Document:

Exhibit 4.4

 

EQT
CORPORATION

 

as
Issuer

 

and

 

THE
BANK OF NEW YORK MELLON,

 

as
Trustee

 

 

 

THIRTEENTH
SUPPLEMENTAL INDENTURE

 

Dated
as of May 17, 2021

 

to

 

INDENTURE

 

Dated
as of March 18, 2008

 

 

 

3.625%
Senior Notes due 2031 

     

     

    

TABLE
OF CONTENTS

 

	 	 	Page
	ARTICLE 1.
	 	 	 
	DEFINITIONS
	 	 	 
	Section 1.1	Definition of Terms	2
	 	 	 
	ARTICLE 2.
	 	 	 
	GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES
	 	 	 
	Section 2.1	Designation and Principal Amount	6
	Section 2.2	Maturity	6
	Section 2.3	Further Issues	6
	Section 2.4	Form of Payment	6
	Section 2.5	Global Securities	6
	Section 2.6	Interest	6
	Section 2.7	Reserved	7
	Section 2.8	Authorized Denominations	7
	Section 2.9	Redemption	7
	Section 2.10	Limitation on Liens	7
	Section 2.11	Limitation on Sale and Leaseback Transactions	9
	Section 2.12	Merger, Consolidation and Sale of Assets	10
	Section 2.13	Events of Default	10
	Section 2.14	Appointment of Agents	12
	Section 2.15	Defeasance upon Deposit of Moneys or U.S. Government Obligations	12
	Section 2.16	Repurchase at the Option of Holders upon Change of Control	12
	 	 	 
	ARTICLE 3.
	 	 	 
	FORM OF NOTES
	 	 	 
	Section 3.1	Form of Senior Notes	14
	 	 	 
	ARTICLE 4.
	 	 	 
	ORIGINAL ISSUE OF NOTES
	 	 	 
	Section 4.1	Original Issue of Senior Notes	14
	 	 	 
	ARTICLE 5.
	 	 	 
	MISCELLANEOUS
	 	 	 
	Section 5.1	Ratification of Indenture	14

    i

     

    

	Section 5.2	Trustee Not Responsible for Recitals	14
	Section 5.3	Governing Law	15
	Section 5.4	Separability	15
	Section 5.5	Counterparts	15
	 	 	 
	Appendix I – Provisions relating to the Senior Notes	I-1
	 	 	 
	Exhibit A – Form of Senior Notes	A-1
	Exhibit B – Form of Certificate of Beneficial Ownership	B-1
	Exhibit C – Form of Regulation S Certificate	C-1
	Exhibit D – Form of Certificate from Acquiring Institutional Accredited Investors	D-1

    ii

     

    

THIRTEENTH
SUPPLEMENTAL INDENTURE, dated as of May 17, 2021 (this “Thirteenth Supplemental Indenture”), between EQT Corporation,
a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania, having its principal office at EQT
Plaza, 625 Liberty Avenue, Suite 1700, Pittsburgh, Pennsylvania 15222 (the “Company”), and The Bank of New York Mellon,
a New York banking corporation, as trustee (the “Trustee”).

 

WHEREAS,
the Company, as successor, and the Trustee executed and delivered the indenture, dated as of March 18, 2008 (the “Base Indenture”,
as supplemented by a Second Supplemental Indenture, dated as of June 30, 2008, and by this Thirteenth Supplemental Indenture,
the “Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”),
to be issued in one or more series;

 

WHEREAS,
pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its notes
under the Base Indenture to be known as its “3.165% Senior Notes due 2031” (the “Senior Notes”), the form
and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Thirteenth
Supplemental Indenture;

 

WHEREAS,
the Board of Directors of the Company or the Special Financing Transactions Committee of the Board of Directors of the Company,
as applicable, pursuant to resolutions duly adopted on May 4, 2021 and May 10, 2021, has duly authorized the issuance of the Senior
Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate
to effect each such issuance;

 

WHEREAS,
this Thirteenth Supplemental Indenture is being entered into pursuant to the provisions of Section 14.01 of the Base Indenture;

 

WHEREAS,
the Company has requested that the Trustee execute and deliver this Thirteenth Supplemental Indenture; and

 

WHEREAS,
all things necessary to make this Thirteenth Supplemental Indenture a valid and legally binding agreement of the Company, in accordance
with its terms, and to make the Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the
valid and legally binding obligations of the Company, have been performed, and the execution and delivery of this Thirteenth Supplemental
Indenture has been duly authorized in all respects.

     

     

    

NOW
THEREFORE, in consideration of the premises and the purchase and acceptance of the Senior Notes by the Holders thereof, and
for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Senior Notes, the Company covenants
and agrees, with the Trustee, as follows: 

 

ARTICLE
1.

DEFINITIONS

 

Section
1.1            Definition of Terms. Unless the context
otherwise requires:

 

(a)          each term defined in the Base Indenture has the same meaning when used in this Thirteenth Supplemental Indenture;

 

(b)          the singular includes the plural and vice versa;

 

(c)          headings are for convenience of reference only and do not affect interpretation; and

 

(d)          a reference to a Section or Article is to a Section or Article of this Thirteenth Supplemental Indenture unless otherwise indicated.

 

(e)          The following terms have the meanings given to them in this Section 1.1(e):

 

(i)           “Attributable Debt” in respect of
a Sale and Leaseback Transaction means, as of any particular time, the present value (discounted at the rate of interest implicit
in the terms of the lease involved in such Sale and Leaseback Transaction, as determined in good faith by the Company) of the
obligation of the lessee thereunder for net rental payments (excluding, however, any amounts required to be paid by such lessee,
whether or not designated as rent or additional rent, on account of maintenance and repairs, services, insurance, taxes, assessments,
water rates or similar charges and any amounts required to be paid by such lessee thereunder contingent upon monetary inflation
or the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges) during the remaining
term of such lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended).

 

(ii)          “Business Day” means any day other
than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by law to close.

 

(iii)         “Change of Control” means the occurrence
of any of the following:

 

		(A)	the
                                         sale, lease, transfer, conveyance 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 and its Subsidiaries taken as a whole, to any Person (other
                                         than the Company or any of its Subsidiaries), which disposition is followed by a Rating
                                         Decline as a result of such sale, lease, transfer, conveyance or other disposition within
                                         60 days after its consummation;

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		(B)	the
                                         adoption by the Company’s Board of Directors of a plan of liquidation or dissolution
                                         of the Company; or

 

		(C)	the
                                         consummation of any transaction (including, without limitation, any merger or consolidation)
                                         the result of which is that any Person, entity or “group” (within the meaning
                                         of Section 13(d) or 14(d) of the Exchange Act) becomes the “beneficial owner”
                                         (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than
                                         50% of the Voting Stock of the Company, measured by voting power rather than number of
                                         shares, which occurrence is followed by a Rating Decline as a result of such transaction
                                         within 60 days thereafter.

 

(iv)         “Consolidated Net Tangible Assets”
means the aggregate amount of assets of the Company and its consolidated Subsidiaries (less applicable reserves) after deducting
therefrom (x) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles
and (y) all current liabilities except for current maturities of long-term debt, current maturities of capitalized lease obligations,
indebtedness for borrowed money having a maturity of less than 12 months from the date of the most recent audited consolidated
balance sheet of the Company, but which by its terms is renewable or extendable beyond 12 months from such date at the option
of the borrower and deferred income taxes which are classified as current liabilities, all as of the end of the most recently
completed quarterly accounting period of the Company for which financial information is available prior to the time as of which
 “Consolidated Net Tangible Assets” is being determined.

 

(v)          “Credit Agreement” means the Second
Amended and Restated Credit Agreement, dated as of July 31, 2017, and effective on or about the date of this Thirteenth Supplemental
Indenture, by and among the Company, as borrower, and the commercial lending institutions and other parties that are agents and
lenders thereunder, as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced in whole
or in part from time to time with one or more credit facilities or term loans of the Company or its Subsidiaries.

 

(vi)         “Debt” means indebtedness for borrowed
money.

 

(vii)        “DTC” means The Depository Trust
Company, a New York Corporation.

 

(viii)       “Electronic Means” shall mean the
following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available
for use in connection with its services hereunder.

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(ix)        “Event of Default” shall have the
meaning assigned to it in Section 2.13.

 

(x)         “Fitch” means Fitch Ratings, Inc.
and any successor to its rating agency business.

 

(xi)        “Incurrence Time” shall have the
meaning assigned to it in Section 2.10(b).

 

(xii)       “Investment Grade Rating” means a
rating equal to or higher than:

 

		(A)	Baa3
                                         (or the equivalent) by Moody’s;

 

		(B)	BBB–
                                         (or the equivalent) by S&P; and

 

		(C)	BBB–
                                         (or the equivalent) by Fitch,

 

or,
if any such entity ceases to make a rating on the Senior Notes publicly available for reasons outside of the Company’s control,
the equivalent investment grade credit rating from any other rating agency.

 

(xiii)       “Lien” means any mortgage, pledge,
security interest or lien.

 

(xiv)       “Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

(xv)        “Person” means, except as otherwise
provided, any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency
or political subdivision thereof.

 

(xvi)       “Principal Property” means any manufacturing
plant or production, transportation or marketing facility or other similar facility located within the United States (other than
its territories and possessions) and owned by, or leased to, the Company or any Restricted Subsidiary, the book value of the real
property, plant and equipment of which (as shown, without deduction of any depreciation reserves, on the books of the owner or
owners) is not less than 1.5% of Consolidated Net Tangible Assets as of the date on which such facility is acquired or a leasehold
interest therein is acquired.

 

(xvii)      “Rating Agencies” means each of Moody’s,
S&P and Fitch; provided, that if any of Moody’s, S&P or Fitch ceases to rate the Senior Notes or fails to make a
rating of the Senior Notes publicly available, then “Rating Agencies” shall include the applicable Substitute Rating
Agency in lieu of Moody’s, S&P or Fitch, or any of them, as the case may be.

    4 

     

    
(xviii)    “Rating
Category” means:

 

		(A)	with
                                         respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa,
                                         Ca, C and D (or equivalent successor categories);

 

		(B)	with
                                         respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC,
                                         C and D (or equivalent successor categories); and

 

		(C)	with
                                         respect to Fitch, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C
                                         and D (or equivalent successor categories).

 

(xix)       “Rating
Decline” means the occurrence of either of the following with respect to the Senior Notes:

 

		(A)	if
                                         the Senior Notes do not have an Investment Grade Rating from all of the Ratings Agencies,
                                         the Senior Notes are downgraded by at least one Rating Category (e.g., from BB+ to BB
                                         or Ba1 to Ba2) from the applicable rating of two of the Ratings Agencies; or

 

		(B)	if
                                         the Senior Notes have an Investment Grade Rating from all of the Ratings Agencies, the
                                         Senior Notes cease to have an Investment Grade Rating by two of the Ratings Agencies.

 

In
determining whether the rating of the Senior Notes has decreased by one or more gradations, gradations within Rating Categories,
namely + or – for S&P and Fitch, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the
case of S&P or Fitch, a rating decline either from BB+ to BB or BB– to B+ will constitute a decrease of one gradation.

 

(xx)        “Restricted Subsidiary” means any
Subsidiary substantially all the property of which is located, or substantially all the business of which is carried on, within
the United States (other than its territories and possessions) which shall at the time, directly or indirectly, through one or
more Subsidiaries or in combination with one or more other Subsidiaries or the Company, own or be a lessee of a Principal Property.

 

(xxi)       “S&P”
means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc., and its successors.

 

(xxii)      “Sale and Leaseback Transaction”
shall have the meaning assigned to it in Section 2.11.

 

(xxiii)     “Subsidiary”
means, with respect to the Company, a corporation of which more than 50% of the total voting power of the capital stock entitled
(without regard to the occurrence of any contingency) to vote in the election of its directors is owned, directly or indirectly,
by the Company or by one or more other Subsidiaries or by the Company and one or more other Subsidiaries.

    5 

     

    

(xxiv)      “Substitute Rating Agency” means,
in the Company’s discretion at any time and from time to time, any other “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified to the
Trustee by a certificate of a responsible officer of the Company) as a replacement agency for Moody’s, S&P or Fitch,
or any of them, as the case may be.

 

(xxv)       “Voting Stock” of any person means
all classes of capital stock or other interests (including partnership interests) of such person then outstanding and normally
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

ARTICLE
2.

GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES

 

Section
2.1            Designation and Principal Amount. There
is hereby authorized and established a new series of Securities under the Base Indenture, designated as the “3.625% Senior
Notes due 2031”, which is not limited in aggregate principal amount. The initial aggregate principal amount of the Senior
Notes to be issued under this Thirteenth Supplemental Indenture shall be limited to $500,000,000. Any additional amounts of such
series to be issued shall be set forth in a Company Order.

 

Section
2.2            Maturity. The stated maturity of principal
for the Senior Notes will be May 15, 2031 (the “Stated Maturity Date”).

 

Section
2.3            Further Issues. The Company may at any
time and from time to time, without notice to or the consent of the Holders of the Senior Notes, issue additional notes of such
series. Any such additional notes will have the same ranking, interest rate, maturity date and other terms as the Senior Notes.
Any such additional notes, together with the Senior Notes herein provided for, will constitute a single series of Securities under
the Indenture; provided, that any such additional notes that are not fungible with the Senior Notes for U.S. Federal income tax
purposes will have a separate CUSIP, ISIN and/or other identifying number, if applicable, than the Senior Notes.

 

Section
2.4            Form of Payment. Principal of, premium,
if any, and interest on the Senior Notes shall be payable in U.S. dollars.

 

Section
2.5            Global Securities. Provisions relating
to the Senior Notes are set forth in Appendix I attached hereto which is hereby incorporated in, and expressly made part of, the
Indenture.

 

Section
2.6            Interest. The Senior Notes will bear
interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from May 17, 2021 at the rate of 3.625%
per annum, payable semiannually in arrears. Interest on the Senior Notes will be payable on May 15 and November 15 of each year
(each, an “Interest Payment Date”), commencing on November 15, 2021, to the Persons in whose names the Senior Notes
are registered at the close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, preceding
the relevant Interest Payment Date. Interest payable on each Interest Payment Date will include interest accrued from May 17,
2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for.

    6 

     

    

Section
2.7            Reserved.

 

Section
2.8            Authorized Denominations. The Senior
Notes shall be issuable in denominations of $2,000 and in integral multiples of $1,000 in excess thereof.

 

Section
2.9            Redemption. The Senior Notes are subject
to redemption at the option of the Company as set forth in the form of Senior Note attached hereto as Exhibit A.

 

Section
2.10          Limitation on Liens.

 

(a)          Except as otherwise provided in clauses (i) through (ix) below or in subsection (b) of this section, the Company shall not, and
shall not permit any Restricted Subsidiary to, issue, assume or guarantee any Debt secured by a Lien upon any Principal Property
of the Company or of any Restricted Subsidiary or upon any shares of stock or Debt issued by any Restricted Subsidiary, whether
now owned or hereafter acquired, without in any such case effectively providing that the Senior Notes together with, if the Company
shall so determine, any other indebtedness of or guaranty by the Company or such Restricted Subsidiary then existing or thereafter
created which is not subordinated to the Senior Notes, shall be secured equally and ratably with (or, at the option of the Company,
prior to) such secured Debt, so long as such Debt shall be so secured; provided, however, that nothing in this Section 2.10
shall prevent, restrict or apply to (and there shall be excluded from secured Debt in any computation under this Section
2.10) Debt secured by:

 

(i)           Liens on property of, or shares of stock or Debt
issued by, any Subsidiary existing at the time such Subsidiary becomes a Restricted Subsidiary; provided, that such Lien shall
not have been incurred in connection with the transfer by the Company or a Restricted Subsidiary of a Principal Property to such
Subsidiary unless the Company, within 180 days of the effective date of such transfer, applies or causes a Restricted Subsidiary
to apply an amount equal to the fair value, as determined by the Company’s Board of Directors, of such Principal Property
at the time of such transfer, to the prepayment or retirement of Senior Notes or other Debt of the Company (other than Debt subordinated
to the Senior Notes), or Debt of any Restricted Subsidiary (other than Debt owed to the Company or any Restricted Subsidiary),
having a stated maturity (x) more than 12 months from the date of such application or (y) which is extendable at the option of
the obligor thereon to a date more than 12 months from the date of such application;

 

(ii)          Liens
on any property, shares of stock or Debt existing at the time of acquisition thereof by the Company or a Restricted Subsidiary
(including acquisition through merger or consolidation) or Liens to secure the payment of all or any part of the purchase price
or construction cost thereof or securing any Debt incurred prior to, at the time of, or within 180 days after, the acquisition
of such property, shares of stock or Debt or the completion of any such construction, whichever is later, for the purpose of financing
all or any part of the purchase price or construction cost thereof;

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(iii)         Liens on any property to secure all or any part
of the cost of development, construction, alteration, repair or improvement of all or any portion of such property, or to secure
Debt incurred prior to, at the time of, or within 180 days after, the completion of such development, construction, alteration,
repair or improvement, whichever is later, for the purpose of financing all or any part of such cost;

 

(iv)         Liens which secure Debt owed by a Restricted
Subsidiary to the Company or to another Restricted Subsidiary or by the Company to a Restricted Subsidiary so long as the Debt
is held by the Company or a Restricted Subsidiary;

 

(v)          Liens securing indebtedness of a corporation
or other Person which becomes a successor of the Company in accordance with the provisions of Section 6.04 of the Base Indenture
and Section 2.12 hereof other than Debt incurred by such corporation or other Person in connection with a consolidation,
merger or sale of assets in accordance with Section 6.04 of the Base Indenture and Section 2.12 hereof;

 

(vi)         Liens on property of the Company or a Restricted
Subsidiary in favor of the United States or any state thereof, or any department, agency or instrumentality or political subdivision
of the United States or any state thereof, or in favor of any other country or any political subdivision thereof, to secure partial,
progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for
the purpose of financing all or any part of the purchase price or the cost of construction, alteration, repair or improvement
of the property subject to such Liens (including but not limited to Liens incurred in connection with pollution control, industrial
revenue or similar financing), or in favor of any trustee or mortgagee for the benefit of holders of indebtedness of any such
entity incurred for any such purpose;

 

(vii)        Liens securing Debt which is payable, both with
respect to principal and interest, solely out of the proceeds of oil, gas, coal or other minerals to be produced from the property
subject thereto and to be sold or delivered by the Company or a Subsidiary, including any interest of the character commonly referred
to as a “production payment”;

 

(viii)       Liens
created or assumed by a Subsidiary on oil, gas, coal or other mineral property, owned or leased by a Subsidiary, to secure Debt
of such Subsidiary for the purpose of developing such property, including any interest of the character commonly referred to as
a “production payment”; provided, however, that neither the Company nor any Subsidiary shall assume or guarantee such
Debt or otherwise be liable in respect thereof; and

    8 

     

    

(ix)          any extension, renewal or replacement (or successive
extensions, renewals or replacements), in whole or in part, of any Lien referred to in the foregoing clauses (i) to (viii), inclusive,
or of any Debt secured thereby; provided, that such extension, renewal or replacement Lien shall be limited to all or any part
of the same property that secured the Lien extended, renewed or replaced (plus any improvements and construction on such property),
or to other property of the Company or its Restricted Subsidiaries not subject to the limitations of this Section 2.10,
and shall secure no larger amount of Debt than that which had been so secured at the time of such extension, renewal or replacement
(plus any premium or fee payable in connection therewith) and, in the case of clause (iv), that the Debt being secured thereby
is being secured for the same type of Person as the Debt being replaced.

 

(b)          Notwithstanding the foregoing provisions of this Section 2.10, the Company and any one or more Restricted Subsidiaries
may issue, assume or guarantee Debt secured by a Lien without equally and ratably securing the Senior Notes if at the time of
such issuance, assumption or guarantee (the “Incurrence Time”) the aggregate amount of such Debt plus all other Debt
of the Company and its Restricted Subsidiaries secured by Liens (other than Debt permitted to be secured under clauses (i) through
(ix) above) which would otherwise be subject to the foregoing restrictions after giving effect to the retirement of any Debt which
is concurrently being retired, plus the aggregate Attributable Debt (determined as of the Incurrence Time) of Sale and Leaseback
Transactions (other than Sale and Leaseback Transactions permitted by subsections (a) and (b) of Section 2.11) entered
into after the date of this Thirteenth Supplemental Indenture and in existence at the Incurrence Time (less the aggregate amount
of proceeds of such Sale and Leaseback Transactions which shall have been applied in accordance with subsection (c) of Section
2.11), does not exceed the greater of (i) $2.5 billion and (ii) 15% of Consolidated Net Tangible Assets; provided that to
the extent the aggregate amount of any such Debt exceeds clause (ii) above but does not exceed clause (i), such incremental amount
of Debt may only be Debt under the Credit Agreement.

 

Section
2.11          Limitation on Sale and Leaseback Transactions. The Company shall
not, and shall not permit any Restricted Subsidiary to, enter into any arrangement after the date of this Thirteenth Supplemental
Indenture with any bank, insurance company or other lender or investor (other than the Company or another Restricted Subsidiary)
providing for the leasing as lessee by the Company or a Restricted Subsidiary of any Principal Property (except a lease for a
term not to exceed three years by the end of which term it is intended that the use of such Principal Property by the lessee will
be discontinued and a lease which secures or relates to industrial revenue or pollution control bonds or similar financing), which
was or is owned by the Company or a Restricted Subsidiary and which has been or is to be sold or transferred by the Company or
a Restricted Subsidiary to such Person, more than 180 days after the completion of construction and commencement of full operation
of such property by the Company or such Restricted Subsidiary, to such lender or investor or to any Person to whom funds have
been or are to be advanced by such lender or investor on the security of such Principal Property (herein called a “Sale
and Leaseback Transaction”) unless:

 

(a)          the
Company or such Restricted Subsidiary would, at the time of entering into such arrangement, be entitled pursuant to clauses (i)
through (ix) of subsection (a) of Section 2.10, without equally and ratably securing the Senior Notes, to issue, assume
or guarantee Debt secured by a Lien on such Principal Property in the amount of the Attributable Debt arising from such Sale and
Leaseback Transaction;

    9 

     

    

(b)          the Attributable Debt of the Company and its Restricted Subsidiaries in respect of such Sale and Leaseback Transaction and all
other Sale and Leaseback Transactions entered into after the date of this Thirteenth Supplemental Indenture (other than such Sale
and Leaseback Transactions as are permitted by subsection (a) or (c) of this Section 2.11), plus the aggregate principal
amount of Debt secured by Liens on Principal Properties then outstanding (not including any such Debt secured by Liens described
in clauses (i) through (ix) of subsection (a) of Section 2.10) which do not equally and ratably secure the Senior Notes,
would not exceed 15% of Consolidated Net Tangible Assets; or

 

(c)          the Company, within 180 days after any such sale or transfer, applies or causes a Restricted Subsidiary to apply an amount equal
to the greater of the net proceeds of such sale or transfer or the fair value, as determined by the Company’s Board of Directors,
of the Principal Property so sold and leased back at the time of entering into such Sale and Leaseback Transaction to either (or
a combination of) (A) the prepayment or retirement of Senior Notes or other Debt of the Company (other than Debt subordinated
to the Senior Notes), or Debt of any Restricted Subsidiary (other than Debt owed to the Company or any Restricted Subsidiary),
or (B) the purchase, construction or development of other property used or useful in the business of the Company .

 

Notwithstanding
the foregoing, where the Company or any Restricted Subsidiary is the lessee in any Sale and Leaseback Transaction, Attributable
Debt shall not include any Debt resulting from the guarantee by the Company or any other Restricted Subsidiary of the lessee’s
obligation thereunder.

 

Section
2.12          Merger, Consolidation and Sale of Assets. In addition to the
covenants provided in Section 6.04 of the Base Indenture, the Company will not consolidate or merge with or into any other entity,
or sell other than for cash or lease its assets substantially as an entirety to another entity, or purchase the assets of another
entity substantially as an entirety, if, as a result of any such consolidation, merger, sale, lease or purchase, properties or
assets of the Company would become subject to a lien which would not be permitted by the Indenture, unless the Company or such
successor Person, as the case may be, takes such steps as are necessary to effectively secure the Senior Notes equally and ratably
with (or prior to) all indebtedness secured thereby.

 

Section
2.13          Events of Default. The term “Event of Default” with
respect to the Senior Notes shall mean only:

 

(a)           the failure of the Company to pay any installment of interest on the Senior Notes when and as the same shall become payable, which
failure shall have continued unremedied for a period of 30 days;

 

(b)           the
failure of the Company to pay the principal of (and premium, if any, on) the Senior Notes, when and as the same shall become payable,
whether at maturity or by call for redemption;

    10 

     

    

(c)           the failure of the Company, subject to the provisions of Section 6.06 of the Base Indenture, to perform any covenants or agreements
contained in the Indenture (other than a covenant or agreement which has been expressly included in the Indenture solely for the
benefit of a series of Securities other than the Senior Notes and other than a covenant or agreement a default in the performance
of which is specifically addressed elsewhere in this Section 2.13), which failure shall not have been remedied, or without
provision deemed to be adequate for the remedying thereof having been made, for a period of 90 days after written notice shall
have been given to the Company by the Trustee or shall have been given to the Company and the Trustee by Holders of 25% or more
in aggregate principal amount of the Senior Notes then Outstanding, specifying such failure, requiring the Company to remedy the
same and stating that such notice is a “Notice of Default” hereunder;

 

(d)           default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Company or any Subsidiary in an aggregate principal amount in excess of $200,000,000
whether such indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay any portion
of the principal of such indebtedness when due and payable after the expiration of any applicable grace period with respect thereto
or shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise
have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled,
which continues for a period of 30 days after written notice shall have been given to the Company by the Trustee or shall have
been given to the Company and the Trustee by Holders of 25% or more in aggregate principal amount of the Senior Notes then Outstanding,
specifying such default, requiring the Company to remedy the same and stating that such notice is a “Notice of Default”
hereunder;

 

(e)           the entry by a court having jurisdiction in the premises of a decree or order for relief in respect of the Company in an involuntary
case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee
or sequestrator (or similar official) of the Company or of substantially all the property of the Company or ordering the winding-up
or liquidation of its affairs and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days;
or

 

(f)            the
commencement by the Company of a voluntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Company
to the entry of an order for relief in an involuntary case under any such law, or the consent by the Company to the appointment
of or taking possession by a receiver, liquidator, assignee, trustee, custodian or sequestrator (or similar official) of the Company
or of substantially all the property of the Company or the making by it of an assignment for the benefit of creditors or the admission
by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company
in furtherance of any action; provided, however, that no event described in clause (c) or (d) above shall constitute an Event
of Default hereunder until a Responsible Officer assigned to and working in the Trustee’s corporate trust department has
actual knowledge thereof or until a written notice of any such event is received by the Trustee at the Corporate Trust Office,
and such notice refers to the facts underlying such event, the Senior Notes generally, the Company and the Indenture.

    11 

     

    

Section
2.14          Appointment of Agents. The Trustee will initially be the Registrar
and Paying Agent for the Senior Notes.

 

Section
2.15          Defeasance upon Deposit of Moneys or U.S. Government Obligations.
At the Company’s option, either (a) the Company shall be deemed to have been Discharged from its obligations with respect
to the Senior Notes on the first day after the applicable conditions set forth in Section 12.03 of the Base Indenture have been
satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth
in Section 6.04 of the Base Indenture and Sections 2.10, 2.11 and 2.12 with respect to the Senior Notes at any time after the
applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied.

 

Section
2.16          Repurchase at the Option of Holders upon Change of Control.

 

(a)           If a Change of Control occurs with respect to the Senior Notes, unless the Company has previously or concurrently exercised its
right to redeem all of the Senior Notes pursuant to Section 2.9, each Holder of Senior Notes shall have the right to require
the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s
Senior Notes pursuant to the offer described in this Section 2.16 (the “Change of Control Offer”). In the Change
of Control Offer, the Company shall offer a payment (the “Change of Control Payment”) in cash equal to 101% of the
aggregate principal amount of the Senior Notes to be repurchased plus accrued and unpaid interest thereon, if any, to the date
of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment
Date that is on or prior to the date of purchase).

 

(b)           No later than 30 days following any Change of Control, the Company shall mail a notice to each Holder describing that Change of
Control and offering to repurchase the Senior Notes on the date specified in such notice (the “Change of Control Payment
Date”), which date will be no earlier than 30 days nor later than 60 days from the date such notice is mailed, pursuant
to the procedures required by the Indenture and described in such 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 such laws and regulations
are applicable in connection with the repurchase of the Senior Notes as a result of a Change of Control. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Section 2.16, the Company shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section
2.16 by virtue of the Company’s compliance with such securities laws or regulations.

 

(c)           On the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)            accept
for payment all Senior Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

    12 

     

    

(ii)           deposit with the Paying Agent an amount equal
to the Change of Control Payment in respect of all Senior Notes or portions thereof so tendered; and

 

(iii)          deliver or cause to be delivered to the Trustee
(a) an Officer’s Certificate to the Trustee stating that such Senior Notes or portions thereof have been tendered to and
purchased by the Company and (b) at the Company’s option, the Senior Notes so accepted for cancellation.

 

The
Paying Agent shall promptly mail to each Holder of Senior Notes so tendered and not withdrawn the Change of Control Payment for
such tendered Senior Notes, with such payments to be made through the facilities of DTC for all Senior Notes in global form, and
the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Senior Note equal
in principal amount to any unpurchased portion of the Senior Notes surrendered, if any, by such Holder; provided that each such
new Senior Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

(d)          The Company shall publicly announce the results of the Change of Control Offer on, or as soon as practicable after, the Change
of Control Payment Date.

 

(e)          The provisions described in this Section 2.16 that require the Company to make a Change of Control Offer following a Change
of Control shall be applicable regardless of whether or not any other provisions of the Indenture are applicable.

 

(f)           The Company shall not be required to make a Change of Control Offer upon a Change of Control if (i) a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable
to a Change of Control Offer made by the Company and purchases all Senior Notes validly tendered and not withdrawn under such
Change of Control Offer, (ii) a notice of redemption for all outstanding Senior Notes has been given, unless and until there is
a default in payment of the applicable redemption price or (iii) in connection with or in contemplation of any publicly announced
Change of Control, the Company has made an offer to purchase (an “Alternate Offer”) any and all Senior Notes validly
tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all Senior Notes properly tendered
in accordance with the terms of the Alternate Offer.

 

(g)          A Change of Control Offer or Alternate Offer may be made in advance of a Change of Control, and conditioned upon the occurrence
of a Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control
Offer or Alternate Offer. The closing date of any such Change of Control Offer or Alternate Offer made in advance of a Change
of Control Triggering Event may be changed to conform to the actual closing date of the Change of Control; provided that
such closing date is not earlier than 20 Business Days nor later than 60 days from the date the Change of Control Offer notice
is sent, subject to extension, as described in Section 2.16(a).

 

(h)          A
Change of Control Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver
of the Indenture, Senior Notes and/or Guarantees (but the Change of Control Offer may not condition tenders on the delivery of
such consents).

    13 

     

    

(i)            If Holders of not less than 90% in aggregate principal amount of the outstanding Senior Notes validly tender and do not withdraw
such Senior Notes in a Change of Control Offer or Alternate Offer and the Company, or any other Person making a Change of Control
Offer in lieu of the Company as described in Section 2.16(f), purchases all of the Senior Notes validly tendered and not
withdrawn by such Holders, the Company shall have the right, upon not less than 30 nor more than 60 days’ prior notice,
given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Senior Notes that remain
outstanding following such purchase at a redemption price in cash equal to the applicable Change of Control Payment or Alternate
Offering price, as applicable, plus, to the extent not included in the Change of Control Payment or Alternate Offer price, as
applicable, accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders of record on the relevant
record date to receive interest due on an Interest Payment Date that is on or prior to the date of purchase).

 

ARTICLE
3.

FORM OF NOTES

 

Section
3.1            Form of Senior Notes. The form and additional
provisions relating to the Senior Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are set forth
in Appendix I and Exhibit A hereto.

 

ARTICLE
4.

ORIGINAL ISSUE OF NOTES

 

Section
4.1            Original Issue of Senior Notes. The Senior
Notes may, upon execution of this Thirteenth Supplemental Indenture, be executed by the Company and delivered to the Trustee for
authentication, and the Trustee shall, upon Company order, authenticate and deliver such Senior Notes as in such Company order
provided.

 

ARTICLE
5.

MISCELLANEOUS

 

Section
5.1            Ratification of Indenture. The Base Indenture,
as supplemented by this Thirteenth Supplemental Indenture, is in all respects ratified and confirmed, and this Thirteenth Supplemental
Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that
the provisions of this Thirteenth Supplemental Indenture apply solely with respect to the Senior Notes.

 

Section
5.2            Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company
and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation
as to the validity or sufficiency of this Thirteenth Supplemental Indenture.

    14 

     

    

Section
5.3             Governing Law. This Thirteenth Supplemental
Indenture and each Senior Note shall be deemed to be contracts made under the law of the State of New York, and for all purposes
shall be governed by and construed in accordance with the law of said State.

 

Section
5.4             Separability. In case any provision in
the Indenture or in the Senior Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
5.5             Counterparts.

 

(a)
          This Thirteenth Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The exchange
of copies of this Thirteenth Supplemental Indenture and of signature pages by facsimile, electronic or PDF transmission shall
constitute effective execution and delivery of this Thirteenth Supplemental Indenture as to the parties hereto and may be used
in lieu of the original Thirteenth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to this Thirteenth Supplemental Indenture
or any document to be signed in connection with this Thirteenth Supplemental Indenture, including authentication of the Senior
Notes, shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which
shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the
use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated
hereunder by electronic means.

 

(b)          The
Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to this Thirteenth Supplemental Indenture and delivered using Electronic Means; provided, however, that the Company
shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended
by the Company whenever a person is to be added or deleted from the listing.  If the Company elects to give the Trustee Instructions
using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding
of such Instructions shall be deemed controlling.  The Company understands and agrees that the Trustee cannot determine the
identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport
to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such
Authorized Officer.  The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions
to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality
of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company.  The Trustee
shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and
compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. 
The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse
by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting
Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected
by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions
provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify
the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

    15 

     

    

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

 

	 	EQT CORPORATION
	 	 	 	 
	 	By: 	/s/ David M. Khani
	 	 	Name: 	David M. Khani
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 	 	 
	 	By:	/s/ Glenn McKeever
	 	 	Name:	Glenn McKeever
	 	 	Title:	Vice President

 

[Signature
Page to Thirteenth Supplemental Indenture]

     

     

    

Appendix
I

 

PROVISIONS
RELATING TO THE SENIOR NOTES

 

Section
1.          Definitions.

 

For
the purposes of this Appendix the following terms shall have the meanings indicated below:

 

“Clearstream”
means Clearstream Banking, société anonyme, or any successor securities clearing agency.

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any successor securities clearing agency.

 

“Non-U.S.
Person” means a Person who is not a U.S. person, as defined in Regulation S.

 

“QIB”
means a “qualified institutional buyer,” as that term is defined in Rule 144A.

 

“Regulation
S” means Regulation S under the Securities Act.

 

“Regulation
S Certificate” means a certificate substantially in the form attached hereto as Exhibit C.

 

“Resale
Restriction Termination Date” means, with respect to any Senior Note, the date that is one year (or such other period as
may hereafter be provided under Rule 144 under the Securities Act or any successor provision thereto as permitting the resale
by non-affiliates of Restricted Securities without restriction) after the later of the original issue date in respect of such
Senior Note and the last date on which the Company or any Affiliate of the Company was the owner of such Senior Note (or any Predecessor
Security thereto).

 

“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S.

 

“Restricted
Security” has the meaning assigned to such term in Rule 144(a)(3) under the Securities Act; provided, however, that the
Trustee shall be entitled to receive, at its request, and conclusively rely on an Opinion of Counsel with respect to whether any
Senior Note constitutes a Restricted Security.

 

“Rule
144A” means Rule 144A under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

Section
2.          General Terms. Senior Notes offered and sold to persons reasonably believed to be QIBs in reliance on Rule 144A
shall, unless the Company otherwise notifies the Trustee in writing, be issued in the form of one or more permanent global Securities
substantially in the form attached hereto as Exhibit A, except as otherwise permitted herein. Such global Securities shall be
referred to collectively herein as the “Rule 144A Global Securities,” and shall be deposited with the Trustee, as
custodian for the Depositary or its nominee, for credit to an account of members of, or participants in, the Depositary (“Agent
Members”), and shall be duly executed by the Company and authenticated by the Trustee as provided herein. The aggregate
principal amount of Rule 144A Global Securities may from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided. Senior Notes offered and sold in offshore
transactions in reliance on Regulation S under the Securities Act shall, unless the Company otherwise notifies the Trustee in
writing, be issued in the form of one or more global Securities substantially in the form attached hereto as Exhibit A, except
as otherwise permitted herein. Such global Securities shall be referred to herein as the “Regulation S Global Securities,”
and shall be deposited with the Trustee, as custodian for the Depositary or its nominee for the accounts of designated Agent Members
holding on behalf of Euroclear or Clearstream and shall be duly executed by the Company and authenticated by the Trustee as provided
herein. The aggregate principal amount of Regulation S Global Securities may from time to time be increased or decreased by adjustments
made in the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided.

    I-1

     

    

Subject
to the limitations on the issuance of certificated Securities set forth in Sections 4 and 5 of this Appendix, Securities issued
pursuant to Section 3.06 of the Base Indenture in exchange for or upon transfer of beneficial interests (x) in Rule 144A
Global Securities shall be in the form of permanent certificated Securities substantially in the form attached hereto as Exhibit
A (the “Rule 144A Physical Securities”) or (y) in Regulation S Global Securities (if any), on or after the Regulation
S Security Exchange Date with respect to such Regulation S Global Securities, shall be in the form of permanent certificated Securities
substantially in the form attached hereto as Exhibit A (the “Regulation S Physical Securities”), respectively, as
hereinafter provided.

 

The
Rule 144A Physical Securities and Regulation S Physical Securities shall be construed to include any certificated Securities issued
in respect thereof pursuant to Sections 3.04, 3.06 or 3.07 of the Base Indenture or pursuant to any partial redemption of the
Senior Notes, and the Rule 144A Global Securities and Regulation S Global Securities shall be construed to include any global
Securities issued in respect thereof pursuant to Sections 3.04, 3.06 or 3.07 of the Base Indenture or pursuant to any partial
redemption of the Senior Notes. The Rule 144A Physical Securities and the Regulation S Physical Securities, together with any
other certificated Securities issued and authenticated pursuant to the Indenture, are sometimes collectively herein referred to
as the “Physical Securities.” The Rule 144A Global Securities and the Regulation S Global Securities, together with
any other global Securities that are issued and authenticated pursuant to the Indenture, are sometimes collectively referred to
as the “Global Securities.”

    I-2

     

    

Section
3.          Restrictive and Global Securities Legends. Each of the Global Securities and Physical Securities (and all Securities
issued in exchange therefor or substitution thereof) shall bear the following legend set forth below (the “Private Placement
Legend”) on the face thereof until the Private Placement Legend is removed or not required in accordance with Section 5(d)
of this Appendix:

 

“THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH BELOW. EACH PURCHASER OF THIS NOTE IS
HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 144A, REGULATION S OR ANOTHER EXEMPTION THEREUNDER.

 

BY
ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S.
PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN “INSTITUTIONAL” ACCREDITED INVESTOR (AS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”),
(2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, THAT IT WILL NOT, PRIOR
TO THE DATE THAT IS [ONE YEAR— FOR NOTES ISSUED PURSUANT TO RULE 144A][40 DAYS—FOR NOTES ISSUED IN OFFSHORE
TRANSACTIONS PURSUANT TO REGULATION S] AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF THIS NOTE, THE ORIGINAL ISSUANCE DATE
OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THE COMPANY OR ANY OF ITS AFFILIATES OWNED THIS NOTE, OFFER, RESELL
OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT INSIDE THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR
THAT IS ACQUIRING THE NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF THE NOTES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR THE OFFER OR SALE IN CONNECTION WITH ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, AND THAT PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY
A U.S. BROKER DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS
ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (D) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO
THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON
TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND IN CONNECTION WITH
ANY TRANSFER OF THIS NOTE PURSUANT TO CLAUSES (C) TO (F) ABOVE, AND THAT, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO
THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO
ABOVE, THE HOLDER MUST COMPLETE AND SUBMIT TO THE TRUSTEE THE CERTIFICATE SPECIFIED IN THE INDENTURE RELATING TO THE MANNER OF
SUCH TRANSFER (THE FORM OF WHICH CERTIFICATE CAN BE OBTAINED FROM THE TRUSTEE).

    I-3

     

    

BY
ITS ACQUISITION OF THIS NOTE (OR ANY INTEREST HEREIN), THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER
(1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OF HOLD THIS NOTE (OR ANY INTEREST IN THIS NOTE) CONSTITUTES
THE ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), (B) A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975
OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR
OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”),
OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING DESCRIBED
IN CLAUSES (A) AND (B) OR (2) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS NOTE (OR ANY INTEREST IN THIS NOTE)
WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION
UNDER ANY APPLICABLE SIMILAR LAWS.”

    I-4

     

    

Each
of the Global Securities shall also bear the following legend on the face thereof:

 

“UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”)
TO THE COMPANY 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 DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS
OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE (AS DEFINED HEREIN).”

 

Each
of the Regulation S Global Securities shall also bear the following legend on the face thereof:

 

“BY
ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS
GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”

 

Section
4.          Book-Entry Provisions for Global Securities. Each Global
Security initially shall (i) be registered in the name of the Depositary for such Global Security or the nominee of such Depositary,
in each case for credit to the account of an Agent Member, and (ii) be delivered to the Trustee as custodian for such Depositary.
None of the Company, any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests of a Global Security, or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests.

    I-5

     

    

(b)          Agent Members shall have no rights under the Indenture with respect to any Global Security held on their behalf by the Depositary,
or its custodian, or under such Global Securities. The Depositary may be treated by the Company, any other obligor upon the Senior
Notes, the Trustee and any agent of any of them as the absolute owner of the Global Securities for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Company, any other obligor upon the Senior Notes, the Trustee or any agent of
any of them from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair,
as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of
a beneficial owner of any Senior Note. The Holder of a Global Security may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take
under the Indenture or the Senior Notes.

 

(c)          Transfers of a Global Security shall be limited to transfers of such Global Security in whole, but, subject to the immediately
succeeding sentence, not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners
in a Global Security may not be transferred or exchanged for Physical Securities unless (i) the Company has consented thereto
in writing, or such transfer or exchange is made pursuant to the next sentence, and (ii) such transfer or exchange is in
accordance with the applicable rules and procedures of the Depositary and the provisions of Section 3.06 of the Base Indenture
and Section 5 of this Appendix. Subject to the limitation on issuance of Physical Securities set forth in Section 5(c) of this
Appendix, Physical Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in the
relevant Global Security, if (i) the Depositary notifies the Company at any time that it is unwilling or unable to continue
as Depositary for the Global Securities and a successor depositary is not appointed within 90 days; (ii) the Depositary ceases
to be registered as a “Clearing Agency” under the Exchange Act and a successor depositary is not appointed within
90 days; (iii) the Company, at its option, notifies the Trustee that it elects to cause the issuance of Physical Securities;
or (iv) an Event of Default shall have occurred and be continuing with respect to the Senior Notes and the Trustee has received
a written request from the Depositary to issue Physical Securities.

 

(d)          In connection with any transfer or exchange of a portion of the beneficial interest in any Global Security to beneficial owners
for Physical Securities pursuant to Section 4(c) of this Appendix, the Registrar shall record on its books and records the date
and a decrease in the principal amount of such Global Security in an amount equal to the beneficial interest in the Global Security
being transferred, and the Company shall execute, and upon receipt of a Company Order the Trustee shall authenticate and deliver,
one or more Physical Securities of like principal amount of authorized denominations.

 

(e)          In
connection with a transfer of an entire Global Security to beneficial owners for Physical Securities pursuant to Section 4(c)
of this Appendix, the applicable Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company
shall execute, and upon receipt of a Company Order the Trustee shall authenticate and deliver, to each beneficial owner identified
by the Depositary, in exchange for its beneficial interest in the applicable Global Security, an equal aggregate principal amount
of Rule 144A Physical Securities (in the case of any Rule 144A Global Security) or Regulation S Physical Securities (in the case
of any Regulation S Global Security), as the case may be, of authorized denominations.

    I-6

     

    

(f)          The transfer and exchange of a Global Securities or beneficial interests therein shall be effected through the Depositary, in
accordance with the Indenture (including applicable restrictions on transfer set forth in Section 5 of this Appendix) and the
procedures therefor of the Depositary. Any beneficial interest in one of the Global Securities that is transferred to a Person
who takes delivery in the form of an interest in a different Global Security will, upon transfer, cease to be an interest in such
Global Security and become an interest in the other Global Security and, accordingly, will thereafter be subject to all transfer
restrictions, if any, and other procedures applicable to beneficial interests in such other Global Security for as long as it
remains such an interest. A transferor of a beneficial interest in a Global Security shall deliver to the Registrar a written
order given in accordance with the Depositary’s procedures containing information regarding the participant account of the
Depositary to be credited with a beneficial interest in the relevant Global Security. Subject to Section 5 of this Appendix, the
Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified
in such instructions a beneficial interest in such Global Security and to debit the account of the Person making the transfer
the beneficial interest in the Global Security being transferred.

 

(g)         Any Physical Security delivered in exchange for an interest in a Global Security pursuant to Section 4(c) of this Appendix shall,
unless such exchange is made on or after the Resale Restriction Termination Date applicable to such Security and except as otherwise
provided in Sections 3 and 5 of this Appendix, bear the Private Placement Legend.

 

(h)          Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Security may be held
only through designated Agent Members holding on behalf of Euroclear or Clearstream unless delivery is made in accordance with
the applicable provisions of Section 5 of this Appendix.

 

Section
5.             Special Transfer Provisions.
(a)          Transfers to Non-U.S. Persons. The following provisions
shall apply with respect to the registration of any proposed transfer of a Security that is a Restricted Security to any
Non-U.S. Person: The Registrar shall register such transfer if it complies with all other applicable requirements of the
Indenture (including Section 3.06 of the Base Indenture) and,

 

(i)           if (x) such transfer is after the relevant Resale Restriction Termination Date with respect to such Security or (y) the
proposed transferor has delivered to the Registrar and the Company and the Trustee a Regulation S Certificate and, unless otherwise
agreed by the Company, an opinion of counsel, certifications and other information satisfactory to the Company, and

 

(ii)          if the proposed transferor is or is acting through an Agent Member holding a beneficial interest in a Global Security, upon receipt
by the Registrar and the Company and the Trustee of (x) the certificate, opinion, certifications and other information, if
any, required by clause (i) above and (y) written instructions given in accordance with the procedures of the Registrar
and of the Depositary;

 

whereupon
(i) the Registrar shall reflect on its books and records the date and (if the transfer does not involve a transfer of any
outstanding Physical Security) a decrease in the principal amount of the relevant Global Security in an amount equal to the principal
amount of the beneficial interest in the relevant Global Security to be transferred, and (ii) either (A) if the proposed
transferee is or is acting through an Agent Member holding a beneficial interest in a relevant Regulation S Global Security, the
Registrar shall reflect on its books and records the date and an increase in the principal amount of such Regulation S Global
Security in an amount equal to the principal amount of the beneficial interest being so transferred or (B) otherwise the
Company shall execute and (upon receipt of a Company Order) the Trustee shall authenticate and deliver one or more Physical Securities
of like amount.

    I-7

     

    

(b)          Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a
Security that is a Restricted Security to a QIB (excluding transfers to Non-U.S. Persons): The Registrar shall register such transfer
if it complies with all other applicable requirements of the Indenture (including Section 3.06 of the Base Indenture) and,

 

(i)           if such transfer is being made by a proposed transferor who has checked the box provided for on the form of such Security stating,
or has otherwise certified to the Registrar and the Company and the Trustee in writing, that the sale has been made in compliance
with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of such Security stating,
or has otherwise certified to Registrar and the Company and the Trustee in writing, that it is purchasing such Security for its
own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim
the exemption from registration provided by Rule 144A; and

 

(ii)          if the proposed transferee is an Agent Member, and the Security to be transferred consists of a Physical Security that after transfer
is to be evidenced by an interest in a Global Security or consists of a beneficial interest in a Global Security that after the
transfer is to be evidenced by an interest in a different Global Security, upon receipt by the Registrar of written instructions
given in accordance with the Depositary’s and the Registrar’s procedures, whereupon the Registrar shall reflect on
its books and records the date and an increase in the principal amount of the transferee Global Security in an amount equal to
the principal amount of the Physical Security or such beneficial interest in such transferor Global Security to be transferred,
and the Trustee shall cancel the Physical Security so transferred or reflect on its books and records the date and a decrease
in the principal amount of such transferor Global Security, as the case may be.

 

(c)          Limitation on Issuance of Physical Securities. No Physical Security shall be exchanged for a beneficial interest in any
Global Security, except in accordance with Section 4 of the Appendix and this Section 5.

 

A
beneficial owner of an interest in a Regulation S Global Security shall not be permitted to exchange such interest for a Physical
Security until a date, which must be after the end of the Restricted Period, on which the Company receives a certificate of beneficial
ownership substantially in the form attached hereto as Exhibit B from such beneficial owner (a “Certificate of Beneficial
Ownership”). Such date, as it relates to a Regulation S Global Security, is herein referred to as the “Regulation
S Security Exchange Date.”

    I-8

     

    

(d)          Private Placement Legend. Upon the transfer, exchange or replacement of Securities not bearing the Private Placement Legend,
the Registrar shall deliver Securities that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement
of Securities bearing the Private Placement Legend, the Registrar shall deliver only Securities that bear the Private Placement
Legend unless (i) the requested transfer is after the relevant Resale Restriction Termination Date with respect to such Securities,
(ii) upon written request of the Company after there is delivered to the Registrar an opinion of counsel (which opinion and
counsel are satisfactory to the Company) to the effect that neither such legend nor the related restrictions on transfer are required
in order to maintain compliance with the provisions of the Securities Act, (iii) with respect to a Regulation S Global Security
(on or after the Regulation S Security Exchange Date with respect to such Regulation S Global Security) or Regulation S Physical
Security, in each case with the agreement of the Company, or (iv) such Securities are sold or exchanged pursuant to an effective
registration statement under the Securities Act.

 

(e)          Other Transfers. The Registrar shall effect and register, upon receipt of a written request from the Company to do so,
a transfer not otherwise permitted by this Section 5, such registration to be done in accordance with the otherwise applicable
provisions of this Section 5, upon the furnishing by the proposed transferor or transferee of a written opinion of counsel (which
opinion and counsel are satisfactory to the Company) to the effect that, and such other certifications or information as the Company
may require (including, in the case of a transfer to an Accredited Investor (as defined in Rule 501(a)(1), (2), (3) or (7) under
Regulation D promulgated under the Securities Act), a certificate substantially in the form attached hereto as Exhibit D)
to confirm that, the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

 

A
Security that is a Restricted Security may not be transferred other than as provided in this Section 5. A beneficial interest
in a Global Security that is a Restricted Security may not be exchanged for a beneficial interest in another Global Security other
than through a transfer in compliance with this Section 5.

 

(f)           General. By its acceptance of any Security bearing the Private Placement Legend, each Holder acknowledges the restrictions
on transfer of such Security set forth in the Indenture and in the Private Placement Legend and agrees that it will transfer such
Security only as provided in the Indenture.

 

The
Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 4 of the Appendix
or this Section 5 (including all Securities received for transfer pursuant to this Section 5). The Company shall have the right
to require the Registrar to deliver to the Company, at the Company’s expense, copies of all such letters, notices or other
written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

 

In
connection with any transfer of any Senior Note, the Trustee, the Registrar and the Company shall be entitled to receive, shall
be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the
certificates, opinions and other information referred to herein (or in the forms provided herein, attached hereto or to the Securities,
or otherwise) received from any Holder of the Senior Notes and any transferee of any Senior Note regarding the validity, legality
and due authorization of any such transfer, the eligibility of the transferee to receive such Security and any other facts and
circumstances related to such transfer. 

    I-9

     

    

EXHIBIT
A

 

[FORM
OF FACE OF SECURITY]

 

[Insert
any applicable legends as provided in Appendix I of the Indenture.] 

    A-1

     

    

CUSIP
No. [            ]1

 

EQT
CORPORATION

 

3.625%
SENIOR NOTE DUE 2031

 

	No.
    [__]	$[__]
	 	 
	 	[As
    revised by the Schedule of Increases or Decreases in Global Security attached hereto]2

 

Interest.
EQT Corporation, a corporation duly organized and existing under the laws of the Commonwealth of Pennsylvania (herein called the
 “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received,
hereby promises to pay to [                    ]3 or registered assigns, the principal sum of [__] dollars ($[__])[, as revised by
the Schedule of Increases or Decreases in Global Security attached hereto,]4 on May 15, 2031 and to pay interest
thereon (computed on the basis of a 360-day year consisting of twelve 30-day months) from May 17, 2021 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 15 and November 15
in each year, commencing November 15, 2021 at the rate of 3.625% per annum, until the principal hereof is paid or made available
for payment.

 

Method
of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, preceding the relevant Interest
Payment Date (the “Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice thereof having been given to the Holder of this Security (or one or more Predecessor
Securities) not less than 10 days prior to such Special Record Date, all as more fully provided in the Indenture. Payment of the
principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office in U.S. Dollars.

 

 

1
26884L AN9 (144A) / U2689E AB6 (Regulation S)

 

2
Include only if issued in global form.

 

3
For Global Securities insert: Cede & Co.

 

4
Include only if issued in global form.

    A-2

     

    

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

 

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

    A-3

     

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized officer.

 

	May
    17, 2021	EQT
    CORPORATION
	 	 	 
	 	By: 	        
	 	 	Name:
    David M. Khani
	 	 	Title:
      Chief Financial Officer

    A-4

     

    

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

Dated:
May 17, 2021

 

THE
BANK OF NEW YORK MELLON

as Trustee, certifies

that this is one of

the Securities referred

to in the Indenture.

 

	By:	      	 
	 	Authorized
                                        Signatory	 

    A-5

     

    

[FORM
OF REVERSE OF SECURITY]

 

Indenture.
This Security is one of a duly authorized issue of securities of the Company, issued and to be issued in one or more series under
an Indenture, dated as of March 18, 2008, between EQT Corporation (the “Company”), as successor, and The Bank of New
York Mellon, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture),
as supplemented and amended by a Second Supplemental Indenture, dated June 30, 2008, and by a Thirteenth Supplemental Indenture,
dated May 17, 2021 (as so supplemented, herein called the “Indenture”), between the Company and the Trustee, to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Notes and of the terms upon
which the Senior Notes are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, initially in aggregate principal amount of $500,000,000.

 

Optional
Redemption. The Senior Notes are subject to redemption at the Company’s option, at any time and from time to time prior
to the Stated Maturity Date, in whole or in part.

 

If
any of the Senior Notes are redeemed prior to the Par Call Date, the Redemption Price will be equal to the greater of (i) 100%
of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest thereon to the Redemption Date, and
(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes to be redeemed
(assuming that such Senior Notes matured on the Par Call Date) exclusive of interest accrued to, but excluding, the Redemption
Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at
the applicable Treasury Rate plus 50 basis points plus accrued and unpaid interest on the principal amount being redeemed to,
but excluding, the Redemption Date.

 

If
any of the Senior Notes are redeemed on or after the Par Call Date, the Redemption Price will be 100% of the principal amount
of the Senior Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

 

For
purposes of determining the Redemption Price for the optional redemption of the Senior Notes, the following definitions are applicable:

 

“Comparable
Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable
to the remaining term of the Senior Notes that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining terms of the Senior Notes.

    A-6

     

    

“Comparable
Treasury Price” means, with respect to any Redemption Date:

 

(a)           the average of four Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or

 

(b)           if the Independent Investment Banker is unable
to obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained
by the Independent Investment Banker.

 

“Independent
Investment Banker” means one of BofA Securities, Inc. and J.P. Morgan Securities LLC, as specified by the Company, or if
these firms are unwilling or unable to select the applicable Comparable Treasury Issue, an independent investment banking institution
of national standing appointed by the Company.

 

“Par
Call Date” means November 15, 2030 (six months prior to the Stated Maturity Date).

 

“Reference
Treasury Dealer” means (i) BofA Securities, Inc. and J.P. Morgan Securities LLC (and their respective successors), provided
however, that if either of the foregoing shall cease to be a primary U.S. government securities dealer (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (ii) two other Primary Treasury Dealers
selected by the Company.

 

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

 

“Treasury
Rate” means, with respect to any Redemption Date for the Senior Notes, the rate per year equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.

 

The
Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

 

Notice
of any redemption will be mailed, or delivered electronically if such Senior Notes are held by any Depositary (including, without
limitation, DTC) in accordance with such Depositary’s customary procedures, at least 15 days but not more than 60 days before
the Redemption Date to each registered Holder of Senior Notes to be redeemed. Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on the Senior Notes or portions of the Senior Notes called
for redemption. If fewer than all of the Senior Notes are to be redeemed, the particular Senior Notes or portions thereof will
be selected for redemption from the Outstanding Senior Notes not previously called in accordance with applicable DTC procedures.

    A-7

     

    

The
Senior Notes may be the subject of a Change of Control Offer (or an Alternate Offer), as further described in the Indenture.

 

Special
Mandatory Redemption. If (x) the consummation of the Alta Acquisition (as defined below) does not occur on or before November
1, 2021 (the “Outside Date”) or (y) the Company notifies the Trustee that the Company will not pursue the consummation
of the Alta Acquisition (the earlier of the date of delivery of such notice described in clause (y) and the Outside Date, the
 “Special Mandatory Redemption Trigger Date”), the Company will be required to redeem the Senior Notes then outstanding
(such redemption, the “Special Mandatory Redemption”) at a redemption price equal to 100% of the principal amount
of the Senior Notes to be redeemed plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date (as
defined below) (the “Special Mandatory Redemption Price”).

 

In
the event that the Company becomes obligated to redeem the Senior Notes pursuant to the Special Mandatory Redemption, the Company
will promptly, and in any event not more than ten Business Days after the Special Mandatory Redemption Trigger Date, deliver notice
to the Trustee of the Special Mandatory Redemption and the date upon which such Senior Notes will be redeemed (the “Special
Mandatory Redemption Date,” which date shall be no later than the third Business Day following the date of such notice)
together with a notice of Special Mandatory Redemption for the Trustee to deliver to each registered Holder of Senior Notes to
be redeemed. The Trustee will then promptly mail, or deliver electronically if such Senior Notes are held by any depositary (including,
without limitation, DTC) in accordance with such depositary's customary procedures, such notice of Special Mandatory Redemption
to each registered Holder of Senior Notes to be redeemed at its registered address. Unless the Company defaults in payment of
the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date, interest will cease to accrue on
the Senior Notes to be redeemed.

 

For
purposes of the Special Mandatory Redemption provisions of the Senior Notes, the following definitions are applicable:

 

“Alta
Acquisition” means the acquisition of Alta by the Company pursuant to the Alta Purchase Agreement (as defined below).

 

“Alta
Purchase Agreement” means that certain Membership Interest Purchase Agreement, dated as of May 5, 2021 by and among Alta
Resources Development, LLC, a Delaware limited liability company, Alta Marcellus Development, LLC, a Delaware limited liability
company (“ARD Marcellus”), ARD Operating, LLC, a Delaware limited liability company (“ARD”, and together
with ARD Marcellus, “Alta”), EQT Acquisition Holdco LLC, as buyer, and the Company, as buyer parent, as amended, supplemented,
restated or otherwise modified from time to time.

 

Defaults
and Remedies. If an Event of Default with respect to the Senior Notes shall occur and be continuing, the principal of the
Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

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

    A-8

     

    

Denominations,
Transfer and Exchange. The Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and
in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set
forth, the Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in
the Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for
transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Senior Notes of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

 

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

 

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

 

Miscellaneous.
The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without
regard to the conflicts of law rules of said State.

 

All
terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

    A-9

     

    

[FORM
OF CERTIFICATE OF TRANSFER]

 

FOR
VALUE RECEIVED the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto

 

Insert
Taxpayer Identification No.

 

(Please
print or typewrite name and address including zip code of assignee) 

 

	 	 
	 	 

  

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

 

	 	 
	 	 

attorney
to transfer such Security on the books of the Company with full power of substitution in the premises.

 

Check
One

 

		[ 
                           ] (a)	this
                                         Security is being transferred in compliance with the exemption from registration under
                                         the Securities Act of 1933, as amended, provided by Rule 144A thereunder.

 

or

 

		[ 
                           ] (b)	this
                                         Security is being transferred other than in accordance with (a) above and documents are
                                         being furnished which comply with the conditions of transfer set forth in this Security
                                         and the Indenture.

 

If
neither of the foregoing boxes is checked, the Trustee or other Registrar shall not be obligated to register this Security in
the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth
herein and in Section 5 of Appendix I of the Thirteenth Supplemental Indenture shall have been satisfied.

 

Date:
____________ 

________________ 

 

	 	NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument
in every particular, without alteration or any change whatsoever.

    A-10

     

    

Signature
Guarantee: ______________________________________

 

Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
 “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

    A-11

     

    

TO
BE COMPLETED BY PURCHASER IF (a) ABOVE IS CHECKED.

 

The
undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which
it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within
the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested
pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon
the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	Dated: _______________________	_______________________

NOTICE: To be executed by an executive officer

    A-12

     

    

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY

 

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

 

	Date
of

Exchange 
	 	Amount
of

increase in

Principal

Amount of this

Global Security 
	 	Amount
of

decrease in

Principal

Amount of this

Global Security 
	 	Principal

Amount of this

Global Security

following each

decrease or

increase 
	 	Signature
of

authorized

signatory of

Trustee 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    A-13

     

    

EXHIBIT B

 

Form
of Certificate of Beneficial Ownership

 

On
or after [__________], 20[  ]

 

THE
BANK OF NEW YORK MELLON

500 Ross Street, 12th Floor 

Pittsburgh,
PA 15262 

Attention:
Corporate Trust Administration

 

		Re:	EQT
Corporation (the “Company”)

 

3.625%
Senior Notes due 2031 (the “Notes”)

 

Ladies
and Gentlemen:

 

This
letter relates to $________ principal amount of Notes represented by the offshore global note certificate (the “Regulation
S Global Security”). Pursuant to Section 5(c) of Appendix I to the Thirteenth Supplemental Indenture dated as of
May 17, 2021, relating to the Notes, we hereby certify that (1) we are the beneficial owner of such principal amount of Notes
represented by the Regulation S Global Security and (2) we are either (i) a Non-U.S. person to whom the Notes could
be transferred in accordance with Rule 903 or 904 of Regulation S (“Regulation S”) promulgated under the Securities
Act of 1933, as amended (the “Act”) or (ii) a U.S. person who purchased securities in a transaction that
did not require registration under the Act.

 

You,
the Company, and counsel for the Company are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to
the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.

 

	 	Very
    truly yours,
	 	 	 
	 	[Name
    of Holder]
	 	 	 
	 	By: 	 
	 	 	Authorized
    Signature

    B-1

     

    

EXHIBIT C

 

Form
of Regulation S Certificate

 

THE
BANK OF NEW YORK MELLON

500 Ross Street, 12th Floor 

Pittsburgh,
PA 15262 

Attention:
Corporate Trust Administration

 

		Re:	EQT
Corporation (the “Company”)

 

3.625%
Senior Notes due 2031 (the “Notes”) 

 

Ladies
and Gentlemen:

 

In
connection with our proposed sale of $________ aggregate principal amount of Notes, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended
(the “Securities Act”), and accordingly, we hereby certify as follows:

 

1.
The offer of the Notes was not made to a person in the United States (unless such person or the account held by it for which it
is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k) of Regulation S under the circumstances
described in Rule 902(h)(3) of Regulation S) or specifically targeted at an identifiable group of U.S. citizens abroad.

 

2.
Either (a) at the time the buy order was originated, the buyer was outside the United States or we and any person acting
on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on
or through the facilities of a designated offshore securities market, and neither we nor any person acting on our behalf knows
that the transaction was pre-arranged with a buyer in the United States.

 

3.
No directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or Rule
904(a)(2) of Regulation S, as applicable.

 

4.
The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

5.
If we are a dealer or a person receiving a selling concession or other fee or remuneration in respect of the Notes, and the proposed
transfer takes place before end of the distribution compliance period under Regulation S, or we are an officer or director of
the Company or a distributor, we certify that the proposed transfer is being made in accordance with the provisions of Rules 903
and 904 of Regulation S.

 

6.
If the proposed transfer takes place before the end of the distribution compliance period under Regulation S, the beneficial interest
in the Notes so transferred will be held immediately thereafter through Euroclear (as defined in such Indenture) or Clearstream
(as defined in such Indenture).

    C-1

     

    

7.
We have advised the transferee of the transfer restrictions applicable to the Notes.

 

You,
the Company, and counsel for the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce
this Certificate or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.

 

	 	Very
    truly yours,
	 	 	 
	 	[NAME
    OF SELLER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	Address:

 

Date
of this Certificate: _________________, 20__ 

    C-2

     

    

EXHIBIT D

 

Form
of Certificate from Acquiring Institutional Accredited Investors

 

THE
BANK OF NEW YORK MELLON

500 Ross Street, 12th Floor 

Pittsburgh,
PA 15262 

Attention:
Corporate Trust Administration

 

		Re:	EQT
Corporation (the “Company”)

 

3.625%
Senior Notes due 2031 (the “Notes”) 

 

Ladies
and Gentlemen:

 

In
connection with our proposed sale of $________ aggregate principal amount of Notes, we confirm that:

 

1.           We
understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in the Thirteenth
Supplemental Indenture dated as of May 17, 2021, relating to the Notes (together with the Indenture, dated as of March 18, 2008,
between the Company, as successor, and you, as trustee, supplemented and amended by a Second Supplemental Indenture, dated June
30, 2008, and as amended, supplemented, waived or otherwise modified, the “Indenture”) and the undersigned
agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with, such restrictions
and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

2.           We
understand that the Notes have not been registered under the Securities Act or any other applicable securities law, and that the
Notes may not be offered, sold or otherwise transferred except as permitted in the following sentence. We agree, on our own behalf
and on behalf of any accounts for which we are acting as hereinafter stated, that if we should offer, sell, transfer, pledge,
hypothecate or otherwise dispose of any Notes within one year after the original issuance of the Notes, we will do so only (A) to
the Company, (B) inside the United States to a “qualified institutional buyer” in compliance with Rule 144A under
the Securities Act, (C) inside the United States to an institutional “accredited investor” (as defined below)
that, prior to such transfer, furnishes to you a signed letter substantially in the form of this letter, (D) outside the
United States to a foreign person in compliance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the
exemption from registration provided by Rule 144 under the Securities Act (if available), or (F) pursuant to an effective
registration statement under the Securities Act, and we further agree to provide to any person purchasing any of the Notes from
us a notice advising such purchaser that resales of the Notes are restricted as stated herein and in the Indenture.

 

3.           We
understand that, on any proposed transfer of any Notes prior to the later of the original issue date of the Notes and the last
date the Notes were held by an affiliate of the Company pursuant to paragraphs 2(C), 2(D) and 2(E) above, we will be required
to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably
require to confirm that the proposed transfer complies with the foregoing restrictions. We further understand that the Notes purchased
by us will bear a legend to the foregoing effect.

    D-1

     

    

4.           We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act)
and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Notes, and we and any accounts for which we are acting are acquiring the Notes for investment purposes and
not with a view to, or offer or sale in connection with, any distribution in violation of the Securities Act, and we are each
able to bear the economic risk of our or its investment.

 

5.           We
are acquiring the Notes purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

You,
the Company and counsel to the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter
or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters
covered hereby.

 

	 	Very
    truly yours,
	 	 	 
	 	(Name
of Transferee)
	 	 	 
	 	By: 	 
	 	 	Authorized
    Signature

    D-2Exhibit
4.2

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

SERIES
[A/B/C/D] SHARE WARRANT

 

freight
technologies, inc.

 

	Warrant
    Shares: _______	Initial
    Exercise Date: _______, 2021

 

THIS
SERIES [A/B/C/D] SHARE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m.
(New York City time) on ________1 (the “Termination Date”) but not thereafter, to subscribe for
and purchase from Freight Technologies, Inc., a Delaware corporation (the “Company”), up to ______ shares (as
subject to adjustment hereunder, the “Warrant Shares”) of common stock, par value $0.001 per share. The purchase
price of one Warrant Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated February ___, 2021, among the Company
and the purchasers signatory thereto.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly
executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

1
Insert the date that is the seven-year anniversary of the Initial Exercise Date, provided that, if such date is not a Trading
Day, insert the immediately following Trading Day.

 

    	1

    	 

    

 

b)
Exercise Price. The exercise price per Warrant Share under this Warrant shall be $_____2, subject to
adjustment hereunder (the “Exercise Price”). In addition, in the event the Initial Trigger Date Conversion
Price is less than the Conversion Price (as both terms are defined in the Post-Merger Company Certificate of Designation) on the
Initial Trigger Date (as defined in the Post-Merger Company Certificate of Designation) and/or (ii) the Trigger Date Conversion
Price (as defined in the Post-Merger Company Certificate of Designation) is less than the then Conversion Price on each Trigger
Date thereafter (as defined in the Post-Merger Company Certificate of Designation) (each such date, an “Adjustment Date”),
then the Exercise Price shall be reduced, and only reduced, on each Adjustment Date to the lesser of (a) the then Exercise Price,
as adjusted, and (b) the Initial Trigger Date Conversion Price, which respect to the Initial Trigger Date, or the applicable
Trigger Date Conversion Price, with respect to each applicable Trigger Date. The applicable adjustment to the Exercise Price shall
be applied to any exercises that occur on or after each Adjustment Date. The Company shall promptly notify each Holder of the
applicable adjustment to the Exercise Price as of each Adjustment Date (an “Adjustment Notice”). For purposes
of clarification, whether or not the Company provides an Adjustment Notice pursuant to this Section 2(b), each Holder shall receive
Warrant Shares and shall only be required to pay the aggregate Exercise Price based upon the Exercise Price as adjusted pursuant
to this Section 2(b), regardless of whether a Holder accurately refers to such price in any Notice of Exercise; provided,
that if the Holder pays more than the aggregate Exercise Price in connection with a Notice of Exercise because of the Company’s
failure to deliver an Adjustment Notice or otherwise, the Company shall promptly return such excess amount to the Holder. For
further purposes of clarity, any adjustments required by this Section 2(b) shall be applied only after giving full effect to any
adjustments required by Section 3(b).

 

c)
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours”
(as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the
option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise
or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”)
as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during
“regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2)
hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP
on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise
is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
Trading Day;

 

(B)
= the Exercise Price of this Warrant, as adjusted hereunder; and

 

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any
position contrary to this Section 2(c).

 

2
Series A Warrant, $1.50, Series B Warrant, $1.20, Series C Warrant, $0.75 and Series D Warrant, $1.125.

 

    	2

    	 

    

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	3

    	 

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder
without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise
by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee,
for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the
Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for
all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the
Notice of Exercise.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder
a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which
new Warrant shall in all other respects be identical with this Warrant.

 

    	4

    	 

    

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with
the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that
the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company
timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases shares of Common Stock
having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant Shares with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant
Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

    	5

    	 

    

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice
of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions)
required for same-day electronic delivery of the Warrant Shares.

 

vii.
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below). For purposes of the foregoing sentence, the number of Warrant Shares beneficially owned by the Holder and its Affiliates
and Attribution Parties shall include the number of Warrant Shares issuable upon exercise of this Warrant with respect to which
such determination is being made, but shall exclude the number of Warrant Shares which would be issuable upon (i) exercise of
the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any other Warrant Shares Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the
preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as
to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Warrant Shares,
a Holder may rely on the number of outstanding Warrant Shares as reflected in (A) the Company’s most recent periodic or
annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more
recent written notice by the Company or the Transfer Agent setting forth the number of Warrant Shares outstanding. Upon the written
or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
Warrant Shares then outstanding. In any case, the number of outstanding Warrant Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding Warrant Shares was reported. The “Beneficial Ownership
Limitation” shall be [9.99/4.99% of the number of Warrant Shares outstanding immediately after giving effect to the
issuance of Warrant Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of Warrant Shares outstanding immediately after giving effect to the issuance of Warrant Shares upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	6

    	 

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on Common Stock or any other equity or equity equivalent securities payable in
Common Stock (which, for avoidance of doubt, shall not include any Common Stock issued by the Company upon exercise of this Warrant),
(ii) subdivides outstanding Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split)
outstanding Common Stock into a smaller number of shares, or (iv) issues by reclassification of Ordinary any shares of capital
stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

 

b)
Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding,
shall sell, enter into an agreement to sell, or grant any option to purchase, or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common
Stock Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed
that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase
price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective
price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise
Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation (or, if earlier,
the announcement) of each Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price
and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder,
after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment.
Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance.
The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any
Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable
reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”).
For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon
the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share
Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters
into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest
possible price, conversion price or exercise price at which such securities may be issued, converted or exercised.

 

    	7

    	 

    

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled
to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired
if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date
as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided,
however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the
Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right
to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and
such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would
not result in the Holder exceeding the Beneficial Ownership Limitation).

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of Common Stock are to be determined for the participation in such Distribution
(provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). To the extent that this
Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall
be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

    	8

    	 

    

 

e)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person (other than the
contemplated merger with the Company), (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of
related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or
another Person) is completed pursuant to which holders of shares of Common Stock are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares of
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the shares of Common Stock are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making
or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of Warrant Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the
Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant
on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction
is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only
be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion),
at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common
Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock
or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms
of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock
of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be
deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction)
in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the
applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the
HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall
be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public
announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction
and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of
immediately available funds (or such other consideration) within the later of (i) five Business Days of the Holder’s election
and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the Warrant Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant
to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of
such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of
any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date
of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

    	9

    	 

    

 

f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share,
as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the
Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or
any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange
whereby the shares of Common Stock are converted into other securities, cash or property, or (E) the Company shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it
is expected that holders of the shares of record of Common Stock shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share
exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the
validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

h)
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time
during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

    	10

    	 

    

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without
limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender
this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and
treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e)
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

    	11

    	 

    

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i),
except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless
exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein,
in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights
represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant
Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

    	12

    	 

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above
the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares
upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform
its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting
any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

    	13

    	 

    

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any shares of Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant
and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be
deemed a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	14

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	FREIGHT
TECHNOLOGIES, INC.
	 	 
	 	By:	                    
	 	Name:	 
	 	Title:	 

 

    	15

    	 

    

 

NOTICE
OF EXERCISE

 

To:
FREIGHT TECHNOLOGIES, INC..

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
[if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________________

 

Date:
________________________________________________________________________________________

 

    	 

    	 

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

(To
assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR
VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 
	 	(Please
    Print)
	Address:	 
	 

        

        Phone
        Number:

         

        Email
        Address:
	(Please
                                         Print)

        

        ______________________________________

         

        ______________________________________

	Dated:
    _______________ __, ______	 
	Holder’s
    Signature:	 
	Holder’s
    Address:

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