) the Exchange Business Day on which Dealer completes the sale of all Restricted
Shares or, in the case of settlement of Share Termination Delivery Units, a sufficient number of Restricted Shares so that the
realized net proceeds of such sales equals or exceeds the Payment Obligation (as defined above), (ii) the date upon which all Restricted
Shares have been sold or transferred pursuant to Rule 144 (or similar provisions then in force) or Rule 145(d)(2) (or any similar
provision then in force) under the Securities Act and (iii) the date upon which all Restricted Shares may be sold or transferred
by a non-affiliate pursuant to Rule 144 (or any similar provision then in force) or Rule 145(d)(2) (or any similar provision then
in force) under the Securities Act. If the Payment Obligation exceeds the realized net proceeds from such
resale, Company shall transfer to Dealer by the open of the regular trading session on the Exchange on the Exchange Trading
Day immediately following such resale the amount of such excess (the “Additional Amount”) in cash or in a number
of Shares (“Make-whole Shares”) in an amount that, based on the Settlement Price on such day (as if such day
was the “Valuation Date” for purposes of computing such Settlement Price), has a dollar value equal to the Additional
Amount. The Resale Period shall continue to enable the sale of the Make-whole Shares; provided that Company shall be permitted
to suspend or delay any Resale Period for customary “black-out” periods. If Company elects to pay the Additional Amount
in Shares, the requirements and provisions for Registration Settlement shall apply. This provision shall be applied successively
until the Additional Amount is equal to zero. For the avoidance of doubt, Dealer shall cease selling Make-whole Shares, and the
Resale Period shall terminate, when the Additional Amount has been reduced to zero, and if at such time, Dealer holds any excess
Make-whole Shares, such Shares shall promptly be returned to Company. In no event shall Company deliver a number of Restricted
Shares greater than the Maximum Number of Shares.

 

		(iii)	Without limiting the generality of the foregoing, Company agrees that (A) any Restricted Shares
delivered to Dealer may be transferred by and among Dealer and its affiliates and Company shall effect such transfer without any
further action by Dealer and (B) after the period of 6 months from the Trade Date (or 1 year from the Trade Date if, at such time,
informational requirements of Rule 144(c) under the Securities Act are not satisfied with respect to Company) has elapsed in respect
of any Restricted Shares delivered to Dealer, Company shall promptly remove, or cause the transfer agent for such Restricted Shares
to remove, any legends referring to any such restrictions or requirements from such Restricted Shares upon request by Dealer (or
such affiliate of Dealer) to Company or such transfer agent, without any requirement for the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document, any transfer tax stamps or payment of any other amount or any other
action by Dealer (or such affiliate of Dealer). Notwithstanding anything to the contrary herein, to the extent the provisions of
Rule 144 of the Securities Act or any successor rule are amended, or the applicable interpretation thereof by the Securities and
Exchange Commission or any court change after the Trade Date, the agreements of Company herein shall be deemed modified to the
extent necessary, in the opinion of outside counsel of Company, to comply with Rule 144 of the Securities Act, as in effect at
the time of delivery of the relevant Shares or Share Termination Delivery Property.

 

		(iv)	If the Private Placement Settlement or the Registration Settlement (and one subsequent Private
Placement Settlement) shall not be effected as set forth in clauses (i) or (ii), as applicable, then failure to effect such Private
Placement Settlement or such Registration Settlement shall constitute an Event of Default with respect to which Company shall be
the Defaulting Party.

 

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		(l)	Limit on Beneficial Ownership. Notwithstanding any other provisions hereof, Dealer
may not exercise any Warrant hereunder or be entitled to take delivery of any Shares deliverable hereunder, and Automatic Exercise
shall not apply with respect to any Warrant hereunder, to the extent (but only to the extent) that, after such receipt of any Shares
upon the exercise of such Warrant or otherwise hereunder and after taking into account any Shares deliverable to Dealer under the
letter agreement dated November 19, 2013 between Dealer and Company regarding Base Warrants (the “Base Warrant Confirmation”),
(i) the Section 16 Percentage would exceed 7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. Any purported
delivery hereunder shall be void and have no effect to the extent (but only to the extent) that, after such delivery and after
taking into account any Shares deliverable to Dealer under the Base Warrant Confirmation, (i) the Section 16 Percentage would exceed
7.5%, or (ii) the Share Amount would exceed the Applicable Share Limit. If any delivery owed to Dealer hereunder is not made, in
whole or in part, as a result of this provision, Company’s obligation to make such delivery shall not be extinguished and
Company shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, Dealer gives
notice to Company that, after such delivery, (i) the Section 16 Percentage would not exceed 7.5%, and (ii) the Share Amount would
not exceed the Applicable Share Limit.

 

		(m)	Share Deliveries. Notwithstanding anything to the contrary herein, Company agrees
that any delivery of Shares or Share Termination Delivery Property shall be effected by book-entry transfer through the facilities
of DTC, or any successor depositary, if at the time of delivery, such class of Shares or class of Share Termination Delivery Property
is in book-entry form at DTC or such successor depositary.

 

		(n)	Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable
law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party
(i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it and the other party have been induced to enter into the Transaction, as applicable, by, among other things, the mutual
waivers and certifications provided herein.

 

		(o)	Tax Disclosure. Effective from the date of commencement of discussions concerning
the Transaction, Company and each of its employees, representatives, or other agents may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including opinions
or other tax analyses) that are provided to Company relating to such tax treatment and tax structure.

 

		(p)	Maximum Share Delivery.

 

		(i)	Notwithstanding any other provision of this Confirmation, the Agreement or the Equity Definitions,
in no event will Company at any time be required to deliver a number of Shares greater than the Maximum Number of Shares to Dealer
in connection with the Transaction, subject to the provisions regarding Deficit Shares in Section 9(p)(ii). The “Maximum
Number of Shares” shall be (x) prior to the Share Reservation Date (if any), 703,828 Shares and (y) on and after the
Share Reservation Date (if any), two times the product of the Number of Warrants as of the Trade Date, and the Warrant Entitlement.

 

		(ii)	In the event Company shall not have delivered to Dealer the full number of Shares or Restricted
Shares otherwise deliverable by Company to Dealer pursuant to the terms of the Transaction because Company has insufficient authorized
but unissued Shares (such deficit, the “Deficit Shares”), Company shall be continually obligated to deliver,
from time to time, Shares or Restricted Shares, as the case may be, to Dealer until the full number of Deficit Shares have been
delivered pursuant to this Section 9(p)(ii), when, and to the extent that, (A) Shares are repurchased, acquired or otherwise received
by Company or any of its subsidiaries after the Trade Date (whether or not in exchange for cash, fair value or any other consideration),
(B) authorized and unissued Shares previously reserved for issuance in respect of other transactions become no longer so reserved
or (C) Company additionally authorizes any unissued Shares that are not reserved for other transactions; provided that in
no event shall Company deliver any Shares or Restricted Shares to Dealer pursuant to this Section 9(p)(ii) to the extent that such
delivery would cause the aggregate number of Shares and Restricted Shares delivered to Dealer to exceed two times the Number of
Shares. Company shall immediately notify Dealer of the occurrence of any of the foregoing events (including the number of Shares
subject to clause (A), (B) or (C) and the corresponding number of Shares or Restricted Shares, as the case may be, to be delivered)
and promptly deliver such Shares or Restricted Shares, as the case may be, thereafter.

 

    	18

    	 

    

 

The “Share
Reservation Date” (if any) shall be the first date on which Company has (x) held a meeting of its stockholders and obtained
the requisite stockholder approvals for an amendment to the Restated Certificate of Incorporation of Company to increase the number
of authorized and unissued Shares, such that Company can reserve for issuance upon exercise and settlement or termination of the
Transaction and any similar transactions entered into between Dealer and Company during the 35 calendar day period beginning on,
and including, November 19, 2013 (such similar transactions, the “Additional Transactions”), by all required
corporate action of Company, a number of Shares equal to the sum of (A) two times the product of the Number of Warrants as of the
Trade Date, and the Warrant Entitlement as of the relevant date of reservation (such product, the “Transaction
Reservation Number”), and (B) two times the product of the aggregate number of warrants for the Additional Transactions
as of the date on which Dealer and Company entered into such Additional Transactions, and the warrant entitlement (or similar
term) for each such Additional Transaction as of the relevant date of reservation (such product, the “Additional Transaction
Reservation Number”), (y) reserved for issuance upon exercise and settlement or termination of the Transaction, by all
required corporate action of Company, a number of Shares equal to the Transaction Reservation Number and (z) reserved for issuance
upon exercise and settlement or termination of all Additional Transactions, by all required corporate action of Company, a number
of Shares equal to the Additional Transaction Reservation Number. Promptly following (but in any event within three Exchange Business
Days of) the Share Reservation Date, Company shall notify Dealer in writing that the Share Reservation Date has occurred.

 

		(q)	Right to Extend. Dealer may postpone or add, in whole or in part, any Expiration
Date or any other date of valuation or delivery with respect to some or all of the relevant Warrants (in which event the Calculation
Agent shall make appropriate adjustments to the Daily Number of Warrants with respect to one or more Expiration Dates) if Dealer
determines, in its commercially reasonable judgment, that such extension is reasonably necessary or appropriate to preserve Dealer’s
commercially reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer
to effect purchases of Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder
in a manner that would, if Dealer were Issuer or an affiliated purchaser of Issuer, be in compliance with applicable legal, regulatory
or self-regulatory requirements, or with related policies and procedures applicable to Dealer; provided that no such Expiration
Date or other date of valuation or delivery may be postponed or added more than 30 Exchange Business Days after the original Expiration
Date or other date of valuation or delivery, as the case may be.

 

		(r)	Status of Claims in Bankruptcy.  Dealer acknowledges and agrees that this Confirmation
is not intended to convey to Dealer rights against Company with respect to the Transaction that are senior to the claims of common
stockholders of Company in any United States bankruptcy proceedings of Company; provided that nothing herein shall limit
or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Company of its obligations and
agreements with respect to the Transaction; provided, further, that nothing herein shall limit or shall be deemed
to limit Dealer’s rights in respect of any transactions other than the Transaction.

 

		(s)	Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction
to be a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code (Title 11 of the
United States Code) (the “Bankruptcy Code”), and the parties hereto to be entitled to the protections afforded
by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the Bankruptcy Code, (ii) a party’s
right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement
with respect to the other party to constitute a “contractual right” as described in the Bankruptcy Code, and (iii)
each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement
payment” and a “transfer” as defined in the Bankruptcy Code.

 

		(t)	Wall Street Transparency and Accountability Act. In connection with Section 739 of
the Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither
the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall
limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement
this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased costs,
regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including,
but not limited to, rights arising from Change in Law, Hedging Disruption, Increased Cost of Hedging, an Excess Ownership Position,
or Illegality (as defined in the Agreement)).

 

    	19

    	 

    

 

		(u)	Agreements and Acknowledgments Regarding Hedging. Company understands, acknowledges
and agrees that: (A) at any time on and prior to the last Expiration Date, Dealer and its affiliates may buy or sell Shares or
other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust
its commercially reasonable hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in
the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its
own determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted
and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Settlement Prices;
provided that such hedging shall be executed in good faith and in a commercially reasonable manner; and (D) any market activities
of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Settlement
Prices, each in a manner that may be adverse to Company.

 

		(v)	Early Unwind. In the event the sale of the “Option Securities” (as defined
in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or Company fails to deliver to Dealer
opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium Payment
Date, or such later date as agreed upon by the parties (the Premium Payment Date or such later date the “Early Unwind
Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early
Unwind Date and (i) the Transaction and all of the respective rights and obligations of Dealer and Company under the Transaction
shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to
make any claim against the other party with respect to any obligations or liabilities of the other party arising out of and to
be performed in connection with the Transaction either prior to or after the Early Unwind Date. Each of Dealer and Company represents
and acknowledges to the other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully
and finally discharged.

 

		(w)	Payment by Dealer. In the event that (i) an Early Termination Date occurs or is designated
with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising
under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result, Dealer owes to Company an amount calculated under Section
6(e) of the Agreement, or (ii) Dealer owes to Company, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount
calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

 

    	20

    	 

    

 

Please confirm that
the foregoing correctly sets forth the terms of the agreement between Dealer and Company with respect to the Transaction, by manually
signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested
herein and returning an executed copy to Dealer.

 

	 	Yours faithfully,
	 	 
	 	MORGAN STANLEY & CO. INTERNATIONAL PLC
	 	 	 
	 	By: 	/s/ Joseba Picaza
	 	 	Name: Joseba Picaza
	 	 	Title: Executive Director
	 	 	 
	 	MORGAN STANLEY & CO. LLC
	 	as Agent
	 	 	 
	 	By: 	/s/ Sebastian Crapanzano
	 	 	Name: Sebastian Crapanzano
	 	 	Title: Managing Director

 

	Accepted and confirmed	 
	as of the Trade Date:	 
	 	 	 
	Albany Molecular Research, Inc.	 
	 	 	 
	By:	/s/ Lori M. Henderson	 
	Authorized Signatory	 
	Name:  Lori M. HendersonExhibit 4.1 

 

 

SKYSTAR BIO-PHARMACEUTICAL COMPANY 

 

TO 

 

 

AS TRUSTEE 

 

INDENTURE 

 

DATED AS OF             ,
20     

 

SENIOR DEBT SECURITIES 

 

 

TABLE OF CONTENTS 

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	1
	 	 	 	 	 	 
	 	SECTION 1.1	 	DEFINITIONS	 	1
	 	 	 	 	 	 
	 	SECTION 1.2	 	COMPLIANCE
    CERTIFICATES AND OPINIONS	 	8
	 	 	 	 	 	 
	 	SECTION 1.3	 	FORM
    OF DOCUMENTS DELIVERED TO TRUSTEE	 	8
	 	 	 	 	 	 
	 	SECTION 1.4	 	ACTS
    OF HOLDERS; RECORD DATES	 	9
	 	 	 	 	 	 
	 	SECTION 1.5	 	NOTICES,
    ETC., TO TRUSTEE AND COMPANY	 	11
	 	 	 	 	 	 
	 	SECTION 1.6	 	NOTICE
    TO HOLDERS; WAIVER	 	11
	 	 	 	 	 	 
	 	SECTION 1.7	 	CONFLICT
    WITH TRUST INDENTURE ACT	 	12
	 	 	 	 	 	 
	 	SECTION 1.8	 	EFFECT
    OF HEADINGS AND TABLE OF CONTENTS	 	12
	 	 	 	 	 	 
	 	SECTION 1.9	 	SUCCESSORS
    AND ASSIGNS	 	12
	 	 	 	 	 	 
	 	SECTION 1.10	 	SEPARABILITY
    CLAUSE	 	12
	 	 	 	 	 	 
	 	SECTION 1.11	 	BENEFITS
    OF INDENTURE	 	12
	 	 	 	 	 	 
	 	SECTION 1.12	 	GOVERNING
    LAW	 	12
	 	 	 	 	 	 
	 	SECTION 1.13	 	LEGAL
    HOLIDAYS	 	13
	 	 	 	 	 	 
	 	SECTION 1.14	 	INDENTURE
    AND SECURITIES SOLELY CORPORATE OBLIGATIONS	 	13
	 	 	 	 	 	 
	 	SECTION 1.15	 	INDENTURE
    MAY BE EXECUTED IN COUNTERPARTS	 	13
	 	 	 	 	 	 
	ARTICLE 2 SECURITY FORMS	 	13
	 	 	 	 	 	 
	 	SECTION 2.1	 	FORMS
    GENERALLY	 	13
	 	 	 	 	 	 
	 	SECTION 2.2	 	FORM
    OF FACE OF SECURITY	 	14
	 	 	 	 	 	 
	 	SECTION 2.3	 	FORM
    OF REVERSE OF SECURITY	 	15

 

    	-i-

    	 

    

	 	 	 	 	 	 
	 	SECTION 2.4	 	FORM
    OF LEGEND FOR GLOBAL SECURITIES	 	19
	 	 	 	 	 	 
	 	SECTION 2.5	 	FORM
    OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 	19
	 	 	 	 	 	 
	 	SECTION 2.6	 	FORM
    OF CONVERSION NOTICE	 	20
	 	 	 	 	 	 
	ARTICLE 3 THE SECURITIES	 	22
	 	 	 	 	 	 
	 	SECTION 3.1	 	AMOUNT
    UNLIMITED; ISSUABLE IN SERIES	 	22
	 	 	 	 	 	 
	 	SECTION 3.2	 	DENOMINATIONS	 	24
	 	 	 	 	 	 
	 	SECTION 3.3	 	EXECUTION,
    AUTHENTICATION, DELIVERY AND DATING	 	24
	 	 	 	 	 	 
	 	SECTION 3.4	 	TEMPORARY SECURITIES	 	26
	 	 	 	 	 	 
	 	SECTION 3.5	 	REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE	 	26
	 	 	 	 	 	 
	 	SECTION 3.6	 	MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES	 	28
	 	 	 	 	 	 
	 	SECTION 3.7	 	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED	 	29
	 	 	 	 	 	 
	 	SECTION 3.8	 	PERSONS DEEMED OWNERS	 	30
	 	 	 	 	 	 
	 	SECTION 3.9	 	CANCELLATION	 	30
	 	 	 	 	 	 
	 	SECTION 3.10	 	COMPUTATION OF INTEREST	 	30
	 	 	 	 	 	 
	ARTICLE 4 SATISFACTION AND DISCHARGE	 	30
	 	 	 	 	 	 
	 	SECTION 4.1	 	SATISFACTION AND DISCHARGE OF INDENTURE	 	30
	 	 	 	 	 	 
	 	SECTION 4.2	 	APPLICATION OF TRUST MONEY	 	31
	 	 	 	 	 	 
	 	ARTICLE 5	 	REMEDIES	 	32
	 	 	 	 	 	 
	 	SECTION 5.1	 	EVENTS OF DEFAULT	 	32
	 	 	 	 	 	 
	 	SECTION 5.2	 	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	 	33
	 	 	 	 	 	 
	 	SECTION 5.3	 	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT
    BY TRUSTEE	 	34
	 	 	 	 	 	 
	 	SECTION 5.4	 	TRUSTEE MAY FILE PROOFS OF CLAIM	 	34
	 	 	 	 	 	 
	 	SECTION 5.5	 	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
    SECURITIES	 	35
	 	 	 	 	 	 
	 	SECTION 5.6	 	APPLICATION OF MONEY COLLECTED	 	35
	 	 	 	 	 	 
	 	SECTION 5.7	 	LIMITATION ON SUITS	 	35
	 	 	 	 	 	 
	 	SECTION 5.8	 	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL,
    PREMIUM AND INTEREST AND TO CONVERT	 	36
	 	 	 	 	 	 
	 	SECTION 5.9	 	RESTORATION OF RIGHTS AND REMEDIES	 	36
	 	 	 	 	 	 
	 	SECTION 5.10	 	RIGHTS AND REMEDIES CUMULATIVE	 	36
	 	 	 	 	 	 
	 	SECTION 5.11	 	DELAY OR OMISSION NOT WAIVER	 	37
	 	 	 	 	 	 
	 	SECTION 5.12	 	CONTROL BY HOLDERS	 	37
	 	 	 	 	 	 
	 	SECTION 5.13	 	WAIVER OF PAST DEFAULTS	 	37
	 	 	 	 	 	 
	 	SECTION 5.14	 	UNDERTAKING FOR COSTS	 	38
	 	 	 	 	 	 
	 	SECTION 5.15	 	WAIVER OF USURY, STAY OR EXTENSION LAWS	 	38
	 	 	 	 	 	 
	ARTICLE 6 THE TRUSTEE	 	38
	 	 	 	 	 	 
	 	SECTION 6.1	 	CERTAIN DUTIES AND RESPONSIBILITIES	 	38

 

    	-ii-

    	 

    

 

	 	 	 	 	 	 
	 	SECTION 6.2	 	NOTICE OF DEFAULTS	 	38
	 	 	 	 	 	 
	 	SECTION 6.3	 	CERTAIN RIGHTS OF TRUSTEE	 	39
	 	 	 	 	 	 
	 	SECTION 6.4	 	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES	 	40
	 	 	 	 	 	 
	 	SECTION 6.5	 	MAY HOLD SECURITIES AND ACT AS TRUSTEE UNDER OTHER
    INDENTURES	 	40
	 	 	 	 	 	 
	 	SECTION 6.6	 	MONEY HELD IN TRUST	 	40
	 	 	 	 	 	 
	 	SECTION 6.7	 	COMPENSATION AND REIMBURSEMENT	 	41
	 	 	 	 	 	 
	 	SECTION 6.8	 	CONFLICTING INTERESTS	 	41
	 	 	 	 	 	 
	 	SECTION 6.9	 	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY	 	41
	 	 	 	 	 	 
	 	SECTION 6.10	 	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR	 	42
	 	 	 	 	 	 
	 	SECTION 6.11	 	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR	 	43
	 	 	 	 	 	 
	 	SECTION 6.12	 	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION
    TO BUSINESS	 	44
	 	 	 	 	 	 
	 	SECTION 6.13	 	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	 	44
	 	 	 	 	 	 
	 	SECTION 6.14	 	APPOINTMENT OF AUTHENTICATING AGENT	 	44
	 	 	 	 	 	 
	ARTICLE 7 HOLDERS ’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	46
	 	 	 	 	 	 
	 	SECTION 7.1	 	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF
    HOLDERS	 	46
	 	 	 	 	 	 
	 	SECTION 7.2	 	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS	 	46
	 	 	 	 	 	 
	 	SECTION 7.3	 	REPORTS BY TRUSTEE	 	47
	 	 	 	 	 	 
	 	SECTION 7.4	 	REPORTS BY COMPANY	 	47
	 	 	 	 	 	 
	 	ARTICLE 8	 	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	47
	 	 	 	 	 	 
	 	SECTION 8.1	 	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS	 	47
	 	 	 	 	 	 
	 	SECTION 8.2	 	SUCCESSOR SUBSTITUTED	 	48
	 	 	 	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES	 	48
	 	 	 	 	 	 
	 	SECTION 9.1	 	SUPPLEMENTAL
    INDENTURES WITHOUT CONSENT OF HOLDERS	 	48
	 	 	 	 	 	 
	 	SECTION 9.2	 	SUPPLEMENTAL
    INDENTURES WITH CONSENT OF HOLDERS	 	49
	 	 	 	 	 	 
	 	SECTION 9.3	 	EXECUTION
    OF SUPPLEMENTAL INDENTURES	 	51
	 	 	 	 	 	 
	 	SECTION 9.4	 	EFFECT
    OF SUPPLEMENTAL INDENTURES	 	51
	 	 	 	 	 	 
	 	SECTION 9.5	 	CONFORMITY
    WITH TRUST INDENTURE ACT	 	51
	 	 	 	 	 	 
	 	SECTION 9.6	 	REFERENCE
    IN SECURITIES TO SUPPLEMENTAL INDENTURES	 	51
	 	 	 	 	 	 
	ARTICLE 10 COVENANTS	 	51
	 	 	 	 	 	 
	 	SECTION 10.1	 	PAYMENT
    OF PRINCIPAL, PREMIUM AND INTEREST	 	51
	 	 	 	 	 	 
	 	SECTION 10.2	 	MAINTENANCE
    OF OFFICE OR AGENCY	 	51
	 	 	 	 	 	 
	 	SECTION 10.3	 	MONEY
    FOR SECURITIES PAYMENTS TO BE HELD IN TRUST	 	52
	 	 	 	 	 	 
	 	SECTION 10.4	 	STATEMENT
    BY OFFICERS AS TO DEFAULT	 	53
	 	 	 	 	 	 
	 	SECTION 10.5	 	EXISTENCE	 	53
	 	 	 	 	 	 
	 	SECTION 10.6	 	WAIVER
    OF CERTAIN COVENANTS	 	53

 

    	-iii-

    	 

    

	 	  	 	 	 	 
	ARTICLE 11 REDEMPTION OF SECURITIES	 	54
	 	 	 	 	 	 
	 	SECTION 11.1	 	APPLICABILITY
    OF ARTICLE	 	54
	 	 	 	 	 	 
	 	SECTION 11.2	 	ELECTION
    TO REDEEM; NOTICE TO TRUSTEE	 	54
	 	 	 	 	 	 
	 	SECTION 11.3	 	SELECTION
    BY TRUSTEE OF SECURITIES TO BE REDEEMED	 	54
	 	 	 	 	 	 
	 	SECTION 11.4	 	NOTICE
    OF REDEMPTION	 	55
	 	 	 	 	 	 
	 	SECTION 11.5	 	DEPOSIT
    OF REDEMPTION PRICE	 	56
	 	 	 	 	 	 
	 	SECTION 11.6	 	SECURITIES
    PAYABLE ON REDEMPTION DATE	 	56
	 	 	 	 	 	 
	 	SECTION 11.7	 	SECURITIES
    REDEEMED IN PART	 	57
	 	  	 	 	 	 
	 	ARTICLE
    12	 	SINKING
    FUNDS	 	57
	 	 	 	 	 	 
	 	SECTION 12.1	 	APPLICABILITY
    OF ARTICLE	 	57
	 	 	 	 	 	 
	 	SECTION 12.2	 	SATISFACTION
    OF SINKING FUND PAYMENTS WITH SECURITIES	 	57
	 	 	 	 	 	 
	 	SECTION 12.3	 	REDEMPTION
    OF SECURITIES FOR SINKING FUND	 	57
	 	 	 	 	 	 
	ARTICLE 13 DEFEASANCE AND COVENANT DEFEASANCE	 	58
	 	 	 	 	 	 
	 	SECTION 13.1	 	COMPANY’S
    OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE	 	58
	 	 	 	 	 	 
	 	SECTION 13.2	 	DEFEASANCE
    AND DISCHARGE	 	58
	 	 	 	 	 	 
	 	SECTION 13.3	 	COVENANT
    DEFEASANCE	 	59
	 	 	 	 	 	 
	 	SECTION 13.4	 	CONDITIONS
    TO DEFEASANCE OR COVENANT DEFEASANCE	 	59
	 	 	 	 	 	 
	 	SECTION 13.5	 	DEPOSITED
    MONEY, U.S. GOVERNMENT OBLIGATIONS AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; MISCELLANEOUS PROVISIONS	 	61
	 	 	 	 	 	 
	 	SECTION 13.6	 	REINSTATEMENT	 	62
	 	 	 	 	 	 
	ARTICLE 14 CONVERSION OF SECURITIES	 	62
	 	 	 	 	 	 
	 	SECTION 14.1	 	APPLICABILITY
    OF ARTICLE	 	62
	 	 	 	 	 	 
	 	SECTION 14.2	 	EXERCISE
    OF CONVERSION PRIVILEGE	 	62
	 	 	 	 	 	 
	 	SECTION 14.3	 	NO
    FRACTIONAL SHARES	 	63
	 	 	 	 	 	 
	 	SECTION 14.4	 	ADJUSTMENT
    OF CONVERSION PRICE OR CONVERSION RATE	 	64
	 	 	 	 	 	 
	 	SECTION 14.5	 	NOTICE
    OF CERTAIN CORPORATE ACTIONS	 	64
	 	 	 	 	 	 
	 	SECTION 14.6	 	RESERVATION
    OF SHARES OF COMMON STOCK	 	65
	 	 	 	 	 	 
	 	SECTION 14.7	 	PAYMENT
    OF CERTAIN TAXES UPON CONVERSION	 	65
	 	 	 	 	 	 
	 	SECTION 14.8	 	NONASSESSABILITY	 	65
	 	 	 	 	 	 
	 	SECTION 14.9	 	PROVISION
    IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS	 	65
	 	 	 	 	 	 
	 	SECTION 14.10	 	DUTIES
    OF TRUSTEE REGARDING CONVERSION	 	66
	 	 	 	 	 	 
	 	SECTION 14.11	 	REPAYMENT
    OF CERTAIN FUNDS UPON CONVERSION	 	67

 

 

    	-iv-

    	 

    

INDENTURE, dated as of             ,
20    , between Skystar Bio-Pharmaceutical Company, a corporation duly organized and existing under the laws
of the State of Nevada (herein called the “Company”), and             ,
a national banking association duly organized and existing under the laws of the United States, as Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY 

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences
of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in this Indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of any series thereof, as follows:

 

ARTICLE 1 

 DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION 

 

SECTION 1.1
DEFINITIONS.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1) the terms defined in this Article have
the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2) all other terms used herein which are
defined in the Trust Indenture Act-, either directly or by reference therein, have the meanings assigned to them therein;

 

(3) all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States
of America, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles”
with respect to any computation required or permitted hereunder shall mean such accounting principles in the United States of America
as are generally accepted at the date of such computation;

 

(4) all references to “$” refer
to the lawful currency of the United States of America;

 

(5) unless the context otherwise requires,
any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of
this Indenture; and

 

 

(6) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision.

 

“Act,” when used with respect
to any Holder, has the meaning specified in Section 1.4.

 

“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.

 

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“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of
one or more series.

 

“Board of Directors” means
either the board of directors of the Company or any duly authorized committee of that board empowered to act for it with respect
to this Indenture.

 

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

 

“Business Day,” when used with
respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

“Commission” means the Securities
and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution
of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time.

 

“Common Stock” includes any
stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event of any voluntary
or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by the Company; provided,
however, subject to the provisions of Section 14.9, shares issuable upon conversion of Securities shall include only shares
of the class designated as Common Stock of the Company at the date of this Indenture or shares of any class or classes resulting
from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable
in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to
redemption by the Company; provided, further, that if at any time there shall be more than one such resulting class, the shares
of each such class then so issuable shall be substantially in the proportion which the total number of shares of such class resulting
from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications.

 

“Company” means the corporation
named as the “Company” in the first paragraph of this Indenture until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 

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

 

“control” when used with respect
to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

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“Corporate Trust Office” means
the corporate trust office of the Trustee at             , Attention:
Corporate Trust Department, or such other office, designated by the Trustee by written notice to the Company, at which at any particular
time its corporate trust business shall be administered.

 

“corporation” means a corporation,
association, company, joint-stock company or business trust.

 

“Covenant Defeasance” has the
meaning specified in Section 13.3.

 

“Defaulted Interest” has the
meaning specified in Section 3.7.

 

“Defeasance” has the meaning
specified in Section 13.2.

 

“Depositary” means,
with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1.

 

“euro” or “euros”
means the currency adopted by those nations participating in the third stage of the economic and monetary union provisions of the
Treaty on European Union, signed at Maastricht on February 7, 1992.

  

“European Economic Area” means
the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area dated May 2,
1992, as amended.

 

“European Union” means the
member nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 2, 1992,
which amended the Treaty of Rome establishing the European Community.

 

“Event of Default” has the
meaning specified in Section 5.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date” has the meaning
specified in Section 1.4.

  

    	3

    	 

    

 

 

“Foreign Government Obligation”
means with respect to Securities of any series which are not denominated in the currency of the United States of America (x) any
security which is (i)

 

a direct obligation of the government which issued or caused
to be issued the currency in which such security is denominated and for the payment of which obligations its full faith and credit
is pledged, or, with respect to Securities of any series which are denominated in euros, a direct obligation of any member nation
of the European Union for the payment of which obligation the full faith and credit of the respective nation is pledged so long
as such nation has a credit rating at least equal to that of the highest rated member nation of the European Economic Area, or
(ii) an obligation of a Person controlled or supervised by or acting as an agency or instrumentality of a government specified
in clause (i) above the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the
such government, which, in either case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and
(y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect
to any Foreign Government Obligation which is specified in clause (x) above and held by such bank for the account of the holder
of such depositary receipt, or with respect to any specific payment of principal of or interest on any Foreign Government Obligation
which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Foreign
Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

“Global Security” means a Security
that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such legend as
may be specified as contemplated by Section 3.1 for such Securities).

 

“Holder” means a Person in
whose name a Security is registered in the Security Register.

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 3.1; provided, however, that if at any time more than one Person is acting as Trustee under this
Indenture due to the appointment of one or more separate Trustees for any one or more separate series of Securities, “Indenture”
shall mean, with respect to such series of Securities for which any such Person is Trustee, this instrument as originally executed
or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to
the applicable provisions hereof and shall include the terms of particular series of Securities for which such Person is Trustee
established as contemplated by Section 3.1, exclusive, however, of any provisions or terms which relate solely to other series
of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted, and exclusive of
any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person
had become such Trustee, but to which such person, as such Trustee, was not a party; provided, further that in the event that this
Indenture is supplemented or amended by one or more indentures supplemental hereto which are only applicable to certain series
of Securities, the term “Indenture” for a particular series of Securities shall only include the supplemental indentures
applicable thereto.

 

    	4

    	 

    

  

“interest,” when used with
respect to an Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest payable after
Maturity.

 

“Interest Payment Date,” when
used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

“Investment Company Act” means
the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

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

 

“Notice of Default” means a
written notice of the kind specified in Section 5.1(4).

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the President
or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant
to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

 

“Opinion of Counsel” means
a written opinion of counsel, who may be counsel for, or an employee of, the Company, and who shall be reasonably acceptable to
the Trustee.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,” when used with
respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this
Indenture, except

 

(1) Securities theretofore canceled by
the Trustee or delivered to the Trustee for cancellation;

 

(2) Securities for whose payment or redemption
money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3) Securities as to which Defeasance has
been effected pursuant to Section 13.2; and

 

 

    	5

    	 

    

 

 

(4) Securities which have been paid
pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of
the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver
or other action hereunder as of any date, (A) the principal amount of an Original Issue Discount Security which shall be
deemed to be Outstanding shall be the amount of the principal thereof which would be due and payable as of such date upon
acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if, as of such date, the principal
amount payable at the Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be
deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.1, (C) the
principal amount of a Security denominated in one or more non-U.S. dollar currencies or currency units which shall be deemed
to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated by
Section 3.1, of the principal amount of such Security (or, in the case of a Security described in clause (A) or
(B) above, of the amount determined as provided in such clause), and (D) Securities owned by the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only Securities which the Trustee knows to be so
owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor.

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

 

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

 

“Place of Payment,” when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on
the Securities of that series are payable as specified as contemplated by Section 3.1.

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange
for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Record Date” means any Regular
Record Date or Special Record Date.

 

“Redemption Date,” when used
with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

    	6

    	 

    

 

“Redemption Price,” when used
with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.1.

 

“Responsible Officer” means,
when used with respect to the Trustee, an officer of the Trustee in the Corporate Trust Office assigned and duly authorized by
the Trustee to administer its corporate trust matters.

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture.

 

“Securities Act” means the
Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5.

 

“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

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

 

“Subsidiary” means a Person
of which more than 50% of the outstanding voting stock having the power to elect a majority of the board of directors of such Person
(in the case of a corporation) is, or of which more than 50% of the equity interests (in the case of a Person which is not a corporation)
are, at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one
or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock or other similar interests
to the Company which ordinarily has or have voting power for the election of directors, or persons performing similar functions,
whether at all times or only so long as no senior class of stock or other interests has or have such voting power by reason of
any contingency.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the
event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required
by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

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

 

    	7

    	 

    

 

“U.S. Government Obligation”
means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the
full faith and credit of the United States of America is pledged or (ii) an obligation 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, which, in either case (i) or (ii), is not callable
or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above
and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal
of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced
by such depositary receipt.

 

“Vice President,” when used
with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title “vice president.”

 

SECTION 1.2
COMPLIANCE CERTIFICATES AND OPINIONS.

 

Upon any application or request by the
Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such
certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in
the form of an Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given
by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include,

 

(1) a statement that each individual signing
such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(2) 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;

 

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

 

(4) a statement as to whether, in the opinion
of each such individual, such condition or covenant has been complied with.

 

SECTION 1.3
FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

 

In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one
document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

    	8

    	 

    

 

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion
of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

SECTION 1.4
ACTS OF HOLDERS; RECORD DATES.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed
in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to
the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section.

 

The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity
other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also
be proved in any other manner that the Trustee deems sufficient.

 

The ownership of Securities shall be proved
by the Security Register.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Security.

 

 

    	9

    	 

    

 

The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions
of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred
to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant
series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable
Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing
in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action
by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action
taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of
such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to
each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

The Trustee may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request
to institute proceedings referred to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in each
case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request
or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting
a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record
date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities
of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of Securities of the relevant series in the manner set
forth in Section 1.6.

 

    	10

    	 

    

 

With respect to any record date set pursuant
to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall
be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date.

 

Without limiting the foregoing, a Holder
entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment
with regard to all or any part of such principal amount.

 

SECTION 1.5
NOTICES, ETC., TO TRUSTEE AND COMPANY.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,

 

(1) the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (or by facsimile transmissions,
provided that oral confirmation of receipt shall have been received) to or with the Trustee at its Corporate Trust Office, or

 

(2) the Company by the Trustee or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, personally delivered or sent via overnight courier to the Company addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee
by the Company, Attention: Chief Financial Officer.

 

SECTION 1.6
NOTICE TO HOLDERS; WAIVER.

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, or delivered by hand or overnight courier, to each Holder affected by such event, at its address
as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any
defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver.

 

    	11

    	 

    

 

In case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

SECTION 1.7
CONFLICT WITH TRUST INDENTURE ACT.

 

If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act, which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.

 

SECTION 1.8
EFFECT OF HEADINGS AND TABLE OF CONTENTS.

 

The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

SECTION 1.9
SUCCESSORS AND ASSIGNS

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

SECTION 1.10
SEPARABILITY CLAUSE.

 

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 1.11
BENEFITS OF INDENTURE.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

SECTION 1.12
GOVERNING LAW.

  

THIS INDENTURE AND THE SECURITIES
SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK. THIS INDENTURE IS SUBJECT TO THE PROVISIONS OF
THE TRUST INDENTURE ACT OF 1939, AS AMENDED, THAT ARE REQUIRED TO BE PART OF THIS INDENTURE AND SHALL, TO THE EXTENT
APPLICABLE, BE GOVERNED BY SUCH PROVISIONS. EACH OF THE COMPANY AND THE TRUSTEE AND EACH HOLDER OF A SECURITY OR A COUPON
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

 

    	12

    	 

    

 

SECTION 1.13
LEGAL HOLIDAYS.

 

In any case where any Interest Payment
Date, Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert a Security
at a particular conversion price or conversion rate, as the case may be, shall not be a Business Day at any Place of Payment, then
(notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically
states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or, if
applicable to a particular series of Securities, conversion need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment
Date or Redemption Date, at the Stated Maturity or on such last day for conversion, as the case may be.

 

SECTION 1.14
INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS.

 

No recourse for the payment of the principal
of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any
Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder,
employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue
of the Securities.

 

SECTION 1.15
INDENTURE MAY BE EXECUTED IN COUNTERPARTS.

 

This instrument may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument.

 

ARTICLE 2 

 SECURITY FORMS 

 

SECTION 2.1
FORMS GENERALLY.

 

The Securities of each series shall be
in substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution
thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such
Securities. Any such Board Resolution or record of such action shall have attached thereto a true and correct copy of the form
of Security referred to therein approved by or pursuant to such Board Resolution.

 

 

    	13

    	 

    

 

The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

SECTION 2.2
FORM OF FACE OF SECURITY.

 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER.]

 

SKYSTAR BIO-PHARMACEUTICAL COMPANY, a corporation
duly organized and existing under the laws of the State of Nevada (herein called the “Company,” which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to             ,
or registered assigns, the principal sum of          dollars on             
[IF THE SECURITY IS TO BEAR INTEREST PRIOR TO MATURITY, INSERT             ,
and to pay interest thereon from              or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on             
and              in each year, commencing             ,
at the rate of         % per annum, until the principal hereof is paid or made available
for payment [IF APPLICABLE, INSERT —, provided that any principal and premium, and any such installment of interest, which
is overdue shall bear interest at the rate of         % per annum (to the extent that the
payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available
for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the              or             
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture].

 

    	14

    	 

    

 

[IF THE SECURITY IS NOT TO BEAR INTEREST
PRIOR TO MATURITY, INSERT — The principal of this Security shall not bear interest except in the case of a default in
payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue
premium shall bear interest at the rate of         % per annum (to the extent that the
payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available
for payment. Interest on any overdue principal or premium shall be payable on demand. [Any such interest on overdue principal or
premium which is not paid on demand shall bear interest at the rate of         % per annum
(to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until
the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.]]

 

Payment of the principal of (and premium,
if any) and [IF APPLICABLE, INSERT — any such] interest on this Security will be made at the office or agency of the Company
maintained for that purpose in             , in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts [IF APPLICABLE,
INSERT —; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register].

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:

 

 

	 	 
	 	SKYSTAR BIO-PHARMACEUTICAL COMPANY
	 	 
	 	By:	 
	 	 	 
	 	Title:	 

ATTEST:

 

SECTION 2.3
FORM OF REVERSE OF SECURITY.

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of             , 20    
(herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the
Company and             , as Trustee (herein called the “Trustee,”
which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture and all indentures
supplemental thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof [IF APPLICABLE, INSERT —, limited in aggregate
principal amount to $        ].

 

 

    	15

    	 

    

 

[IF APPLICABLE, INSERT — The Securities
of this series are subject to redemption upon not less than [IF APPLICABLE, INSERT — 30] days’ notice by mail, [IF
APPLICABLE, INSERT — (1) on              in any year commencing
with the year          and ending with the year             
through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at
any time [IF APPLICABLE, INSERT — on or after             , 20    ],
as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal
amount): If redeemed [IF APPLICABLE, INSERT — on or before             ,
        %, and if redeemed] during the 12-month period beginning of the years indicated,
and thereafter at a Redemption Price equal to         % of the principal amount, together
in the case of any such redemption [IF APPLICABLE, INSERT — (whether through operation of the sinking fund or otherwise)]
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

	YEAR	 	 	REDEMPTION
 PRICE	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

[IF APPLICABLE, INSERT —The Securities
of this series are subject to redemption upon not less than [IF APPLICABLE, INSERT — 30] days’ notice by mail, (1) on
         in any year commencing with the year         
and ending with the year          through operation of the sinking fund for this series
at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount)
set forth in the table below, and (2) at any time [IF APPLICABLE, INSERT — on or after             ],
as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation
of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning          of the years indicated, and thereafter at a Redemption Price
equal to % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund
or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close
of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

    	16

    	 

    

 

	 	 	 	 	 
	
        YEAR 
	 	REDEMPTION PRICE

FOR REDEMPTION

THROUGH OPERATION

OF THE SINKING FUND	 	REDEMPTION PRICE

FOR REDEMPTION

OTHER THAN

THROUGH OPERATION

OF THE SINKING FUND
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

[IF APPLICABLE, INSERT — Notwithstanding
the foregoing, the Company may not, prior to             , redeem any
Securities of this series as contemplated by [IF APPLICABLE, INSERT — clause (2) of] the preceding paragraph as a part
of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest
cost to the Company (calculated in accordance with generally accepted financial practice) of less than         %
per annum.]

 

[IF APPLICABLE, INSERT — The sinking
fund for this series provides for the redemption on             , in
each year beginning with the year          and ending with the year         
of [IF APPLICABLE, INSERT — not less than $         (“mandatory sinking fund”)
and not more than] $         aggregate principal amount of Securities of this series. Securities
of this series acquired or redeemed by the Company otherwise than through [IF APPLICABLE, INSERT — mandatory] sinking fund
payments may be credited against subsequent [IF APPLICABLE, INSERT — mandatory] sinking fund payments otherwise required
to be made [IF APPLICABLE, INSERT —, in the inverse order in which they become due].]

 

[IF THE SECURITY IS SUBJECT TO REDEMPTION
OF ANY KIND, INSERT — In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.] 

 

[IF APPLICABLE, INSERT — The Indenture
contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive covenants
and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the
Indenture.]

 

[IF THE SECURITY IS CONVERTIBLE INTO
OTHER SECURITIES OF THE COMPANY, SPECIFY THE CONVERSION FEATURES.] 

 

[IF THE SECURITY IS NOT AN ORIGINAL
ISSUE DISCOUNT SECURITY, INSERT — If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture.] 

 

[IF THE SECURITY IS AN ORIGINAL ISSUE
DISCOUNT SECURITY, INSERT — If an Event of Default with respect to Securities of this series shall occur and be continuing,
an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture. Such amount shall be equal to — INSERT FORMULA FOR DETERMINING THE AMOUNT. Upon payment (i) of the
amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest
(in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations
in respect of the payment of the principal of and premium and interest, if any, on the Securities of this series shall terminate.]

 

 

    	17

    	 

    

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the
time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

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

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

    	18

    	 

    

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $         and any integral
multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Security that are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

SECTION 2.4
FORM OF LEGEND FOR GLOBAL SECURITIES.

 

Unless otherwise specified as contemplated
by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered 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 A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

SECTION 2.5
FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

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

 

	 	 	 	 
	 	

	 	as Trustee
	 	 	 
	 	By:	 	

	 	 	 	Authorized Officer

 

    	19

    	 

    

 

SECTION 2.6
FORM OF CONVERSION NOTICE.

 

Unless otherwise as contemplated by Section 3.1,
or in a supplemental indenture for the Securities evidenced hereby, conversion notices shall be in substantially the following
form:

 

To SKYSTAR BIO-PHARMACEUTICAL COMPANY:

 

The undersigned owner of this Security
hereby irrevocably exercises the option to convert this Security, or portion hereof (which is $1,000 or an integral multiple thereof)
below designated, into shares of Common Stock of the Company in accordance with the terms of the Indenture referred to in this
Security, and directs that the shares issuable and deliverable upon the conversion, together with any check in payment for fractional
shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder
hereof unless a different name has been indicated below. If shares are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be paid by the undersigned on account
of interest accompanies this Security.

 

Principal Amount to be Converted                                         
(in an integral multiple of $1,000, if less than all) U.S. $        

 

Dated:

 

	 	 
	 	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.
	 	 
	 	Signature Guaranty
	 	 

 

    	20

    	 

    

 

 

Fill in for registration of shares of Common
Stock and Security if to be issued otherwise than to the registered Holder.

 

	 	 	 	 	 	 
	 	
	 	 	 	

	 	(Name)	 	 	 	Social Security or Other Taxpayer
	 	 	 	 	 	Identification Number
	 	 	 	 
	 	
	 	 	 	 
	 	Please print Name and Address	 	 	 	 
	 	(including zip code)	 	 	 	 

[The above conversion notice is to be modified,
as appropriate, for conversion into other securities or property of the Company.]

 

 

    	21

    	 

    

 

ARTICLE 3 

THE SECURITIES 

 

SECTION 3.1
AMOUNT UNLIMITED; 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.
There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the
manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series,

 

(1) the title of the Securities of the
series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2) any limit upon the aggregate principal
amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4,
3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated
and delivered hereunder);

 

(3) the Person to whom any interest on
a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities)
is registered at the close of business on the Regular Record Date for such interest;

 

(4) the date or dates on which the principal
of any Securities of the series is payable;

 

(5) the rate or rates (which may be fixed
or variable) at which any Securities of the series shall bear interest, if any, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any such interest
payable on any Interest Payment Date (or the method for determining the dates and rates);

 

(6) the place or places where the principal
of and any premium and interest on any Securities of the series shall be payable;

 

(7) the period or periods within which,
the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole or
in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company
to redeem the Securities shall be evidenced;

 

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

 

 

    	22

    	 

    

 

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

 

(10) if the amount of principal of or any
premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula, the
manner in which such amounts shall be determined;

 

(11) if other than the currency of the
United States of America, the currency, currencies or currency units in which the principal of or any premium or interest on any
Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States
of America for any purpose, including for purposes of the definition of “Outstanding” in Section 1.1;

 

(12) if the principal of or any premium
or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof, in one or more
currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies
or currency units in which the principal of or any premium or interest on such Securities as to which such election is made shall
be payable, the periods within which and the terms and conditions upon which such election is to be made and the amount so payable
(or the manner in which such amount shall be determined);

 

(13) if other than the entire principal
amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 5.2;

 

(14) if the principal amount payable at
the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity,
the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or
hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity
or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in which
such amount deemed to be the principal amount shall be determined);

 

(15) if applicable, that the Securities
of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2 or Section 13.3 or both such
Sections, or any other defeasance provisions applicable to any Securities of the series, and, if other than by a Board Resolution,
the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16) if applicable, the terms of any right
to convert or exchange Securities of the series into shares of Common Stock of the Company or other securities or property;

 

(17) if applicable, that any Securities
of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective
Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in
addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or in lieu of those set forth
in clause (2) of the last paragraph of Section 3.5 in which any such Global Security may be exchanged in whole or in
part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or
names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

    	23

    	 

    

 

 

(18) 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 5.2;

 

(19) any addition to or change in the covenants
set forth in Article 10 which applies to Securities of the series;

 

(20) any Authenticating Agents, Paying
Agents, Security Registrars or such other agents necessary in connection with the issuance of the Securities of such series, including,
without limitation, exchange rate agents and calculation agents;

 

(21) if applicable, the terms of any security
that will be provided for a series of Securities, including provisions regarding the circumstances under which collateral may be
released or substituted;

 

(22) if applicable, the terms of any guaranties
for the Securities and any circumstances under which there may be additional obligors on the Securities; and

 

(23) any other terms of the series (which
terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1(5)).

 

All Securities of any one series shall
be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or in any such indenture supplemental hereto.

 

If any of the terms of the series are established
by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary
or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
setting forth the terms of the series.

 

SECTION 3.2
DENOMINATIONS.

 

The Securities of each series shall be
issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 3.1.
In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in denominations of $1,000 and any integral multiple thereof.

 

SECTION 3.3
EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its principal financial
officer, its President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its Assistant Treasurers
or Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

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Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 6.1) shall be fully protected in relying upon, a copy of such Board Resolution, the Officers’
Certificate setting forth the terms of the series and an Opinion of Counsel, with such Opinion of Counsel stating,

 

(1) if the form of such Securities has
been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity
with the provisions of this Indenture;

 

(2) if the terms of such Securities have
been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in
conformity with the provisions of this Indenture; and

 

(3) that such Securities, when authenticated
and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors’ rights and to general equity principles.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions of Section 3.1
and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary
to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion of
Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series
if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to
be issued.

 

Each Security shall be dated the date of
its authentication.

 

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No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled
to the benefits of this Indenture.

 

Neither the Company nor the Trustee shall
have any responsibility for any defect in the CUSIP number that appears on any Security, check, advice of payment or redemption
notice, and any such document may contain a statement to the effect that CUSIP numbers have been assigned by an independent service
for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy in such numbers.

 

SECTION 3.4
TEMPORARY SECURITIES.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any series are
issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor.

 

SECTION 3.5
REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided.

 

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Upon surrender for registration of transfer
of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making
the exchange is entitled to receive.

 

All Securities issued upon any registration
of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or its attorney duly authorized in writing.

 

No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

 

If the Securities of any series (or of
any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer
of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for
redemption under Section 11.3 and ending at the close of business on the day of such mailing, or (B) to register the
transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part.

 

The provisions of clauses (1), (2), (3) and
(4) below shall apply only to Global Securities:

 

(1) Each Global Security authenticated
under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof
and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single
Security for all purposes of this Indenture.

 

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(2) Notwithstanding any other provision
in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or
a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there
shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such
circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.1.

 

(3) Subject to clause (2) above, any
exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a
Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

 

(4) Every Security authenticated and delivered
upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant
to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and delivered in the form of, and shall
be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security
or a nominee thereof.

 

SECTION 3.6
MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

 

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

 

If there shall be delivered to the Company
and the Trustee (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 bona fide purchaser, the Company shall execute and
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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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 3.7
PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

 

Except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities or in a supplemental indenture with respect to any series of Securities,
interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest.

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or
(2) below:

 

(1) The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities)
are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed
in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall
fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been
so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant
to the following clause (2).

 

(2) The Company may make payment of any
Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

 

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Subject to the foregoing provisions of
this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

SECTION 3.8
PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security
be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

 

SECTION 3.9
CANCELLATION.

 

All Securities surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to
the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired
in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall
be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled
as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall
be disposed of in accordance with its customary procedures.

 

SECTION 3.10
COMPUTATION OF INTEREST.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months.

 

ARTICLE 4 

 SATISFACTION AND DISCHARGE 

 

SECTION 4.1
SATISFACTION AND DISCHARGE OF INDENTURE.

 

This Indenture shall upon Company Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly
provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

 

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(1) either

 

(A) all Securities theretofore authenticated
and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section 10.3) have been delivered to the Trustee for cancellation; or

 

(B) all such Securities not theretofore
delivered to the Trustee for cancellation

 

(i) have become due and payable, or

 

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

 

(iii) 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, in the case of (i), (ii) or (iii) above, has deposited or caused to
be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest
to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be;

 

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

 

(3) 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 6.7, the obligations of the Trustee to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3
shall survive.

 

SECTION 4.2
APPLICATION OF TRUST MONEY.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal
and any premium and interest for whose payment such money has been deposited with the Trustee.

 

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ARTICLE 5 

REMEDIES 

 

SECTION 5.1
EVENTS OF DEFAULT.

 

“Event of Default,” wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), unless in the Board Resolution,
supplemental indenture or Officers’ Certificate establishing such series, it is provided that such series shall not have
the benefit of said Event of Default:

 

(1) default in the payment of any interest
upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or

 

(2) default in the payment of the principal
of or any premium on any Security of that series at its Maturity; or

 

(3) default in the deposit of any sinking
fund payment, when and as due by the terms of a Security of that series; or

 

(4) default in the performance, or breach,
of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely
for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% 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

 

(5) the entry by a court having jurisdiction
in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging
the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such
other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(6) the commencement by the Company of
a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law
or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or
order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property,
or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or

 

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(7) any other Event of Default provided
with respect to Securities of that series in the Board Resolution, supplemental indenture or Officers’ Certificate establishing
that series.

 

SECTION 5.2
ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

 

Unless the Board Resolution, supplemental
indenture or Officers’ Certificate establishing such series provides otherwise, if an Event of Default (other than an Event
of Default specified in Section 5.1(5) or 5.1(6)) with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that
series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the
terms thereof), and premium, if any, together with accrued and unpaid interest, if any, thereon, to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal
amount (or specified amount), and premium, if any, together with accrued and unpaid interest, if any, thereon, shall become immediately
due and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with respect to Securities of any series at
the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are
Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof),
and premium, if any, together with accrued and unpaid interest, if any, thereon, shall automatically, and without any declaration
or other action on the part of the Trustee or any Holder, become immediately due and payable.

 

At any time after such a declaration of
acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due
has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if

 

(1) the Company has paid or deposited with
the Trustee a sum sufficient to pay

 

(A) all overdue interest on all Securities
of that series,

 

(B) the principal of (and premium, if any,
on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon
at the rate or rates prescribed therefor in such Securities,

 

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(C) to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and

 

(D) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and

 

(2) all Events of Default with respect
to Securities of that series, other than the non-payment of the principal of Securities of that series that have become due solely
by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

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

 

SECTION 5.3
COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

 

The Company covenants that if

 

(1) 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

 

(2) default is made in the payment of the
principal of (or premium, if any, on) any Security at the Maturity thereof, 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
any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on 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 an Event of Default with respect to
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 5.4
TRUSTEE MAY FILE PROOFS OF CLAIM.

 

In case of any judicial proceeding
relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized 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 6.7. No provision of this Indenture 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; provided, however, that the Trustee may, on behalf of the Holders, vote for
the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar
committee.

 

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SECTION 5.5
TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.

 

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

 

SECTION 5.6
APPLICATION OF MONEY COLLECTED.

 

Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or any premium 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 6.7;

 

SECOND: To the payment of the amounts then
due and unpaid for principal of and any premium, if any, 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 any premium, if any, and interest, respectively; and

 

THIRD: The balance, if any, to the Company
or any other Person or Persons entitled thereto.

 

SECTION 5.7
LIMITATION ON SUITS.

 

No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless

 

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

 

(2) the Holders of at least a majority
in aggregate 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;

 

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

 

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

 

(5) 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 of such Holders.

 

SECTION 5.8
UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST AND TO CONVERT.

 

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 any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities expressed
in such Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with Article
14 to the extent that such right to convert is applicable to such Security, 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 5.9
RESTORATION OF RIGHTS AND REMEDIES.

 

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

 

SECTION 5.10
RIGHTS AND REMEDIES CUMULATIVE.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.

 

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SECTION 5.11
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 (subject to the limitations contained in this Indenture) or by the Holders, as the case may be.

 

SECTION 5.12
CONTROL BY HOLDERS.

 

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

 

(1) such direction shall not be in conflict
with any rule of law or with this Indenture and the Trustee shall not have determined that the action so directed would be unjustly
prejudicial to Holders of Securities of that series, or any other series, not taking part in such direction; and

 

(2) the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction or this Indenture.

 

SECTION 5.13
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

 

(1) a default in the payment of the principal
of or any premium or interest on any Security of such series as and when the same shall become due and payable by the terms thereof,
otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest,
principal and premium, if any, has been deposited with the Trustee), or

 

(2) to the extent such right is applicable
to such Security, a failure by the Company on request to convert any Security into Common Stock; or

 

(3) in respect of a covenant or provision
hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.

 

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Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

SECTION 5.14
UNDERTAKING FOR COSTS.

 

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,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this
Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment
in any suit instituted by the Company or in any suit for the enforcement of the right to convert any Security in accordance with
Article 14.

 

SECTION 5.15
WAIVER OF USURY, STAY OR EXTENSION LAWS.

 

The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not 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 had been enacted.

 

ARTICLE 6 

THE TRUSTEE 

 

SECTION 6.1
CERTAIN DUTIES AND RESPONSIBILITIES.

 

The duties and responsibilities of the
Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties
hereunder, 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 or liability is not reasonably assured to it. Whether or not therein expressly
so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this Section.

 

SECTION 6.2
NOTICE OF DEFAULTS.

 

If a default occurs hereunder with
respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default
as and to the extent provided by the Trust Indenture Act; provided, however, that except in the case of a default in the
payment of principal of (or premium, if any) or interest on any Securities of such series or in the payment of any sinking
fund installment or any conversion right applicable to Securities of such series, the Trustee shall be protected in
withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interests of the holders of Securities of such series;
provided, further, however, that in the case of any default of the character specified in Section 5.1(4) with respect to
Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For
the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.

 

 

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Except with respect to Section 10.1,
the Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article
10. In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event
of Default occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on the Securities) or (ii) any Default
or Event of Default of which the Trustee shall have received written notification or obtained actual knowledge.

 

Delivery of reports, information and documents
to the Trustee under Section 7.4 is for informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely conclusively
on Officers’ Certificates).

 

SECTION 6.3
CERTAIN RIGHTS OF TRUSTEE.

 

Subject to the provisions of Section 6.1:

 

(1) in the absence of bad faith on the
part of the Trustee, the Trustee may rely and shall be protected in acting or refraining from acting upon 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 it to be genuine and to have been signed or presented by the proper party or parties;

 

(2) any request or direction of the Company
mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the Board of Directors
shall be sufficiently evidenced by a Board Resolution;

 

(3) whenever in the administration of this
Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is entitled to and may, in the absence
of bad faith on its part, rely upon an Officers’ Certificate;

 

(4) the Trustee may consult with counsel
and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5) 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 pursuant
to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses
and liabilities which might be incurred by it in compliance with such request or direction;

 

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(6) the Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney; and

 

(7) the Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

SECTION 6.4
NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

SECTION 6.5
MAY HOLD SECURITIES AND ACT AS TRUSTEE UNDER OTHER INDENTURES.

 

The Trustee, any Authenticating Agent,
any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

Subject to the limitations imposed by the
Trust Indenture Act, nothing in this Indenture shall prohibit the Trustee from becoming and acting as trustee under other indentures
under which other securities, or certificates of interest of participation in other securities, of the Company are outstanding
in the same manner as if it were not Trustee hereunder.

 

SECTION 6.6
MONEY HELD IN TRUST.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

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SECTION 6.7
COMPENSATION AND REIMBURSEMENT.

 

The Company agrees:

 

(1) to pay to the Trustee from time to
time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust);

 

(2) except as otherwise expressly provided
herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements
of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith;
and

 

(3) to indemnify the Trustee for, and to
hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or
in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending
itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any applicable bankruptcy, insolvency, reorganization or similar law.

 

SECTION 6.8
CONFLICTING INTERESTS.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act and there is an Event of Default under the Securities of that series, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions
of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed
to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

SECTION 6.9
CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

 

There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of one or more
other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has (or if
the Trustee is a member of a bank holding company system, its bank holding company has) a combined capital and surplus of at least
$50,000,000. If any such Person or bank holding company publishes reports of condition at least annually, pursuant to law or to
the requirements of its supervising or examining authority, then for the purposes of this Section and to the extent permitted by
the Trust Indenture Act, the combined capital and surplus of such Person or bank holding company shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to
the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article.

 

 

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	SECTION 6.10	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. 

 

No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 6.11. The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance
by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving
of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any time
with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series, delivered to the Trustee and to the Company.

 

If at any time:

 

(1) the Trustee shall fail to comply with
Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for
at least six months, or

 

(2) the Trustee shall cease to be eligible
under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder, or

 

(3) the Trustee shall become incapable
of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any
public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation, then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities,
or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of
any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of
such appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect
to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, the retiring Trustee may petition, or any Holder who has been a bona fide Holder
of a Security of such series for at least six months may petition, on behalf of himself and all others similarly situated, any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

 

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The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

SECTION 6.11
ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

 

In case of the appointment hereunder of
a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of
the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

 

In case of the appointment hereunder of
a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and
each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall
be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions
as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested
in the retiring Trustee, and (3) shall 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, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee,
such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

 

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Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

 

SECTION 6.12
MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

 

Any corporation into which the Trustee
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. In the event that any Securities shall not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Securities in either its own name or that of such predecessor Trustee,
with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 

SECTION 6.13
PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

 

If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

SECTION 6.14
APPOINTMENT OF AUTHENTICATING AGENT.

 

The Trustee may appoint an
Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of
the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer
or partial redemption thereof or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation
organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having (or if the Authenticating Agent is a member of a bank
holding company system, its bank holding company has) a combined capital and surplus of not less than $50,000,000 and subject
to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease
to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the
manner and with the effect specified in this Section.

 

 

    	44

    	 

    

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

 

The Trustee agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed
for such payments, subject to the provisions of Section 6.7.

 

 

    	45

    	 

    

 

If an appointment with respect to one or
more series is made pursuant to this Section 6.12, the Securities of such series may have endorsed thereon, in lieu of the
Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 

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

 

	 	 	 	 
	 	

	 	as Trustee
	 	By:	 	

	 	By:	 	

 

 

ARTICLE 7 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND COMPANY 

 

SECTION 7.1
COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

 

The Company will furnish or cause to be
furnished to the Trustee

 

(1) semi-annually, not later than 15 days
after the Regular Record Date for each respective series of Securities, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders of Securities of each series as of such Regular Record Date, as the case may be, or if
there is no Regular Record Date for such series of Securities, semi-annually, and

 

(2) at such other times as the Trustee
may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished; provided that no such list need be furnished by the
Company to the Trustee so long as the Trustee is acting as Security Registrar.

 

SECTION 7.2
PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

 

The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee
as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

The rights of Holders to communicate with
other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges
of the Trustee, shall be as provided by the Trust Indenture Act. Every Holder of Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture
Act.

 

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SECTION 7.3
REPORTS BY TRUSTEE.

 

The Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto.

 

Reports so required to be transmitted at
stated intervals of not more than 12 months shall be transmitted no later than July 15 in each calendar year, commencing with
the first July 15 after the first issuance of Securities pursuant to this Indenture.

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with
the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.

 

SECTION 7.4
REPORTS BY COMPANY.

 

The Company shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may
be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act; provided
that any such information, documents or reports required to be filed 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 so required to be filed with the Commission.

 

ARTICLE 8 

 CONSOLIDATION, MERGER, CONVEYANCE,
TRANSFER OR LEASE 

 

SECTION 8.1
COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

 

The Company shall not consolidate with
or merge into any other Person (in a transaction in which the Company is not the surviving corporation) or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, unless:

 

(1) in case the Company shall consolidate
with or merge into another Person (in a transaction in which the Company is not the surviving corporation) or convey, transfer
or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into
which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets
of the Company substantially as an entirety shall be a corporation, limited liability company, partnership, trust or other business
entity, shall be organized and validly existing under the laws of the United States of America, any State thereof or the District
of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance
or observance of every covenant of this Indenture on the part of the Company to be performed or observed and the conversion rights
shall be provided for in accordance with Article 14, if applicable, or as otherwise specified pursuant to Section 3.1, by
supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by the Person (if other than
the Company) formed by such consolidation or into which the Company shall have been merged or by the Person which shall have acquired
the Company’s assets;

 

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(2) immediately after giving effect to
such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as a result of such
transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and
no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing;
and

 

(3) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with
this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

 

SECTION 8.2
SUCCESSOR SUBSTITUTED.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or lease 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 had been named
as the Company herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations
and covenants under this Indenture and the Securities.

 

ARTICLE 9 

 SUPPLEMENTAL INDENTURES 

 

SECTION 9.1
SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

 

Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1) to evidence the succession of another
Person to the Company, or successive successions, and the assumption by any such successor of the covenants of the Company herein
and in the Securities in compliance with Article 8; or

 

(2) to add to the 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 solely for the benefit of such series) or to
surrender any right or power herein conferred upon the Company; or

 

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

 

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(4) 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; or

 

(5) 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; or

 

(6) to secure the Securities, including
provisions regarding the circumstances under which collateral may be released or substituted; or

 

(7) to add or provide for a guaranty of
the Securities or additional obligors on the Securities; or

 

(8) to establish the form or terms of Securities
of any series as permitted by Sections 2.1 and 3.1; or

 

(9) 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, pursuant to the requirements of Section 6.11; or

 

(10) to cure any ambiguity, to correct
or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause
(10) shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or

 

(11) to supplement any of the provisions
of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities
pursuant to Articles 4 and 13, provided that any such action shall not adversely affect the interests of the Holders of Securities
of such series or any other series of Securities in any material respect.

 

SECTION 9.2
SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

 

With the consent of the Holders of a majority
in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding
Security affected thereby,

 

 

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(1) change the Stated Maturity of the principal
of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount
Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 5.2, or change the place of payment or the coin or currency in which, any Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture in the case of Securities
of any series that are convertible into Securities or other securities of the Company, adversely affect the right of Holders to
convert any of the Securities of such series other than as provided in or pursuant to this Indenture, or

 

(2) reduce the percentage in principal
amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture,
or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture, or

 

(3) modify any of the provisions of this
Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references
to “the Trustee” and concomitant changes in this Section and Section 10.8, or the deletion of this proviso, in
accordance with the requirements of Sections 6.11 and 9.1(8), or

 

(4) if applicable, make any change that
adversely affects the right to convert any security as provided in Article 14 or pursuant to Section 3.1 (except as permitted
by Section 9.1(9)).

 

A supplemental indenture which changes
or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one
or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities
of any other series.

 

It shall not be necessary for any Act of
Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such Act shall approve the substance thereof.

 

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SECTION 9.3
EXECUTION OF SUPPLEMENTAL INDENTURES.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

SECTION 9.4
EFFECT OF SUPPLEMENTAL INDENTURES.

 

Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form
a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

SECTION 9.5
CONFORMITY WITH TRUST INDENTURE ACT.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act.

 

SECTION 9.6
REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

 

Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

 

ARTICLE 10 

 COVENANTS 

 

SECTION 10.1
PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

SECTION 10.2
MAINTENANCE OF OFFICE OR AGENCY.

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that
series may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served.

 

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The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental indenture
or pursuant to Section 3.1 hereof, the Place of Payment for any series of Securities shall be the Corporate Trust Office of
the Trustee.

 

The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for
any or all such purposes 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 obligation to maintain an office or agency in each Place of Payment 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 location of any such other office or agency.

 

SECTION 10.3
MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 

Whenever the Company shall have one or
more Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided
by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company
(or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

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Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security
of any series and remaining unclaimed for a period ending on the earlier of the date that is ten Business Days prior to the date
such money would escheat to the State or two years after such principal, premium or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may
at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in each Place of Payment, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

 

SECTION 10.4
STATEMENT BY OFFICERS AS TO DEFAULT.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge. The fiscal year of the Company currently ends on December 31; and the Company will give the
Trustee prompt written notice of any change of its fiscal year.

 

SECTION 10.5
EXISTENCE.

 

Subject to Article 8, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

SECTION 10.6
WAIVER OF CERTAIN COVENANTS.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.1(19), 9.1(2)
or 9.1(7) for the benefit of the Holders of such series if before the time for such compliance the Holders of at least a majority
in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect
such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

 

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ARTICLE 11 

REDEMPTION OF SECURITIES 

 

SECTION 11.1
APPLICABILITY OF ARTICLE.

 

Securities of any series that are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.1 for such Securities) in accordance with this Article.

 

SECTION 11.2
ELECTION TO REDEEM; NOTICE TO TRUSTEE.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such
Securities. In case of any redemption at the election of the Company of less than all the Securities of any series (including any
such redemption affecting only a single Security), the Company shall, at least 45 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case
of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction.

 

SECTION 11.3
SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

If less than all the Securities of any
series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior
to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by
lot, or in the Trustee’s discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of
any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects
only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in
accordance with the preceding sentence.

 

If any Security selected for partial redemption
is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted
portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities that have been
converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

 

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The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption
as aforesaid, the principal amount thereof to be redeemed.

 

The provisions of the two preceding paragraphs
shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

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

 

SECTION 11.4
NOTICE OF REDEMPTION.

 

Notice of redemption shall be given by
first-class mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, unless a shorter
period is specified in the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address appearing in
the Security Register.

 

All notices of redemption shall state:

 

(1) the Redemption Date,

 

(2) the Redemption Price (including accrued
interest, if any),

 

(3) if less than all the Outstanding Securities
of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of partial redemption
of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding
Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular Security to
be redeemed,

 

(4) in case any Security is to be redeemed
in part only, that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security will receive,
without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed,

 

(5) that on the Redemption Date the Redemption
Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,

 

(6) the place or places where each such
Security is to be surrendered for payment of the Redemption Price,

 

(7) if applicable, the conversion price
or the conversion rate, as the case may be, the date on which the right to convert the principal of the Securities or the portions
thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered for conversion,

 

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(8) that the redemption is for a sinking
fund, if such is the case, and

 

(9) the CUSIP number or numbers and/or
common codes of the Security being redeemed; 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 identification numbers printed on the Securities, and any such redemption shall not be affected by any defect
in or omission of such numbers.

 

Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the
name and at the expense of the Company and shall be irrevocable.

 

SECTION 11.5
DEPOSIT OF REDEMPTION PRICE.

 

On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if
the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that
date.

 

If any Security called for redemption is
converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of
such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the last paragraph
of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from such trust.

 

SECTION 11.6
SECURITIES PAYABLE ON REDEMPTION DATE.

 

Notice of redemption having been given
as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption
Date at the rate prescribed therefor in the Security.

 

 

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SECTION 11.7
SECURITIES REDEEMED IN PART.

 

Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

 

ARTICLE 12 

SINKING FUNDS 

 

SECTION 12.1
APPLICABILITY OF ARTICLE.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by
Section 3.1 for such Securities.

 

The minimum amount of any sinking fund
payment provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment,” and
any payment in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities
as provided for by the terms of such Securities.

 

SECTION 12.2
SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series
which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application
of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any
part of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such
Securities as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have
not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee
at the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund
and the amount of such sinking fund payment shall be reduced accordingly.

 

SECTION 12.3
REDEMPTION OF SECURITIES FOR SINKING FUND.

 

Not fewer than 60 days prior to each
sinking fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities,
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 Securities pursuant to Section 12.2 and will also deliver to the Trustee any
Securities to be so delivered. Not fewer than 30 days prior to 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 11.3 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 11.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Sections 11.6 and 11.7.

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ARTICLE 13 

DEFEASANCE AND COVENANT DEFEASANCE 

 

SECTION 13.1
COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE.

 

The Company may elect, at its option at
any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case may
be, designated pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with
any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this
Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1
for such Securities.

 

SECTION 13.2
DEFEASANCE AND DISCHARGE.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall
be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on and after
the date the conditions set forth in Section 13.4 are satisfied (hereinafter called “Defeasance”). For this purpose,
such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject
to the following which shall survive until otherwise terminated or discharged hereunder:

 

(1) the rights of Holders of such Securities
to receive, solely from the trust fund described in Section 13.4 and as more fully set forth in such Section, payments in
respect of the principal of and any premium and interest on such Securities when payments are due,

 

(2) the Company’s obligations with
respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, and, if applicable, Article 14,

 

(3) the rights, powers, trusts, duties
and immunities of the Trustee hereunder, and

 

(4) this Article.

 

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Subject to compliance with this Article,
the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise
of its option (if any) to have Section 13.3 applied to such Securities.

 

SECTION 13.3
COVENANT DEFEASANCE.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be,

 

(1) the Company shall be released from
its obligations under any covenants provided pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for the benefit of the Holders of such
Securities and

 

(2) the occurrence of any event specified
in Section 5.1(4) (with respect to any such covenants provided pursuant to Section 3.1(19), 9.1(2) or 9.1(7)) and the
occurrence of any other Event of Default specified pursuant to Section 3.1 shall be deemed not to be or result in an Event
of Default,

 

in each case with respect to such Securities
or any series of Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are
satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect
to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified Section (to the extent so specified in the case of Section 5.1(4) and the occurrence of any
Event of Default specified pursuant to Section 3.1), whether directly or indirectly by reason of any reference elsewhere herein
to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but
the remainder of this Indenture and such Securities shall be unaffected thereby.

 

SECTION 13.4
CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to
the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be:

 

(1) The Company shall irrevocably have
deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by Section 6.9
and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose of making the
following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of such Securities,

 

(A) in the case of Securities of a series
denominated in currency of the United States of America,

 

(i) cash in currency of the United States
of America in an amount, or

 

(ii) U.S. Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment, an amount in cash, or

 

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(iii) a combination thereof, or

 

(B) in the case of Securities of a series
denominated in currency other than that of the United States of America,

 

(i) cash in the currency in which such
series of Securities is denominated in an amount, or

 

(ii) Foreign Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later
than one day before the due date of any payment, an amount in cash, or

 

(iii) a combination thereof, in each case
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, and which shall be applied by the Trustee (or any such other qualifying
trustee) to pay and discharge, the principal of and any premium and interest on such Securities on the respective Stated Maturities,
in accordance with the terms of this Indenture and such Securities.

 

(2) For Securities denominated in United
States dollars, in the event of an election to have Section 13.2 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that

 

(A) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling or

 

(B) since the date of this instrument,
there has been a change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject
to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance
and discharge were not to occur.

 

(3) For Securities denominated in United
States dollars, in the event of an election to have Section 13.3 apply to any Securities or any series of Securities, as the
case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities
will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected
with respect to such Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same
times as would be the case if such deposit and Covenant Defeasance were not to occur.

 

(4) The Company shall have delivered to
the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other Securities of the same series,
if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5) No event which is, or after notice
or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall have
occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1(5) and (6),
at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed
satisfied until after such 90th day).

 

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(6) Such Defeasance or Covenant Defeasance
shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities
are in default within the meaning of such Act).

 

(7) Such Defeasance or Covenant Defeasance
shall 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.

 

(8) Such Defeasance or Covenant Defeasance
shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment
Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

(9) The Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to
such Defeasance or Covenant Defeasance have been complied with.

 

SECTION 13.5
DEPOSITED MONEY, U.S. GOVERNMENT OBLIGATIONS AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; MISCELLANEOUS PROVISIONS.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof)
deposited with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the Trustee
and any such other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.4 in respect
of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal
and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required
by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or Foreign Government
Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

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SECTION 13.6
REINSTATEMENT.

 

If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture
and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3 shall be revived
and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the
Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect to such Securities
in accordance with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest
on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Securities to receive such payment from the money so held in trust.

 

ARTICLE 14 

 CONVERSION OF SECURITIES 

 

SECTION 14.1
APPLICABILITY OF ARTICLE.

 

The provisions of this Article shall be
applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and the issuance of
such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated by Section 3.1
for the Securities of such series or in a supplemental indenture for Securities of such series.

 

SECTION 14.2
EXERCISE OF CONVERSION PRIVILEGE.

 

In order to exercise a conversion privilege,
the Holder of a Security of a series with such a privilege shall surrender such Security to the Company at the office or agency
maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company substantially
in the form set forth in Section 2.6 stating that the Holder elects to convert such Security or a specified portion thereof.
Such notice shall also state, if different from the name and address of such Holder, the name or names (with address) in which
the certificate or certificates for shares of Common Stock, which shall be issuable on such conversion, shall be issued. Securities
surrendered for conversion shall (if so required by the Company or the Trustee) be duly endorsed by or accompanied by instruments
of transfer in forms satisfactory to the Company and the Trustee duly executed by the Holder or its attorney duly authorized in
writing. As promptly as practicable after the receipt of such notice and of any payment required pursuant to a Board Resolution
and, subject to Section 3.3, set forth, or determined in the manner provided, in an Officers’ Certificate, or established
in one or more indentures supplemental hereto setting forth the terms of such series of Security, and the surrender of such Security
in accordance with such reasonable regulations as the Company may prescribe, the Company shall issue and shall deliver, at the
office or agency at which such Security is surrendered, to such Holder or on its written order, a certificate or certificates
for the number of full shares of Common Stock issuable upon the conversion of such Security (or specified portion thereof), in
accordance with the provisions of such Board Resolution, Officers’ Certificate or supplemental indenture, and cash as provided
therein in respect of any fractional share of such Common Stock otherwise issuable upon such conversion. Such conversion shall
be deemed to have been effected immediately prior to the close of business on the date on which such notice and such payment,
if required, shall have been received in proper order for conversion by the Company and such Security shall have been surrendered
as aforesaid (unless such Holder shall have so surrendered such Security and shall have instructed the Company to effect the conversion
on a particular date following such surrender and such Holder shall be entitled to convert such Security on such date, in which
case such conversion shall be deemed to be effected immediately prior to the close of business on such date) and at such time
the rights of the Holder of such Security as such Security Holder shall cease and the person or persons in whose name or names
any certificate or certificates for shares of Common Stock of the Company shall be issuable upon such conversion shall be deemed
to have become the Holder or Holders of record of the shares represented thereby. Except as set forth above and subject to the
final paragraph of Section 3.7, no payment or adjustment shall be made upon any conversion on account of any interest accrued
on the Securities (or any part thereof) surrendered for conversion or on account of any dividends on the Common Stock of the Company
issued upon such conversion.

 

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In the case of any Security which is converted
in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and deliver to or on the order
of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations,
in aggregate principal amount equal to the unconverted portion of such Security.

 

SECTION 14.3
NO FRACTIONAL SHARES.

 

No fractional share of Common Stock of
the Company shall be issued upon conversions of Securities of any series. If more than one Security shall be surrendered for conversion
at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis
of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted hereby) so surrendered.
If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled to a fractional
share of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions thereof, the Company
shall pay to such Holder an amount in cash equal to the current market value of such fractional share computed, (i) if such
Common Stock is listed or admitted to unlisted trading privileges on a national securities exchange or market, on the basis of
the last reported sale price regular way on such exchange or market on the last trading day prior to the date of conversion upon
which such a sale shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted
trading privileges on a national securities exchange or market, on the basis of the average of the bid and asked prices of such
Common Stock in the over-the-counter market, on the last trading day prior to the date of conversion, as reported by the National
Quotation Bureau, Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting such
information, or if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section,
“trading day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common
Stock is not traded on the NYSE Amex, or if the Common Stock is not traded on the NYSE Amex, on the principal exchange or market
on which the Common Stock is traded or quoted.

 

 

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SECTION 14.4
ADJUSTMENT OF CONVERSION PRICE OR CONVERSION RATE.

 

The conversion price or conversion rate,
as the case may be, of Securities of any series that is convertible into Common Stock of the Company shall be adjusted for any
stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the terms of the supplemental
indenture or Board Resolutions setting forth the terms of the Securities of such series.

 

Whenever the conversion price or conversion
rate, as the case may be, is adjusted, the Company shall compute the adjusted conversion price or conversion rate, as the case
may be, in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare an Officers’
Certificate setting forth the adjusted conversion price or conversion rate, as the case may be, and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The Company shall
forthwith cause a notice setting forth the adjusted conversion price or conversion rate, as the case may be, to be mailed, first
class postage prepaid, to each Holder of Securities of such series at its address appearing on the Security Register and to any
conversion agent other than the Trustee.

 

SECTION 14.5
NOTICE OF CERTAIN CORPORATE ACTIONS.

 

In case:

 

(1) the Company shall declare a dividend
(or any other distribution) on its Common Stock payable otherwise than in cash out of its retained earnings (other than a dividend
for which approval of any shareholders of the Company is required) that would require an adjustment pursuant to Section 14.4;
or

 

(2) the Company shall authorize the granting
to all or substantially all of the holders of its Common Stock of rights, options or warrants to subscribe for or purchase any
shares of capital stock of any class or of any other rights (other than any such grant for which approval of any shareholders of
the Company is required); or

 

(3) of any reclassification of the Common
Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock, or of any consolidation,
merger or share exchange to which the Company is a party and for which approval of any shareholders of the Company is required),
or of the sale of all or substantially all of the assets of the Company; or

 

(4) of the voluntary or involuntary dissolution,
liquidation or winding up of the Company; then the Company shall cause to be filed with the Trustee, and shall cause to be mailed
to all Holders at their last addresses as they shall appear in the Security Register, at least 20 days (or 10 days in any case
specified in clause (1) or (2) above) prior to the applicable record date hereinafter specified, a notice stating (i) the
date on which a record is to be taken for the purpose of such dividend, distribution, rights, options or warrants, or, if a record
is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution,
rights, options or warrants are to be determined, or (ii) the date on which such reclassification, consolidation, merger,
share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected
that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution, liquidation or winding
up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith be filed by the Company
with the Trustee.

 

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SECTION 14.6
RESERVATION OF SHARES OF COMMON STOCK.

 

The Company shall at all times reserve
and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting
the conversion of Securities, the full number of shares of Common Stock of the Company then issuable upon the conversion of all
outstanding Securities of any series that has conversion rights.

 

SECTION 14.7
PAYMENT OF CERTAIN TAXES UPON CONVERSION.

 

Except as provided in the next sentence,
the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of its Common Stock on
conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than that of the Holder of the
Security or Securities to be converted, and no such issue or delivery shall be made unless and until the person requesting such
issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax
has been paid.

 

SECTION 14.8
NONASSESSABILITY.

 

The Company covenants that all shares of
its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms hereof be duly and
validly issued and fully paid and nonassessable.

 

SECTION 14.9
PROVISION IN CASE OF CONSOLIDATION, MERGER OR SALE OF ASSETS.

 

In case of any consolidation or merger
of the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger which
does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the Company)
or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed by such
consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the
Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible into
Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter available
to said Holder), during the period such Security shall be convertible, to convert such Security only into the kind and amount
of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by a holder
of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to
such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i) is
not a Person with which the Company consolidated or merged with or into or which merged into or with the Company or to which such
conveyance, sale, transfer or lease was made, as the case may be (a “Constituent Person”), or an Affiliate of a Constituent
Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other
property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided that if the kind or amount
of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer, or lease is not
the same for each share of Common Stock of the Company held immediately prior to such consolidation, merger, conveyance, sale,
transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised (“Non-electing Share”), then for the purpose of this Section 14.9 the kind and
amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease
by the holders of each Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality of
the Non-electing Shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective
date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Article or in accordance with the terms of the supplemental indenture or Board Resolutions setting forth the terms of such adjustments.
The above provisions of this Section 14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales,
transfers or leases. Notice of the execution of such a supplemental indenture shall be given by the Company to the Holder of each
Security of a series that is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such execution.

 

 

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Neither the Trustee nor any conversion
agent, if any, shall be under any responsibility to determine the correctness of any provisions contained in any such supplemental
indenture relating either to the kind or amount of shares of stock or other securities or property or cash receivable by Holders
of Securities of a series convertible into Common Stock of the Company upon the conversion of their Securities after any such consolidation,
merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect thereto, which the Company shall
cause to be furnished to the Trustee upon request.

 

SECTION 14.10
DUTIES OF TRUSTEE REGARDING CONVERSION.

 

Neither the Trustee nor any conversion
agent shall at any time be under any duty or responsibility to any Holder of Securities of any series that is convertible into
Common Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion price or conversion
rate, as the case may be, or with respect to the nature or extent of any such adjustment when made, or with respect to the method
employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written instrument executed
by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor any conversion agent
shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock of the Company,
or of any securities or property, which may at any time be issued or delivered upon the conversion of any Securities and neither
the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions of Section 6.1,
neither the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer or deliver
any shares of its Common Stock or stock certificates or other securities or property upon the surrender of any Security for the
purpose of conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable
supplemental indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers
of the Company.

 

 

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SECTION 14.11
REPAYMENT OF CERTAIN FUNDS UPON CONVERSION.

 

Any funds which at any time shall have
been deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of paying the principal
of, and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds deposited for the
sinking fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall not be required
for such purposes because of the conversion of such Securities as provided in this Article 14 shall after such conversion be repaid
to the Company by the Trustee upon the Company’s written request.

 

[The remainder of this page is intentionally
left blank.] 

 

 

 

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

 

	 	 	 	 
	 	SKYSTAR BIO-PHARMACEUTICAL COMPANY
	 	 	 
	 	By:	 	

	 	Title:	 	

	 	 
	 	

	 	as Trustee
	 	 	 
	 	By:	 	

	 	Title:	 	

 

 

 

    	68

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