Document:

Exhibit
10.34

 

Execution Version

 

AMENDMENT
NO. 3 TO CREDIT AGREEMENT

 

THIS
AMENDMENT NO. 3 TO CREDIT AGREEMENT (this “Amendment”), dated as of April 1, 2021, is entered into by and
among OVERSEAS SHIPHOLDING GROUP, INC., a Delaware corporation, as guarantor (“Holdings”), MARITRANS GENERAL
PARTNER, INC., a Delaware corporation, MARITRANS OPERATING COMPANY L.P., a Delaware limited partnership, OSG 244 LLC, a Delaware
limited liability company, OSG AMERICA LLC, a Delaware limited liability company, OSG AMERICA L.P., a Delaware limited partnership,
OSG AMERICA OPERATING COMPANY LLC, a Delaware limited liability company, OSG BULK SHIPS, INC., a New York corporation (“OBS”),
OSG COLUMBIA LLC, a Delaware limited liability company, OSG COURAGEOUS LLC, a Delaware limited liability company, OSG DELAWARE
BAY LIGHTERING LLC, a Delaware limited liability company, OSG ENDURANCE LLC, a Delaware limited liability company, OSG MARITRANS
PARENT LLC, a Delaware limited liability company, OSG PRODUCT TANKERS, LLC, a Delaware limited liability company, OSG PRODUCT
TANKERS AVTC, LLC, a Delaware limited liability company, OSG PRODUCT TANKERS I, LLC, a Delaware limited liability company, OSG
PRODUCT TANKERS II, LLC, a Delaware limited liability company, OSG PRODUCT TANKERS MEMBER LLC, a Delaware limited liability company,
OSG SHIP MANAGEMENT, INC., a Delaware corporation, OVERSEAS ST HOLDING LLC, a Delaware limited liability company, OVERSEAS ANACORTES
LLC, a Delaware limited liability company, OVERSEAS BOSTON LLC, a Delaware limited liability company, OVERSEAS HOUSTON LLC, a
Delaware limited liability company, OVERSEAS LONG BEACH LLC, a Delaware limited liability company, OVERSEAS LOS ANGELES LLC, a
Delaware limited liability company, OVERSEAS MARTINEZ LLC, a Delaware limited liability company, OVERSEAS NEW YORK LLC, a Delaware
limited liability company, OVERSEAS NIKISKI LLC, a Delaware limited liability company, OVERSEAS TAMPA LLC, a Delaware limited
liability company, OVERSEAS TEXAS CITY LLC, a Delaware limited liability company (collectively, but excluding Holdings, the “Borrowers”,
and each individually, jointly and severally, a “Borrower”), the lenders from time to time party hereto (collectively,
the “Lenders”, and each individually a “Lender”), and PGIM, INC., as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”).

 

Recitals:

 

The
Borrowers, Holdings (collectively with the Borrowers, the “Loan Parties”), the Lenders, the Administrative
Agent and the other Agents (as such term is defined in the Credit Agreement) are parties to that certain Credit Agreement dated
December 21, 2018 (as amended, and as the same may be further amended, amended and restated, supplemented, extended or otherwise
modified from time to time, the “Credit Agreement”), pursuant to which the Lenders agreed to loan the Borrowers
the aggregate principal amount of $325,000,000 (the “Loan”).

 

Recently,
the Loan Parties requested that the Lenders and the Administrative Agent modify certain of the terms and conditions contained
in the Credit Agreement and the Lenders and the Administrative Agent have agreed to do so in accordance with this Amendment.

 

Agreement

 

NOW,
THEREFORE, in consideration of the foregoing and other mutual agreements and covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.
Definitions. All references to the “Agreement” or the “Credit Agreement” in the Credit Agreement and
in this Amendment shall be deemed to be references to the Credit Agreement as it may be amended, restated, extended, renewed,
replaced, or otherwise modified from time to time. Capitalized terms used herein and not defined have the meanings given to such
terms in the Credit Agreement.

 

    	 	1	 

    	 

    

 

2.
Effectiveness of Agreement. This Amendment shall become effective as of the date first above written, but only if (i) this Amendment
has been duly executed and delivered by the Borrowers, Holdings, the Required Lenders and the Administrative Agent, (ii) the Borrowers
have delivered to the Lenders a schedule of all of the Vessels owned by the Borrowers and their Subsidiaries and the Chartered Vessels,
in form and substance satisfactory to the Administrative Agent (including reasonable detail regarding each Vessel’s current status),
(iii) Holdings and its Subsidiaries (as applicable) shall have entered into amendments with respect to: (A) that certain Loan and Security
Agreement, dated as of March 12, 2020, by and between Banc of America Leasing & Capital, LLC, and Kiska Island LLC, Akun Island LLC,
and Tagalak Island LLC; (B) that certain Credit Agreement, dated as of November 18, 2020, by and among OSG 205 LLC, OSG Courageous II
LLC, and TVPX Aircraft Solutions Inc.; (C) that certain Loan and Security Agreement, dated as of August 7, 2019, between Pacific Western
Bank and Overseas Sun Coast LLC; (D) that certain Credit Agreement, dated as of March 26, 2020, by and among OSG 204 LLC, various financial
institutions party thereto, and Wintrust Commercial Finance; and (E) that certain Master Security Agreement, dated as of November 19,
2018, by and among, Wintrust Commercial Finance, Mykonos Tanker LLC and Santorini Tanker LLC, (iv) the Administrative Agent shall have
received a duly executed and delivered Perfection Certificate, (v) the Borrowers shall have paid to each of the Lenders who have signed
this Amendment an amendment fee equal to 25 bps of the amount of the Loan held by such Lender as of March 31, 2021, which fee is deemed
fully earned and non-refundable as of the date hereof, (vi) the Borrowers shall have paid to King & Spalding LLP, counsel to the
Administrative Agent, the legal fees and expenses due to them, and (vii) Holdings, the Borrowers, the Required Lenders, and the Administrative
Agent shall have entered into that certain letter agreement dated as of the date hereof in form and substance satisfactory to the Administrative
Agent and the Required Lenders.

 

3.
Amendments to Credit Agreement. Effective as of the date hereof, the Credit Agreement is hereby amended as follows:

 

3.1.
Section 1.01 of the Credit Agreement is hereby amended as follows:

 

(a)
By deleting the definitions of “Adjusted LIBOR Rate,” “Applicable Margin” and “Board”
appearing therein and substituting the following in lieu thereof:

 

“Adjusted
LIBOR Rate” means, with respect to the Initial Term Loan, as well as any Incremental Term Loan, for any Interest Period,
an interest rate per annum (rounded upward, if necessary, to the next 1/100th of 1%) determined by the Administrative Agent to
be equal to the LIBOR Rate for such Term Loan in effect for such Interest Period divided by 1 minus the Statutory Reserves (if
any) for such Term Loan for such Interest Period; provided that if such rate is below 1.00%, the Adjusted LIBOR Rate shall deemed
to be 1.00%.

 

“Applicable
Margin” means 5.50%; provided that, upon termination of the Additional Reporting Period, the Applicable Margin shall
revert back to 5.00%.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America, or any successor governmental
authority.

 

    	 	2	 

    	 

    

 

(b)
By adding thereto in proper alphabetical order the following new definitions:

 

““Additional
Reporting Period” shall mean the period commencing on the Third Amendment Effective Date and ending on the earlier of
(i) the date of timely delivery of a Compliance Certificate demonstrating: (A) compliance with the covenants set forth in Sections
5.21(a), (b), and (c) for the period ended March 31, 2022; and (B) the existence of no other Defaults or Events of Default; for
the avoidance of doubt, if the Borrowers fail to comply with such financial covenants for the period ended March 31, 2022, the
Additional Reporting Period shall extend until the date that Loans are repaid and satisfied in full and (ii) the date on which
the Administrative Agent shall have received written notice form the Borrower Representative of the Borrower’s election
to terminate the Additional Reporting Period along with a Compliance Certificate demonstrating: (Y) compliance with the covenants
set forth in Sections 5.21(a), (b), and (c) (as such covenants existed immediately prior to the Third Amendment Effective Date)
as of the most recently ended fiscal quarter; and (Z) the existence of no other Defaults or Events of Default.

 

“Agent
Letter Agreement” shall mean that certain Letter Agreement dated as of the Third Amendment Effective Date by and among
the Borrowers, the Required Lenders, the Administrative Agent and Holdings.

 

“Available
Tenor” shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, any
tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or
may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for
the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period”
pursuant to Section 2.17.

 

“Benchmark”
shall mean, initially, LIBOR Rate; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and
its related Benchmark Replacement Date have occurred with respect to LIBOR Rate or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate
pursuant to Section 2.17.

 

“Benchmark
Replacement” shall mean, for any Available Tenor, the first alternative set forth in the order below that can be determined
by the Administrative Agent for the applicable Benchmark Replacement Date:

 

(1)
the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)
the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrowers as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S.
dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;

 

provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that
publishes such rate from time to time as selected by the Administrative Agent in their reasonable discretion. If the Benchmark
Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will
be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

    	 	3	 

    	 

    

 

 

“Benchmark
Replacement Adjustment” shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth
in the order below that can be determined by the Administrative Agent:

 

(a)
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value
or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended
by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for
the applicable Corresponding Tenor; and

 

(b)
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor;
and

 

(2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative
Agent and the Borrowers for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement
Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement
for U.S. dollar- denominated syndicated credit facilities;

 

provided
that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such
Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion.

 

“Benchmark
Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative
or operational changes (including, without limitation, changes to the definition of “Base Rate,” the definition of
“Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making
payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods,
the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative
Agent reasonably decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit
the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative
Agent decides that adoption of any portion of such market practice is not administratively feasible or determine that no market
practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative
Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

    	 	4	 

    	 

    

 

“Benchmark
Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors
of such Benchmark (or such component thereof);

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein; or

 

(3)
in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided
to the Borrowers and the Lenders.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier
than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior
to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred
in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth
therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation
thereof).

 

“Benchmark
Transition Event” shall mean the occurrence of one or more of the following events with respect to the then-current
Benchmark:

 

(1)
a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component
used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of
such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof), the Board, the NYFRB, an insolvency official with jurisdiction over the
administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such
Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for
such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will
cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide any Available
Tenor of such Benchmark (or such component thereof); or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are no longer representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark
if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor
of such Benchmark (or the published component used in the calculation thereof).

 

    	 	5	 

    	 

    

 

“Benchmark
Unavailability Period” shall mean the period (if any) (i) beginning at the time that a Benchmark Replacement Date pursuant
to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.17 and (ii) ending at the time that
a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.17.

 

“Cash
Flow Projection” has the meaning given to it in Section 5.01(l) hereof.

 

“Corresponding
Tenor” with respect to any Available Tenor shall mean, as applicable, either a tenor (including overnight) or an interest
payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

 

“Daily
Simple SOFR” shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being
established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant
Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative
Agent decides that any such convention is not administratively feasible, then the Administrative Agent may establish another convention
in their reasonable discretion.

 

“Early
Opt-in Election” shall mean, if the then-current Benchmark is LIBOR Rate, the occurrence of:

 

(i)
a notification by the Administrative Agent to the Borrowers or a notification by the Borrowers to the Administrative Agent that
at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of
amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark
rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(ii)
the joint election by the Administrative Agent and the Borrowers to trigger a fallback from LIBOR Rate and the provision, as applicable,
by the Administrative Agent to the Lenders of written notice of such joint election.

 

“Financial
Advisor” has the meaning given to it in Section 5.25 hereof.

 

“Financial
Advisor Trigger Event” means the occurrence of a Default under Section 5.21.

 

“Floor”
shall mean 1.00%.

 

“Gulf
Coast Sale Transaction” shall mean the sale of the Gulf Coast Vessel at any time after the Third Amendment Effective
Date.

 

“Gulf
Coast Vessel” shall mean that 50,000 DWT class product/chemical tanker named “OVERSEAS GULF COAST”, IMO
No. 9862932, flagged under the laws of the Republic of the Marshall Islands (Official No. 8598), registered on September 30, 2019.

 

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“ISDA
Definitions” shall mean the 2006 ISDA Definitions published by the International Swaps and Derivatives Association,
Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest
rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“NYFRB”
shall mean the Federal Reserve Bank of New York.

 

“Reference
Time” with respect to any setting of the then-current Benchmark shall mean (1) if such Benchmark is the LIBOR Rate,
11:00 a. m. (London time) on the day that is two London banking days preceding the date of such setting and (2) if such Benchmark
is not the LIBOR Rate, the time determined by the Administrative Agent in their reasonable discretion.

 

“Relevant
Governmental Body” shall mean the Board or the NYFRB, or a committee officially endorsed or convened by the Board or
the NYFRB, or any successor thereto.

 

“SOFR”
shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business
Day published by the SOFR Administrator on the SOFR Administrator’s Website at approximately 8:00 a.m. (New York City time)
on the immediately succeeding Business Day.

 

“SOFR
Administrator” shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR
Administrator’s Website” shall mean the website of the NYFRB, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Term
SOFR” shall mean, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term
rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Third
Amendment Effective Date” means April 1, 2021.

 

“Unadjusted
Benchmark Replacement” shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.”

 

(c)
By adding the following proviso at the end of the definition of “OBS Available Amount”:

 

“provided,
however, during the Additional Reporting Period, the OBS Available Amount shall equal $0.”

 

(d)
By adding the following proviso at the end of the definition of “OSG Available Amount”:

 

“provided,
however, during the Additional Reporting Period, the OSG Available Amount shall equal $0.”

 

    	 	7	 

    	 

    

 

3.2.
Article II of the Credit Agreement is hereby amended by adding the following new Section 2.17 to the end of said Article:

 

“Section
2.17Effect of Benchmark Transition Event.

 

(a)
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Term Loan Document, if a Benchmark
Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to
the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined
in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date,
such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Term Loan Document in respect
of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other
party to, this Agreement or any other Term Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause
(3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will
replace such Benchmark for all purposes hereunder and under any Term Loan Document in respect of any Benchmark setting at or after
5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided
to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Term
Loan Document.

 

(b)
Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative
Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to
the contrary herein or in any other Term Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes
will become effective without any further action or consent of any other party to this Agreement or any other Term Loan Document.

 

(c)
Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrowers of (i)
any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement
Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes,
(iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (iv) below and (v) the commencement or conclusion
of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent pursuant
to this Section 2.17, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive
and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to
this Agreement or any other Term Loan Document, except, in each case, as expressly required pursuant to this Section 2.17.

 

(d)
Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Term Loan Document,
at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is
a term rate (including Term SOFR or the LIBOR Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or
other information service that publishes such rate from time to time as selected by the Administrative Agent in their reasonable
discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication
of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent
may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable
or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed
on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject
to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the
Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

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(e)
Benchmark Unavailability Period. Upon the Borrowers’ receipt of written notice of the commencement of a Benchmark
Unavailability Period, the Borrowers may revoke any request for any conversion to or continuation of any borrowing of LIBOR Rate
Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrowers will be deemed
to have converted any such request into a request for a conversion to a Base Rate Loan. During any Benchmark Unavailability Period
or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon
the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base
Rate.

 

(f)
Conflict. In the event the provisions of this Section 2.17 conflict with another paragraph of this Agreement, this
Section 2.17 shall govern.

 

3.3.
Section 5.01(a) of the Credit Agreement is hereby amended by deleting the parenthetical in clause (i) of such Section
in its entirety and substituting the following in lieu thereof:

 

“(which
opinion shall not be qualified as to scope or contain any going concern qualification (other than with respect to the audited
financial statements for the fiscal year ending December 31, 2020) or other qualification or exemption)”

 

3.4.
Section 5.01 of the Credit Agreement is hereby amended by adding the following new clauses (l), (m) and (n) to the
end of said Section:

 

“(l)Thirteen
Week Cash Flow. By 5:00 PM (eastern standard time) on every other Tuesday during the Additional Reporting Period (commencing
with April 13, 2021), (i) an updated rolling thirteen-week cash flow projection for each of Holdings and the Borrowers and (ii)
a detailed reconciliation analysis of actual results compared to projected results for the prior two-week period (each a “Cash
Flow Projection and Variance Report”). The Cash Flow Projection and Variance Reports shall (i) be in form and substance
reasonably acceptable to the Administrative Agent and prepared in good faith and based upon assumptions that were reasonable at
the time such projections were delivered; (ii) include a description of (A) any non-renewal of any contracts the Borrowers are
party to, (B) the release of employment of any Vessel or Chartered Vessel, (C) any Vessels or Chartered Vessel entering into new
contracts (including information on such contracts), (D) any adjustments to an existing contract rate with respect to any Vessel
or Chartered Vessel (including terms of adjustment), (E) all Unrestricted Cash and Cash Equivalents held the Borrowers as of the
last Business Day of the week, and (F) any other information that the Administrative Agent may reasonably request prior to delivery
of any such Cash Flow Projection and Variance Report; and (iii) include an updated schedule of all Chartered Vessels and Vessels
(including the status of such Vessel) owned by the Borrowers and their Subsidiaries, in the form attached hereto as Exhibit
S (and such schedule shall highlight any changes since the delivery of most recent schedule); and

 

(m)
Cash Reports. During the Additional Reporting Period and simultaneously with the delivery of each Cash Flow Projection
and Variance Report, a statement (specifying the balance of each applicable account) of Unrestricted Cash and Cash Equivalents
of the Borrowers in accounts that are subject to Deposit Account Control Agreements or Securities Account Control Agreements as
of the last Business Day of each of the prior two weeks and as of the last day of the calendar month (to the extent such two-week
period includes the end of a calendar month).

 

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(n)
Monthly Reports. As soon as available and in any event no later than the last day of the immediately subsequent calendar
month of each fiscal year of Holdings and its Subsidiaries during the Additional Reporting Period, (i) the unaudited consolidated
balance sheet of Holdings and its Subsidiaries as of the end of such calendar month and related consolidated statements of income,
cash flows and stockholders equity for such calendar month and for the then elapsed portion of the fiscal year, accompanied by
a certificate of a Financial Officer of Holdings stating that such financial statements fairly present, in all material respects,
the consolidated financial condition, results of operations and cash flows of Holdings and its Subsidiaries as of the date and
for the periods specified in accordance with GAAP consistently applied, and on a basis consistent with audited financial statements
referred to in clause (a)(i) of this Section 5.01, subject to normal year-end audit adjustments and the absence of footnotes,
(ii) the unaudited consolidated balance sheet of the Borrowers and their Subsidiaries as of the end of such calendar month and
related consolidated statements of income and cash flows for such calendar month and for the then elapsed portion of the fiscal
year, accompanied by a certificate of a Financial Officer of the Borrower Representative stating that such financial statements
fairly present, in all material respects, the consolidated financial condition, results of operations and cash flows of the Borrowers
and their Subsidiaries as of the date and for the periods specified in accordance with GAAP consistently applied, and on a basis
consistent with the annual financial statements referred to in clause (iii) of Section 5.01(a), subject to normal year-end audit
adjustments and the absence of footnotes, and (iii) a report of monthly operational data inclusive of key performance indicators,
including, without limitation, vessel operating updates for days worked, spot activity and rates.”

 

3.5.
Section 5.13 of the Loan Agreement is hereby amended by (i) deleting the word “and” at the end of clause
(i) of the second proviso thereof, (ii) adding the word “and” to the end of clause (ii) of such proviso, and (iii)
adding thereto the following new clause (iii) to read as follows:

 

“(iii)during
the fiscal year ending December 31, 2021, the Collateral Agent and the Administrative Agent shall be permitted to conduct one
additional Vessel Appraisal in the aggregate (in addition to any Vessel Appraisal conducted pursuant to clause (i) of this proviso)
for each Collateral Vessel at the Borrowers’ cost and expense.”

 

3.6.
Section 5.21(d) of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting
the following in lieu thereof:

 

“(d)At
all times prior to the termination of the Additional Reporting Period, the Borrowers shall maintain directly (and not through
any Subsidiary or other party) in accounts subject to a Deposit Account Control Agreement or Securities Account Control Agreement,
as applicable, Unrestricted Cash and Cash Equivalents of not less than (i) before the consummation of the Gulf Coast Sale Transaction,
(A) $25,000,000 in the aggregate as of the last day of any month during such period and (B) $15,000,000 in the aggregate at any
other time during such period and (ii) on or after the consummation of the Gulf Coast Sale Transaction, (A) $30,000,000 in the
aggregate as of the last day of any month during such period and (B) $20,000,000 in the aggregate at any other time during such
period. At all times after the termination of the Additional Reporting Period, the Borrowers shall maintain directly (and not
through any Subsidiary or other party) in accounts subject to a Deposit Account Control Agreement or Securities Account Control
Agreement, as applicable, Unrestricted Cash and Cash Equivalents of not less than $25,000,000 in the aggregate.

 

    	 	10	 

    	 

    

 

3.7.
Section 5.21 of the Credit Agreement is hereby amended by adding the following new clause (e) to the end of said Section:

 

“(e)
The covenants set forth in Sections 5.21(a), 5.21(b) and 5.21(c) above shall be suspended and of no force and effect during the
period beginning on January 1, 2021 and ending on the earlier of (i) the end of the Additional Reporting Period and (ii) January
1, 2022, and Holdings and the Borrowers shall instead comply with Section 5.21(d) and the following covenants for each quarter
ending during such period: Borrowers shall not permit Consolidated EBITDA for each of the fiscal quarters listed below to be less
than the amount set forth next to such fiscal quarter:

 

	The fiscal quarter ending  March 31, 2021	 	$	0	 
	The fiscal quarter ending June 30, 2021	 	$	2,000,000	 
	The fiscal quarter ending September 30, 2021	 	$	18,500,000	 
	The fiscal quarter ending December 31, 2021	 	$	23,000,000	 

 

;
provided, however, if the Consolidated EBITDA for the Borrowers is less than $8,000,000 for the fiscal quarter ending June 30,
2021, then, at the request of the Administrative Agent, the Borrowers shall hold a conference call (the cost of which conference
call is to be paid by the Borrowers) with representatives of the Administrative Agent and all Lenders who choose to participate
in such conference call, to be held at such time as reasonably agreed by the Borrowers and the Administrative Agent, and at which
conference call shall be discussed a strategic business review and planning session.

 

For
fiscal quarters ending after the earlier of (i) the end of the Additional Reporting Period and (ii) January 1, 2022, the financial
covenants set forth in Sections 5.21(a), 5.21(b) and 5.21(c) shall be deemed reinstated and Holdings and the Borrowers shall comply
therewith and with Section 5.21(d); provided, however, with respect to the calculation of the financial covenants set forth
in Sections 5.21(a), 5.21(b), and 5.21(c) and for the fiscal quarter ending March 31, 2022 only, such financial covenants shall
be calculated on an annualized basis using only the three preceding fiscal quarters.”

 

3.8.
Article V of the Credit Agreement is hereby amended by adding the following new Section 5.24 to the end of said Article:

 

“Section
5.24Monthly Calls. No later than the fifth (5) Business Day after which financial statements are required to be delivered
pursuant to Section 5.01(n) (or such later date selected by the Administrative Agent in its sole discretion), Holdings and the
Borrowers shall cause their chief executive officer and/or chief financial officer to make themselves available during normal
business hours for a telephonic meeting with Administrative Agent and Lenders to provide the Administrative Agent and Lenders
with summary information regarding the Loan Parties’ business results, and the opportunity for the Administrative Agent,
its advisors, as well as the Lenders to ask and have answered any questions regarding the Borrowers and/or its financial condition.

 

    	 	11	 

    	 

    

 

3.9.
Section 6.01(m) of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting
the following in lieu thereof:

 

“Other
than during the Additional Reporting Period, other Indebtedness in an aggregate principal amount for all Borrowers not to exceed
$50,000,000 at any time outstanding, of which up to (but not more than) $30,000,000 may be secured to the extent permitted by
Section 6.02(w);”

 

3.10.
Section 6.01 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower, Holdings, or any other Subsidiary of Holdings
incur, create or assume, directly or indirectly, any additional Indebtedness in an amount greater (in the aggregate among any
Borrower, Holdings, or any other Subsidiary of Holdings) than $5,000,000.”

 

3.11.
Section 6.02(s) of the Credit Agreement is hereby amended by adding the following language after the first parenthetical
in said Section: “during the Additional Reporting Period in connection with Indebtedness incurred by any Borrower pursuant
to Section 6.01(p)”.

 

3.12.
Clause (ii) of Section 6.02(w) is hereby amended and restated in its entirety as follows:

 

“(ii)
do not secure obligations in excess of: (A) $10,000,000 during the Additional Reporting Period; and (B) $30,000,000 during all
other times.”

 

3.13.
Section 6.02 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower create, incur, assume, directly or indirectly,
any additional Lien pursuant to clause (m) above.”

 

3.14.
Section 6.03 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower enter into any Sale and Leaseback Transaction.”

 

3.15.
Section 6.04 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower create, incur, assume, directly or indirectly,
any additional Investment pursuant to clause (e), (h), (n), (o), (p) or (r) above.”

 

3.16.
Section 6.05 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower, Holdings, or any other Subsidiary of Holdings
enter into, directly or indirectly, any additional Permitted Acquisition pursuant to clause (c) above.”

 

    	 	12	 

    	 

    

 

3.17.
Section 6.06(b) of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting
the following in lieu thereof:

 

“(b)disposition
of any Term Loan Priority Collateral Vessel or ABL Priority Collateral Vessel so long as (i) for any such disposition during the
Additional Reporting Period, the Required Lenders have consented to such disposition and (ii) the proceeds thereof are applied
in accordance with Section 2.09;”

 

3.18.
Section 6.06 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower, Holdings, or any other Subsidiary of Holdings
directly or indirectly effect any disposition of any property, or agree to effect any disposition of any property pursuant to
(k) above.”

 

3.19.
Section 6.07 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower, Holdings, or any other Subsidiary of Holdings
purchase or otherwise acquire (in one or a series of related transactions) any part of the property (whether tangible or intangible)
of any person (or agree to do any of the foregoing) pursuant to clause (b) (other than in the ordinary course of business or as
necessary for maintenance and regulatory compliance) or (f) above; provided, however, that during the Additional
Reporting Period, the Borrowers shall not incur Capital Expenditures in excess of $40,000,000. Notwithstanding anything herein
to the contrary, neither any Borrower, Holdings, nor any other Subsidiary of Holdings shall incur Capital Expenditures relating
to the growth or expansion of existing operations of Holdings, any Borrower, or any other Subsidiary of Holdings without the written
consent of the Required Lenders.”

 

3.20.
Section 6.08 of the Credit Agreement is hereby amended by adding the following new paragraph to the end of said Section:

 

“Notwithstanding
the foregoing, during the Additional Reporting Period, in no event shall any Borrower or Holdings authorize, declare or pay, directly
or indirectly, any additional Restricted Payment pursuant to clause (a), (b), (c), (d), or (e) (except pursuant to the Cost Sharing
Agreement). Notwithstanding the foregoing, during the Additional Reporting Period, in no event shall any Borrower or Holdings
authorize, declare or pay, directly or indirectly, any additional Restricted Payments pursuant to clause (f) in an aggregate amount
(for all such payments) greater than $3,000,000. During the Additional Report Period, the Cost Sharing Agreement (as defined in
Schedule 5.15) shall not be amended or otherwise modified.”

 

3.21.
Section 6.09(b) of the Credit Agreement is hereby amended by adding the following parenthetical immediately after the
term “management agreements”: “(provided that during the Additional Reporting Period, any such additional management
agreements must be in form and substance satisfactory to the Administrative Agent in its reasonable discretion)”.

 

3.22.
Section 6.10 of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting the
following in lieu thereof:

 

“Section
6.10 Operating Leases. Allow the Borrowers to enter into operating leases or charters (exclusive of the Aker-Chartered
Vessels (as such term is defined in the Security Agreement)) for which the annual operating rents or charter hire exceeds (i)
$25,000,000 during the Additional Reporting Period or (ii) $50,000,000 in any given year thereafter.”

 

    	 	13	 

    	 

    

 

3.23.
Section 6.11(a) of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting
the following in lieu thereof:

 

“(a)at
any time during the Additional Reporting Period or any other time without the consent of the Required Lenders, make or offer to
make (or give any notice in respect thereof) any voluntary or optional payment or prepayment on or redemption, retirement, defeasance,
or acquisition for value of, or any prepayment, repurchase or redemption, retirement, defeasance as a result of any asset sale,
change in control or similar event of, any Subordinated Indebtedness;”

 

3.24.
Section 8.01(d) of the Credit Agreement is hereby amended by deleting such Section in its entirety and substituting
the following in lieu thereof:

 

“(d)default
shall be made in the due observance or performance by any Loan Party of any covenant, condition or agreement contained in Section
5.01, Section 5.02(a), Section 5.03(a) (as it relates to a Loan Party), Section 5.04, Section 5.08,
Section 5.10, Section 5.13, Section 5.14, Section 5.15 (solely with respect to the tasks set forth
in items 3, 4, 5, and 6 in Schedule 5.15), Section 5.16, Section 5.19, Section
5.20, Section 5.21, Section 5.22, Section 5.24, or in Article VI;”

 

3.25.
The address for the Administrative Agent set forth in Section 11.01(a)(ii) of the Credit Agreement is hereby amended
and restated in its entirety with the following:

 

“PGIM,
Inc.

c/o
Prudential Private Capital

2200
Ross Avenue

Suite
4300 West

Dallas,
TX 75201

Attn:
Managing Director

 

And

 

Attention:
Vice President and Corporate Counsel”

 

3.26.
Schedule 5.15 of the Credit Agreement is hereby amended by adding the following new paragraphs to the end of said Schedule:

 

“3.Within
thirty (30) days following the Third Amendment Effective Date, Holdings shall provide the Administrative Agent with an executed
pledge agreement (in form and substance satisfactory to the Administrative Agent) pledging 100% of the outstanding equity interests
of OSG Financial Corp. and OSG Alaska LLC and shall deliver to the Administrative Agent any certificates representing such equity
interests.

 

4.
Within thirty (30) days following the Third Amendment Effective Date, the Borrowers shall have taken all steps necessary to enter
an assignment of time charter agreement between Overseas Tampa LLC and Overseas ST Holdings LLC pursuant to which Overseas ST
Holdings LLC will assume an existing time charter with Shell Trading (U.S.) Company or an affiliate thereof to employ the Vessel
Overseas Chinook. Notwithstanding the foregoing, the Borrowers’ obligations under this paragraph 4 shall be subject to the
execution and delivery by the Administrative Agent on or prior to the date that the assignment referenced in clause (a) is executed
of a quiet enjoyment agreement in favor of Shell Trading (U.S.) Company or an affiliate thereof in the form to be provided by
Shell Trading (U.S.) Company to the Administrative Agent and reasonably acceptable to the Administrative agent (the “Quiet
Enjoyment Agreement”). The Required Lenders hereby authorize the Administrative Agent to enter into the Quiet Enjoyment
Agreement.

 

    	 	14	 

    	 

    

 

 

5.
Within sixty (60) days following the Third Amendment Effective Date, the Borrowers shall have entered into a written agreement
(in form and substance reasonably satisfactory to the Administrative Agent and consistent with past practices) with respect to
the formal cost sharing arrangement set forth in Schedule 6.09(e) (the “Cost Sharing Agreement”).

 

6.
Within thirty (30) days following the Third Amendment Effective Date, the Borrowers shall deliver a fully-executed Securities
Account Control Agreement (in form and substance reasonably satisfactory to the Collateral Agent) in favor of the Collateral Agent
with respect to OBS’s Securities Account with J.P. Morgan with an account number ending in ****421.”

 

3.27.
The Credit Agreement is hereby amended by adding a new Exhibit S, in appropriate order, in the form attached hereto
as Exhibit S.

 

3.28.
Annex I of the Credit Agreement is hereby amended by deleting each reference to the following:

 

“c/o
Prudential Capital Group

3350
Riverwood Parkway SE

Suite
1500

Atlanta,
GA 30339

 

Attention:
Managing Director

cc:
Vice President and Corporate Counsel”

 

and
replacing in its entirety with the following:

 

“c/o
Prudential Private Capital

2200
Ross Avenue

Suite
4300 West

Dallas,
TX 75201

 

Attention:
Managing Director

cc:
Vice President and Corporate Counsel”

 

4.
Limited Waiver. Subject to the terms and conditions of this Amendment, Administrative Agent and the Lenders signatory hereto
waive: (a) the Events of Default that have occurred under Section 8.01(d) of the Credit Agreement as a result of the Borrowers permitting
their Unrestricted Cash and Cash Equivalents to be less than $25,000,000 on or prior to the date hereof in breach of Section 5.21(d)
of the Credit Agreement; and (b) the Event of Default arising due to the Loan Parties’ failure to timely provide the annual reports,
other financial statements and opinions required to be delivered pursuant to Section 5.01(a) with respect to the fiscal year ended December
31, 2020; provided, however that the foregoing waiver shall be void and of no force and effect if the Loan Parties fail to deliver all
items required under Section 5.1(a) and (c) of the Credit Agreement with respect to the fiscal year ended December 31, 2020, on or before
April 1, 2021. The foregoing waiver is limited to its terms and shall not directly or indirectly: (i) constitute or
create a course of dealing, (ii) except as expressly set forth above, constitute a consent to or waiver of any past, present or
future Default or Event of Default or other violation of any provisions of the Credit Agreement or any other Term Loan Documents,
or (iii) amend, modify or operate as a waiver of any provision of the Credit Agreement or any other Term Loan Documents or any
right, power, privilege or remedy of Administrative Agent or any one or more of the Lenders thereunder.

 

    	 	15	 

    	 

    

 

5.
Most Favored Nations Provision. In the event that Holdings or any Subsidiary of Holdings (including any Borrower) shall (at
any time, either prior to or after the date hereof) modify (or is otherwise currently party to) any existing agreement, instrument
or document creating, securing or evidencing any Indebtedness with a principal amount in excess of $5,000,000 and such agreement
contains one or more additional financial covenants (including, without limitation, financial reporting covenant) or additional
defaults related thereto not contained in the Credit Agreement, or more favorable financial covenants (including, without limitation,
financial reporting covenants) or events of default related thereto, the terms of the Credit Agreement shall, without any further
action on the part of the Loan Parties, the Administrative Agent, the Collateral Agent or the Lenders, be deemed to be amended
automatically to include each such additional financial covenants and additional defaults related thereto or more favorable financial
covenant or event of default related thereto contained in such agreement, instrument or document; provided, however,
that if subsequent thereto, the parties to any such agreements, instruments or documents agree to remove, loosen or make less
restrictive any such financial covenants or events of default, then the terms of the Credit Agreement shall, without any further
action on the part of the Loan Parties, the Administrative Agent, the Collateral Agent and the Lenders and so long as such new
terms are no less favorable to the Lenders than those which exist on the date hereof, shall be deemed to be similarly amended.
In the event that the lenders under any such agreements, instruments or documents receive any compensation for such removal, loosening
or making less restrictive such additional financial covenants or events of default, the Lenders shall be entitled to receive
compensation (including, without limitation, an increase in any interest rate or the payment of any fees) in equivalent proportion
thereto. The Loan Parties further covenant to promptly execute and deliver at the Borrowers’ cost and expense (including
the fees and expenses of the Administrative Agent’s counsel) an amendment to the Credit Agreement in form and substance
satisfactory to the Administrative Agent and the Required Lenders evidencing the amendment of the Credit Agreement to include
such additional financial covenants and additional defaults related thereto, or more favorable financial covenants or events of
default related thereto, provided that the execution and delivery of such amendment shall not be a precondition to the effectiveness
of such amendment as provided for in this Section 4, but shall merely be for the convenience of the parties hereto. Holdings shall
promptly inform the Lenders and the Administrative Agent in writing of any deferral, waiver, modification or amendment entered
into during the Additional Reporting Period with respect to any agreement, instrument or document relating to any debt in excess
of $5,000,000 of Holdings or any of its Subsidiaries with any lenders under any such agreement, instrument or document.

 

6.
Representations and Warranties of Borrowers. The Loan Parties hereby jointly and severally represent and warrant to the Lenders
that (i) the execution of this Amendment by each of the Loan Parties has been duly authorized by all requisite action on the part
of each such Loan Party, (ii) no consents are necessary from any third parties for the Loan Parties’ execution, delivery
or performance of this Amendment, or, if such consents are necessary, the Loan Parties have delivered the same to the Administrative
Agent, (iii) this Amendment, the Credit Agreement, and each of the other Term Loan Documents, constitute the legal, valid and
binding obligations of the Loan Parties enforceable against them, jointly and severally, in accordance with their terms, except
to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency or other laws affecting the
enforceability of creditors rights generally or by equity principles of general application, and (iv) no Default or Event of Default
has occurred under the Credit Agreement or any of the other Term Loan Documents.

 

7.
Reaffirmation. The Loan Parties hereby jointly and severally represent, warrant, acknowledge and confirm that (i) except as
specifically modified by the terms of this Amendment, the Credit Agreement and the other Term Loan Documents remain in full force
and effect and unmodified, (ii) the Loan Parties have no defenses to their respective obligations under the Credit Agreement and
the other Term Loan Documents, and such obligations are due and owing to the Lenders without setoff or counterclaim, (iii) the
Liens granted to the Collateral Agent and the Mortgage Trustee under the Term Loan Documents secure all the Loan Parties’
Obligations thereunder, are reaffirmed in all respects, continue in full force and effect, have the same priority as before this
Amendment, and are not impaired or extinguished in any respect by this Amendment, and (iv) the Loan Parties have no claims against
the Lenders or any Agent arising from or in connection with the Credit Agreement or the other Term Loan Documents and any such
claim is hereby irrevocably waived and released and discharged forever. Until the Obligations under the Term Loan Documents are
indefeasibly paid in full in cash and all obligations and liabilities of the Loan Parties under this Amendment and the other Term
Loan Documents are performed and paid in full in cash, the Loan Parties agree and covenant that they are bound by the covenants
and agreements set forth in the Credit Agreement, Term Loan Documents and in this Amendment. The Loan Parties hereby ratify and
confirm the Obligations under the Term Loan Documents. This Amendment does not create or constitute, and is not, a novation of
the Credit Agreement and the other Term Loan Documents.

 

    	 	16	 

    	 

    

 

8.
RELEASE. AS A MATERIAL PART OF THE CONSIDERATION FOR THE ADMINISTRATIVE AGENT AND THE LENDERS ENTERING INTO THIS AMENDMENT, THE
BORROWERS, FOR THEMSELVES AND THEIR OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS (COLLECTIVELY “RELEASOR”) HEREBY
FOREVER RELEASE, FOREVER WAIVE AND FOREVER DISCHARGE THE AGENTS AND THE LENDERS WHO FROM TIME TO TIME BECOME LENDERS UNDER THE
CREDIT AGREEMENT, THE AGENTS, AND THE LENDERS, AND THEIR RESPECTIVE PREDECESSORS, SUCCESSORS, ASSIGNS, OFFICERS, MANAGERS, DIRECTORS,
SHAREHOLDERS, EMPLOYEES, AGENTS, ATTORNEYS, REPRESENTATIVES, PARENT CORPORATIONS, SUBSIDIARIES, AND AFFILIATES (HEREINAFTER ALL
OF THE ABOVE COLLECTIVELY REFERRED TO AS “LENDER GROUP”), JOINTLY AND SEVERALLY, FROM ANY AND ALL CLAIMS, COUNTERCLAIMS,
DEMANDS, DAMAGES, DEBTS, AGREEMENTS, COVENANTS, SUITS, CONTRACTS, OBLIGATIONS, LIABILITIES, ACCOUNTS, OFFSETS, RIGHTS, ACTIONS,
AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER, INCLUDING, WITHOUT LIMITATION, ALL CLAIMS, DEMANDS, AND CAUSES OF ACTION FOR CONTRIBUTION
AND INDEMNITY, WHETHER ARISING AT LAW OR IN EQUITY, AND WHETHER ARISING UNDER, ARISING IN CONNECTION WITH, OR ARISING FROM, THE
CREDIT AGREEMENT, AND THE OTHER TERM LOAN DOCUMENTS OR OTHERWISE, PRESENTLY POSSESSED, WHETHER KNOWN OR UNKNOWN, WHETHER LIABILITY
BE DIRECT OR INDIRECT, LIQUIDATED OR UNLIQUIDATED, PRESENTLY ACCRUED, WHETHER ABSOLUTE OR CONTINGENT, FORESEEN OR UNFORESEEN,
AND WHETHER OR NOT HERETOFORE ASSERTED, WHICH RELEASOR MAY HAVE OR CLAIM TO, HAVE AGAINST ANY OF THE LENDER GROUP.

 

9.
Governing Law. This Amendment shall be a contract made under and governed by the internal laws of the State of New York applicable
to contracts made and to be performed entirely within such State, without regard to conflict of laws principles.

 

10.
Section Titles. The Section titles in this Amendment are for convenience of reference only and shall not be construed so as
to modify any provisions of this Amendment.

 

11.
Fees and Expenses. The Borrowers shall promptly pay to the Lenders and the Administrative Agent all fees, expenses and other
amounts owing to the Lenders and the Administrative Agent under the Credit Agreement and the other Term Loan Documents upon demand,
including, without limitation, all fees, costs and expenses incurred by the Lenders and/or the Administrative Agent in connection
with the preparation, negotiation, execution, and delivery of this Amendment.

 

12.
Counterparts; Facsimile Transmissions. This Amendment may be executed in one or more counterparts and on separate counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures
to this Amendment may be given by facsimile or other electronic transmission, and such signatures shall be fully binding on the
party sending the same.

 

    	 	17	 

    	 

    

 

13.
Incorporation By Reference. The Lenders, the Administrative Agent and the Borrowers hereby agree that all of the terms of
the Term Loan Documents are incorporated in and made a part of this Amendment by this reference. This Amendment is a Term Loan
Document.

 

14.
Notice—Oral Commitments Not Enforceable. Nothing contained in the following notice shall be deemed to limit or modify
the terms of this Amendment and the other Term Loan Documents:

 

ORAL
AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO
EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED AND THAT IS IN ANY WAY RELATE
TO THE CREDIT AGREEMENT AND THE TERM LOAN DOCUMENTS. TO PROTECT THE LOAN PARTIES AND THE LENDERS (CREDITOR) FROM MISUNDERSTANDING
OR DISAPPOINTMENT, ANY AGREEMENTS THE LOAN PARTIES AND THE LENDERS REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING,
WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

 

The
Loan Parties acknowledge that there are no other agreements between or among the Lenders, the Agents, and the Loan Parties, oral
or written, concerning the subject matter of the Term Loan Documents, and that all prior agreements concerning the same subject
matter, including any proposal or commitment letter, are merged into the Term Loan Documents and thereby extinguished.

 

[Signature
Page Follows]

 

    	 	 	 

    	 

    

 

 

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the date first above written.

 

	 	OVERSEAS SHIPHOLDING 
	 	GROUP, INC.,

as Guarantor

	 	 	 
	 	By:	 
	 	 	Richard
        Trueblood

        

	 	 	Chief
    Financial Officer
	 	 	 
	 	OSG BULK SHIPS, INC.
	 	OSG AMERICA LLC
	 	OSG AMERICA OPERATING COMPANY LLC
	 	OSG SHIP MANAGEMENT, INC.
	 	 	 
	 	MARITRANS GENERAL PARTNER INC.
	 	as Borrowers
	 	 	 
	 	By:	
	 	 	Richard
    Trueblood
	 	 	Chief
    Financial Officer
	 	 	 
	 	OSG 244 LLC
	 	OSG COURAGEOUS LLC
	 	OSG DELAWARE BAY LIGHTERING LLC
	 	OSG ENDURANCE LLC

	 	OVERSEAS ST HOLDING LLC
	 	OVERSEAS ANACORTES LLC
	 	OVERSEAS BOSTON LLC
	 	OVERSEAS HOUSTON LLC
	 	OVERSEAS LONG BEACH LLC
	 	OVERSEAS LOS ANGELES LLC
	 	OVERSEAS MARTINEZ LLC
	 	OVERSEAS NEW YORK LLC
	 	OVERSEAS NIKISKI LLC
	 	OVERSEAS TAMPA LLC
	 	OVERSEAS TEXAS CITY LLC
	 	OSG COLUMBIA LLC
	 	OSG PRODUCT TANKERS, LLC
	 	as Borrowers
	 	 	 
	 	By:	 
	 	 	Richard
    Trueblood
	 	 	Authorized
        Signatory

        

	 	 	 

 

Signature
Page to Amendment No. 3 to Credit Agreement

 

    	 	 	 

    	 

    

 

	 	MARITRANS OPERATING COMPANY L.P.,
	 	as Borrower
	 	 	 
	 	By:	Maritrans
    General Partner Inc.
	 	 	 
	 	By:	 
	 	 	Richard
    Trueblood
	 	 	Chief
    Financial Officer
	 	 	 
	 	OSG AMERICA L.P.,
	 	as Borrower
	 	 	 
	 	By:	OSG America LLC, 
	 	 	its
    General Partner
	 	 	 
	 	By:	 
	 		Richard
    Trueblood
	 	 	Chief
    Financial Officer
	 	 	 
	 	OSG
    PRODUCT TANKERS II, LLC
	 	OSG
    PRODUCT TANKERS I, LLC,
	 	as
    Borrowers
	 	 	 
	 	By:	 
	 	 	Richard
    Trueblood
	 	 	Management
    Committee Representative
	 	 	 
	 	OSG PRODUCT TANKERS MEMBER LLC
	 	OSG PRODUCT TANKERS AVTC, LLC
	 	OSG MARITRANS PARENT LLC,
	 	as Borrowers
	 	 
	 	By:	 
	 	 	Richard
    Trueblood
	 	 	Manager

 

Signature
Page to Amendment No. 3 to Credit Agreement

 

    	 	 	 

    	 

    

 

	 	PGIM,
    INC.,
	 	as
    Administrative Agent
	 	 	 
	 	By:	 
	 	 	Vice President

        

	 	 	 
	 	THE
    PRUDENTIAL INSURANCE COMPANY OF AMERICA, as Lender
	 	 	 
	 	By:	 
	 	 	Vice
        President

        

	 	 
	 	GIBRALTAR
    UNIVERSAL LIFE REINSURANCE COMPANY, as Lender
	 	 	 
	 	By:	PGIM,
    Inc., as investment manager
	 	 	 
	 	By:	 
	 	 	Vice
        President

        

	 	 	 
	 	PICA
        HARTFORD LIFE & ANNUITY COMFORT

        TRUST,
        as Lender

        

	 	 
	 	By:	The Prudential Insurance Company of America,
as Grantor

	 	 	 
	 	By:	 
	 	 	Vice
        President

        

	 	 	 
	 	PICA
        HARTFORD LIFE INSURANCE COMFORT

        TRUST,
        as Lender

        

	 	 
	 	By:	The
    Prudential Insurance Company of America, as Grantor
	 	 	 
	 	By:	 
	 	 	Vice
    President

 

Signature
Page to Amendment No. 3 to Credit Agreement

 

    	 	 	 

    	 

    

 

	 	PRUCO
        LIFE INSURANCE COMPANY, as Lender

        

	 	 	 
	 	 By:
    PGIM, Inc., as investment manager
	 	 	 
	 	By:	 
	 	 	Vice
        President

        

	 	 	 
	 	PRUDENTIAL
        RETIREMENT INSURANCE AND ANNUITY COMPANY, as Lender

         

	 	 	 
	 	By:	PGIM,
        Inc., as investment manager

        

	 	 	 
	 	By:	 
	 	 	Vice
        President

        

	 	 
	 	PRUDENTIAL
        UNIVERSAL REINSURANCE COMPANY, as Lender

        

	 	 	 
	 	By:	PGIM,
        Inc., as investment manager

        

        

 

	 	By:	 
	 	 	Vice
        President

        

 

Signature
Page to Amendment No. 3 to Credit Agreement

 

    	 	 	 

    	 

    

 

	 	 
	 	as Lender

	 	 
	 	By:	

         

	 	Name:

        
	 
	 	Title:	 

 

Signature
Page to Amendment No. 3 to Credit Agreement

 

    	 	 	 

    	 

    

 

Exhibit
S

 

Form
of Vessel Variance Report

 

[NTD:
OSG TO PROVIDE]Exhibit 4.1

 

YUM! BRANDS, INC.

 

AND

 

U.S. BANK NATIONAL ASSOCIATION, TRUSTEE

 

 

 

4.625% Senior Notes due 2032

 

 

 

SECOND SUPPLEMENTAL INDENTURE

 

 

 

Dated as of April 1, 2021

 

to

 

Indenture Dated as of September 25, 2020

 

Debt Securities

 

     

     

    

 

SECOND SUPPLEMENTAL INDENTURE,
dated as of April 1, 2021, (this “Supplemental Indenture”), between YUM! Brands, Inc., a North Carolina corporation
(the “Company”), and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 

Recitals of The Company

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee an Indenture (the “Base Indenture”), dated as of September 25, 2020 (as heretofore
supplemented and as supplemented by this Supplemental Indenture, the “Indenture”), providing for the issuance from time to
time of one or more series of Securities;

 

WHEREAS, Section 9.1(e) of
the Base Indenture provides that the Company and the Trustee may, without the consent of any Holders of Securities, enter into an indenture
supplemental to the Base Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1 of
the Base Indenture;

 

WHEREAS, the Company has duly
authorized the execution and delivery of this Supplemental Indenture to provide for the issuance of $1,100,000,000 aggregate principal
amount of its 4.625% Senior Notes due 2032 (the “Notes”); and

 

WHEREAS, the Company has requested
and hereby requests that the Trustee execute and deliver this Supplemental Indenture; all the conditions and requirements necessary to
make this Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for
the purposes herein expressed, have been performed and fulfilled; and the execution and delivery of this Supplemental Indenture have been
duly authorized in all respects.

 

NOW THEREFORE, THIS SUPPLEMENTAL
INDENTURE WITNESSETH: For and in consideration of the premises and the issuance of the series of Securities provided for herein, the Company
and the Trustee mutually covenant and agree as follows:

 

     

     

    

 

ARTICLE 1

 

RELATION
TO THE BASE INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION

 

Section 1.1          Relation
to the Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture.

 

Section 1.2          Definitions.
For all purposes of this Supplemental Indenture, the following terms shall have the respective meanings set forth in this Section 1.2.

 

“Applicable
Premium” means on any Redemption Date, the excess (to the extent positive) of: (a) the present value at such Redemption
Date of (i) the Redemption Price of such Note on October 1, 2026 (such redemption price being set forth in the table in Section 2.3(e) hereof)
(excluding accrued but unpaid interest), plus (ii) all required interest payments due on such Note to and including October 1,
2026 (excluding accrued but unpaid interest), computed upon the Redemption Date using a discount rate equal to the Applicable Treasury
Rate at such Redemption Date plus 50 basis points; over (b) the outstanding principal amount of such Note; in each case as calculated
by the Company or on behalf of the Company by such Person as the Company shall designate; provided that the Trustee cannot be designated
without its consent.

 

“Applicable
Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least
two Business Days (but not more than five Business Days) prior to the Redemption Date (or, if such statistical release is not so published
or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly equal to the period
from the Redemption Date to October 1, 2026; provided, however, that if the period from the Redemption Date to October 1,
2026 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Applicable
Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields
of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to such applicable
date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year shall be used.

 

“Base Indenture”
has the meaning set forth in the recitals hereto.

 

“Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, United
States or the jurisdiction of the place of payment are authorized or required by law, regulation or executive order to close.

 

    	 	2	 

     

    

 

“Certificated
Security” means a Security registered in the name of the Holder thereof and issued in accordance with Section 2.4 hereof,
substantially in the form of the Security attached hereto as Exhibit A and that does not bear the Global Security Legend.

 

“Change
of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), other than the Company or one of its Subsidiaries becomes the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into
which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number
of shares; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Company’s assets and the assets of the Company’s
Subsidiaries, taken as a whole, to one or more Persons, other than the Company or one of the Company’s Subsidiaries. Notwithstanding
the foregoing, a transaction shall not be deemed to be a Change of Control if (1) the Company becomes a direct or indirect wholly-owned
subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately
following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction
or (B) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly,
of more than 50% of the Voting Stock of such holding company.

 

“Change
of Control Offer” has the meaning set forth in Section 2.5(a).

 

“Change
of Control Payment” has the meaning set forth in Section 2.5(a).

 

“Change
of Control Payment Date” has the meaning set forth in Section 2.5(a).

 

“Change
of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Company”
has the meaning set forth in the introductory paragraph hereof.

 

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

 

“Global
Security” has the meaning set forth in Section 2.4(a).

 

“Global
Security Legend” means the legend set forth in Section 2.4(c), which is to be placed on all Global Securities issued
under the Indenture.

 

“Indenture”
has the meaning set forth in the recitals hereto.

 

    	 	3	 

     

    

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any of its successors or assigns.

 

“Notes”
has the meaning set forth in the recitals hereto, and means any Notes authenticated and delivered pursuant to the Indenture.

 

“Participant”
means a member of, or a participant in, the Depositary.

 

“Paying
Agent” means any Person (including the Company) authorized by the Company to pay the principal of, premium, if any, or interest
on, any Notes on behalf of the Company.

 

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

 

“Rating
Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade
Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating
of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the
occurrence of a Change of Control and (2) public notice of the Company’s intention to effect a Change of Control; provided,
however, that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect
of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering
Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any
event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable
Change of Control has occurred at the time of the Rating Event).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of S&P Global Inc., or any of its successors or assigns.

 

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

 

“Supplemental
Indenture” has the meaning set forth in the introductory paragraph hereof.

 

    	 	4	 

     

    

 

“Trustee”
has the meaning set forth in the introductory paragraph hereof until a successor replaces it in accordance with the applicable provisions
of the Indenture and thereafter means the successor serving thereunder.

 

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

 

Section 1.3          Rules of
Construction. For all purposes of this Supplemental Indenture, except as expressly provided or unless the context otherwise requires:

 

(a)            capitalized
terms used herein without definition shall have the meanings specified in the Base Indenture;

 

(b)            all
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental
Indenture;

 

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

 

(d)            in
the event of a conflict with the definition of terms in the Base Indenture, the definitions in this Supplemental Indenture shall control.

 

ARTICLE 2

 

THE
NOTES

 

Section 2.1          Title
of the Notes. There is hereby established by this Supplemental Indenture a separate series of Securities under the Indenture, designated
as the “4.625% Senior Notes due 2032.”

 

Section 2.2          Limitation
on Aggregate Principal Amount.

 

(a)            The
Notes are initially limited in aggregate principal amount to $1,100,000,000, except for such Notes authorized and delivered upon registration
of transfer of, or in exchange for, or in lieu of other notes, pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the Base Indenture or
Section 2.5 hereof. The Company may, from time to time, without the consent of Holders of the Securities of any series, issue Securities
under the Indenture in addition, and with identical terms, to the $1,100,000,000 aggregate principal amount of Notes (other than the issue
date, the issue price and the amount of the first payment of interest). Any such additional Securities and the Notes will be treated as
a single series for purposes of the Indenture; provided that if the additional Securities are not fungible with the Notes for United States
federal income tax purposes, the additional Securities will have a separate CUSIP number. Any such increase in the authorized aggregate
principal amount of the Notes shall be evidenced by an Officers’ Certificate delivered to the Trustee, without further action by
the Company.

 

    	 	5	 

     

    

 

Section 2.3          Terms
of the Notes.

 

(a)            The
Depository Trust Company is hereby designated as the Depositary for the Notes, which shall be issued in the form of Global Securities
as further provided in Section 2.4.

 

(b)            The
principal of the Notes is payable on January 31, 2032.

 

(c)            The
Notes shall bear interest at an annual rate of 4.625%, from April 1, 2021, or from the most recent date on which interest has been
paid or provided for, payable semi-annually in arrears on April 1 and October 1 of each year commencing October 1, 2021,
until the principal of such Notes is paid or made available for payment. The interest so payable will be paid to the persons in whose
names the Notes are registered at the close of business on the preceding March 15 or September 15, respectively. Interest will
also be payable on the maturity date of January 31, 2032 to the persons in whose names the Notes are registered at the close of business
on January 15, 2032. If the date on which interest is payable is not a Business Day, the interest will be paid on the next following
Business Day and no interest shall accrue for the intervening period.

 

(d)            Payment
of the principal of (and premium, if any, on) and any such interest on the Notes will be made at the office or agency of the Company maintained
for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register. U.S. Bank National Association is
appointed as the Trustee and Paying Agent for the Notes to perform the functions set forth in the Indenture to be performed by such offices.

 

(e)            At
any time prior to October 1, 2026, the Notes will be redeemable in whole at any time or in part from time to time, at the Company’s
option, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and
accrued and unpaid interest, if any, thereon to but excluding, the Redemption Date.

 

On or after October 1,
2026, the Notes will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption Price
equal to the percentage of the principal amount of such Notes set forth below plus accrued and unpaid interest, if any, thereon to but
excluding, the Redemption Date if redeemed during the twelve-month period beginning on October 1 of the year indicated below:

 

    	 	6	 

     

    

 

	Year	 	Percentage	 
	2026	 	 	102.313	%
	2027	 	 	101.542	%
	2028	 	 	100.771	%
	2029 and thereafter	 	 	100.000	%

 

If the Redemption Date is
on or after a Regular Record Date, and on or before the related Interest Payment Date, the accrued and unpaid interest will be paid to
the Person in whose name the Note is registered at the close of business on such Regular Record Date, and no additional interest will
be payable to Holders whose Notes will be subject to redemption by the Company.

 

(f)            The
Notes are not entitled to any mandatory redemption or sinking fund payments.

 

(g)            The
Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.

 

(h)            The
entire principal amount of the Notes shall be payable upon the acceleration of the Maturity thereof pursuant to Section 5.2 of the
Indenture.

 

(i)            Additional
Amounts will not be payable to the Holders of the Notes.

 

(j)            The
Notes shall have such other terms and provisions as are provided in the form thereof set forth in Exhibit A hereto, which terms and
provisions are hereby expressly made a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their execution
and delivery of this Supplemental Indenture expressly agree to such terms and provisions and to be bound thereby. Except as otherwise
expressly permitted by the Indenture, all Notes shall be identical in all respects. Notwithstanding any differences among them, all Notes
issued under the Indenture, including any Notes issued after the date hereof pursuant to and in accordance with the terms hereof, shall
vote and consent together on all matters as one class.

 

(k)            The
Company shall be required to offer to purchase the Notes, in accordance with Section 2.5 hereof, upon the occurrence of a Change
of Control Triggering Event.

 

Section 2.4          Book
Entry Provisions; Transfer and Exchange.

 

(a)            The
Notes shall be issued initially in the form of one or more permanent global notes (“Global Securities”). Each Global Security
initially shall (i) be registered in the name of the Depositary for such Global Security or the nominee of such Depositary, (ii) be
deposited with, or on behalf of, the Depositary or with the Trustee as custodian for such Depositary, (iii) bear the Global Security
Legend and (iv) be dated the date of its authentication. Except as provided in Section 2.4(b), owners of beneficial interests
in Global Securities will not be entitled to receive physical delivery of certificated Notes.

 

    	 	7	 

     

    

 

Participants and other owners
of beneficial interests in Global Securities shall have no rights under the Indenture with respect to any Global Security held on their
behalf by the Depositary, or the Trustee as its custodian, or under such Global Security, and the Depositary or, if applicable, the nominee
of such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such
Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary
or shall impair, as between the Depositary and its Participants, the operation of customary practices governing the exercise of the rights
of a Holder of any Security.

 

(b)            Notwithstanding
any other provision in the Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer
of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security
or a nominee thereof unless (i) such Depositary (A) has notified the Company that it is unwilling or unable to continue as Depositary
for such Global Security or (B) has ceased to be a clearing agency registered as such under the Exchange Act, and in either case
of (A) or (B) the Company fails to appoint a successor Depositary within 90 calendar days, (ii) the Company, at its option,
executes and delivers to the Trustee a Company Order stating that it elects to cause the issuance of the Securities in certificated form
and that all Global Securities shall be exchanged in whole for Securities that are not Global Securities (in which case, such exchange
shall be effected by the Trustee) or (iii) there shall have occurred and be continuing an Event of Default with respect to the Notes.
In all cases, Certificated Securities delivered in exchange for any Global Security or beneficial interests in Global Securities will
be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with
its customary procedures). Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 3.4 and 3.6
of the Base Indenture. Every Security authenticated and delivered in exchange for, or in lieu of, a Global Security or any portion thereof,
pursuant to this Section 2.4 or Sections 3.4 and 3.6 of the Base Indenture, shall be authenticated and delivered in the form of,
and shall be, a Global Security. A Global Security may not be exchanged for another Note other than as provided in this Section 2.4(b).

 

(c)            Legend.
The following legend shall appear on the face of all Global Securities.

 

“THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY
OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE &
CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

    	 	8	 

     

    

 

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

 

Section 2.5          Offer
to Purchase Upon Change of Control Triggering Event.

 

(a)         If
a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to Section 2.3(e) hereof,
the Company shall be required to make an offer to purchase all of the Notes pursuant to the offer described in this Section 2.5 (the
 “Change of Control Offer”) at a price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued
and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of repurchase (the “Change of Control Payment”),
subject to the right of Holders of the Notes of record on the relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of
Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall
mail notice to Holders of the Notes, with a copy to the Trustee, describing the transaction that constitutes or may constitute the Change
of Control Triggering Event and with the following information:

 

(i)            that
a Change of Control Offer is being made pursuant to this Section 2.5, and that all Notes properly tendered pursuant to such Change
of Control Offer will be accepted for payment by the Company;

 

(ii)           the
purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed,
except in the case of a conditional Change of Control Offer made in advance of a Change of Control as described in clause (viii) below
(the “Change of Control Payment Date”);

 

(iii)           that
any Note not properly tendered will remain outstanding and continue to accrue interest;

 

(iv)         that
unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest, on the Change of Control Payment Date;

 

(v)           that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified in
the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control
Payment Date;

 

    	 	9	 

     

    

 

(vi)            that
Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided
that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of the Change
of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount
of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes
purchased;

 

(vii)            that
Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in principal amount to
the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any integral
multiple of $1,000 in excess of $2,000;

 

(viii)            if
such notice is delivered prior to the consummation of a Change of Control, stating that the Change of Control Offer is conditioned on
the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date; and

 

(ix)            the
other instructions, as determined by the Company, consistent with this Section 2.5, that a Holder must follow.

 

The Trustee shall not be responsible
for determining whether a Change of Control Triggering Event or any component thereof has occurred.

 

The Paying Agent will promptly
deliver to each Holder of the Notes tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate
and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of
the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date.

 

If the Change of Control Payment
Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest will be
paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such Regular Record
Date.

 

(b)            On
the Change of Control Payment Date, the Company shall, to the extent permitted by law:

 

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

 

    	 	10	 

     

    

 

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

 

(iii)            deliver
or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate stating that
such Notes or portions thereof have been tendered to and purchased by the Company.

 

(c)            The
Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if (i) a
third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth
in this Supplemental Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and
not withdrawn under such Change of Control Offer or (ii) a notice of redemption of all outstanding Notes has been given pursuant
to the Indenture, unless and until there is a default in the payment of the Redemption Price on the applicable Redemption Date or the
redemption is not consummated due to the failure of a condition precedent contained in the applicable redemption notice to be satisfied.
In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an
Event of Default under the Indenture, other than a Default in the payment of the Change of Control Payment upon a Change of Control Triggering
Event. Notwithstanding anything to the contrary in this Section 2.5, a Change of Control Offer may be made in advance of the consummation
of a Change of Control, conditional upon the Change of Control Triggering Event occurring on or prior to the Change of Control Payment
Date, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(d)            The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations applicable
to the repurchase of the Notes pursuant to this Section 2.5. To the extent that the provisions of any such securities laws or regulations
conflict with the provisions of this Section 2.5, the Company shall comply with those securities laws and regulations and shall not
be deemed to have breached its obligations under this Section 2.5 by virtue of any such conflict.

 

(e)            The
provisions of this Section 2.5 may be waived (as provided in Section 10.8 of the Base Indenture) or modified with the written
consent of the Holders of a majority in principal amount of the Notes then Outstanding if the Change of Control Triggering Event has not
yet occurred.

 

Section 2.6          Events
of Default. In addition to the Events of Default specified in Section 5.1 of the Base Indenture, the following shall constitute
an “Event of Default” with respect to the Notes: any default in the payment of any Change of Control Payment in respect of
the Notes as when the same becomes due and payable in accordance with Section 2.5 hereof. Such additional Event of Default is expressly
included in this Supplemental Indenture for the benefit of, and shall be solely applicable to, the series of Securities established as
the Notes by this Supplemental Indenture.

 

    	 	11	 

     

    

 

 

ARTICLE 3

 

MISCELLANEOUS
PROVISIONS

 

Section 3.1         Ratification.
The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed and the
Base Indenture shall be modified in accordance therewith and this Supplemental Indenture shall form part of the Base Indenture for all
purposes as therein provided.

 

Section 3.2         Counterparts.
This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile
or PDF may be used in lieu of the originals and shall be deemed to be their original signatures for all purposes.

 

Section 3.3          Governing
Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

Section 3.4         Trustee.
The Trustee makes no representations as to, and shall not be responsible for, the validity, sufficiency or adequacy of this Supplemental
Indenture or the Notes. The recitals and statements herein are deemed to be those of the Company and not of the Trustee. The Trustee shall
not be accountable for the use or application by the Company of the Notes or the proceeds thereof. Neither the Trustee nor any Paying
Agent shall be responsible for monitoring the Company’s ratings or determining whether a Rating Event has occurred.

 

    12

     

    

 

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

 

	 	YUM! BRANDS, INC.
	 	 
	 	 
	 	 
	 	By:	/s/ Keith Siegner
	 	 	Name: Keith Siegner
	 	 	Title:   Vice President, Investor Relations,
	 	 	 M&A and Treasurer

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Amy Anders
	 	 	Name: Amy Anders
	 	 	Title: Vice President

 

 [Signature
page to Second Supplemental Indenture]

 

     

     

    

 

EXHIBIT A

 

Form of Notes

 

    A-1

     

    

 

YUM! BRANDS, INC.

 

4.625%
SENIOR NOTE DUE 2032

 

[Insert the Global Security Legend, if applicable,
pursuant to the provisions of the Second 

Supplemental Indenture]

 

	No.	 	 	$	 

	 	 	 	 
	 	 	 	CUSIP	 
	 	 	 	 
	 	 	 	ISIN 	 

 

YUM! Brands, Inc., a
North Carolina corporation (herein called the “Company,” which term includes any successor corporation under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to ______________, the principal sum of _______________________
Dollars ($____________) on January 31, 2032, and to pay interest thereon from April 1, 2021 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for semi-annually in arrears on April 1 and October 1 in each
year commencing October 1, 2021 (and on the maturity date of January 31, 2032), at the rate of 4.625% per annum until the principal
hereof is paid or made available for payment.

 

The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture referred to on the reverse hereof,
be paid to the Person in whose name this Security is registered at the close of business on March 15 or September 15 (whether
or not a Business Day), as the case may be, preceding such Interest Payment Date and January 15, 2032 (each such date, a “Regular
Record Date”); provided, however, that, if such Interest Payment Date would fall on a day that is not a Business Day,
such Interest Payment Date shall be the following day that is a Business Day and no interest shall accrue for the intervening period.

 

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

 

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

 

Unless the certificate of
authentication hereon referred to on the reverse hereof, has been executed by or on behalf of the Trustee by manual or PDF or other electronically-imaged
(including, without limitation DocuSign or Adobe Sign) signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

* * * * *

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by the manual or facsimile signature of one of its authorized officers.

 

	 	YUM! BRANDS, INC.
	 	 	 
	 	 	 
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Trustee’s Certificate of Authentication

 

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

 

	Dated: 	 		U.S.
BANK NATIONAL ASSOCIATION, as
Trustee

 

	 	By:	
	 	 	Authorized
Signatory

 

    A-3

     

    

 

YUM! BRANDS, INC.

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an indenture dated as of September 25, 2020, between the Company and U.S. Bank National Association, as trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), as heretofore supplemented and as supplemented
by a second supplemental indenture, dated as of April 1, 2021, between the Company and the Trustee (collectively, the “Indenture,”
which term shall have the meaning assigned to it in such instrument), to which Indenture reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated
on the face hereof, initially limited in aggregate principal amount to $1,100,000,000.

 

At any time prior to October 1,
2026, the Securities will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption
Price equal to 100% of the principal amount of the Securities to be redeemed plus the Applicable Premium as of, and accrued and unpaid
interest, if any, thereon to but excluding, the Redemption Date.

 

On or after October 1,
2026, the Securities will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption
Price equal to the percentage of the principal amount of such Securities set forth below plus accrued and unpaid interest, if any, thereon
to but excluding the Redemption Date if redeemed during the twelve-month period beginning on October 1 of the year indicated below:

 

	Year	 	Percentage	 
	2026	 	 	102.313	%
	2027	 	 	101.542	%
	2028	 	 	100.771	%
	2029 and thereafter	 	 	100.000	%

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

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

 

    A-4

     

    

 

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

 

“Global Security”
and “Global Securities” means a Security or Securities evidencing all or part of a series of Securities, issued to the Depositary
(as hereinafter defined) for such series or its nominee, registered in the name of such Depositary or its nominee, bearing the Global
Securities Legend and dated the date of its authentication. “Depositary” 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 the Depositary by the Company.

 

No holder of any beneficial
interest in this Security held on its behalf by a Depositary or a nominee of such Depositary shall have any rights under the Indenture
with respect to such Global Security, and such Depositary or nominee may be treated by the Company, the Trustee, and any agent of the
Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise
of the rights of the Depositary, or its nominee, as Holder of any Security.

 

This Security is exchangeable,
in whole but not in part, for Securities registered in the names of Persons other than the Depositary or its nominee or in the name of
a successor to the Depositary or a nominee of such successor depositary only if (i) the Depositary (a) notifies the Company
that it is unwilling or unable to continue as depositary for the Global Securities and the Company fails to appoint a successor depositary
within 90 calendar days or (b) has ceased to be a clearing agency registered under the Exchange Act and the Company fails to appoint
a successor depositary within 90 calendar days, (ii) at any time the Company in its sole discretion determines to issue Certificated
Securities or (iii) there shall have occurred and be continuing an Event of Default with respect to the Securities. If this Security
is exchangeable pursuant to the preceding sentence, it shall be exchangeable for Securities issuable in minimum denominations of $2,000
and in integral multiples of $1,000 in excess thereof and registered in such names as the Depositary holding this Security shall direct.
Subject to the foregoing, this Security is not exchangeable, except for a Security or Securities of the same aggregate denominations to
be registered in the name of such Depositary or its nominee or in the name of a successor to the Depositary or a nominee of such successor
depositary.

 

No recourse shall be had for
the payment of the principal of (and premium, if any, on) or interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released.

 

    A-5

     

    

 

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

 

This Security, including without
limitation the obligation of the Company contained herein to pay the principal of (and premium, if any, on) and interest on this Security
in accordance with the terms hereof and of the Indenture, shall be construed in accordance with and governed by the laws of the State
of New York.

 

    A-6

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

(I) or (we) assign and transfer this Security to

 

	 
	(Insert assignee’s social security or tax I.D. no.)
	 
	 
	 

(Print or type assignee’s name, address and
zip code)

 

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

 

	 	Your Signature:		 
	 		(Sign exactly as your name appears on the other side of this
    Security)	 

 

	 	

Date:

	 	 

 

	 	Medallion Signature Guarantee:	 	 

 

    A-7

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you elect to have this
Security purchased by the Company pursuant to Section 2.5 of the Second Supplemental Indenture, check box:

 

Section 2.5
 ̈

 

If you want to elect to have
only part of this Security purchased by the Company pursuant to Section 2.5 of the Second Supplemental Indenture, state the amount
in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):

$_____ and specify the denomination or denominations
(which shall not be less than the minimum authorized denomination) of the Securities to be issued to the Holder for the portion of the
within Security not being repurchased (in the absence of any such specification, one such Security will be issued for the portion not
being repurchased):

 

	Date: 	 	Your Signature	 
	 	 	 	(Sign exactly as your name appears on
the other side of the Security)

 

	

Signature Guarantee:

	
	 	(Signature must be guaranteed)

 

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

 

    A-8

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