Document:

Exhibit 10.3

 

 

 

Security Agreement

This
Security Agreement (this “Agreement”), dated as of February 8, 2021, is executed by Nemaura Medical Inc.,
a Nevada corporation (“Nemaura”), Dermal Diagnostics Limited, a company incorporated in England and Wales (company
no. 6795555) (“Dermal Diagnostics”), and Trial Clinic Limited, a company incorporated in England and Wales (company
no. 7490577) (“Trial Clinic,” and together with Nemaura and Dermal Diagnostics, “Debtor”),
in favor of Uptown Capital, LLC, a Utah limited liability company (“Secured Party”).

A.       Debtor
has issued to Secured Party a certain Secured Promissory Note of even date herewith, as may be amended from time to time, in the
original face amount of $24,015,000.00 (the “Note”).

B.       Secured
Party is entitled to the benefit of a Security Agreement (“CVP Security Agreement”) dated as of September 14,
2020 granted by Dermal Diagnostics and Trial Clinic in favour of the Secured Party and securing Obligations (as defined in the
CVP Security Agreement) and each of Secured Party, Dermal Diagnostics and Trial Clinic agrees that the Obligations (as defined
in this Agreement) are Obligations for the purposes of the CVP Security Agreement.

C.       In
order to induce Secured Party to extend the credit evidenced by the Note, Debtor has agreed to enter into this Agreement and to
grant Secured Party a security interest in the Collateral (as defined below).

NOW, THEREFORE,
in consideration of the above recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Debtor hereby agrees with Secured Party as follows:

1.                  
Definitions and Interpretation. When used in this Agreement, the following terms have the following respective meanings:

“Collateral”
has the meaning given to that term in Section 2 hereof.

“Intellectual
Property” means all patents, trademarks, service marks, trade names, copyrights,
trade secrets, licenses (software or otherwise), information, know-how, inventions,
discoveries, published and unpublished works of
authorship, processes, any and all other proprietary
rights, and all rights corresponding to all
of the foregoing throughout the world, now owned
and existing or hereafter arising, created
or acquired.

“Lien”
shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in,
of, or on such property or the income therefrom, including, without limitation, the interest of a vendor or lessor under a conditional
sale agreement, capital lease or other title retention agreement, or any agreement to provide any of the foregoing, and the filing
of any financing statement or similar instrument under the UCC or comparable law of any jurisdiction.

“Obligations”
means (a) all loans, advances, future advances, debts, liabilities and obligations, howsoever arising, owed by Debtor or any of
its affiliates and/or subsidiaries to Secured Party or any affiliate of Secured Party of every kind and description, now existing
or hereafter arising, whether created by the Note, this Agreement, that certain Note Purchase Agreement of even date herewith,
entered into by and between Debtor and Secured Party (the “Purchase Agreement”), any other Transaction Documents
(as defined in the Purchase Agreement), any other agreement between Debtor or any affiliate or subsidiary of Secured Party) and
Secured Party (or any affiliate of Secured Party) or any other promissory note issued by Debtor (or any affiliate or subsidiary
of Debtor) in favor of Secured Party (or any affiliate of Secured Party), any modification or amendment to any of the foregoing,
guaranty of payment or other contract or by a quasi-contract, tort, statute or other operation of law, whether incurred or owed
directly to Secured Party or as an affiliate of Secured Party or acquired by Secured Party or an affiliate of Secured Party by
purchase, pledge or otherwise, (b) all costs and expenses, including attorneys’ fees, incurred by Secured Party or any affiliate
of Secured Party in connection with the Note or in connection with the collection or enforcement of any portion of the indebtedness,
liabilities or obligations described in the foregoing clause (a), (c) the payment of all other sums, with interest thereon, advanced
in accordance herewith to protect the security of this Agreement, and (d) the performance of the covenants and agreements of Debtor
(or any of its affiliates or subsidiaries) contained in this Agreement and all other Transaction Documents.

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“Permitted
Liens” means (a) Liens for taxes not yet delinquent or Liens for taxes being contested in good faith and by appropriate
proceedings for which adequate reserves have been established, and (b) Liens in favor of Secured Party under this Agreement or
arising under the other Transaction Documents or prior agreements between Debtor and Secured Party.

“UCC”
means the Uniform Commercial Code as in effect in the jurisdiction whose laws would govern the security interest in, including
without limitation the perfection thereof, and foreclosure of the applicable Collateral, or any equivalent laws in any other jurisdiction
that govern the grant of a security interest in the types of assets encumbered by this Agreement.

Unless otherwise defined
herein, all terms defined in the UCC have the respective meanings given to those terms in the UCC.

2.                  
Grant of Security Interest. As security for the Obligations, Debtor hereby pledges to Secured Party and grants to
Secured Party a first-position security interest under U.S. law and a first fixed charge under English law, as applicable, in all
right, title, interest, claims and demands of Debtor in and to the property described in Schedule A hereto, and all replacements,
proceeds, products, and accessions thereof (collectively, the “Collateral”).

3.                  
Authorization to File Financing Statements. Debtor hereby irrevocably authorizes Secured Party at any time and from
time to time to file in any filing office in any Uniform Commercial Code jurisdiction or other jurisdiction of Debtor or its subsidiaries
any financing statements or documents having a similar effect and amendments thereto that provide any other information required
by the Uniform Commercial Code (or similar law of any non-United States jurisdiction, if applicable) of such state or jurisdiction
for the sufficiency or filing office acceptance of any financing statement or amendment, including whether Debtor is an organization,
the type of organization and any organization identification number issued to Debtor. Debtor agrees to furnish any such information
to Secured Party promptly upon Secured Party’s request.

4.                  
General Representations and Warranties. Debtor represents and warrants to Secured Party that (a) Debtor is the owner
of the Collateral and that no other person has any right, title, claim or interest (by way of Lien or otherwise) in, against or
to the Collateral, other than Permitted Liens, (b) upon the filing of UCC-1 financing statements with the appropriate state office
(or an equivalent in the appropriate foreign office), Secured Party shall have a perfected first-position security interest in
the Collateral to the extent that a security interest in the Collateral can be perfected by such filing, except for Permitted Liens,
(c) Debtor has received at least a reasonably equivalent value in exchange for entering into this Agreement, (d) Debtor is not
insolvent, as defined in any applicable state or federal statute, nor will Debtor be rendered insolvent by the execution and delivery
of this Agreement to Secured Party; and (e) as such, this Agreement is a valid and binding obligation of Debtor.

 

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5.                  
Additional Covenants. Debtor hereby agrees:

5.1.            
to perform all acts that may be necessary to maintain, preserve, protect and perfect in the Collateral, the Lien granted
to Secured Party therein, and the perfection and priority of such Lien;

5.2.            
to procure, execute (including endorse, as applicable), and deliver from time to time any endorsements, assignments, financing
statements, certificates of title, and all other instruments, documents and/or writings reasonably deemed necessary or appropriate
by Secured Party to perfect, maintain and protect Secured Party’s Lien hereunder and the priority thereof;

5.3.            
to provide at least fifteen (15) days prior written notice to Secured Party of any of the following events: (a) any changes
or alterations of Debtor’s name, (b) any changes with respect to Debtor’s address or principal place of business, (c)
the formation of any subsidiaries of Debtor, or (d) any changes in location of the Collateral;

5.4.            
upon the occurrence of an Event of Default (as defined in the Note) under the Note and, thereafter, at Secured Party’s
request, to endorse (up to the outstanding amount under such promissory notes at the time of Secured Party’s request), assign
and deliver any promissory notes and all other instruments, documents, or writings included in the Collateral to Secured Party,
accompanied by such instruments of transfer or assignment duly executed in blank as Secured Party may from time to time specify;

5.5.            
to the extent the Collateral is not delivered to Secured Party pursuant to this Agreement, to keep the Collateral at the
principal office of Debtor (unless otherwise agreed to by Secured Party in writing), and not to relocate the Collateral to any
other locations without the prior written consent of Secured Party;

5.6.            
not to sell or otherwise dispose, or offer to sell or otherwise dispose, of the Collateral or any interest therein (other
than inventory in the ordinary course of business);

5.7.            
not to, directly or indirectly, allow, grant or suffer to exist any Lien upon any of the Collateral, other than Permitted
Liens;

5.8.            
not to grant any license or sublicense
under any of its Intellectual Property, or enter
into any other agreement with respect to any of its
Intellectual Property, except in the ordinary course of Debtor’s
business;

5.9.            
to the extent commercially reasonable and in Debtor’s
good faith business judgment: (a) to file
and prosecute diligently any patent, trademark
or service mark applications pending as of the date
hereof or hereafter until all
Obligations shall have been paid in full,
(b) to make application on unpatented
but patentable inventions and on trademarks and service
marks, (c) to preserve and maintain all rights
in all of its Intellectual Property,
and (d) to ensure that all of its
Intellectual Property is and remains enforceable.
Any and all costs and expenses incurred
in connection with each of Debtor’s
obligations under this Section 5.9 shall
be borne by Debtor. Debtor shall not
knowingly and unreasonably abandon any
right to file a patent, trademark
or service mark application, or abandon
any pending patent application, or any other
of its Intellectual Property, without the prior
written consent of Secured Party except for Intellectual Property that Debtor
determines, in the exercise of its good
faith business judgment, is not or is no longer
material to its business;

5.10.         
upon the request of Secured Party
at any time or from time
to time, and at the sole cost
and expense (including, without limitation, reasonable attorneys’ fees) of Debtor,
Debtor shall take all actions and execute and deliver any and all
instruments, agreements, assignments, certificates and/or documents reasonably required by Secured
Party to collaterally assign any and all of
Debtor’s patent, copyright and trademark registrations and applications now
owned or hereafter acquired to and in
favor of Secured
Party;

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5.11.         
at any time amounts paid by Secured
Party under the Transaction Documents are
used to purchase Collateral, Debtor shall perform all acts that
may be necessary, and otherwise
fully cooperate with Secured Party, to cause (a) any such amounts paid by Secured
Party to be disbursed directly to the
sellers of any such Collateral, (b)
all certificates of title
pertaining to such Collateral (as applicable) to be properly
filed and reissued to reflect Secured
Party’s Lien on such Collateral, and (c) all such reissued
certificates of title to be delivered
to and held by Secured Party; and

5.12.         
to comply with the terms set out in Schedule B so far as the security interest
set out in Section 2 applies to the issues shares in the capital of each of Dermal Diagnostics and Trial Clinic.

6.                  
Authorized Action by Secured Party. Debtor hereby irrevocably appoints Secured Party as its attorney-in-fact (which
appointment is coupled with an interest) and agrees that Secured Party may perform (but Secured Party shall not be obligated to
and shall incur no liability to Debtor or any third party for failure so to do) any act which Debtor is obligated by this Agreement
to perform, and to exercise such rights and powers as Debtor might exercise with respect to the Collateral, including the right
to (a) collect by legal proceedings or otherwise and endorse, receive and receipt for all dividends, interest, payments, proceeds
and other sums and property now or hereafter payable on or on account of the Collateral; (b) enter into any extension, reorganization,
deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept, hold or apply other property in
exchange for the Collateral; (c) make any compromise or settlement, and take any action Secured Party deems advisable, with respect
to the Collateral, including without limitation bringing a suit in Secured Party’s own name to enforce any Intellectual Property;
(d) endorse Debtor’s name on all applications, documents, papers and instruments necessary or desirable for Secured Party
in the use of any Intellectual Property; (e) grant or issue any exclusive or non-exclusive license under any Intellectual Property
to any person or entity; (f) assign, pledge, sell, convey or otherwise transfer title in or dispose of any Intellectual Property
to any person or entity; (g) cause the Commissioner of Patents and Trademarks, United States Patent and Trademark Office (or as
appropriate, such equivalent agency in foreign countries) to issue any and all patents and related rights and applications to Secured
Party as the assignee of Debtor’s entire interest therein; (h) file a copy of this Agreement with any governmental agency,
body or authority, including without limitation the United States Patent and Trademark Office and, if applicable, the United States
Copyright Office or Library of Congress, at the sole cost and expense of Debtor; (i) insure, process and preserve the Collateral;
(j) pay any indebtedness of Debtor relating to the Collateral; (k) execute and file UCC financing statements and other documents,
certificates, instruments and agreements with respect to the Collateral or as otherwise required or permitted hereunder; and (l)
take any and all appropriate action and execute any and all documents and instruments that may be necessary or useful to accomplish
the purposes of this Agreement; provided, however, that Secured Party shall not exercise any such powers granted pursuant
to clauses (a) through (g) above prior to the occurrence of an Event of Default and shall only exercise such powers during the
continuance of an Event of Default. The powers conferred on Secured Party under this Section 6 are solely to protect its interests
in the Collateral and shall not impose any duty upon it to exercise any such powers. Secured Party shall be accountable only for
the amounts that it actually receives as a result of the exercise of such powers, and neither Secured Party nor any of its stockholders,
directors, officers, managers, employees or agents shall be responsible to Debtor for any act or failure to act, except with respect
to Secured Party’s own gross negligence or willful misconduct. Nothing in this Section 6 shall be deemed an authorization
for Debtor to take any action that it is otherwise expressly prohibited from undertaking by way of other provision of this Agreement.

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7.                  
Default and Remedies.

7.1.            
Default. Debtor shall be deemed in default under this Agreement upon the occurrence of an Event of Default.

7.2.            
Remedies. Upon the occurrence of any such Event of Default, Secured Party shall have the rights of a secured creditor
under the UCC, all rights granted by this Agreement and by law, including, without limiting the foregoing, (a) the right to require
Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party, and (b)
the right to take possession of the Collateral, and for that purpose Secured Party may enter upon premises on which the Collateral
may be situated and remove the Collateral therefrom. Debtor hereby agrees that fifteen (15) days’ notice of a public sale
of any Collateral or notice of the date after which a private sale of any Collateral may take place is reasonable. In addition,
Debtor waives any and all rights that it may have to a judicial hearing in advance of the enforcement of any of Secured Party’s
rights and remedies hereunder, including, without limitation, Secured Party’s right following an Event of Default to take
immediate possession of Collateral and to exercise Secured Party’s rights and remedies with respect thereto. Secured Party
may also have a receiver appointed to take charge of all or any portion of the Collateral and to exercise all rights of Secured
Party under this Agreement. Secured Party may exercise any of its rights under this Section 7.2 without demand or notice of any
kind. The remedies in this Agreement, including without limitation this Section 7.2, are in addition to, not in limitation of,
any other right, power, privilege, or remedy, either in law, in equity, or otherwise, to which Secured Party may be entitled. No
failure or delay on the part of Secured Party in exercising any right, power, or remedy will operate as a waiver thereof, nor will
any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder.
All of Secured Party’s rights and remedies, whether evidenced by this Agreement or by any other agreement, instrument or
document shall be cumulative and may be exercised singularly or concurrently.

7.3.            
Standards for Exercising Rights and Remedies. To the extent that applicable law imposes duties on Secured Party to
exercise remedies in a commercially reasonable manner, Debtor acknowledges and agrees that it is not commercially unreasonable
for Secured Party (a) to fail to incur expenses reasonably deemed significant by Secured Party to prepare Collateral for disposition,
(b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other
law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or
disposed of, (c) to fail to exercise collection remedies against account debtors or other persons obligated on Collateral or to
fail to remove liens or encumbrances on or any adverse claims against Collateral, (d) to exercise collection remedies against account
debtors and other persons obligated on Collateral directly or through the use of collection agencies and other collection specialists,
(e) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral
is of a specialized nature, (f) to contact other persons, whether or not in the same business as Debtor, for expressions of interest
in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition
of Collateral, whether or not the Collateral is of a specialized nature, (h) to dispose of Collateral by utilizing Internet sites
that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing
so, or that match buyers and sellers of assets, (i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim
disposition warranties, (k) to purchase insurance or credit enhancements to insure Secured Party against risks of loss, collection
or disposition of Collateral or to provide to Secured Party a guaranteed return from the collection or disposition of Collateral,
or (l) to the extent deemed appropriate by Secured Party, to obtain the services of other brokers, investment bankers, consultants
and other professionals to assist Secured Party in the collection or disposition of any of the Collateral. Debtor acknowledges
that the purpose of this Section is to provide non-exhaustive indications of what actions or omissions by Secured Party would fulfill
Secured Party’s duties under the UCC in Secured Party’s exercise of remedies against the Collateral and that other
actions or omissions by Secured Party shall not be deemed to fail to fulfill such duties solely on account of not being indicated
in this Section. Without limitation upon the foregoing, nothing contained in this Section shall be construed to grant any rights
to Debtor or to impose any duties on Secured Party that would not have been granted or imposed by this Agreement or by applicable
law in the absence of this Section.

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7.4.            
Marshalling. Secured Party shall not be required to marshal any present or future Collateral for, or other assurances
of payment of, the Obligations or to resort to such Collateral or other assurances of payment in any particular order, and all
of its rights and remedies hereunder and in respect of such Collateral and other assurances of payment shall be cumulative and
in addition to all other rights and remedies, however existing or arising. To the extent that it lawfully may, Debtor hereby agrees
that it will not invoke any law relating to the marshalling of Collateral which might cause delay in or impede the enforcement
of Secured Party’s rights and remedies under this Agreement or under any other instrument creating or evidencing any of the
Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof
is otherwise assured, and, to the extent that it lawfully may, Debtor hereby irrevocably waives the benefits of all such laws.

7.5.            
Application of Collateral Proceeds. The proceeds and/or avails of the Collateral, or any part thereof, and the proceeds
and the avails of any remedy hereunder (as well as any other amounts of any kind held by Secured Party at the time of, or received
by Secured Party after, the occurrence of an Event of Default) shall be paid to and applied as follows:

(a)               
First, to the payment of reasonable costs and expenses, including all amounts expended to preserve the value of the Collateral,
of foreclosure or suit, if any, and of such sale and the exercise of any other rights or remedies, and of all proper fees, expenses,
liability and advances, including reasonable legal expenses and attorneys’ fees, incurred or made hereunder by Secured Party;

(b)               
Second, to the payment to Secured Party of the amount then owing or unpaid on the Note (to be applied first to accrued interest
and fees and second to outstanding principal) and all amounts owed under any of the other Transaction Documents or other documents
included within the Obligations; and

(c)               
Third, to the payment of the surplus, if any, to Debtor, its successors and assigns, or to whosoever may be lawfully entitled
to receive the same.

In the absence of
final payment and satisfaction in full of all of the Obligations, Debtor shall remain liable for any deficiency.

8.                  
Miscellaneous.

8.1.            
Notices. Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled
“Notices” in the Purchase Agreement, the terms of which are incorporated herein by this reference.

8.2.            
Non-waiver. No failure or delay on Secured Party’s part in exercising any right hereunder shall operate as
a waiver thereof or of any other right nor shall any single or partial exercise of any such right preclude any other further exercise
thereof or of any other right.

8.3.            
Amendments and Waivers. This Agreement may not be amended or modified, nor may any of its terms be waived, except
by written instruments signed by Debtor and Secured Party. Each waiver or consent under any provision hereof shall be effective
only in the specific instances for the purpose for which given.

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8.4.            
Assignment. This Agreement shall be binding upon and inure to the benefit of Secured Party and Debtor and their respective
successors and assigns; provided, however, that Debtor may not sell, assign or delegate rights and obligations hereunder
without the prior written consent of Secured Party.

8.5.            
Cumulative Rights, etc. The rights, powers and remedies of Secured Party under this Agreement shall be in addition
to all rights, powers and remedies given to Secured Party by virtue of any applicable law, rule or regulation of any governmental
authority, or the Note, all of which rights, powers, and remedies shall be cumulative and may be exercised successively or concurrently
without impairing Secured Party’s rights hereunder. Debtor waives any right to require Secured Party to proceed against any
person or entity or to exhaust any Collateral or to pursue any remedy in Secured Party’s power.

8.6.            
Partial Invalidity. If any part of this Agreement is construed to be in violation of any law, such part shall be
modified to achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain
in full force and effect.

8.7.            
Expenses. Debtor shall pay on demand all reasonable fees and expenses, including reasonable attorneys’ fees
and expenses, incurred by Secured Party in connection with the custody, preservation or sale of, or other realization on, any of
the Collateral or the enforcement or attempt to enforce any of the Obligations which are not performed as and when required by
this Agreement.

8.8.            
Entire Agreement. This Agreement and the other Transaction Documents, taken together, constitute and contain the
entire agreement of Debtor and Secured Party with respect to this particular matter and supersede any and all prior agreements,
negotiations, correspondence, understandings and communications between the parties, whether written or oral, respecting the subject
matter hereof.

8.9.            
Governing Law; Venue. Except as otherwise specifically set forth herein, the parties expressly agree that this Agreement
shall be governed solely by the laws of the State of Utah, without giving effect to the principles thereof regarding the conflict
of laws; provided, however, that enforcement of Secured Party’s rights and remedies against the Collateral as provided
herein will be subject to the UCC. The provisions set forth in the Purchase Agreement to determine the proper venue for any disputes
are incorporated herein by this reference.

8.10.         
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT
ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR THE RELATIONSHIPS OF THE PARTIES
HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE
STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT
TO DEMAND TRIAL BY JURY.

8.11.         
Purchase Agreement; Arbitration of Disputes. By executing this Agreement, each party agrees to be bound by the terms,
conditions and general provisions of the Purchase Agreement and the other Transaction Documents, including without limitation the
Arbitration Provisions (as defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement.

8.12.         
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original and
all of which together shall constitute one instrument. Any electronic copy of a party’s executed counterpart will be deemed
to be an executed original.

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8.13.         
Further Assurances. Debtor shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as Secured Party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

8.14.         
Time of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement.

[Remainder of page intentionally left blank;
signature page follows]

 

 

 

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IN WITNESS WHEREOF,
Secured Party and Debtor have caused this Agreement to be executed as of the day and year first above written.

SECURED PARTY:

 

Uptown
Capital, LLC

 

 

By: /s/ John M. Fife

John M. Fife,
President 

 

 

DEBTOR:

 

Nemaura
Medical Inc.

 

 

By:/s/ Dewan F.H. Chowdhury

Dewan F.H. Chowdhury,
CEO

 

Executed as a deed by Dermal
Diagnostics Limited acting by two directors:

 

By:/s/ Dewan F.H. Chowdhury

Dewan F.H. Chowdhury,
Director

 

By:/s/ Bashir Timol

Bashir Timol, Director

 

Executed as a deed by Trial
Clinic Limited acting by two directors:

 

By:/s/ Dewan F.H. Chowdhury

Dewan F.H. Chowdhury,
Director

 

By:/s/ Dewan F.H. Chowdhury

Bashir Timol, Director

 

 

    	  

    	 

    

 

SCHEDULE A

TO SECURITY AGREEMENT

 

All
right, title, interest, claims and demands
of Debtor in and to all of Debtor’s assets owned as of the date hereof and/or
acquired by Debtor at any time while the Obligations are still outstanding, including without limitation, the following
property:

 

1.                  
All equity interests in all wholly- or partially-owned subsidiaries of Debtor.

 

2.                  
All customer accounts, insurance contracts, and clients underlying such insurance contracts.

 

3.                  
All goods and equipment now owned or
hereafter acquired, including, without limitation, all laboratory
equipment, growing equipment, computer equipment, office equipment, machinery, containers,
fixtures, vehicles, and any interest
in any of the foregoing, and all attachments,
accessories, accessions, replacements, substitutions, additions, and improvements to any of the foregoing,
wherever located;

 

4.                  
All inventory now owned or hereafter
acquired, including, without limitation, all merchandise,
raw materials, parts, supplies, packing and shipping materials, work in process
and finished products including such inventory as is temporarily out of Debtor’s
custody or possession or in transit and
including any returns upon any accounts
or other proceeds, including insurance proceeds,
resulting from the sale or disposition
of any of the foregoing and any
documents of title representing any of the
above, and Debtor’s books relating to any of the foregoing;

 

5.                  
All accounts receivable, revenues or royalties, contract rights, general intangibles,
healthcare insurance receivables, payment intangibles and commercial tort claims,
now owned or hereafter
acquired, including, without limitation, all patents, patent rights and patent
applications (including without limitation, the inventions and improvements described
and claimed therein, and (a) all reissues, divisions, continuations, renewals, extensions
and continuations-in-part thereof, (b) all income,
royalties, damages, proceeds and
payments now and hereafter due or payable
under or with respect thereto, including, without
limitation, damages and payments
for past or future infringements thereof,
(c) the right to sue for past, present
and future infringements thereof, and (d) all rights corresponding thereto throughout
the world), trademarks and service marks
(and applications and registrations therefor),
inventions, discoveries, copyrights and mask works (and applications and registrations
therefor), trade names, trade styles, software and computer programs including source
code, trade secrets, methods, published and unpublished works of authorship,
processes, know how, drawings, specifications, descriptions, and all memoranda, notes, and
records with respect to any research and development, goodwill, license agreements,
information, any and all other proprietary rights, franchise agreements, blueprints,
drawings, purchase orders, customer lists, route lists, infringements, claims, computer programs, computer disks, computer tapes,
literature, reports, catalogs, design rights, income tax refunds, payments
of insurance and rights to payment
of any kind and whether in tangible
or intangible form or contained
on magnetic media readable by machine together
with all such magnetic media, and all rights corresponding to all
of the foregoing throughout
the world, now owned and existing
or hereafter arising, created or acquired;

 

    	  

    	 

    

 

 

6.                  
All now existing and hereafter
arising accounts, contract rights, royalties, license rights and all other forms
of obligations owing to Debtor arising
out of the sale or lease of goods,
the licensing of technology or the rendering
of services by Debtor (subject, in each
case, to the contractual rights of third
parties to require funds received by Debtor
to be expended in a particular
manner), whether or not earned by performance,
and any and all credit insurance, guaranties, and other
security therefor, as well as all merchandise
returned to or reclaimed by Debtor
and Debtor’s books relating to any of the foregoing;

 

7.                  
All documents, cash, deposit accounts, letters of credit, letter of
credit rights, supporting obligations, certificates of
deposit, instruments, chattel paper, electronic chattel paper, tangible
chattel paper and investment property, including, without limitation, all securities,
whether certificated or uncertificated,
security entitlements, securities accounts, commodity contracts and commodity accounts, and all
financial assets held in any securities
account or otherwise, wherever located, now owned or hereafter
acquired and Debtor’s books relating to the
foregoing;

 

8.                  
All other assets, goods
and personal property of Debtor, wherever located,
whether tangible or intangible,
and whether now owned or hereafter acquired;
and

 

9.                  
Any and all claims,
rights and interests in any of the
above and all substitutions for, additions
and accessions to and proceeds and products
thereof, including, without limitation, insurance, condemnation, requisition or
similar payments and the proceeds thereof.

 

 

    	  

    	 

    

 

 

SCHEDULE B

TO SECURITY AGREEMENT

 

In this Schedule, a reference to the “Charged
Shares” means the whole of the issued shares in the capital of each of Dermal Diagnostics and Trial Clinic which are
subject to the Security Interest set out in Section 2 of this Agreement.

 

		1	Voting rights, dividends and interest

		1.1	Before the occurrence of an Event of Default

Until the occurrence of an Event
of Default:

		1.1.1	all voting and other rights (including the right to receive dividends,
distributions and interest) attaching to any of the Charged Shares shall continue to be exercised by Nemaura (as the registered
holder of the Charged Shares); and

		1.1.2	Nemaura shall be free to deal with all the dividends, distributions
and interest and other money paid in respect of the Charged Shares.

		1.2	After the occurrence of an Event of Default

At any time following the occurrence
of an Event of Default:

		1.2.1	the Secured Party or its nominee may, without any further consent
or authority on the part of Nemarua, exercise any or all voting and other rights attaching to the Charged Shares and any rights
attaching to the Charged Shares as if Secured Party or its nominee were the sole beneficial owner of the Charged Shares; and

		1.2.2	Nemaura shall hold all income, property or rights received by it
in respect of or arising from the Charged Assets on trust for, and shall pay, or transfer or deal with all such income, property
or rights as the Secured Party may direct from time to time.

		2	Perfection of security

		2.1	Title documents

Nemaura shall promptly upon receipt
of a written request by the Secured Party for it to do so delivered at any time after the execution of this Agreement:

		2.1.1	deposit with the Secured Party (i) all share certificates and other
documents or evidence of ownership to the Charged Shares and (ii) instruments of transfer in respect of the Charged Shares (executed
in blank and left undated) as may be necessary for the Secured Party or its nominee to be registered as the owner of the Charged
Shares and rights related to the Charged Shares or to pass legal title to any purchaser of the Charged Shares; and

		2.1.2	amend the articles of association of either or both of Dermal Diagnostics
and Trial Clinic to incorporate a new article in such form as Secured Party may require permitting the transfer of shares in Dermal
Diagnostics or Trial Clinic (as the case may be) by a party in whose favour a security interest over the relevant shares has been
granted without restriction upon the enforcement of the relevant security interest.Exhibit 4.1

 

EXECUTION VERSION

 

UNITED STATES STEEL CORPORATION,

Issuer

 

and

 

THE BANK OF NEW YORK MELLON,

Trustee

 

TENTH SUPPLEMENTAL INDENTURE

 

DATED AS OF FEBRUARY 11, 2021

 

TO INDENTURE

 

DATED AS OF MAY 21, 2007

 

Relating To

 

$750,000,000 6.875% Senior Notes due
March 1, 2029

 

 

     

     

    

 

TENTH SUPPLEMENTAL INDENTURE

 

TENTH SUPPLEMENTAL
INDENTURE, dated as of February 11, 2021 (the “Supplemental Indenture”), to the Indenture (defined below)
between United States Steel Corporation (the “Company”), a Delaware corporation, and The Bank of New York Mellon,
a New York banking corporation, as Trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the
Company has heretofore executed and delivered to the Trustee an Indenture, dated as of May 21, 2007 (the “Base Indenture”),
providing for the issuance from time to time of its notes and other evidences of senior debt securities, to be issued in one or
more series as therein provided;

 

WHEREAS, pursuant
to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its Securities to be
known as its 6.875% Senior Notes due 2029 (the “Notes”), the form and substance of such Notes and the terms,
provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture (together,
the “Indenture”); and

 

WHEREAS, the
Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make
this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company
and authenticated and delivered by the Trustee, the valid and legally binding obligations of the Company, and all acts and things
necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution
and delivery of this Supplemental Indenture has been duly authorized in all respects.

 

WITNESSETH:

 

NOW, THEREFORE,
for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal
and ratable benefit of the Holders of the Notes, as follows:

 

ARTICLE
One

 

DEFINITIONS

 

Section
1.01.      Capitalized
terms used but not defined in this Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture.

 

Section
1.02.     References
in this Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers
of this Supplemental Indenture unless otherwise specified.

 

Section
1.03.      For
purposes of this Supplemental Indenture, the following terms have the meanings ascribed to them as follows:

 

    1 

     

    

 

“Attributable
Debt” means, with respect to any sale and leaseback transaction, at the time of determination, the lesser of (1) the
sale price of the property so leased multiplied by a fraction the numerator of which is the remaining portion of the base term
of the lease included in such transaction and the denominator of which is the base term of such lease, and (2) the total obligation
(discounted to the present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments)
of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance,
repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion
of the base term of the lease included in such transaction.

 

“Base Indenture”
has the meaning provided in the recitals.

 

“Change of
Control” has the meaning provided in Section 4.02.

 

“Change of
Control Repurchase Event” has the meaning provided in Section 4.02.

 

“Common Stock”
means with respect to any Person, any and all shares, interests or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Issue Date, and includes,
without limitation, all series and classes of such common stock.

 

“Comparable
Treasury Issue” has the meaning provided in Section 4.01.

 

“Comparable
Treasury Price” has the meaning provided in Section 4.01.

 

“Consolidated
Net Tangible Assets” means, as of the time of determination, the aggregate amount of the assets of the Company and the
assets of its consolidated Subsidiaries after deducting (1) all goodwill, trade names, trademarks, service marks, patents, unamortized
debt discount and expense and other intangible assets and (2) all current liabilities, as reflected on the most recent consolidated
balance sheet prepared by the Company in accordance with GAAP contained in an annual report on Form 10-K or a quarterly report
on Form 10-Q timely filed or any amendment thereto (and not subsequently disclaimed as not being reliable by the Company) pursuant
to the Exchange Act by the Company prior to the time as of which “Consolidated Net Tangible Assets” is being determined.

 

“Depositary”
has the meaning provided in Section 2.03.

 

“Equity Offering”
means a public offering for cash by the Company of its Common Stock, or options, warrants or rights with respect to its Common
Stock, other than (1) public offerings with respect to the Company’s Common Stock, or options, warrants or rights, registered
on Form S-4 or S-8, (2) an issuance to any Subsidiary or (3) any offering of Common Stock issued in connection with a transaction
that constitutes a Change of Control.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any
other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of
partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take or pay or
to maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the
obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or
in part); provided, however, that the term “Guarantee” shall not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee,” when used as a verb, shall have a
correlative meaning.

 

    2 

     

    

 

“Incur”
means issue, assume, Guarantee or otherwise become liable; and the terms “Incurred” and “Incurrence” have
meanings correlative to the foregoing.

 

“Indebtedness”
means, with respect to any Person, obligations of such Person for borrowed money (including without limitation, Indebtedness for
borrowed money evidenced by notes, bonds, debentures or similar instruments).

 

“Indenture”
has the meaning provided in the recitals.

 

“Independent
Investment Banker” has the meaning provided in Section 4.01.

 

“Interest
Payment Date” has the meaning provided in Section 2.04.

 

“Investment
Grade” has the meaning provided in Section 4.02.

 

“Issue Date”
means February 11, 2021.

 

“Liens”
has the meaning provided in Section 3.01.

 

“Moody’s”
has the meaning provided in Section 4.02.

 

“Net Cash
Proceeds,” with respect to any issuance or sale of Common Stock, or options, warrants or rights with respect to its Common
Stock, means the cash proceeds of such issuance or sale, net of attorneys’ fees, accountants’ fees, underwriters’
or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually
Incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after
taking into account any available tax credit or deductions and any tax sharing arrangements).

 

“Notes”
has the meaning provided in the recitals.

 

“Primary Treasury
Dealer” has the meaning provided in Section 4.01.

 

“Principal
Property” means any domestic blast furnace or steel producing facility, or casters that are part of a plant that includes
such a facility, in each case located in the United States, having a net book value in excess of 1% of Consolidated Net Tangible
Assets at the time of determination.

 

“Rating Agency”
has the meaning provided in Section 4.02.

 

“Rating Category”
has the meaning provided in Section 4.02.

 

    3 

     

    

 

“Rating Date”
has the meaning provided in Section 4.02.

 

“Ratings Event”
has the meaning provided in Section 4.02.

 

“Reference
Treasury Dealer” has the meaning provided in Section 4.01.

 

“Reference
Treasury Dealer Quotations” has the meaning provided in Section 4.01.

 

“Refinance”
means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire, or to issue
other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing”
shall have correlative meanings.

 

“S&P”
has the meaning provided in Section 4.02.

 

“Subsidiary”
means, with respect to any Person (the “Parent”) at any date, any corporation, limited liability company, partnership,
association or other entity of which a majority of the shares or securities or other interests having ordinary voting power for
the election of directors or another governing body (other than securities or interests having such power only by reason of the
happening of a contingency) are at the time beneficially owned directly or indirectly through one or more intermediaries, or both,
by the Parent.

 

“Supplemental
Indenture” has the meaning provided in the preamble.

 

“Treasury
Yield” has the meaning provided in Section 4.01.

 

“Trustee”
has the meaning provided in the preamble.

 

“Voting Stock”
has the meaning provided in Section 4.02.

 

ARTICLE
Two

 

GENERAL TERMS AND CONDITIONS OF THE NOTES

 

Section
2.01.      Designation
and Principal Amount.

 

The Notes are hereby
authorized and are designated the 6.875% Senior Notes due 2029, unlimited in aggregate principal amount. The Notes issued on the
date hereof pursuant to the terms of this Indenture shall be in an aggregate principal amount of $750,000,000, which amount shall
be set forth in the written order of the Company for the authentication and delivery of the Notes pursuant to Section 3.03 of the
Base Indenture. In addition, the Company may issue, from time to time in accordance with the provisions of this Indenture, additional
Notes having the same terms and conditions as the Notes issued on the date hereof in all respects (except for the payment of interest
accruing prior to the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single
series with the Notes issued on the date hereof and shall be governed by the terms of this Indenture; provided that if any
such additional Notes are not fungible with the Notes issued on the date hereof for U.S. federal income tax purposes, such additional
Notes shall have a separate CUSIP number.

 

    4 

     

    

 

Section
2.02.      Maturity.

 

The principal amount of the Notes shall
be payable on March 1, 2029.

 

Section
2.03.      Form
and Payment.

 

The Notes shall be issued as global notes,
in fully registered book-entry form without coupons in denominations of $1,000 and integral multiples thereof.

 

Principal, premium, if any, and/or interest,
if any, on the global notes representing the Notes shall be made to The Depository Trust Company (the “Depositary”).

 

The global notes representing the Notes
shall be deposited with, or on behalf of, the Depositary and shall be registered in the name of the Depositary or a nominee of
the Depositary. No global note may be transferred except as a whole by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or such nominee to a successor of the Depositary or a nominee of such successor.

 

The Bank of New York Mellon shall act as
Paying Agent for the Notes. The Company may choose to pay interest by mailing checks or making wire or other electronic funds transfers.
All money paid by the Company to any Paying Agent that remains unclaimed at the end of two years after the amount is due to Holders
shall be repaid to the Company. After such two-year period, Holders may look only to the Company for payment and not to the Trustee,
any other Paying Agent or anyone else. The Company may also arrange for additional payment offices, and may cancel or change these
offices, including any use of the Trustee’s corporate trust office. The Company may appoint or change any Paying Agent without
prior notice to any Holder.

 

Section
2.04.      Interest.

 

Interest on the Notes
shall accrue at the rate of 6.875% per annum. Interest on the Notes shall accrue from February 11, 2021 or the most recent interest
payment date on which interest was paid. Interest on the Notes shall be payable in cash semiannually in arrears on March 1 and
September 1 of each year, commencing on September 1, 2021 (each an “Interest Payment Date”), to the Holders
in whose names the Notes are registered at the close of business on the February 15 and August 15 immediately preceding such Interest
Payment Date. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

ARTICLE
Three

 

ADDITIONAL COVENANTS

 

Section
3.01.      Limitation
on Liens.

 

The Company shall
not Incur, and shall not permit any of its Subsidiaries to Incur, any Indebtedness secured by a mortgage, security interest,
pledge, lien, charge or other similar encumbrance (collectively, “Liens”) upon (a) any Principal Property
of the Company or any Principal Property of a Subsidiary or (b) any shares of stock or other equity interests or Indebtedness
of any Subsidiary that owns a Principal Property (whether such Principal Property, shares of stock or other equity interests
or Indebtedness is now existing or owned or hereafter created or acquired), in each case, unless prior to or at the same
time, the Notes (together with, at the option of the Company, any other Indebtedness of the Company or any Subsidiary ranking
equally in right of payment with the Notes) are equally and ratably secured with or, at the option of the Company, prior to,
such Indebtedness.

 

    5 

     

    

 

Any Lien created for
the benefit of Holders pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and
unconditionally released and discharged upon the release and discharge of such Lien.

 

The foregoing restriction
does not apply, with respect to any Person, to any of the following:

 

		(i)	leases to which such Person is a party, or deposits to secure public or statutory obligations of
such Person or deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party,
or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary
course of business;

 

		(ii)	Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens,
in each case for sums not yet overdue by more than 30 days or being contested in good faith by appropriate proceedings or other
Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an
appeal or other proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to
banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a
creditor depository institution; provided, however, that (A) such deposit account is not a dedicated cash collateral
account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated
by the Federal Reserve Board and (B) such deposit account is not intended by the Company to provide collateral to the Depositary;

 

		(iii)	Liens for property taxes not yet subject to penalties for non-payment or which are being contested
in good faith by appropriate proceedings;

 

		(iv)	minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others
for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other
restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership
of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely
affect the value of said properties or materially impair their use in the operation of the business of such Person;

 

    6 

     

    

 

	 	(v)	Liens securing Indebtedness Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any other property owned by such Person at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien;

 

		(vi)	Liens existing on the Issue Date;

 

		(vii)	Liens on property or shares of capital stock of another Person at the time such other Person becomes
a Subsidiary of such Person; provided, however, that the Liens may not extend to any other property owned by such Person
(other than assets and property affixed or appurtenant thereto);

 

		(viii)	Liens securing industrial revenue or pollution control bonds issued for the benefit of the Company
or any of its Subsidiaries;

 

		(ix)	Liens on property at the time such Person or any of its Subsidiaries acquires the property, including
any acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of such Person; provided,
however, that the Liens may not extend to any other property owned by such Person (other than assets and property affixed
or appurtenant thereto);

 

		(x)	Liens securing Indebtedness or other obligations of a Subsidiary of such Person owing to such Person
or a wholly-owned Subsidiary of such Person;

 

		(xi)	Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness
secured by any Lien referred to in the foregoing clauses (v), (vi), (vii), (viii) or (ix); provided, however, that:
(a) such new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements
pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or
proceeds or distributions thereof); and (b) the Indebtedness secured by such Lien at such time is not increased to any amount greater
than the sum of (x) the outstanding principal amount or, if greater, committed amount of the Indebtedness under clauses (v), (vi),
(vii), (viii) or (ix) at the time the original Lien became a Lien permitted under the Indenture and (y) an amount necessary to
pay any fees and expenses, including premiums, related to such Refinancing, refunding, extension, renewal or replacement; and

 

		(xii)	Liens on assets subject to a sale and leaseback transaction securing Attributable Debt permitted
to be Incurred pursuant to Section 3.02.

 

Notwithstanding
the foregoing restrictions, the Company and its Subsidiaries shall be permitted to Incur Indebtedness secured by a Lien which
would otherwise be subject to the foregoing restrictions without equally and ratably securing the Notes, if any, provided
that, after giving effect to such Indebtedness, the aggregate amount of all Indebtedness secured by Liens (not including
Liens permitted under clauses (i) through (xii) above), together with all Attributable Debt outstanding pursuant to the
second paragraph of Section 3.02, does not exceed 17.5% of the Consolidated Net Tangible Assets of the Company calculated as
of the date of the creation or Incurrence of the Lien. The Company and its Subsidiaries also may, without equally and ratably
securing the Notes, create or Incur Liens that extend, renew, substitute or replace (including successive extensions,
renewals, substitutions or replacements), in whole or in part, any Lien permitted pursuant to the preceding sentence.

 

    7 

     

    

 

Section
3.02.      Limitation
on Sale and Leaseback Transactions.

 

The Company shall not
directly or indirectly, and shall not permit any of its Subsidiaries that own Principal Property directly or indirectly to, enter
into any sale and leaseback transaction for the sale and leasing back of any Principal Property, whether now owned or hereafter
acquired, unless:

 

		(i)	such transaction was entered into prior to the date of issuance of the Notes (other than any additional
Notes);

 

		(ii)	such transaction was for the sale and leasing back to the Company or one of its Subsidiaries of
any property by the Company or one of its Subsidiaries;

 

		(iii)	such transaction involves a lease for not more than three years (or which may be terminated by
the Company or its Subsidiaries within a period of not more than three years);

 

		(iv)	the Company would be entitled to Incur Indebtedness secured by a Lien with respect to such sale
and leaseback transaction without equally and ratably securing the Notes pursuant to the last paragraph of Section 3.01; or

 

		(v)	the Company applies an amount equal to the net proceeds from the sale of such property to the purchase
of other property or assets used or useful in its business or to the retirement of long-term Indebtedness within 365 days before
or after the effective date of any such sale and leaseback transaction; provided that, in lieu of applying such amount to
the retirement of long-term Indebtedness, the Company may deliver Notes of both series to the Trustee for cancellation, such Notes
to be credited at the cost thereof to it.

 

Notwithstanding the
restrictions set forth in the preceding paragraph, the Company and its Subsidiaries may enter into any sale and leaseback transaction
which would otherwise be subject to the foregoing restrictions, if after giving effect thereto the aggregate amount of all Attributable
Debt with respect to such transactions, together with all Indebtedness outstanding pursuant to the last paragraph of Section 3.01,
does not exceed 17.5% of the Consolidated Net Tangible Assets of the Company calculated as of the closing date of the sale and
leaseback transaction.

 

    8 

     

    

 

ARTICLE
Four

 

REDEMPTION OF THE NOTES; REPURCHASE AT THE OPTION OF HOLDERS

 

Section
4.01.      Optional
Redemption.

 

On and after March
1, 2024, the Company may redeem the Notes at its option, at any time in whole or from time to time in part, upon not less than
15 nor more than 60 days’ notice, at the redemption prices (expressed in percentages of principal amount) listed below, plus
accrued and unpaid interest on the Notes, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month
period beginning on March 1 of each of the years indicated below.

 

	On or after:	 	Price:	 
	2024	 	 	103.438	%
	2025	 	 	101.719	%
	2026 and thereafter	 	 	100.000	%

 

At any time prior to
March 1, 2024, the Company may also redeem the Notes, at its option, at any time in whole, upon not less than 15 nor more than
60 days’ notice, or from time to time, in part, at a price equal to the greater of:

 

		(i)	100% of the principal amount of the Notes to be redeemed; or

 

		(ii)	the sum of the present values of the redemption price of the Notes to be redeemed if they were
redeemed on March 1, 2024 (as described in the first paragraph of this Section 4.01) and all required interest payments due on
such Notes through March 1, 2024, exclusive of interest accrued to the date of redemption, discounted to the date of redemption
on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 50 basis
points,

 

plus accrued
and unpaid interest, if any, to, but excluding, the date of redemption.

 

Prior to March 1, 2024,
the Company may on any one or more occasions redeem up to 35% of the original aggregate principal amount of the Notes (calculated
after giving effect to any issuance of additional Notes) with the Net Cash Proceeds of one or more Equity Offerings, upon not less
than 15 nor more than 60 days’ notice, at a redemption price equal to 106.875% of the principal amount of the Notes, plus
accrued and unpaid interest, if any, to, but excluding, the applicable date of redemption; provided that

 

		(i)	at least 65% of the original aggregate principal amount of the Notes (calculated after giving effect
to any issuance of additional Notes) remains outstanding after each such redemption; and

 

		(ii)	such redemption occurs within 90 days after the closing of such Equity Offering.

 

The Notes called for
redemption become due on the date fixed for redemption. Notices of redemption shall be mailed by first-class mail to each Holder
of Notes to be redeemed at its registered address or otherwise delivered to each such Holder of Notes in accordance with the applicable
procedures of DTC, in each case at least 15 but not more than 60 days before the redemption date. The notice of redemption for
the Notes shall state the amount to be redeemed. On and after the redemption date, interest shall cease to accrue on any Notes
that are redeemed. If less than all of the Notes are redeemed at any time, the Trustee shall select Notes on a pro rata basis or
by any other method the Trustee deems fair and appropriate (or in accordance with the Depositary in the case of any global notes).

 

    9 

     

    

 

Any redemption may,
in the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. If a redemption is subject
to the satisfaction of one or more conditions precedent, the Company may delay the redemption date until such time as any or all
such conditions have been satisfied, and any related redemption notice may be rescinded in the event that any or all such conditions
have not been satisfied by the redemption date, or by the redemption date so delayed.

 

For purposes of determining
the optional redemption price, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the period from the redemption date to March 1, 2024 that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity.

 

“Comparable
Treasury Price” means, with respect to any redemption date, the average of the Reference Treasury Dealer Quotations obtained
by the Company for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or,
if the Company is unable to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury
Dealer Quotations obtained by the Company.

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company from time to time.

 

“Reference
Treasury Dealer” means Credit Suisse Securities (USA) LLC and its affiliates or successors, and any other primary U.S.
government securities dealer in New York City (each, a “Primary Treasury Dealer”) selected by the Independent
Investment Banker; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the
Company shall substitute therefor another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date for the Notes,
an average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue for the Notes, expressed
in each case as a percentage of its principal amount, quoted in writing to the Company by the Reference Treasury Dealer at 3:30
p.m., New York City time, on the third business day preceding the redemption date.

 

“Treasury
Yield” means, with respect to any redemption date applicable to the Notes, the rate per annum equal to the semiannual
equivalent yield to maturity, computed by the Company as of the third business day immediately preceding the redemption date, of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue, expressed as a percentage of its principal amount,
equal to the applicable Comparable Treasury Price for the redemption date.

 

    10 

     

    

 

Section
4.02.      Purchase
of Notes Upon a Change of Control Repurchase Event.

 

If a Change of
Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Notes pursuant to the Indenture,
the Company shall be required to make an offer to each Holder of the Notes to repurchase all or any part (in excess of $1,000
and in integral multiples of $1,000) of that Holder’s Notes at a repurchase price in cash equal to 101% of the
aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not
including, the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the option of the
Company, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall mail a
notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may
constitute the Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the
notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice
shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned
on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice.

 

The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase
Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event
provisions of the Notes, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to
have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

 

On the repurchase date
following a Change of Control Repurchase Event, the Company shall, to the extent lawful:

 

		(i)	accept for payment all the Notes or portions of the Notes properly tendered pursuant to its offer;

 

		(ii)	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all
of the Notes or portions of the Notes properly tendered; and

 

		(iii)	deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officer’s
certificate stating the aggregate principal amount of Notes being purchased by the Company.

 

The Paying Agent shall promptly mail to
each Holder of Notes properly tendered, the purchase price for the Notes, and the Trustee shall promptly authenticate and mail
(or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any
Notes surrendered.

 

The Company shall not be required to make
an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases
all Notes properly tendered and not withdrawn under its offer.

 

    11

     

    

 

For purposes of this Section 4.02, the following
definitions are applicable:

 

“Change of
Control” shall occur if: (1) any “person” or “group” of related persons (as such terms are used
in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares
that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company or any of its direct
or indirect parent entities (or their successors by merger, consolidation or purchase of all or substantially all of their assets);
(2) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company
or the merger of any Person with or into a Subsidiary of the Company, unless the holders of a majority of the aggregate voting
power of the Voting Stock of the Company, immediately prior to such transaction, hold securities of the surviving or transferee
person that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock
of the surviving or transferee Person; (3) the sale, assignment, conveyance, transfer, lease or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company
or any direct or indirect parent entity of the Company and its Subsidiaries taken as a whole to any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act); or (4) the adoption by the stockholders of the Company or any direct
or indirect parent entity of the Company of a plan or proposal for the liquidation or dissolution of the Company or any such parent
entity.

 

“Change of
Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event.

 

“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor Rating Categories of
Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor Rating Categories of S&P) and
the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.

 

“Moody’s”
means Moody’s Investors Service Inc. and any successor to its rating agency business.

 

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

 

“Rating Agency”
means (1) each of Moody’s and S&P and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to
make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act, selected by the Company (as
certified by a resolution of the board of directors of the Company) as a replacement agency for Moody’s or S&P, or both,
as the case may be.

 

“Rating Category”
means (1) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or equivalent successor categories);
(2) with respect to Moody’s, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories);
and (3) the equivalent of any such category of S&P or Moody’s used by another Rating Agency.

 

    12

     

    

 

In determining whether the rating of the
Notes has decreased by one or more gradations, gradations within Rating Categories (+ and - for S&P; 1, 2 and 3 for Moody’s;
or the equivalent gradations for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in
a rating from BB+ to BB, as well as from BB- to B+, shall constitute a decrease of one gradation).

 

“Rating Date”
means the date that is 60 days prior to the earlier of (1) a Change of Control or (2) public notice of the occurrence of a Change
of Control or of the intention by the Company to effect a Change of Control.

 

“Ratings Event”
means the occurrence of the events described in (a) or (b) of this definition on, or within 60 days after the earlier of, (1) the
occurrence of a Change of Control or (2) public notice of the occurrence of a Change of Control or the intention by the Company
to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration
for a possible downgrade by any of the Rating Agencies): (a) if the Notes are rated by both Rating Agencies on the Rating Date
as Investment Grade, the rating of the Notes shall be reduced so that the Notes are rated below Investment Grade by both Rating
Agencies, or (b) if the Notes are rated below Investment Grade by at least one Rating Agency, the ratings of the Notes by both
Rating Agencies shall be decreased by one or more gradations (including gradations within Rating Categories, as well as between
Rating Categories) and the Notes are then rated below Investment Grade by both Rating Agencies.

 

Notwithstanding the
foregoing, a Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred
in respect of a particular Change of Control (and thus shall not be deemed a Ratings Event for purposes of the definition of Change
of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in
whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change
of Control (whether or not the applicable Change of Control shall have occurred at the time of the Ratings Event).

 

“S&P”
means Standard & Poor’s Ratings Group Inc., a division of The McGraw-Hill Companies, Inc., and any successor to its rating
agency business.

 

“Voting Stock”
of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital
stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 

ARTICLE
Five

 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section
5.01.      Merger,
Consolidation or Sale of Assets.

 

The Company shall
not, in a single transaction or through a series of related transactions, consolidate or merge with or into any other Person,
or, directly or indirectly, sell or convey substantially all of its assets to another Person or group of affiliated Persons, except
that the Company may consolidate or merge with, or sell or convey substantially all of its assets to another Person if:

 

    13

     

    

 

		(i)	the Company is the continuing Person or the successor Person (if other than the Company) is organized
and existing under the laws of the United States of America, any State thereof or the District of Columbia and such Person expressly
assumes all obligations of the Company under the Indenture, including payment of the principal and interest on the Notes, and the
performance and observance of all of the covenants and conditions of the Indenture to be performed by the Company; and

 

		(ii)	there is no default under the Indenture.

 

For purposes of this
Section 5.01 only, “substantially all of its assets” means, at any date, a portion of the non-current assets reflected
in the Company’s consolidated balance sheet as of the end of the most recent quarterly period that represents at least 66%
of the total reported value of such assets.

 

Upon such a succession,
the Company will be relieved from any further obligations under the Indenture.

 

ARTICLE
Six

 

EVENTS OF DEFAULT

 

Section
6.01.      Additional
Event of Default.

 

In addition to the
Events of Default set forth in Section 5.01 of the Base Indenture, the Notes shall also be subject to the following Event of Default:

 

		(i)	a failure by the Company to repurchase Notes of such series tendered for repurchase following the
occurrence of a Change of Control Repurchase Event in conformity with Section 4.02.

 

ARTICLE
Seven

 

MISCELLANEOUS

 

Section
7.01.      Form
of Notes.

 

The Notes and the Trustee’s
Certificates of Authentication to be endorsed thereon are to be substantially in the form of Exhibit A, which form is hereby incorporated
in and made a part of this Supplemental Indenture.

 

The terms and provisions
contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture, and the Company
and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and
to be bound thereby.

 

Section
7.02.      Ratification
of Base Indenture.

 

The Base Indenture,
as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed.

 

Section
7.03.      Application
of Supplemental Indenture.

 

This Supplemental Indenture
shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section
7.04.      Trust
Indenture Act Controls.

 

If any provision hereof
limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of the Trust Indenture Act, the imposed duties
shall control.

 

Section
7.05.      Conflict
with Base Indenture.

 

To the extent not expressly
amended or modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision
of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of
this Supplemental Indenture shall control.

 

Section
7.06.      Governing
Law.

 

THIS SUPPLEMENTAL INDENTURE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section
7.07.      Successors.

 

All agreements of the
Company in the Base Indenture, this Supplemental Indenture and the Notes shall bind its successors. All agreements of the Trustee
in the Base Indenture and this Supplemental Indenture shall bind its successors.

 

Section
7.08.      Counterparts.

 

This instrument may
be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. Delivery of an executed signature page by facsimile or other electronic
transmission shall be as effective as delivery of a manually or electronically signed counterpart of this Supplemental Indenture.

 

Section
7.09.      Trustee
Disclaimer.

 

The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its execution
and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and not the Trustee.

 

[Remainder of page intentionally left
blank]

 

    14

     

    

 

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

 

	 	UNITED STATES STEEL CORPORATION
	 	 
	 	By:	/s/ Arne S. Jahn

	 	Name:	 Arne S. Jahn
	 	Title: 	Vice President, Treasurer & Chief Risk Officer

 

	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By:	/s/ Laurence J. O’Brien
	 	Name: Laurence J. O’Brien
	 	Title:   Vice President

 

[Signature Page
to Tenth Supplemental Indenture]

 

     

     

    

 

Exhibit A

 

Form of Global Note Representing the Notes

 

     

     

    

 

THIS GLOBAL
NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE TO THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE
IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO ARTICLE III OF THE INDENTURE, (II) THIS GLOBAL
NOTE MAY BE EXCHANGED PURSUANT TO SECTION 3.05 OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 3.09 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY OR ANY SUCCESSOR THERETO.

 

UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE TO THE INDENTURE GOVERNING
THIS NOTE), TO THE COMPANY OR ANY SUCCESSOR THERETO OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    1

     

    

 

UNITED STATES
STEEL CORPORATION

 

No. [●]                                                                                                                                                                                   Principal Amount $[●]

                                                                     CUSIP NO. 912909 AU2

                                                                     ISIN NO. US912909AU28

 

6.875% Senior Notes due 2029

 

UNITED STATES STEEL
CORPORATION, a Delaware corporation, for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal
sum of [●] DOLLARS ($[●]) or such different amount as set forth on the Schedule of Exchanges of Interests in the Global
Note attached hereto on March 1, 2029.

 

Interest
Payment Dates: March 1 and September 1

Record Dates: February
15 and August 15

Additional provisions
of this Note are set forth on the other side of this Note.

 

    2

     

    

 

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

 

	 	UNITED STATES STEEL CORPORATION
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

	ATTEST:	 
	 	 
	 	 
	Assistant Secretary	 
	 	 
	Dated:	 

 

    3

     

    

 

TRUSTEE CERTIFICATE
OF AUTHENTICATION

 

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

 

	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory
	 	 	 
	 	Dated:	 

 

    4

     

    

 

 

(Reverse
of Note)

 

6.875% Senior
Notes due 2029

 

1.                 
Interest.

 

United States Steel
Corporation, a Delaware corporation (the “Company” and the “Issuer”) promises to pay
interest on the principal amount of this Note at the rate per annum set forth above. Interest on the Notes shall accrue from February
11, 2021 or the most recent interest payment date on which interest is paid.

 

The Issuer shall pay
accrued interest semiannually in arrears on each March 1 and September 1 of each year, commencing on September 1, 2021 or, if any
such day is not a Business Day (as defined in the Indenture referred to below), on the next Business Day.

 

2.                 
Method of Payment.

 

The Issuer shall pay
the principal of (and premium, if any) and interest on the Notes (except defaulted interest) to the Persons who are the registered
Holders at the close of business on the Record Date immediately preceding the Interest Payment Date even if the Notes are cancelled,
repurchased or redeemed after such Record Date, and on or before such Interest Payment Date. Holders must surrender Notes to the
Paying Agent to collect principal payments. The Issuer shall pay principal and interest in money of the United States that at the
time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). However, the
Issuer may pay principal and interest by check payable in such U.S. Legal Tender. The Company may deliver any such interest payment
to the Paying Agent or to a Holder at the Holder’s registered address.

 

3.                 
Paying Agent and Registrar.

 

Initially, The Bank
of New York Mellon will act as Paying Agent and Security Registrar. The Company shall notify each Holder of changes in the identity
of the Security Registrar. The Company or any of its domestically incorporated wholly-owned Subsidiaries may act as the Paying
Agent.

 

4.                 
Indenture.

 

The Issuer issued the
Notes under an Indenture, dated as of May 21, 2007 (the “Base Indenture”), between the Issuer and The Bank of
New York Mellon (as successor to The Bank of New York), a New York banking corporation (the “Trustee”), as supplemented
by an Tenth Supplemental Indenture, dated as of February 11, 2021, between the Issuer and The Bank of New York Mellon, a New York
banking corporation, as Trustee (the “Supplemental Indenture,” and together with the Base Indenture, the “Indenture”).
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939 (15 U.S. C. §§ 77aaa-77bbbb), as in effect on the date of the Indenture (the “TIA”).
Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject
to all such terms, and Holders are referred to the Indenture and the TIA for a statement of terms.

 

    5 

     

    

 

The Notes are senior
and unsecured obligations of the Issuer. The Notes include the initial Notes and any additional Notes actually issued. The initial
Notes and any additional Notes actually issued are treated as a single class of securities under the Indenture. The Indenture imposes
certain limitations on the incurrence of Liens and certain sale and leaseback transactions with respect to Principal Property and
limits the Company’s ability to consolidate, merge or transfer, all or substantially all of the Company’s assets. Each
Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture. Any conflict between this
Note and the Indenture will be governed by the Indenture.

 

5.                 
Optional Redemption.

 

On and after March
1, 2024, the Company may redeem the Notes, at its option, at any time in whole or from time to time in part, upon not less than
30 nor more than 60 days’ notice, at the redemption prices (expressed in percentages of principal amount) listed below, plus
accrued and unpaid interest on the Notes, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month
period beginning on March 1, 2024 of the years indicated below.

 

	Year	 	Percentage	 
	2024	 	 	103.438	%
	2025	 	 	101.719	%
	2026 and thereafter	 	 	100.000	%

 

At any time
prior to March 1, 2024, the Company may also redeem the Notes, at its option, at any time in whole, or from time to time in part,
at a price equal to the greater of:

 

	 	(i)	100% of the principal amount of the Notes to be redeemed; or

 

		(ii)	the sum of the present values of the redemption price of the Notes to be redeemed if they were
redeemed on March 1, 2024 (as described in the first paragraph of this Paragraph 5) and all required interest payments due on such
Notes through March 1, 2024, exclusive of interest accrued to the date of redemption, discounted to the date of redemption on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 50 basis points,plus accrued and unpaid interest,
if any, to, but excluding, the date of redemption.

  

Prior to March 1, 2024,
the Company may on any one or more occasions redeem up to 35% of the original aggregate principal amount of the Notes (calculated
after giving effect to any issuance of additional Notes) with the Net Cash Proceeds of one or more Equity Offerings, upon not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 106.875% of the principal amount of the Notes, plus
accrued and unpaid interest, if any, to, but excluding, the applicable date of redemption; provided that

 

		(i)	at least 65% of the original aggregate principal amount of the Notes (calculated after giving effect
to any issuance of additional Notes) remains outstanding after each such redemption; and

 

    6 

     

    

 

		(ii)	such redemption occurs within 90 days after the closing of such Equity Offering.

 

Any redemption may, in the Company’s
discretion, be subject to the satisfaction of one or more conditions precedent. If a redemption is subject to the satisfaction
of one or more conditions precedent, the Company may delay the redemption date until such time as any or all such conditions have
been satisfied, and any related redemption notice may be rescinded in the event that any or all such conditions have not been satisfied
by the redemption date, or by the redemption date so delayed.

 

6.                 
Notice of Redemption.

 

The Notes called for
redemption become due on the date fixed for redemption. Notices of redemption shall be mailed by first-class mail to each Holder
of Notes to be redeemed at its registered address or otherwise delivered to each such Holder of Notes in accordance with the applicable
procedures of DTC, in each case at least 15 but not more than 60 days before the redemption date. The notice of redemption for
the Notes shall state the amount to be redeemed. On and after the redemption date, interest shall cease to accrue on any Notes
that are redeemed. If less than all of the Notes are redeemed at any time, the Trustee shall select Notes on a pro rata basis or
by any other method the Trustee deems fair and appropriate or in accordance with the procedures of the Depositary.

 

7.                 
Change of Control Repurchase Event.

 

If a Change of Control
Repurchase Event occurs, unless the Company has exercised its right to redeem the Notes pursuant to the Indenture, the Company
shall be required to make an offer to each Holder to repurchase all or any part (in excess of $1,000 and in integral multiples
of $1,000) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes
repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. Within
30 days following any Change of Control Repurchase Event or, at the option of the Company, prior to any Change of Control, but
after the public announcement of the Change of Control, the Company shall mail a notice to each Holder, with a copy to the Trustee,
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering
to repurchase the Notes on the payment date specified in the notice, which date shall be no earlier than 30 days and no later than
60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control,
state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date
specified in the notice.

 

The Company shall comply with the requirements
of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent
that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the
Notes, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its
obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

 

    7 

     

    

 

On the repurchase date following a Change
of Control Repurchase Event, the Company shall, to the extent lawful:

 

(i)              
accept for payment all the Notes or portions of the Notes properly tendered pursuant to its offer;

 

(ii)             
deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all of the Notes or portions
of the Notes properly tendered; and

 

(iii)           
deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officer’s certificate
stating the aggregate principal amount of Notes being purchased by the Company.

 

The Paying Agent shall
promptly mail to each Holder of Notes properly tendered, the purchase price for the Notes, and the Trustee shall promptly authenticate
and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of any Notes surrendered.

 

The Company shall not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer
in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party
purchases all Notes properly tendered and not withdrawn under its offer.

 

8.                 
Denominations; Transfer; Exchange.

 

The Notes are in registered
form without coupons in denominations of $1,000 and integral multiples thereof. A Holder may register, transfer or exchange Notes
in accordance with the Indenture. The Security Registrar may require a Holder, among other things, to furnish appropriate endorsements
or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need
not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part,
the portion of the Note not to be redeemed) for a period beginning 15 business days before a selection of Notes to be redeemed
and ending on the date of such selection.

 

9.                 
Persons Deemed Owners.

 

The registered holder
of this Note shall be treated as the owner of it for all purposes.

 

10.             
Unclaimed Money.

 

If money for the payment of principal or
interest remains unclaimed for two years after the date of payment of principal and interest, the Trustee or Paying Agent shall
pay the money back to the Issuer without interest thereon upon written request by the Issuer. After any such payment, Holders entitled
to the money shall look only to the Issuer and not the Trustee for payment.

 

    8 

     

    

 

11.             
 Defeasance.

 

Subject to certain
conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its obligations under the Notes and
the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal of and
interest on the Notes to redemption or maturity, as the case may be.

 

12.             
Amendment, Waiver.

 

Subject to certain
exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of
at least a majority in principal amount at maturity of the outstanding Notes and (ii) any default or noncompliance with any provision
may be waived with the written consent of the Holders of a majority in principal amount at maturity of the outstanding Notes. Subject
to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may amend the Indenture
or the Notes to cure any ambiguity, omission, defect or inconsistency, or to provide for uncertificated Notes in addition to or
in place of certificated Notes, or to secure the Notes, or to add additional covenants of the Issuer or surrender rights and powers
conferred on the Issuer, or to make any change that does not materially and adversely affect the rights of any Holder.

 

13.             
Defaults and Remedies.

 

Under the Indenture,
Events of Default include (i) a failure by the Company to repurchase Notes of such series tendered for repurchase following the
occurrence of a Change of Control Repurchase Event in conformity with Paragraph 7 hereto and Section 4.02 of the Supplemental Indenture,
(ii) a default in any payment of interest on any Note when due, continued for 30 days, (iii) a default in the payment of principal
of (or premium, if any) on any Note when due at its Maturity, (iv) a default in the deposit of any sinking fund payment, when and
as due by the terms of the Note and continuance of such default for a period of 30 days, (v) a default by the Company in the performance,
or breach, of any covenant or warranty contained in the Indenture for 90 days after notice, and (vi) certain events of bankruptcy,
insolvency or reorganization of the Company. If an Event of Default occurs and is continuing, the Trustee or the Holders of at
least 25% in aggregate principal amount of the outstanding Notes may declare all the Notes to be due and payable immediately.

 

Holders may not enforce
the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless
it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing
Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding
notice is not opposed to their interest.

 

14.             
Trustee Dealings with the Issuer.

 

Subject to the
terms of the TIA and the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and
may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not the Trustee.

 

    9 

     

    

 

15.             
No Recourse Against Others.

 

No director, officer,
employee, member, incorporator or stockholder of the Issuer shall have any liability for any obligations of the Issuer under the
Notes or the Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder
of Notes by accepting a Note waives and releases all such liability. This waiver and release are part of the consideration for
issuance of the Notes.

 

16.             
Authentication.

 

This Note shall not
be valid until an authorized signature of the Trustee (or an authenticating agent (acting on its behalf)) manually signs the certificate
of authentication on the other side of this Note.

 

17.             
Abbreviations.

 

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

 

18.             
CUSIP Numbers.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures the Issuer has caused CUSIP numbers to be printed on
the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.

 

19.             
Counterparts.

 

This Note may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. Delivery of an executed signature page by facsimile or other electronic transmission shall be
as effective as delivery of a manually or electronically signed counterpart of this Note.

 

20.             
Governing Law.

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

    10 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below
and have your signature guaranteed:

 

I or we assign and transfer this Note to:

 

 

 

 

(Print
or type name, address and zip code and social security or tax ID number of assignee)

 

and irrevocably appoint                                                                                                                                                 
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Dated:	 	 	Signed:	 
	 	 	(Sign exactly as your name appears on the other side of this Note)

 

Signature Guarantee:                                                                    

 

(Signature must be guaranteed by a participant in a recognized
Signature Guarantee Medallion Program or other signature guarantor program reasonably acceptable to the Trustee)

 

     

     

    

 

OPTION OF
HOLDER TO ELECT PURCHASE

 

If you want to elect
to have this Note purchased by the Issuer pursuant to Section 4.02 of the Supplemental Indenture, check the box  ̈

 

If you want to elect
to have only part of this Note purchased by the Issuer pursuant to Section 4.02 of the Supplemental Indenture, state the amount
you elect to have purchased (must be integral multiple of $1,000):

 

	 	$	 	 

 

	Dated:	 	 	Your Signature:	
	 	Sign exactly as your name appears on the face of this Note.

 

	Signature Guarantee:		 
	(Signature must be guaranteed by a participant in a recognized Signature Guarantee Medallion Program or other signature guarantor
program reasonably acceptable to the Trustee)	 

 

     

     

    

 

schedule of
exchanges of interests in the global note

 

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

 

	Date of 

Exchange	 	Amount of 

decrease in 

Principal 

Amount of 

this Global 

Note	 	Amount of

 increase in 

Principal 

Amount of 

this Global 

Note	 	Principal 

Amount of this 

Global Note 

following such

 decrease or 

increase	 	Signature of 

authorized 

officer of 

Trustee or 

Notes 

Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]