Document:

EXHIBIT 4.3

        1ST UNITED BANCORP, INC.

        INDENTURE

        Dated as of ___________________,

        ____________, as Trustee

         

        

        

        

        TABLE OF CONTENTS

         

        
            	 	 	Page
	
                        ARTICLE I

                    	
                        DEFINITIONS AND INCORPORATION BY REFERENCE

                    	
                        1

                    
	
                        Section 1.1

                    	
                        Definitions

                    	
                        1

                    
	
                        Section 1.2

                    	
                        Other Definitions

                    	
                        4

                    
	
                        Section 1.3

                    	
                        Incorporation by Reference of Trust Indenture Act

                    	
                        4

                    
	
                        Section 1.4

                    	
                        Rules of Construction

                    	
                        4

                    
	
                        ARTICLE II

                    	
                        THE SECURITIES

                    	
                        5

                    
	
                        Section 2.1

                    	
                        Issuable in Series

                    	
                        5

                    
	
                        Section 2.2

                    	
                        Establishment of Terms of Series of Securities

                    	
                        5

                    
	
                        Section 2.3

                    	
                        Execution and Authentication

                    	
                        7

                    
	
                        Section 2.4

                    	
                        Registrar and Paying Agent

                    	
                        7

                    
	
                        Section 2.5

                    	
                        Paying Agent to Hold Money in Trust

                    	
                        8

                    
	
                        Section 2.6

                    	
                        Securityholder Lists

                    	
                        8

                    
	
                        Section 2.7

                    	
                        Transfer and Exchange

                    	
                        8

                    
	
                        Section 2.8

                    	
                        Mutilated, Destroyed, Lost and Stolen Securities

                    	
                        8

                    
	
                        Section 2.9

                    	
                        Outstanding Securities

                    	
                        9

                    
	
                        Section 2.10

                    	
                        Treasury Securities

                    	
                        9

                    
	
                        Section 2.11

                    	
                        Temporary Securities

                    	
                        9

                    
	
                        Section 2.12

                    	
                        Cancellation

                    	
                        10

                    
	
                        Section 2.13

                    	
                        Defaulted Interest

                    	
                        10

                    
	
                        Section 2.14

                    	
                        Global Securities

                    	
                        10

                    
	
                        Section 2.15

                    	
                        CUSIP Numbers

                    	
                        11

                    
	
                        ARTICLE III

                    	
                        REDEMPTION

                    	
                        11

                    
	
                        Section 3.1

                    	
                        Notice to Trustee

                    	
                        11

                    
	
                        Section 3.2

                    	
                        Selection of Securities to be Redeemed

                    	
                        11

                    
	
                        Section 3.3

                    	
                        Notice of Redemption

                    	
                        11

                    
	
                        Section 3.4

                    	
                        Effect of Notice of Redemption

                    	
                        12

                    
	
                        Section 3.5

                    	
                        Deposit of Redemption Price

                    	
                        12

                    
	
                        Section 3.6

                    	
                        Securities Redeemed in Part

                    	
                        12

                    
	
                        ARTICLE IV

                    	
                        COVENANTS

                    	
                        12

                    
	
                        Section 4.1

                    	
                        Payment of Principal and Interest

                    	
                        12

                    
	
                        Section 4.2

                    	
                        SEC Reports

                    	
                        12

                    
	
                        Section 4.3

                    	
                        Compliance Certificate

                    	
                        13

                    
	
                        Section 4.4

                    	
                        Stay, Extension and Usury Laws

                    	
                        13

                    
	
                        ARTICLE V

                    	
                        SUCCESSOR ENTITY

                    	
                        13

                    
	
                        Section 5.1

                    	
                        Company May Consolidate, Etc

                    	
                        13

                    
	
                        Section 5.2

                    	
                        Successor Entity Substituted

                    	
                        14

                    
	
                        Section 5.3

                    	
                        Evidence of Consolidation, Etc. to Trustee

                    	
                        14

                    
	
                        ARTICLE VI

                    	
                        DEFAULTS AND REMEDIES

                    	
                        14

                    
	
                        Section 6.1

                    	
                        Events of Default

                    	
                        14

                    
	
                        Section 6.2

                    	
                        Acceleration of Maturity; Rescission and Annulment

                    	
                        15

                    

        

         

        i

        

        

        

        TABLE OF CONTENTS

        (continued)

         

        
            	 	 	Page
	
                        Section 6.3

                    	
                        Collection of Indebtedness and Suits for Enforcement by Trustee

                    	
                        16

                    
	
                        Section 6.4

                    	
                        Trustee May File Proofs of Claim

                    	
                        16

                    
	
                        Section 6.5

                    	
                        Trustee May Enforce Claims Without Possession of Securities

                    	
                        17

                    
	
                        Section 6.6

                    	
                        Application of Money Collected

                    	
                        17

                    
	
                        Section 6.7

                    	
                        Limitation on Suits

                    	
                        17

                    
	
                        Section 6.8

                    	
                        Unconditional Right of Holders to Receive Principal and Interest

                    	
                        18

                    
	
                        Section 6.9

                    	
                        Restoration of Rights and Remedies

                    	
                        18

                    
	
                        Section 6.10

                    	
                        Rights and Remedies Cumulative

                    	
                        18

                    
	
                        Section 6.11

                    	
                        Delay or Omission Not Waiver

                    	
                        18

                    
	
                        Section 6.12

                    	
                        Control by Holders

                    	
                        18

                    
	
                        Section 6.13

                    	
                        Waiver of Past Defaults

                    	
                        19

                    
	
                        Section 6.14

                    	
                        Undertaking for Costs

                    	
                        19

                    
	
                        ARTICLE VII

                    	
                        TRUSTEE

                    	
                        19

                    
	
                        Section 7.1

                    	
                        Duties of Trustee

                    	
                        19

                    
	
                        Section 7.2

                    	
                        Rights of Trustee

                    	
                        20

                    
	
                        Section 7.3

                    	
                        Individual Rights of Trustee

                    	
                        20

                    
	
                        Section 7.4

                    	
                        Trustee’s Disclaimer

                    	
                        21

                    
	
                        Section 7.5

                    	
                        Notice of Defaults

                    	
                        21

                    
	
                        Section 7.6

                    	
                        Reports by Trustee to Holders

                    	
                        21

                    
	
                        Section 7.7

                    	
                        Compensation and Indemnity

                    	
                        21

                    
	
                        Section 7.8

                    	
                        Replacement of Trustee

                    	
                        22

                    
	
                        Section 7.9

                    	
                        Successor Trustee by Merger, Etc

                    	
                        22

                    
	
                        Section 7.10

                    	
                        Eligibility; Disqualification

                    	
                        22

                    
	
                        Section 7.11

                    	
                        Preferential Collection of Claims Against Company

                    	
                        23

                    
	
                        ARTICLE VIII

                    	
                        SATISFACTION AND DISCHARGE; DEFEASANCE

                    	
                        23

                    
	
                        Section 8.1

                    	
                        Satisfaction and Discharge of Indenture

                    	
                        23

                    
	
                        Section 8.2

                    	
                        Application of Trust Funds; Indemnification

                    	
                        23

                    
	
                        Section 8.3

                    	
                        Legal Defeasance of Securities of Any Series

                    	
                        24

                    
	
                        Section 8.4

                    	
                        Covenant Defeasance

                    	
                        25

                    
	
                        Section 8.5

                    	
                        Repayment to Company

                    	
                        26

                    
	
                        ARTICLE IX

                    	
                        AMENDMENTS AND WAIVERS

                    	
                        26

                    
	
                        Section 9.1

                    	
                        Without Consent of Holders

                    	
                        26

                    
	
                        Section 9.2

                    	
                        With Consent of Holders

                    	
                        26

                    
	
                        Section 9.3

                    	
                        Limitations

                    	
                        27

                    
	
                        Section 9.4

                    	
                        Compliance with Trust Indenture Act

                    	
                        27

                    
	
                        Section 9.5

                    	
                        Revocation and Effect of Consents

                    	
                        27

                    
	
                        Section 9.6

                    	
                        Notation on or Exchange of Securities

                    	
                        28

                    
	
                        Section 9.7

                    	
                        Trustee Protected

                    	
                        28

                    
	
                        ARTICLE X

                    	
                        MISCELLANEOUS

                    	
                        28

                    
	
                        Section 10.1

                    	
                        Trust Indenture Act

                    	
                        28

                    
	
                        Section 10.2

                    	
                        Notices

                    	
                        28

                    
	
                        Section 10.3

                    	
                        Communication by Holders with Other Holders

                    	
                        29

                    
	
                        Section 10.4

                    	
                        Certificate and Opinion as to Conditions Precedent

                    	
                        29

                    

        

         

        ii

        

        

        

        TABLE OF CONTENTS

        (continued)

         

        
            	 	 	Page
	
                        Section 10.5

                    	
                        Statements Required in Certificate or Opinion

                    	
                        29

                    
	
                        Section 10.6

                    	
                        Rules by Trustee and Agents

                    	
                        29

                    
	
                        Section 10.7

                    	
                        Legal Holidays

                    	
                        29

                    
	
                        Section 10.8

                    	
                        No Recourse Against Others

                    	
                        29

                    
	
                        Section 10.9

                    	
                        Counterparts

                    	
                        30

                    
	
                        Section 10.10

                    	
                        Governing Laws

                    	
                        30

                    
	
                        Section 10.11

                    	
                        No Adverse Interpretation of Other Agreements

                    	
                        30

                    
	
                        Section 10.12

                    	
                        Successors

                    	
                        30

                    
	
                        Section 10.13

                    	
                        Severability

                    	
                        30

                    
	
                        Section 10.14

                    	
                        Table of Contents, Headings, Etc

                    	
                        30

                    
	
                        Section 10.15

                    	
                        Securities in a Foreign Currency

                    	
                        30

                    
	
                        Section 10.16

                    	
                        Judgment Currency

                    	
                        31

                    
	
                        ARTICLE XI

                    	
                        SINKING FUNDS

                    	
                        31

                    
	
                        Section 11.1

                    	
                        Applicability of Article

                    	
                        31

                    
	
                        Section 11.2

                    	
                        Satisfaction of Sinking Fund Payments with Securities

                    	
                        31

                    
	
                        Section 11.3

                    	
                        Redemption of Securities for Sinking Fund

                    	
                        32

                    

        

         

         

        iii

        

        

        

        INDENTURE

        Indenture dated as of ______________, ______________ between 1ST United Bancorp, Inc., a Florida corporation (“Company”), and ______________, as trustee (“Trustee”).

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

        ARTICLE I

         

        DEFINITIONS AND INCORPORATION BY REFERENCE

        
            	
                        Section 1.1

                    	
                      Definitions

                    

        

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

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

        “Agent” means any Registrar, Paying Agent or Service Agent.

        “Authorized Newspaper” means a newspaper in an official language of the country of publication customarily published at least once a day for at least five days in each calendar week and of general circulation in the place in connection with which the term is used. If it shall be impractical in the opinion of the Trustee to
        make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by the Trustee shall constitute a sufficient publication of such notice.

        “Bearer” means anyone in possession from time to time of a Bearer Security.

        “Bearer Security” means any Security, including any interest coupon appertaining thereto, that does not provide for the identification of the Holder thereof.

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

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

        “Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order
        to close.

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

        “Company Order” means a written order signed in the name of the Company by two Officers.

         

        - 1 -

        

        

        

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

        “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.

        “Debt” of any person as of any date means, without duplication, all indebtedness of such person in respect of borrowed money, including all interest, fees and expenses owed in respect thereto (whether or not the recourse of the lender is to the whole of the assets of such person or only to a portion thereof), or evidenced by
        bonds, notes, debentures or similar instruments.

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

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

        “Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.

        “Dollars” means the currency of the United States of America.

        “Exchange Act” means the Securities Exchange Act of 1934, as amended.

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

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

        “Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and
        registered in the name of such Depository or nominee.

        “Holder” or “Securityholder” means a person in whose name a Security is registered or the holder of a Bearer Security.

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

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

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

         

        - 2 -

        

        

        

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

        “Officers’ Certificate” means a certificate signed by two Officers.

        “Opinion of Counsel” means a written opinion of legal counsel, which counsel may be an employee of or counsel to the Company.

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

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

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

        “SEC” means the Securities and Exchange Commission.

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

        “Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

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

        “Subsidiary” of any specified person means any corporation of which an amount of outstanding stock representing by the terms thereof at least a majority of the ordinary voting power for the election of directors of such corporation (irrespective of whether or not at the time stock of any other class or classes of such
        corporation shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such person, or by one or more other Subsidiaries, or by such person and one or more other Subsidiaries.

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

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

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

         

        - 3 -

        

        

        

        of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.

        
            	
                        Section 1.2

                    	
                      Other Definitions.

                    

        

         

        
            	
                        
                            Term

                        

                    	
                        Defined in Section

                    
	
                        “Bankruptcy Law”

                    	
                        6.1

                    
	
                        “Custodian”

                    	
                        6.1

                    
	
                        “Event of Default”

                    	
                        6.1

                    
	
                        “Journal”

                    	
                        10.15

                    
	
                        “Judgment Currency”

                    	
                        10.16

                    
	
                        “Legal Holiday”

                    	
                        10.7

                    
	
                        “mandatory sinking fund payment”

                    	
                        11.1

                    
	
                        “Market Exchange Rate”

                    	
                        10.15

                    
	
                        “New York Banking Day”

                    	
                        10.16

                    
	
                        “optional sinking fund payment”

                    	
                        11.1

                    
	
                        “Paying Agent”

                    	
                        2.4

                    
	
                        “Registrar”

                    	
                        2.4

                    
	
                        “Required Currency”

                    	
                        10.16

                    
	
                        “Service Agent”

                    	
                        2.4

                    
	
                        “successor person”

                    	
                        5.1

                    
	
                         

                    	
                         

                    

        

         

        
            	
                        Section 1.3

                    	
                      Incorporation by Reference of Trust Indenture Act.

                    

        

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

        “Commission” means the SEC.

        “indenture securities” means the Securities.

        “indenture security holder” means a Securityholder.

        “indenture to be qualified” means this Indenture.

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

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

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

        
            	
                        Section 1.4

                    	
                      Rules of Construction.

                    

        

        Unless the context otherwise requires:

        1.4.1     a term has the meaning assigned to it;

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

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

         

        - 4 -

        

        

        

        1.4.4     “or” is not exclusive;

        1.4.5     words in the singular include the plural, and in the plural include the singular; and

        1.4.6     provisions apply to successive events and transactions’

         

        ARTICLE II

         

        THE SECURITIES

        
            	
                        Section 2.1

                    	
                      Issuable in Series.

                    

        

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

        
            	
                        Section 2.2

                    	
                      Establishment of Terms of Series of Securities.

                    

        

        At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1, and, either as to such Securities within the Series or as to the Series generally, in the case of Subsections 2.2.2 through 2.2.21) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to
        authority granted under a Board Resolution:

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

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

        2.2.3     any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or
        9.6);

        2.2.4     the date or dates on which the principal of the Securities of the Series is payable;

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

        2.2.6     the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means;

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

         

        - 5 -

        

        

        

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

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

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

        2.2.11   the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities will be issuable as Global Securities);

        2.2.12   if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

        2.2.13   the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency;

        2.2.14   the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

        2.2.15   if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;

        2.2.16   the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

        2.2.17     the provisions, if any, relating to any security provided for the Securities of the Series;

        2.2.18   any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;

        2.2.19   the ranking of the Securities of the Series, including the relative degree, if any, to which the Securities of such Series shall be subordinated to one or more other Series of Securities or other obligations of the Company in right of payment, whether outstanding or not;

        2.2.20   any addition to or change in the covenants set forth in Article IV or V which applies to Securities of the Series;

        2.2.21   any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and

        2.2.22   any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein.

        2.2.23   All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series 

         

        - 6 -

        

        

        

        may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

        
            	
                        Section 2.3

                    	
                      Execution and Authentication.

                    

        

        Two Officers shall sign the Securities for the Company by manual or facsimile signature.

        If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

        A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.

        The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or
        its duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

        The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

        Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or
        of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4 and (c) an Opinion of Counsel complying with Section 10.4.

        The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an
        Affiliate.

        
            	
                        Section 2.4

                    	
                      Registrar and Paying Agent.

                    

        

        The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered
        for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to
        the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
        receive all such presentations, surrenders, notices and demands.

        The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
        obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The 

         

        - 7 -

        

        

        

        term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any additional service agent.

        The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

        
            	
                        Section 2.5

                    	
                      Paying Agent to Hold Money in Trust.

                    

        

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

        
            	
                        Section 2.6

                    	
                      Securityholder Lists.

                    

        

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

        
            	
                        Section 2.7

                    	
                      Transfer and Exchange.

                    

        

        Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
        authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Section 2.11, 3.6 or 9.6).

        Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such mailing or
        (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

        
            	
                        Section 2.8

                    	
                      Mutilated, Destroyed, Lost and Stolen Securities.

                    

        

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

        If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security 

         

        - 8 -

        

        

        

        has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

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

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

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

        The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

        
            	
                        Section 2.9

                    	
                      Outstanding Securities.

                    

        

        The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

        If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

        If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.

        A Security shall cease to be outstanding if the Company or any of its Subsidiaries holds the Security.

        In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
        determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.

        
            	
                        Section 2.10

                    	
                      Treasury Securities.

                    

        

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

        
            	
                        Section 2.11

                    	
                      Temporary Securities.

                    

        

        Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
        Trustee upon request shall authenticate definitive Securities 

         

        - 9 -

        

        

        

        of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

        
            	
                        Section 2.12

                    	
                      Cancellation.

                    

        

        The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
        (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

        
            	
                        Section 2.13

                    	
                        Defaulted Interest.

                    

        

        If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 30 days before the record date, the
        Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

        
            	
                        Section 2.14

                    	
                        Global Securities.

                    

        

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

        2.14.2   Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depository for
        such Security or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global
        Security shall be so exchangeable, or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

        Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor
        Depository.

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

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

         

        - 10 -

        

        

        

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

        2.14.5   Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.

        2.14.6   Consents, Declaration and Directions. Except as provided in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the
        Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.

        
            	
                        Section 2.15

                    	
                      CUSIP Numbers.

                    

        

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

        ARTICLE III

         

        REDEMPTION

        
            	
                        Section 3.1

                    	
                      Notice to Trustee.

                    

        

        The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
        redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 30 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).

        
            	
                        Section 3.2

                    	
                      Selection of Securities to be Redeemed.

                    

        

        Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the
        Series outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
        multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

        
            	
                        Section 3.3

                    	
                      Notice of Redemption.

                    

        

        Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on one
        occasion a notice in an Authorized Newspaper.

         

        - 11 -

        

        

        

        The notice shall identify the Securities of the Series to be redeemed and shall state:

        3.3.1     the redemption date;

        3.3.2     the redemption price;

        3.3.3     the name and address of the Paying Agent;

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

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

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

        At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense.

        
            	
                        Section 3.4

                    	
                      Effect of Notice of Redemption.

                    

        

        Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption
        date.

        
            	
                        Section 3.5

                    	
                      Deposit of Redemption Price.

                    

        

        On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

        
            	
                        Section 3.6

                    	
                      Securities Redeemed in Part.

                    

        

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

        ARTICLE IV

         

        COVENANTS

        
            	
                        Section 4.1

                    	
                      Payment of Principal and Interest.

                    

        

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

        
            	
                        Section 4.2

                    	
                      SEC Reports.

                    

        

        The Company shall deliver to the Trustee within 45 days after it files them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act.
        Notwithstanding the foregoing, the Company will be deemed to have delivered such reports to the Trustee if the Company has filed such reports with the SEC via the EDGAR filing 

         

        - 12 -

        

        

        

        system and such reports are publicly available. The Company also shall comply with the other provisions of TIA Section 314(a).

        
            	
                        Section 4.3

                    	
                      Compliance Certificate.

                    

        

        The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate as to the signer’s knowledge of the Company’s compliance with all conditions and covenants under this Indenture (determined without regard to any period of grace or requirement of notice provided herein) and if the Company shall not be in
        compliance, specifying such non-compliance and the nature and status thereof.

        The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

        
            	
                        Section 4.4

                    	
                      Stay, Extension and Usury Laws.

                    

        

        The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the
        extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

        ARTICLE V

         

        SUCCESSOR ENTITY

        
            	
                        Section 5.1

                    	
                      Company May Consolidate, Etc.

                    

        

        Except as otherwise provided as contemplated by Section 2.2 for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which
        the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided,
        however , (a) the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities in accordance with the terms of each Series, according to their tenor, and the due and punctual performance and
        observance of all the covenants and conditions of this Indenture with respect to each Series or established with respect to such Series pursuant to Section 2.2 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the
        entity which shall have acquired such property and (b) in the event that the Securities of any Series then outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Holders of Securities of that Series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the
        number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

         

        - 13 -

        

        

        

        
            	
                        Section 5.2

                    	
                      Successor Entity Substituted.

                    

        

        5.2.1     In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee, of the obligations set forth under Section 5.1 on all of the Securities of all Series outstanding, such successor entity shall succeed to and
        be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

        5.2.2     In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

        5.2.3     Nothing contained in this Article (including, without limitation, Section 5.3) shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any
        other Person (whether or not affiliated with the Company).

        
            	
                        Section 5.3

                    	
                      Evidence of Consolidation, Etc. to Trustee.

                    

        

        The Trustee may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article.

        ARTICLE VI

         

        DEFAULTS AND REMEDIES

        
            	
                        Section 6.1

                    	
                      Events of Default.

                    

        

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

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

        6.1.2     default in the payment of the principal of any Security of that Series at its Maturity; or

        6.1.3     default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or

        6.1.4     default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or
        certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

        6.1.5     the Company pursuant to or within the meaning of any Bankruptcy Law:

        (a)        commences a voluntary case,

         

        - 14 -

        

        

        

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

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

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

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

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

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

        (c)        orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

        6.1.7     any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with Section 2.2.18.

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

        
            	
                        Section 6.2

                    	
                      Acceleration of Maturity; Rescission and Annulment.

                    

        

        If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that
        Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event
        of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

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

        6.2.1     the Company has paid or deposited with the Trustee a sum sufficient to pay:

        (a)        all overdue interest, if any, on all Securities of that Series,

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

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

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

         

        - 15 -

        

        

        

        6.2.2     all Events of Default with respect to Securities of that Series, other than the non-payment of the principal of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

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

        
            	
                        Section 6.3

                    	
                      Collection of Indebtedness and Suits for Enforcement by Trustee.

                    

        

        The Company covenants that if:

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

        6.3.2     default is made in the payment of principal of any Security at the Maturity thereof, or

        6.3.3     default is made in the deposit of any sinking fund payment when and as due by the terms of a Security,

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

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

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

        
            	
                        Section 6.4

                    	
                      Trustee May File Proofs of Claim.

                    

        

        In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
        due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise:

        6.4.1     to file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
        agents and counsel) and of the Holders allowed in such judicial proceeding; and

        6.4.2     to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the
        Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee 

         

        - 16 -

        

        

        

        any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

        Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

        
            	
                        Section 6.5

                    	
                      Trustee May Enforce Claims Without Possession of Securities.

                    

        

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

        
            	
                        Section 6.6

                    	
                      Application of Money Collected.

                    

        

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

        First: to the payment of all amounts due the Trustee under Section 7.7; and

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

        Third: to the Company.

        
            	
                        Section 6.7

                    	
                      Limitation on Suits.

                    

        

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

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

        6.7.2     the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

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

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

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

         

        - 17 -

        

        

        

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

        
            	
                        Section 6.8

                    	
                      Unconditional Right of Holders to Receive Principal and Interest.

                    

        

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

        
            	
                        Section 6.9

                    	
                      Restoration of Rights and Remedies.

                    

        

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

        
            	
                        Section 6.10

                    	
                      Rights and Remedies Cumulative.

                    

        

        Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
        every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

        
            	
                        Section 6.11

                    	
                      Delay or Omission Not Waiver.

                    

        

        No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
        often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

        
            	
                        Section 6.12

                    	
                      Control by Holders.

                    

        

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

        6.12.1   such direction shall not be in conflict with any rule of law or with this Indenture;

        6.12.2   the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

        6.12.3   subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

         

        - 18 -

        

        

        

        
            	
                        Section 6.13

                    	
                        Waiver of Past Defaults.

                    

        

        The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a
        majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

        
            	
                        Section 6.14

                    	
                        Undertaking for Costs.

                    

        

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

        ARTICLE VII

         

        TRUSTEE

        
            	
                        Section 7.1

                    	
                        Duties of Trustee.

                    

        

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

        7.1.2     Except during the continuance of an Event of Default:

        (a)        The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

        (b)        In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such
        Officers’ Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture.

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

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

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

         

        - 19 -

        

        

        

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

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

        7.1.5     The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense.

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

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

        7.1.8     The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.

        
            	
                        Section 7.2

                    	
                        Rights of Trustee.

                    

        

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

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

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

        7.2.4     The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers.

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

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

        
            	
                        Section 7.3

                    	
                        Individual Rights of Trustee.

                    

        

         

        - 20 -

        

        

        

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

        
            	
                        Section 7.4

                    	
                        Trustee’s Disclaimer.

                    

        

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

        
            	
                        Section 7.5

                    	
                        Notice of Defaults.

                    

        

        If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within
        90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that
        Series.

        
            	
                        Section 7.6

                    	
                        Reports by Trustee to Holders.

                    

        

        Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Security holders, as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA
        Section 313.

        A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

        
            	
                        Section 7.7

                    	
                        Compensation and Indemnity.

                    

        

        The Company shall pay to the Trustee from time to time reasonable compensation for its services in amounts agreed to by the Company and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses
        shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

        The Company shall indemnify the Trustee (including the cost of defending itself) against any loss, liability or expense incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the
        Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

        The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith.

        To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities of that Series.

         

        - 21 -

        

        

        

        When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

        
            	
                        Section 7.8

                    	
                        Replacement of Trustee.

                    

        

        A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

        The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

        7.8.1     the Trustee fails to comply with Section 7.10;

        7.8.2     the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

        7.8.3     a Custodian or public officer takes charge of the Trustee or its property; or

        7.8.4     the Trustee becomes incapable of acting.

        If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10%
        in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.

        If the Trustee with respect to the Securities of any one or more Series fails to comply with Section 7.10, any Securityholder of the applicable Series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

        A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
        Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series and, if any Bearer Securities are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations
        under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement.

        
            	
                        Section 7.9

                    	
                        Successor Trustee by Merger, Etc.

                    

        

        If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.

        
            	
                        Section 7.10

                    	
                        Eligibility; Disqualification.

                    

        

        This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b).

        
            	
                        Section 7.11

                    	
                        Preferential Collection of Claims Against Company.

                    

        

         

        - 22 -

        

        

        

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

        ARTICLE VIII

         

        SATISFACTION AND DISCHARGE; DEFEASANCE

        
            	
                        Section 8.1

                    	
                        Satisfaction and Discharge of Indenture.

                    

        

        This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

        8.1.1     either:

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

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

        
            	
                         

                    	
                        (i)

                    	
                        have become due and payable, or

                    

        

        
            	
                         

                    	
                        (ii)

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

                    

        

        
            	
                         

                    	
                        (iii)

                    	
                        are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or

                    

        

        
            	
                         

                    	
                        (iv)

                    	
                        are deemed paid and discharged pursuant to Section 8.3, as applicable;

                    

        

        and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become
        due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

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

        8.1.3     the Company has delivered to the Trustee an Officers’ Certificate stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

        Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1 8.2 and 8.5 shall survive.

        
            	
                        Section 8.2

                    	
                        Application of Trust Funds; Indemnification.

                    

        

        8.2.1     Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign
        Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been 

         

        - 23 -

        

        

        

        deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.

        8.2.2     The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of
        Holders.

        8.2.3     The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof
        delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

        
            	
                        Section 8.3

                    	
                        Legal Defeasance of Securities of Any Series.

                    

        

        Unless this Section 8.3 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series (and notwithstanding whether the Company has previously satisfied the conditions set forth in clause (a) through (f) of Section 8.4, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding
        Securities of such Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same), except as to:

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

        8.3.2     the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

        8.3.3     the rights, powers, trust and immunities of the Trustee hereunder;

        provided that, the following conditions shall have been satisfied:

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

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

         

        - 24 -

        

        

        

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

        8.3.7     the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same
        amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;

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

        8.3.9     such deposit shall not result in the trust arising from such deposit constituting an investment company (as defined in the Investment Company Act of 1940, as amended), or such trust shall be qualified under such Act or exempt from regulation thereunder; and

        8.3.10   the Company shall have delivered to the Trustee an Officers’ Certificate stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with.

        
            	
                        Section 8.4

                    	
                        Covenant Defeasance.

                    

        

        Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, and 5.1 as well as any additional covenants
        contained in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default under Section 6.1), with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

        8.4.1     with reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) in the case of Securities of such Series
        denominated in Dollars, cash in Dollars (or such other money or currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof, in accordance with their terms, will provide (and without reinvestment and assuming no
        tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of the Securities of such Series on the dates such installments of interest or principal are
        due;

        8.4.2     such deposit will not result in a breach or violation of, or constitute a default under, this Indenture;

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

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

         

        - 25 -

        

        

        

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

        8.4.6     the Company shall have delivered to the Trustee an Officers’ Certificate stating that all conditions precedent herein provided for relating to the defeasance contemplated by this Section have been complied with.

        
            	
                        Section 8.5

                    	
                        Repayment to Company.

                    

        

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

        ARTICLE IX

         

        AMENDMENTS AND WAIVERS

        
            	
                        Section 9.1

                    	
                        Without Consent of Holders.

                    

        

        The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

        9.1.1     to cure any ambiguity, defect or inconsistency;

        9.1.2     to comply with Article V;

        9.1.3     to provide for uncertificated Securities in addition to or in place of certificated Securities;

        9.1.4     to make any change that does not adversely affect the rights of any Securityholder;

        9.1.5     to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;

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

        9.1.7     to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA.

        
            	
                        Section 9.2

                    	
                        With Consent of Holders.

                    

        

        The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
        provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such waiver by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the
        Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.

         

        - 26 -

        

        

        

        It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities
        affected thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.

        
            	
                        Section 9.3

                    	
                        Limitations.

                    

        

        Without the consent of each Securityholder affected, an amendment or waiver may not:

        9.3.1     change the amount of Securities whose Holders must consent to an amendment, supplement or waiver;

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

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

        9.3.4     reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

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

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

        9.3.7     make any change in Section 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16; or

        9.3.8     waive a redemption payment with respect to any Security or change any of the provisions with respect to the redemption of any Securities.

        
            	
                        Section 9.4

                    	
                        Compliance with Trust Indenture Act.

                    

        

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

        
            	
                        Section 9.5

                    	
                        Revocation and Effect of Consents.

                    

        

        Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the
        consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.

        Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security
        that evidences the same debt as the consenting Holder’s Security.

         

        - 27 -

        

        

        

        
            	
                        Section 9.6

                    	
                        Notation on or Exchange of Securities.

                    

        

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

        
            	
                        Section 9.7

                    	
                        Trustee Protected.

                    

        

        In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
        authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

        ARTICLE X

         

        MISCELLANEOUS

        
            	
                        Section 10.1

                    	
                        Trust Indenture Act.

                    

        

        The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not expressly set forth herein. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed
        to be included in this Indenture by the TIA, such required or deemed provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be.

        
            	
                        Section 10.2

                    	
                        Notices.

                    

        

        Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first-class mail:

        if to the Company:

        1st United Bancorp, Inc.

        One North Federal Highway

        Boca Raton, Florida 33432

        Attention: John Marino

        if to the Trustee:

        _____________

        _____________

        _____________

        The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

        Any notice or communication to a Securityholder shall be mailed by first-class mail to his address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other
        Securityholders of that or any other Series.

        If a notice or communication is mailed or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.

         

        - 28 -

        

        

        

        If the Company mails a notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time.

        
            	
                        Section 10.3

                    	
                        Communication by Holders with Other Holders.

                    

        

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

        
            	
                        Section 10.4

                    	
                        Certificate and Opinion as to Conditions Precedent.

                    

        

        Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee or an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with.

        
            	
                        Section 10.5

                    	
                        Statements Required in Certificate or Opinion.

                    

        

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

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

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

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

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

        
            	
                        Section 10.6

                    	
                        Rules by Trustee and Agents.

                    

        

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

        
            	
                        Section 10.7

                    	
                        Legal Holidays.

                    

        

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

        
            	
                        Section 10.8

                    	
                        No Recourse Against Others.

                    

        

        A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the
        consideration for the issue of the Securities.

        
            	
                        Section 10.9

                    	
                        Counterparts.

                    

        

         

        - 29 -

        

        

        

        This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

        
            	
                        Section 10.10

                    	
                        Governing Laws.

                    

        

        THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

        
            	
                        Section 10.11

                    	
                        No Adverse Interpretation of Other Agreements.

                    

        

        This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

        
            	
                        Section 10.12

                    	
                        Successors.

                    

        

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

        
            	
                        Section 10.13

                    	
                        Severability.

                    

        

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

        
            	
                        Section 10.14

                    	
                        Table of Contents, Headings, Etc.

                    

        

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

        
            	
                        Section 10.15

                    	
                        Securities in a Foreign Currency.

                    

        

        Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
        all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15,
        “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent
        available date, or quotations or rates of exchange from one or more major banks in the City of New York or in the country of issue of the currency in question or such other quotations or rates of exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by
        Holders of Securities pursuant to the terms of this Indenture.

        All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Holders.

        
            	
                        Section 10.16

                    	
                        Judgment Currency.

                    

        

         

        - 30 -

        

        

        

        The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a
        currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then, the rate of exchange used shall be the rate
        at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with
        subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the
        Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in the City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

        ARTICLE XI

         

        SINKING FUNDS

        
            	
                        Section 11.1

                    	
                        Applicability of Article.

                    

        

        The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

        The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund
        payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.

        
            	
                        Section 11.2

                    	
                        Satisfaction of Sinking Fund Payments with Securities.

                    

        

        The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities, (i) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and
        (ii) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such
        Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
        credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
        however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver 

         

        - 31 -

        

        

        

        to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company.

        
            	
                        Section 11.3

                    	
                        Redemption of Securities for Sinking Fund.

                    

        

        Not less than 40 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking
        fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30
        days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such
        notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

         

        - 32 -

        

        

        

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

        
            	
                        1ST UNITED BANCORP, INC.

                    
	
                         

                    	
                         

                    
	
                        By:

                    	
                        
                             

                        

                    
	
                         

                    	
                        Name:

                        Title:

                    
	
                         

                    	
                         

                    
	
                        [TRUSTEE]

                    
	
                         

                    	
                         

                    
	
                        By:

                    	
                        
                             

                        

                    
	
                         

                    	
                        Name:

                        Title:

                    

        

         

        - 33 -DC9817.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

DYNAVAX TECHNOLOGIES CORPORATION

AMENDED AND RESTATED

MANAGEMENT CONTINUITY AND SEVERANCE AGREEMENT

     This Amended and Restated Management Continuity and Severance Agreement (the “Agreement”) is dated as of November 12, 2010, by and
between Dino Dina, Chief Executive Officer ("Employee"), and Dynavax Technologies Corporation, a Delaware corporation (the "Company" or “Dynavax”). This Agreement supersedes and replaces in its entirety the amended Management Continuity and Severance Agreement, dated as of October 3, 2008, between
the Company and Employee.

	
RECITALS

     A. It is expected that another company may from time to time consider the possibility of acquiring the Company or that a change in control may otherwise occur, with or
without the approval of the Company’s Board of Directors.  The Board of Directors recognizes that such consideration can be a distraction to Employee and can cause Employee to consider alternative employment opportunities. The Board of
Directors has determined that it is in the best interests of the Company to assure that the Company will have the continued dedication and objectivity of the Employee, notwithstanding the possibility, threat, or occurrence of a Change of Control (as
defined below) of the Company.

     B. The Company’s Board of Directors believes it is in the best interests of the Company to retain Employee and provide incentives to Employee to continue in the
service of the Company.

     C. The Board of Directors further believes that it is imperative to provide Employee with certain benefits upon a termination of Employee’s employment or a Change
of Control, which benefits are intended to provide Employee with encouragement to Employee to remain with the Company. 

     Now therefore, in consideration of the mutual promises, covenants, and agreements contained herein, and in consideration of the continuing employment of Employee by the Company, the parties hereto
agree as follows:

	
1.      		
Employment.	
	 
	 	
(a) Employee will serve as the Chief Executive Officer of the Company,	
	 

reporting to the Company’s board of directors, and shall have those duties and responsibilities as CEO set forth on Schedule A hereto. The Employee shall perform services principally at the Company’s headquarters located
in Berkeley, California. In addition, Employee shall make such business trips to such places as may be necessary or advisable for the efficient operations of the Company. During his employment with the Company, Employee will devote Employee’s
best efforts and substantially all of Employee’s business time and attention to the business of the Company.

	
D. Dina Continuity Agreement 
		
 		
-1- 
	
	
888699 v6/HN 
		
 		
 
	

     (b) Employee shall be paid a base salary (the “Base Salary”) at the annual rate of $408,000,
payable in bi-weekly installments, consistent with the Company’s payroll practices. Employee shall also be eligible to earn an annual bonus (the “Bonus”) of up to
$244,800, with the actual Bonus earned determined in the sole discretion of the board based upon achievement of such milestones as to which the board and Employee shall mutually agree.

     (c) Upon submission of itemized expense statements in the manner specified by the Company, Employee shall be entitled to prompt reimbursement for reasonable business
travel and other reasonable business expenses duly incurred by Employee in the performance of his duties. 

     (d) Employee shall be eligible to participate in the Company’s medical and dental insurance plans, life and disability insurance plans, and retirement plans, if
any, as in effect from time to time and made available to other officers of the Company, in each case pursuant to the terms and conditions of such plans.

     (e) So long as Employee serves as an officer or director of the Company, Employee shall be provided with the benefits of indemnification, including advancement of
expenses, as provided in the Company’s certificate of incorporation and bylaws, as in effect from time to time for similarly situated officers and directors, as well as under that certain Indemnification Agreement, dated February 9, 2004
between the Company and Employee (the “Indemnification Agreement”).  In addition, for so long as Employee serves as an officer or director of the Company, the Company shall at all
times maintain director and officer insurances in such form and amount as the board of directors shall determine, and shall ensure that Employee is covered under such policies in his capacity as an officer and/or director, as applicable.

     (f) The Company and Employee acknowledge that Employee's employment is and shall continue to be at-will, as defined under applicable law, and that Employee’s
employment with the Company may be terminated by either party at any time for any or no reason. If Employee's employment terminates for any reason, Employee shall not be entitled to any payments, benefits, damages, award, or compensation other than
as provided in this Agreement, and as may otherwise be available in accordance with the terms of the Company’s established employee plans and written policies at the time of termination. The terms of this Agreement shall terminate upon the date
that all obligations of the parties hereunder have been satisfied.

	
2.      		
Benefits upon Termination of Employment.	
	 
	 	
(a) Termination for Cause. If Employee's employment is terminated for	
	 

Cause at any time, then Employee shall not be entitled to receive payment of any severance benefits. Employee will receive payment for all accrued but unpaid salary and vacation as of the date of Employee’s termination of
employment, and Employee’s benefits will continue under the Company's then-existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination and applicable law. If the Company proposes to
terminate the Employee’s employment for Cause, the Company shall provide written notice to the Employee

	
D. Dina Continuity Agreement 
		
 		
-2- 
	
	
888699 v6/HN 
		
 		
 
	

setting forth the reasons for such termination and giving the Employee an opportunity to respond and to cure (to the extent such reason is capable of cure) prior to the effective date of termination, which shall be not less than
thirty (30) calendar days after the Employee’s receipt of such notice.

     (b) Other Terminations. If Employee’s employment ends as a result of death or disability, or other than by reason of
Involuntary Termination, then Employee shall not be entitled to receive payment of any severance benefits.  Employee will receive payment for accrued but unpaid salary and vacation as of the date of Employee’s termination of employment, and
Employee’s benefits will be continued under the Company's then-existing benefit plans and policies in accordance with such plans and policies in effect on the date of termination and applicable law.

     (c) Involuntary Termination.  In the event of an Involuntary Termination, and subject to Employee executing a general release
in favor of the Company, in a form acceptable to the Company (the “Release”), and allowing such Release to become effective not later than 60 days following Employee’s
Separation from Service, then Employee shall be entitled to receive the following severance benefits (the “Severance Benefits”):

     (i) a lump-sum cash severance payment equal to twenty-four (24) months of the Employee’s then-current Base Salary (ignoring any reduction in Base Salary that forms the basis for a Resignation for
Good Reason), subject to applicable tax withholdings, paid on the 60th day following Employee’s Separation from Service;

     (ii) if Employee is participating in the Company’s employee group health insurance plans on the effective date of termination, and timely elects and remains eligible for continued coverage under
COBRA, or, if applicable, state or local insurance laws, the Company shall pay to Employee, on the first day of each month, a cash payment equal to the applicable COBRA premiums for that month (including premiums for Employee and his eligible
dependents who have elected and remain enrolled in such COBRA coverage), subject to applicable tax withholdings (such amount, the “Special Cash Payment”), for a number of months
equal to the lesser of (i) the duration of the period in which Employee and his eligible dependents are eligible for and enrolled in such COBRA coverage (and not otherwise covered by another employer’s group health plan) and (ii) twenty-four
(24) months.  Employee may, but is not obligated to, use such Special Cash Payment toward the cost of COBRA premiums. On the 60th day following Employee’s Separation From Service,
the Company will make the first payment to Employee under this Section 2(c)(ii), in a lump sum, equal to the aggregate Special Cash Payments that the Company would have paid to Employee through such date had the Special Cash Payments commenced on
the first day of the first month following the Separation From Service through such 60th day, with the balance of the Special Cash Payments paid thereafter on the schedule described
above. In the event Employee becomes covered under another employer's group health plan or otherwise ceases to be eligible for COBRA during the period provided in this Section 2(c)(ii), Employee must immediately notify the Company of such event and
the Company shall cease payment of the Special Cash Payments and shall have no further obligations under this Section 2(c)(ii);

	
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     (iii) all of Employees then-outstanding stock options shall automatically accelerate and fully vest, effective as of Employee’s termination date; and 

     (iv) Employee shall have until the earlier of (i) the third anniversary of the termination of Employee’s continuous service (as defined under the applicable option award agreement) and (ii) the
original term of each such option (subject to any earlier termination in the event of a Corporate Transaction as may be provided under the applicable stock plan) in which to exercise his vested options. In no event will Employee’s options be
exercisable beyond their original full term.

     Employee acknowledges that Sections 2(c)(iii) and (iv) above and Section 3(a) below amend the terms of his currently outstanding stock options, and as a result, some or all of such options may cease,
as of the date of this Agreement, the date of the Change of Control and/or as of the date of his Involuntary Termination, to be treated as incentive stock options, in accordance with applicable law.

	
3.      		
Benefits upon a Change of Control.	
	 
	 	
(a) In the event of a Change of Control, and subject to Employee’s continued	
	 

service with the Company through the time immediately prior to the closing of such Change of Control, and subject to Employee executing a Release, and allowing such Release to become effective not later than the effective date of
the Change of Control, all of Employee’s then-outstanding stock options shall automatically accelerate and fully vest as of immediately prior to the effective time of such Change of Control. 

     (b) In the event of a Change of Control, if Employee’s employment with the Company and its affiliates is terminated for any reason, including voluntary
termination, which need not include his termination as a director of the Company, such that Employee’s suffers a Separation from Service on or following the Change of Control but on or before January 13 of the calendar year following the
calendar year in which the effective time of the Change of Control occurs, and subject to Employee executing a Release, and allowing such Release to become effective not later than 60 days following Employee’s Separation from Service (which
60th date shall be not later than March 15 of such calendar year following the calendar year in which the effective time of the Change of Control occurs), then Employee shall be entitled
to receive the following severance:

     (i) each of the Severance Benefits described in Section 2(c) above, as and when due as provided in Section 2(c) above; and 

     (ii) a lump-sum cash severance payment equal to 100% of Employee’s target Bonus for the year of termination, subject to applicable tax withholdings, paid on the 60th day following Employee’s Separation from Service.

     In no event shall Employee receive severance benefits under both Section 2(c) and Section 3(b) – that is, there shall be no duplication of the severance benefits provided under Section
2(c)(i)-(iv).

	
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     4. Definition of Terms.  The following terms referred to in this Agreement shall have the following meanings: 

     (a) Change of Control. “Change of Control” shall mean the occurrence of any of the
following events:

     (i) Change of Ownership. Any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the
Company’s then-outstanding voting securities; or

     (ii) Merger/Sale of Assets. In the event of (x) a merger, acquisition or consolidation of the Company, whether or not approved
by the Board, other than a merger, acquisition or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; (y) the stockholders of the
Company approve a plan of complete liquidation, dissolution or similar extraordinary transaction of the Company; or (z) the sale or disposition by the Company of all or substantially all of the Company’s assets.

     (b) Cause. “Cause” shall mean: (i) gross negligence or willful misconduct in the performance of Employee’s
duties to the Company, where such gross negligence or willful misconduct has resulted or is reasonably likely to result in substantial and material damage to the Company or its subsidiaries taken as a whole; (ii) repeated unexplained or unjustified
absence from the Company; (iii) a material and willful violation of any federal or state law (other than misdemeanor traffic violations) that has resulted or is reasonably likely to result in substantial and material damage to the Company or its
subsidiaries taken as a whole; (iv) commission of any act of fraud with respect to the Company that is material and significant; or (v) conviction of a felony or a crime involving moral turpitude causing material harm to the standing and reputation
of the Company, in each case as determined in good faith by the Board.

     (c) Involuntary Termination.  “Involuntary Termination” shall mean a termination of Employee’s employment with
the Company and its affiliates, which need not include his termination as a director of the Company, that also constitutes a Separation from Service, in any case as a result of either: (i) a termination by the Company without Cause and other than as
a result of Employee’s death or disability; or (ii) Employee’s resignation for Good Reason.

     (d) Good Reason. “Good Reason” shall mean Employee’s
resignation from all employment positions he then holds with the Company and its affiliates, which need not include his termination as a director of the Company, as a result of: 

	
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     (i) a material reduction or change in Employee’s job duties, responsibilities, and requirements inconsistent with the Employee’s position with the Company and the Employee’s prior
duties, responsibilities, and requirements;

     (ii) a requirement that Employee report to a corporate officer or employee rather than the board of directors of the Company; 

     (iii) a material reduction of Employee’s Base Salary or Bonus (other than in connection with a general decrease in base compensation for most officers of the Company or any successor
corporation); 

     (iv) a requirement that Employee relocate to a facility or location that increases Employee’s one-way commute by more than thirty-five (35) miles; or 

     (v) any other action that constitutes a material breach by the Company (or any successor thereto) of this Agreement.

     Notwithstanding the foregoing, Good Reason shall only exist if:  (x) Employee provides written notice to the Company of the existence of the condition that forms the basis for such resignation for
Good Reason within ninety (90) days following its initial existence; (y) upon such notice, the Company does not cure such condition within thirty (30) days thereafter to the reasonable satisfaction of Employee; and (z) Employee’s resignation
occurs not later than one hundred eighty (180) days after the occurrence of the condition giving rise to the resignation right.

     For the avoidance of doubt, Employee acknowledges and agrees that the terms of this Agreement, as amended and restated on November 12, 2010, do not constitute grounds for Good Reason, and
Employee’s execution of this Agreement constitutes a waiver of any claim of Good Reason under any predecessor understanding or agreement, including this Agreement. 

     (e) Separation from Service shall mean Employee’s “separation from service” within the meaning of Treasury
Regulation Section 1.409A-1(h) without regard to any permissible alternative definition thereunder.

     5. Conflicts.  Employee represents that his performance of all the terms of this Agreement
will not breach any other agreement to which Employee is a party. Employee has not entered, and will not during the term of this Agreement enter, into any oral or written agreement in conflict with any of the provisions of this Agreement. Employee
further represents that he is entering into or has entered into an employment relationship with the Company of his own free will and that he has not been solicited as an employee in any way by the Company.

     6. Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation,
liquidation, or otherwise) to all or substantially all of the Company's business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same
extent as the Company would be required to perform such obligations in

	
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the absence of a succession. The terms of this Agreement and all of Employee's rights hereunder and thereunder shall inure to the benefit of, and be enforceable by, Employee's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees, and legatees.

     7. Notice. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have
been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices to Employee shall be addressed to Employee at the home address that Employee most recently
communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

	
8.      		
Parachute Payments.	
	 
	 	
(a) If any payment or benefit Employee would receive from the Company or	
	 

otherwise in connection with a Change of Control or other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning
of Section 280G of the Internal Revenue Code of 1988, as amended (the “Code”), and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then such Payment shall be equal to the Reduced Amount.  The “Reduced Amount” shall be either
(x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount ((x) or (y)), after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Employee’s receipt of the greatest economic benefit notwithstanding that all
or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments shall occur in the following order: (a) reduction of cash payments; (b) cancellation
of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to Employee. Within any such category of payments and benefits (that is, (a), (b),
(c) or (d)), a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts that are.  In the event that acceleration of compensation from
Employee’s equity awards is to be reduced, such acceleration of vesting shall be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant.

     (b) The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the event
described in Section 280G(b)(2)(A)(i) of the Code shall perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group
effecting such event, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by such
independent registered public accounting firm required to be made hereunder.  The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting

	
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documentation, to the Company and Employee within thirty (30) calendar days after the date on which Employee’s right to a Payment is triggered (if requested at that time by the Company or Employee) or such other time as
reasonably requested by the Company or Employee. Any good faith determinations of the independent registered public accounting firm made hereunder shall be final, binding and conclusive upon the Company and Employee.

	
9.      		
Miscellaneous Provisions.	
	 
	 	
(a) No Duty to Mitigate. Employee shall not be required to mitigate the	
	 

amount of any payment contemplated by this Agreement (whether by seeking new employment or in any other manner), nor shall any such payment be reduced by any earnings that Employee may receive from any other source (except as
expressly provided in Section 2(c)(ii)).

     (b) Waiver.  No provision of this Agreement shall be modified, waived, or discharged unless the modification, waiver, or
discharge is agreed to in writing and signed by Employee and by an authorized officer of the Company (other than Employee). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other
party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

     (c) Whole Agreement.  No agreements, representations, or understandings (whether oral or written and whether expressed or
implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof.  This Agreement supersedes any agreement of the same title and concerning similar subject matter
dated prior to the date of this Agreement, and by execution of this Agreement both parties agree that any such predecessor agreement shall be deemed null and void; provided, that all of Employee’s stock options issued prior to or after the date
hereof shall remain in effect in accordance with their terms, except to the extent specifically modified hereby. The Agreement may not be modified or amended in any way except by a written agreement executed by Employee and a duly authorized member
of the board of directors. For the avoidance of doubt, nothing in this Agreement supersedes or replaces the terms of the Proprietary Information and Inventions Assignment Agreement and Indemnification Agreement between the Company and Employee, the
terms of which remain in full force and effect.

     (d) Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws
of the State of California without reference to conflict of laws provisions.

     (e) Severability.  If any term or provision of this Agreement or the application thereof to any circumstance shall, in any
jurisdiction and to any extent, be invalid or unenforceable, such term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms
and provisions of this Agreement or the application of such terms and provisions to circumstances other than those as to which it is held invalid or unenforceable, and a suitable and equitable term or provision shall be substituted therefore to
carry out, insofar as may be valid and enforceable, the intent and purpose of the invalid or unenforceable term or provision.

	
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     (f) Arbitration. Any dispute or controversy arising under or in connection with this Agreement may be settled at the option of
either party by binding arbitration in the County of Alameda, California, in accordance with the rules of the American Arbitration Association then in effect before a single arbitrator. Any award made by such panel shall be final, binding and
conclusive on the parties for all purposes, and the judgment may be entered on the arbitrator’s award in any court having jurisdiction. Punitive damages shall not be awarded.

     (g) Legal Fees and Expenses.  The parties shall each bear their own expenses, legal fees, and other fees incurred in connection
with this Agreement; provided that the Company shall bear the legal fees and expenses of Employee not to exceed $15,000. This means the Company pays its own legal fees in connection with this Agreement and the Employee is responsible for his own
legal fees in connection with this Agreement. However, the arbitrator may award legal fees and expenses in connection with any arbitration as deemed appropriate.

     (h) No Assignment of Benefits.  The rights of any person to payments or benefits under this Agreement shall not be made subject
to option or assignment, either by voluntary or involuntary assignment or by operation of law, including (without limitation) bankruptcy, garnishment, attachment, or other creditor’s process, and any action in violation of this Section 9(h)
shall be void.

     (i) Employment Taxes. All payments made pursuant to this Agreement will be subject to withholding of applicable income and
employment taxes.

     (j) Assignment by Company. The Company may assign its rights under this Agreement to an affiliate, and an affiliate may assign
its rights under this Agreement to another affiliate of the Company or to the Company; provided, however, that such assignee is the employer of the Employee. In the case of any such assignment, the term “Company” when used in a section of
this Agreement shall mean the corporation that actually employs the Employee except that the term “Company” shall continue to mean Dynavax Technologies Corporation with regard to the definition of a Change of Control.

     (k) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together will constitute one and the same instrument. 

     (l) Application of Section 409A.  It is intended that each installment of payments and benefits provided for in this Agreement
is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that payments and benefits set forth in this Agreement satisfy, to the greatest extent possible, the
exceptions from the application of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”), including but not limited to the exceptions under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-1(b)(9), and this Agreement will be construed in accordance therewith to the maximum extent permitted by
law. Notwithstanding anything to the contrary set forth herein, to the extent that any payments and benefits provided under this Agreement constitute “deferred compensation” within the meaning of Section 409A, and Employee is, on the
termination of

	
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service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse
personal tax consequences under Section 409A, the timing of the payments and benefits payable upon such a Separation from Service shall be delayed until the earliest to occur of: (a) the date that is six months and one day after Employee’s
Separation from Service, (b) the date of Employee’s death or (c) such earlier date as is permitted under Section 409A (such applicable date, the “Specified Employee Initial Payment Date”). On the Specified Employee Initial Payment Date, the Company (or the successor entity thereto, as applicable) shall (i) pay to Employee a lump sum amount equal to the sum of the payments and benefits that Employee would
otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of such amounts had not been so delayed pursuant to this Section and (ii) commence paying the balance of the payments and benefits in
accordance with the applicable payment schedules set forth in this Agreement.

	
[SIGNATURE PAGE FOLLOWS]

	
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The parties have executed this Agreement on the date first written above.

DYNAVAX TECHNOLOGIES CORPORATION

	
By: /s/ Arnold L. Oronsky

Title: Chairman of the Board

Address: 2929 Seventh Street

Suite #100

Berkeley, CA 94710

	
DINO DINA 
		
 		
 
	
	
Signature: 
		
 		
/s/ Dino Dina 
	
	

		
		

	
	
Address: 
		
 		
    6140 Buena Vista Avenue 
	
	
 
		
 		
    Oakland, CA 94618 
	

	
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Schedule A

	
Business Development

Capital Formation

Legal

Intellectual Property

Discovery Research

Investor Relations

	
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