Document:

NANOVIRICIDES, INC.

 

AND

_______________________,

 

TRUSTEE

 

____________________

 

INDENTURE

 

DATED AS OF

 

_______, 2012

 

DEBT SECURITIES

 

    	 

    	 

    

 

NANOVIRICIDES, INC.

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939

AND INDENTURE, DATED AS OF _______ ___, 2012

 

	Section of Trust Indenture Act of 1939	 	Section(s) of Indenture
	 	 	 
	§ 310(a)(1)	 	609
	(a)(2)	 	609
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	609
	(b)	 	608, 610
	§ 311(a)	 	613
	(b)	 	613
	(c)	 	Not Applicable
	§ 312(a)	 	701, 702 (a)
	(b)	 	702 (b)
	(c)	 	702 (b)
	§ 313(a)	 	703 (a)
	(b)	 	703 (a)
	(c)	 	703 (a)
	(d)	 	703 (b)
	§ 314(a)	 	704, 1005
	(b)	 	Not Applicable
	(c)(1)	 	103
	(c)(2)	 	103
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	103
	§ 315(a)	 	601 (a)
	(b)	 	602
	(c)	 	601 (b)
	(d)	 	601 (c)
	(d)(1)	 	601 (c) (1)
	(d)(2)	 	601 (c) (2)
	(d)(3)	 	601 (c) (3)
	(e)	 	511
	§ 316(a)(1)(A)	 	505
	(a)(1)(B)	 	504
	(a)(2)	 	Not Applicable
	(a)(last sentence)	 	101
	(b)	 	507
	§ 317(a)(1)	 	503
	(a)(2)	 	509
	(b)	 	1003
	§ 318(a)	 	108
	(b)	 	Not Applicable
	(c)	 	108

 

Note:     This reconciliation and tie shall not, for any purpose, be deemed
to be a part of the Indenture. 

    	 

    	 

    

 

TABLE OF CONTENTS 

 

	 	 	Page
	 	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	SECTION 101.	DEFINITIONS.	1
	SECTION 102.	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.	8
	SECTION 103.	COMPLIANCE CERTIFICATES AND OPINIONS.	9
	SECTION 104.	FORM OF DOCUMENTS DELIVERED TO TRUSTEE.	9
	SECTION 105.	ACTS OF HOLDERS; RECORD DATES.	10
	SECTION 106.	NOTICES, ETC., TO TRUSTEE AND COMPANY.	11
	SECTION 107.	NOTICE TO HOLDERS; WAIVER.	12
	SECTION 108.	CONFLICT WITH TRUST INDENTURE ACT.	12
	SECTION 109.	EFFECT OF HEADINGS AND TABLE OF CONTENTS.	12
	SECTION 110.	SUCCESSORS AND ASSIGNS.	12
	SECTION 111.	SEPARABILITY CLAUSE.	12
	SECTION 112.	BENEFITS OF INDENTURE.	12
	SECTION 113.	GOVERNING LAW.	13
	SECTION 114.	LEGAL HOLIDAYS.	13
	SECTION 115.	CORPORATE OBLIGATION.	13
	SECTION 116.	WAIVER OF TRIAL JURY.	13
	SECTION 117.	FORCE MAJEURE.	13
	 	 	 
	ARTICLE II SECURITY FORMS	13
	 	 	 
	SECTION 201.	FORMS GENERALLY.	14
	SECTION 202.	FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.	14
	SECTION 203.	SECURITIES IN GLOBAL FORM.	14
	SECTION 204.	BOOK-ENTRY SECURITIES.	15
	 	 	 
	ARTICLE III THE SECURITIES	17
	 	 	 
	SECTION 301.	AMOUNT UNLIMITED; ISSUABLE IN SERIES.	17
	SECTION 302.	DENOMINATIONS.	19
	SECTION 303.	EXECUTION, AUTHENTICATION, DELIVERY AND DATING.	19
	SECTION 304.	TEMPORARY SECURITIES.	20
	SECTION 305.	REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.	21
	SECTION 306.	MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.	22
	SECTION 307.	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.	23
	SECTION 308.	PERSONS DEEMED OWNERS.	24
	SECTION 309.	CANCELLATION.	24
	SECTION 310.	COMPUTATION OF INTEREST.	24
	SECTION 311.	CUSIP NUMBERS.	25
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE; LEGAL DEFEASANCE AND  COVENANT DEFEASANCE	25
	 	 	 
	SECTION 401.	SATISFACTION AND DISCHARGE OF INDENTURE.	25
	SECTION 402.	OPTION TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.	26

 

 

    	 

    	 

    

 

	SECTION 403.	LEGAL DEFEASANCE AND DISCHARGE.	26
	SECTION 404.	COVENANT DEFEASANCE.	27
	SECTION 405.	CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.	27
	SECTION 406.	DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.	28
	SECTION 407.	REPAYMENT TO COMPANY.	29
	SECTION 408.	REINSTATEMENT.	29
	 	 	 
	ARTICLE V REMEDIES	29
	 	 	 
	SECTION 501.	EVENTS OF DEFAULT.	29
	SECTION 502.	ACCELERATION.	31
	SECTION 503.	OTHER REMEDIES.	31
	SECTION 504.	WAIVER OF PAST DEFAULTS.	31
	SECTION 505.	CONTROL BY MAJORITY.	32
	SECTION 506.	LIMITATION ON SUITS.	32
	SECTION 507.	RIGHTS OF HOLDERS OF SECURITIES TO RECEIVE PAYMENT.	32
	SECTION 508.	COLLECTION SUIT BY TRUSTEE.	32
	SECTION 509.	TRUSTEE MAY FILE PROOFS OF CLAIM.	33
	SECTION 510.	PRIORITIES.	33
	SECTION 511.	UNDERTAKING FOR COSTS.	33
	 	 	 
	ARTICLE VI THE TRUSTEE	34
	 	 	 
	SECTION 601.	CERTAIN DUTIES AND RESPONSIBILITIES.	34
	SECTION 602.	NOTICE OF DEFAULTS.	35
	SECTION 603.	CERTAIN RIGHTS OF TRUSTEE.	35
	SECTION 604.	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.	36
	SECTION 605.	MAY HOLD SECURITIES.	37
	SECTION 606.	MONEY HELD IN TRUST.	37
	SECTION 607.	COMPENSATION AND REIMBURSEMENT.	37
	SECTION 608.	DISQUALIFICATION; CONFLICTING INTERESTS.	38
	SECTION 609.	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.	38
	SECTION 610.	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.	38
	SECTION 611.	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.	40
	SECTION 612.	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.	40
	SECTION 613.	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.	41
	SECTION 614.	APPOINTMENT OF AUTHENTICATING AGENT.	41
	 	 	 
	ARTICLE VII HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY	42
	 	 	 
	SECTION 701.	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.	42
	SECTION 702.	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.	43
	SECTION 703.	REPORTS BY TRUSTEE.	43
	SECTION 704.	REPORTS BY COMPANY.	43

 

    	-2-

    	 

    

 

	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE,  TRANSFER OR LEASE	44
	 	 	 
	SECTION 801.	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.	44
	SECTION 802.	SUCCESSOR PERSON SUBSTITUTED.	44
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	45
	 	 	 
	SECTION 901.	WITHOUT CONSENT OF HOLDERS.	45
	SECTION 902.	WITH CONSENT OF HOLDERS.	46
	SECTION 903.	COMPLIANCE WITH TRUST INDENTURE ACT.	47
	SECTION 904.	REVOCATION AND EFFECT OF CONSENTS.	47
	SECTION 905.	NOTATION ON OR EXCHANGE OF SECURITIES.	47
	SECTION 906.	TRUSTEE TO SIGN AMENDMENTS, ETC.	47
	 	 	 
	ARTICLE X COVENANTS	48
	 	 	 
	SECTION 1001.	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.	48
	SECTION 1002.	MAINTENANCE OF OFFICE OR AGENCY.	48
	SECTION 1003.	MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.	48
	SECTION 1004.	EXISTENCE.	49
	SECTION 1005.	STATEMENT BY OFFICERS AS TO DEFAULT.	50
	SECTION 1006.	WAIVER OF CERTAIN COVENANTS.	50
	SECTION 1007.	ADDITIONAL AMOUNTS.	50
	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	51
	 	 	 
	SECTION 1101.	APPLICABILITY OF ARTICLE.	51
	SECTION 1102.	ELECTION TO REDEEM; NOTICE TO TRUSTEE.	51
	SECTION 1103.	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.	51
	SECTION 1104.	NOTICE OF REDEMPTION.	52
	SECTION 1105.	DEPOSIT OF REDEMPTION PRICE.	52
	SECTION 1106.	SECURITIES PAYABLE ON REDEMPTION DATE.	52
	SECTION 1107.	SECURITIES REDEEMED IN PART.	53
	SECTION 1108.	PURCHASE OF SECURITIES.	53
	 	 	 
	ARTICLE XII SINKING FUNDS	53
	 	 	 
	SECTION 1201.	APPLICABILITY OF ARTICLE.	53
	SECTION 1202.	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.	54
	SECTION 1203.	REDEMPTION OF SECURITIES FOR SINKING FUND.	54
	 	 	 
	ARTICLE XIII MEETINGS OF HOLDERS OF SECURITIES	54
	 	 	 
	SECTION 1301.	PURPOSES FOR WHICH MEETINGS MAY BE CALLED.	54
	SECTION 1302.	CALL, NOTICE AND PLACE OF MEETINGS.	54
	SECTION 1303.	PERSONS ENTITLED TO VOTE AT MEETINGS.	55
	SECTION 1304.	QUORUM; ACTION.	55
	SECTION 1305.	DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS.	55
	SECTION 1306.	COUNTING VOTES AND RECORDING ACTION OF MEETINGS.	56

 

    	-3-

    	 

    

 

INDENTURE

 

THIS Indenture, dated as of ________ ___,
2012, between NanoViricides, Inc., a corporation duly organized and existing under the laws of the State of Nevada (herein called
the “Company”), having its principal office at 135 Wood Street, Suite 205, West Haven, CT 06516, and________________,
a ________ banking corporation, as Trustee (herein called the “Trustee”) the office of the Trustee at which at the
date hereof its corporate trust business is principally administered being ______________________.

 

RECITALS OF THE COMPANY

 

The Company has 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.

 

The Securities of each series will be in such
form as may be established by or pursuant to a Board Resolution 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, as evidenced by their execution of the Securities.

 

This Indenture is subject to the provisions
of the Trust Indenture Act and the rules and regulations of the SEC promulgated thereunder that are required to be part of this
Indenture and, to the extent applicable, shall be governed by such provisions.

 

All things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and
the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit
of all Holders of the Securities or of series thereof, as follows:

 

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

SECTION 101.        DEFINITIONS.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1)         the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

    	 

    	 

    

  

(2)         all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are
generally accepted in the United States at the date of such computation; and

 

(3)         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.

 

Certain terms, used principally in Article
V, are defined in Section 102.

 

“Act” when used with respect to
any Holder, has the meaning specified in Section 105.

 

“Additional Amounts” means any
additional amounts that are required by the express terms of a Security or by or pursuant to a Board Resolution, under circumstances
specified therein or pursuant thereto, to be paid by the Company with respect to certain taxes, assessments or other governmental
charges imposed on certain Holders and that are owing to such Holders.

 

“Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

 

“Authenticating Agent” means any
Person authorized by the Trustee to act on behalf of the Trustee pursuant to Section 614 to authenticate Securities of one or more
series.

 

“Authorized Newspaper” means a
newspaper, in the English language or in an official language of the country of publication, customarily published on each Business
Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which
the term is used or in the financial community of such place. Where successive publications are required to be made in Authorized
Newspapers, the successive publications may be made in the same or in different newspapers in the same city meeting the foregoing
requirements and in each case on any Business Day.

 

“Board of Directors” means

 

(1)         with
respect to a corporation, the board of directors of the corporation;

 

(2)         with
respect to a partnership, the board of directors of the general partner of the partnership; and

 

(3)         with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Board Resolution” means, with
respect to any Person, a resolution of such Person duly adopted by the Board of Directors of such Person and in full force and
effect.

 

“Book-Entry Security” has the
meaning specified in Section 204.

 

    	-2-

    	 

    

 

“Business Day,” when used with
respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in that Place of Payment or the city in which the Corporate Trust Office is located are authorized or obligated by
law or executive order to close.

 

“Capital Lease Obligation” means,
at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized on a balance sheet in accordance with GAAP.

 

“Capital Stock” means:

 

(i)          in
the case of a corporation, corporate stock;

 

(ii)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(iii)        in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

 

(iv)        any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.

 

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

 

“Company Request” and “Company
Order” mean, respectively, a written request or order signed in the name of the Company by its Chairman of the Board, its
President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Controller, an Assistant Controller, its Secretary
or an Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust Office” means
the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which
office at the date hereof is that indicated in the introductory paragraph of this Indenture or such other address as the Trustee
may designate from time to time by notice to the Holders and the Company.

 

“Currency Agreement” means, with
respect to any specified Person, any foreign exchange contract, currency swap agreement or other similar agreement or arrangement
designed to protect such specified Person against fluctuations in currency values.

 

“Default” means an event or condition
the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted Interest” has the meaning
specified in Section 307.

 

“Depositary” means, with respect
to the Securities of any series issuable or issued in the form of a global Security, the Person designated as Depositary by the
Company pursuant to Section 301 until a successor Depositary shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if
at any time there is more than one such person, “Depositary” as used with respect to the Securities of any series shall
mean the Depositary with respect to the Securities of that series.

 

    	-3-

    	 

    

 

“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 debts.

 

“Event of Default” has the meaning
specified in Section 501.

 

“GAAP” means generally accepted
accounting principles 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 of
America, as in effect as of the date of issuance of Securities.

 

“Guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in
any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements),
of all or any part of Indebtedness.

 

“Guarantor” means any Subsidiary
that incurs a Guarantee.

 

“Hedging Agreement” means, with
respect to any Person, any agreement with respect to the hedging of price risk associated with the purchase of commodities used
in the business of such Person, so long as any such agreement has been entered into in the ordinary course of business and not
for purposes of speculation.

 

“Holder” when used with respect
to any Security, means the Person in whose name the Security is registered in the Security Register.

 

“Indebtedness” means, with respect
to any specified Person, any indebtedness of such Person, whether or not contingent, in respect of:

 

(1)         borrowed
money;

 

(2)         evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) (other
than obligations with respect to letters of credit securing obligations (other than obligations described in clause (1), (2) and
(4) of this definition) entered into in the ordinary course of business of such Person to the extent that such letters of credit
are not drawn upon);

 

(3)         banker’s
acceptances;

 

(4)         any
Capital Lease Obligations;

 

(5)         the
balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense
or trade payable incurred in the ordinary course of business; or

 

(6)         any
Hedging Agreements,

 

if and to the extent any of the preceding items (other than
letters of credit and Hedging Agreements) would appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on
any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the guarantee by the specified Person of any indebtedness of any other Person.

 

    	-4-

    	 

    

 

The amount of any Indebtedness outstanding
as of any date shall be:

 

(1)         the
accreted value thereof, in the case of any Indebtedness issued with original issue discount; and

 

(2)         the
principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness.

 

“Indenture” means this instrument
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 by Section 301 and the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument.

 

“Interest Payment Date,” means
the Stated Maturity of an installment of interest on such Security.

 

“Interest Swap Obligations,” means
the obligations of any Person pursuant to any arrangement with any other Person, whereby directly or indirectly, such Person is
entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on
a stated notional amount in exchange for periodic payments made by such other Person calculated by applying a fixed or a floating
rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, options, caps, floors,
collars and similar agreements.

 

“Lien” means any lien, mortgage,
deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention
agreement, any lease in the nature thereof and any agreement to give any security interest).

 

“Maturity,” when used with respect
to any Security, means 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.

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, the President or a Vice President, and by the Treasurer, the Controller,
the Secretary or an Assistant Treasurer, Assistant Controller or Assistant Secretary, of the Company, and delivered to the Trustee,
which certificate shall be in compliance with Section 103 hereof.

 

“Opinion of Counsel” means a written
opinion of counsel, who may be counsel for or an employee of the Company, rendered, if applicable, in accordance with Section 314(c)
of the Trust Indenture Act, which opinion shall be in compliance with Section 103 hereof.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502.

 

“Outstanding” when used with respect
to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture,
except:

 

    	-5-

    	 

    

 

(i)          Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)         Securities
for whose payment or redemption money in the necessary amount has been theretofore irrevocably deposited with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of
such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;
and

 

(iii)        Securities
that have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company;

 

provided, however, that in determining whether the Holders
of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, or whether a quorum is present at a meeting of Holders of Securities, (a) the principal amount of
an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the principal amount thereof
that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section
502, (b) the principal amount of a Security denominated in a foreign currency shall be the U.S. Dollar equivalent, determined by
the Company on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. Dollar equivalent, determined on the date of original issuance of such Security, of the amount determined as
provided in (a) above), of such Security and (c) Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver
or upon any such determination as to the presence of a quorum, only Securities which the Trustee knows to be 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 or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

“Paying Agent” means any Person,
which may include the Company, authorized by the Company to pay the principal of (and premium, if any) or interest on any one or
more series of Securities on behalf of the Company.

 

“Person” means an individual,
partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency
or political subdivision thereof.

 

“Place of Payment” when used with
respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on
the Securities of that series are payable as specified in accordance with Section 301 subject to the provisions of Section 1002.

 

“Post-Petition Interest” means
any interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency
or reorganization of the Company (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or
not such interest is allowed or allowable as a claim in any such proceeding.

 

    	-6-

    	 

    

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Redemption Date” when used with
respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price” when used with
respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Registered Security” means any
Security in the form established pursuant to Section 201 which is registered in the Security Register.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Registered Securities of any series means the date specified for that purpose
as contemplated by Section 301, or, if not so specified, the last day of the calendar month preceding such Interest Payment Date
if such Interest Payment Date is the fifteenth day of the calendar month or the fifteenth day of the calendar month preceding such
Interest Payment Date if such Interest Payment Date is the first day of a calendar month, whether or not such day shall be a Business
Day.

 

“Responsible Officer” when used
with respect to the Trustee, means any officer within the corporate trust department of the Trustee including any vice-president,
assistant vice-president, assistant treasurer, trust officer or any other officer who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers who have direct responsibility for the administration of
the Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of his knowledge of and familiarity with the particular subject.

 

“Securities” has the meaning stated
in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture.

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 305.

 

“Special Record Date” for the
payment of any Defaulted Interest on the Registered Securities of any series means a date fixed by the Trustee pursuant to Section
307.

 

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

 

“Subsidiary” means, with respect
to any specified Person:

 

(i)          any
corporation of which the outstanding Capital Stock having at least a majority of the votes entitled to be cast in the election
of directors under ordinary circumstances shall at the time be owned, directly or indirectly by such Person; or

 

(ii)         any
other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or indirectly,
owned by such Person.

 

    	-7-

    	 

    

 

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

 

“Trust Indenture Act” means the
Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed, except as provided in Section 903.

 

“United States” means the United
States of America (including the States and the District of Columbia) and its “possessions,” which include Puerto Rico,
the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

 

“United States Alien” means any
Person who, for United States federal income tax purposes, is a foreign corporation, a nonresident alien individual, a nonresident
alien or foreign fiduciary of an estate or trust, or a foreign partnership.

 

“U.S. Government Obligations”
means direct noncallable obligations of, or noncallable obligations the payment of principal of and interest on which is guaranteed
by, the United States of America, or to the payment of which obligations or guarantees the full faith and credit of the United
States of America is pledged, or beneficial interests in a trust the corpus of which consists exclusively of money or such obligations
or a combination thereof.

 

“Vice President” when used with
respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added
before or after the title “vice president”.

 

“Wholly Owned Subsidiary” of any
Person means any Subsidiary of such Person of which all the outstanding voting securities (other than in the case of a Restricted
Subsidiary that is incorporated in a jurisdiction other than a State in the United States of America or the District of Columbia,
directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable
law) are owned by such Person or any Wholly Owned Subsidiary of such Person.

 

“Yield to Maturity” when used
with respect to any Original Issue Discount Security, means the yield to maturity, if any, set forth on the face thereof.

 

SECTION 102.        INCORPORATION
BY REFERENCE OF TRUST INDENTURE ACT.

 

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

 

“Bankruptcy Act” means the Bankruptcy
Act or Title 11 of the United States Code, as amended.

 

“indenture securities” means the
Securities.

 

“indenture securityholder” means
a Holder.

 

“indenture to be qualified” means
this Indenture.

 

    	-8-

    	 

    

 

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

 

“obligor” on the indenture securities
means the Company or any other obligor on the Securities.

 

All terms used in this Indenture that are
defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the
Trust Indenture Act and not otherwise defined herein have the meanings assigned to them therein.

 

SECTION 103.        COMPLIANCE
CERTIFICATES AND OPINIONS.

 

Except as otherwise expressly provided by
this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture,
the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any (including
any covenants the compliance with which constitutes a condition 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,
if any (including any covenants the compliance with which constitutes a condition precedent), have been complied with, except that
in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include

 

(1)         a
statement that each Person signing such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

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

 

(3)         a
statement that, in the opinion of each such Person, such Person has made such examination or investigation as is necessary to enable
such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(4)         a
statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with.

 

SECTION 104.        FORM
OF DOCUMENTS DELIVERED TO TRUSTEE.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

    	-9-

    	 

    

 

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

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

SECTION 105.        ACTS
OF HOLDERS; RECORD DATES.

 

(1)         Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required,
to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments and so voting at any
such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding of any Person
of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved
in the manner provided in Section 1306.

 

The Company may set in advance a record date
for purposes of determining the identity of Holders of Registered Securities entitled to vote or consent to any action by vote
or consent authorized or permitted under this Indenture. If not set by the Company prior to the first solicitation of a Holder
of Registered Securities of such series made by any Person in respect of any such action, or in the case of any such vote, prior
to such vote, the record date for any such action or vote shall be the later of 30 days prior to such first solicitation of such
consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. If a record date is
fixed, those Persons who were Holders of Outstanding Registered Securities at such record date (or their duly designated proxies),
and only those Persons, shall be entitled with respect to such Securities to take such action by vote or consent or to revoke any
vote or consent previously given, whether or not such Persons continue to be Holders after such record date. Promptly after any
record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice thereof to be given to the Trustee
in writing in the manner provided in Section 106 and to the relevant Holders as set forth in Section 107.

 

(2)         The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which the Trustee deems sufficient.

 

(3)         The
principal amount and serial numbers of Registered Securities held by any Person, and the date of holding the same, shall be proved
by the Security Register.

 

    	-10-

    	 

    

 

(4)         Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security. Any Holder or subsequent Holder may revoke the request,
demand, authorization, direction, notice, consent or other Act as to his Security or portion of his Security; provided,
however, that such revocation shall be effective only if the Trustee receives the notice of revocation before the date the
Act becomes effective.

 

SECTION 106.        NOTICES,
ETC., TO TRUSTEE AND COMPANY.

 

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 shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or

 

(2)         the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified
in the first paragraph of this Indenture or at any other address previously furnished in writing to the Trustee by the Company,
Attention: Corporate Secretary.

 

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

 

All notices and communications (other than
those sent to the Trustee) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the
next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day delivery. All notices
and communications to the Trustee shall be deemed duly given and effective only upon receipt.

 

Any notice or communication to a Holder shall
be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next-day
delivery to its address shown on the Security Register. Any notice or communication shall also be so mailed to any Person described
in TIA Section 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders.

 

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

 

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

 

    	-11-

    	 

    

 

SECTION 107.        NOTICE
TO HOLDERS; WAIVER.

 

Where this Indenture provides for notice to
Holders of Securities of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears
in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of
such notice.

 

In case by reason of the suspension of regular
mail service, or by reason of any other cause it shall be impracticable to give such notice to Holders of Registered Securities
by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for
every purpose hereunder. In any case in which notice to Holders of Registered Securities is given by mail, neither the failure
to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security, shall affect the
sufficiency of such notice with respect to other Holders of Registered Securities.

 

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. 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.

 

SECTION 108.        CONFLICT
WITH TRUST INDENTURE ACT.

 

If any provision hereof limits, qualifies
or conflicts with any provision of the Trust Indenture Act or another provision hereof required to be included in this Indenture
by any of the provisions of the Trust Indenture Act, such provision of the Trust Indenture Act shall control. If any provision
of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the former
provision shall be deemed to apply to this Indenture as so modified or to be excluded.

 

SECTION 109.        EFFECT
OF HEADINGS AND 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 110.        SUCCESSORS
AND ASSIGNS.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether or not so expressed.

 

SECTION 111.        SEPARABILITY
CLAUSE.

 

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

 

SECTION 112.        BENEFITS
OF INDENTURE.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any Authenticating
Agent, Paying Agent and Security Registrar, and the Holders, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

 

    	-12-

    	 

    

 

SECTION 113.        GOVERNING
LAW.

 

This Indenture and the Securities 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 the application of the laws of another jurisdiction would be required thereby.

 

SECTION 114.        LEGAL
HOLIDAYS.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or of the Securities) payment of principal and interest (and premium and Additional Amounts,
if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place
of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be.

 

SECTION 115.        CORPORATE
OBLIGATION.

 

No recourse may be taken, directly or indirectly,
against any incorporator, subscriber to the capital stock, stockholder, officer, director or employee of the Company or the Trustee
or of any predecessor or successor of the Company or the Trustee with respect to the Company’s obligations on the Securities
or the obligations of the Company or the Trustee under this Indenture or any certificate or other writing delivered in connection
herewith.

 

SECTION 116.        WAIVER
OF TRIAL JURY.

 

EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 117.        FORCE
MAJEURE.

 

In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

    	-13-

    	 

    

 

ARTICLE
II

SECURITY FORMS

 

SECTION 201.        FORMS
GENERALLY.

 

The Securities of each series shall be Registered
Securities and shall be in substantially such form or forms (including temporary or permanent global form) as shall be established
by or pursuant to a Board Resolution 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, as evidenced
by their execution of the Securities. If temporary Securities of any series are issued in global form as permitted by Section 304,
the form thereof shall be established as provided in the preceding sentence. A copy of the Board Resolution establishing the form
or forms of Securities of any series (or any such temporary global Security) shall be delivered to the Trustee at or prior to the
delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities (or any such temporary
global Security).

 

The definitive Securities 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 thereof.

 

SECTION 202.        FORM
OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

 

The Trustee’s certificate of authentication
shall be in substantially the following form:

 

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

 

	 	By 	 
	 	 	AUTHORIZED OFFICER”

 

SECTION 203.        SECURITIES
IN GLOBAL FORM.

 

If Securities of a series are issuable in
global form, as contemplated by Section 301, then, notwithstanding clause (10) of Section 301 and the provisions of Section 302,
any such Security shall represent such of the Outstanding Securities of such series as shall be specified therein and may provide
that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate
amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any endorsement of
a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made by the Trustee in such manner and upon instructions given by such Person or Persons as shall be specified
in such Security or in a Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. Subject to the provisions
of Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in permanent global form in
the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Company Order.
If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with Section
103 and need not be accompanied by an Opinion of Counsel.

 

The provisions of the last sentence of Section
303 shall apply to any Security in global form if such Security was never issued and sold by the Company and the Company delivers
to the Trustee the Security in global form together with written instructions (which need not comply with Section 103 and need
not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby,
together with the written statement contemplated by the last sentence of Section 303.

 

    	-14-

    	 

    

 

Notwithstanding the provisions of Sections
201 and 307, unless otherwise specified as contemplated by Section 301, payment of principal of (and premium, if any) and interest
on any Security in permanent global form shall be made to the Person or Persons specified therein.

 

Notwithstanding the provisions of Section
308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or of the Trustee
shall treat a Person as the Holder of such principal amount of Outstanding Securities represented by a global Security as shall
be specified in a written statement, if any, of the Holder of such global Security, which is produced to the Security Registrar
by such Holder.

 

Global Securities may be issued in either
temporary or permanent form. Permanent global Securities will be issued in definitive form.

 

SECTION 204.        BOOK-ENTRY
SECURITIES.

 

Notwithstanding any provision of this Indenture
to the contrary:

 

(a)          At
the discretion of the Company, any Registered Security may be issued from time to time, in whole or in part, in permanent global
form registered in the name of a Depositary, or its nominee. Each such Registered Security in permanent global form is hereafter
referred to as a “Book-Entry Security.” Subject to Section 303, upon such election, the Company shall execute, and
the Trustee or an Authenticating Agent shall authenticate and deliver, one or more Book-Entry Securities that (i) are denominated
in an amount equal to the aggregate principal amount of the Outstanding Securities of such series if elected in whole or such lesser
amount if elected in part, (ii) are registered in the name of the Depositary or its nominee, (iii) are delivered by the Trustee
or an Authenticating Agent to the Depositary or pursuant to the Depositary’s instructions and (iv) bear a legend in substantially
the following form (or such other form as the Depositary and the Company may agree upon):

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF [THE DEPOSITARY], TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF [NOMINEE OF THE DEPOSITARY] OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF [THE DEPOSITARY] (AND ANY PAYMENT IS MADE TO [NOMINEE OF THE DEPOSITARY] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF [THE DEPOSITARY]), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, [NOMINEE OF THE DEPOSITARY], HAS AN INTEREST HEREIN.

 

(b)          Any
Book-Entry Security shall be initially executed and delivered as provided in Section 303. Notwithstanding any other provision of
this Indenture, unless and until it is exchanged in whole or in part for Registered Securities not issued in global form, a Book-Entry
Security may not be transferred except as a whole by the Depositary to a nominee of such Depositary, by a nominee of such Depositary
to such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary.

 

    	-15-

    	 

    

 

(c)          If
at any time the Depositary notifies the Company or the Trustee that it is unwilling or unable to continue as Depositary for any
Book-Entry Securities, the Company shall appoint a successor Depositary, whereupon the retiring Depositary shall surrender or cause
the surrender of its Book-Entry Security or Securities to the Trustee. The Trustee shall promptly notify the Company upon receipt
of such notice. If a successor Depositary has not been so appointed by the effective date of the resignation of the Depositary,
the Book-Entry Securities will be issued as Registered Securities not issued in global form, in an aggregate principal amount equal
to the principal amount of the Book-Entry Security or Securities theretofore held by the Depositary.

 

The Company may at any time and
in its sole discretion determine that the Securities shall no longer be Book-Entry Securities represented by a global certificate
or certificates, and will so notify the Depositary. Upon receipt of such notice, the Depositary shall promptly surrender or cause
the surrender of its Book-Entry Security or Securities to the Trustee. Concurrently therewith, Registered Securities not issued
in global form will be issued in an aggregate principal amount equal to the principal amount of the Book-Entry Security or Securities
theretofore held by the Depositary.

 

Upon any exchange of Book-Entry
Securities for Registered Securities not issued in global form as set forth in this Section 204(c), such Book-Entry Securities
shall be cancelled by the Trustee, and Securities issued in exchange for such Book-Entry Securities pursuant to this Section shall
be registered in such names and in such authorized denominations as the Depositary for such Book-Entry Securities, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee or any Authenticating
Agent shall deliver such Securities to the Persons in whose names such Securities are so registered.

 

(d)          The
Company and the Trustee shall be entitled to treat the Person in whose name any Book-Entry Security is registered as the Holder
thereof for all purposes of the Indenture and any applicable laws, notwithstanding any notice to the contrary received by the Trustee
or the Company; and the Trustee and the Company shall have no responsibility for transmitting payments to, communication with,
notifying, or otherwise dealing with any beneficial owners of any Book-Entry Security. Neither the Company nor the Trustee shall
have any responsibility or obligations, legal or otherwise, to the beneficial owners or to any other party including the Depositary,
except for the Holder of any Book-Entry Security; provided however, notwithstanding anything herein to the contrary,
(i) for the purposes of determining whether the requisite principal amount of Outstanding Securities have given, made or taken
any request, demand, authorization, direction, notice, consent, waiver, instruction or other action hereunder as of any date, the
Trustee shall treat any Person specified in a written statement of the Depositary with respect to any Book-Entry Securities as
the Holder of the principal amount of such Securities set forth therein and (ii) nothing herein shall prevent the Company, the
Trustee, or any agent of the Company or Trustee, from giving effect to any written certification, proxy or other authorization
furnished by a Depositary with respect to any Book-Entry Securities, or impair, as between a Depositary and holders of beneficial
interests in such Securities, the operation of customary practices governing the exercise of the rights of the Depositary as Holder
of such Securities.

 

(e)          So
long as any Book-Entry Security is registered in the name of a Depositary or its nominee, all payments of the principal of (and
premium, if any) and interest on such Book-Entry Security and redemption thereof and all notices with respect to such Book-Entry
Security shall be made and given, respectively, in the manner provided in the arrangements of the Company with such Depositary.

 

    	-16-

    	 

    

 

ARTICLE
III

THE SECURITIES

 

SECTION 301.        AMOUNT
UNLIMITED; ISSUABLE IN SERIES.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

 

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

 

(2)         any
limit, if any, upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu
of, other Securities of the series pursuant to Section 304, 305, 306, 905 or 1107);

 

(3)         whether
Securities of the series are to be issuable as Registered Securities, whether any Securities of the series are to be issuable initially
in temporary global form and whether any Securities of the series are to be issuable in permanent global form, as Book-Entry Securities
or otherwise, and, if so, whether beneficial owners of interests in any such permanent global Security may exchange such interests
for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner provided in Section 305, and the Depositary for any global Security or Securities;

 

(4)         the
manner in which any interest payable on a temporary global Security on any Interest Payment Date will be paid if other than in
the manner provided in Section 304;

 

(5)         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;

 

(6)         the
rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether
and under what circumstances Additional Amounts with respect to such Securities shall be payable, the date or dates from which
such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and, if other than as set forth
in Section 101, the Regular Record Date for the interest payable on any Registered Securities on any Interest Payment Date;

 

(7)         if
other than the Corporate Trust Office of the Trustee, the place or places where, subject to the provisions of Section 1002, the
principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities of the series shall
be payable;

 

(8)         the
period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the 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 the manner in which the Company must exercise any such option;

 

    	-17-

    	 

    

 

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

 

(10)        the
denomination in which any Registered Securities of that series shall be issuable, if other than denominations of $2,000 and any
integral multiple of $1,000 in excess thereof;

 

(11)        the
currency or currencies (including composite currencies) in which payment of the principal of (and premium, if any), any interest
on and any Additional Amounts with respect to the Securities of the series shall be payable if other than the currency of the United
States of America;

 

(12)        if
the principal of (and premium, if any) or interest on the Securities of the series are to be payable, at the election of the Company
or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which the Securities are stated
to be payable, the currency or currencies (including composite currencies) in which payment of the principal of (and premium, if
any) and interest on and any Additional Amounts with respect to Securities of such series as to which such election is made shall
be payable, and the periods within which and the terms and conditions upon which such election is to be made;

 

(13)        if
the amount of payments of principal of (and premium, if any), any interest on and any Additional Amounts with respect to the Securities
of the series may be determined with reference to any commodities, currencies or indices, or values, rates or prices, the manner
in which such amounts shall be determined;

 

(14)        if
other than the entire principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(15)        any
additional means of satisfaction and discharge of this Indenture with respect to Securities of the series pursuant to Section 401,
any additional conditions to discharge pursuant to Section 401, 402, 403, 404, or 405, and the application, if any, of Section
403 and 404;

 

(16)        any
deletions or modifications of or additions to the Events of Default set forth in Section 501, the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502, or the covenants of
the Company set forth in Article X pertaining to the Securities of the series;

 

(17)        the
terms, if any, on which the Securities of any series may be converted into or exchanged for stock or other securities of the Company
or other entities, any specific terms relating to the adjustment thereof and the period during which such Securities may be so
converted or exchanged;

 

(18)        whether
the Securities of a series will be issued as part of units consisting of Securities and other securities of the Company or another
issuer; and

 

(19)        any
other terms of the series permitted under the provisions of the Trust Indenture Act.

 

    	-18-

    	 

    

 

All Securities of any one series shall be
substantially identical except, in the case of Registered Securities, as to denomination and except as may otherwise be provided
in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided,
in the Officers’ Certificate referred to above or in any such indenture supplemental hereto.

 

All Securities of any one series need not
be issued at the same time and, unless otherwise provided in such Board Resolution or supplemental indenture, a series may be reopened
for issuances of additional Securities of such series pursuant to a Board Resolution or in any indenture supplemental hereto.

 

At the option of the Company, interest on
the Registered Securities of any series that bears interest may be paid by mailing a check or otherwise transmitting payment to
the address of any Holder as such address shall appear in the Security Register.

 

If any of the terms of the series are established
by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action together with such Board Resolution
shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officers’ Certificate setting forth the terms of the series.

 

SECTION 302.        DENOMINATIONS.

 

The Securities of each series shall be issuable
in such denominations as shall be specified as contemplated by Section 301. In the absence of any such provisions with respect
to the Securities of any series, the Registered Securities of such series denominated in Dollars shall be issuable in denominations
of $2,000 and any integral multiple of $1,000 in excess thereof. Unless otherwise provided as contemplated by Section 301 with
respect to any series of Securities, any Securities of a series denominated in a currency other than Dollars shall be issuable
in denominations that are the equivalent, as determined by the Company by reference to the noon buying rate in the City of New
York for cable transfers for such currency, as such rate is reported or otherwise made available by the Federal Reserve Bank of
New York, on the applicable issue date for such Securities, of $2,000 and any integral multiple of $1,000 in excess thereof.

 

SECTION 303.        
EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial Officer, its Treasurer
or one of its Vice Presidents, under its corporate seal reproduced thereon or affixed thereto attested by its Secretary or one
of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile. Coupons shall
bear the facsimile signature of the Chairman of the Board, President, Treasurer or any Vice President of the Company.

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities as in this Indenture provided and not otherwise.

 

    	-19-

    	 

    

 

If the form or terms of the Securities of
the series have been established in or pursuant to one or more Board Resolutions or Officer’s Certificate as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in
relation to such Securities, the Trustee shall be given (in addition to the other documents required by Section 103 hereof), and
(subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(a)          if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form
has been established in conformity with the provisions of this Indenture;

 

(b)          if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms
have been established in conformity with the provisions of this Indenture; and

 

(c)          that
such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable in accordance
with their terms, except as such enforcement is subject to the effect of bankruptcy, insolvency, fraudulent conveyance, reorganization
or other laws relating to or affecting creditors’ rights, and general principles of equity (regardless of whether such enforcement
is considered in a proceeding in equity or at law); provided that such Opinion of Counsel need express no opinion as to
whether a court in the United States would render a money judgment in currency other than that of the United States.

 

If such form or terms have been so established, the Trustee
shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner not reasonably
acceptable to the Trustee.

 

Each Security shall be dated the date of its
authentication.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 309 together with a written
statement (which need not comply with Section 103 and need not be accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

 

SECTION 304.        TEMPORARY
SECURITIES.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued, in registered form and with such appropriate insertions,
omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as evidenced
by their execution of such Securities.

 

    	-20-

    	 

    

 

Except in the case of temporary Securities
in global form (which shall be exchanged in accordance with the provisions of the following paragraphs), if temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company
in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series.

 

All Outstanding temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series
and of like tenor authenticated and delivered hereunder.

 

SECTION 305.        REGISTRATION,
REGISTRATION OF TRANSFER AND EXCHANGE.

 

The Company shall cause to be kept for each
series of Securities at one of the offices or agencies maintained pursuant to Section 1002 a register (the register maintained
in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Registered Securities and of transfers of Registered Securities of such series. The Trustee is
hereby initially appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities
as herein provided.

 

Upon surrender for registration of transfer
of any Registered Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered
Securities of the same series and of like tenor, of any authorized denominations and of a like aggregate principal amount.

 

At the option of the Holder, Registered Securities
of any series may be exchanged for other Registered Securities of the same series and of like tenor, of any authorized denominations
and of a like aggregate principal amount, 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, and the Trustee shall authenticate and deliver, the Securities
that the Holder making the exchange is entitled to receive.

 

    	-21-

    	 

    

 

Notwithstanding the foregoing, except as otherwise
specified as contemplated by Section 301, any permanent global Security shall be exchangeable only as provided in this paragraph.
If the beneficial owners of interests in a permanent global Security are entitled to exchange such interest for Securities of such
series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section
301, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged,
the Company shall deliver to the Trustee definitive Securities of that series in an aggregate principal amount equal to the principal
amount of such permanent global Security, executed by the Company. On or after the earliest date on which such interests may be
so exchanged, such permanent global Security shall be surrendered from time to time in accordance with instructions given to the
Trustee and the Depositary (which instructions shall be in writing but need not comply with Section 103 or be accompanied by an
Opinion of Counsel) or such other depositary as shall be specified in the Company Order with respect thereto to the Trustee, as
the Company’s agent for such purpose, to be exchanged, in whole or in part, for definitive Securities of the same series
without charge and the Trustee shall authenticate and deliver, in exchange for each portion of such permanent global Security,
a like aggregate principal amount of other definitive Securities of the same series of authorized denominations and of like tenor
as the portion of such permanent global Security to be exchanged; provided, however, that no such exchanges may occur
during a period beginning at the opening of business 15 days before any selection of Securities of that series is to be redeemed
and ending on the relevant Redemption Date. Promptly following any such exchange in part, such permanent global Security marked
to evidence the partial exchange shall be returned by the Trustee to the Depositary or such other depositary referred to above
in accordance with the instructions of the Company referred to above. If a Registered Security is issued in exchange for any portion
of a permanent global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular
Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special
Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest,
interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment,
as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date
for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent global Security
is payable in accordance with the provisions of this Indenture.

 

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

 

Every Registered Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or his attorney duly authorized in writing.

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but 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 registration of transfer or exchange of Securities, other than exchange pursuant
to Section 304, 905 or 1107 not involving any transfer.

 

The Company shall not be required (i) to issue,
register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before
the day of the mailing of a notice of redemption of Securities of such series selected for redemption and ending at the close of
business on the day of the mailing of the relevant notice of redemption or (ii) to register the transfer of or exchange any Registered
Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part.

 

SECTION 306.        MUTILATED,
DESTROYED, LOST AND STOLEN SECURITIES.

 

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

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon
its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding.

 

    	-22-

    	 

    

 

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

 

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

 

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

 

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

 

SECTION 307.        PAYMENT
OF INTEREST; INTEREST RIGHTS PRESERVED.

 

Interest on any Registered Security which
is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest. Unless otherwise provided with respect to the Securities of any series, payment of interest may be made at the option
of the Company by check mailed or delivered to the address of any Person entitled thereto as such address shall appear in the Security
Register.

 

Any interest on any Registered Security of
any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or
(2) below:

 

(1)         The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such series
(or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount
of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment, and
at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid
in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted
Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days
after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special
Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such
series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. The Trustee
may, in its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in
an Authorized Newspaper, but such publication shall not be a condition precedent to the establishment of such Special Record Date.
Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Registered Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2).

 

    	-23-

    	 

    

 

 

(2)         The
Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner
of payment shall be deemed practicable by the Trustee.

 

Subject to the foregoing provisions of this
Section, each Security delivered under this Indenture, upon registration of transfer of, in exchange for or in lieu of, any other
Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

SECTION 308.        PERSONS
DEEMED OWNERS.

 

Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal
of (and premium, if any) and (subject to Sections 305 and 307) interest on such Registered Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

 

SECTION 309.        CANCELLATION.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee. All Registered Securities so delivered shall be promptly cancelled by the Trustee. The
Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in its customary
manner.

 

SECTION 310.        COMPUTATION
OF INTEREST.

 

Except as otherwise specified as contemplated
by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a year
comprising twelve 30-day months.

 

    	-24-

    	 

    

 

SECTION 311.        CUSIP
NUMBERS.

 

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

 

ARTICLE
IV

SATISFACTION AND DISCHARGE; LEGAL DEFEASANCE AND

COVENANT DEFEASANCE

 

SECTION 401.        SATISFACTION
AND DISCHARGE OF INDENTURE.

 

This Indenture shall upon Company Request
cease to be of further effect with respect to Securities of any series (except as to any surviving rights of registration of transfer,
exchange or replacement of such series of Securities herein expressly provided for), and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when

 

(1)          either

 

(A)         all
such Securities of such series theretofore authenticated and delivered (other than (i) such Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) such Securities of such series for whose
payment money has theretofore been 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 1003) have been delivered to the Trustee for cancellation; or

 

(B)         all
such Securities of such series not theretofore delivered to the Trustee for cancellation

 

(i)          have
become due and payable, or

 

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

 

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

 

and the Company, in the case of (B)(i), (ii) or (iii)
above, has deposited or caused to be deposited with the Trustee, as funds in trust for such purpose, an amount in the currency
or currencies or currency unit or units in which such Securities of such series are payable or U.S. Government Obligations maturing
as to principal and interest in such amounts and at such times as will, together with any interest thereon, be sufficient to pay
and discharge the entire indebtedness on such Securities of such series not theretofore delivered to the Trustee for cancellation,
for principal and any premium and interest 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;

 

    	-25-

    	 

    

 

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

 

(3)         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 with respect to such series of Securities
have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture with respect to the Outstanding Securities of such series pursuant to this Section 401, the obligations of the
Company to the Trustee under Section 607 and to any Authenticating Agent under Section 614 and, if money or U.S. Government Obligations
shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee
under Section 406, Article VI and the last paragraph of Section 1003 shall survive such satisfaction and discharge.

 

SECTION 402.        OPTION
TO EFFECT LEGAL DEFEASANCE OR COVENANT DEFEASANCE.

 

In addition to the Company’s rights
under Section 401 (which shall not be affected by this Section 402), the Company may, at the option of its Board of Directors evidenced
by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 403 or 404 hereof applied
to all Outstanding Securities of any series upon compliance with the conditions set forth in Sections 403 through 406 hereof.

 

SECTION 403.        LEGAL
DEFEASANCE AND DISCHARGE.

 

Upon the Company’s exercise under Section
402 hereof of the option applicable to this Section 403, the Company and the Guarantors shall, subject to the satisfaction of the
conditions set forth in Section 405 hereof, be deemed to have been discharged from their obligations with respect to all Outstanding
Securities of a series on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented
by the Outstanding Securities of a series, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 406 hereof and the other Sections of this Indenture referred to in (a) and (b) below, 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: (a) the rights of Holders of Outstanding Securities of any series to receive payments in respect of the
principal of, premium, if any, and interest, if any, on such Securities when such payments are due from the trust referred to in
Section 405, (b) the Company’s obligations with respect to such Securities under Sections 304, 305, 306 and 1002 of this
Indenture, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith and (d) this Article IV. Subject to compliance with Sections 402 through 406 hereof, the Company may exercise
its option under this Section 403 notwithstanding the prior exercise of its option under Section 404 hereof.

 

    	-26-

    	 

    

 

SECTION 404.        COVENANT
DEFEASANCE.

 

Upon the Company’s exercise under Section
402 hereof of the option applicable to this Section 404, the Company shall, subject to the satisfaction of the conditions set forth
in Section 405 hereof, be released from the operation of Section 801 hereof with respect to the Outstanding Securities of a series
and any other covenant contained in the Board Resolution or supplemental indenture relating to such series on and after the date
the conditions set forth in Section 405 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 (it being understood that such Securities shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the Outstanding Securities of such series, the Company 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 501 hereof, but, except as specified above, the remainder of this Indenture and such series of Securities
shall be unaffected thereby. In addition, upon the Company’s exercise under Section 402 hereof of the option applicable to
this Section 404 hereof, subject to the satisfaction of the conditions set forth in Section 405 hereof, Sections 501(3) through
501(6) and Section 501(9) hereof shall not constitute Events of Default.

 

SECTION 405.        CONDITIONS
TO LEGAL OR COVENANT DEFEASANCE.

 

The following shall be the conditions to the
application of either Section 403 or 404 hereof to the Outstanding Securities of any series:

 

In order to exercise either Legal Defeasance
or Covenant Defeasance:

 

(a)          the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Securities, cash in United States
dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, to pay the principal of,
or interest and premium, if any, on the Outstanding Securities of such series on the Stated Maturity or on the applicable redemption
date, as the case may be, and the Company must specify whether the Securities are being defeased to maturity or to a particular
redemption date;

 

(b)          in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the
Trustee 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 of this Indenture, 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;

 

(c)          in
the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to
the Trustee 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 shall have occurred and be continuing either: (i) on the date of such deposit (other than a Default
or Event of Default resulting from the borrowing of funds to be applied to such deposit); or (ii) insofar as Events of Default
from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit;

 

    	-27-

    	 

    

 

(e)          such
Legal Defeasance or Covenant Defeasance will 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 is a party or by which the Company is bound;

 

(f)          the
Company must have delivered to the Trustee an Opinion of Counsel to the effect that, assuming no intervening bankruptcy of the
Company or any Guarantor between the date of deposit and the 91st day following the deposit and assuming that no Holder is an “insider”
of the Company under applicable bankruptcy law, after the 91st day following the deposit, the trust funds will not be subject to
the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally;

 

(g)          the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Securities over the other creditors of the Company with the intent of defeating, hindering,
delaying or defrauding creditors of the Company or others; and

 

(h)          the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

SECTION 406.        DEPOSITED
MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS.

 

Subject to Section 407 hereof, all money and
non callable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 406, the “Trustee”) pursuant to Section 401 or 404 hereof in respect of the
Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions of such
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, premium on , if any, and interest, 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 U.S. Government Obligations deposited
pursuant to Section 401 or 404 hereof or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of the Outstanding Securities.

 

Anything in this Article IV to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of the Company any
money or non-callable U.S. Government Obligations held by it as provided in Section 401 or 404 hereof which, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance or satisfaction and discharge of this Indenture.

 

    	-28-

    	 

    

 

 

SECTION 407.        REPAYMENT
TO COMPANY.

 

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, premium on, if any, or interest on any
Securities and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Company on its written request or (if then held by the Company) shall be discharged from such trust; and the
Holder of such Securities shall thereafter, as an unsecured 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, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such paying agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national
edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company.

 

SECTION 408.        REINSTATEMENT.

 

If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Obligations deposited with respect to Securities of any series in accordance with Section 401,
403 or 404 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 Company’s obligations under this Indenture with respect to the Securities
of such series and the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to
Section 401, 403 or 404 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Obligations in accordance with Section 401, 403 or 404 hereof, as the case may be; provided, however, that, if the
Company makes any payment of principal of, premium on, if any, or interest on any Securities following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent.

 

ARTICLE
V

REMEDIES

 

SECTION 501.        EVENTS
OF DEFAULT.

 

An “Event of Default” on a series
occurs if:

 

(1)         the
Company defaults in the payment of interest on any Security of such series when the same becomes due and payable and the Default
continues for a period of 30 days;

 

(2)         the
Company defaults in the payment of the principal of any Security of such series when the same becomes due and payable at maturity,
upon redemption or otherwise;

 

(3)         the
Company fails to comply with any of its other agreements in the Securities of such series or this Indenture (as they relate thereto)
and the Default continues for the period and after the notice specified below (except in the case of a default with respect to
any Change of Control Provisions or Article VIII (or any replacement provisions contemplated by Article VIII), which will constitute
Events of Default with notice but without passage of time);

 

    	-29-

    	 

    

 

 

  

(4)         the
acceleration of any Indebtedness of the Company in an amount of $50.0 million or more, individually or in the aggregate, and such
acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case within five days after such acceleration;

 

(5)         the failure by the Company
to make any principal or interest payment in an amount of $50.0 million or more, individually or in the aggregate, in respect of
Indebtedness of the Company within five days of such principal or interest becoming due and payable (after giving effect to any
applicable grace period set forth in the documents governing such Indebtedness);

 

(6)         a
final judgment or judgments in an amount of $50.0 million or more, individually or in the aggregate, for the payment of money having
been entered by a court or courts of competent jurisdiction against the Company and such judgment or judgments is not satisfied,
stayed, annulled or rescinded within 90 days after being entered;

 

(7)         the
Company pursuant to or within the meaning of any Bankruptcy Law:

 

(a)          commences
a voluntary case,

 

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

 

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

 

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

 

(8)         a
court of competent jurisdiction enters into an order or decree under any Bankruptcy Law that:

 

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

 

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

 

or

 

(c)          orders
the liquidation of the Company,

 

and the order or decree remains unstayed
and in effect for 60 days; or

 

(9)         any
other Event of Default occurs with respect to Securities of that series as provided in the supplemental indenture or Board Resolutions
establishing such series of Securities.

 

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

 

    	-30-

    	 

    

 

A Default under clause (3) above is not an
Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in principal amount of the Securities of
the applicable series notify the Company and the Trustee of the Default and (except in the case of a default with respect to any
provisions of any supplemental indenture or Board Resolution establishing such series of Securities giving the Holders of Securities
of such series the right to require the Company to repurchase or redeem such Securities of such series upon the occurrence of a
change of control prior to the final maturity date of such Securities of such series (“Change of Control Provisions”)
or Article VIII (or any replacement provisions contemplated by Article VIII)) the Company does not cure the Default within 90 days
after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice
of Default.”

 

SECTION 502.        ACCELERATION.

 

If any Event of Default (other than an Event
of Default specified in clause (7) or (8) of Section 501 hereof) with respect to Securities of any series occurs and is continuing,
either the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Securities of that series may declare
all the Securities of that series to be due and payable immediately. Upon any such declaration, the Securities of that series shall
become due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders). Notwithstanding
the foregoing, if an Event of Default specified in clause (7) or (8) of Section 501 hereof occurs with respect to any series of
Securities, all outstanding Securities of that series shall become due and payable without further action or notice. The Holders
of a majority in aggregate principal amount of Securities of any series then Outstanding by notice to the Trustee may on behalf
of the Holders of all of the Securities of that 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 interest or premium, if any, on, or the principal
of, the Securities of that series.

 

SECTION 503.        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, premium,
if any, and interest on the Securities of that series or to enforce the performance of any provision of the Securities of that
series or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities in a series or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Security 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 504.        WAIVER
OF PAST DEFAULTS.

 

Holders of not less than a majority in aggregate
principal amount of the then outstanding Securities in any series by notice to the Trustee may on behalf of the Holders of all
of the Securities of that series waive any existing Default or Event of Default and its consequences hereunder, except a continuing
Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Securities of that series
(including in connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate
principal amount of the then outstanding Securities of any series may rescind an acceleration and its consequences, including any
related payment default that resulted from such acceleration, with respect to that series). 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.

 

    	-31-

    	 

    

  

SECTION 505.        CONTROL
BY MAJORITY.

 

With respect to any series of Securities,
Holders of a majority in principal amount of the then outstanding Securities of that series may direct the time, method and place
of conducting any proceeding for exercising 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 determines may
be unduly prejudicial to the rights of other Holders of Securities of any series or that may involve the Trustee in personal liability.

 

SECTION 506.        LIMITATION
ON SUITS.

 

A Holder of a Security of any series may pursue
a remedy with respect to this Indenture or the Securities of that series only if:

 

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

 

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

 

(c)         such Holder of a Security
or Holders of Securities offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss,
liability or expense;

 

(d)         the Trustee does not comply
with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and

 

(e)         during such 60-day period
the Holders of a majority in principal amount of the then outstanding Securities of that series do not give the Trustee a direction
inconsistent with the request.

 

A Holder of a Security may not use this Indenture
to prejudice the rights of another Holder of a Security or to obtain a preference or priority over another Holder of a Security.

 

SECTION 507.        RIGHTS
OF HOLDERS OF SECURITIES TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security of any series to receive payment of principal, premium, if any, and interest on
the Security, on or after the respective due dates expressed in the Security (including in connection with an offer to purchase),
or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without
the consent of such Holder.

 

SECTION 508.        COLLECTION
SUIT BY TRUSTEE.

 

With respect to the Securities of any series,
if an Event of Default specified in clause (1) or (2) of Section 501 hereof 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 for the whole amount of principal of,
premium on, if any, and interest remaining unpaid on the Securities of that series and interest on overdue principal and, to the
extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

    	-32-

    	 

    

 

SECTION 509.        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
of the Securities of any series allowed in any judicial proceedings relative to the Company (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
of that series 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 607 of this Indenture. 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 607 of this Indenture 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 that 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 of any series of Securities any plan of reorganization, arrangement,
adjustment or composition affecting the Securities of that series or the rights of any Holder, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

 

SECTION 510.        PRIORITIES.

 

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

 

(a)          First:
to the Trustee, its agents and attorneys for amounts due under Section 607 of this Indenture, including payment of all compensation,
expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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

 

(c)          Third:
to the Company 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 of Securities pursuant to this Section 510.

 

SECTION 511.        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 does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 507 hereof, or a suit by
Holders of more than 10% in principal amount of the then outstanding Securities of any series.

 

    	-33-

    	 

    

 

ARTICLE
VI

THE TRUSTEE

 

SECTION 601.        CERTAIN
DUTIES AND RESPONSIBILITIES.

 

(a)          Except
during the continuance of an Event of Default with respect to the Securities of any series:

 

(1)         the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions that 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 they conform to the requirements
of this Indenture (but need not confirm or investigate the accuracy of mathematical calculation or other facts stated therein).

 

(b)          In
case an Event of Default has occurred and is continuing with respect to the Securities of any series, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of his or her own affairs.

 

(c)          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, except that:

 

(1)         this
Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

 

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

 

(3)         the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with the direction
of the Holders of a majority in principal amount of the Outstanding Securities of any series or of all series, determined as provided
in Section 505, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and

 

(4)         no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured
to it.

 

    	-34-

    	 

    

 

(d)          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 Section.

 

SECTION 602.        NOTICE
OF DEFAULTS.

 

Within 90 days after the occurrence of any
Default or Event of Default with respect to the Securities of any series, the Trustee shall give notice of such Default or Event
of Default known to the Trustee to all Holders of Securities of such series in the manner provided in Section 107 and in compliance
with the Trust Indenture Act, unless such Default or Event of Default shall have been cured or waived; provided, however,
that, except in the case of a Default or Event of Default in the payment of the principal of (or premium, if any) or interest on
or any Additional Amounts with respect to any Security of such series 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 determines that
the withholding of such notice is in the interest of the Holders of Securities of such series; and provided, further,
that in the case of any Default or Event of Default of the character specified in Section 501(3) with respect to Securities of
such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof.

 

SECTION 603.        CERTAIN
RIGHTS OF TRUSTEE.

 

Subject to the provisions of Section 601:

 

(a)         the Trustee may conclusively
rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness 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 or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(c)          whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, rely upon an Officers’ Certificate;

 

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

 

(e)          the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction;

 

    	-35-

    	 

    

 

(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, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and
shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 

(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 and, except for any Affiliates of the Trustee, the Trustee shall not be responsible for any misconduct or negligence
on the part of any agent or attorney appointed with due care by it hereunder;

 

(h)          the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities of any series for
which it is acting as Trustee unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default
or (2) written notice of such Default or Event of Default which is in fact such a default shall have been received by the Trustee
at the Corporate Trust Office of the Trustee and such notice references the Securities and this Indenture by the Company or any
other obligor on such Securities or by any Holder of such Securities;

 

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

 

(j)          
in no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action;

 

(k)          the
rights, privileges, protections, immunities and benefits given to the Trustee, 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 each agent, custodian and other
Person employed to act hereunder; and

 

(l)          the Trustee may request
that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time
to take specified actions pursuant to this Indenture.

 

SECTION 604.        NOT
RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

 

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 their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds
thereof.

 

    	-36-

    	 

    

 

SECTION 605.        MAY
HOLD SECURITIES.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it
would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

 

SECTION 606.        MONEY
HELD IN TRUST.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

SECTION 607.        COMPENSATION
AND REIMBURSEMENT.

 

The Company agrees:

 

(1)         to
pay to the Trustee from time to time compensation for all services rendered by it hereunder (which compensation shall not be limited
by any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)         except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and the
reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be
determined to have been caused by its own negligence or willful misconduct; and

 

(3)         to
indemnify the Trustee and each of its directors, officers, employees, agents and/or representatives for, and to hold each of them
harmless against, any loss, liability or expense incurred without negligence or willful misconduct on each of their part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
of defending themselves against any claim or liability in connection with the exercise or performance of any of the Trustee’s
powers or duties hereunder.

 

As security for the performance of the obligations
of the Company under this Section 607, the Trustee shall have a lien prior to the Securities on all property and funds held or
collected by the Trustee as such, except funds held in trust for the payment of principal of, premium, if any, or interest, if
any, on or any Additional Amounts with respect to particular Securities.

 

Any expenses and compensation for any services
rendered by the Trustee after the occurrence of an Event of Default (including the reasonable charges and expenses of its counsel)
specified in clause (7) or (8) of Section 501 shall constitute expenses and compensation for services of administration under all
applicable federal or state bankruptcy, insolvency, reorganization or other similar laws.

 

The provisions of this Section 607 and any
lien arising hereunder shall survive the resignation or removal of the Trustee or the discharge of the Company’s obligations
under this Indenture and the termination of this Indenture.

 

    	-37-

    	 

    

 

SECTION 608.        DISQUALIFICATION;
CONFLICTING INTERESTS.

 

(a)          If
the Trustee has or shall acquire any conflicting interest, as defined in this Section 608, with respect to the Securities of any
series, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest
or resign with respect to the Securities of that series in the manner and with the effect hereinafter specified in this Article.

 

(b)          In
the event that the Trustee shall fail to comply with the provisions of Subsection (a) of this Section 608 with respect to the Securities
of any series, the Trustee shall, within 10 days after the expiration of such 90-day period, transmit by mail to all Holders of
Securities of that series, as their names and addresses appear in the Security Register, notice of such failure in compliance with
the Trust Indenture Act.

 

(c)          For
the purposes of this Section, the term “conflicting interest” shall have the meaning specified in Section 310(b) of
the Trust Indenture Act and the Trustee shall comply with Section 310(b) of the Trust Indenture Act; provided, that there
shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act with respect to the Securities of any series
any indenture or indentures under which other securities, or certificates of interest or participation in other securities, of
the Company are outstanding, if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are
met. For purposes of the preceding sentence, the optional provision permitted by the second sentence of Section 310(b)(1) of the
Trust Indenture Act shall be applicable.

 

SECTION 609.        CORPORATE
TRUSTEE REQUIRED; ELIGIBILITY.

 

There shall at all times be a Trustee hereunder
which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50 million and subject to supervision or examination by Federal or State (or the District of Columbia) authority.
If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising
or examining authority, then for the purposes of this Section 609, 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. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

 

The Indenture shall always have a Trustee
who satisfies the requirements of Sections 310(a)(1), 310(a)(2) and 310(a)(5) of the Trust Indenture Act.

 

SECTION 610.        RESIGNATION
AND REMOVAL; APPOINTMENT OF SUCCESSOR.

 

(a)          No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

 

(b)          The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the resigning Trustee
within 30 days after the giving 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 with respect to the Securities of such series.

 

    	-38-

    	 

    

 

(c)          The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been delivered to the resigning Trustee within 30 days after the
giving 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 with respect to the Securities of such series.

 

(d)          If
at any time:

 

(1)         the
Trustee shall fail to comply with Section 608(a) after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months, or

 

(2)         the
Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or
by any such Holder of Securities, or

 

(3) the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver 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, (i) the Company by a Board Resolution
may remove the Trustee with respect to all Securities, or (ii) subject to Section 505, any Holder who has been a bona fide Holder
of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and such successor Trustee or Trustees shall comply with the applicable
requirements of Section 611. If no successor Trustee with respect to the Securities of any series shall have been so appointed
by the Company and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 

(f)          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.

 

    	-39-

    	 

    

 

SECTION 611.        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 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, 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 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 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 this Article.

 

SECTION 612.        MERGER,
CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible
under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided,
however, that in the case of a corporation succeeding to all or substantially all the corporate trust business of the Trustee,
such successor corporation shall expressly assume all of the Trustee’s liabilities hereunder. In case any Securities shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as
if such successor Trustee had itself authenticated such Securities.

 

    	-40-

    	 

    
 

SECTION 613.        PREFERENTIAL
COLLECTION OF CLAIMS AGAINST COMPANY.

 

The Trustee shall comply with Section 311(a)
of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee
who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated therein.

 

SECTION 614.        APPOINTMENT
OF AUTHENTICATING AGENT.

 

The Trustee may appoint an Authenticating
Agent or Agents that shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue
and upon exchange, registration of transfer or partial redemption or pursuant to Section 306, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing
business under the laws of the United States of America, any State thereof or the District of Columbia having a combined capital
and surplus of not less than $50 million or equivalent amount expressed in a foreign currency and subject to supervision or examination
by Federal or State (or the District of Columbia) authority or authority of such country. If such Authenticating Agent publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section 614, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section 614.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation
shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any further act on the part
of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 614, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to
the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders as their names
and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section
614.

 

    	-41-

    	 

    

 

The Trustee agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section 614, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section 607.

 

If an appointment is made pursuant to this
Section 614, the Securities may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate
certificate of authentication 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 	 
	 	 	AS AUTHENTICATING AGENT
	 	 	 
	 	By	 
	 	 	AS AUTHORIZED SIGNATORY”

 

Notwithstanding any provision of this Section
614 to the contrary, if at any time any Authenticating Agent appointed hereunder with respect to any series of Securities shall
not also be acting as the Security Registrar hereunder with respect to any series of Securities, then, in addition to all other
duties of an Authenticating Agent hereunder, such Authenticating Agent shall also be obligated (i) to furnish to the Security Registrar
promptly all information necessary to enable the Security Registrar to maintain at all times an accurate and current Security Register
and (ii) prior to authenticating any Security denominated in a foreign currency, to ascertain from the Company the units of such
foreign currency that are required to be determined by the Company pursuant to Section 302.

 

ARTICLE
VII

HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.        COMPANY
TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

 

With respect to each series of Securities,
the Company will furnish or cause to be furnished to the Trustee:

 

(a)          semi-annually,
not more than 15 days after each Regular Record Date relating to that series (or, if there is no Regular Record Date relating to
that series, on January 1 and July 1), a list, in such form as the Trustee may reasonably require, of the names and addresses of
the Holders of that series as of such dates, and

 

    	-42-

    	 

    

 

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

 

provided, that so long as the Trustee is the Security
Registrar, the Company shall not be required to furnish or cause to be furnished such a list to the Trustee. The Company shall
otherwise comply with Section 312(a) of the Trust Indenture Act.

 

SECTION 702.        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 of each series contained
in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders of each series
received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished. The Trustee shall otherwise comply with Section 312(a) of the Trust Indenture
Act.

 

(b)          Holders
of Securities may communicate pursuant to Section 312(b) of the Trust Indenture Act with other Holders with respect to their rights
under this Indenture or under the Securities. The Company, the Trustee, the Security Registrar and any other Person shall have
the protection of Section 312(c) of the Trust Indenture Act.

 

SECTION 703.        REPORTS
BY TRUSTEE.

 

(a)          Within
60 days after May 15 of each year commencing with the year 2012, the Trustee shall transmit by mail to Holders a brief report dated
as of such May 15 that complies with Section 313(a) of the Trust Indenture Act. The Trustee shall comply with Section 313(b) of
the Trust Indenture Act. The Trustee shall transmit by mail all reports as required by Sections 313(c) and 313(d) of the Trust
Indenture Act.

 

(b)          A
copy of each report pursuant to Subsection (a) of this Section 703 shall, at the time of its transmission to Holders, be filed
by the Trustee with each stock exchange upon which any Securities are listed, with the SEC and with the Company. The Company will
notify the Trustee when any Securities are listed or delisted on any stock exchange.

 

SECTION 704.        REPORTS
BY COMPANY.

 

The Company shall file with the Trustee, within
15 days after the Company is required to file the same with the SEC, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the SEC may from time to time by rules and regulations
prescribe) which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934, as amended, and shall otherwise comply with Section 314(a) of the Trust Indenture Act.

 

Delivery of such reports, information and
documents 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).

 

    	-43-

    	 

    

 

ARTICLE
VIII

CONSOLIDATION, MERGER, CONVEYANCE,

TRANSFER OR LEASE

 

SECTION 801.        COMPANY
MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

 

(a)          The
Company shall not, directly or indirectly, in any transaction or series of related transactions: (1) consolidate or merge with
or into another Person (whether or not the Company is the surviving corporation); (2) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole, or (3) assign
any of its obligations under the Securities and this Indenture, in one or more related transactions, to another Person; unless:

 

(i)          either: (A) the Company
is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other than the Company)
or to which such sale, assignment, transfer, conveyance or other disposition shall have been made is a corporation organized or
existing under the laws of the United States, any state thereof or the District of Columbia;

 

(ii)          the Person formed by
or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer,
conveyance or other disposition shall have been made assumes all the obligations of the Company under the Securities and this Indenture
pursuant to agreements reasonably satisfactory to the Trustee;

 

(iii)         immediately after such
transaction no Default or Event of Default exists;

 

(iv)         the Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such merger, consolidation
or sale, assignment, transfer, conveyance or other disposition of such properties or assets or assignment of its obligations under
the Securities and this Indenture and such supplemental indenture, if any, comply with this Indenture.

 

(b)          The
Company shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions,
to any other Person.

 

(c)          Notwithstanding
the foregoing, this Section 801 shall not apply to a sale, assignment, transfer, conveyance or other disposition of assets between
or among the Company and any of its Wholly Owned Subsidiaries.

 

SECTION 802.        SUCCESSOR
PERSON SUBSTITUTED.

 

Upon any consolidation or merger, any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company, or any assignment
of the obligations under the Securities and this Indenture in accordance with Section 801 hereof, the successor corporation formed
by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance
or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger,
sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer
instead to the successor corporation and not to the Company), 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; provided, however,
that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Securities except
in the case of a sale of all of the Company’s assets that meets the requirements of Section 801 hereof.

 

    	-44-

    	 

    

 

ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

SECTION 901.        WITHOUT
CONSENT OF HOLDERS.

 

Notwithstanding Section 902 of this Indenture,
the Company and the Trustee may amend or supplement this Indenture or the Securities of any series without the consent of any Holder
of a Security of any series:

 

(a)          to
cure any ambiguity, defect or inconsistency;

 

(b)          to
provide for uncertificated Securities in addition to or in place of certificated Securities or to alter the provisions of Article
II of this Indenture (including the related definitions) in a manner that does not materially adversely affect any Holder;

 

(c)          to
establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of this Indenture;

 

(d)          to
provide for the assumption of the Company’s or any Guarantor’s obligations to the Holders of the Securities by a successor
to the Company pursuant to Article VIII of this Indenture;

 

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

 

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

 

(g)          to
evidence and provide the acceptance of the appointment of a successor Trustee pursuant to Sections 610 and 611 of this Indenture;
and

 

(h)          to
add a Guarantor of the Securities.

 

Upon the request of the Company accompanied
by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt
by the Trustee of the documents described in Section 603 of this Indenture, the Trustee shall join with the Company in the execution
of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 

    	-45-

    	 

    

 

SECTION 902.        WITH
CONSENT OF HOLDERS.

 

Except as provided below in this Section 902,
the Company and the Trustee may amend or supplement this Indenture and the Securities of any series may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate principal amount at maturity of Securities of that series then
Outstanding voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, that series of Securities), and, subject to Sections 504 and 507 hereof, any existing Default or Event
of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, and interest, if any,
on such Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision
of this Indenture or such Securities may be waived with the consent of the Holders of a majority in aggregate principal amount
at maturity of the then Outstanding Securities of that series voting as a single class (including without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, that series of Securities).

 

Upon the request of the Company accompanied
by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee
of evidence satisfactory to the Trustee of the consent of the Holders of that series of Securities as aforesaid, and upon receipt
by the Trustee of the documents described in Section 603 of this Indenture, the Trustee shall join with the Company in the execution
of such amended or supplemental indenture unless such amended or supplemental indenture directly 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 amended or supplemental indenture.

 

It shall not be necessary for the consent
of the Holders of Securities under this Section 902 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 of Securities of any series 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 amended or supplemental indenture or waiver.

 

Subject to Sections 504 and 507 hereof, the
Holders of a majority in aggregate principal amount at maturity of a series of Securities then Outstanding voting as a single class
may waive compliance in a particular instance by the Company with any provision of this Indenture or the Securities. However, without
the consent of each Holder of a series of Securities affected, an amendment or waiver under this Section 902 may not (with respect
to the series of Securities held by a non-consenting Holder):

 

(a)          reduce the principal amount
of the then Outstanding Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)          reduce the principal of
or change the fixed maturity of any Security or alter any of the provisions with respect to the redemption of the Securities unless
otherwise specifically provided for in the supplemental indenture;

 

(c)          reduce the rate of or
change the time for payment of interest on any Security;

 

    	-46-

    	 

    

 

(d)          waive a Default or Event
of Default in the payment of principal of, or interest or premium, if any, on the Securities (except a rescission of acceleration
of the Securities by the Holders of any series of Securities of at least a majority in aggregate principal amount of the then Outstanding
Securities of that series and a waiver of the payment default that resulted from such acceleration);

 

(e)          make any Security payable
in money other than that stated in the Security;

 

(f)          make any change in the
provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Securities to receive payments of
principal of, or interest or premium, if any, on the Securities;

 

(g)         waive a redemption payment
with respect to any Security (other than as may be specifically permitted by the supplemental indenture);

 

(h)         cause the Securities to
become subordinated in right of payment to any other Indebtedness;

 

(i)          release any Guarantor
from any of its obligations under its Guarantee or this Indenture, except in accordance with the terms thereof; or

 

(j)          make any change in Sections
504 or 507 or the foregoing amendment and waiver provisions.

 

SECTION 903.        COMPLIANCE
WITH TRUST INDENTURE ACT.

 

Every amendment or supplement to this Indenture
or the Securities shall be set forth in a amended or supplemental indenture that complies with the Trust Indenture Act as then
in effect.

 

SECTION 904.        REVOCATION
AND EFFECT OF CONSENTS.

 

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

 

SECTION 905.        NOTATION
ON OR EXCHANGE OF SECURITIES.

 

The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Security thereafter authenticated. The Company in exchange for all Securities of
a series may issue and the Trustee shall, upon receipt of a written order from the Company to authenticate such Securities, authenticate
new Securities that reflect the amendment, supplement or waiver.

 

SECTION 906.        TRUSTEE
TO SIGN AMENDMENTS, ETC.

 

The Trustee shall sign any amended or supplemental
indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Company may not sign an amendment or supplemental indenture until the Board of Directors approves
it. In executing any amended or supplemental indenture, the Trustee shall be given and (subject to Section 601 of this Indenture)
shall be fully protected in relying upon, in addition to the documents required by Section 603 this Indenture, an Officer’s
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted
by this Indenture.

 

    	-47-

    	 

    

 

ARTICLE
X

COVENANTS

 

SECTION 1001.        PAYMENT
OF PRINCIPAL, PREMIUM AND INTEREST.

 

The Company covenants and agrees for the benefit
of each series of Securities that it will duly and punctually pay the principal of (and premium, if any), interest on and any Additional
Amounts with respect to the Securities of that series in accordance with the terms of the Securities and this Indenture.

 

SECTION 1002.        MAINTENANCE
OF OFFICE OR AGENCY.

 

If Securities of a series are issuable only
as Registered Securities, the Company will maintain in each Place of Payment for any series of Securities an office or agency where
Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of that series 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.

 

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, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment 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.

 

SECTION 1003.        MONEY
FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

 

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 (and premium,
if any) or interest on or any Additional Amounts with respect to 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 premium, if any) or 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.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, the Company will, on or before each due date of the principal of (and premium, if any)
or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if
any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium
or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.

 

    	-48-

    	 

    

 

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
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will:

 

(1)         hold
all sums held by it for the payment of the principal of (and premium, if any), interest on or any Additional Amounts with respect
to Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons
or otherwise disposed of as herein provided;

 

(2)         give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of that series) in the making of any
payment of principal (and premium, if any), interest on or any Additional Amounts with respect to the Securities of that series;
and

 

(3)         at
any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent.

 

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 sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent
to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

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 (and premium, if any) or interest on any
Security of any series and remaining unclaimed for three years after such principal (and premium, if any) or interest has become
due and payable shall, unless otherwise required by mandatory provisions of applicable escheat, or abandoned or unclaimed property
law, be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder
of such Security shall 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, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in an Authorized Newspaper in the Borough of Manhattan,
the City of New York and in such other Authorized Newspapers as the Trustee shall deem appropriate, notice that such money remains
unclaimed and that, after a date specified herein, which shall not be less than 30 days from the date of such publication, any
unclaimed balance of such money then remaining will, unless otherwise required by mandatory provisions of applicable escheat, or
abandoned or unclaimed property law, be repaid to the Company.

 

SECTION 1004.        EXISTENCE.

 

Subject to Article VIII, the Company will
do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

    	-49-

    	 

    
  

SECTION 1005.        STATEMENT
BY OFFICERS AS TO DEFAULT.

 

The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the
Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing officers with
a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to each such officer signing such certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is
taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains
in existence by reason of which payments on account of the principal of or interest, if any, on the Securities is prohibited or
if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto.

 

The Company shall, so long as any of the Securities
are outstanding, deliver to the Trustee, forthwith and in any event within five days upon any officer becoming aware of any Default
or 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 specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect
thereto.

 

SECTION 1006.        WAIVER
OF CERTAIN COVENANTS.

 

The Company may omit in any particular instance
to comply with any covenant or condition set forth in Section 1005, or any covenant added for the benefit of any series of Securities
as contemplated by Section 301 (unless otherwise specified pursuant to Section 301) if before or after the time for such compliance
the Holders of a majority in principal amount of the Outstanding Securities of all series affected by such omission (acting as
one class) shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such
covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect
of any such covenant or condition shall remain in full force and effect.

 

SECTION 1007.        ADDITIONAL
AMOUNTS.

 

If the Securities of a series expressly provide
for the payment of Additional Amounts, the Company will pay to the Holder of any Security of such series Additional Amounts as
expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any
premium or interest on, or in respect of, any Security of any series or the net proceeds received from the sale or exchange of
any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in
this Section 1007 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant
to the provisions of this Section 1007 and express mention of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.

 

If the Securities of a series provide for
the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities
(or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal and
any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has
been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish
the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’
Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and any premium
or interest on the Securities of that series shall be made to Holders of Securities of that series who are United States Aliens
without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series.
If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required
to be withheld on such payments to such Holders of Securities and the Company will pay to such Paying Agent the Additional Amounts
required by this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against
any loss, liability or expense reasonably incurred without negligence or willful misconduct on their part arising out of or in
connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this
Section 1007.

 

    	-50-

    	 

    

 

ARTICLE
XI

REDEMPTION OF SECURITIES

 

SECTION 1101.        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 301 for Securities of any series) in accordance with this Article.

 

SECTION 1102.        ELECTION
TO REDEEM; NOTICE TO TRUSTEE.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all
the Securities of any series, the Company shall, a reasonable period prior to the Redemption Date fixed by the Company (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount
of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee
with an Officers’ Certificate evidencing compliance with such restriction.

 

SECTION 1103.        SELECTION
BY TRUSTEE OF SECURITIES TO BE REDEEMED.

 

If less than all the Securities of any series
are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and that may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series
of a denomination larger than the minimum authorized denomination for Securities of that series or of the principal amount of global
Securities of such series.

 

The Trustee shall promptly notify the Company
and the Security Registrar 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 Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 

    	-51-

    	 

    

 

SECTION 1104.        NOTICE
OF REDEMPTION.

 

Notice of redemption shall be given in the
manner provided in Section 107 to each Holder of Securities to be redeemed not less than 30 nor more than 60 days prior to the
Redemption Date.

 

All notices of redemption shall state:

 

(1)         the
Redemption Date,

 

(2)         the
Redemption Price,

 

(3)         if
less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amounts) of the particular Securities to be redeemed,

 

(4)         that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable,
that interest thereon will cease to accrue on and after said date,

 

(5)         the
place or places where such Securities are to be surrendered for payment of the Redemption Price,

 

(6)         that
the redemption is for a sinking fund, if such is the case, and

 

(7)         the
“CUSIP” number, if applicable.

 

A notice of redemption as contemplated by
Section 107 need not identify particular Registered Securities to be redeemed. Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s request and provision to the Trustee of
the notice information 10 days prior to delivery of the notice, by the Trustee in the name and at the expense of the Company.

 

SECTION 1105.        DEPOSIT
OF REDEMPTION PRICE.

 

On or before 10:00 a.m., New York City time,
on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its
own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts
with respect to all the Securities to be redeemed on that date.

 

SECTION 1106.        SECURITIES
PAYABLE ON REDEMPTION DATE.

 

Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein
specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest (and any Additional Amounts)
to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such
at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307.

 

    	-52-

    	 

    

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security or, in the case of Original Issue Discount Securities, the
Securities’ Yield to Maturity.

 

SECTION 1107.        SECURITIES
REDEEMED IN PART.

 

Any Registered Security which is to be redeemed
only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Registered Security or Securities of the same series and Stated Maturity,
of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

 

SECTION 1108.        PURCHASE
OF SECURITIES.

 

Unless otherwise specified as contemplated
by Section 301, the Company and any Affiliate of the Company may at any time purchase or otherwise acquire Securities in the open
market or by private agreement. Such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness
represented by such Securities. Any Securities purchased or acquired by the Company may be delivered to the Trustee and, upon such
delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 309 shall apply to all Securities so delivered.

 

ARTICLE
XII

SINKING FUNDS

 

SECTION 1201.        APPLICABILITY
OF ARTICLE.

 

The provisions of this Article shall be applicable
to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 301 for
Securities of such series.

 

The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” Unless otherwise provided by the terms of Securities of any series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

    	-53-

    	 

    
  

SECTION 1202.        SATISFACTION
OF SINKING FUND PAYMENTS WITH SECURITIES.

 

The Company (1) may deliver Outstanding Securities
of a series (other than any previously called for redemption), and (2) may apply as a credit Securities of a series which have
been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities
as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking payment shall be reduced accordingly.

 

SECTION 1203.        REDEMPTION
OF SECURITIES FOR SINKING FUND.

 

Not less than 45 days prior (unless a shorter
period shall be satisfactory to the Trustee) to each sinking fund payment date for any series of Securities, the Company will deliver
to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant
to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivery of or by crediting Securities of that series pursuant to Section 1202 and will also
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the
Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in Section 1104. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 1106 and 1107.

 

ARTICLE
XIII

MEETINGS OF HOLDERS OF SECURITIES

 

SECTION 1301.        PURPOSES
FOR WHICH MEETINGS MAY BE CALLED.

 

A meeting of Holders of Securities of any
or all series may be called at any time and from time to time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders
of Securities of such series.

 

SECTION 1302.        CALL,
NOTICE AND PLACE OF MEETINGS.

 

(a)          The
Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1301, to be
held at such time and at such place in the Borough of Manhattan, the City of New York, or in any other location, as the Trustee
shall determine. Notice of every meeting of Holders of Securities 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 given, in the manner provided in Section 107, not
less than 20 nor more than 180 days prior to the date fixed for the meeting.

 

(b)          In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in aggregate principal amount of the
Outstanding Securities of any series, shall have requested the Trustee for any such series to call a meeting of the Holders of
Securities of such series for any purpose specified in Section 1301, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting
within 30 days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein,
then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the
time and the place in the Borough of Manhattan, the City of New York for such meeting and may call such meeting for such purposes
by giving notice thereof as provided in Subsection (a) of this Section.

 

    	-54-

    	 

    

 

SECTION 1303.      PERSONS
ENTITLED TO VOTE AT MEETINGS.

 

To be entitled to vote at any meeting of Holders
of Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of such series by
such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities
of any series shall be the Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and its
counsel and any representatives of the Company and its counsel.

 

SECTION 1304.      QUORUM;
ACTION.

 

The Persons entitled to vote a majority in
aggregate principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities
of such series. In the absence of a quorum within 30 minutes of the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders of Securities of such series, be dissolved. In any other case, the meeting may be adjourned
for a period of not less than 10 days as determined by the chairman of the meeting prior to the adjournment of such meeting. In
the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less
than 10 days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Subject to Section
1305(d), notice of the reconvening of any adjourned meeting shall be given as provided in Section 1302(a), except that such notice
need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of
the reconvening of an adjourned meeting shall state expressly that Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series shall constitute a quorum.

 

Except as limited by the proviso to Section
902, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities of that
series; provided, however, that, except as limited by the proviso to Section 902, any resolution with respect to
any request, demand, authorization, direction, notice, consent or waiver which this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage that is less than a majority in aggregate principal amount of the Outstanding
Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in aggregate principal amount of the Outstanding
Securities of that series.

 

Except as limited by the fourth paragraph
of Section 902, any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance
with this Section shall be binding on all the Holders of Securities of such series, whether or not present or represented at the
meeting.

  

SECTION 1305.       DETERMINATION
OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF MEETINGS.

  

(a)          The
holding of Securities shall be proved in the manner specified in Section 105 and the appointment of any proxy shall be proved in
the manner specified in Section 105. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 105 or other proof.

 

    	-55-

    	 

    
  

(b)          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 of Securities as provided in Section 1302(b), in which case the Company or the Holders of Securities
of the series calling the meeting, as the case may be, shall appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate principal amount of the
Outstanding Securities of such series represented at the meeting.

 

(c)          At
any meeting each Holder of a Security of such series and each proxy shall be entitled to one vote for each $1,000 principal amount
(or such other amount of the minimum denomination of any series of Securities as may be provided in the establishment of such series
as contemplated by Section 301 hereof) of the Outstanding Securities of such series held or represented by him; provided,
however, 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, except as
a Holder of a Security of such series or as a proxy.

 

(d)          Any
meeting of Holders of Securities of any series duly called pursuant to Section 1302 at which a quorum is present may be adjourned
from time to time by Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of such series
represented at the meeting; and the meeting may be held as so adjourned without further notice.

 

SECTION 1306.        COUNTING
VOTES AND RECORDING ACTION OF MEETINGS.

 

The vote upon any resolution submitted to
any meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the
Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding
Securities of such series held or represented by them. 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, at least in duplicate, of the proceedings
of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached
to such 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 such notice was given
as provided in Section 1302 and, if applicable, Section 1304. Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

 

* * *

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

[Signatures on following
page]

 

    	-56-

    	 

    

 

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

 

	 	NANOVIRICIDES, INC.
	 	 
	 	By:	 
	 	Name:  	 
	 	Title:  	 
	 	 
	 	___________________, as Trustee
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Title: 	 

 

    	S-1SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (the “Agreement”), dated as of November 30, 2012, is by and among Morria
Biopharmaceuticals PLC, a public limited company formed under the laws of England and Wales
(the “Company”), and each investor identified on the signature pages hereto (individually, a
“Buyer” and collectively, the “Buyers”).

 

RECITALS

 

A.           The
Company and each Buyer is executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”), and Rule 506 of Regulation D (“Regulation D”)
as promulgated by the United States Securities and Exchange Commission (the “SEC”) under the 1933 Act.

 

B.           The
Company has authorized the issuance of a minimum of USD$1,500,000 and up to USD$10,000,000 of ordinary shares, par value £0.01
per share (the “Ordinary Shares” and such Ordinary Shares issued, the “Shares”), at a price
equal to $2.00 per Share (the “Per Share Purchase Price”).

 

C.           Each
Buyer wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, (i) the aggregate
number of Ordinary Shares set forth on such Buyer’s signature page and (ii) a warrant to acquire up to the aggregate number
of Ordinary Shares set forth on such Buyer’s signature page (which number of Ordinary Shares shall equal fifty percent (50%)
of the number of Ordinary Shares purchased by such Buyer), in the form attached hereto as Exhibit A (individually,
a “Warrant” and, collectively, the “Warrants”) (as exercised, collectively, the “Warrant
Shares”).

 

D.           At
the Closing (as defined below), the parties hereto shall execute and deliver a Registration Rights Agreement, in the form attached
hereto as Exhibit B (the “Registration Rights Agreement”), pursuant to which the Company has agreed
to provide certain registration rights with respect to the Registrable Securities (as defined in the Registration Rights Agreement),
under the 1933 Act and the rules and regulations promulgated thereunder, and applicable state securities laws.

 

E.           The
Shares and the Warrants are collectively referred to herein as the “Initial Securities.” The Shares, the Warrants,
and the Warrant Shares are collectively referred to herein as the “Securities.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and each Buyer hereby agree as follows:

 

    	 

    	 

    

 

1.        
  PURCHASE AND SALE OF INITIAL SECURITIES.

 

(a)          Initial
Securities. Subject to the satisfaction (or waiver) of the conditions set forth in
Sections 7 and 8 below, the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly, shall purchase
from the Company on the Closing Date (as defined below), (i) the number of Shares as is set forth on such Buyer’s signature
page and (ii) a Warrant to initially acquire up to the aggregate number of Warrant Shares as is set forth on such Buyer’s
signature page.

 

(b)          Purchase
Price. The aggregate purchase price for the Initial Securities to be purchased by
each Buyer (the “Purchase Price”) shall be the amount set forth on such Buyer’s signature page.

 

(c)          Closing.
The closing (the “Closing”) of the purchase of the Initial Securities by the Buyers shall occur at the offices
of Ellenoff Grossman & Schole LLP (“EGS”), 150 East 42nd Street, New York, New York 10017. The date and
time of the Closing (the “Closing Date”) shall be 10:00 a.m., New York time, on the first (1st) Business
Day on which the conditions to the Closing set forth in Sections 7 and 8 below are satisfied or waived (or such later date as is
mutually agreed to by the Company and each Buyer). As used herein, “Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks in New York, New York or London, England are authorized or required by
law to remain closed. In addition, with the prior written consent of Garden State Securities Inc., the Company shall have the right
to hold one or more additional closings, up to an aggregate amount of Shares and Warrants equal to the difference between $10,000,000
and the aggregate Purchase Price hereunder, on the same terms and conditions and prices as hereunder, with investors executing
definitive agreements for the purchase of such securities and such transactions having closed by no later than 3 Business Days
prior to the filing of the initial Registration Statement pursuant to Section 2(a) of the Registration Rights Agreement. 

 

(d)          Payment
of Purchase Price on Closing Date; Delivery of Initial Securities. On the Closing
Date, (i) each Buyer shall pay its respective Purchase Price to the Company for the respective Initial Securities to be issued
and sold to such Buyer at the Closing, by wire transfer of immediately available funds in accordance with the escrow agreement
entered into on or prior to the date hereof, by and among the Company, Signature Bank, a New York State chartered bank, with offices
at 261 Madison Avenue, New York, New York 10016 and Garden State Securities Inc. (the “Escrow Agreement”) and
(ii) the Company shall deliver to each Buyer (A) a certificate representing the number of Shares as is set forth on such Buyer’s
signature page) and (B) a Warrant pursuant to which such Buyer shall have the right to initially acquire up to the aggregate number
of Warrant Shares as is set forth on such Buyer’s signature page, in each case, duly executed on behalf of the Company and
registered in the name of such Buyer.

 

2.     
     [RESERVED]

 

3.      
    BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally
and not jointly, represents and warrants to the Company with respect to only itself that:

 

(a)          Organization;
Authority. Such Buyer is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the
transactions contemplated by the Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder
and thereunder.

 

    	2

    	 

    

 

(b)          No
Public Sale or Distribution. Such Buyer is acquiring the Securities for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable
securities laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations
herein, such Buyer does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other
specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration
statement or an exemption under the 1933 Act. Such Buyer does not presently have any agreement or understanding, directly or indirectly,
with any Person to distribute any of the Securities in violation of applicable securities laws.

 

(c)          Accredited
Investor Status. Such Buyer is an “accredited investor” as that term is
defined in Rule 501(a) of Regulation D.

 

(d)          Reliance
on Exemptions. Such Buyer understands that the Securities are being offered and sold
to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws
and that the Company is relying in part upon the truth and accuracy of, and such Buyer’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of such Buyer set forth herein in order to determine the availability
of such exemptions and the eligibility of such Buyer to acquire the Securities.

 

(e)          Information.
Such Buyer and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of
the Company and materials relating to the offer and sale of the Securities which have been requested by such Buyer. Such Buyer
and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Such Buyer understands that its investment
in the Securities involves a high degree of risk. Such Buyer has sought such accounting, legal and tax advice as it has considered
necessary to make an informed investment decision with respect to its acquisition of the Securities.

 

(f)          No
Governmental Review. Such Buyer understands that no United States federal or state
agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities
or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits
of the offering of the Securities.

 

    	3

    	 

    

 

(g)          No
Public Market; Transfer or Resale. Such Buyer understands that no public market now
exists for the Securities, and that the Company has made no assurances that a public market will ever exist for the Securities.
Such Buyer understands that except as provided in the Registration Rights Agreement and Section 5(h) hereof: (i) the Securities
have not been and are not being registered under the 1933 Act or any state securities laws, and may not be offered for sale, sold,
assigned or transferred unless (A) subsequently registered thereunder, (B) such Buyer shall have delivered to the Company (if requested
by the Company) an opinion of counsel to such Buyer, in a form reasonably acceptable to the Company, to the effect that such Securities
to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C)
such Buyer provides the Company with reasonable assurance that such Securities can be sold, assigned or transferred pursuant to
Rule 144 or Rule 144A promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule 144”);
(ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further,
if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person (as defined
below) through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may require
compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC promulgated thereunder; and (iii)
except with respect to the obligations of the Company under the Registration Rights Agreement, neither the Company nor any other
Person is under any obligation to register the Securities under the 1933 Act or any state securities laws or to comply with the
terms and conditions of any exemption thereunder. If a Buyer or any subsequent holder of the Securities proposes to transfer the
Securities held by such Person pursuant to Rule 144, the Company shall provide necessary opinions to its transfer agent, if requested,
provided that such Buyer or such subsequent holder, as the case may be, provides the necessary representations as requested by
the Company’s counsel. As used in this Agreement, the Company may be its own transfer agent and registrar prior to the Self
Filing Effective Date (as defined below). 

 

(h)          Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered
on behalf of such Buyer and constitutes the legal, valid and binding obligations of such Buyer enforceable against such Buyer in
accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the
enforcement of applicable creditors’ rights and remedies.

 

(i)          No
Conflicts. The execution, delivery and performance by such Buyer of this Agreement
and the consummation by such Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational
documents of such Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws) applicable to such Buyer, except in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder.

 

(j)          Certain
Trading Activities. Such Buyer has not directly or indirectly, nor has any Person
acting on behalf of or pursuant to any understanding with such Buyer, engaged in any transactions in the securities of the Company
(including, without limitation, any Short Sales (as defined below) involving the Company’s securities) during the period
commencing as of the time that such Buyer received a term sheet (written or oral) from the Company in respect of the specific investment
in the Company contemplated by this Agreement and ending immediately prior to the execution of this Agreement by such Buyer (it
being understood and agreed that for all purposes of this Agreement, and without implication that the contrary would otherwise
be true, neither transactions nor purchases nor sales shall include the location and/or reservation
of borrowable Ordinary Shares). “Short Sales” means all “short sales” as defined in Rule
200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “1934 Act”).

 

    	4

    	 

    

 

4.     
     REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

Except as set forth
in the Company’s Registration Statement on Form 20-F (File No. 000-54749) as filed with the Securities and Exchange Commission
on August 31, 2012, and as may be amended (the “Form 20-F”), which disclosures in the Form 20-F shall be deemed
a part hereof and shall qualify any representation, warranty or otherwise made herein to the extent of the disclosure contained
therein, the Company represents and warrants to each of the Buyers that:

 

(a)          Organization
and Qualification. Each of the Company and each of its Subsidiaries are entities duly
organized and validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite
power and authorization to own their properties and to carry on their business as now being conducted and as presently proposed
to be conducted. Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in
good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such
qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not, individually
or in the aggregate, have a Material Adverse Effect. “Material Adverse Effect” means any material adverse
effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any Subsidiary, either individually or taken as a whole, (ii) the transactions contemplated hereby
or in any of the other Transaction Documents or (iii) the authority or ability of the Company or any of its Subsidiaries to perform
any of their respective obligations under any of the Transaction Documents (as defined below). Other than Morria Biopharmaceuticals
Inc. and Morria Biopharma Ltd., the Company has no Subsidiaries. “Subsidiaries” means any Person in which
the Company, directly or indirectly, (I) owns any of the outstanding capital stock or holds any equity or similar interest of such
Person or (II) controls or operates all or any part of the business, operations or administration of such Person, and each of the
foregoing, is individually referred to herein as a “Subsidiary.” 

 

    	5

    	 

    

 

(b)          Authorization;
Enforcement; Validity. The Company has the requisite power and authority to enter
into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Securities in accordance
with the terms hereof and thereof. Each Subsidiary has the requisite power and authority to enter into and perform its obligations
under the Transaction Documents to which it is a party. The execution and delivery of this Agreement and the other Transaction
Documents by the Company and its Subsidiaries, and the consummation by the Company and its Subsidiaries of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Initial Securities and the issuance of the Warrants and
the reservation for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) have been duly authorized
by the Company’s board of directors and each of its Subsidiaries’ board of directors or other governing body, as applicable,
and (other than the filing with the SEC of one or more Registration Statements in accordance with the requirements of the Registration
Rights Agreement, a Form D with the SEC and any other filings as may be required by any state securities agencies) no further filing,
consent or authorization is required by the Company, its Subsidiaries, their respective boards of directors or their stockholders
or other governing body. This Agreement has been, and the other Transaction Documents will be prior to the Closing, duly executed
and delivered by the Company, and each constitutes the legal, valid and binding obligations of the Company, enforceable against
the Company in accordance with its respective terms, except as such enforceability may be limited by general principles of equity
or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,
the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution
may be limited by federal or state securities law (collectively, the “Enforceability Exceptions”). “Transaction
Documents” means, collectively, this Agreement, the Warrants, the Registration Rights Agreement, the Irrevocable Transfer
Agent Instructions (as defined below) and each of the other agreements and instruments entered into or delivered by any of the
parties hereto or any of the Subsidiaries in connection with the transactions contemplated hereby and thereby, as may be amended
from time to time. 

 

(c)          Issuance
of Shares and Warrants. The Shares are duly authorized and, when issued and paid for
in accordance with this Agreement, will be validly issued, fully paid and non-assessable and free from all preemptive or similar
rights, taxes, liens, charges and other encumbrances with respect to the issue hereof. The Warrants have been duly authorized by
the Company, and, when duly executed and delivered in accordance with their respective terms by each of the parties thereto, will
constitute a valid and legally binding agreement of the Company, enforceable against the Company in accordance with their respective
terms, except as such enforceability may be limited by the Enforceability Exceptions.

 

(d)          Issuance
of the Warrant Shares. As of the Closing, the Company shall have reserved from its
duly authorized capital stock not less than the sum of (i) the number of Shares and (ii) 133% of the maximum number of Warrant
Shares issuable upon exercise of the Warrants (assuming that all Warrants are exercised and without taking into account any limitations
on the exercise of the Warrants set forth therein). Upon exercise in accordance with the Warrants, the Warrant Shares when issued,
will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges and
other encumbrances with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Ordinary
Shares. 

 

(e)          Exemption
from 1933 Act. Subject to the accuracy of the representations and warranties of the
Buyers in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration under the 1933 Act.

 

    	6

    	 

    

 

(f)          No
Conflicts. The execution, delivery and performance of the Transaction Documents by
the Company and its Subsidiaries and the consummation by the Company and its Subsidiaries of the transactions contemplated hereby
and thereby (including, without limitation, the issuance of the Initial Securities and the issuance of the Warrants and the reservation
for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) will not (i) result in a violation of the
Memorandum of Association (as defined below) (including, without limitation, any certificate of designation contained therein)
or other organizational documents of the Company or any of its Subsidiaries, any capital stock of the Company or any of its Subsidiaries
or Articles of Association (as defined below) of the Company or any of its Subsidiaries, (ii) result in the adjustment of the exercise,
conversion or exchange price and/or ratio in respect of any securities of the Company or any of its Subsidiaries, result in any
such securities exercisable, convertible or exchangeable for a greater number of underlying securities, or require the approval
or the receipt of waivers from any holders of any instrument or class of securities or counterparties to any agreement or understanding
to which the Company or any Subsidiary is a party, (iii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, give to others any rights of termination, amendment, acceleration or cancellation
of, any indenture, agreement, note, lease, mortgage, deed or other instrument to which the Company or any of its Subsidiaries is
a party, or (iv) result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation,
foreign, federal and state securities laws and regulations) applicable to the Company or any of its Subsidiaries or by which any
property or asset of the Company or any of its Subsidiaries is bound or affected except, in the case of clause (ii), (iii) or (iv)
above, to the extent such violations that would not reasonably be expected to have a Material Adverse Effect.

 

(g)          No
Violation. Neither the Company nor any of its Subsidiaries is (i) in violation
of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice
or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition
contained in any indenture, agreement, note, lease, mortgage, deed or other instrument to which the Company or any of its Subsidiaries
is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company
or any of its Subsidiaries is subject; or (iii) in violation of any law, rule, regulation, order, judgment or decree (including,
without limitation, foreign, federal and state securities laws and regulations) applicable to the Company or any of its Subsidiaries
or by which any property or asset of the Company or any of its Subsidiaries is bound or affected except, in the case of clause
(ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material Adverse Effect.

 

(h)          Consents.
Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of, or make any filing or
registration with (other than the filing with the SEC of one or more Registration Statements in accordance with the requirements
of the Registration Rights Agreement, a Form D with the SEC and any other filings as may be required by any state securities agencies),
any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver
or perform any of its respective obligations under, or contemplated by, the Transaction Documents, in each case, in accordance
with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which the Company or any Subsidiary
is required to obtain have been obtained or effected, and neither the Company nor any of its Subsidiaries are aware of any facts
or circumstances which might prevent the Company or any Subsidiary from obtaining or effecting any of the registration, application
or filings contemplated by the Transaction Documents. 

 

    	7

    	 

    

 

(i)          Acknowledgment
Regarding Buyer’s Purchase of Securities. The Company acknowledges and agrees
that each Buyer is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and
the transactions contemplated hereby and thereby. The Company further acknowledges that no Buyer is acting as a financial advisor
or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect to the Transaction Documents and
the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to such Buyer’s
purchase of the Securities. The Company further represents to each Buyer that the Company’s and each Subsidiary’s decision
to enter into the Transaction Documents to which it is a party has been based solely on the independent evaluation by the Company,
each Subsidiary and their respective representatives.

 

(j)          No
General Solicitation; Placement Agent’s Fees. Neither the Company, nor any of
its Subsidiaries or affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or
general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities. The Company shall
be responsible for the payment of any placement agent’s fees, financial advisory fees, or brokers’ commissions (other
than for Persons engaged by any Buyer or its investment advisor) relating to or arising out of the transactions contemplated hereby.
Except as set forth on Schedule 4(j), neither the Company nor any of its
Subsidiaries has engaged any placement agent or other agent in connection with the offer or sale of the Securities.

 

(k)          No
Integrated Offering. None of the Company, its Subsidiaries or any of their affiliates,
nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers
to buy any security, under circumstances that would require registration of the issuance of any of the Securities under the 1933
Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities to require approval
of stockholders of the Company under any applicable stockholder approval provisions. None of the Company, its Subsidiaries, their
affiliates nor any Person acting on their behalf will take any action or steps that would require registration of the issuance
of any of the Securities under the 1933 Act or cause the offering of any of the Securities to be integrated with other offerings
of securities of the Company.

 

(l)          Dilutive
Effect. The Company acknowledges that its obligation to issue the Shares and the Warrant
Shares upon exercise of the Warrants in accordance with this Agreement and the Warrants is absolute and unconditional, regardless
of any dilutive effect that such issuance may have on the ownership interests of other stockholders of the Company.

 

(m)          Application
of Takeover Protections; Rights Agreement. The Company and its board of directors
have taken all necessary action, if any, in order to render inapplicable any control share acquisition, interested stockholder,
business combination, poison pill (including, without limitation, any distribution under a rights agreement) or other similar anti-takeover
provision under the Memorandum of Association, the Articles of Association, Bylaws or other organizational documents or the laws
of the jurisdiction of its incorporation or otherwise which is or could become applicable to any Buyer as a result of the transactions
contemplated by this Agreement, including, without limitation, the Company’s issuance of the Securities and any Buyer’s
ownership of the Securities. The Company and its board of directors have taken all necessary action, if any, in order to render
inapplicable any stockholder rights plan or similar arrangement relating to accumulations of beneficial ownership of Ordinary
Shares or a change in control of the Company or any of its Subsidiaries.

 

    	8

    	 

    

 

(n)          Financial
Statements. The audited financial statements of the Company for the last two fiscal
years are contained in the Form 20-F. Such financial statements have been prepared in accordance with United States generally accepted
accounting principles (“GAAP”) applied on a consistent basis during the periods involved, except as may be otherwise
specified in such financial statements or the notes thereto, and fairly present in all material respects the financial position
of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for
the periods then ended.

 

(o)          Absence
of Certain Changes. Since the date of the latest audited financial statements contained
in the Form 20-F and except as disclosed in the Form 20-F, there has been no material adverse change and no material adverse development
in the business, assets, liabilities, properties, operations (including results thereof), condition (financial or otherwise) or
prospects of the Company or any of its Subsidiaries. Except as disclosed in the Form 20-F, neither the Company nor any of its Subsidiaries
has (i) declared or paid any dividends, (ii) sold any assets, individually or in the aggregate, outside of the ordinary course
of business or (iii) made any material capital expenditures, individually or in the aggregate. Neither the Company nor any of its
Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization,
receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any
of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would
reasonably lead a creditor to do so.

 

(p)          No
Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability,
development or circumstance has occurred or exists, or is reasonably expected to occur or exist with respect to the Company, any
of its Subsidiaries or any of their respective businesses, properties, liabilities, prospects, operations (including results thereof)
or condition (financial or otherwise), that has not been disclosed to the Buyers and could reasonably likely have a Material Adverse
Effect. 

 

(q)          Conduct
of Business; Regulatory Permits; No Violations. Neither the Company nor any of its
Subsidiaries is in violation of any term of or in default under its Memorandum of Association, Articles of Association, Certificate
of Incorporation, any certificate of designation, preferences or rights of any other outstanding series of preferred stock of the
Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation or certificate of incorporation
or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any
statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries (including, without limitation, foreign,
federal and state securities laws and regulations), and neither the Company nor any of its Subsidiaries will conduct its business
in violation of any of the foregoing, except in all cases for possible violations which could not, individually or in the aggregate,
have a Material Adverse Effect. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued
by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse Effect, and neither
the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such
certificate, authorization or permit.

 

    	9

    	 

    

 

(r)          Foreign
Corrupt Practices. Neither the Company nor any of its Subsidiaries nor any director,
officer, agent, employee or other Person acting on behalf of the Company or any of its Subsidiaries has, in the course of its actions
for, or on behalf of, the Company or any of its Subsidiaries (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of
the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment,
kickback or other unlawful payment to any foreign or domestic government official or employee.

 

(s)          Transactions
With Affiliates. Except as disclosed in the Form 20-F, none of the officers, directors,
employees or affiliates of the Company or any of its Subsidiaries is presently a party to any transaction with the Company or any
of its Subsidiaries (other than for ordinary course services as employees, officers or directors), including any contract, agreement
or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or
from, or otherwise requiring payments to or from any such officer, director, employee or affiliate or, to the knowledge of the
Company or any of its Subsidiaries, any corporation, partnership, trust or other Person in which any such officer, director, employee
or affiliate has a substantial interest or is an employee, officer, director, trustee or partner.

 

(t)          Equity
Capitalization. As of the date hereof, the issued capital stock of the Company consists
of (i) 12,593,655 issued and outstanding Ordinary Shares and 3,872,154 Ordinary Shares reserved for issuance pursuant to capital
stock or other securities of the Company or any of its Subsidiaries that are at any time and under any circumstances directly or
indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any capital
stock or other security of the Company or any of its Subsidiaries (“Convertible Securities”) (other than relating
to the Securities), (ii) 633,333 deferred B shares of £0.001 each, which were previously issued and have all expired, and
(iii) 400,000 deferred C shares of £0.001 each, which were previously issued and have all expired. 3,729,516 shares of the
Company’s issued and outstanding Ordinary Shares, on a fully diluted basis, on the date hereof are owned by a Person who
is an “affiliate” (as defined in Rule 405 of the 1933 Act and calculated based on the assumption that only officers,
directors and holders of at least 10% of the Company’s issued and outstanding Ordinary Shares are “affiliates”
without conceding that any such Persons are “affiliates” for purposes of federal securities laws) of the Company or
any of its Subsidiaries. Except as disclosed in the Form 20-F, (i) except for liens granted to the investors in the April 2012
Private Placement, none of the Company’s or any Subsidiary’s capital stock is subject to preemptive rights or any other
similar rights or any liens or encumbrances suffered or permitted by the Company or any Subsidiary; (ii) there are no outstanding
options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or
rights convertible into, or exercisable or exchangeable for, any capital stock of the Company or any of its Subsidiaries, or contracts,
commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional
capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any capital
stock of the Company or any of its Subsidiaries; (iii) there are no outstanding debt securities, notes, credit agreements, credit
facilities or other agreements, documents or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by
which the Company or any of its Subsidiaries is or may become bound; (iv) there are no financing statements securing obligations
in any amounts filed in connection with the Company or any of its Subsidiaries; (v) there are no agreements or arrangements under
which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except
pursuant to the Registration Rights Agreement); (vi) there are no outstanding securities or instruments of the Company or any of
its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries; (vii) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities and (viii) neither the Company nor any Subsidiary has any stock appreciation rights, restricted
stock units or “phantom stock” plans or agreements or any similar plan or agreement. The Company has furnished to the
Buyers true, correct and complete copies of the Company’s Memorandum of Association, as amended and as in effect on the date
hereof (the “Memorandum of Association”), and the Company’s Articles of Association, as amended and as
in effect on the date hereof (the “Articles of Association”), and the terms of all securities convertible into,
or exercisable or exchangeable for, Ordinary Shares and the material rights of the holders thereof
in respect thereto. 

 

    	10

    	 

    

 

(u)          Indebtedness
and Other Contracts. Neither the Company nor any of its Subsidiaries (i) except as
disclosed in the Form 20-F, has any outstanding Indebtedness (as defined below), (ii) is a party to any contract, agreement or
instrument, the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument could
reasonably be expected to result in a Material Adverse Effect, (iii) is in violation of any term of, or in default under, any contract,
agreement or instrument relating to any Indebtedness, except where such violations and defaults would not result, individually
or in the aggregate, in a Material Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any
Indebtedness, the performance of which, in the judgment of the Company’s officers, has or is expected to have a Material
Adverse Effect. The Company has furnished to the Buyers true, correct and complete copies of all indentures, agreements, notes,
leases, mortgages, deeds or other instruments to which the Company or any Subsidiary is a party or by which the Company or any
Subsidiary is bound or affected that is material to the Company or any Subsidiary. “Indebtedness” of any Person
means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred
purchase price of property or services (including, without limitation, “capital leases” in accordance with GAAP), other
than (i) trade payables entered into in the ordinary course of business, (ii) trade payables entered into in the ordinary course
of business and trade payables relating to or arising from services provided by the Company’s counsel, (C) all reimbursement
or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced
by notes, bonds, debentures or similar instruments, or guarantees thereof, including obligations so evidenced incurred in connection
with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other
title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds
of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are
limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which,
in connection with GAAP, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness
referred to in clauses (A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property
has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness
or obligations of others of the kinds referred to in clauses (A) through (G) above; provided,
however, that, for the avoidance of doubt, any deferred compensation in
respect of any of the Company’s officers, directors, employees, agents or consultants shall not be deemed to constitute Indebtedness.
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto. “Person” means
an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof. 

 

    	11

    	 

    

 

(v)         Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before
or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the Company,
threatened against or affecting the Company or any of its Subsidiaries, the Ordinary Shares or
any of the Company’s or its Subsidiaries’ officers or directors which is outside of the ordinary course of business
or individually or in the aggregate material to the Company or any of its Subsidiaries. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any of its Subsidiaries
or any current or former director or officer of the Company or any of its Subsidiaries.

 

(w)          Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has been refused any insurance coverage sought or
applied for, and neither the Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to
continue its business at a cost that would not have a Material Adverse Effect.

 

    	12

    	 

    

 

(x)          Employee
Relations. Neither the Company nor any of its Subsidiaries is a party to any collective
bargaining agreement or employs any member of a union. The Company believes that its and its Subsidiaries’ relations with
their respective employees are good. No executive officer (as defined in Rule 501(f) promulgated under the 1933 Act) or other key
employee of the Company or any of its Subsidiaries has notified the Company or any such Subsidiary that such officer intends to
leave the Company or any such Subsidiary or otherwise terminate such officer’s employment with the Company or any such Subsidiary.
No executive officer or other key employee of the Company or any of its Subsidiaries is, or is now expected to be, in violation
of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement, non-competition
agreement, or any other contract or agreement or any restrictive covenant, and the continued employment of each such executive
officer or other key employee (as the case may be) does not subject the Company or any of its Subsidiaries to any liability with
respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all federal, state, local and
foreign laws and regulations respecting labor, employment and employment practices and benefits, terms and conditions of employment
and wages and hours, except where failure to be in compliance would not, either individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect.

 

(y)          Title.
Except for liens granted to the investors in the Company’s private placement of convertible notes and warrants consummated
on April 4, 2012 (the “April 2012 Private Placement”), the Company and its Subsidiaries have good and marketable
title in fee simple to all real property, and have good and marketable title to all personal property, owned by them which is material
to the business of the Company and its Subsidiaries, in each case, free and clear of all liens, encumbrances and defects except
such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such
property by the Company and any of its Subsidiaries. Any real property and facilities held under lease by the Company or any of
its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do
not interfere with the use made and proposed to be made of such property and buildings by the Company or any of its Subsidiaries.

 

(z)          Intellectual
Property Rights. The Company and its Subsidiaries own or possess adequate rights or
licenses to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights,
copyrights, original works, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual
property rights and all applications and registrations therefor (“Intellectual Property Rights”) necessary to
conduct their respective businesses as now conducted and as presently proposed to be conducted. None of the Company’s or
its Subsidiaries’ Intellectual Property Rights have expired, terminated or been abandoned, or are expected to expire, terminate
or be abandoned, within three years from the date of this Agreement. The Company has no knowledge of any infringement by the Company
or any of its Subsidiaries of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought,
or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the Company or any of its Subsidiaries
regarding their Intellectual Property Rights. The Company is not aware of any facts or circumstances which might give rise to any
of the foregoing infringements or claims, actions or proceedings. The Company and each of its Subsidiaries have taken reasonable
security measures to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights.

 

    	13

    	 

    

 

(aa)         Environmental
Laws. The Company and its Subsidiaries (i) are in compliance with all Environmental
Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental
Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license
or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply could be reasonably expected
to have, individually or in the aggregate, a Material Adverse Effect. “Environmental Laws” means all federal,
state, local or foreign laws relating to pollution or protection of human health or the environment (including, without limitation,
ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions,
discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes
(collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing,
distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes,
decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations
issued, entered, promulgated or approved thereunder.

 

(bb)         Subsidiary
Rights. The Company or one of its Subsidiaries has the unrestricted right to vote,
and (subject to limitations imposed by applicable law) to receive dividends and distributions on, all capital securities of its
Subsidiaries as owned by the Company or such Subsidiary.

 

(cc)         Tax
Status. The Company and each of its Subsidiaries (i) has timely made or filed all
foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction to which it
is subject, (ii) has timely paid all taxes and other governmental assessments and charges that are material in amount, shown or
determined to be due on such returns, reports and declarations, except those being contested in good faith and (iii) has set aside
on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns,
reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any
jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim. The Company is not operated
in such a manner as to qualify as a passive foreign investment company, as defined in Section 1297 of the U.S. Internal Revenue
Code of 1986, as amended.

 

(dd)         [RESERVED]

 

(ee)         Investment
Company Status. The Company is not, and upon consummation of the sale of the Securities
will not be, an “investment company,” an affiliate of an “investment company,” a company controlled by
an “investment company” or an “affiliated person” of, or “promoter” or “principal underwriter”
for, an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended. 

 

(ff)      
   Subsidiary Incorporated in Israel. The Company owns
100% of the outstanding capital stock of Morria Biopharma Ltd. (“Morria Ltd.”), a corporation incorporated
under the laws of the State of Israel. As of the date hereof, Morria Ltd. has no operations and holds no assets.

 

(gg)         Subsidiary
Incorporated in United States. The Company owns 100% of the outstanding capital stock
of Morria Biopharmaceuticals Inc., a Delaware corporation. 

 

    	14

    	 

    

 

(hh)         Transfer
Taxes. On each Closing Date, all stock transfer or other taxes (other than income
or similar taxes) which are required to be paid in connection with the issuance, sale and transfer of the Securities to be sold
to each Buyer hereunder will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes
will be or will have been complied with.

 

(ii)      
    Public Utility Holding Act. None of the Company nor
any of its Subsidiaries is a “holding company,” or an “affiliate” of a “holding company,”
as such terms are defined in the Public Utility Holding Act of 2005.

 

(jj)           Federal
Power Act. None of the Company nor any of its Subsidiaries is subject to regulation
as a “public utility” under the Federal Power Act, as amended.

 

(kk)         No
Additional Agreements. The Company does not have any agreement or understanding with
any Buyer with respect to the transactions contemplated by the Transaction Documents other than as specified in the Transaction
Documents.

 

(ll)           Real
Property. Each of the Company and its Subsidiaries holds good title to all real property,
leases in real property, or other interests in real property owned or held by the Company or any of its Subsidiaries (the “Real
Property”) owned by the Company or any of its Subsidiaries (as applicable). The Real Property is free and clear of all
mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other
encumbrances (collectively “Encumbrances”) and is not subject to any rights of way, building use restrictions,
exceptions, variances, reservations, or limitations of any nature except for (a) liens for current taxes not yet due, (b) zoning
laws and other land use restrictions that do not impair the present or anticipated use of the property subject thereto and (c)
liens granted to the investors in the April 2012 Private Placement.

 

(mm)       Fixtures
and Equipment. Each of the Company and its Subsidiaries (as applicable) has good title
to, or a valid leasehold interest in, the tangible personal property, equipment, improvements, fixtures, and other personal property
and appurtenances that are used by the Company or its Subsidiary in connection with the conduct of its business (the “Fixtures
and Equipment”). The Fixtures and Equipment are structurally sound, are in good operating condition and repair, are adequate
for the uses to which they are being put, are not in need of maintenance or repairs except for ordinary, routine maintenance and
repairs and are sufficient for the conduct of the Company’s and/or its Subsidiaries’ businesses (as applicable) in
the manner as conducted prior to the Closing. Each of the Company and its Subsidiaries owns all of its Fixtures and Equipment free
and clear of all Encumbrances except for (a) liens for current taxes not yet due, (b) zoning laws and other land use restrictions
that do not impair the present or anticipated use of the property subject thereto and (c) liens granted to the investors in the
April 2012 Private Placement.

 

(nn)         Illegal
or Unauthorized Payments; Political Contributions. Neither the Company nor any of
its Subsidiaries nor, to the best of the Company’s knowledge (after reasonable inquiry of its officers and directors), any
of the officers, directors, employees, agents or other representatives of the Company or any of its Subsidiaries or any other business
entity or enterprise with which the Company or any Subsidiary is or has been affiliated or associated, has, directly or indirectly,
made or authorized any payment, contribution or gift of money, property, or services, whether or not in contravention of applicable
law, (a) as a kickback or bribe to any Person or (b) to any political organization, or the holder of or any aspirant to any elective
or appointive public office except for personal political contributions not involving the direct or indirect use of funds of the
Company or any of its Subsidiaries.

 

    	15

    	 

    

 

(oo)         Money
Laundering. The Company and its Subsidiaries are in compliance with, and have not
previously violated, the USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations,
including, without limitation, the laws, regulations and Executive Orders and sanctions programs administered by the U.S. Office
of Foreign Assets Control, including, without limitation, (i) Executive Order 13224 of September 23, 2001 entitled, “Blocking
Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism” (66 Fed. Reg. 49079
(2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(pp)         [RESERVED]

 

(qq)         FDA.
As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal
Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged,
labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical
Product”), such Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed
by the Company in compliance with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration,
investigational use, premarket clearance, licensure, or application approval, good manufacturing practices, good laboratory practices,
good clinical practices, product listing, quotas, labeling, advertising, record keeping and filing of reports, except where the
failure to be in compliance would not have a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge,
threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint,
or investigation) against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received
any notice, warning letter or other communication from the FDA or any other governmental entity, which (i) contests the premarket
clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing
of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall,
suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales promotional materials relating to, any
Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries,
(iv) enjoins production at any facility of the Company or any of its Subsidiaries, (v) enters or proposes to enter into a consent
decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws,
rules or regulations by the Company or any of its Subsidiaries, and which, either individually or in the aggregate, would have
a Material Adverse Effect. The properties, business and operations of the Company have been and are being conducted in all material
respects in accordance with all applicable laws, rules and regulations of the FDA or applicable foreign jurisdiction regulatory
bodies.  The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the
United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern
as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.

 

    	16

    	 

    

 

(rr)         Disclosure.
The Company understands and confirms that each of the Buyers will rely on the foregoing representations in effecting transactions
in securities of the Company. All disclosure provided to the Buyers regarding the Company and its Subsidiaries, their businesses
and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company or
any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not
misleading. Each press release issued by the Company or any of its Subsidiaries during the twelve (12) months preceding the date
of this Agreement did not at the time of release contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they are made, not misleading. No event or circumstance has occurred or information exists with respect to the Company or any of
its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions
(financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof
or announcement by the Company but which has not been so publicly disclosed. The Company acknowledges and agrees that no Buyer
makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Section 3.

 

5.        
  COVENANTS.

 

(a)          Best
Efforts. Each Buyer shall use its best efforts to timely satisfy each of the conditions
to be satisfied by it as provided in Section 7 of this Agreement. The Company shall use its best efforts to timely satisfy each
of the conditions to be satisfied by it as provided in Section 8 of this Agreement.

 

(b)          Form
D and Blue Sky. The Company shall file a Form D with respect to the Securities as
required under Regulation D and to provide a copy thereof to each Buyer promptly after such filing. The Company shall, on or before
the Closing Date, take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for,
or to, qualify the Securities for sale to the Buyers at the Closing pursuant to this Agreement under applicable securities or “Blue
Sky” laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence
of any such action so taken to the Buyers on or prior to the Closing Date. Without limiting any other obligation of the Company
under this Agreement, the Company shall timely make all filings and reports relating to the offer and sale of the Securities required
under all applicable securities laws (including, without limitation, all applicable federal securities laws and all applicable
“Blue Sky” laws), and the Company shall comply with all applicable federal, foreign, state and local laws, statutes,
rules, regulations and the like relating to the offering and sale of the Securities to the Buyers.

 

    	17

    	 

    

 

(c)          Reporting
Status. The Company shall have the registration statement pursuant to Section 12 of
the Exchange Act on Form 20-F filed with the SEC declared effective by January 3, 2013 (the “Self Filing Effective Date”).
From the Self Filing Effective Date until the earlier to occur of (i) the date on which the Buyers shall have sold all of the Registrable
Securities or (ii) the five (5) year anniversary of the date of this Agreement (such period is referred to herein as the “Reporting
Period”), the Company shall timely file all reports required to be filed with the SEC pursuant to the 1934 Act,
and the Company shall not terminate its status as an issuer required to file reports under the 1934 Act even if the 1934 Act or
the rules and regulations thereunder would no longer require or otherwise permit such termination.

 

(d)          Use
of Proceeds. The Company shall use the proceeds from the sale of the Securities as
approximately set forth in the private placement memorandum provided to each Buyer prior to the date hereof (the “Private
Placement Memorandum”).

 

(e)          Financial
Information. The Company agrees to send the following to each Investor (as defined
in the Registration Rights Agreement) during the Reporting Period (but in no event prior to the Self Filing Effective Date) unless
the following are publicly filed with the SEC through EDGAR or are otherwise available to the public, (i) within one (1) Business
Day after the filing thereof with the SEC, a copy of its Annual Reports on Form 20-F, any interim reports or any consolidated balance
sheets, income statements, stockholders’ equity statements and/or cash flow statements for any period other than annual,
any Reports of Foreign Private Issuer on Form 6-K and any registration statements (other than on Form S-8) or amendments filed
pursuant to the 1933 Act, (ii) on the same day as the release thereof, facsimile copies of all press releases issued by the Company
or any of its Subsidiaries and (iii) copies of any notices and other information made available or given to the stockholders of
the Company generally, contemporaneously with the making available or giving thereof to the stockholders.

 

(f)          Listing
or Quotation. As promptly as practicable after the Self Filing Effective Date, the
Company shall take all necessary actions to obtain listing or quotation for trading of the Ordinary
Shares or American depositary shares or receipts representing the Ordinary Shares (the “ADSs”) on the OTC Bulletin
Board (or any successor) (the “Principal Market”). If the Ordinary Shares or ADSs
becomes listed or designated for quotation on any other Eligible Market (as defined below), then the Company shall promptly secure
the listing or designation for quotation (as the case may be) of all of the Registrable Securities (or ADSs representing such Registrable
Securities) upon each national securities exchange and automated quotation system, if any, upon which the Ordinary
Shares or ADSs are then listed or designated for quotation (as the case may be) (subject to official notice of issuance)
and shall maintain such listing or designation for quotation (as the case may be) of all Registrable Securities (or ADSs representing
such Registrable Securities) from time to time issuable under the terms of the Transaction Documents on such then applicable national
securities exchange or automated quotation system. The Company shall take all necessary actions to maintain the Ordinary
Shares’ (or ADSs representing such Registrable Securities) trading on the Principal Market. If in the future, the
Ordinary Shares or ADSs become listed or designated for quotation on any of The New York Stock
Exchange, the NYSE Amex, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (each, together
with the Principal Market, an “Eligible Market”), the Company shall maintain the Ordinary
Shares of ADSs’ listing or designation for quotation (as the case may be) on such market. Neither the Company nor
any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting or suspension of the
Ordinary Shares or ADSs on an Eligible Market on which the Ordinary
Shares or ADSs are then traded, listed or designated for quotation. The Company shall take such actions and do all things
reasonably necessary or appropriate to assist the Buyer in exchanging any Shares or Warrant Shares for ADSs. The Company shall
pay all fees and expenses in connection with satisfying its obligations under this Section 5(e).

 

    	18

    	 

    

 

(g)          Fees;
Expenses. The Company shall be responsible for the payment of any placement agent’s
fees, financial advisory fees, or broker’s commissions (other than for Persons engaged by any Buyer) claimed by any person
or entity as a result of commitments made by the Company and relating to or arising out of the transactions contemplated hereby.
The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable
attorneys’ fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment, except for
payments that are determined to be due to such third parties as a result of commitments made by the Buyers. Except as otherwise
set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses in connection with the sale of
the Securities to the Buyers.

 

(h)          Pledge
of Securities. Notwithstanding anything to the contrary contained in this Agreement,
the Company acknowledges and agrees that the Securities may be pledged by a Buyer in connection with a bona fide margin agreement
or other loan or financing arrangement that is secured by the Securities. The pledge of Securities shall not be deemed to be a
transfer, sale or assignment of the Securities hereunder, and no Buyer effecting a pledge of Securities shall be required to provide
the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction
Document. The Company hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request
in connection with a pledge of the Securities to such pledgee by a Buyer.

 

(i)          Disclosure
of Transactions and Other Material Information. From and after the Self Filing Effective
Date, the Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers,
directors, employees and agents not to, provide any Buyer with any material, non-public information regarding the Company or any
of its Subsidiaries, without the express prior written consent of such Buyer. From and after the Self Filing Effective Date, in
the event of a breach of any of the foregoing covenants or any of the covenants contained in Section 5(o) by the Company, any of
its Subsidiaries, or any of its or their respective officers, directors, employees and agents (as determined in the reasonable
good faith judgment of such Buyer), in addition to any other remedy provided herein or in the Transaction Documents, such Buyer
shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material,
non-public information without the prior approval by the Company, any of its Subsidiaries, or any of its or their respective officers,
directors, employees or agents. No Buyer shall have any liability to the Company, any of its Subsidiaries, or any of its or their
respective officers, directors, employees, stockholders or agents, for any such disclosure. Subject to the foregoing, neither the
Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements with respect to the transactions
contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of any Buyer, to make any press
release or other public disclosure with respect to such transactions (i) contemporaneously therewith and (ii) as is required by
applicable law and regulations (including, without limitation, any applicable law or regulation of the United Kingdom) (provided
that in the case of clause (i) each Buyer shall be consulted by the Company in connection with any such press release or other
public disclosure prior to its release). Without the prior written consent of the applicable Buyer, the Company shall not (and
shall cause each of its Subsidiaries and affiliates to not) disclose the name of such Buyer in any filing, announcement, release
or otherwise, except as may be required by applicable law and regulations (including, without limitation, any applicable law or
regulation of the United Kingdom). Notwithstanding anything contained in this Agreement to the contrary and without implication
that the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer has had, and no Buyer shall
have (unless expressly agreed to by a particular Buyer after the date hereof in a written definitive and binding agreement executed
by the Company and such particular Buyer (it being understood and agreed that no Buyer may bind any other Buyer with respect thereto)),
any duty of confidentiality with respect to, or a duty not to trade on the basis of, any information regarding the Company or any
of its Subsidiaries.

 

    	19

    	 

    

 

(j)        
   [RESERVED]

 

(k)       
   Reservation of Shares. So long as any of the
Warrants remain outstanding or unexpired and unexercised, the Company shall take all action necessary to at all times have
authorized, and reserved for the purpose of issuance, no less than 133% of the aggregate of the maximum number of Warrant
Shares issuable upon exercise of the Warrants (assuming that all Warrants are exercised and without taking into account any
limitations on the exercise of the Warrants set forth therein).

 

(l)   
        Conduct of Business. The
business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or regulation of any
governmental entity, except where such violations would not result, either individually or in the aggregate, in a Material
Adverse Effect.

 

(m)          Passive
Foreign Investment Company. The Company shall use its commercially reasonable efforts
to conduct its business in such a manner as will ensure that the Company will not be deemed to constitute a passive foreign investment
company within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

(n)          [RESERVED]

 

(o)          Corporate
Existence. For so long as any of the Warrants remain outstanding or unexpired and
unexercised, the Company shall not be party to any Fundamental Transaction (as defined in the Warrants) unless the Company is in
compliance with the applicable provisions governing Fundamental Transactions set forth in the Warrants.

 

    	20

    	 

    
 

(p)          Most
Favored Nation Provision.  

 

(i)          From
the date hereof until the Expiration Date, upon any issuance, offer, sale, grant of any option or right to purchase or other disposition
of) any equity security or any equity-linked or related security (including, without limitation, any “equity security”
(as that term is defined under Rule 405 promulgated under the 1933 Act), any Convertible Securities, any debt, any preferred stock
or any purchase rights) (any such issuance, offer, sale, grant, disposition, announcement or commencement of marketing is referred
to as a “Subsequent Placement”), each Buyer may elect, in its sole discretion, to exchange all or some of the
Shares and a proportionate number of Warrants (based on the initial ratio of Shares to Warrants issued to such Buyer at Closing)
then held by such Buyer for additional securities (including any additional securities issued as part of a unit with such security)
of the same type issued in such Subsequent Placement (such exchange to be made at the same time as the closing of such Subsequent
Placement), on the same terms and conditions as the Subsequent Placement, based on the Per Share Purchase Price multiplied by the
number of Shares being exchanged.  By way of example, if the Company undertakes a Subsequent Placement of convertible debentures
and warrants, each Buyer shall have the right to participate in such Subsequent Placement and use the exchange of its Shares as
consideration, on a USD$1 for USD$1 basis, in lieu of cash consideration. Notwithstanding whether such Subsequent Placement includes
customary Beneficial Ownership Limitations, such Buyer’s securities issued in the Subsequent Placement shall include such
limitations such that the Buyer’s beneficial ownership in Ordinary Shares does not exceed the Maximum Percentage (as defined
below). “Expiration Date” means the earlier of (i) the six month anniversary date of the Effective Date (as
defined in the Registration Rights Agreement) or (ii) the date immediately following the 20 consecutive Trading Days wherein the
trading volume for the Ordinary Shares or ADSs on the Principal Market exceeds $100,000 per Trading Day, which 20 consecutive Trading
Day period shall have commenced only after the Effective Date.

 

(ii)         The
Company shall provide each Buyer with at least five (5) Trading Days prior notice of the closing of the Subsequent Placement, which
notice shall include written details on the financing so as to confirm the calculations above to the satisfaction of the Buyer.
Notwithstanding anything to the contrary herein in this Section 5(o), this Section 5(o) shall not apply to an issuance of Excluded
Securities (as defined below). The Company acknowledges and agrees that the right set forth in this Section 5(t) is a right granted
by the Company, separately, to each Buyer. “Excluded Securities” means (x) the issuance of (A) Ordinary
Shares or standard options to purchase Ordinary Shares to directors, officers, employees,
consultants or agents of the Company in their capacity as such pursuant to an Approved Share Plan (as defined below), provided
that (1) prior to the Expiration Date (but not thereafter), all such issuances (taking into account the Ordinary
Shares issuable upon exercise of such options) after the date hereof pursuant to this clause (A) do not, in the aggregate,
exceed more than the sum of 774,000 Ordinary Shares (representing the shares authorized under
the Company’s Approved Share Plan as of the date of this Agreement) and any shares that are issuable in substitution for
forfeited options (in each case, adjusted for stock splits, stock combinations and other similar transactions occurring after the
date of this Agreement) and (2) the exercise price of any such options is not lowered, none of such options are amended to increase
the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed
in any manner that adversely affects any of the Buyers; (B) Ordinary Shares issued upon the conversion
or exercise of Convertible Securities (other than standard options to purchase Ordinary Shares
issued pursuant to an Approved Share Plan that are covered by clause (A) above) issued prior to the date hereof, provided that
the conversion or exercise (as the case may be) of any such Convertible Security is made solely pursuant to the conversion or exercise
(as the case may be) provisions of such Convertible Security that were in effect on the date immediately prior to the date of this
Agreement, the conversion or exercise price of any such Convertible Securities (other than standard options to purchase Ordinary
Shares issued pursuant to an Approved Share Plan that are covered by clause (A) above) is not lowered (whether via amendment
or through the operation of the terms of such Convertible Security or any agreement relating thereto, including anti-dilution provisions),
none of such Convertible Securities are (other than standard options to purchase Ordinary Shares
issued pursuant to an Approved Share Plan that are covered by clause (A) above) (nor is any provision of any such Convertible Securities)
amended or waived in any manner (whether by the Company or the holder thereof) to increase the number of shares issuable thereunder
or decrease the conversion or exercise price thereof and none of the terms or conditions of any such Convertible Securities (other
than standard options to purchase Ordinary Shares issued pursuant to an Approved Share Plan that
are covered by clause (A) above) are otherwise materially changed or waived (whether by the Company or the holder thereof) in any
manner that adversely affects any of the Buyers; (C) the Warrants; and (D) the Warrant Shares.

 

    	21

    	 

    

 

 

6.        
  REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)          Register.
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to each holder of Securities), a register for the Warrants in which the Company shall record the name and address of
the Person in whose name the Warrants have been issued (including the name and address of each transferee) and the number of Warrant
Shares issuable upon exercise of the Warrants held by such Person. Prior to the Self Filing Effective Date, the Company may act
as its own register in respect of the Ordinary Shares. The Company shall keep the register open
and available at all times during business hours for inspection of any Buyer or its legal representatives.

 

(b)          Transfer
Agent Instructions. As promptly as practicable after the Self Filing Effective Date,
the Company shall issue irrevocable instructions to its transfer agent and any subsequent transfer agent in a form acceptable to
each of the Buyers (the “Irrevocable Transfer Agent Instructions”) to issue certificates or credit shares to
the applicable balance accounts at The Depository Trust Company (“DTC”), registered in the name of each Buyer
or its respective nominee(s), for the Shares or ADSs and the Warrant Shares or ADSs in such amounts as specified from time to time
by each Buyer to the Company upon the exercise of the Warrants. The Company represents and warrants that no instruction other than
the Irrevocable Transfer Agent Instructions referred to in this Section 6(b), will be given by the Company to its transfer agent
with respect to the Securities, and that the Securities shall otherwise be freely transferable on the books and records of the
Company, as applicable, to the extent provided in this Agreement and the other Transaction Documents. If a Buyer effects a sale,
assignment or transfer of the Securities in accordance with Section 3(g), the Company shall permit the transfer and shall promptly
instruct its transfer agent to issue one or more certificates or credit shares to the applicable balance accounts at DTC in such
name and in such denominations as specified by such Buyer to effect such sale, transfer or assignment. In the event that such sale,
assignment or transfer involves Shares or ADSs or Warrant Shares or ADSs sold, assigned or transferred pursuant to an effective
registration statement or in compliance with Rule 144, the transfer agent shall issue such shares to such Buyer, assignee or transferee
(as the case may be) without any restrictive legend in accordance with Section 6(d) below. The Company acknowledges that a breach
by it of its obligations hereunder may cause irreparable harm to each Buyer. Accordingly, the Company acknowledges that the remedy
at law for a breach of its obligations under this Section 6(b) will be inadequate and agrees, in the event of a breach or threatened
breach by the Company of the provisions of this Section 6(b), that each Buyer shall be entitled, in addition to all other available
remedies, to seek an order and/or injunction restraining any breach and requiring immediate issuance and transfer, without the
necessity of showing economic loss and without any bond or other security being required. The Company shall cause its counsel to
issue the legal opinion referred to in the Irrevocable Transfer Agent Instructions to the Company’s transfer agent on each
Effective Date (as defined in the Registration Rights Agreement). If a Buyer or any subsequent holder of the Securities proposes
to transfer the Securities held by such Person pursuant to Rule 144, the Company shall provide necessary opinions to its transfer
agent, if requested, provided that such Buyer or such subsequent holder, as the case may be, provides the necessary representations
as requested by the Company’s counsel. Any fees (with respect to the transfer agent, counsel to the Company or otherwise)
associated with the issuance of such opinion or the removal of any legends on any of the Securities shall be borne by the Company.

 

    	22

    	 

    
 

(c)          Legends.
Each Buyer understands that the Securities have been issued (or will be issued in the case of the Warrant Shares)
pursuant to an exemption from registration or qualification under the 1933 Act and applicable state securities laws, and except
as set forth in Section 6(d) below, the Securities shall bear any legend as required by the “blue sky” laws of any
state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of
such stock certificates):

 

NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER
(IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT
OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

    	23

    	 

    

 

(d)          Removal
of Legends. Certificates evidencing Securities shall not be required to contain the
legend set forth in Section 6(c) above or any other legend (i) while a registration statement (including a Registration Statement)
covering the resale of such Securities is effective under the 1933 Act, (ii) following any sale of such Securities pursuant to
Rule 144 (assuming the transferor is not an affiliate of the Company), (iii) if such Securities are eligible to be sold, assigned
or transferred without restriction under Rule 144 (provided that a Buyer provides the Company with reasonable assurances that such
Securities are eligible for sale, assignment or transfer under Rule 144 which shall not include an opinion of counsel), (iv) in
connection with a sale, assignment or other transfer (other than under Rule 144), provided that such Buyer provides the Company
with an opinion of counsel to such Buyer, in a form reasonably acceptable to the Company, to the effect that such sale, assignment
or transfer of the Securities may be made without registration under the applicable requirements of the 1933 Act or (v) if such
legend is not required under applicable requirements of the 1933 Act (including, without limitation, controlling judicial interpretations
and pronouncements issued by the SEC). If a legend is not required pursuant to the foregoing, the Company shall no later than three
(3) Trading Days following the delivery by a Buyer to the Company or the transfer agent (with notice to the Company) of a legended
certificate representing such Securities (endorsed or with stock powers attached, signatures guaranteed, and otherwise in form
necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries from such Buyer as may be
required above in this Section 6(d), as directed by such Buyer, either: (A) provided that the Company’s transfer agent is
participating in the DTC Fast Automated Securities Transfer Program and such Securities are Shares or Warrant Shares, credit the
aggregate number of Ordinary Shares to which such Buyer shall be entitled to such Buyer’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or (B) if the Company’s
transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver (via reputable overnight
courier) to such Buyer, a certificate representing such Securities that is free from all restrictive and other legends, registered
in the name of such Buyer or its designee (the date by which such credit is so required to be made to the balance account of such
Buyer’s or such Buyer’s nominee with DTC or such certificate is required to be delivered to such Buyer pursuant to
the foregoing is referred to herein as the “Required Delivery Date”)

 

(e)          Failure
to Timely Deliver. If the Company fails to (i) issue and deliver (or cause to be delivered)
to a Buyer by the Required Delivery Date a certificate representing the Securities so delivered to the Company by such Buyer that
is free from all restrictive and other legends or (ii) credit the balance account of such Buyer’s or such Buyer’s nominee
with DTC for such number of Warrant Shares so delivered to the Company, then, in addition to all other remedies available to such
Buyer, the Company shall pay in cash to such Buyer on each Trading Day beginning on the 2nd Trading Day after the Required
Delivery Date that the issuance or credit of such shares is not timely effected an amount equal to 1% of the product of (A) the
number of Ordinary Shares not so delivered or credited (as the case may be) to such Buyer or
such Buyer’s nominee multiplied by (B) the Closing Sale Price of the Ordinary Shares on
the Trading Day immediately preceding the Required Delivery Date.

 

7.       
   CONDITIONS TO THE COMPANY’S OBLIGATION TO SELL.

 

(a)          The
obligation of the Company hereunder to issue and sell the applicable Securities to each Buyer at the Closing is subject to the
satisfaction, at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Company’s
sole benefit and may be waived by the Company at any time in its sole discretion by providing each Buyer with prior written notice
thereof:

 

    	24

    	 

    

 

 

(i)          Such
Buyer and each other Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered the
same to the Company.

 

(ii)         Such
Buyer and each other Buyer shall have delivered to the Company the Purchase Price for the Securities being purchased by such Buyer
at the Closing by wire transfer of immediately available funds pursuant to the Escrow Agreement.

 

(iii)        The
representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific
date, which shall be true and correct as of such date), and such Buyer shall have performed, satisfied and complied in all material
respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by
such Buyer at or prior to the Closing Date.

 

(iv)        The
aggregate Purchase Price shall be at least USD$1,500,000.

 

8.         
 CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE. 

 

(a)          The
obligation of each Buyer hereunder to purchase the applicable Securities at the Closing is subject to the satisfaction, at or before
the Closing Date, of each of the following conditions, provided that these conditions are for each Buyer’s sole benefit and
may be waived by such Buyer at any time in its sole discretion by providing the Company with prior written notice thereof:

 

(i)          The
Company and each Subsidiary (as the case may be) shall have duly executed and delivered to such Buyer each of the Transaction Documents
to which it is a party and the Company shall have duly executed and delivered to such Buyer the Securities being purchased by such
Buyer at the Closing pursuant to this Agreement (which, in relation to the Closing, shall be (A) the aggregate number of Shares
set forth on such Buyer’s signature page, and (B) a Warrant to initially acquire up to the aggregate number of Warrant Shares
as is set forth on such Buyer’s signature page.

 

(ii)         Such
Buyer shall have received the opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., the Company’s U.S. counsel,
dated as of the Closing Date, in the form and substance acceptable to such Buyer and addressing such legal matters as such Buyers
may reasonably request.

 

(iii)        Such
Buyer shall have received the opinion of Fladgate LLP, the Company’s U.K. counsel, dated as of the Closing Date, in the form
and substance acceptable to such Buyer and addressing such legal matters as such Buyers may reasonably request.

 

(iv)        The
aggregate Purchase Price shall be at least USD$1,500,000.

 

    	25

    	 

    

 

(v)         The
Company shall have delivered to such Buyer a certificate evidencing the formation, qualification and/or good standing of the Company
and each of its Subsidiaries in each such entity’s jurisdiction of formation and each jurisdiction in which they are qualified
(or should be qualified) to do business, issued by the Secretary of State (or comparable office) of such jurisdictions, of formation,
qualification and/or good standing as of a date within ten (10) days of the Closing Date.

 

(vi)        The
Company shall have delivered to such Buyer a certified copy of the Certificate of Incorporation as certified by the Companies House
of the Company’s jurisdiction of incorporation within ten (10) days of the Closing Date.

 

(vii)       The
Company and each Subsidiary shall have delivered to such Buyer certificates, in the form acceptable to such Buyer, executed by
the Secretary of the Company and each Subsidiary (or another officer, if such entity does not have a secretary) and dated as of
the Closing Date, as to (i) the resolutions consistent with Section 4(b) as adopted by the Company’s and each Subsidiary’s
board of directors in a form reasonably acceptable to such Buyer, (ii) the Memorandum of Association and Articles of Association
of the Company and the organizational documents of each Subsidiary and (iii) the Bylaws of the Company and the bylaws of each Subsidiary,
each as in effect at the Closing.

 

(viii)      Each
and every representation and warranty of the Company shall be true and correct as of the date when made and as of the Closing Date
as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall
be true and correct as of such date) and the Company shall have performed, satisfied and complied in all respects with the covenants,
agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Closing Date.
Such Buyer shall have received a certificate, executed by the President of the Company, dated as of the Closing Date, to the foregoing
effect and as to such other matters as may be reasonably requested by such Buyer in the form acceptable to such Buyer.

 

(ix)         The
Company shall have delivered to such Buyer a certificate from the Company’s transfer agent (which, for the avoidance of doubt,
may be the Company) certifying the number of Ordinary Shares outstanding on the Closing Date
immediately prior to the Closing and certain other matters typically covered by a transfer agent’s certificate.

 

(x)          The
Company shall have obtained all governmental, regulatory or third party consents and approvals, if any, necessary for the sale
of the Securities, including without limitation, those required by the Principal Market, if any.

 

(xi)         No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed
by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions contemplated
by the Transaction Documents.

 

    	26

    	 

    

 

(xii)        Since
the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would have or result
in a Material Adverse Effect.

 

(xiii)       The
Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating to the
transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

9.    
      TERMINATION.

 

In the event that the
Closing shall not have occurred with respect to a Buyer within ten (10) days after the date hereof, then such Buyer shall have
the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business
on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate this
Agreement under this Section 9 shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement
to have been consummated by such date is the result of such Buyer’s breach of this Agreement and (ii) the abandonment of
the sale and purchase of the Shares and the Warrants shall be applicable only to such Buyer providing such written notice, provided
further that no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the
expenses described in Section 5(g) above. Nothing contained in this Section 9 shall be deemed to release any party from any liability
for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the
right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction
Documents.

 

10.         MISCELLANEOUS.

 

(a)          Governing
Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed
or operate to preclude any Buyer from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company’s obligations to such Buyer or to enforce a judgment or other court ruling in favor of such Buyer.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

 

    	27

    	 

    

 

(b)          Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the
event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document format (.pdf)
file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

 

(c)          Headings;
Gender. The headings of this Agreement are for convenience of reference and shall
not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun
herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer
to this entire Agreement instead of just the provision in which they are found.

 

(d)          Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). Notwithstanding
anything to the contrary contained in this Agreement or any other Transaction Document (and without implication that the following
is required or applicable), it is the intention of the parties that in no event shall amounts and value paid by the Company and/or
its Subsidiaries (as the case may be), or payable to or received by any of the Buyers, under the Transaction Documents (including
without limitation, any amounts that would be characterized as “interest” under applicable law) exceed amounts permitted
under any applicable law. Accordingly, if any obligation to pay, payment made to any Buyer, or collection by any Buyer pursuant
the Transaction Documents is finally judicially determined to be contrary to any such applicable law, such obligation to pay, payment
or collection shall be deemed to have been made by mutual mistake of such Buyer, the Company and its Subsidiaries and such amount
shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as
would not be so prohibited by the applicable law. Such adjustment shall be effected, to the extent necessary, by reducing or refunding,
at the option of such Buyer, the amount of interest or any other amounts which would constitute unlawful amounts required to be
paid or actually paid to such Buyer under the Transaction Documents. For greater certainty, to the extent that any interest, charges,
fees, expenses or other amounts required to be paid to or received by such Buyer under any of the Transaction Documents or related
thereto are held to be within the meaning of “interest” or another applicable term to otherwise be violative of applicable
law, such amounts shall be pro-rated over the period of time to which they relate.

 

    	28

    	 

    

 

(e)          Entire
Agreement; Amendments. This Agreement, the other Transaction Documents, the Disclosure
Schedules and the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein supersede
all other prior oral or written agreements between the Buyers, the Company, its Subsidiaries, their affiliates and Persons acting
on their behalf solely with respect to the matters contained herein and therein, and this Agreement, the other Transaction Documents,
the Disclosure Schedules and the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein
contain the entire understanding of the parties solely with respect to the matters covered herein and therein; provided, however,
nothing contained in this Agreement or any other Transaction Document shall (or shall be deemed to) (i) have any effect on any
agreements any Buyer has entered into with, or any instruments any Buyer has received from, the Company or any of its Subsidiaries
prior to the date hereof with respect to any prior investment made by such Buyer in the Company or (ii) waive, alter, modify or
amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to any Buyer or any
other Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries
and any Buyer, or any instruments any Buyer received from the Company and/or any of its Subsidiaries prior to the date hereof,
and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein,
neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. For
clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an
instrument in writing signed by the Company and the Required Buyers (as defined below), and any amendment to any provision of this
Agreement made in conformity with the provisions of this Section 10(e) shall be binding on all Buyers and holders of Securities,
as applicable, provided that no such amendment shall be effective to the extent that it (1) applies to less than all of the holders
of the Securities then outstanding or (2) imposes any obligation or liability on any Buyer without such Buyer’s prior written
consent (which may be granted or withheld in such Buyer’s sole discretion). No waiver shall be effective unless it is in
writing and signed by an authorized representative of the waiving party, provided that the Required Buyers may waive any provision
of this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions of this Section 10(e)
shall be binding on all Buyers and holders of Securities, as applicable, provided that no such waiver shall be effective to the
extent that it (1) applies to less than all of the holders of the Securities then outstanding (unless a party gives a waiver as
to itself only) or (2) imposes any obligation or liability on any Buyer without such Buyer’s prior written consent (which
may be granted or withheld in such Buyer’s sole discretion). No consideration shall be offered or paid to any Person to amend
or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same consideration also
is offered to all of the parties to the Transaction Documents, all holders of Shares or all holders of the Warrants (as the case
may be). The Company has not, directly or indirectly, made any agreements with any Buyers relating to the terms or conditions of
the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents. Without limiting the
foregoing, the Company confirms that, except as set forth in this Agreement, no Buyer has made any commitment or promise or has
any other obligation to provide any financing to the Company, any Subsidiary or otherwise. As a material inducement for each Buyer
to enter into this Agreement, the Company expressly acknowledges and agrees that no due diligence or other investigation or inquiry
conducted by a Buyer, any of its advisors or any of its representatives shall affect such Buyer’s right to rely on, or shall
modify or qualify in any manner or be an exception to any of, the Company’s representations and warranties contained in this
Agreement or any other Transaction Document. “Required Buyers” means Buyers having Purchase Prices in the aggregate
that are at least equal to a majority of the aggregate Purchase Prices for all Buyers.

 

    	29

    	 

    

 

(f)          Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party);
(iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the
sending party and the sending party does not receive an automatically generated message from the recipient’s e-mail server
that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Business Day
after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party
to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Mark Cohen

Executive Chairman –
Morria Biopharmaceuticals PLC

c/o Pearl Cohen Zedek Latzer,
LLP

1500 Broadway

New York, NY 10036

Telephone: (646) 878-0804

Facsimile: (646) 878-0801

Email: markc@pczlaw.com

 

With a copy (for informational
purposes only) to:

 

Mintz, Levin, Cohn, Ferris, Glovsky
and Popeo, P.C.

666 Third Avenue

New York, NY 10017

Telephone:  (212) 935-3000

Facsimile:   (212) 983-3115

Attention:   Kenneth R. Koch, Esq.

     Jeffrey P. Schultz,
Esq.         

 

If to a Buyer, to its address, facsimile
number or e-mail address set forth on such buyer’s signature page hereto.

 

    	30

    	 

    

 

or to such other address, facsimile number
or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to
each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine containing the time, date and recipient facsimile number or (C) provided by an overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from an overnight courier service in accordance with clause (i),
(ii) or (iv) above, respectively. A copy of the e-mail transmission containing the time, date and recipient e-mail address shall
be rebuttable evidence of receipt by e-mail in accordance with clause (iii) above.

 

(g)          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the
parties and their respective successors and assigns, including, as contemplated below, any assignee of any of the Securities. The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Required
Buyers, including, without limitation, by way of a Fundamental Transaction (as defined in the Warrants) (unless the Company is
in compliance with the applicable provisions governing Fundamental Transactions set forth in the the Warrants). On or prior to
the Closing Date, a Buyer shall not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Company. 

 

(h)          No
Third Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, other than the Indemnitees referred to in Section 10(k).

 

(i)       
   Survival. The representations, warranties,
agreements and covenants shall survive the Closing. Each Buyer shall be responsible only for its own representations,
warranties, agreements and covenants hereunder.

 

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

 

    	31

    	 

    

 

(k)          Indemnification.
In consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring the Securities thereunder
and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall defend, protect,
indemnify and hold harmless each Buyer and each holder of any Securities and all of their stockholders, partners, members, officers,
directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or other representatives (including,
without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”)
from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification
hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Company or any Subsidiary in any of the Transaction Documents, (b) any breach of any covenant, agreement
or obligation of the Company or any Subsidiary contained in any of the Transaction Documents or (c) any cause of action, suit,
proceeding or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action
brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from
the following (except that the Company shall not have any obligations hereunder to such Buyer as a result of a breach of any of
the Transaction Documents by such Buyer): (i) the execution, delivery, performance or enforcement of any of the Transaction Documents,
(ii) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance
of the Securities, (iii) any disclosure properly made by such Buyer pursuant to Section 5(i), or (iv) the status of such Buyer
or holder of the Securities either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents
or as a party to this Agreement (including, without limitation, as a party in interest or otherwise in any action or proceeding
for injunctive or other equitable relief). To the extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities
which is permissible under applicable law. Except as otherwise set forth herein, the mechanics and procedures with respect to the
rights and obligations under this Section 10(k) shall be the same as those set forth in Section 6 of the Registration Rights Agreement.

 

(l)       
   Construction. The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction
will be applied against any party. No specific representation or warranty shall limit the generality or applicability of a
more general representation or warranty. Each and every reference to share prices, Ordinary
Shares and any other numbers in this Agreement that relate to the Ordinary Shares
shall be automatically adjusted for stock splits, stock combinations and other similar transactions that occur with respect
to the Ordinary Shares after the date of this Agreement.

 

(m)          Remedies.
Each Buyer and each holder of any Securities shall have all rights and remedies set forth in the Transaction Documents and all
rights and remedies which such holders have been granted at any time under any other agreement or contract and all of the rights
which such holders have under any law. Any Person having any rights under any provision of this Agreement shall be entitled to
enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any
provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes that in the event
that it or any Subsidiary fails to perform, observe, or discharge any or all of its or such Subsidiary’s (as the case may
be) obligations under the Transaction Documents, any remedy at law may prove to be inadequate relief to the Buyers. The Company
therefore agrees that the Buyers shall be entitled to seek specific performance and/or temporary, preliminary and permanent injunctive
or other equitable relief from any court of competent jurisdiction in any such case without the necessity of proving actual damages
and without posting a bond or other security.

 

(n)          Withdrawal
Right. Notwithstanding anything to the contrary contained in (and without limiting
any similar provisions of) the Transaction Documents, whenever any Buyer exercises a right, election, demand or option under a
Transaction Document and the Company or any Subsidiary does not timely perform its related obligations within the periods therein
provided, then such Buyer may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company
or such Subsidiary (as the case may be), any relevant notice, demand or election in whole or in part without prejudice to its future
actions and rights.

 

    	32

    	 

    

 

(o)          Payment
Set Aside; Currency. To the extent that the Company makes a payment or payments to
any Buyer hereunder or pursuant to any of the other Transaction Documents or any of the Buyers enforce or exercise their rights
hereunder or thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded,
repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation,
any bankruptcy law, foreign, state or federal law, common law or equitable cause of action), then to the extent of any such restoration
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such enforcement or setoff had not occurred. Unless otherwise expressly indicated, all dollar
amounts referred to in this Agreement and the other Transaction Documents are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Agreement and all other Transaction Documents shall be paid in U.S. Dollars. All amounts denominated
in other currencies (if any) shall be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on
the date of calculation. “Exchange Rate” means, in relation to any amount of currency to be converted
into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant
date of calculation.

 

(p)          Independent
Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under
the Transaction Documents are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible
in any way for the performance of the obligations of any other Buyer under any Transaction Document. Nothing contained herein or
in any other Transaction Document, and no action taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the
Buyers as, and the Company acknowledges that the Buyers do not so constitute, a partnership, an association, a joint venture or
any other kind of group or entity, or create a presumption that the Buyers are in any way acting in concert or as a group or entity
with respect to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company
acknowledges that the Buyers are not acting in concert or as a group, and the Company shall not assert any such claim, with respect
to such obligations or the transactions contemplated by the Transaction Documents. The decision of each Buyer to purchase Securities
pursuant to the Transaction Documents has been made by such Buyer independently of any other Buyer. Each Buyer acknowledges that
no other Buyer has acted as agent for such Buyer in connection with such Buyer making its investment hereunder and that no other
Buyer will be acting as agent of such Buyer in connection with monitoring such Buyer’s investment in the Securities or enforcing
its rights under the Transaction Documents. The Company and each Buyer confirms that each Buyer has independently participated
with the Company and its Subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel
and advisors. Each Buyer shall be entitled to independently protect and enforce its rights, including, without limitation, the
rights arising out of this Agreement or out of any other Transaction Documents, and it shall not be necessary for any other Buyer
to be joined as an additional party in any proceeding for such purpose. The use of a single agreement to effectuate the purchase
and sale of the Securities contemplated hereby was solely in the control of the Company, not the action or decision of any Buyer,
and was done solely for the convenience of the Company and its Subsidiaries and not because it was required or requested to do
so by any Buyer. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
Document is between the Company, each Subsidiary and a Buyer, solely, and not between the Company, its Subsidiaries and the Buyers
collectively and not between and among the Buyers.

 

[signature
pages follow]

 

    	33

    	 

    

 

IN WITNESS WHEREOF,
Buyer and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written
above.

 

	 	COMPANY:
	 	 
	 	morria biopharmaceuticals
    plc
	 	 	 	 
	 	By:	 
	 	 	Name:	Yuval Cohen
	 	 	Title:	President

 

    	 

    	 

    

 

[PURCHASER SIGNATURE PAGES TO MORRIA
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Buyer: ________________________________________________________

 

Signature of Authorized Signatory of
Buyer: __________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory:
______________________________________________

 

Facsimile Number of Authorized Signatory:
_____________________________________________

 

Address for Notice to Buyer:

 

Address for Delivery of Securities to Buyer
(if not same as address for notice):

 

Subscription Amount: USD$_________________

 

Shares: _________________

 

Warrant Shares: __________________

 

EIN Number: _______________________

 

[SIGNATURE PAGES CONTINUE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]