Document:

Exhibit 4.1

 

IOVANCE BIOTHERAPEUTICS, INC.

 

 

INDENTURE

 

Dated as of [●]

 

[●]

 

Trustee

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE 1
	 	 	 
	DEFINITIONS
	 	 	 
	SECTION 1.01.	Certain Terms Defined	1
	SECTION 1.02.	Other Definitions	5
	SECTION 1.03.	Rules of Construction	5
	 	 	 
	ARTICLE 2
	 	 	 
	SECURITY FORMS
	 	 	 
	SECTION 2.01.	Forms Generally	5
	SECTION 2.02.	Guarantees by Guarantor; Form of Guarantee; Release of Guarantee	5
	SECTION 2.03.	Form of Trustee’s Certificate of Authentication	7
	 	 	 
	ARTICLE 3
	 	 	 
	ISSUE, EXECUTION, FORM AND REGISTRATION OF SECURITIES
	 	 	 
	SECTION 3.01.	Amount Unlimited; Issuable in Series	8
	SECTION 3.02.	Authentication and Delivery of Securities	10
	SECTION 3.03.	Execution of Securities	10
	SECTION 3.04.	Certificate of Authentication	10
	SECTION 3.05.	Denomination, Currency and Date of Securities; Payments of Interest	11
	SECTION 3.06.	Global Security Legend	11
	SECTION 3.07.	Registration, Transfer and Exchange	12
	SECTION 3.08.	Book-Entry Provisions for Global Securities	13
	SECTION 3.09.	Mutilated, Defaced, Destroyed, Lost and Stolen Securities	14
	SECTION 3.10.	Cancellation of Securities	14
	SECTION 3.11.	Temporary Securities	15
	SECTION 3.12.	CUSIP and ISIN Numbers	15
	 	 	 
	ARTICLE 4
	 	 	 
	CERTAIN COVENANTS
	 	 	 
	SECTION 4.01.	Payment of Principal, Premium and Interest on Securities	15
	SECTION 4.02.	Maintenance of Office or Agency	15
	SECTION 4.03.	Money for Securities Payments to be Held in Trust	16
	SECTION 4.04.	Existence	16
	SECTION 4.05.	Statement by Officers as to Default	16
	SECTION 4.06.	Waiver of Certain Covenants	17
	 
	ARTICLE 5
	 	 	 
	REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT
	 	 	 
	SECTION 5.01.	Events of Default	17
	SECTION 5.02.	Acceleration	18
	SECTION 5.03.	Other Remedies	18

 

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TABLE OF CONTENTS

 

(continued)

 

	 	 	Page
	SECTION 5.04.	Waiver of Past Defaults	19
	SECTION 5.05.	Control by Majority	19
	SECTION 5.06.	Limitation on Suits	19
	SECTION 5.07.	Rights of Holders to Receive Payment	20
	SECTION 5.08.	Collection Suit by Trustee	20
	SECTION 5.09.	Trustee May File Proofs of Claim	20
	SECTION 5.10.	Priorities	20
	SECTION 5.11.	Undertaking for Costs	21
	SECTION 5.12.	Restoration of Rights and Remedies	21
	SECTION 5.13.	Rights and Remedies Cumulative	21
	SECTION 5.14.	Delay or Omission Not Waiver	21
	 	 	 
	ARTICLE 6
	 	 	 
	THE TRUSTEE
	 	 	 
	SECTION 6.01.	Duties and Responsibilities of the Trustee; During Default; Prior to Default	21
	SECTION 6.02.	Certain Rights of the Trustee	22
	SECTION 6.03.	Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof	23
	SECTION 6.04.	Trustee and Agents May Hold Securities; Collections, Etc	23
	SECTION 6.05.	Moneys Held by Trustee	23
	SECTION 6.06.	Notice of Default	24
	SECTION 6.07.	Compensation and Indemnification of Trustee and Its Prior Claim	24
	SECTION 6.08.	Right of Trustee to Rely on Officers’ Certificate, Etc	24
	SECTION 6.09.	Persons Eligible for Appointment as Trustee	24
	SECTION 6.10.	Resignation and Removal; Appointment of Successor Trustee	25
	SECTION 6.11.	Acceptance of Appointment by Successor	26
	SECTION 6.12.	Merger, Conversion, Consolidation or Succession to Business of Trustee	26
	SECTION 6.13.	Preferential Collection of Claims	27
	SECTION 6.14.	Communications with the Trustee	27
	SECTION 6.15.	Paying Agent/Registrar	27
	 	 	 
	ARTICLE 7
	 	 	 
	CONCERNING THE HOLDERS
	 	 	 
	SECTION 7.01.	Evidence of Action Taken by Holders	27
	SECTION 7.02.	Proof of Execution of Instruments and of Holding of Securities; Record Date	28
	SECTION 7.03.	Who May Be Deemed Owners of Securities	28
	SECTION 7.04.	Securities Owned by Company Deemed Not Outstanding	28
	SECTION 7.05.	Record Date for Action by Holders	28
	SECTION 7.06.	Right of Revocation of Action Taken	28
	 	 	 
	ARTICLE 8
	 	 	 
	MEETINGS OF HOLDERS
	 	 	 
	SECTION 8.01.	Purposes for Which Meeting May Be Called	29
	SECTION 8.02.	Manner of Calling Meetings; Record Date	29
	SECTION 8.03.	Call of Meeting by Company or Holders	29

 

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TABLE OF CONTENTS

 

(continued)

 

	 	 	Page
	SECTION 8.04.	Who May Attend and Vote at Meeting	30
	SECTION 8.05.	Regulations	30
	SECTION 8.06.	Manner of Voting at Meetings and Record to be Kept	30
	SECTION 8.07.	Exercise of Rights of Trustee and Holders Not to be Hindered or Delayed	31
	 	 	 
	ARTICLE 9
	 	 	 
	SUPPLEMENTAL INDENTURES
	 
	SECTION 9.01.	Supplemental Indentures Without Consent of Holders	31
	SECTION 9.02.	With Consent of Holders	32
	SECTION 9.03.	Effect of Supplemental Indenture	33
	SECTION 9.04.	Documents to Be Given to Trustee; Compliance with TIA	33
	SECTION 9.05.	Notation on Securities in Respect of Supplemental Indentures	33
	 	 	 
	ARTICLE 10
	 
	CONSOLIDATION, MERGER OR SALE OF ASSETS
	 
	SECTION 10.01.	When the Company May Merge, Etc	33
	SECTION 10.02.	Successor Person Substituted	34
	SECTION 10.03.	Opinion of Counsel to Trustee	34
	 
	ARTICLE 11
	 
	REDEMPTION OF SECURITIES
	 
	SECTION 11.01.	Applicability of Article	34
	SECTION 11.02.	Notice of Redemption; Partial Redemptions	34
	SECTION 11.03.	Payment of Securities Called for Redemption	35
	 	 	 
	ARTICLE 12
	 
	DEFEASANCE AND COVENANT DEFEASANCE
	 
	SECTION 12.01.	Applicability of the Article; Company’s Option to Effect Defeasance or Covenant Defeasance	35
	SECTION 12.02.	Legal Defeasance and Discharge	36
	SECTION 12.03.	Covenant Defeasance	36
	SECTION 12.04.	Conditions to Legal or Covenant Defeasance	36
	SECTION 12.05.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	37
	SECTION 12.06.	Repayment to the Company or Guarantor	38
	SECTION 12.07.	Reinstatement	38
	 	 	 
	ARTICLE 13
	 
	SATISFACTION AND DISCHARGE
	 
	SECTION 13.01.	Satisfaction and Discharge of Indenture	38
	SECTION 13.02.	Application of Trust Money	39

 

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TABLE OF CONTENTS

 

(continued)

 

	 	Page
	ARTICLE 14
	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTORS
	 	 	 
	SECTION 14.01.	Company to Furnish Trustee Names and Addresses of Holders	39
	SECTION 14.02.	Preservation of Information; Communications to Holders	39
	SECTION 14.03.	Reports by the Trustee	40
	SECTION 14.04.	Reports by the Company and Guarantors	40
	 	 	 
	ARTICLE 15
	 
	MISCELLANEOUS PROVISIONS
	 	 	 
	SECTION 15.01.	Incorporators, Stockholders, Members, Partners, Officers, Managers and Directors of Company or any Guarantor Exempt from Individual Liability	41
	SECTION 15.02.	Provisions of Indenture for the Sole Benefit of Parties and Holders	41
	SECTION 15.03.	Successors and Assigns of Company or Guarantor Bound by Indenture	41
	SECTION 15.04.	Notices, Etc., to Trustee, the Company and Guarantors	41
	SECTION 15.05.	Notices to Holders	42
	SECTION 15.06.	Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein	42
	SECTION 15.07.	Payments Due on Saturdays, Sundays and Holidays	42
	SECTION 15.08.	Conflict of Any Provision of Indenture with Trust Indenture Act	43
	SECTION 15.09.	Conflict of Any Provision of Securities with Indenture	43
	SECTION 15.10.	New York Law to Govern	43
	SECTION 15.11.	Waiver of Jury Trial	43
	SECTION 15.12.	Consent to Jurisdiction and Service	43
	SECTION 15.13.	Third Party Beneficiaries	43
	SECTION 15.14.	Counterparts	43
	SECTION 15.15.	Effect of Headings, Table of Contents	43
	SECTION 15.16.	No Adverse Interpretation of Other Agreements	43
	SECTION 15.17.	Severability	43
	SECTION 15.18.	Patriot Act Compliance	44
	SECTION 15.19.	Force Majeure	44

 

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IOVANCE BIOTHERAPEUTICS, INC.

 

Reconciliation and tie between Trust Indenture
Act of 1939, as amended,

 

and this Indenture

 

	Trust Indenture Act

Section	 	Indenture

Section
	§310(a)(1)	 	6.09
	(a)(2)	 	6.09
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	6.09
	(b)	 	6.04, 6.10
	§311(a)	 	6.13
	(b)	 	6.13
	§312(a)	 	14.01, 14.02(a)
	(b)	 	14.02(b)
	(c)	 	14.02(c)
	§313(a)	 	14.03(a)
	(b)	 	14.03(a)
	(c)	 	14.03(a), 14.03(b)
	(d)	 	14.03(b)
	§314(a)	 	4.05, 14.04
	(b)	 	Not Applicable
	(c)(1)	 	15.06
	(c)(2)	 	15.06
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	15.06
	§315(a)	 	6.01
	(b)	 	6.06, 14.03(a)
	(c)	 	6.01
	(d)	 	6.01
	(e)	 	5.11
	§316(a)(1)(A)	 	5.05
	(a)(1)(B)	 	5.02, 5.04
	(a)(2)	 	Not Applicable
	(b)	 	5.07
	(c)	 	7.02, 8.03
	§317(a)(1)	 	5.08
	(a)(2)	 	5.09
	(b)	 	4.03
	318 (a)	 	15.08

 

This cross-reference table shall not, for any purpose, be deemed
to be part of this Indenture.

 

     

     

    

 

  

INDENTURE dated as of [●] between
Iovance Biotherapeutics, Inc., a Delaware corporation (the “Company”), the Guarantors (as defined herein) and [●],
as trustee (the “Trustee”).

 

WITNESSETH:

 

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

 

WHEREAS, all things necessary to make the
Indenture a valid indenture and agreement according to its terms, have been done.

 

NOW, THEREFORE:

 

In consideration of the premises and the
purchases of the Securities by the Holders thereof, the Company, the Guarantors and the Trustee mutually covenant and agree for
the equal and proportionate benefit of the respective Holders from time to time of the Securities as follows:

 

ARTICLE 1

DEFINITIONS

 

SECTION 1.01.         
Certain Terms Defined. The following terms (except as otherwise expressly provided or unless the context otherwise clearly
requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified
in this Section. All other terms used in this Indenture which are defined in the Trust Indenture Act or the definitions of which
in the Securities Act are referred to in the Trust Indenture Act (except as herein otherwise expressly provided or unless the context
otherwise clearly requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act
as in force at the date of this Indenture. All accounting terms used herein and not expressly defined shall have the meanings given
to them in accordance with generally accepted accounting principles in the United States (whether or not such is indicated herein).
The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include
the plural as well as the singular.

 

“Agent Members” has the meaning
provided in Section 3.08(a).

 

“Board of Directors” means,
with respect to any Person, the board of directors or board of managers of such Person, or any authorized committee of the board
of directors or board of managers of such Person or any officer of such Person duly authorized by the board of directors or board
of managers of such Person to take a specific action.

 

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

 

“Business Day” means any day
except a Saturday, Sunday or other day on which banking institutions or trust companies located in the same jurisdiction as the
Payment Office specified pursuant to Section 3.01 are authorized or obligated by law or executive order to close, except as otherwise
specified pursuant to Section 3.01.

 

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

 

     

     

    

  

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

 

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

 

“Corporate Trust Office” means
the corporate trust office of the Trustee at which the corporate trust business of the Trustee shall, at any particular time, be
principally administered, which office is, at the date as of which this Indenture is dated, located at [●].

 

“Default” means any event that
is or with the passage of time or the giving of notice or both would be an Event of Default.

 

“Depositary” means The Depository
Trust Company, its nominees, and their respective successors.

 

“Dollar” or “$”
means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for
the payment of public and private debt.

 

“Event of Default” means any
event or condition specified as such in Section 5.01 which shall have continued for the period of time, if any, therein designated.

 

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

 

“GAAP” means generally accepted
accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board
or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the
United States, as in effect from time to time. At any time after the Issue Date with respect to a series of Securities, the Company
may elect to apply IFRS in lieu of GAAP and, upon any such election, references in this Indenture to GAAP shall thereafter be construed
to mean IFRS as in effect from time to time. The Company shall give notice of any such election to the Trustee.

 

“Global Security” means a Security,
and any Guarantees endorsed thereon, evidencing all or part of a series of Securities and the corresponding Guarantees, if any,
issued to the Depositary for that series in accordance with Section 3.05 and bearing the appropriate legend prescribed in Section
3.06.

 

“Government Securities” means
direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.

 

“Guarantee” means with respect
to the Securities of any series, the Guarantee with respect to the Securities of such series by the applicable Guarantor or Guarantors
pursuant to Section 2.02 hereof and a supplemental indenture.

 

“Guarantor” means, with
respect to Securities of any series, any of the Company’s direct and indirect Subsidiaries, but only if such entity has guaranteed
the Company’s obligations under this Indenture and with respect to such series of Securities pursuant to Section 2.01 hereof;
provided that upon the release and discharge of any Person from its Guarantee in accordance with this Indenture or as specified
pursuant to Section 3.01, such Person shall cease to be a Guarantor.

 

“Holder,” “Holder of Securities”
or other similar terms mean the registered holder of any Security.

 

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“IFRS” means International Financial
Reporting Standards promulgated by the International Accounting Standards Board (or any successor board or agency) and as adopted
by the European Union, as in effect from time to time.

 

“Indenture” means this indenture
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities established
as contemplated hereunder.

 

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

 

“Issue Date” means, with respect
to Securities of a series, the first date on which the Securities of such series are originally issued under this Indenture.

 

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

 

“Notice of Default” has the
meaning provided in Section 6.06.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company by an officer of the Company (or on behalf of a Guarantor by an officer of
such Guarantor, as the case may be) that meets the requirements of Section 15.06 hereof.

 

“Opinion of Counsel” means an
opinion in writing signed by legal counsel who may be an employee of or counsel to the Company or a Guarantor or who may be other
counsel satisfactory to the Trustee.

 

“outstanding” means, when used
with reference to Securities, subject to the provisions of Article 7, as of any particular time, all Securities authenticated
and delivered by the Trustee under this Indenture, except

 

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

 

(b)         Securities,
or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with
the Trustee or with any Paying Agent (other than the Company or a Guarantor) or shall have been set aside, segregated and held
in trust by the Company or a Guarantor (if the Company or a Guarantor shall act as Paying Agent); provided that if such
Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as herein provided,
or provision satisfactory to a Responsible Officer of the Trustee shall have been made for giving such notice;

 

(c)         Securities
in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant
to the terms of Section 3.09 (unless proof satisfactory to the Trustee and the Company is presented that any of such Securities
is held by a person in whose hands such Security is a legal, valid and binding obligation of the Company); and

 

(d)         Securities
that have been defeased pursuant to Section 12.01.

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of (and premium, if any) and interest, if any, on any Securities on behalf of the
Company. The Company or a Guarantor may act as Paying Agent with respect to any Securities issued hereunder.

 

“Payment Office” means, when
used with respect to the Securities of or within any series, the place or places where the principal of (and premium, if any) and
interest on such Securities are payable as specified pursuant to Section 3.01.

 

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“Person” means any individual,
corporation, partnership, joint stock company, business trust, trust, unincorporated association, joint venture or other entity
or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

“Physical Securities” means
Securities issued pursuant to Section 3.02 in exchange for interest in the Global Security or pursuant to Section 3.08(b)
in registered form substantially in the form hereinabove recited.

 

“Principal Amount” means, when
used with respect to any Security, the amount of principal of such Security that could then be declared due and payable pursuant
to Section 5.02.

 

“Registrar” has the meaning
provided in Section 3.07.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.01.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee including any vice president,
any trust officer, any assistant vice president, any assistant secretary, any assistant treasurer, or any other officer of the
Trustee customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of this Indenture.

 

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

 

“Security” or “Securities”
means any Security or Securities, as the case may be, authenticated and delivered under this Indenture.

 

“Security Register” has the
meaning provided in Section 3.07.

 

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

 

“Subsidiary” means, as applied,
with respect to any Person, any corporation, partnership or other legal entity of which, in the case of a corporation, more than
50% of the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation has or might have
voting power upon the occurrence of any contingency), or, in the case of any partnership or other legal entity, more than 50% of
the ordinary equity capital interests, is at the time directly or indirectly owned or controlled by such Person, by such Person
and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, as in force at the date as of which this Indenture was originally executed, and “TIA”
means, when used in respect of an indenture supplemental hereto, such Act as in force at the time such indenture supplemental hereto
becomes effective.

 

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

 

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SECTION 1.02.         
Other Definitions.

 

	Term	 	Defined in Section	 
	“Authorized Agent”	 	 	15.12	 
	“Covenant Defeasance”	 	 	12.03	 
	“Legal Defeasance”	 	 	12.02	 
	“Specified Courts”	 	 	15.12	 

 

SECTION 1.03.         
Rules of Construction.

 

Unless the context otherwise requires:

 

(a)          a
term has the meaning assigned to it;

 

(b)         an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(c)          “or”
is not exclusive;

 

(d)         words
in the singular include the plural, and in the plural include the singular;

 

(e)          provisions
apply to successive events and transactions; and

 

(f)          all
references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this
instrument unless the context requires otherwise.

 

ARTICLE 2

SECURITY FORMS

 

SECTION 2.01.         
Forms Generally. The Securities of each series, and all Guarantees endorsed thereon, if any, shall be in substantially the
forms as shall be established by or pursuant to a Board Resolution of the Company (and a Board Resolution of each Guarantor with
respect to the Guarantees, if any) or in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of
any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities and Guarantees,
if any, as evidenced by their execution of the Securities and Guarantees. If the form of Securities of any series, and any Guarantees
endorsed thereon, is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action
shall be certified by the Secretary or an Assistant Secretary of the Company, and by the Secretary or Assistant Secretary of the
Guarantors, if any, and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.02
for the authentication and delivery of such Securities.

 

The Trustee’s certificate of authentication
on all Securities shall be in substantially the form set forth in this Article.

 

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

 

SECTION 2.02.         
Guarantees by Guarantor; Form of Guarantee; Release of Guarantee.

 

(a)          Except
as otherwise specified in or pursuant to the Officers’ Certificate or supplemental indenture contemplated by Section 3.01(b),
the provisions of this Section 2.02 will be applicable to any series of Securities that is to be guaranteed by one or more Guarantors.

  

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(b)          Each
Guarantor by its execution of this Indenture hereby agrees with each Holder of a Security of each series that is guaranteed by
such Guarantor and authenticated and delivered by the Trustee and with the Trustee on behalf of each such Holder, to be unconditionally
bound by the terms and provisions of the Guarantee set forth below and authorizes the Trustee to confirm such Guarantee to the
Holder of each such Security by its execution and delivery of each such Security, with such Guarantee endorsed thereon, authenticated
and delivered by the Trustee.

 

Guarantees to be endorsed on the Securities
shall, subject to this Section 2.02, be in substantially the form set forth below:

 

GUARANTEE

OF

[GUARANTOR]

 

For value received, [●] (the “Guarantor”)
hereby unconditionally and irrevocably guarantees, jointly and severally, to the Holder of the Security upon which this Guarantee
is endorsed and to the Trustee on behalf of each such Holder the due and punctual payment of the principal of, premium, if any,
interest and additional amounts, if any, on such Security and the due and punctual payment of any sinking fund or analogous payments
referred to therein, if any, when and as the same shall become due and payable, whether on the Stated Maturity, by declaration
of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture dated as of [●] among
Iovance Biotherapeutics, Inc. (hereinafter called the “Company,” which term includes any successor Person thereto under
the Indenture), the Guarantors (as defined therein) and [●], as trustee (the “Indenture” and as supplemented
by any applicable supplemental indenture, the “Indenture”). In case of the failure of the Company punctually to make
any such payment of principal, premium, if any, or interest, and additional amounts, if any, or any sinking fund or analogous payment,
the Guarantor, for so long as this Guarantee shall be in effect, hereby agrees to cause any such payment to be made to or to the
order of the Trustee punctually when and as the same shall become due and payable, whether on the Stated Maturity or by declaration
of acceleration, call for redemption or otherwise, and as if such payment were made by the Company.

 

The Guarantor hereby agrees, to the extent
permitted by law, that its obligations hereunder shall be as if it were the principal debtor and not merely surety, and shall be
absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such
Security or the Indenture, any failure to enforce the provisions of such Security or the Indenture, or any waiver, modification
or indulgence granted to the Company with respect thereto, by the Holder of such Security or the Trustee or any other circumstance
which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives, to the extent
permitted by law, diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or
the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under such Security and all
demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of, premium,
if any, and interest on such Security or as otherwise described in Section 2.02 of the Indenture.

 

This Guarantee shall be automatically and
unconditionally released on the terms set forth in Section 2.02(c) of the Indenture and such terms as have been specified pursuant
to Section 3.01.

 

The Guarantor shall be subrogated to all
rights of the Holder of such Security and the Trustee against the Company in respect of any amounts paid to such Holder by the
Guarantor pursuant to the provisions of this Guarantee; provided that the Guarantor shall not be entitled to enforce, or
to receive any payments arising out of or based upon such right of subrogation until the principal of, premium, if any, and interest
on all Securities of the same series issued under the Indenture shall have been paid in full.

 

The Guarantor hereby agrees that its obligations
hereunder shall be direct, unconditioned and unsubordinated and will rank equally and ratably without preference and at least equally
with other senior unsecured and unsubordinated obligations of the Guarantor, except to the extent prescribed by law. The Holder
of a guaranteed Security will be entitled to payment under the Guarantee without taking any action whatsoever against the Company.

 

    - 6 -

     

    

 

   

No reference herein to the Indenture and
no provision of this Guarantee or of the Indenture shall alter or impair the guarantee of the Guarantor, which is absolute and
unconditional, of the due and punctual payment of the principal of, premium, if any, and interest on, any additional amounts, and
any sinking fund or analogous payments with respect to, the Security upon which this Guarantee is endorsed.

 

This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the
Trustee under the Indenture.

 

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

 

This Guarantee shall be governed by and
construed in accordance with the laws of the State of New York, but without giving effect to applicable principles of conflicts
of law to the extent that the application of the law of another jurisdiction would be required thereby.

 

Executed and dated the date on the face hereof.

 

[GUARANTOR]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

(c)          
Release of Guarantee.

 

(i)           The
Guarantee of a Guarantor relating to a series of Securities shall be released automatically and unconditionally, and such Guarantor
shall be relieved of all of its obligations under its Guarantee of such Securities, (A) upon defeasance or discharge of such series
of Securities as provided in Article 12 or Article 13 of this Indenture, (B) if for any reason, such Guarantor ceases to be a Subsidiary
of the Company, or (C) in connection with any sale, disposition or transfer of all or substantially all of the assets of that Guarantor
(including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction)
the Company or a Subsidiary of the Company.

 

(ii)          The
Guarantee of a Guarantor relating to a series of Securities shall be released automatically and unconditionally, and such Guarantor
shall be relieved of all of its obligations under its Guarantee of such Securities, in any additional circumstances provided in
the terms of the Securities of such series established pursuant to Section 3.01 of this Indenture and any relevant supplemental
indenture.

 

(iii)         At
such time as a Guarantor’s Guarantee is released with respect to any series of Securities, such Guarantor will no longer
be considered a “Guarantor” of such series of Securities.

 

(iv)         The
Trustee shall promptly execute any documents reasonably requested by the Company or applicable Guarantor relating to a series of
Securities in order to evidence the release of such Guarantor from its obligations under its Guarantee of the Securities of such
series; provided that the Trustee shall not be obligated to execute or deliver any document evidencing the release of a
Guarantee pursuant to this Section 2.02(c) unless the Company has delivered an Officers’ Certificate or an Opinion of Counsel
to the effect that such release is in accordance with the provisions of this Indenture.

 

SECTION 2.03.         
Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication shall be substantially
in the following form:

 

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

 

	 	[____________________________],
	 	as Trustee

 

	 	By:	 
	 	 	Authorized Signatory

  

    - 7 -

     

    

  

ARTICLE 3

ISSUE, EXECUTION, FORM AND REGISTRATION OF SECURITIES

 

SECTION 3.01.         
Amount Unlimited; Issuable in Series.

 

(a)          The
aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited.

 

(b)          The
Securities may be issued from time to time in one or more series. Prior to the issuance of Securities of any series, there shall
be established in or pursuant to (i) a Board Resolution of the Company and each Guarantor, if any, of the Securities of such
series, (ii) action taken pursuant to a Board Resolution and (subject to Sections 3.03 and 3.04) set forth, or determined
in the manner provided, in an Officers’ Certificate of the Company and each Guarantor, if any, of the Securities of such
series, or (iii) one or more indentures supplemental hereto:

 

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

 

(2)         whether
or not such Securities are to be guaranteed pursuant to Section 2.02 and, if so, the Guarantor or Guarantors thereof;

 

(3)         the
purchase price, denomination and any limit upon the aggregate principal amount of the Securities of the series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Securities of the series pursuant to Sections 3.07, 3.09, 3.11, 9.05 or 11.03);

 

(4)         the
date or dates on which the principal of and premium, if any, on the Securities of the series is payable or the method of determination
thereof;

 

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

 

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

 

(7)         the
place or places where the Securities may be exchanged or transferred;

 

(8)         the
period or periods within which, the price or prices at which, the currency or currencies (including currency unit or units) in
which, and the other terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Company, if the Company is to have that option, and, if other than as provided in Section 11.02, the manner in which
the particular Securities of such series (if less than all Securities of such series are to be redeemed) are to be selected for
redemption;

 

    - 8 -

     

    

   

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

 

(10)        if
other than denominations of $2,000 and multiples of $1,000 in excess thereof, the denominations in which Securities of the series
shall be issuable;

 

(11)        if
other than Dollars, the currency or currencies (including currency unit or units) in which payments of principal of (and premium,
if any) and interest, if any, on the Securities of the series shall or may by payable, or in which the Securities of the series
shall be denominated, and the particular provisions applicable thereto;

 

(12)        if
the payments of principal of (and premium, if any) and interest, if any, on the Securities of the series are to be made, at the
election of the Company or a Holder, in a currency or currencies (including currency unit or units) other than that in which such
Securities are denominated or designated to be payable, the currency or currencies (including currency unit or units) in which
such payments are to be made, the terms and conditions of such payments and the manner in which the exchange rate with respect
to such payments shall be determined, and the particular provisions applicable thereto;

 

(13)        if
the amount of payments of principal of (and premium, if any) and interest, if any, on the Securities of the series shall be determined
with reference to any commodities, currencies or indices, values, rates or prices or any other index, formula or method (which
index, formula or method may be based, without limitation, on a currency or currencies (including currency unit or units) other
than that in which the Securities of the series are denominated or designated to be payable), the manner in which such amounts
shall be determined;

 

(14)        if
other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or the method by which such portion shall
be determined;

 

(15)        any
modifications of or additions to the Events of Default set forth in Section 5.01 or the covenants of the Company set forth in Article
4 or Article 10 with respect to Securities of the series; and whether such additional or modified Events of Default or covenants
are subject to covenant defeasance pursuant to Section 12.03;

 

(16)        if
either or both of Section 12.02 and Section 12.03 shall be inapplicable to the Securities of the series ( provided
that if no such inapplicability shall be specified and the Securities of such series are not convertible into or their value is
not determined with reference to the Company’s equity securities, then both Section 12.02 and Section 12.03 shall
be applicable to the Securities of such series; provided further that if no such inapplicability shall be specified and
the Securities of such series are convertible into or their value is determined with reference to the Company’s equity securities,
then neither Section 12.02 nor Section 12.03 shall be applicable to the Securities of such series) and any other terms
upon which the Securities of such series will be defeasible;

 

(17)        if
other than the Trustee, the identity of the Registrar and any Paying Agent;

 

(18)        if
the Securities of the series shall be issued in whole or in part in global form, (i) the Depositary for such global
Securities, (ii) the form of any legend in addition to or in lieu of that in Section 3.06 which shall be borne by
such global Security, (iii) whether beneficial owners of interests in any Securities of the series in global form may
exchange such interests for certificated Securities of such series and of like tenor of any authorized form and denomination,
and (iv) if other than as provided in Section 3.08, the circumstances under which any such exchange may occur;

 

    - 9 -

     

    

   

(19)        if,
and the terms and conditions upon which, the Securities of such series may or must be converted into securities of the Company
or exchanged for securities of the Company or another enterprise; and

 

(20)       any
other terms of the series or any Guarantees endorsed thereon (which terms shall not adversely affect a prior series of Securities).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided (i) by a Board Resolution of the
Company, (ii) by action taken pursuant to a Board Resolution of the Company and (subject to Sections 3.02-3.05) set forth,
or determined in the manner provided, in an Officers’ Certificate or (iii) in any such indenture supplemental hereto.
All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened,
without the consent of the Holders, for issuances of additional Securities of such series.

 

If any of the terms of the Securities of
any series, and any Guarantees endorsed thereon, are established by action taken pursuant to a Board Resolution of the Company
and the Guarantors, if any, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant
Secretary of the Company and the Guarantors, if any, and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth, or providing the manner for determining, the terms of the Securities of such series, and an appropriate
record of any action taken pursuant thereto in connection with the issuance of any Securities of such series shall be delivered
to the Trustee prior to the authentication and delivery thereof.

 

SECTION 3.02.         
Authentication and Delivery of Securities. Upon the execution and delivery of this Indenture, or from time to time thereafter,
Securities of any series and any Guarantees endorsed thereon may be executed by the Company and the Guarantors, if any, and delivered
by the Company to the Trustee for authentication, together with a Company Order, and upon delivery to the Trustee of all documents
and certificates as required by this Indenture, the Trustee shall thereupon, in accordance with such Company Order, authenticate
and make available for delivery said Securities.

 

SECTION 3.03.         
Execution of Securities. The Securities of each series shall be executed on behalf of the Company, and each of the Guarantees,
if any, shall be executed on behalf of the applicable Guarantor, by the Chairman of the Board of Directors, the President, the
Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Controller, the Secretary or any Assistant Secretary of
the Company or of such Guarantor, as the case may be. The signatures of any of such officers on the Securities or the Guarantees
may be the manual or facsimile signatures of the present or any future such officers. In case any officer of the Company or of
each Guarantor, if any, who shall have signed any of the Securities and Guarantees, if any, shall cease to be such officer before
the Security so signed or to which the Guarantee relates shall be authenticated and delivered by the Trustee or disposed of by
the Company, such Security nevertheless may be authenticated and delivered or disposed of as though the person who signed such
Security or Guarantee had not ceased to be such officer of the Company or of such Guarantor, as the case may be; and any Security
or Guarantee may be signed on behalf of the Company or of a Guarantor, if any, by such persons as shall be the proper officers
of the Company or of such Guarantor, as the case may be, at the actual date of the execution of such Security or Guarantee even
though any such person was not such officer at the date of the execution and delivery of this Indenture.

 

SECTION 3.04.         
Certificate of Authentication. Only such Securities or Guarantees endorsed thereon, if any, as shall bear thereon a certificate
of authentication substantially in the form hereinabove recited, executed by the Trustee by manual signature of one of its authorized
signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by
the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been
duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

  

    - 10 -

     

    

 

SECTION 3.05.         
Denomination, Currency and Date of Securities; Payments of Interest.

 

(a)          The
Securities shall be issuable in such denominations and currency as shall be specified as contemplated by Section 3.01. In the absence
of any specification pursuant to Section 3.01 with respect to Securities of any series, the Securities of such series shall be
denominated in Dollars, issuable only as Securities in denominations of $2,000 and multiples of $1,000 in excess thereof and payable
only in Dollars. The Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such
plans as the officers of the Company executing the same may determine with the approval of the Trustee.

 

Any of the Securities and Guarantees, if
any, may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law
or with any rules or regulations pursuant thereto, including those required by Section 3.06, or with the rules of any securities
market in which the Securities are admitted to trading, or to conform to general usage.

 

Each Security shall be dated the date of
its authentication, shall bear interest from the applicable date and shall be payable on the dates specified on the face of the
form of Security above. Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on
the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

 

(b)          
Global Securities. If Securities of or within a series are issuable in whole or in part in global form, then any such Security
of such series shall be deposited with the Trustee as custodian for the Depositary and registered in the name of Cede & Co.,
as nominee for the Depositary. The Global Security shall be deposited on behalf of the purchasers of the Securities represented
thereby with the Trustee, as custodian for the Depositary (or with such other custodian as the Depositary may direct), and registered
in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and each Guarantor, if any, and authenticated
by the Trustee as hereinafter provided. The aggregate principal amount of the Global Securities may from time to time be increased
or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

(c)          The
person in whose name any Security is registered at the close of business on any Regular Record Date with respect to any Interest
Payment Date shall be entitled to receive the interest, if any, payable on such Interest Payment Date notwithstanding any transfer
or exchange of such Security subsequent to the Regular Record Date and prior to such Interest Payment Date, except if and to the
extent the Company or a Guarantor, if any, shall default in the payment of the interest due on such Interest Payment Date, in which
case such defaulted interest, plus (to the extent lawful) any interest payable on the defaulted interest, shall be paid to the
persons in whose names outstanding Securities are registered at the close of business on a subsequent record date (which shall
be not less than five Business Days prior to the date of such payment) established by notice given by mail by or on behalf of the
Company or such Guarantor to the Holders of Securities not less than 15 calendar days preceding such subsequent record date.

 

SECTION 3.06.         
Global Security Legend. Any Security in global form authenticated and delivered hereunder shall bear a legend in substantially
the following form, or in such other form as may be necessary or appropriate to reflect the arrangements with or to comply with
the requirements of any Depositary:

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH
MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES.

 

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

 

    - 11 -

     

    

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE.

 

SECTION 3.07.         
Registration, Transfer and Exchange. The Securities are issuable only in registered form. The Company will keep at each
office or agency (the “Registrar”) for each series of Securities a register or registers (the “Security Register(s)”)
in which, subject to such reasonable regulations as it may prescribe, it will register, and will register the transfer of Securities
as provided in this Article. Such Security Register or Security Registers shall be in written form in the English language or in
any other form capable of being converted into such form within a reasonable time. At all reasonable times such Security Register
or Security Registers shall be open for inspection by the Trustee. The initial Registrar shall be the Trustee.

 

Upon due presentation for registration of
transfer of any Security of any series at each such office or agency, the Company shall execute a new Security or Securities of
the same series, in each case, of any authorized denominations and of a like aggregate Principal Amount in the name of the designated
transferee or transferees, the applicable Guarantors, if any, shall execute the Guarantees endorsed thereon and, upon receipt of
a Company Order, the Trustee shall authenticate and make available for delivery such Securities.

 

At the option of the Holder, Securities
of any series (except a Security in global form) may be exchanged for other Securities of the same series, of any authorized denominations
and of a like aggregate Principal Amount and Stated Maturity, upon surrender of the Securities to be exchanged at such office or
agency. Whenever any Securities are so surrendered for exchange, the Company shall execute the Securities which the Holder making
the exchange is entitled to receive, the applicable Guarantors, if any, shall execute the Guarantees endorsed thereon and, upon
receipt of a Company Order, the Trustee shall authenticate and make available for delivery such Securities.

 

A Holder may transfer a Security only by
written application to the Registrar stating the name of the proposed transferee and otherwise complying with the terms of this
Indenture. No such transfer shall be effected until, and such transferee shall succeed to the rights of a Holder only upon, final
acceptance and registration of the transfer by the Registrar in the Security Register. Prior to the registration of any transfer
by a Holder as provided herein, the Company, the Guarantors, if any, and the Trustee or any of their respective agents shall treat
the person in whose name the Security is registered as the owner thereof for all purposes whether or not the Security shall be
overdue, and neither the Company, the Guarantors, if any, the Trustee, nor any such agent shall be affected by notice to the contrary.
Furthermore, any Holder of a Global Security shall, by acceptance of such Global Security, agree that transfers of beneficial interests
in such Global Security may be effected only through a book entry system maintained by the Depository (or its nominee) and that
ownership of a beneficial interest in the Security shall be required to be reflected in a book entry. When Securities are presented
to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal Principal Amount of
Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if the
requirements for such transactions set forth herein are met. To permit registrations of transfers and exchanges, the Company shall
execute the Securities, the applicable Guarantors, if any, shall execute the Guarantees endorsed thereon and the Trustee shall
authenticate Securities at the Registrar’s request.

 

The Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of
transfer of Securities (other than any such transfer taxes or other similar governmental charge payable upon exchanges pursuant
to Section 3.11, 9.05 or 11.03). No service charge to any Holder shall be made for any such transaction.

 

The Company shall not be required to exchange
or register a transfer of (a) any Securities of any series for a period of 15 calendar days next preceding the first
mailing of notice of redemption of Securities of that series to be redeemed, or (b) any Securities of any series selected,
called or being called for redemption except, in the case of any Security of any series where public notice has been given that
such Security is to be redeemed in part, the portion thereof not so to be redeemed.

 

    - 12 -

     

    

 

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

 

SECTION 3.08.         
Book-Entry Provisions for Global Securities.

 

(a)          Each
Global Security initially shall (i) be registered in the name of the Depositary for such Global Securities or the nominee
of such Depositary, (ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as set forth
in Section 3.06.

 

Members of, or participants in, the Depositary
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf
by the Depositary, or the Trustee as its custodian, or under the Global Security, and the Depositary may be treated by the Company,
each Guarantor, if any, the Trustee and any of their respective agents as the absolute owner of such Global Security for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, each such Guarantor, the Trustee or any of
such agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair,
as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a
holder of any Security.

 

(b)          Transfers
of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary for such
series, its successors or their respective nominees. The Company may at any time and in its sole discretion determine that the
Securities of a series issued in the form of one or more Global Securities shall no longer be represented by such Global Securities.
In such event, the Company will execute Securities of such series of like tenor and terms in definitive form in an aggregate Principal
Amount equal to the Principal Amount of the Global Security or Securities of such series, the applicable Guarantors, if any, shall
execute the Guarantees endorsed thereon and the Trustee, upon receipt of a Company Order, will authenticate and deliver such definitive
Securities in exchange for such Global Security or Securities. Interests of beneficial owners in a Global Security may be transferred
in accordance with the rules and procedures of the Depositary.

 

In addition, Physical Securities shall be
transferred to all beneficial owners identified by the Depositary in exchange for their beneficial interests in a Global Security,
if (i) the Depositary (A) notifies the Company that it is unwilling or unable to continue as Depositary for such Global
Security, and a successor depositary is not appointed by the Company within 90 calendar days of such notice, or (B) ceases
to be qualified to serve as Depositary and a successor depositary is not appointed by the Company within 90 calendar days
of such notice, (ii) the Company executes and delivers to the Trustee a Company Order that such Global Security shall be so
transferable, registrable and exchangeable, and such transfers shall be registrable, or (iii) an Event of Default of which
the Trustee has actual notice has occurred and is continuing and the Registrar has received a request from a beneficial owner to
issue such Physical Securities, and if the Trustee is the Registrar, a Company Order or written confirmation from the Depositary
identifying the beneficial owner.

 

(c)          Any
beneficial interest in one of the Global Securities that is transferred to a person who takes delivery in the form of an interest
in the other Global Security will, upon transfer, cease to be an interest in such Global Security and become an interest in the
other Global Security and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures applicable
to beneficial interests in such other Global Security for as long as it remains such an interest.

 

(d)          In
connection with any transfer of a portion of the beneficial interests in a Global Security to beneficial owners pursuant to paragraph
(b) of this Section 3.08, the Registrar shall reflect on its books and records the date and a decrease in the Principal
Amount of such Global Security in an amount equal to the Principal Amount of the beneficial interest in such Global Security to
be transferred, and the Company shall execute, and the Trustee shall authenticate and make available for delivery, one or more
Physical Securities of like tenor and amount.

 

(e)          In
connection with the transfer of an entire Global Security to beneficial owners pursuant to paragraph (b) of this Section,
such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon
receipt of a Company Order the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in
exchange for its beneficial interest in such Global Security, an equal Principal Amount of Physical Securities of authorized denominations.

 

    - 13 -

     

    

 

(f)           The
registered holder of a Global Security may grant proxies and otherwise authorize any person, including Agent Members and persons
that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the
Securities of such series.

 

SECTION 3.09.         
Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any temporary or definitive Security shall become mutilated,
defaced or be apparently destroyed, lost or stolen, the Company in its discretion may execute a new Security of the same series
bearing a number not contemporaneously outstanding, the applicable Guarantors, if any, shall execute the Guarantees endorsed thereon
and, upon the written request of any officer of the Company and delivery to the Trustee of all documents and certificates as required
by this Indenture, the Trustee shall authenticate and make available for delivery such Security, in exchange and substitution for
the mutilated or defaced Security, or in lieu of and substitution for the Security so apparently destroyed, lost or stolen. In
every case the applicant for a substitute Security shall furnish to the Company, each Guarantor, if any, the Trustee and any of
their respective agents, such security or indemnity as may be required by each of them to indemnify and defend and to save each
of them harmless and, in every case of destruction, loss or theft evidence to their satisfaction of the apparent destruction, loss
or theft of such Security and of the ownership thereof.

 

Upon the issuance of any substitute Security,
the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. In case any Security which
has matured or is about to mature, or has been called for redemption in full, shall become mutilated or defaced or be apparently
destroyed, lost or stolen, the Company may, instead of issuing a substitute Security of the same series, pay or authorize the payment
of the same (without surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment
shall furnish to the Company, each Guarantor, if any, the Trustee and any of their respective agents such Security or indemnity
as any of them may require to save each of them harmless from all risks, however remote, and, in every case of apparent destruction,
loss or theft, the applicant shall also furnish to the Company, each such Guarantor, the Trustee and any of such agents evidence
to their satisfaction of the apparent destruction, loss or theft of such Security and of the ownership thereof.

 

Every substitute Security and the Guarantee
endorsed thereon, if any, issued pursuant to the provisions of this Section by virtue of the fact that any Security is apparently
destroyed, lost or stolen shall constitute an additional contractual obligation of the Company and any Guarantor, as applicable,
whether or not the apparently destroyed, lost or stolen Security shall be at any time enforceable by anyone and shall be entitled
to all the benefits of (but shall be subject to all the limitations of rights set forth in) this Indenture equally and proportionately
with any and all other Securities and the Guarantees endorsed thereon, if any, duly authenticated and delivered hereunder. All
Securities shall be held and owned upon the express condition that, to the extent permitted by law, with respect to the holder
of a substitute Security, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, defaced,
or apparently destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies notwithstanding any
law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments
or other securities without their surrender.

 

SECTION 3.10.         
Cancellation of Securities. All Securities surrendered for payment, redemption, registration of transfer or exchange, if
surrendered to the Company, any Guarantor, the Trustee or any of their respective agents, shall be delivered to the Trustee for
cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no Securities shall be issued in lieu thereof except
as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled Securities in accordance
with its customary procedures. If the Company or any Guarantor shall acquire any of the Securities, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered
to the Trustee for cancellation.

 

    - 14 -

     

    

  

SECTION 3.11.         
Temporary Securities. Pending the preparation of definitive Securities of any series, the Company may execute and the Trustee
shall authenticate and make available for delivery temporary Securities of such series (printed, lithographed, typewritten or otherwise
reproduced, in each case in form satisfactory to the Trustee). Temporary Securities shall be issuable as registered Securities
of such series without coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such
series, and if the Securities are to be guaranteed, having endorsed thereon the Guarantees executed by each Guarantor, but in all
cases with such appropriate omissions, insertions and variations as may be appropriate for temporary Securities, all as may be
determined by the Company and the Guarantors, if any, with the concurrence of the Trustee. Temporary Securities may contain such
reference to any provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by the Company
and endorsed by each Guarantor, if any, and be authenticated by the Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such series. Without unreasonable delay the Company shall execute
and shall furnish definitive Securities of such series and thereupon temporary Securities of such series may be surrendered in
exchange therefor without charge at each office or agency to be maintained by the Company for the purpose pursuant to Section 4.02,
and upon delivery to the Trustee of all documents and certificates as required by this Indenture, the Trustee shall authenticate
and make available for delivery in exchange for such temporary Securities a like aggregate principal amount of definitive Securities
of such series of authorized denominations, and if the Securities are guaranteed, having endorsed thereon the Guarantees executed
by each Guarantor. Until so exchanged the temporary Securities of such series shall be entitled to the same benefits under this
Indenture as definitive Securities of such series.

 

SECTION 3.12.         
CUSIP and ISIN Numbers. The Company in issuing the Securities of any series may use a “CUSIP” and “ISIN”
number (if then generally in use), and, if so, the Trustee shall use the CUSIP numbers or ISIN numbers, as the case may be, in
notices of redemption or exchange as a convenience to Holders of such series; provided that any such notice shall state
that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Securities
and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the
Trustee of any change in the CUSIP numbers or ISIN numbers.

 

ARTICLE 4

CERTAIN COVENANTS

 

SECTION 4.01.         
Payment of Principal, Premium and Interest on Securities. The Company, for the benefit of each series of the Securities,
will duly and punctually pay or cause to be paid the principal of and any premium and interest on the Securities of that series
in accordance with the terms of such Securities and this Indenture.

 

SECTION 4.02.         
Maintenance of Office or Agency. The Company will maintain a Payment Office where Securities may be presented or surrendered
for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or
upon the Company in respect of the Securities and this Indenture may be served. The Company will give prompt written notice to
the Trustee of the location, and any change in the location of, such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby initially
appoints the Trustee at its office or agency as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time
designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the
requirements set forth above for Securities of any series for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

 

    - 15 -

     

    

 

SECTION 4.03.         
Money for Securities Payments to be Held in Trust.

 

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

 

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

 

(c)          The
Company will cause each Paying Agent for any series of Securities (other than the Trustee) to execute and deliver to the Trustee
an instrument in which such Paying Agent will agree with the Trustee, subject to the provisions of this Section 4.03, that
such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent; (ii) hold
all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on the Securities of that series
in trust for the benefit of the Holders until such sums shall be paid to such Holders or otherwise disposed of as herein provided;
(iii) give the Trustee notice of any Default by the Company or any Guarantor (or any other obligor upon the Securities) in
the making of any payment of principal (and premium, if any) or interest, if any, on the Securities of that series; and (iv) during
the continuance of any Default by the Company (or any other obligor upon the Securities of that series) in the making of any payment
in respect of the Securities of that series, and upon the written request of that Trustee, forthwith pay to the Trustee all sums
held in trust by such Paying Agent for payment in respect of the Securities of that series.

 

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

 

(e)          Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of
or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, or
interest has become due and payable and was deposited with the Paying Agent will be paid to the Company upon a Company Request
(or, if then held by the Company, will be discharged from such trust) subject to any applicable abandoned property law; and the
Holder of such Security will thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money will thereupon cease.

 

SECTION 4.04.         
Existence. Subject to Article 10, the Company will do or cause to be done all things necessary to preserve and keep
in full force and effect its existence and rights (charter and statutory); provided that the Company will not be required
to preserve any such right or franchise if the Board of Directors determines that the preservation thereof is no longer desirable
in the conduct of the business of the Company and that the loss thereof will not be disadvantageous in any material respect to
the Holders.

 

SECTION
4.05.          Statement by Officers as to Default. The Company and, to
the extent required by the TIA, each Guarantor, if any, will deliver to the Trustee, within 120 calendar days after the end
of each fiscal year of the Company ending after the first date any series of Securities issued under this Indenture is
outstanding, a certificate signed by the principal executive officer, principal financial officer or principal accounting
officer of the Company or such Guarantor stating whether or not to the knowledge of such person after due inquiry the Company
or such Guarantor is in default in the performance and observance of any of the terms, provisions, and conditions of this
Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company or such
Guarantor is in default, specifying all such defaults and the nature and status thereof of which such person may have such
knowledge. The Company or such Guarantor shall deliver to the Trustee, as soon as possible and in any event within seven
calendar days after any such aforementioned officer of the Company or such Guarantor becomes aware of the occurrence of any
Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an
Officers’ Certificate setting forth the details of such Event of Default or default and the action which the Company or
such Guarantor proposes to take with respect thereto.

 

    - 16 -

     

    

 

SECTION 4.06.         
Waiver of Certain Covenants. The Company and each Guarantor, if any, may omit in any particular instance to comply with
any term, provision, or condition set forth in this Indenture or any applicable supplemental indenture, with respect to the Securities
of any series, if the Holders of a majority in Principal Amount of all outstanding Securities of such series shall, by act of such
Holders in accordance with Section 7.01, either waive such compliance in such instance or generally waive compliance with
such term, provision, or condition in accordance with Article 9 and Section 5.07, but no such waiver will extend to or affect such
term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations
of the Company and such Guarantor and the duties of the Trustee in respect of any such term, provision, or condition will remain
in full force and effect.

 

ARTICLE 5

REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT

 

SECTION 5.01.         
Events of Default. Each of the following events constitutes an “Event of Default” wherever used herein with
respect to Securities of any series:

 

(a)          default
for 30 calendar days in the payment when due of interest on the Securities of that series;

 

(b)          default
in payment when due of the principal (whether at Stated Maturity, upon redemption (if applicable), upon any required repurchase
by the Company (if applicable) or otherwise) of or premium, if any, on the Securities of that series;

 

(c)          default
by the Company or any Guarantor of such series of Securities in the observance or performance of any other covenant or agreement
contained in this Indenture or as specified pursuant to Section 3.01 (other than a default referred to in clauses (a) or (b) above,
or an agreement, covenant or provision that has expressly been included in this Indenture solely for the benefit of one or more
series of Securities other than that series) which default continues for a period of 60 calendar days after the Company or such
Guarantor receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the
Holders of at least 25% of the Principal Amount of Securities of that series then outstanding (with a copy to the Trustee if given
by Holders) (except in the case of a default with respect to Section 10.01 of this Indenture, which will constitute an Event of
Default with such notice requirement but without such passage of time requirement).

 

(d)          the
entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company or a Guarantor
of such series of Securities in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency,
reorganization, or other similar law or (ii) a decree or order adjudging the Company or such Guarantor bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the
Company or such Guarantor under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator, or other similar official of the Company or such Guarantor or of any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other
decree or order unstayed and in effect for a period of 60 consecutive calendar days;

 

    - 17 -

     

    

 

 

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

 

(f)           any
Guarantee relating to such series Securities shall cease to be in full force and effect (other than in accordance with the terms
of this Indenture) or any Guarantor denies or disaffirms its obligations under its Guarantee; or

 

(g)          any
other Event of Default with respect to Securities of that series as specified pursuant to Section 3.01, which shall not have been
remedied within the specified period after written notice, as specified in Section 5.01(c).

 

SECTION 5.02.         
Acceleration.

 

(a)          If
any Event of Default (other than an Event of Default specified in clause (d) or (e) of Section 5.01) occurs and
is continuing with respect to Securities of any series, the Trustee by written notice to the Company or the Holders of at least
25% in aggregate Principal Amount of the then outstanding Securities of that series by written notice to the Company and the Trustee,
may declare the unpaid principal of, premium, if any, and any accrued and unpaid interest on all the Securities of the affected
series to be due and payable immediately. Except as set forth above, upon such declaration the principal of, premium, if any, and
interest shall be due and payable immediately. If an Event of Default specified in clause (d) or (e) of Section 5.01
occurs with respect to the Company or any Guarantor, the unpaid principal of, premium, if any, and any accrued and unpaid interest
on all the Securities shall ipso facto become and be immediately due and payable without further action or notice on the
part of the Trustee or any Holder.

 

(b)          At
any time after such a declaration of acceleration with respect to the Securities of any series has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article 5 provided, the Holders
of a majority in Principal Amount of the outstanding Securities of such series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if (i) the Company or a Guarantor has paid or deposited with the
Trustee a sum sufficient to pay (A) all overdue interest on all of the Securities of that series, (B) the principal of
(and premium, if any, on) Securities of that series which has become due otherwise than by such declaration of acceleration and
any interest thereon at the rate or rates prescribed therefor in the Securities of that series, (C) to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in the Securities of that series,
and (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee and its agents and counsel and (ii) all Events of Default with respect to the Securities of that series, other
than the non-payment of the principal of the Securities of that series which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 5.04. No such rescission will affect any subsequent default or impair any
right consequent thereon.

 

SECTION
5.03.          Other Remedies. If an Event of Default with respect to
Securities of any series occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of
principal or interest on the Securities of such series or to enforce the performance of any provision of the Securities of
such series or this Indenture.

 

    - 18 -

     

    

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities of such series or does not produce any of them in the proceeding and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.
A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the
extent permitted by law.

 

SECTION 5.04.         
Waiver of Past Defaults. The Holders of not less than a majority in aggregate Principal Amount of the Securities of any
series then outstanding by written notice to the Trustee may on behalf of the Holders of all of the Securities of such series waive
any existing Default or Event of Default and its consequences under this Indenture except a continuing Default or Event of Default
in the payment of the principal (whether at Stated Maturity, upon redemption (if applicable), upon any required repurchase by the
Company (if applicable) or otherwise) of (and premium, if any) or interest, if any, on any Security of such series or, in the case
of the Securities of any series that are convertible or exchangeable, in the payment or delivery of any consideration due upon
conversion or exchange of the Securities of that series (if applicable). The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Persons entitled to waive any past Default hereunder. If a record date is fixed,
the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to waive any Default
hereunder, whether or not such Holders remain Holders after such record date. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

SECTION 5.05.         
Control by Majority. With respect to the Securities of any series, the Holders of a majority in aggregate Principal Amount
of the then outstanding Securities of that series may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that the Trustee in good faith determines may be unduly prejudicial to the rights of
other Holders of that series or that may involve or cause the Trustee any potential liability. The Trustee may take any other action
which it deems proper which is not inconsistent with any such direction.

 

SECTION 5.06.         
Limitation on Suits. A Holder of any Security of any series may pursue a remedy with respect to this Indenture or the Securities
of the applicable series only if:

 

(a)          the
Holder gives to the Trustee written notice of a continuing Event of Default with respect to that series;

 

(b)          the
Holders of at least 25% in aggregate Principal Amount of the then outstanding Securities of that series make a written request
to the Trustee to pursue the remedy;

 

(c)          such
Holder or Holders provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense in connection
with the pursuance of such remedy;

 

(d)          during
the 60-day period specified in (e) below, the Holders of a majority in aggregate Principal Amount of the then outstanding
Securities of such series do not give the Trustee a direction inconsistent with the request; and

 

(e)          the
Trustee does not comply with the request within 60 calendar days after receipt of the notice, request and the offer of indemnity.

 

Holders shall not have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice
the rights of any other such Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders.

 

    - 19 -

     

    

 

SECTION 5.07.         
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of principal (whether at Stated Maturity, upon redemption (if applicable), upon any required repurchase by the
Company (if applicable) or otherwise) of (and premium, if any) and interest, if any, on any Security or, if applicable, payment
or delivery of any consideration due upon conversion or exchange of any Security, in each case, on or after the respective due
dates expressed in such Security, or to bring suit for the enforcement of any such payment or delivery on or after such respective
dates, shall not be impaired or affected without the consent of the Holder.

 

SECTION 5.08.         
Collection Suit by Trustee. If an Event of Default specified in Sections 5.01(a) and 5.01(b) occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company, any Guarantor
or any other obligor for the whole amount of principal (and premium, if any) and interest, if any, remaining unpaid on any Securities
of such series and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient
to cover amounts due the Trustee under Section 6.07 hereof, including the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

SECTION 5.09.         
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Company or any Guarantor (or any other obligor upon the Securities), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims
and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 6.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien
on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties which the Holders may
be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of any series or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

SECTION 5.10.         
Priorities. If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order:

 

First: to the Trustee, its agents
and attorneys for amounts due under Section 6.07, including payment of all compensation, expense and liabilities incurred,
and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to Holders for amounts
due and unpaid on the Securities of any series for principal (and premium, if any) and interest, if any, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Securities of such series for principal (and premium,
if any) and interest, if any, respectively; and

 

Third: to the Company or, to the
extent the Trustee collects any amount pursuant to Section 2.02 hereof from a Guarantor, to such Guarantor, or to such party as
a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 5.10 upon seven calendar days prior notice to the Company.

 

    - 20 -

     

    

 

SECTION 5.11.         
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 5.11 does not apply to a suit by the Trustee, a suit by
a Holder of Securities of the affected series pursuant to Section 5.07 hereof, a suit by Holders of more than 10% in aggregate
Principal Amount of the then outstanding Securities of any series in the case of any suit relating to or arising under clause (a),
(b), (c), (f) or (g) of Section 5.01, or a suit by Holders of more than 10% in aggregate Principal Amount of the
then outstanding Securities of all series in the case of any suit relating to or arising under clause (d) or (e) of Section 5.01.

 

SECTION 5.12.         
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, any Guarantor,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.

 

SECTION 5.13.         
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.09, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 5.14.         
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of Securities of any series to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may
be.

 

ARTICLE 6

THE TRUSTEE

 

SECTION 6.01.         
Duties and Responsibilities of the Trustee; During Default; Prior to Default. The Trustee, with respect to the Securities
of any series, prior to the occurrence of an Event of Default with respect to the Securities of such series and after the curing
or waiving of all Events of Default with respect to the Securities of such series which may have occurred, undertakes to perform
such duties and only such duties with respect to such series as are specifically set forth in this Indenture. In case an Event
of Default with respect to the Securities of a series has occurred (and is continuing which has not been cured or waived) the Trustee
shall exercise such of the rights and powers vested in it by this Indenture with respect to such series, and use the same degree
of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.

 

No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, provided that:

 

(a)          the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee;

 

(b)          in
the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any calculation
or facts stated therein);

 

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(c)          the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be conclusively
determined by a court of competent jurisdiction or by such other means as may be agreed by the Company and the Trustee at the time
of determination that the Trustee was negligent in ascertaining the pertinent facts; and

 

(d)          the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with a Company
Order or the direction of the Holders given as provided in Section 5.05 or otherwise exercising any trust or power conferred
upon the Trustee, under this Indenture.

 

None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any potential or actual liability (financial
or otherwise) in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable
ground for believing that the repayment of such funds or adequate indemnity against such liability is not assured to it. This Section 6.01
is in furtherance of and subject to Sections 315 and 316 of the Trust Indenture Act.

 

Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Article 6.

 

SECTION 6.02.         
Certain Rights of the Trustee. In furtherance of and subject to the Trust Indenture Act, and subject to Section 6.01:

 

(a)          the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, Officers’ Certificate,
Opinion of Counsel or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture,
note, coupon, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper
party or parties;

 

(b)          any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed) and the Trustee may request and be entitled to receive
an Officers’ Certificate before acting or refraining from acting with respect to such request, direction, order or demand;
and any resolution of the Board of Directors of the Company or a Guarantor, if any, may be evidenced to the Trustee by a copy thereof
certified by the Secretary or an Assistant Secretary of the Company or that Guarantor;

 

(c)          the
Trustee may consult with counsel of its selection and any advice or Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance
with such advice or Opinion of Counsel;

 

(d)          the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Holders of the Securities of any series pursuant to the provisions of this Indenture, unless such Holders
shall have offered and provided to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities
which might be incurred therein or thereby;

 

(e)          the
Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized or within the
discretion, rights or powers conferred upon it by this Indenture;

 

(f)           the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, appraisal, bond, debenture, note, coupon,
security, or other paper or document unless requested in writing so to do by the Holders of not less than a majority in
aggregate Principal Amount of the Securities of any series then outstanding; provided that, if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not assured to the Trustee by the security afforded to it by the terms of
this Indenture, the Trustee may require (and shall not be required to make such investigation unless it receives) indemnity
satisfactory to it against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such
examination shall be paid by the Company;

 

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

 

(h)          the
rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and
to each agent, custodian and other Person employed to act hereunder and the employees, officers and directors of the Trustee;

 

(i)           the
Trustee shall not be deemed to have knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has
received from a Holder, the Company or any Guarantor written notice of any event which is in fact such a Default or Event of Default,
as the case may be, and such notice references the Securities, this Indenture, the circumstances giving rise to such a Default
or Event of Default and that the same has occurred and is continuing; and

 

(j)           The
Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may
be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

 

SECTION 6.03.         
Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof. The recitals contained
herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the
validity or sufficiency of this Indenture or of the Securities, except that the Trustee represents, that it is duly authorized
to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements
made by it in a Statement of Eligibility on Form T-1 supplied to the Company, are true and accurate, subject to the qualifications
set forth therein. The Trustee shall not be liable or accountable in any manner for the use or application by the Company of any
of the Securities or of the proceeds thereof.

 

SECTION 6.04.         
Trustee and Agents May Hold Securities; Collections, Etc. The Trustee or any of its affiliates or any agent of the Company
or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities, subject to Sections 6.10
and 6.13 with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the Company, any
Guarantor or their respective affiliates and receive, collect, hold and retain collections from the Company with the same rights
it would have if it were not the Trustee or such agent. However, in the event that the Trustee acquires any “conflicting
interest,” as defined in Section 310(b) of the Trust Indenture Act, it must eliminate such conflict within 90 calendar days,
apply to the Commission for permission to continue as trustee or resign.

 

SECTION 6.05.         
Moneys Held by Trustee. All moneys received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of the Company or the Trustee shall be under any liability for interest on
any moneys received by it hereunder, except as otherwise agreed with the Company.

 

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SECTION 6.06.         
Notice of Default. If any Default or any Event of Default occurs and is continuing with respect to the Securities of any
series and if such Default or Event of Default is actually known to a Responsible Officer of the Trustee, the Trustee shall mail
to each Holder of Securities of such series in the manner and to the extent provided in Trust Indenture Act Section 313(c) notice
of the Default or Event of Default (“Notice of Default”) within 90 calendar days after it occurs, unless such
Default or Event of Default has been cured; provided that, except in the case of a default in the payment of the principal
(whether at Stated Maturity, upon redemption (if applicable), upon any required repurchase by the Company (if applicable) or otherwise)
of, or interest or premium, if any, on any Security of such series, in the payment or delivery of any consideration due upon conversion
or exchange of any Security of such series (if applicable) or in the payment of any sinking fund installment with respect to Securities
of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interest of the Holders of Securities of such series.

 

SECTION 6.07.         
Compensation and Indemnification of Trustee and Its Prior Claim. The Company covenants and agrees to pay to the Trustee
from time to time, and the Trustee shall be entitled to, such compensation as shall be agreed in writing between the Company and
the Trustee (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust)
and the Company covenants and agrees to pay or reimburse the Trustee and each predecessor Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its counsel and of all agents and other persons not
regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith (as determined
by a court of competent jurisdiction in a final, non-appealable decision or by such other means as may be agreed by the Company
and the Trustee at the time of determination). The Company also covenants to indemnify the Trustee and each predecessor Trustee
for, and to hold it harmless against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes
based on the income of the Trustee) incurred without negligence or bad faith on its part (as determined by a court of competent
jurisdiction in a final, non-appealable decision or by such other means as may be agreed by the Company and the Trustee at the
time of determination), arising out of or in connection with the acceptance or administration of this Indenture or the trusts hereunder
and its duties hereunder, including without limitation the costs and expenses of defending itself against or investigating any
claim (whether asserted by the Company, a Holder or any other Person). The obligations of the Company under this Section to compensate
and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge
of this Indenture. Such financial obligations of the Company identified in this Section 6.07 shall be a senior claim to that of
the Securities of each series, and as security for such obligations, the Trustee shall have a lien prior to such Securities, upon
all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of particular
Securities, and the Securities of each series are hereby subordinated to such senior claim. Such lien shall survive the discharge
and satisfaction of this Indenture.

 

When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 5.01(d) or Section 5.01(e), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency or other similar law.

 

SECTION 6.08.         
Right of Trustee to Rely on Officers’ Certificate, Etc. Subject to Sections 6.01 and 6.02, whenever in the administration
of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to
taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such certificate, in the absence of negligence or bad
faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the
provisions of this Indenture upon the faith thereof.

 

SECTION 6.09.         
Persons Eligible for Appointment as Trustee. The Trustee hereunder shall at all times be a corporation, national association
or other appropriate entity having a combined capital and surplus of at least $150,000,000, and which is eligible in accordance
with the provisions of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of a federal, state or District of Columbia supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.

 

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SECTION 6.10.         
Resignation and Removal; Appointment of Successor Trustee.

 

(a)          The
Trustee may at any time resign with respect to the Securities of one or more series by giving written notice of resignation to
the Company and to the Holders of Securities of such series, such notice to the Holders to be given by mailing (by first class
mail) the same within 30 calendar days after such notice is given to the Company. Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee by written instrument in duplicate, executed by authority of the Board of
Directors of the Company, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 calendar days after
the mailing of such notice of resignation, the resigning trustee may petition, at the expense of the Company, any court of competent
jurisdiction for the appointment of a successor trustee, or any Holder of the affected series who has been a bona fide holder of
the Securities of the affected series for at least six months (or since the Issue Date for such Securities if the holding period
is less than six months) may, on behalf of itself and all others similarly situated, petition any such court for the appointment
of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

 

(b)          In
case at any time any of the following shall occur:

 

(i)          the
Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act, after written request therefor by
the Company or by any Holder who has been a bona fide holder of Securities of the affected series for at least six months; or

 

(ii)         the
Trustee shall cease to be eligible in accordance with the provisions of Section 6.09, and shall fail to resign after written
request therefor by the Company or by any such Holder; or

 

(iii)        the
Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver or liquidator of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Company may remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, executed by authority of the Board of Directors of the Company,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
Section 315(e) of the Trust Indenture Act, any Holder of the affected series who has been a bona fide holder of the Securities
of the affected series for at least six months may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)          The
Holders of a majority in aggregate Principal Amount of the Securities of any series at the time outstanding may at any time remove
the Trustee for that series and appoint a successor trustee by delivering to the Trustee so removed, to the successor trustee so
appointed and to the Company and any Guarantor the evidence provided for in Section 7.01 of the action in that regard taken
by the Holders of that series.

 

If no successor trustee shall have been
so appointed and have accepted appointment 30 calendar days after the mailing of such notice of removal, the Trustee being
removed may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(d)          Any
resignation or removal of the Trustee and any appointment of a successor trustee pursuant to any of the provisions of this Section 6.10
shall become effective upon acceptance of appointment by the successor trustee as provided in Section 6.11.

 

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(e)          The
Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by
first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the Security
Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address
of its Corporate Trust Office.

 

SECTION 6.11.         
Acceptance of Appointment by Successor.

 

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

 

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

 

(c)          Upon
request of any such successor Trustee, the Company and any applicable Guarantor shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section, as the case may be.

 

(d)          No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under the Trust Indenture Act.

 

SECTION
6.12.          Merger, Conversion, Consolidation or Succession to Business of
Trustee. Any corporation or national association into which the Trustee may be merged or converted or with which it may
be consolidated, or to which the Trustee’s assets may be sold, or any corporation or national association resulting
from any merger, conversion, consolidation or sale to which the Trustee shall be a party or by which the Trustee’s
property may be bound, or any corporation or national association succeeding to all or substantially all the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, provided that such entity shall be eligible
under the provisions of Section 6.09, without the execution or filing of any paper or any further act on the part of any
of the parties hereto, anything herein to the contrary notwithstanding.

  

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In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such Securities
so authenticated; and, in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee
may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in
all such cases such certificate shall have the full force that it is anywhere in the Securities or in this Indenture; provided
that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Securities in the name
of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

SECTION 6.13.         
Preferential Collection of Claims. If the Trustee shall be or shall become a creditor, directly or indirectly, secured or
unsecured, of the Company (or any other obligor on the Securities), the Trustee shall be subject to the provisions of Section 311
of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). For purposes of
Section 311(b) (4) and (6) of such Act, the following terms shall mean:

 

(a)          “cash
transaction” means any transaction in which full payment for goods or securities sold is made within seven calendar days
after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon
demand; and

 

(b)          “self-liquidating
paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated or incurred by the Company
for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise
and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the receivables
or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security
is received by the Trustee simultaneously with the creation of the creditor relationship with the Company arising from the making,
drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

 

SECTION 6.14.         
Communications with the Trustee. Any and all notices, certificates, opinions or filings with the Commission required or
permitted to be provided by the Company to the Trustee under this Indenture shall be in writing and shall be personally delivered,
sent via an internationally recognized overnight delivery service or sent by facsimile or electronic transmission to the address
or telecopy number of the Corporate Trust Office.

 

SECTION 6.15.         
Paying Agent/Registrar. If the Trustee is acting as Paying Agent and/or Registrar hereunder, the rights and protections
afforded to the Trustee under this Article 6 will also be afforded to the Paying Agent and/or the Registrar.

 

ARTICLE 7

CONCERNING THE HOLDERS

 

SECTION 7.01.         
Evidence of Action Taken by Holders. Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders of Securities of any series may be embodied in and evidenced (a) by
one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing,
(b) by the record of the Holders of Securities of such series voting in favor thereof at any meeting of Holders duly called
and held in accordance with the provisions of Article 8, or (c) by a combination of such instrument or instruments and
any such record of such a meeting of Holders; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company and
each Guarantor, if any. Proof of execution of any instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Sections 6.01 and 6.02) conclusive in favor of the Trustee, the Company and
each Guarantor, if any, if made in the manner provided in this Article.

   

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SECTION 7.02.         
Proof of Execution of Instruments and of Holding of Securities; Record Date. Subject to Sections 6.01 and 6.02, the
execution of any instrument by a Holder or its agent or proxy may be proved in accordance with such reasonable rules and regulations
as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall
be proved by the Security Register or by a certificate of the Registrar thereof. The Company may set a record date for purposes
of determining the identity of Holders of Securities entitled to vote or consent to any action referred to in Section 7.01,
which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any
adjournment or resolicitation) not more than 90 calendar days nor less than 20 calendar days prior to the proposed date
of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of Securities of record on such
record date shall be entitled to so vote or give such consent or to withdraw such vote or consent.

 

SECTION 7.03.         
Who May Be Deemed Owners of Securities. The Company, each Guarantor, if any, the Trustee, any Paying Agent and any Registrar
may deem and treat the person in whose name any Security of any series shall be registered in the Security Register on the applicable
record date as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation
of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of (and premium,
if any) and interest, if any, on such Security and for all other purposes; and none of the Company, any Guarantor, the Trustee,
any Paying Agent or any Registrar shall be affected by any notice to the contrary. All such payments so made to, or upon the order
of, any Holders shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability
of moneys payable upon any such Security.

 

SECTION 7.04.         
Securities Owned by Company Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate Principal
Amount of Securities of any series have concurred in any direction, consent or waiver under this Indenture, Securities of such
series which are owned by the Company, any Guarantor with respect to such series or any other obligor on the Securities of such
series or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company, any such Guarantor or any other obligor on the Securities of such series shall be disregarded and deemed not to be outstanding
for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver only Securities which a Responsible Officer of the Trustee actually knows are
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and
that the pledgee is not the Company, any Guarantor or any other obligor upon the Securities or any person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company, any Guarantor or any other obligor on
the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision
made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish to the Trustee promptly
an Officers’ Certificate listing and identifying all Securities of any series, if any, known by the Company to be owned or
held by or for the account of any of the above-described persons; and, subject to Sections 6.01 and 6.02, the Trustee shall
be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that
all Securities of such series not listed therein are outstanding for the purpose of any such determination.

 

SECTION 7.05.         
Record Date for Action by Holders. Whenever in this Indenture it is provided that Holders of a specified percentage in aggregate
principal amount of the Securities of any series may take any action (including the making of any demand or request, the giving
of any direction, notice, consent or waiver or the taking of any other action), other than any action taken at a meeting of Holders
of such series called pursuant to Article 8, the Company may, but shall not be obligated to, fix a record date, which need
not be the date provided in TIA Section 316(c) to the extent it would otherwise be applicable, for the purpose of determining
the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant
to this Indenture. If a record date is fixed, then notwithstanding Section 7.06, those Persons who were Holders at such record
date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 90 days after such record date

 

SECTION 7.06.         
Right of Revocation of Action Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 7.01, of the taking of any action by the Holders of the percentage in aggregate Principal Amount of the Securities
of any series specified in this Indenture in connection with such action, any Holder of a Security the serial number of which is
shown by the evidence to be included among the serial numbers of the Securities of the series the Holders of which have consented
to such action may, by filing written notice at the Corporate Trust Office and upon proof of holding as provided in this Article
7, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security
shall be conclusive and binding upon such Holder and upon all future holders and owners of such Security and of any Securities
issued in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon any such
Security. Any action taken by the Holders of the percentage in aggregate Principal Amount of the Securities of any series specified
in this Indenture in connection with such action shall be conclusively binding upon the Company, each Guarantor with respect to
such series, if any, the Trustee and the Holders of all the Securities of such series.

 

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ARTICLE 8

MEETINGS OF HOLDERS

 

SECTION 8.01.         
Purposes for Which Meeting May Be Called. A meeting of Holders of Securities of any series may be called at any time and
from time to time pursuant to the provisions of this Article 8 for any of the following purposes:

 

(a)          to
give any notice to the Company, any Guarantor or to the Trustee, or to give any directions to the Trustee, or to consent to the
waiving of any Default or Event of Default with respect to the Securities of such series hereunder and its consequences, or take
any other action authorized to be taken by Holders of such series pursuant to any of the provisions of Article 5;

 

(b)          to
remove the Trustee and appoint a successor trustee with respect to the Securities of such series pursuant to the provisions of
Article 6;

 

(c)          to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 9.02; or

 

(d)          to
take any other action authorized to be taken by or on behalf of the Holders of the percentage in aggregate Principal Amount of
the Securities of such series under any other provisions of this Indenture or under applicable law.

 

SECTION 8.02.         
Manner of Calling Meetings; Record Date. The Trustee may at any time call a meeting of Holders of any series to take any
action specified in Section 8.01, to be held at such time and at such place in [●], or as the Trustee shall determine.
Notice of every meeting of Holders of any series setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be mailed not less than 30 nor more than 60 calendar days prior to the date
fixed for the meeting to such Holders at their registered addresses. For the purpose of determining Holders entitled to notice
of any meeting of Holders, the Trustee shall fix in advance a date as the record date for such determination, such date to be a
Business Day not more than 10 calendar days prior to the date of the mailing of such notice as hereinabove provided. Only persons
in whose name a Security of such series is registered upon the books of the Company on a record date fixed by the Trustee as aforesaid,
or by the Company or the Holders as in Section 8.03 provided, shall be entitled to notice of the meeting of Holders with respect
to which such record date was so fixed.

 

SECTION 8.03.         
Call of Meeting by Company or Holders. In case at any time the Company or a Guarantor, if any, pursuant to a resolution
of its Board of Directors, or the Holders of at least 10 percent in aggregate principal amount of the Securities of any series
then outstanding, shall have requested the Trustee to call a meeting of the Holders of such series to take any action authorized
in Section 8.01 by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have mailed notice of such meeting within 20 calendar days after receipt of such request, then the Company,
any such Guarantor or the Holders of Securities of such series in the amount above specified may fix the record date with respect
to, and determine the time and the place for, such meeting and may call such meeting to take any action authorized in Section 8.01,
by mailing notice thereof as provided in Section 8.02. The record date fixed as provided in the preceding sentence shall be
set forth in a written notice to the Trustee and shall be a Business Day not less than 15 nor more than 20 calendar days after
the date on which such notice is sent to the Trustee.

 

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SECTION 8.04.         
Who May Attend and Vote at Meeting. To be entitled to vote at any meeting of Holders of any series, a person shall be a
Holder of one or more Securities of such series. The only persons who shall be entitled to be present or to speak at any meeting
of Holders of any series shall be the persons entitled to vote at such meeting and their counsel, any representatives of the Trustee
and its counsel, any representatives of the Company and its counsel, and any representatives of any Guarantor of such Securities
and its counsel. When a determination of Holders entitled to vote at any meeting of Holders has been made as provided in this Section 8.04,
such determination shall apply to any adjournment thereof.

 

SECTION 8.05.         
Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as
it may deem advisable for any meeting of Holders of any series, in regard to proof of the holding of the Securities of such series
and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination
of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting
as it shall think fit. Except as otherwise permitted or required by any such regulations, the holding of the Securities of such
series shall be provided in the manner specified in Section 8.06.

 

The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided
in Section 8.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by a vote of the Holders of
a majority in Principal Amount of the Securities represented at the meeting and entitled to vote.

 

Subject to the provisions of Section 7.04,
at any meeting each Holder or proxy entitled to vote thereat shall be entitled to one vote for each $1,000 principal amount of
Securities of such series held or represented by him; provided that no vote shall be cast or counted at any meeting in respect
of any Security challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote other than by virtue of Securities held by him or instruments in writing as aforesaid duly
designating him as the person to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions
of Section 8.02 or 8.03 may be adjourned from time to time, and the meeting may be held as so adjourned without further notice.

 

At any meeting of Holders of any series,
the presence of persons who held, or who are acting as proxy for persons who held, an aggregate Principal Amount of Securities
of such series on the record date for such meeting sufficient to take action on the business for the transaction of which such
meeting was called shall constitute a quorum, but, if less than a quorum is present, the persons holding or representing a majority
in aggregate Principal Amount of the Securities of such series represented at the meeting may adjourn such meeting with the same
effect, for all intents and purposes, as though a quorum had been present.

 

SECTION 8.06.         
Manner of Voting at Meetings and Record to be Kept. The vote upon any resolution submitted to any meeting of Holders of
any series shall be by written ballots on each of which shall be subscribed the signature of the Holder or proxy casting such ballot
and the identifying number or numbers of the Securities of such series held or represented in respect of which such ballot is cast.
The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the
secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice
of the meeting and showing that said notice was mailed as provided in Section 8.02. The record shall show the identifying
numbers of the Securities of such series voting in favor of or against any resolution. Each counterpart of such record shall be
signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the counterparts shall
be delivered to the Company and the other to the Trustee to be preserved by the Trustee.

 

Any counterpart record so signed and verified
shall be conclusive evidence of the matters therein stated and shall be the record referred to in clause (b) of Section 7.01.

 

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SECTION 8.07.         
Exercise of Rights of Trustee and Holders Not to be Hindered or Delayed. Nothing in this Article 8 contained shall
be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly
conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved
to the Trustee or to the Holders of any series under any of the provisions of this Indenture or of the Securities of such series.

 

ARTICLE 9

SUPPLEMENTAL INDENTURES

 

SECTION 9.01.         
Supplemental Indentures Without Consent of Holders. The Company, the Guarantors, if any, and the Trustee may amend or supplement
this Indenture or the Securities of any series or waive any provision hereof or thereof without the consent of any Holder:

 

(a)          to
cure any ambiguity, defect or inconsistency in a manner that does not, individually or in the aggregate with all other changes,
adversely affect the rights of any Holder of the Securities of any series in any material respect;

 

(b)          to
provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(c)          to
evidence the assumption of the obligations of the Company or a Guarantor to the Holders of the Securities in the case of any transaction
pursuant to Article 10 hereof;

 

(d)          to
evidence and provide for the acceptance of appointment hereunder by a successor trustee and to add to or change any of the provisions
of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee;

 

(e)          to
make any change that would provide any additional rights or benefits to the Holders of all or any series of Securities or that
does not adversely affect the legal rights hereunder of any such Holder;

 

(f)           to
comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the Trust Indenture
Act;

 

(g)          to
establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01;

 

(h)          to
secure the Company’s obligations in respect of the Securities of any series;

 

(i)           to
add an additional Guarantor in respect of the Securities of any series.

 

(j)           in
the case of convertible or exchangeable Securities of any series, subject to the provisions of the supplemental indenture for such
series of Securities, to provide for conversion rights, exchange rights and/or repurchase rights of Holders of such series of Securities
in connection with any reclassification or change of the Company’s common stock or in the event of any amalgamation, consolidation,
merger or sale of all or substantially all of the assets of the Company or its Subsidiaries substantially as an entirety occurs;

 

(k)          in
the case of convertible or exchangeable Securities of any series, to reduce the conversion price or exchange price applicable to
such series of Securities;

 

(l)           in
the case of convertible or exchangeable Securities of any series, to increase the conversion rate or exchange ratio in the manner
described in the supplemental indenture for such series of Securities, provided that the increase will not adversely affect
the interests of the Holders of the Securities of such series in any material respect; or

 

(m)         any
other action to amend or supplement the Indenture or the Securities of any series as set forth in the supplemental indenture establishing
the terms of the Securities of that series as provided in Section 3.01(b).

 

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Upon the request of the Company accompanied
by a resolution of its Board of Directors authorizing the execution of any such supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 9.04 hereof, the Trustee shall join with the Company and the Guarantors, if
any, in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into such
supplemental indenture which affects its own rights, duties or immunities under this Indenture or otherwise.

 

SECTION 9.02.         
With Consent of Holders. Except as provided in the next succeeding paragraphs, this Indenture or the Securities may be amended
or supplemented with the consent of the Holders of at least a majority in aggregate Principal Amount of all the Securities then
outstanding affected by such supplemental indenture (acting as a single class).

 

Upon the request of the Company accompanied
by a resolution of its Board of Directors authorizing the execution of any such supplemental indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee
of the documents described in Section 9.04 hereof, the Trustee shall join with the Company and the Guarantors, if any, in
the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture.

 

It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof.

 

After an amendment, supplement or waiver
under this Section becomes effective, the Company shall mail to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture or waiver. Subject to Sections 5.02(b), 5.04 and 5.07 hereof, the
application of or compliance with, either generally or in a particular instance, of any provision of this Indenture or the Securities
may be waived as to each series of Securities by the Holders of a majority in aggregate principal amount of the outstanding Securities
of that series.

 

Without the consent of each Holder affected
hereby, however, an amendment or waiver may not:

 

(a)          reduce
the percentage in Principal Amount of Securities of any series whose Holders must consent to an amendment, supplement or waiver;

 

(b)          change
the Stated Maturity of the principal of, or any installment of principal of or interest on, or time for payment of interest on,
any Security, or reduce the Principal Amount thereof or the rate of interest thereon or any premium payable upon the redemption
thereof, or change any Payment Office where, or the coin or currency in which, any Security or any premium or interest thereon
is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the redemption date);

 

(c)          modify
any of the provisions of this Section 9.02, Section 5.04 or Section 4.06, except to increase the percentage in Principal
Amount of Holders required under any such Section or to provide that certain other provisions of this Indenture cannot be modified
or waived without the consent of the Holder of each outstanding Security affected thereby, provided that this clause (c) will
not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant
changes in this Section 9.02, Section 5.02(b), Section 5.04 and Section 4.06, or the deletion of this proviso, in accordance
with the requirements of Section 6.11;

 

(d)          impair
the rights of Holders of the Securities of any series that are exchangeable or convertible to receive payment or delivery of any
consideration due upon the conversion or exchange of the Securities of that series;

 

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(e)          change
in any manner adverse to the interests of the Holders of any outstanding Securities the terms and conditions of the obligations
of the Guarantors, if applicable, in respect of the due and punctual payment of the principal thereof (and premium, if any, thereon)
and interest thereon or any additional amounts or any sinking fund or analogous payments provided in respect thereof; or

 

(f)           modify
or amend any of the provisions of the Indenture or Securities of any series as may be set forth in the supplemental indenture with
respect to the Securities of that series as requiring the consent of each Holder affected thereby.

 

SECTION 9.03.         
Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company, each Guarantor, if any, and the Holders shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

 

SECTION 9.04.         
Documents to Be Given to Trustee; Compliance with TIA. The Trustee, subject to the provisions of Sections 6.01 and
6.02, shall be entitled to receive and conclusively rely upon an Officers’ Certificate and an Opinion of Counsel as conclusive
evidence that any such supplemental indenture is permitted or authorized under and otherwise complies with the applicable provisions
of this Indenture. Every such supplemental indenture shall comply with the TIA.

 

SECTION 9.05.         
Notation on Securities in Respect of Supplemental Indentures. Securities authenticated and delivered after the execution
of any supplemental indenture pursuant to the provisions of this Article may bear a notation approved by the Trustee as to form
(but not as to substance) as to any matter provided for by such supplemental indenture or as to any action taken at any such meeting.
If the Company, any applicable Guarantor or the Trustee shall so determine, new Securities of any series so modified as to conform,
in the opinion of the Trustee and the Board of Directors of the Company, to any modification of this Indenture contained in any
such supplemental indenture may be prepared by the Company, endorsed by any such Guarantor, authenticated by the Trustee and delivered
in exchange for the Securities of such series then outstanding.

 

ARTICLE 10

CONSOLIDATION, MERGER OR SALE OF ASSETS

 

SECTION 10.01.       
When the Company May Merge, Etc. The Company shall not consolidate with or merge with or into, or sell, transfer, lease,
convey or otherwise dispose of all or substantially all of its assets to, another Person (including pursuant to a statutory arrangement),
whether in a single transaction or series of related transactions, unless:

 

(a)          the
Company is the surviving entity or the Person formed by or surviving any such consolidation or merger or to which such sale, transfer,
lease, conveyance or other disposition is made shall be a Person organized and existing under the laws of the United States of
America or any State or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest, if any, on all the
Securities and the performance or observance of every covenant of this Indenture of the part of the Company to be performed or
observed;

 

(b)          immediately
after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time, or both, would
become an Event of Default, shall have happened and be continuing; and

 

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

 

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SECTION 10.02.       
Successor Person Substituted. Upon any consolidation or merger, or any sale, transfer, lease, conveyance or other disposition
of all or substantially all of the assets of the Company in accordance with Section 10.01 hereof, the successor Person formed
by such consolidation or into or with which the Company is merged or to which such sale, transfer, lease, conveyance or other disposition
is made shall succeed to, and, except in the case of a lease, be substituted for (so that from and after the date of such consolidation,
merger, sale, transfer, conveyance or other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor Person), and may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor Person had been named as the Company herein.

 

In case of any such consolidation, merger,
sale, transfer, lease, conveyance or other disposition such changes in phraseology and form (but not in substance) may be made
in the Securities thereafter to be issued as may be appropriate. Notwithstanding the foregoing, (i) a consolidation or merger
by the Company with or into, or (ii) the sale, transfer, lease, conveyance or other disposition by the Company of all or substantially
all of its assets to, one or more of its Subsidiaries shall not relieve the Company from its obligations under this Indenture and
the Securities.

 

SECTION 10.03.       
Opinion of Counsel to Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an Opinion
of Counsel as conclusive evidence that any such consolidation, merger, sale, transfer, lease, conveyance or other disposition complies
with the applicable provisions of this Indenture.

 

ARTICLE 11

REDEMPTION OF SECURITIES

 

SECTION 11.01.       
Applicability of Article. Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series)
in accordance with this Article.

 

SECTION 11.02.       
Notice of Redemption; Partial Redemptions. Notice of redemption to the Holders of Securities of any series to be redeemed
as a whole or in part shall be given by mailing notice of such redemption by first class mail, postage prepaid, at least 30 calendar
days and not more than 60 calendar days prior to the date fixed for redemption to such Holders of Securities at their last
addresses as they shall appear upon the registry books. Any notice which is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect
in the notice to the Holder of any Security designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

 

The notice of redemption to each such Holder
shall identify the Securities to be redeemed (including CUSIP numbers) and shall specify the Principal Amount of each Security
held by such Holder to be redeemed, the date fixed for redemption, the redemption price, the place or places of payment, that payment
will be made upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be
paid as specified in said notice and that on and after said date interest thereon or on the portions thereof to be redeemed will
cease to accrue. In case any Security is to be redeemed in part only the notice of redemption shall state the portion of the Principal
Amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security,
a new Security or Securities in Principal Amount equal to the unredeemed portion thereof will be issued.

 

The notice of redemption of Securities of
any series to be redeemed at the option of the Company shall be given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company.

 

No later than 10:00 a.m. New York
City time on the redemption date specified in the notice of redemption given as provided in this Section, the Company will
deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside,
segregate and hold in trust) an amount of money sufficient to redeem on the redemption date all the Securities of a series so
called for redemption at the appropriate redemption price, together with accrued interest to the date fixed for redemption.
The Company will deliver to the Trustee at least 30 calendar days prior to the date fixed for redemption an
Officers’ Certificate stating the aggregate Principal Amount of Securities of such series to be redeemed.

 

    - 34 -

     

    

 

 

If less than all the Securities of a series
are to be redeemed, the Trustee shall select, either pro rata, by lot or by any other method it shall deem fair and reasonable,
Securities to be redeemed in whole or in part. Securities may be redeemed in part only in denominations equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof. The Trustee shall promptly notify the Company in writing
of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the Principal Amount
thereof to be redeemed. For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the
Principal Amount of such Security which has been or is to be redeemed.

 

SECTION 11.03.       
Payment of Securities Called for Redemption. If notice of redemption has been given as above provided, the Securities or
portions of Securities specified in such notice shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued to, but not including, the date fixed for redemption, and on
and after said date (unless the Company and any Guarantors shall default in the payment of such Securities at the redemption price,
together with interest accrued to said date) interest on the Securities or portions of Securities so called for redemption shall
cease to accrue and, except as provided in Sections 6.05 and 12.06, such Securities shall cease from and after the date fixed
for redemption to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have no right in respect
of such Securities except the right to receive the redemption price thereof and unpaid interest to the date fixed for redemption.
On presentation and surrender of such Securities at a Payment Office specified in said notice, said Securities or the specified
portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with interest accrued thereon
to, but not including, the date fixed for redemption; provided that any payment of interest becoming due on the date fixed
for redemption shall be payable to the Holders of such Securities registered as such on the relevant Regular Record Date subject
to the terms and provisions of Section 3.05 hereof.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from
the date fixed for redemption at the rate borne by the Security.

 

Upon presentation of any Securities redeemed
in part only, the Company shall execute, the Guarantors, if any, shall, execute the Guarantees endorsed thereon, and the Trustee
shall authenticate and make available for delivery to or on the order of the Holder thereof, at the expense of the Company, new
Securities of authorized denominations, in Principal Amount equal to the unredeemed portion of the Securities so presented.

 

ARTICLE 12

DEFEASANCE AND COVENANT DEFEASANCE

 

SECTION 12.01.       
Applicability of the Article; Company’s Option to Effect Defeasance or Covenant Defeasance. Unless pursuant to Section 3.01
provision is made for the inapplicability of either or both of (a) defeasance of the Securities of a series under Section 12.02
or (b) covenant defeasance of the Securities of a series under Section 12.03, then the provisions of such Section or Sections,
as the case may be, together with the other provisions of this Article, shall be applicable to the Securities of such series, and
the Company may, at its option, by resolution of its Board of Directors, at any time, elect to have either Section 12.02 or
Section 12.03 applied to the outstanding Securities of a series upon compliance with the conditions set forth below in this
Article 12.

 

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SECTION 12.02.       
Legal Defeasance and Discharge. Upon the Company’s exercise of the option provided under Section 12.01 hereof
to defease the outstanding Securities of a particular series under this Section 12.02, the Company and any Guarantors shall
be deemed to have been discharged from its obligations with respect to such outstanding Securities and related Guarantees on the
date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Securities
of such series, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 hereof
and the other Sections of this Indenture referred to in clauses (i) and (ii) of this Section 12.02, and to have
satisfied all its other obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense
of the Company shall execute proper instruments acknowledging the same), except for the following provisions which shall survive
until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Securities of such series to
receive solely from the trust fund described in Section 12.04 hereof, and as more fully set forth in such Section, payments
in respect of the principal of (and premium, if any) and interest, if any, on such Securities when such payments are due, (ii) the
obligations of the Company or any Guarantor with respect to such Securities under Sections 3.06, 3.07, 3.08(a), 3.09, 3.11,
and 12.05 hereof, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder, including, without limitation,
the Trustee’s rights under Section 6.07 hereof, and the obligations of the Company or any Guarantor in connection therewith
and with this Article 12. Subject to compliance with this Article 12, the Company may exercise its option under this
Section 12.02 notwithstanding the prior exercise of its option under Section 12.03 hereof with respect to the Securities
of such series.

 

SECTION 12.03.       
Covenant Defeasance. Upon the Company’s exercise of the option provided under Section 12.01 hereof to obtain
a covenant defeasance with respect to the outstanding Securities of a particular series under this Section 12.03, the Company
and any Guarantors shall be released from their obligations under the covenants contained in Article 4 and Section 10.01
hereof and the covenants contained in any supplemental indenture applicable to such series, with respect to the outstanding Securities
of such series on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”),
and the Securities of such series shall thereafter be deemed not outstanding for the purposes of any direction, waiver, consent
or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to
be deemed outstanding for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to
the outstanding Securities of such series, the Company or any Guarantors may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an Event of Default under Section 5.01(c) or
Section 5.01(g) with respect to outstanding Securities of such series, but, except as specified above, the remainder of this Indenture
and of the Securities of such series shall be unaffected thereby.

 

SECTION 12.04.       
Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 12.02
or Section 12.03 hereof to the outstanding Securities of a particular series:

 

(a)          The
Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 6.09 who shall agree to comply with the provisions of this Article 12 applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit
of the Holders of such Securities, (i) an amount (in such currency, currencies or currency unit in which such Securities and
any related coupons are then specified as payable at Stated Maturity), or (ii) non-callable Government Securities that through
the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment, cash in Dollars in an amount, or (iii) a combination thereof, in such amounts
as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge and which shall be applied by the Trustee (or other qualifying
trustee) to pay and discharge the principal of (and premium, if any) and interest, if any, on such outstanding Securities on the
stated maturity date of such principal or installment of principal, or interest or premium, if any.

 

(b)          In
the case of an election under Section 12.02 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or
(ii) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Securities of such series will
not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred.

 

    - 36 -

     

    

 

(c)          In
the case of an election under Section 12.03 hereof, the Company shall have delivered to the Trustee an Opinion of Counsel
confirming that the Holders of the outstanding Securities of such series will not recognize income, gain or loss for federal income
tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Covenant Defeasance had not occurred.

 

(d)          No
Default or Event of Default (or event that, with the giving of notice or lapse of time or both would become an Event of Default)
with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit or, insofar as
Section 5.01(d) or 5.01(e) hereof is concerned, at any time in the period ending on the 124th calendar day after the date
of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period).

 

(e)          Such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material
agreement or instrument (other than this Indenture) to which the Company or any Guarantor is a party or by which the Company or
such Guarantor is bound (other than a breach, violation or default resulting from the borrowing of funds to be applied to such
deposit).

 

(f)           The
Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit made by the Company pursuant
to its election under Section 12.02 or 12.03 hereof was not made by the Company with the intent of preferring the Holders
of the affected Securities over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
creditors of the Company, or others.

 

(g)          Such
Legal Defeasance or Covenant Defeasance shall be effected in compliance with any additional terms, conditions or limitations which
may be imposed on the Company in connection therewith pursuant to Section 3.01.

 

(h)          The
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to either the Legal Defeasance under Section 12.02 hereof or the Covenant Defeasance under
Section 12.03 hereof (as the case may be) have been complied with as contemplated by this Section 12.04.

 

SECTION 12.05.       
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 12.06
hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to
Section 12.04 hereof in respect of the outstanding Securities of a particular series shall be held in trust and applied by
the Trustee, in accordance with the provisions of such Securities, the Guarantees, if any, relating to such series of Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent)
as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal
(and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required
by law.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited
pursuant to Section 12.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other
charge that by law is for the account of the Holders of the outstanding Securities of such series.

 

Anything in this Article 12 to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the Company’s request any
money or non-callable Government Securities held by it as provided in Section 12.04 hereof with respect to the Securities
of any series which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 12.04(a) hereof), are in excess of the
amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

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SECTION 12.06.       
Repayment to the Company or Guarantor. Any money deposited with the Trustee or any Paying Agent, or then held by the Company
or applicable Guarantor, in trust for the payment of the principal of (and premium, if any) and interest, if any, on any Security
and remaining unclaimed for two years after such principal, or interest or premium, if any, has become due and payable and was
deposited with the Paying Agent shall be paid to the Company or such Guarantor on its written request (or if then held by the Company
or such Guarantor) will be discharged from such trust) subject to any applicable abandoned property law; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the Company or such Guarantor for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company or such Guarantor
as trustee thereof, shall thereupon cease.

 

SECTION 12.07.       
Reinstatement. If the Trustee or Paying Agent is unable to apply any Dollars or non-callable Government Securities in accordance
with Section 12.02 or 12.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company and the applicable Guarantors
under this Indenture, the Securities and any Guarantees shall be revived and reinstated as though no deposit had occurred pursuant
to Section 12.02 or 12.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 12.02 or 12.03 hereof, as the case may be; provided that, if the Company or any Guarantor makes any payment
of principal of, or interest or premium, if any, on any Security following the reinstatement of its obligations, the Company or
any Guarantor shall be subrogated to the rights of the Holders of such Security to receive such payment from the money held by
the Trustee or Paying Agent.

 

ARTICLE 13

SATISFACTION AND DISCHARGE

 

SECTION 13.01.       
Satisfaction and Discharge of Indenture. This Indenture shall upon a Company Request cease to be of further effect with
respect to any series of Securities (except, as to any surviving rights of registration of transfer, exchange or conversion of
Securities of such series herein expressly provided for or in the form of Security for such series and any rights to receive payment
of interest thereon), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when:

 

(a)          either

 

(i)          all
Securities of such series theretofore authenticated and delivered (other than (A) Securities which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section 3.09, and (B) Securities for whose payment money
has theretofore been (x) deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 4.03(c) or (y) paid to any State or the District of Columbia pursuant
to its unclaimed property or similar laws) have been delivered to the Trustee for cancellation; or

 

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

 

(A)         have
become due and payable (whether at Stated Maturity, upon redemption (if applicable), upon any required repurchase by the Company
(if applicable) or otherwise), or

 

(B)          will
become due and payable at their stated maturity within one year, or

 

(C)          are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (A), (B) or
(C) above, has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, money in
the amount in the currency or currency units in which the Securities of such series are payable, sufficient to pay and
discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal
(and premium, if any) and interest, if any, to the date of such deposit (in the case of Securities which have become due and
payable), or to the Stated Maturity or redemption date, as the case may be;

 

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(b)          the
Company or a Guarantor, if any, has paid or caused to be paid all other sums payable hereunder by the Company or the Guarantors,
if any; and

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.07 and, if money shall have been deposited
with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 13.02
and Section 4.03(e) shall survive.

 

SECTION 13.02.       
Application of Trust Money. Subject to the provisions of Section 4.03(e), all money deposited with the Trustee pursuant
to Section 13.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the Guarantees,
if any, relating to such series of Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest, if any, for whose payment such money has been deposited with the Trustee.

 

ARTICLE 14

HOLDERS’ LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTORS

 

SECTION 14.01.       
Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee:

 

(a)          semi-annually,
not later than 15 calendar days after the Regular Record Date for each series of Securities, a list, in such form as the Trustee
may reasonably require, of the names and addresses of the Holders of Securities as of such Regular Record Date (unless the Trustee
has such information), or if there is no Regular Record Date for interest for such series of Securities, semi-annually, upon such
dates as are set forth in the Board Resolution of the Company or indenture supplemental hereto authorizing such series, and

 

(b)          at
such other times as the Trustee may request in writing, within 30 calendar days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 calendar days prior to the time such list is furnished;

 

provided that so long as the Trustee is the Registrar,
no such list shall be required to be furnished.

 

SECTION 14.02.       
Preservation of Information; Communications to Holders.

 

(a)          The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 14.01 and the names and addresses of Holders received by
the Trustee in its capacity as the Registrar. The Trustee may destroy any list furnished to it as provided in Section 14.01
upon receipt of a new list so furnished.

 

(b)          If
three or more Holders (herein referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee
reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application
(or since the first date of the issuance for such Security, if the holding period is less than six months), and such application
states that the applicants desire to communicate with other Holders with respect to their rights under this Indenture or under
the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit,
then the Trustee shall, within five Business Days after the receipt of such application, at its election, either

 

    - 39 -

     

    

 

 

(i)          afford
such applicants access to the information preserved at the time by the Trustee in accordance with Section 14.02(a); or

 

(ii)         inform
such applicants as to the approximate number of Holders whose names and addresses appear in the information preserved at the time
by the Trustee in accordance with Section 14.02(a), and as to the approximate cost of mailing to such Holders the form of
proxy or other communication, if any, specified in such application.

 

If the Trustee shall elect not to afford
such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Holder
whose name and address appears in the information preserved at the time by the Trustee in accordance with Section 14.02(a) a copy
of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless
within five Business Days after such tender the Trustee shall mail to such applicants and file with the Commission, together with
a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interest of the Holders or would be in violation of applicable law. Such written statement shall specify
the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement
so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or
more of such objections, the Commission shall find, after notice and opportunity for hearing, that all objections so sustained
have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation
or duty to such applicants respecting their application.

 

(c)          Every
Holder of Securities, by receiving and holding the same, agrees with the Company, any applicable Guarantor and the Trustee that
none of the Company, such Guarantors and the Trustee nor any of their respective agents shall be held accountable by reason of
the disclosure of any such information as to the names and addresses of the Holders in accordance with Section 14.02(b), regardless
of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 14.02(b).

 

SECTION 14.03.       
Reports by the Trustee.

 

(a)          The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust
Indenture Act, the Trustee shall, within 60 calendar days after each May 15th following the date of this Indenture (commencing
May 15, [●]) deliver to Holders a brief report, dated as of such May 15th, which complies with the provisions of
such Section 313(a).

 

(b)          A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each securities exchange
upon which Securities of any series are listed, with the Commission and with the Company. The Company will promptly notify the
Trustee when any Securities are listed on any securities exchange and of any delisting thereof.

 

SECTION
14.04.          Reports by the Company and Guarantors. The Company shall
furnish to the Trustee, within 15 calendar days after it actually files such annual and quarterly reports, information,
documents and other reports with the Commission, copies of its annual report and of the information, documents and other
reports (or copies of such portions of any of the foregoing the Commission may by rules and regulations prescribe) that the
Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; provided
that any such annual and quarterly reports, information, documents and other reports and information filed with the
Commission may be provided by the Company to the Trustee electronically. The Company and any Guarantor shall comply with the
other provisions of TIA Section 314(a). Delivery of such information, documents and reports to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates). It is expressly understood that materials transmitted electronically by the Company to the Trustee or filed
pursuant to the Commission’s EDGAR system (or any successor electronic filing system) shall be deemed filed with the
Trustee and transmitted to Holders for purposes of this Section 14.04.

 

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ARTICLE 15

MISCELLANEOUS PROVISIONS

 

SECTION 15.01.       
Incorporators, Stockholders, Members, Partners, Officers, Managers and Directors of Company or any Guarantor Exempt from Individual
Liability. No recourse under or upon any obligation, covenant or agreement contained in this Indenture, or in any Security
of any series or any Guarantees, or because of any indebtedness evidenced thereby, shall be had against any incorporator, as such
or against any past, present or future stockholder, member, partner, officer, manager or director, as such, of the Company, any
Guarantor or any successor, either directly or through the Company, any Guarantor or any successor, under any rule of law, statute
or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Securities of such series by the Holders thereof and as
part of the consideration for the issue of the Securities of such series.

 

SECTION 15.02.       
Provisions of Indenture for the Sole Benefit of Parties and Holders. Except as set forth in Section 15.10, nothing
in this Indenture or in the Securities of any series, expressed or implied, shall give or be construed to give to any person, firm
or corporation, other than the parties hereto and their successors and the Holders of the Securities of such series, any legal
or equitable right, remedy or claim under this Indenture or under any covenant or provision herein contained, all such covenants
and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities.

 

SECTION 15.03.       
Successors and Assigns of Company or Guarantor Bound by Indenture. All the covenants, stipulations, promises and agreements
in this Indenture contained by or in behalf of the Company or any Guarantor shall bind their successors and assigns, whether so
expressed or not.

 

SECTION 15.04.       
Notices, Etc., to Trustee, the Company and Guarantors. Any request, demand, authorization, direction, notice, consent, waiver
or act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with:

 

(1)         the
Trustee by any Holder, or by the Company or a Guarantor, if any, shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Trustee at [●], facsimile [●], or such other facsimile number as may be
provided by the Trustee from time to time, and shall be deemed to have been made at the time of actual receipt of such written
notice or facsimile transmission thereof; provided that any delivery made or facsimile sent on a day other than a Business
Day shall be deemed to be received on the next following Business Day; or

 

(2)         the
Company or a Guarantor, if any, by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing to the Company or such Guarantor, as the case may be, addressed to it at the address specified
in Schedule I hereto or at any other address or facsimile number previously furnished in writing to the Trustee by the Company
or such Guarantor, as the case may be, and shall be deemed to have been made at the time of delivery or facsimile transmission;
provided that any delivery made or facsimile sent on a day other than a Business Day shall be deemed to be received on the
next following Business Day.

 

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SECTION 15.05.       
Notices to Holders. Where this Indenture provides for notice to Holders, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at
its last address as it appears in the Security Register. In any case where notice to Holders is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by
the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
The Trustee may waive notice to it of any provision herein, and such waiver shall be deemed to be for its convenience and discretion.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity
of any action taken in reliance upon such waiver.

 

In case, by reason of the suspension of
or irregularities in regular mail service, it shall be impracticable to mail notice to the Company, any Guarantor or any Holders
when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as
shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

SECTION 15.06.       
Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand
by the Company or any Guarantor to the Trustee to take any action under any of the provisions of this Indenture, the Company or
such Guarantor, as the case may be, shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent
provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in
the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application
or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to
such particular application or demand, no additional certificate or opinion need be furnished.

 

Each certificate or opinion provided for
in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture
shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition, (b) a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based, (c) a statement that, in the opinion of such person, he has made such examination
or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has
been complied with and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has
been complied with.

 

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

 

Any certificate, statement or opinion of
an officer or counsel of the Company or any Guarantor may be based, insofar as it relates to accounting matters, upon a certificate
or opinion of or representations by an accountant or firm of accountants in the employ of the Company or such Guarantor, as the
case may be, unless such officer or counsel knows that the certificate or opinion or representations with respect to the accounting
matters upon which his or her certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.

 

Any certificate or opinion of any independent
firm of public accountants filed with the Trustee shall contain a statement that such firm is independent within the meaning of
the Securities Act and the rules and regulations promulgated thereunder.

 

SECTION 15.07.       
Payments Due on Saturdays, Sundays and Holidays. If the Stated Maturity of interest on or principal of the Securities of
a particular series or the date fixed for redemption of any Security shall not be a Business Day, then payment of interest or principal
with respect to such Securities need not be made on such date, but may be made on the next succeeding Business Day with the same
force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period
after such date.

 

    - 42 -

     

    

 

SECTION 15.08.       
Conflict of Any Provision of Indenture with Trust Indenture Act. If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with another provision included in this Indenture by operation of Sections 310 to 317, inclusive,
of the Trust Indenture Act (an “incorporated provision”), such incorporated provision shall control.

 

SECTION 15.09.       
Conflict of Any Provision of Securities with Indenture. If and to the extent that any provision of the Securities limits,
qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control.

 

SECTION 15.10.       
New York Law to Govern. This Indenture, the Securities of any series and the Guarantees, if any, shall each be deemed to
be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of the
State of New York, but without giving effect to applicable principles of conflicts of law to the extent that the application of
the law of another jurisdiction would be required thereby.

 

SECTION 15.11.       
Waiver of Jury Trial. Each party hereto hereby waives, and each Holder by acceptance of its Securities shall be deemed to
have waived, to the fullest extent permitted by applicable law, any right it may have to a trial by jury (but no other judicial
remedies) in respect of any litigation directly or indirectly arising out of, under or in connection with this Indenture or the
transactions contemplated hereby.

 

SECTION 15.12.       
Consent to Jurisdiction and Service. The Company and each Guarantor, if any, irrevocably (a) agree that any legal suit,
action or proceeding against the Company or any Guarantor arising out of or based upon this Indenture, the Notes or any Guarantee
or the transactions contemplated hereby may be instituted in any U.S. Federal or state court in the City and County of New York
(collectively, the “Specified Courts”) and (b) waive, to the fullest extent they may effectively do so, any objection
which they may now or hereafter have to the laying of venue of any such proceeding. The Company and each Guarantor hereby appoint
C T Corporation System, 111 Eighth Avenue, New York, New York, 10011, as their authorized agent (the “Authorized Agent”)
upon whom process may be served in any such action arising out of or based on this Indenture, the Securities or the transactions
contemplated hereby which may be instituted in any Specified Court, expressly consent to the jurisdiction of any such Specified
Court in respect of any such action, and waive any other requirements of or objections to personal jurisdiction with respect thereto.
Such appointment shall be irrevocable by the Company and any Guarantors. The Company and each Guarantor represent and warrant that
the Authorized Agent has agreed to act as such agent for service of process and agree to take any and all action, including the
filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect as
aforesaid. Service of process upon the Authorized Agent in any manner permitted by applicable law and written notice of such service
to the Company or to a Guarantor shall be deemed, in every respect, effective service of process upon the Company or such Guarantor.

 

SECTION 15.13.       
Third Party Beneficiaries. Holders of Securities of the Company are third party beneficiaries of this Indenture, and any
of them (or their representative) shall have the right to enforce the provisions of this Indenture that benefit such Holders.

 

SECTION 15.14.       
Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

 

SECTION 15.15.       
Effect of Headings, Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof.

 

SECTION 15.16.       
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company, any Guarantor or any Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

SECTION 15.17.       
Severability. If any provision hereof shall be held to be invalid, illegal or unenforceable under applicable law, then the
remaining provisions hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained herein.

 

    - 43 -

     

    

 

SECTION 15.18.       
Patriot Act Compliance. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee,
like all financial institutions, is required to obtain, verify, and record information that identifies each person or legal entity
that establishes a relationship or opens account with the Trustee. The parties to this Indenture agree that they will provide the
Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act.

 

SECTION 15.19.       
Force Majeure. In no event shall the Trustee, Registrar or Paying Agent be liable for any failure or delay in the performance
of its obligations hereunder because of circumstances beyond the Trustee’s, Registrar’s or Paying Agents’ control,
including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot or embargo, which
delay, restrict or prohibit the providing of the services contemplated by this Indenture.

 

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SIGNATURES

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed, all as of [●].

 

	 	IOVANCE BIOTHERAPEUTICS, INC.
	 	as the Company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[●]
	 	as a Guarantor
	 	 	 
	 	By:	                                    
	 	 	Name:
	 	 	Title:

 

[Signature Page to Base Indenture]

 

     

     

    

 

	 	[●],
	 	as the Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Base Indenture]

 

     

     

    

 

Schedule I

 

	Company	 	Address and Facsimile Number
	Iovance Biotherapeutics, Inc.	 	
        999 Skyway Road, Suite 150

        San Carlos, California 94070

         

        (650) 260-7120

        Attn: [●]

 

	Guarantor	 	Address and Facsimile Number
	[●]	 	[●]Exhibit

Exhibit 10.1

FIRST FINANCIAL BANCORP.
2020 STOCK PLAN

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TABLE OF CONTENTS
Section 1. ESTABLISHMENT, DURATION AND PURPOSE    1
1.1Establishment and Duration of the Plan    1
1.2Term of the Plan    1
1.3Purposes of the Plan    1
Section 2. DEFINITIONS    1
2.1Award    1
2.2Award Agreement    1
2.3Board    1
2.4Cause    1
2.5Change in Control    2
2.6Code    2
2.7Committee    3
2.8Disability    3
2.9Effective Date    3
2.10Employee    3
2.11Exchange Act    3
2.12Exercise Price    3
2.13Fair Market Value    4
2.14First Financial    4
2.15Good Reason    4
2.16ISO    4
2.17Non-Employee    4
2.18NQO    4
2.19Option    4
2.20Option Agreement    4
2.21Parent Corporation    4
2.22Participant    4
2.23Plan    4
2.24Performance Period    5
2.25Restricted Stock    5
2.26Retirement    5
2.27Securities Act    5
2.28Stock    5
2.29Stock Agreement    5
2.30Stock Appreciation Right or SAR    5
2.31SAR Agreement    5
2.32Stock Unit or Stock Units    5
2.33Subsidiary    5
Section 3. SHARES RESERVED UNDER PLAN    5
3.1Shares    5
3.2Share Counting    5
3.3Shares under Awards    6
3.4Exception to Minimum Vesting Requirements    6
3.5Use of Proceeds    6
Section 4. PLAN ADMINISTRATION    6
4.1Authority of Committee    6

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4.2Delegation    7
4.3Decisions Binding    7
Section 5. PARTICIPATION AND AWARD AGREEMENTS    8
5.1Awards    8
5.2Participation    8
5.3Award Agreement    8
Section 6. OPTIONS AND SARS    8
6.1Options    8
6.2Vesting    8
6.3ISO Rules    8
6.4Exercise Price, Exercise Period and No Dividend Equivalents    9
6.5Method of Exercise    9
6.6Nontransferability    10
6.7SARs and Surrender Rights    11
Section 7. RESTRICTED STOCK AND STOCK UNITS    12
7.1Committee Action    12
7.2Conditions    13
7.3Dividends and Voting Rights    14
7.4Satisfaction of Forfeiture Conditions    15
7.5Other Awards    15
Section 8. SECURITIES REGISTRATION    15
Section 9. ADJUSTMENT    16
9.1Capital Structure    16
9.2Mergers    16
9.3General    16
Section 10. CHANGE IN CONTROL    17
Section 11. AMENDMENT OR TERMINATION    17
Section 12. FORFEITURE AND CLAWBACKS    18
12.1Forfeiture Events    18
12.2Clawback    18
Section 13. MISCELLANEOUS    18
13.1Shareholder Rights    18
13.2No Contract of Employment or Service    18
13.3Share Retention Guidelines    18
13.4Certificates    18
13.5Withholding    19
13.6Compliance with Code Section 409A    19
13.7Requirements of Law    19
13.8Securities Law Compliance    19
13.9Indemnification    19
13.10Headings and Captions    20
13.11Governing Law    20
13.12Invalid Provisions    20
13.13Conflicts    20
13.14Successors    20
13.15Deferral of Awards    20
13.16Date of Adoption of Plan; Shareholder Approval Required    20

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FIRST FINANCIAL BANCORP. 
2020 STOCK PLAN

Section 1.  ESTABLISHMENT, DURATION AND PURPOSE

1.1    Establishment and Duration of the Plan.  First Financial Bancorp., an Ohio corporation (“First Financial”), hereby establishes, subject to shareholder approval, the “First Financial Bancorp. 2020 Stock Plan” (the “Plan”).  This Plan and the grant of Awards hereunder are expressly conditioned on the approval of the Plan by the shareholders of First Financial.  This Plan is adopted effective as of the Effective Date and shall remain in effect in accordance with Section 1.2.

1.2    Term of the Plan.  If adopted by the shareholders, this Plan shall remain in effect, subject to the right of the Board or Committee to terminate the Plan at any time pursuant to Section 11 herein, until all shares of Stock subject to it shall have been purchased or acquired according to the provisions herein.  However, in no event may Awards be granted under this Plan on or after the fifth (5th) anniversary of the Effective Date.

1.3    Purposes of the Plan.  The purposes of this Plan are to recognize the contributions made to First Financial and its Subsidiaries by Employees and Non-Employee Directors, to provide such persons with additional incentive to devote themselves to the future success of First Financial and its Subsidiaries and to improve the ability of First Financial and its Subsidiaries to attract, retain and motivate such individuals, by providing them with the opportunity to acquire or increase their proprietary interests in First Financial through receipt of awards of or relating to the Stock of First Financial, including Options, SARs, Restricted Stock and Stock Units.

SECTION 2.      DEFINITIONS
Each term set forth in this Section 2 shall have the meaning set forth opposite such term for purposes of this Plan and, for purposes of such definitions, the singular shall include the plural and the plural shall include the singular.

2.1    Award - means any right granted under the Plan, including an Option, SAR, Restricted Stock or Stock Unit.

2.2    Award Agreement - means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of First Financial, be transmitted electronically to any Participant.  As used in this Plan, the term “Award Agreement” includes an Option Agreement, a SAR Agreement and a Stock Agreement in addition to any other Award Agreement.

2.3    Board - means the Board of Directors of First Financial.

2.4    Cause - means (1) an indictment of a Participant, or plea of guilty or plea of nolo contendere by a Participant, to a charge of an act constituting a felony under the federal laws of the United States, the laws of any state, or any other applicable law, fraud, embezzlement, or misappropriation of assets, willful misfeasance or dishonesty, or other actions or criminal conduct 

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which materially and adversely affects the business (including business reputation) or financial condition of First Financial or any of its Subsidiaries or (2) the continued failure of a Participant to perform substantially his or her employment duties with First Financial or any of its Subsidiaries (other than any such failure resulting from incapacity due to physical or mental illness), observe all material obligations and conditions to be performed and observed by a Participant under this Plan and any Award Agreement, or perform his or her duties in accordance, in all material respects, with the policies and directions established from time to time by First Financial or any of its Subsidiaries.

2.5    Change in Control - means a change in control of First Financial of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act as in effect at the time of such “change in control.”  A Change in Control shall also be deemed to have occurred for purposes of this Plan at such time as (i) any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), is or becomes the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of securities representing 25% or more of the combined voting power for election of directors of the then outstanding securities of First Financial or any successor of First Financial; (ii) during any period of two consecutive years or less, individuals who at the beginning of such period constitute the Board cease, for any reason, to constitute at least a majority of the Board, unless the election or nomination for election of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period or whose election or nomination for election was previously so approved; (iii) there is a consummation of any reorganization, merger, consolidation or share exchange as a result of which the Stock of First Financial shall be changed, converted or exchanged into or for securities of another corporation (other than a merger with a wholly-owned subsidiary of First Financial) or any dissolution or liquidation of First Financial or any sale or the disposition of 50% or more of the assets or business of First Financial; or (iv) there is a consummation of any reorganization, merger, consolidation or share exchange unless (A) the persons who were the beneficial owners of the outstanding shares of the Stock of First Financial immediately before the consummation of such transaction beneficially own more than 50% of the outstanding shares of the common or other voting stock of the successor or survivor corporation in such transaction immediately following the consummation of such transaction, and (B) the number of shares of the common or other voting stock of such successor or survivor corporation beneficially owned by the persons described in clause (A) above immediately following the consummation of such transaction is beneficially owned by each such person in substantially the same proportion that each such person had beneficially owned shares of Stock of First Financial immediately before the consummation of such transaction, provided the percentage described in clause (A) above of the beneficially owned shares of the successor or survivor corporation and the number of shares described above in this clause (B) of the beneficially owned shares of the successor or survivor corporation shall be determined exclusively by reference to the shares of the successor or survivor corporation which result from the beneficial ownership of shares of Stock of First Financial by the persons described in such clause (A) immediately before the consummation of such transaction.

2.6    Code - means the Internal Revenue Code of 1986, as amended from time to time, and the applicable rulings and regulations thereunder. 

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2.7    Committee - means the committee appointed by the Board to administer the Plan pursuant to Section 4.1, which, to the extent the Board determines it is appropriate for Awards under the Plan to qualify for the exemption available under SEC Rule 16b-3(d)(1) or Rule 16b-3(e) promulgated under the Exchange Act, shall be a committee or subcommittee of the Board composed of two or more members, each of who is a “non-employee director” within the meaning of Rule 16b-3.  Unless otherwise determined by the Board, the Committee shall be the Executive Compensation Committee of the Board.

2.8    Disability - means, as determined by the Committee in its discretion exercised in good faith, (a) in the case of an Award that is exempt from the application of the requirements of Code Section 409A and is granted to a Participant who is covered by the Company’s long-term disability insurance policy or plan, if any, a physical or mental condition of the Participant that would entitle him or her to payment of disability income payments under such long-term disability insurance policy or plan as then in effect, (b) in the case of an Award that is exempt from the application of the requirements of Code Section 409A and is granted to a Participant who is not covered by the Company’s long-term disability insurance policy or plan for whatever reason, or in the event the Company does not maintain such a long-term disability insurance policy or plan, and for purposes of an ISO granted under the Plan, a permanent and total disability as defined in section 22(e)(3) of the Code and (c) in the case of an Award that is not exempt from the application of the requirements of Code Section 409A, a physical or mental condition of the Participant where (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.  A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect, the Participant shall submit to an examination by such physician upon request by the Committee.

2.9    Effective Date - means the date as of which this Plan is approved by First Financial’s shareholders pursuant to Section 13.15.

2.10    Employee - means officers or other employees of First Financial or any Subsidiary who are, in the judgment of the Committee acting in its absolute discretion, directly or indirectly responsible for or contribute to the management, growth and profitability of the business of First Financial or a Subsidiary.

2.11    Exchange Act - means the Securities Exchange Act of 1934, as amended from time to time, and the applicable rules and regulations thereunder.

2.12    Exercise Price - means (1) in the case of Options, the price specified in the Participant’s Option Agreement as the price per share of Stock at which such share can be purchased pursuant to the Option or (2) in the case of an SAR, the price specified in the Participant’s SAR Agreement as the reference price per share of Stock used to calculate the amount payable to the Participant.  The Exercise Price shall be no less than the Fair Market Value of a share of Stock on the date the related Option or SAR is granted.

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2.13    Fair Market Value - means (1) the closing price on any date for a share of Stock as reported by The Wall Street Journal under the Nasdaq Stock Market Composite Transactions quotation system (or under any successor quotation system) or, if the Stock is no longer traded on the Nasdaq Stock Market, under the quotation system under which such closing price is reported or, if The Wall Street Journal no longer reports such closing price, such closing price as reported by a newspaper or trade journal selected by the Committee or, if no such closing price is available on such date or (2) such closing price as so reported in accordance with clause (1) above for the immediately preceding business day, or, if no newspaper or trade journal reports such closing price, the price which the Committee acting in good faith determines through any reasonable valuation method that a share of Stock might change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of the relevant facts.  If the closing price for a share of Stock is misquoted or omitted by the applicable publication, the Committee shall directly solicit the information from officials of the stock exchange or from other informed independent market sources.

2.14    First Financial - means First Financial Bancorp., or any successor thereto.

2.15    Good Reason - means, in connection with a termination of employment by a Participant following a Change in Control, a material reduction in such Participant's base compensation, a material adverse alteration in such Participant's position or in the nature or status of such Participant's employment responsibilities from those in effect immediately prior to the Change in Control or a relocation of such Participant's principal office by more than 50 miles from the principal office location immediately prior to the Change in Control.

2.16    ISO - means an Option granted under Section 6 of this Plan to purchase Stock which is evidenced by an Option Agreement which provides that the Option is intended to satisfy the requirements for an incentive stock option under Code Section 422, as now constituted or subsequently amended.

2.17    Non-Employee Director - means a member of the Board who is not an Employee.

2.18    NQO - means an Option granted under Section 6 of this Plan to purchase Stock that is evidenced by an Option Agreement which by its terms does not qualify or is not intended to qualify as an ISO.

2.19    Option - means an ISO or a NQO or both, as the context requires.

2.20    Option Agreement - means the written agreement or instrument which sets forth the terms of an Option granted to a Participant under this Plan.

2.21    Parent Corporation - means any corporation which is a parent corporation (within the meaning of Code Section 424(e)) of First Financial.

2.22    Participant - means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

2.23    Plan - means this First Financial Bancorp. 2020 Stock Plan, as amended from time to time.

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2.24    Performance Period - means the period selected by the Committee during which performance is measured for purposes of determining the extent to which an Award that is performance-based has been earned.

2.25    Restricted Stock - means Stock granted pursuant to Section 7 of this Plan, subject to any restrictions and conditions as established pursuant to Section 7.

2.26    Retirement – means, in the case of a Participant who is an Employee, termination of employment for reasons other than Cause, death or Disability, on or after attaining (1) age 55 and (2) ten years of service as an Employee.

2.27    Securities Act - means the Securities Act of 1933, as amended, and the applicable rules and regulations thereunder.

2.28    Stock - means the common shares, without par value, of First Financial.

2.29    Stock Agreement - means the written agreement or instrument which sets forth the terms of the grant of Restricted Stock or Stock Units to a Participant under this Plan.

2.30    Stock Appreciation Right or SAR - means a contractual right which is granted pursuant to Section 6 of this Plan, which represents a promise to deliver Stock, cash or other property equal in value to the excess of the Fair Market Value of a share of Stock over the Exercise Price of the SAR, subject to the terms of the SAR Agreement.

2.31    SAR Agreement - means the written agreement or instrument which sets forth the terms of a SAR granted to a Participant under this Plan.

2.32    Stock Unit or Stock Units - means a contractual right granted to a Participant pursuant to Section 7 to receive (i) a cash payment based upon the Fair Market Value of the number of shares of Stock described in the applicable Stock Agreement or (ii) the number of shares of Stock described in the applicable Stock Agreement.

2.33    Subsidiary - means any corporation which is a subsidiary (within the meaning of Code Section 424(f)) of First Financial except a corporation which has subsidiary corporation status under Code Section 424(f) exclusively as a result of First Financial or a First Financial subsidiary holding stock in such corporation as a fiduciary with respect to any trust, estate, conservatorship, guardianship or agency.

SECTION 3.      SHARES RESERVED UNDER PLAN

3.1    Shares.  Subject to adjustment pursuant to Section 9 and the provisions of this Section 3, the total number of shares of Stock which may be delivered pursuant to Awards granted under the Plan on or after the Effective Date shall not exceed 4,400,000 shares.  Such shares of Stock shall be reserved from authorized but unissued shares of Stock or from shares of Stock which have been reacquired by First Financial and are held as treasury shares.

3.2    Share Counting.  To the extent any Award is canceled, terminates, expires, is forfeited or lapses for any reason or is settled in cash, any unissued shares of Stock subject to such Award shall again become available for issuance under this Plan; however, (a) any shares of Stock used 

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to satisfy a withholding obligation under Section 13.4 shall not again become available under Section 3.1 for issuance under this Plan, (b) any shares of Stock which are tendered to First Financial to pay the Option Price of an Option or which are tendered to First Financial in satisfaction of any condition to a grant of Restricted Stock shall not again become available under Section 3.1 for issuance under this Plan and (c) the gross number of shares of Stock covered by a SAR, to the extent it is exercised, shall not again become available under Section 3.1 for issuance under this Plan, regardless of the number of shares used to settle the SAR upon exercise.  Any shares of Stock subject to awards under the First Financial Bancorp. Amended and Restated 2012 Stock Plan (adopted subject to shareholder approval as of February 28, 2017), upon the cancelation, termination, expiration, forfeiture or lapse of such awards, shall not be available for issuance under this Plan.

3.3    Shares under Awards.  Of the shares of Stock authorized for issuance under the Plan pursuant to Section 3.1:
(a)    The maximum number of shares of Stock that may be subject to ISOs granted pursuant to this Plan is 1,250,000 shares in the aggregate, which number shall be adjusted in accordance with Section 9.
(b)    Except as otherwise determined by the Committee, the maximum aggregate dollar value of Awards (based on the grant date Fair Market Value of Awards) granted under this Plan to a Non-Employee Director in any 12-month period is $500,000.

3.4    Exception to Minimum Vesting Requirements.  Notwithstanding the minimum vesting requirements set forth in Sections 6.2, 6.7(a)(4) and 7.1(c), up to five percent (5%) of the total number of shares of Stock authorized for issuance under Section 3.1 may be issued under Awards, including Awards of Restricted Stock, that are immediately vested or that vest within less than one (1) year.

3.5    Use of Proceeds.  The proceeds which First Financial receives from the sale of any shares of Stock under the Plan shall be used for general corporate purposes and shall be added to the general funds of First Financial.

SECTION 4.      PLAN ADMINISTRATION

4.1    Authority of Committee. The Plan shall be administered by the Committee, or in the Board’s sole discretion, by the Board.  Except as limited by law, or by First Financial’s Articles of Incorporation or Amended and Restated Code of Regulations, and subject to the provisions of this Plan (including Sections 9, 10, 11 and 13), the Committee shall have full power, authority and sole and exclusive discretion:
(a)    to construe and interpret the Plan and apply its provisions;
(b)    to promulgate, amend and rescind rules and regulations relating to the administration of the Plan;
(c)    to authorize any person to execute, on behalf of First Financial, any instrument required to carry out the purposes of the Plan;
(d)    to determine when Awards are to be granted under the Plan;

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(e)    from time to time to select, subject to the limitations set forth in this Plan, those individuals to whom Awards shall be granted;
(f)    to determine the number of shares of Stock to be made subject to each Award;
(g)    to determine whether each Option is to be an ISO or an NQO;
(h)    to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the Award Agreement relating to such grant;
(i)    to designate an Award as a performance-based Award and to select the performance criteria that will be used to establish the performance goals;
(j)    subject to any limitations set forth in this Plan, to amend any outstanding Award Agreement, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award;
(k)    to determine the duration and purpose of leaves of absences which may be granted to an Employee without constituting a termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally applicable to Employees under First Financial’s employment policies;
(l)    to interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and
(m)    to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration of the Plan.

4.2    Delegation.  To the extent permitted by applicable law, the Committee may delegate its authority as identified herein to one or more executive officers of First Financial, including without limitation the authority to approve grants of Awards to Employees.  To the extent that the Committee delegates its authority to make grants, all references in the Plan to the Committee’s authority to make grants and determinations with respect thereto shall be deemed to include the Committee’s delegate(s).  Any such delegate shall serve at the pleasure of, and may be removed at any time by, the Committee.

4.3    Decisions Binding.  In making any determination or in taking or not taking any action under the Plan, the Committee or its delegate(s) may obtain and may rely on the advice of experts, including employees of and professional advisors to First Financial.  Any action taken by, or inaction of, the Committee or its delegate(s) relating to or pursuant to the Plan shall be within the absolute discretion of the Committee or its delegate.  Such action or inaction of the Committee or its delegate(s) shall be conclusive and binding on First Financial, on each affected Participant and on each other person directly or indirectly affected by such action, unless such action or inaction is determined by a court having jurisdiction to be arbitrary and capricious.

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SECTION 5.      PARTICIPATION AND AWARD AGREEMENTS

5.1    Awards.  The Committee may Grant ISOs to Employees who qualify for an ISO grant under Code Section 422.  Awards other than ISOs may be granted to Employees and Non-Employee Directors.

5.2    Participation.  Upon being granted an Award under the Plan, an Employee or Non-Employee Director shall become a Participant of the Plan and shall be bound by the terms of the Plan and the applicable Award Agreement.

5.3    Award Agreement.  Each Award shall be evidenced by an Award Agreement which shall set forth the terms of the Award.  Each Participant shall acknowledge receipt of the Award Agreement and shall agree to be bound by the terms of the Plan and Award Agreement.  The terms and conditions of Awards need not be the same with respect to each Participant or with respect to each Award.  Subject to Section 9, the Committee may amend or modify an Award Agreement and the related Award to the extent the Committee would have had the authority under the Plan to grant such Award as so modified or amended, provided that such action would not otherwise require shareholder approval in accordance with Section 11.

SECTION 6.      OPTIONS AND SARS

6.1    Options.  Subject to the limitation set forth in Section 3.3(a) on the number of shares of Stock that may be subject to ISOs, the Committee acting in its absolute discretion shall have the authority to grant ISOs and NQOs to Employees and NQOs to Non-Employee Directors.  Such Options may be granted for any reason the Committee deems appropriate under the circumstances.  Each grant of an Option shall be evidenced by an Option Agreement, and each Option Agreement shall set forth whether the Option is an ISO or a NQO and shall set forth such other terms and conditions of such grant, including the Exercise Price and any performance-based vesting conditions, as the Committee acting in its absolute discretion deems consistent with the terms of this Plan.

6.2    Vesting.  Except as otherwise provided in Section 3.4 or Section 10 or as otherwise provided in the applicable Award Agreement in connection with the Retirement, death or Disability of a Participant, vesting of an Option granted to an Employee under this Plan shall be subject to the satisfaction of a minimum service requirement or a minimum Performance Period (or both) of at least one (1) year.  An Option granted to a Non-Employee Director shall become exercisable on the date that is at least one year from the date on which such Option was granted.

6.3    ISO Rules.  Except as provided in Section 9, no term of this Plan relating to ISOs shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan or any ISO under Code Section 422 unless the Committee expressly determines that such action is in the best interest of First Financial.  The aggregate Fair Market Value of ISOs granted to an Employee under this Plan and incentive stock options granted to such Employee under any other stock option plan adopted by First Financial, a Subsidiary or a Parent Corporation which first become exercisable in any calendar year shall not exceed $100,000.  Such Fair Market Value figure shall be determined by the Committee as of the date the ISO or other incentive stock option is granted, and the Committee shall interpret and administer the limitation set forth in this Section 6.3 in accordance with Code Section 422(d).

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6.4    Exercise Price, Exercise Period and No Dividend Equivalents.
(a)    Exercise Price.  The Exercise Price for each share of Stock subject to an Option shall be no less than the Fair Market Value of a share of Stock on the date the Option is granted.  The Exercise Price shall be payable in full upon the exercise of any Option.  Except in accordance with the provisions of Section 9 of this Plan, the Committee shall not, absent the approval of First Financial’s shareholders, take any action, whether through amendment, cancellation, replacement grants, exchanges or any other means, to directly or indirectly reduce the Exercise Price of any outstanding Option or to make a tender offer for any Option.  The Committee shall not, absent the approval of First Financial’s shareholders, take any action to effect an exchange of an outstanding Option for a cash award. 
(b)    Exercise Period.  Each Option granted under this Plan shall be exercisable in whole or in part at such time or times as set forth in the related Option Agreement, but no Option Agreement shall make an Option exercisable before the date such Option is granted or on or after the date which is the tenth anniversary of the date such Option is granted.  In the discretion of the Committee, an Option Agreement may provide for the exercise of an Option after the employment of an Employee or service of a Non-Employee Director has terminated for any reason whatsoever, including, but not limited to, Retirement, death or Disability.
(c)    Extension of Termination Date.  An Option Agreement may provide that if the exercise of the Option would be prohibited at any time because the issuance of shares of Stock would violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system, then the exercise period of such Option shall be extended to a date that is thirty (30) days following the date the exercise of such Option would no longer violate the registration requirements under the Securities Act or any other state or federal securities law or the rules of any securities exchange or interdealer quotation system; provided that such extension shall not result in the Option becoming exercisable after the tenth anniversary of the date the Option is granted.
(d)    No Dividend Equivalents.  In no event shall any Option Agreement or SAR Agreement granted under the Plan include any right to receive dividends or dividend equivalents with respect to such Award.
(e)    Shareholder Rights.  A Participant shall have none of the rights of a shareholder with respect to an Option, including, but not limited to the right to dividends or voting rights, of First Financial until the Option has been exercised and the Stock subject to the Option has been delivered to the Participant in accordance with Section 13.1.

6.5    Method of Exercise.
(a)    Committee Rules.  An Option may be exercised as provided in this Section 6.5 pursuant to procedures (including, without limitation, procedures restricting the frequency or method of exercise) as shall be established by the Committee or its delegate from time to time for the exercise of Options.
(b)    Notice and Payment.  An Option shall be exercised by delivering to the Committee or its delegate during the period in which such Option is exercisable (1) written notice 

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of exercise in a form acceptable to the Committee indicating the specific number of shares of Stock subject to the Option which are being exercised, and (2) payment in full of the Exercise Price for such specific number of shares.  An Option Agreement, at the discretion of the Committee, may provide for the payment of the Exercise Price by any of the following means:
(1)    in cash, electronic funds transfer or a check acceptable to the Committee;
(2)    in Stock which has been held by the Participant for a period acceptable to the Committee and which Stock is otherwise acceptable to the Committee, provided that the Committee may impose whatever restrictions it deems necessary or desirable with respect to such method of payment;
(3)    through a broker-facilitated cashless exercise procedure acceptable to the Committee;
(4)    by instructing the Committee to withhold a number of shares of Stock having a Fair Market Value on the date of exercise equal to the aggregate exercise price of such Option; or
(5)    any combination of the methods described in this Section 6.5(b) which is acceptable to the Committee.
Any payment made in Stock shall be treated as equal to the Fair Market Value of such Stock on the date the properly endorsed stock certificate for such Stock is delivered to the Committee (or to its delegate) or, if payment is effected through a certification of ownership of Stock in lieu of a stock certificate, on the date the Option is exercised.  Notwithstanding anything contained in this Section 6.5, the exercise of an Option by a Participant that involves or may involve a direct or indirect extension of credit or arrangement of an extension of credit by First Financial, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act of 2002, shall be prohibited.
(c)    Restrictions.  The Committee may from time to time establish procedures for restricting the exercise of Options on any given date as the result of excessive volume of exercise requests or any other problem in the established system for processing Option exercise requests or for any other reason the Committee or its delegate deems appropriate or necessary.

6.6    Nontransferability.  Except to the extent the Committee deems permissible and consistent with the best interests of First Financial, neither an Option granted under this Plan nor any related surrender rights nor any SAR shall be transferable by a Participant other than by will or by the laws of descent and distribution, and any grant by the Committee of a request by a Participant for any transfer (other than a transfer by will or by the laws of descent and distribution) of an NQO or SAR shall be conditioned on the transfer not being made for value or consideration.  Any such Option grant and surrender rights under this Plan and any SAR granted under this Plan shall be exercisable during a Participant’s lifetime, as the case may be, only by (subject to the first sentence in this Section 6.6) the Participant, provided that in the event a Participant is incapacitated and unable to exercise such Participant’s Option or SAR, such Participant’s legal guardian or legal representative, whom the Committee (or its delegate) deems appropriate based on all applicable facts and circumstances presented to the Committee (or its delegate), may exercise such Participant’s 

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Option or SAR in accordance with the provisions of this Plan and the applicable Option Agreement or SAR Agreement.  The person or persons to whom an Option or a SAR is transferred by will or by the laws of descent and distribution (or pursuant to the first sentence of this Section 6.6) thereafter shall be treated as the Participant under this Plan and subject to the limitations and conditions of this Plan.

6.7    SARs and Surrender Rights.
(a)    Grant of SARs.
(1)    The Committee acting in its absolute discretion may grant a Participant a SAR representing a promise to deliver Stock, cash or other property equal in value to the excess of the Fair Market Value of a share of Stock over the Exercise Price of the SAR, subject to the terms of the SAR Agreement; provided, however, that the Exercise Price for a SAR may not be less than the Fair Market Value of a share of Stock on the date of grant.  The Committee shall have the right to make any such grant subject to such additional terms, including performance-based vesting provisions, as the Committee deems appropriate and such terms shall be set forth in the related SAR Agreement.
(2)    Each SAR granted under this Plan shall be exercisable in whole or in part at such time or times as set forth in the related SAR Agreement, but no SAR Agreement shall make a SAR exercisable before the date such SAR is granted or on or after the date which is the tenth anniversary of the date such SAR is granted.  In the discretion of the Committee, a SAR Agreement may provide for the exercise of a SAR after the service of the Participant has terminated for any reason whatsoever, including, but not limited to, Retirement, death or Disability.
(3)    Except in accordance with the provisions of Section 9 of this Plan, the Committee shall not, absent the approval of First Financial’s shareholders, take any action, whether through amendment, cancellation, replacement grants, exchanges or any other means, to directly or indirectly reduce the Exercise Price of any outstanding SAR or to make a tender offer for any SAR.  The Committee shall not, absent the approval of First Financial’s shareholders, take any action to effect an exchange of an outstanding SAR for a cash award
(4)    Except as otherwise provided in Section 3.4 or in Section 10 or as otherwise provided in the applicable Award Agreement in connection with the Retirement, death or Disability of a Participant, vesting of a SAR granted to an Employee under this Plan shall be subject to the satisfaction of a minimum service requirement or a minimum Performance Period (or both) of at least one (1) year.  A SAR granted to a Non-Employee Director shall become exercisable on the date that is at least one year from the date on which such SAR was granted.
(b)    Procedure.  The exercise of a SAR or a surrender right in an Option shall be effected by the delivery of the related SAR Agreement or Option Agreement to the Committee (or to its delegate) together with a statement signed by the Employee which specifies the number of shares of Stock as to which the Employee, as appropriate, exercises his or her SAR or exercises his or her right to surrender his or her Option and (at the Employee’s option) how he or she desires payment to be made with respect to such shares.

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(c)    Payment.  An Employee who exercises his or her SAR or right to surrender his or her Option shall (to the extent consistent with an exemption under Rule 16b-3 and as specified in the related Option Agreement or SAR Agreement) receive a payment in cash or in Stock, or in a combination of cash and Stock, equal in amount on the date such exercise is effected to (i) the number of shares of Stock with respect to which, as applicable, the SAR or the surrender right is exercised, times (ii) the excess of the Fair Market Value of a share of Stock on such date over, as applicable, the Exercise Price of the SAR or Option.  The Committee acting in its absolute discretion shall determine the form of such payment, and the Committee shall have the right (1) to take into account whatever factors the Committee deems appropriate under the circumstances, including any written request made by the Employee and delivered to the Committee (or to its delegate) and (2) to forfeit an Employee’s right to payment of cash in lieu of a fractional share of Stock if the Committee deems such forfeiture necessary in order for the surrender of his or her Option under this Section 6.7 to come within an exemption under Rule 16b-3.  Any cash payment under this Section 6.7 shall be made from First Financial’s general assets, and an Employee shall be no more than a general and unsecured creditor of First Financial with respect to such payment.
(d)    Restrictions.  Each SAR Agreement and each Option Agreement which incorporates a provision to allow an Employee to surrender his or her Option shall incorporate such additional restrictions on the exercise of such SAR or surrender right as the Committee deems necessary to satisfy the conditions to the exemption under Rule 16b-3.

SECTION 7.      RESTRICTED STOCK AND STOCK UNITS

7.1    Committee Action.
(a)    General.  The Committee acting in its absolute discretion shall have the right to grant Restricted Stock and Stock Units to Participants under this Plan from time to time.
(b)    Limitations.  Each Award of Restricted Stock or Stock Units shall be evidenced by a Stock Agreement, and each Stock Agreement shall set forth the conditions, if any, which will need to be timely satisfied before the grant will be effective and the conditions, if any, under which the Participant’s interest in the related Stock or cash payment will be forfeited.  Restricted Stock may be granted subject to a holding period requirement after the Restricted Stock has been issued and any vesting requirement has been satisfied.
(c)    Vesting.  Except as otherwise provided in Section 3.4 or in Section 10 or as otherwise provided in the applicable Award Agreement in connection with certain termination events, including without limitation the Retirement, death or Disability of a Participant, the vesting of Restricted Stock or Stock Units granted to an Employee shall be subject to the satisfaction of a minimum service requirement or a minimum Performance Period (or both) of not less than one (1) year.  Except as otherwise provided in Section 3.4, Restricted Stock or Stock Units granted to a Non-Employee Director shall become exercisable on the date that is not less than one year from the date on which such Restricted Stock or Stock Units were granted.

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7.2    Conditions.
(a)    Issuance Conditions for Restricted Stock.  The Committee acting in its absolute discretion may make the issuance of Restricted Stock to a Participant subject to the satisfaction of one, or more than one, objective employment, performance or other grant condition which the Committee deems appropriate under the circumstances, and the related Stock Agreement shall set forth each such condition and the deadline for satisfying each such condition.
(b)    Forfeiture Conditions for Restricted Stock and Stock Units.  The Committee may make Restricted Stock issued to a Participant or the Stock or cash that is issuable under any Stock Unit grant subject to one, or more than one, objective employment, performance or other forfeiture condition which the Committee acting in its absolute discretion deems appropriate under the circumstances, and the related Stock Agreement shall set forth each such forfeiture condition and the deadline for satisfying each such forfeiture condition.  A Participant’s nonforfeitable interest in Restricted Stock granted under this Plan or the shares of Stock or cash issuable pursuant to any Stock Unit granted under this Plan shall depend on the extent to which each such condition is timely satisfied.  Each share of Restricted Stock granted to a Participant shall again become available under Section 3.1 (as of the date of forfeiture) if such share of Restricted Stock is forfeited as a result of a failure to timely satisfy a forfeiture condition.  When a Stock certificate is issued for shares of Restricted Stock, such certificate shall be issued to, or for the benefit of, the Participant, subject to (i) the conditions, if any, described in this Section 7.2(b) and Section 7.2(c) and (ii) a stock power in favor of First Financial in order for First Financial to effect any forfeitures of such Restricted Stock called for under this Section 7.2(b).
(c)    Performance Goals.  Performance criteria to which the Committee may subject the issuance of Restricted Stock pursuant to Section 7.2(a) or subject the Restricted Stock issued to a Participant or the Stock or cash issuable under a Stock Unit pursuant to Section 7.2(b) may or may not include, in the Committee’s absolute discretion, performance goals relating to one or more of the following objectives: 
	
			
	assets
	average total common equity
	Deposits

	earnings per share
	economic profit added
	efficiency ratio

	gross margin
	gross revenue
	internal rate of return

	loans
	net charge-offs
	net income

	net income before tax
	net interest income
	non-interest expense

	non-interest income
	non-performing assets
	operating cash flow

	pre-provision net revenue
	return on assets
	return on equity

	return on risk weighted assets
	return on sales
	stock price

	tangible equity
	total shareholder return
	 

A performance goal described in this Section 7.2(c) may be set in any manner determined by the Committee, including looking to achievement on an absolute or relative basis in relation to peer groups or indexes, and may relate to First Financial as a whole or one or more operating units of First Financial.

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(1)    The business criteria described in this Section 7.2(c) may include or exclude “extraordinary items” as determined under U.S. generally accepted accounting principles and any other extraordinary charges, losses from discontinued operations, restatements and accounting changes and other unplanned special charges such as restructuring expenses, acquisitions, acquisition expenses, including expenses related to goodwill and other intangible assets, stock offerings, stock repurchases and loan loss provisions.  The Committee may also adjust any performance goal for a period as it deems equitable in recognition of unusual or nonrecurring events affecting First Financial, changes in applicable tax laws or accounting principles, or such other factors as the Committee may determine.
(2)    Performance based Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following the Committee’s determination that the applicable performance criteria have been satisfied, but in no event later than 2 1/2 months following the end of the calendar year during which the Performance Period is completed.

7.3    Dividends and Voting Rights.
(a)    Cash Dividends.  Subject to Section 7.3(d), in no event shall cash dividends paid with respect to Restricted Stock or Stock Units become payable before the date such Restricted Stock or Stock Units have become fully vested and nonforfeitable.  Any cash dividends paid with respect to any such unvested Restricted Stock shall be withheld by the Company for the Participant’s account.  The cash dividends so withheld by the Committee and attributable to any particular share of Restricted Stock (and earnings thereon, if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in shares of Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the vesting and release of restrictions on such Stock and, if such Stock is forfeited, then the Participant shall have no right to, and shall forfeit, such dividends.  Unless otherwise set forth in the Stock Agreement which evidences a Stock Unit grant, if a cash dividend is paid on the shares of Stock described in a Stock Unit grant, such cash dividend shall be treated as reinvested in shares of Stock at the Fair Market Value of such shares on the date of payment of such dividend and shall increase the number of shares of Stock described in such Stock Unit grant.
(b)    Stock Dividends.  If a Stock dividend is declared on a share of Restricted Stock, such Stock dividend shall be treated as part of the grant of the related Restricted Stock, and a Participant’s interest in such Stock dividend shall be forfeited or shall become vested and nonforfeitable at the same time as the Stock with respect to which the Stock dividend was paid is forfeited or becomes vested and nonforfeitable.  Unless otherwise set forth in the Stock Agreement which evidences a Stock Unit grant, if a Stock dividend is declared on any shares of Stock described in a Stock Unit grant, such dividend shall increase the number of shares of Stock described in such Stock Unit grant.
(c)    Dividends Payable With Respect to Unearned Performance Stock.  Notwithstanding anything herein to the contrary, in no event shall a Stock Agreement which evidences a grant of Restricted Stock or Stock Units subject to performance criteria provide for payment of any dividends or dividend equivalents on such Restricted Stock or Stock Units prior to the date on which the Restricted Stock or Stock Units have fully vested as a result of satisfaction 

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of the applicable performance criteria.  Any such dividends or dividend equivalents shall be forfeited to the extent the Restricted Stock or Stock Units to which they relate are forfeited or terminated.
(d)    Voting Rights.  A Participant shall have the right to vote shares of Restricted Stock which have been issued pursuant to Section 7.2(b) before his or her interest in such Stock has been forfeited or has become nonforfeitable. Participants shall have no voting rights with respect to any Stock Unit Award prior to the date the Stock underlying such Award is properly issued to the Participant.
(e)    Nontransferability.  No Restricted Stock grant and no shares issued pursuant to a Restricted Stock grant shall be transferable by a Participant other than by will or by the laws of descent and distribution before a Participant’s interest in such shares have become completely nonforfeitable, and no interests in a Stock Unit grant shall be transferable other than by will or the laws of descent and distribution except as otherwise provided in the related Stock Agreement.
(f)    Creditor Status.  A Participant to whom a Stock Unit is granted shall be no more than a general and unsecured creditor of First Financial with respect to any cash payment due under such grant.

7.4    Satisfaction of Forfeiture Conditions.  A share of Stock shall cease to be Restricted Stock at such time as a Participant’s interest in such Stock becomes fully vested and nonforfeitable under this Plan, and such share shall be reissued as soon as practicable thereafter without any further restrictions related to Section 7.2(b) or Section 7.3 and shall be transferred to the Participant.

7.5    Other Awards.  The Committee is authorized, subject to the restrictions of applicable law, to grant Restricted Stock or Stock Unit Awards in lieu of obligations of First Financial or a Subsidiary to pay cash or deliver other property under other shareholder approved plans or compensatory arrangements of First Financial, including without limitation, the First Financial Bancorp. 2019 Director Fee Stock Plan.  Subject to the provisions of the Plan, the Committee shall have full power, authority, and sole and exclusive discretion to determine the persons to whom and the time or times at which such Awards shall be made or vest and the number of shares of Stock to be granted pursuant to such Awards.

SECTION 8.      SECURITIES REGISTRATION
Each Option Agreement, SAR Agreement and Stock Agreement shall provide that, upon the receipt of shares of Stock as a result of the exercise of an Option (or any related surrender right) or a SAR or the satisfaction of the forfeiture conditions under a Stock Agreement for Restricted Stock or Stock Unit payable in Stock, the Participant shall, if so requested by First Financial, hold such shares of Stock for investment and not with a view of resale or distribution to the public and, if so requested by First Financial, shall deliver to First Financial a written statement satisfactory to First Financial to that effect.  As for Stock issued pursuant to this Plan, First Financial at its expense shall take such action as it deems necessary or appropriate to register the original issuance of such Stock to a Participant under the Securities Act, or under any other applicable securities laws or to qualify such Stock for an exemption under any such laws prior to the issuance of such Stock to a Participant; however, First Financial shall have no obligation whatsoever to take any such action in connection with the transfer, resale or other disposition of such Stock by a Participant.

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SECTION 9.      ADJUSTMENT

9.1    Capital Structure.  The number, kind or class (or any combination thereof) of shares of First Financial reserved under Section 3 of this Plan, the grant limitations described in Section 3 of this Plan, the number, kind or class (or any combination thereof) of shares of First Financial subject to Options or SARs granted under this Plan and the Exercise Price of such Options and SARs as well as the number, kind or class of shares of First Financial subject to Restricted Stock grants and the number, kind or class of shares of First Financial described in Stock Unit grants under this Plan shall be adjusted by the Committee in an equitable manner to reflect any change in the capitalization of First Financial, including, but not limited to, such changes as share dividends or share splits to the extent necessary to preserve the economic intent of such Award; provided that unless the Committee specifically determines that such adjustment is in the best interests of First Financial, such adjustment shall not be made in a manner that will adversely affect the taxation of such Awards under Code Sections 422 or 409A or the exemption of such Awards pursuant to Rule 16b-3.  Any determination by the Committee pursuant to this Section 9.1 shall be final and binding on all affected Participants.

9.2    Mergers.  The Board, as part of any corporate transaction described in Code Section 424(a), shall adjust (in any manner which the Board in its discretion deems consistent with Code Section 424(a)) the number, kind or class (or any combination thereof) of shares of First Financial reserved under Section 3 of this Plan and the grant limitations described in Section 3 of this Plan.  Furthermore, the Board as part of any corporate transaction described in Code Section 424(a) shall adjust (in any manner which the Board in its discretion deems consistent with Code Section 424(a)) the number, kind or class (or any combination thereof) of shares of First Financial underlying any Restricted Stock and Stock Unit grants previously made under this Plan and any related grant conditions and forfeiture conditions, and the number, kind or class (or any combination thereof) of shares of First Financial subject to Option and SAR grants previously made under this Plan and the related Exercise Price for each such Option and SAR, and, further, shall (in any manner which the Board in its discretion deems consistent with Code Section 424(a) and without regard to the grant limitations described in Section 3 of this Plan) make Restricted Stock, Stock Unit, Option and SAR grants to effect the assumption of, or the substitution for, restricted stock, stock unit, option and stock appreciation right grants previously made by any other corporation to the extent that such corporate transaction calls for such substitution or assumption of such restricted stock, stock unit, option or stock appreciation rights grants.

9.3    General.  If any adjustment under this Section 9 would create a fractional share of Stock or a right to acquire a fractional share of Stock, such fractional share shall be disregarded and the number of shares of Stock reserved under this Plan and the number subject to any Option, SAR, Restricted Stock or Stock Unit grant shall be the next lower number of shares of Stock, rounding all fractions downward.  First Financial shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

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SECTION 10.      CHANGE IN CONTROL
The Committee may provide in any Award Agreement for provisions relating to a Change in Control, including, without limitation, the acceleration of the vesting, delivery or exercisability of, or the lapse of restrictions with respect to, any outstanding Awards; provided, however, that, in addition to any conditions provided for in the Award Agreement, any acceleration of the vesting, delivery or exercisability of, or the lapse of restrictions with respect to, any outstanding Awards in connection with a Change in Control may occur with respect to any Participant who is an Employee only if (i) the Change in Control occurs and (ii) the Participant’s employment with First Financial or any of its Subsidiaries is terminated without Cause or by the Participant for Good Reason within 18 months following such Change in Control.
Unless otherwise provided in the applicable Award Agreement and except as otherwise determined by the Committee, in the event of a merger, consolidation, mandatory share exchange or other similar business combination of First Financial with or into any other entity (“successor entity”) or any transaction in which another person or entity acquires all of the issued and outstanding Stock of First Financial or all or substantially all of the assets of First Financial and its Subsidiaries, an outstanding Award may be assumed or an award of equivalent value may be substituted by such successor entity or a parent or subsidiary of such successor entity, and such an assumption or substitution shall not be deemed to violate this Plan or any provision of any Award Agreement.
With respect to Awards subject to performance goals, in the event of a Change in Control, except as otherwise determined by the Committee, all incomplete Performance Periods in respect of such Award in effect on the date the Change in Control occurs shall end on the date of such change, and the Committee shall (i) determine the extent to which performance goals with respect to each such Performance Period have been met based upon such audited or unaudited financial information then available as it deems relevant and (ii) cause to be paid to the Participant prorated Awards (based on each completed day of the Performance Period prior to the Change in Control) based upon the Committee’s determination of the degree of attainment of such performance goals or, if not determinable, assuming that the applicable target levels of performance have been attained (or on such other basis as the Committee determines to be appropriate); provided that in no event shall a Participant become entitled to a payout in excess of the target level payout with respect to a performance goal for which the Committee has not determined the actual level of achievement.
Notwithstanding the foregoing provisions of this Section 10, in connection with the payment of any amount subject to Code Section 409A, this Section 10 shall have no effect on the payment date of such amount.

SECTION 11.      AMENDMENT OR TERMINATION
The Board or the Committee may at any time in its sole discretion, for any reason whatsoever, terminate or suspend the Plan, and from time to time may amend or modify the Plan or an Award; provided that without the approval by a majority of the votes cast at a duly constituted meeting of shareholders of First Financial, no amendment or modification to the Plan or Award may materially modify the Plan or Award in any way that would require shareholder approval under any regulatory requirement that the Committee determines to be applicable, including without limitation, the rules of the Nasdaq Stock Market.  Suspension or termination of the Plan 

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shall not affect the Committee’s ability to exercise the powers granted to it with respect to Options, SARs or surrender rights, Restricted Stock or Stock Units granted under this Plan prior to the date of such suspension or termination.

SECTION 12.      FORFEITURE AND CLAWBACKS

12.1    Forfeiture Events.  The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award.  Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant’s employment or service for Cause, or other conduct by the Participant that is detrimental to the business or reputation of First Financial.

12.2    Clawback.  If, following the payment or vesting of any Award, the Committee determines that such payment or vesting was based on materially inaccurate financial statements (which includes, but is not limited to, statements of earnings, revenues or gains) or any other materially inaccurate performance metric criteria (or any Award is subject to recovery under any law, government regulation, exchange listing requirement or First Financial policy), First Financial shall be entitled to receive, and the Participant shall be obligated to pay to First Financial immediately upon demand therefor, the portion of the payment of such Award that the Committee determines was not earned (or such greater amount that may be required by applicable law, regulation, exchange listing rule, or First Financial policy).

SECTION 13.      MISCELLANEOUS

13.1    Shareholder Rights.  No Participant shall have any rights as a shareholder of First Financial as a result of the grant of an Award under this Plan (other than a Restricted Stock Award) pending the actual delivery of the Stock subject to such Award.  Subject to Section 7.4 and except as provided in Section 7.3(e), a Participant’s rights as a shareholder in the shares of Stock related to a Restricted Stock grant which is effective shall be set forth in the related Stock Agreement.

13.2    No Contract of Employment or Service.  The grant of an Option, SAR, Restricted Stock or Stock Unit to a Participant under this Plan shall not constitute a contract of employment or an agreement to continue his or her status as an Employee or Non-Employee Director and shall not confer on a Participant any rights in addition to those rights, if any, expressly set forth in the Award Agreement which evidences his or her Award.

13.3    Share Retention Guidelines.  Shares of Stock acquired by a Participant under this Plan may be subject to share retention guidelines established by First Financial.

13.4    Certificates. To the extent the Plan provides for the issuance of Shares, the issuance may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any exchange.

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13.5    Withholding.  The exercise of any Option or SAR granted under this Plan and the acceptance of a Restricted Stock or Stock Unit grant shall constitute a Participant’s full and complete consent to whatever action the Committee deems necessary to satisfy the federal and state tax withholding requirements, if any, which the Committee acting in its discretion deems applicable to such exercise or such Restricted Stock or Stock Unit grant or vesting.  The Committee also shall have the right to provide in an Option Agreement, SAR Agreement or Stock Agreement (other than an agreement evidencing a Stock Unit or other award under the Plan which is subject to Code Section 409A) that an Employee may elect to satisfy federal and state tax withholding requirements, if any, through a reduction in the number of shares of Stock actually transferred, or the cash payments to be made, to him or to her under this Plan, and any such election and any such reduction shall be effected so as to satisfy the conditions to the exemption under Rule 16b-3.

13.6    Compliance with Code Section 409A.  The Plan is intended to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith.  Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code Section 409A shall not be treated as deferred compensation unless applicable laws require otherwise.  Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six-month period immediately following the Participant’s termination of employment or service shall instead be paid on the first payroll date after the six-month anniversary of the Participant’s separation from service (or the Participant’s death, if earlier).  Notwithstanding the foregoing, neither First Financial nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Code Section 409A and neither First Financial nor the Committee will have any liability to any Participant for such tax or penalty.

13.7    Requirements of Law.  The granting of Options, SARs, Restricted Stock and Stock Units and the issuance of Stock under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

13.8    Securities Law Compliance.  With respect to Participants defined as “insiders” under Section 16 of the Exchange Act, transactions under this Plan are intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act.  To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee.

13.9    Indemnification.  Each person who is or shall have been a member of the Committee and each delegate of such Committee shall be indemnified and held harmless by First Financial against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit or proceeding to which he or she may be made a party or in which he or she may be involved in by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with First Financial’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided that First Financial is given an opportunity, at its own expense, to handle and defend the same before he or she undertakes 

19

to handle and defend it personally.  The foregoing right of indemnification shall not be exclusive and shall be independent of any other rights of indemnification to which such persons may be entitled under First Financial’s Articles of Incorporation or Amended and Restated Regulations, by contract, as a matter of law, or otherwise.

13.10    Headings and Captions.  The headings and captions here are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan.

13.11    Governing Law.  This Plan shall be construed under the laws of the State of Ohio (excluding its choice-of-law rules) to the extent not superseded by federal law.

13.12    Invalid Provisions.  In the event any provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

13.13    Conflicts.  In the event of a conflict between the terms of this Plan and any Option Agreement, Stock Agreement or SAR Agreement, the terms of the Plan shall prevail.

13.14    Successors.  All obligations of First Financial under the Plan with respect to Options, SARs, Restricted Stock and Stock Units granted hereunder shall be binding on any successor to First Financial, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business and/or assets of First Financial.

13.15    Deferral of Awards.  To the extent provided by the Committee under this Plan or an applicable deferral plan established by First Financial or a Subsidiary, the receipt of payment of cash or delivery of Stock that would otherwise be due to a Participant pursuant to an Award hereunder, other than Options and SARs, may be deferred at the election of the Participant.  Any such deferral elections and the payment of any amounts so deferred shall be made in accordance with such rules and procedures as the Committee may establish under this Plan or the applicable deferral plan, which rules and procedures shall comply with Code Section 409A.

13.16    Date of Adoption of Plan; Shareholder Approval Required.  The adoption of the Plan is expressly conditioned on the approval of the shareholders of First Financial in accordance with Code Section 422 and the rules of Nasdaq and other applicable law.

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