Document:

Exhibit

Exhibit 10.4
NORTHROP GRUMMAN CORPORATION 
MODIFIED TERMS AND CONDITIONS APPLICABLE TO 
2017 RESTRICTED PERFORMANCE STOCK RIGHTS 
GRANTED UNDER THE 2011 LONG-TERM INCENTIVE STOCK PLAN
These Terms and Conditions (“Terms”) apply to certain “Restricted Performance Stock Rights” (“RPSRs”) granted by Northrop Grumman Corporation (the “Company”) in 2017 under its 2011 Long-Term Incentive Stock Plan.  If you were granted an RPSR award by the Company in 2017, the date of grant of your RPSR award and the target number of RPSRs applicable to your award are set forth in the letter from the Company announcing your RPSR award (your “Grant Letter”) and are also reflected in the electronic stock plan award recordkeeping system (“Stock Plan System”) maintained by the Company or its designee.  These Terms apply only with respect to the 2017 RPSR award.  If you were granted an RPSR award, you are referred to as the “Grantee” with respect to your award.  Capitalized terms are generally defined in Section 12 below if not otherwise defined herein.
Each RPSR represents a right to receive one share of the Company’s Common Stock, or cash of equivalent value as provided herein subject to vesting as provided herein.  The performance period applicable to your award is January 1, 2017 to December 31, 2019 (the “Performance Period”).  The target number of RPSRs subject to your award is subject to adjustment as provided herein.  The RPSR award is subject to all of the terms and conditions set forth in these Terms, and is further subject to all of the terms and conditions of the Plan, as it may be amended from time to time, and any rules adopted by the Committee, as such rules are in effect from time to time.    If you do not formally accept your RPSR award, including these Terms, in accordance with the instructions and time limit set forth in your Grant Letter, you will be deemed to have forfeited your RPSR award.

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	1.
	Vesting; Payment of RPSRs.

The RPSRs are subject to the vesting and payment provisions established by the Committee with respect to the Performance Period.  RPSRs (and any Dividend Equivalents (as defined below)) that vest based on such provisions will be paid as provided below.  
1.1.    Performance-Based Vesting of RPSRs.  Subject to Sections 2 and 6 below, the RPSRs subject to the award shall vest and become nonforfeitable based on the performance methodology and goals established by the Committee for the Performance Period.  At the conclusion of the Performance Period, the Committee shall determine whether and the extent to which the performance goals have been achieved.  The percentage of target RPSRs subject to the award (if any) that have vested for the Performance Period (the “Earnout Percentage”) shall be determined by the Committee based on the methodology and goals as established by the Committee, and its determination of the Earnout Percentage shall be conclusive and binding.  Any RPSRs (and related Dividend Equivalents) subject to the award that are not vested as of the conclusion of the Performance Period after giving effect to the Committee’s determinations under this Section 1.1 shall terminate and become null and void as of the last day of the Performance Period.
1.2.    Payment of RPSRs.  The number of RPSRs payable at the conclusion of the Performance Period (“Vested RPSRs”) shall be determined by multiplying the Earnout Percentage by the target number of RPSRs subject to the award.  The Vested RPSRs and any RPSRs that vest and become payable pursuant to Section 2 or 6 may be paid out in either an equivalent number of shares of Common Stock, or, in the discretion of the Committee, in cash or in a combination of shares of Common Stock and cash.  In the event of a cash payment, the amount of payment for each Vested RPSR to be paid in cash will equal the Fair Market Value (as defined below) of a share of Common Stock as of the date the Committee determines the extent to which the applicable RPSR performance criteria have been achieved.  Vested RPSRs will be paid within 60 days of the vesting date, but in no event later than March 15 of the year following the last day of the Performance Period.
1.3.    Dividend Equivalents.  The Grantee shall be entitled to payment for Dividend Equivalents (if any) with respect to any Vested RPSRs and any RPSRs that vest and become payable pursuant to Section 2 or 6.  For purposes of these Terms, “Dividend Equivalents” means the aggregate amount of dividends paid by the Company on a number of shares of Common Stock equivalent to the number of Vested RPSRs (or the number of RPSRs 

 
that vest and become payable pursuant to Section 2 or 6) during the period from the beginning of the Performance Period until the date the Vested RPSRs (or the RPSRs that vest and become payable pursuant to Section 2 or 6) are paid, without interest or other adjustments to reflect the time value of money.  For these purposes, any Vested RPSRs or RPSRs that vest and become payable pursuant to Section 2 or 6 in excess of the target number of RPSRs subject to the award shall be considered to have been granted at the beginning of the Performance Period.  Dividend Equivalents (if any) will be paid at the same time as the Vested RPSRs (or the RPSRs that vest and become payable pursuant to Section 2 or 6) to which they relate are paid.  Dividend Equivalents will be paid in cash.
		
	2.
	Early Termination of Award; Termination of Employment.

2.1General.  The RPSRs (and related Dividend Equivalents) subject to the award shall terminate and become null and void prior to the conclusion of the Performance Period if and when (a) the award terminates in connection with a Change in Control pursuant to Section 6 below, or (b) except as provided below in this Section 2 and in Section 6, the Grantee ceases for any reason to be an employee of the Company or one of its subsidiaries.
2.2Termination of Employment Due to Retirement, Death or Disability.  The number of RPSRs (and related Dividend Equivalents) subject to the award shall vest on a prorated basis as provided herein if the Grantee’s employment by the Company and its subsidiaries terminates due to the Grantee’s Early Retirement, death, or Disability and, in each case, only if the Grantee has completed at least six (6) consecutive calendar months of employment with the Company or a subsidiary during the three-year Performance Period.  Such prorating of RPSRs (and related Dividend Equivalents) shall be based on the number of calendar days the Grantee was actually employed by the Company or one of its subsidiaries over the number of calendar days in the Performance Period (the number of prorated RPSRs, the “Prorated RPSRs”).  If the Grantee ceases to be employed by the Company or one of its subsidiaries due to the Grantee’s Early Retirement on July 31, 2019 or Normal Retirement and such Retirement occurs more than six (6) months after the Grant Date, the RPSRs will vest as if the employee had remained an employee for the full Performance Period.  Any RPSRs (and related Dividend Equivalents) subject to the award that do not vest in accordance with this Section 2.2 upon a termination of the Grantee’s employment due to Early Retirement or Normal Retirement (collectively 

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“Retirement”), death or Disability shall terminate immediately upon such termination of employment.
Death or Disability.  In the case of death or Disability (a) the Earnout Percentage of the Grantee’s Prorated RPSRs (and related Dividend Equivalents) will be deemed to be 100% (target), regardless of actual performance, and (b) payment of the Prorated RPSRs (and related Dividend Equivalents) that vest pursuant to this Section 2.2 will be made within 60 days of the Grantee’s death or Disability, but in no event later than March 15 of the year following the date of the death or Disability. 
Retirement in General.  Subject to the following provisions of this Section 2.2, in the case of Retirement, the Earnout Percentage will be used to calculate the Grantee’s Vested RPSRs, and payment of the Vested RPSRs (and related Dividend Equivalents) will be made in accordance with Section 1.2 above. 
In determining the Grantee’s eligibility for Retirement, service is measured by dividing (a) the number of days the Grantee was employed by the Company or a subsidiary in the period commencing with his or her last date of hire by the Company or a subsidiary through and including the date on which the Grantee is last employed by the Company or a subsidiary, by (b) 365.  If the Grantee ceased to be employed by the Company or a subsidiary and was later rehired by the Company or a subsidiary, the Grantee’s service prior to the break in service shall be disregarded in determining service for such purposes; provided that, if the Grantee’s employment with the Company or a subsidiary had terminated due to the Grantee’s Retirement, or by the Company or a subsidiary as part of a reduction in force (in each case, other than a termination by the Company or a subsidiary for cause) and, within the two-year period following such termination of employment (the “break in service”) the Grantee was subsequently rehired by the Company or a subsidiary, then the Grantee’s period of service with the Company or a subsidiary prior to and ending with the break in service will be included in determining service for such purposes.  In the event the Grantee is employed by a business that is acquired by the Company or a subsidiary, the Company shall have discretion to determine whether the Grantee’s service prior to the acquisition will be included in determining service for such purposes.
Retirement Due to Government Service.  In the case of a Governmental Service Retirement by the Grantee (a) the Performance Period used to calculate the Grantee’s Vested RPSRs will be deemed to have ended as of the most recent date that performance has been measured by 

 
the Company with respect to the RPSRs prior to the Grantee’s Retirement (but in no event shall such date be more than one year before the Grantee’s Retirement), (b) the Earnout Percentage of the Grantee’s Prorated RPSRs (and related Dividend Equivalents) will be determined based on actual performance for that short Performance Period, and (c) payment of the Prorated RPSRs that become Vested RPSRs (and Dividend Equivalents thereon) will be made within 20 days after Retirement. 
2.3Other Terminations of Employment.  Subject to Section 6.2, all RPSRs (and related Dividend Equivalents) subject to the award shall  terminate immediately upon a termination of the Grantee’s employment: (a) for any reason other than due to the Grantee’s Retirement, death or Disability; or (b) for Retirement, death or Disability, if the six-month employment requirement under Section 2.2 above is not satisfied.
2.4Leave of Absence.  Unless the Committee otherwise provides (at the time of the leave or otherwise), if the Grantee is granted a leave of absence by the Company, the Grantee (a) shall not be deemed to have incurred a termination of employment at the time such leave commences for purposes of the award, and (b) shall be deemed to be employed by the Company for the duration of such approved leave of absence for purposes of the award.  A termination of employment shall be deemed to have occurred if the Grantee does not timely return to active employment upon the expiration of such approved leave or if the Grantee commences a leave that is not approved by the Company.
2.5Salary Continuation.  Subject to Section 2.4 above, the term “employment” as used herein means active employment by the Company and salary continuation without active employment (other than a leave of absence approved by the Company that is covered by Section 2.4) will not, in and of itself, constitute “employment” for purposes hereof (in the case of salary continuation without active employment, the Grantee’s cessation of active employee status shall, subject to Section 2.4, be deemed to be a termination of “employment” for purposes hereof).  Furthermore, salary continuation will not, in and of itself, constitute a leave of absence approved by the Company for purposes of the award.
2.6Sale or Spinoff of Subsidiary or Business Unit.  For purposes of the RPSRs (and related Dividend Equivalents) subject to the award, a termination of employment of the Grantee shall be deemed to have occurred if the Grantee is employed by a subsidiary or business unit and that subsidiary or business unit is sold, spun off, or otherwise divested, the Grantee does not otherwise continue to be employed by the Company or 

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one of its subsidiaries after such event, and the divested entity or business (or its successor or a parent company) does not assume the award in connection with such transaction.  In the event of such a termination of employment, the termination shall be deemed to be a Retirement treated as provided for in Section 2.2 (subject to Section 6).
2.7Continuance of Employment Required.  Except as expressly provided in Section 2.2, Section 2.4 and in Section 6, the vesting of the RPSRs (and related Dividend Equivalents) subject to the award requires continued employment through the last day of the Performance Period as a condition to the vesting of any portion of the award.  Employment for only a portion of the Performance Period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment.  Nothing contained in these Terms, the Grant Letter, the Stock Plan System, or the Plan constitutes an employment commitment by the Company or any subsidiary, affects the Grantee’s status (if the Grantee is otherwise an at-will employee) as an employee at will who is subject to termination without cause, confers upon the Grantee any right to continue in the employ of the Company or any subsidiary, or interferes in any way with the right of the Company or of any subsidiary to terminate such employment at any time.
2.8Death.  In the event of the Grantee’s death subsequent to the vesting of RPSRs but prior to the delivery of shares or other payment with respect to such RPSRs (and related Dividend Equivalents), the Grantee’s Successor shall be entitled to any payments to which the Grantee would have been entitled under these Terms with respect to such RPSRs.
3.Non-Transferability and Other Restrictions.
3.1Non-Transferability.  The award, as well as the RPSRs (and related Dividend Equivalents) subject to the award, are non-transferable and shall not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge.  The foregoing transfer restrictions shall not apply to transfers to the Company.  Notwithstanding the foregoing, the Company may honor any transfer required pursuant to the terms of a court order in a divorce or similar domestic relations matter to the extent that such transfer does not adversely affect the Company’s ability to register the offer and sale of the underlying shares on a Form S-8 Registration Statement and such transfer is otherwise in compliance with all applicable legal, regulatory and listing requirements.

 
3.2Recoupment of Awards.  Any payments or issuances of shares with respect to the award are subject to recoupment pursuant to the Company’s Policy Regarding the Recoupment of Certain Performance-Based Compensation Payments as in effect from time to time as well as any recoupment or similar provisions of applicable law, and the Grantee shall promptly make any reimbursement requested by the Board or Committee pursuant to such policy or applicable law with respect to the award.  Further, the Grantee agrees, by accepting the award, that the Company and its affiliates may deduct from any amounts it may owe the Grantee from time to time (such as wages or other compensation) to the extent of any amounts the Grantee is required to reimburse the Company pursuant to such policy or applicable law with respect to the award.
4.Post-Employment Conduct.
4.1Corporate Policy Council Contribution.   You acknowledge and agree that as a member of the Corporate Policy Council (“CPC”), you are involved in managing the global operations of the Company, incorporated in Delaware and headquartered in Virginia.  You are involved in the most sensitive and proprietary matters affecting the Company, its subsidiaries, predecessors, and/or affiliates (collectively, “Northrop Grumman”), including from a  technical, strategic and financial perspective, and are widely exposed to confidential, sensitive and proprietary information concerning Northrop Grumman’s global operations, at the headquarters and each of the operating sectors, including in the areas of manned and unmanned aircraft, space, C4ISR, cyber, sensors, electronics, through-life support and technical services.  Your job responsibilities require that you have a primary office location in Virginia and/or you spend substantial time at the corporate headquarters in Virginia, among other things, attending CPC and other leadership meetings, and managing operations and employees in Virginia.  You occupy one of the most senior executive positions in the Company and have far-reaching access to highly confidential, valuable and sensitive information, customer, vendor and employee relationships, intellectual property, strategic and tactical plans, and financial information and plans.   The Company has a legitimate business interest in restricting your ability to compete in the specific manner set forth below.  The Company has provided you this grant, subject to these Terms and as consideration for the restrictive covenants set forth in this section 4.

4.2Non-Competition.   For a period of thirty-six (36) months from the date of the termination of Grantee’s employment for any reason (other than a Reduction-in-Force as determined at the Company’s sole 

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discretion) (“Termination”), you will not, directly or indirectly, oversee, control, participate in, or support the design, operation, research, manufacture, marketing, sale, or distribution of “Competitive Products and Services”.  For the purpose of this section, “Competitive Products and Services” shall mean products or services that compete for resources with or are an alternative or potential alternative to, the products sold or services provided by Northrop Grumman, including without limitation products and services in the areas of manned and unmanned aircraft, space, C4ISR, cyber, sensors, electronics, through-life support and technical services.

4.3Non-Solicitation of Customers.  For a period of thirty-six (36) months from your Termination, you shall not, directly or indirectly, solicit any customer, supplier, or teammate of Northrop Grumman with whom you engaged, or about whom you received confidential, sensitive, or proprietary information, in the course of your employment with Northrop Grumman, for purposes of providing products or services in competition with Northrop Grumman.  In the case of a governmental, regulatory or administrative agency, commission, department or other governmental authority, the customer is determined by reference to the specific program offices or activities for which Northrop Grumman provides goods or services.

4.4Non-Solicitation of Employees.   For a period of thirty-six (36) months from your Termination, you shall not, directly or indirectly, solicit or offer to hire, any person who was, within a period of six months prior to your Termination, employed by Northrop Grumman, with whom you worked or about whom you received information in the course of your employment with Northrop Grumman.

4.5Non-Disparagement.  You will not issue or communicate any statement, whether verbal or written, or take any other action that disparages or may be interpreted to disparage the Company, its products, services, officers, directors, or employees; provided that the foregoing shall not apply to any truthful statements made in connection with a legal process, including government investigation. 

4.6Exceptions.  You may request an exception to the covenants in Sections 4.2, 4.3, or 4.4 by making a written request to the Company’s Chief Human Resources Officer, with such exceptions being considered at the sole discretion of the Company and communicated in writing to you.

4.7Reasonableness.  You agree that the restrictions set forth in Sections 4.2, 4.3, and 4.4  are (i) 

 
reasonable and necessary in all respects, including duration, territory and scope of activity, in order to protect the Company’s legitimate business interests, (ii) that the parties have attempted to limit your right to compete only to the extent necessary to protect the Company’s legitimate business interests, and (iii) that you will be able to earn a livelihood without violating the restrictions in this section.  It is the intent of the parties that the provisions of this section shall be enforced to the fullest extent permissible under applicable law.  However, if any portion of Section 4.2, 4.3, or 4.4 is deemed unenforceable, the parties agree that a court or arbitrator may revise the portion deemed unenforceable to the maximum extent possible to achieve the objective of the parties, and the remainder of the section shall remain in full force and affect.

4.8Remedies.   If you violate any provision in Section 4.2, 4.3, 4.4, and/or 4.5 of this section, the Company shall have the right to terminate without payment to you any unvested and/or unpaid RPSRs (and associated Dividend Equivalents) and require that you immediately deliver to the Company an amount in cash equal to the aggregate Fair Market Value, determined as of the vesting and/or payment date of all RPSRs already received, including any Dividend Equivalents, within one year prior to the breach.  Further, you acknowledge and agree that a breach of any of the provisions of this section will result in immediate, irreparable, and continuing damage to the Company for which there is no adequate remedy at law, and the Company will be entitled to injunctive relief, a decree of specific performance, and other relief as may be proper, including monetary damages, to the maximum extent available.

		
	5.
	Compliance with Laws; No Stockholder Rights Prior to Issuance.

The Company’s obligation to make any payments or issue any shares with respect to the award is subject to full compliance with all then applicable requirements of law, the Securities and Exchange Commission, or other regulatory agencies having jurisdiction over the Company and its shares, and of any exchange upon which stock of the Company may be listed.  The Grantee shall not have the rights and privileges of a stockholder, including without limitation the right to vote or receive dividends (except as expressly provided in these Terms with respect to Dividend Equivalents), with respect to any shares which may be issued in respect of the RPSRs until the date appearing on the certificate(s) for such shares (or, in the case of shares entered in book entry form, the date that the shares are actually recorded in such form for the benefit of the Grantee), if such shares become deliverable.

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6.Adjustments; Change in Control.
6.1Adjustments.  The RPSRs and the shares subject to the award are subject to adjustment upon the occurrence of events such as stock splits, stock dividends and other changes in capitalization in accordance with Section 6(a) of the Plan.  In addition, for RPSRs that do not use a relative total shareholder return metric as the applicable performance criterion, the applicable performance criteria and goals are subject to adjustment pursuant to Section 8 of the Plan.  Any such adjustment or determination not to make any adjustment shall be conclusive and binding.
6.2Possible Acceleration on Change in Control.  Notwithstanding the provisions of Section 2 hereof, and further subject to the Company’s ability to terminate the award as provided in Section 6.3 below, the Grantee shall be entitled to vesting of the award as provided below in the event of the Grantee’s termination of employment if at the time of the termination, the termination occurs either within the Protected Period corresponding to a Change in Control of the Company or within twenty-four (24) calendar months following the date of a Change in Control of the Company, and the Grantee’s employment by the Company and its subsidiaries is involuntarily terminated by the Company and its subsidiaries for reasons other than Cause or by the Grantee for Good Reason.
Notwithstanding anything else contained herein to the contrary, the termination of the Grantee’s employment (or other events giving rise to Good Reason) shall not entitle the Grantee to any accelerated vesting pursuant to this Section 6.2 if there is objective evidence that, as of the commencement of the Protected Period, the Grantee had specifically been identified by the Company as an employee whose employment would be terminated as part of a corporate restructuring or downsizing program that commenced prior to the Protected Period and such termination of employment was expected at that time to occur within six (6) months.
In the event the Grantee is entitled to payment in accordance with the foregoing provisions of this Section 6.2, then the Grantee will be eligible for payment of a number of RPSRs (and related Dividend Equivalents) determined in accordance with the following formula:  (a) the Earnout Percentage determined in accordance with Section 1 but calculated based on performance for the portion of the three-year Performance Period ending on the last day of the month coinciding with or immediately preceding the date of the termination of the Grantee’s employment, multiplied by (b) the target number of RPSRs subject to the award.  Payment of any amount due under this Section 6.2 will be made within 60 days of the date of the termination of Grantee’s 

 
employment, but in no event later than March 15th of the year following the Grantee’s termination of employment.
6.3Automatic Acceleration; Early Termination.  If the Company undergoes a Change in Control triggered by clause (iii) or (iv) of the definition thereof and the Company is not the surviving entity and the successor to the Company (if any) (or a Parent thereof) does not agree in writing prior to the occurrence of the Change in Control to continue and assume the award following the Change in Control, or if for any other reason the award would not continue after the Change in Control, then upon the Change in Control the Grantee shall be entitled to a payment of the RPSRs (and related Dividend Equivalents) as provided below and the award shall terminate.  Unless the Committee expressly provides otherwise in the circumstances, no acceleration of vesting of the award shall occur pursuant to this Section 6.3 in connection with a Change in Control if either (a) the Company is the surviving entity, or (b) the successor to the Company (if any) (or a Parent thereof) agrees in writing prior to the Change in Control to assume the award.  The Committee may make adjustments pursuant to Section 6(a) of the Plan and/or deem an acceleration of vesting of the award pursuant to this Section 6.3 to occur sufficiently prior to an event if necessary or deemed appropriate to permit the Grantee to realize the benefits intended to be conveyed with respect to the shares underlying the award; provided, however, that, the Committee may reinstate the original terms of the award if the related event does not actually occur.
In the event the Grantee is entitled to a payment in accordance with the foregoing provisions of this Section 6.3, then the Grantee will be eligible for payment of a number of RPSRs (and related Dividend Equivalents) determined in accordance with the following formula:  (a) the Earnout Percentage determined in accordance with Section 1 but calculated based on performance for the portion of the three-year Performance Period ending on the date of the Change in Control of the Company, multiplied by (b) the target number of RPSRs subject to the award.  Payment of any amount due under this Section 6.3 will be made within 60 days of the Change of Control, but in no event later than March 15 of the year following the Change in Control.  In the event the Grantee is employed by the Company or a subsidiary immediately prior to the Change in Control and is entitled to payment in accordance with the foregoing provisions of this Section 6.3, then this Section 6.3 shall control as to the amount and timing of the payment of the award notwithstanding anything in Section 2.2 or 6.2 to the contrary.  In the event of the Grantee’s Retirement pursuant to Section 2.2 prior to a Change in Control described in the first paragraph of this Section 6.3 in which the award is to be terminated, the Earnout 

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Percentage shall no longer be based on the portion of the Performance Period otherwise considered for purposes of Section 2.2 but shall instead be calculated based on performance for the portion of the three-year Performance Period ending on the date of the Change in Control of the Company.
		
	7.
	Tax Matters.

7.1 Tax Withholding.  The Company or the subsidiary which employs the Grantee shall be entitled to require, as a condition of making any payments or issuing any shares upon vesting of the RPSRs and related Dividend Equivalents, that the Grantee or other person entitled to such shares or other payment pay the minimum sums required to be withheld by federal, state, local or other applicable tax law with respect to such vesting or payment.  Alternatively, the Company or such subsidiary, in its discretion, may make such provisions for the withholding of taxes as it deems appropriate (including, without limitation, withholding the taxes due from compensation otherwise payable to the Grantee or reducing the number of shares otherwise deliverable with respect to the award (valued at their then Fair Market Value) by the amount necessary to satisfy such statutory minimum withholding obligations).
7.2Transfer Taxes.  The Company will pay all federal and state transfer taxes, if any, and other fees and expenses in connection with the issuance of shares in connection with the vesting of the RPSRs.
7.3Compliance.  These Terms are designed to be exempt from Code Section 409A, and the Committee shall administer and construe the award, and may amend the Terms of the award, in such a way as to be exempt from and to avoid adverse tax consequences under Code Section 409A.
7.4Unfunded Arrangement.  The right of the Grantee to receive payment under the award shall be an unsecured contractual claim against the Company.  As such, neither the Grantee nor any Successor shall have any rights in or against any specific assets of the Company based on the award.  Awards shall at all times be considered entirely unfunded for tax purposes.
7.5Code Section 280G.  Notwithstanding any other provision of this Agreement to the contrary, in the event that any amounts payable to you as a result of Section 6.2 or 6.3 hereof, either alone or together with amounts payable pursuant to any other plan, program or arrangement (a) constitute “parachute payments” within the meaning of Section 280G of the Code, and (b) but for this Section 7.5 would be subject to the excise tax imposed by Section 4999 of the Code or any comparable successor provisions (the “Excise Tax”), then the vesting 

 
acceleration provided in Section 6.2 or 6.3, as applicable, shall be either (a) provided to you in full, or (b) provided to you to such lesser extent that would result in no portion of the payments so accelerated being subject to the Excise Tax, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, results in the receipt by you, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be subject to the Excise Tax.  All determinations required to be made under this Section 7.5 shall be made by a registered public accounting firm selected by the Company, which shall provide supporting calculations both to the Company and you no later than the date of the applicable Change in Control. In the event that the Payments are to be reduced pursuant to this Section 7.5, such Payments shall be reduced such that the reduction of compensation to be provided to the Executive as a result of this Section 7.5 is minimized.  In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.  
8.Choice of Law; Venue; Arbitration.  
This agreement shall be governed by the laws of the State of Delaware.  Any cause of action or claim arising out of or related to the terms and conditions applicable to this grant will be determined through final and binding arbitration, in accordance with Northrop Grumman CTM H200 USHR 2-32, provided that the prevailing party in the arbitration shall be entitled to receive from the losing party reasonably incurred attorneys’ fees and costs.  You and the Company agree that any arbitration hearing and related proceedings shall be convened and conducted in Falls Church, VA.  If you or the Company believes they require immediate relief to enforce or challenge these terms, before arbitration is commenced or concluded, either party may seek injunctive or other provisional equitable relief from a state or federal court in the Commonwealth of Virginia.  All court actions or proceedings arising under these terms shall be heard in a state or federal court in the Commonwealth of Virginia.  The Company and you hereby agree to the jurisdiction of the state and federal courts in the Commonwealth of Virginia and waive any right to object to such actions on grounds of venue, jurisdiction or convenience.
		
	9.
	Committee Authority.

The Committee has the discretionary authority to determine any questions as to the date when the 

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Grantee’s employment terminated and the cause of such termination and to interpret any provision of these Terms, the Grant Letter, the Stock Plan System, the Plan, and any other applicable rules.  Any action taken by, or inaction of, the Committee relating to or pursuant to these Terms, the Grant Letter, the Stock Plan System, the Plan, or any other applicable rules shall be within the absolute discretion of the Committee and shall be conclusive and binding on all persons.
		
	10.
	Plan; Amendment.

The RPSRs (and related Dividend Equivalents) subject to the award are governed by, and the Grantee’s rights are subject to, all of the terms and conditions of the Plan and any other rules adopted by the Committee, as the foregoing may be amended from time to time.  The Grantee shall have no rights with respect to any amendment of these Terms or the Plan unless such amendment is in writing and signed by a duly authorized officer of the Company.  In the event of a conflict between the provisions of the Grant Letter and/or the Stock Plan System and the provisions of these Terms and/or the Plan, the provisions of these Terms and/or the Plan, as applicable, shall control.
		
	11.
	Required Holding Period.

The holding requirements of this Section 11 shall apply to any Grantee who is an elected or appointed officer of the Company on the date any RPSRs are paid (or, if earlier, on the date the Grantee’s employment by the Company and its subsidiaries terminates for any reason).  Any Grantee subject to this Section 11 shall not be permitted to sell, transfer, anticipate, alienate, assign, pledge, encumber or charge 50% of the total number (if any) of shares of Common Stock the Grantee receives as payment for the RPSRs until the earlier of (A) the third anniversary of the date such shares of Common Stock are paid to the Grantee, (B) the date the Grantee’s employment by the Company and its subsidiaries terminates due to the Grantee’s death or Disability, (C) the occurrence of a Change in Control that results in termination and payment under Section 6.2 or 6.3 above, or (D) with respected to Grantee’s entering a U.S. federal government position only, the latest of (i) the date the Grantee’s employment with the Company terminates, or (ii) the date the Grantee formally accepts the government position in writing, or (iii) the date the government confirms the Grantee (for positions requiring nomination and confirmation).  Should the Grantee’s employment by the Company and its subsidiaries terminate (regardless of the reason for such termination, but other than due to the Grantee’s death or Disability or a Change in Control related termination under Section 6.2 or entering a U.S. federal government position), such holding period requirement shall not apply as to any shares acquired 

 
upon payment of RPSRs to the extent such payment is made more than one year after such termination of employment.  (For purposes of clarity, in such circumstances the holding period requirement will apply as to any shares acquired upon payment of RPSRs within one year after such a termination of employment.)  For purposes of this Section 11, the total number of shares of Common Stock the Grantee receives as payment for RPSRs shall be determined on a net basis after taking into account any shares otherwise deliverable with respect to the award that the Company withholds to satisfy tax obligations pursuant to Section 7.1.   Any shares of Common Stock received in respect of shares that are covered by the holding period requirements of this Section 11 (such as shares received in respect of a stock split or stock dividend) shall be subject to the same holding period requirements as the shares to which they relate.
		
	12.
	Definitions.

Whenever used in these Terms, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized:
“Board” means the Board of Directors of the Company.
“Cause” means the occurrence of either or both of the following:
		
	(i)
	The Grantee’s conviction for committing an act of fraud, embezzlement, theft, or other act constituting a felony (other than traffic related offenses, as a result of vicarious liability, or as a result of good faith actions as an officer of the Company); or

		
	(ii)
	The willful engaging by the Grantee in misconduct that is significantly injurious to the Company.  However, no act, or failure to act, on the Grantee’s part shall be considered “willful” unless done, or omitted to be done, by the Grantee not in good faith and without reasonable belief that his or her action or omission was in the best interest of the Company.

“Change in Control” is used as defined in the Plan.
“Code” means the United States Internal Revenue Code of 1986, as amended.
“Committee” means the Company’s Compensation Committee or any successor committee appointed by the Board to administer the Plan.

7

“Common Stock” means the Company’s common stock.
“Disability” means, with respect to a Grantee, that the Grantee:  (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months; or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Grantee’s employer.
“Early Retirement” means that the Grantee’s employment terminates in any of the following circumstances, and other than a termination of employment that constitutes a Normal Retirement or occurs in connection with a termination by the Company or a subsidiary for cause:
(i)     a termination of employment after the Grantee has attained age 55 with at least 10 years of service.
(ii)    a termination of employment by the Company or a subsidiary as part of a reduction in force and, at the time of such termination, the Grantee has attained age 53 with at least 10 years of service.
(iii)    a termination of employment by the Company or a subsidiary as part of a reduction in force and, at the time of such termination, the sum of the Grantee’s age and years of service is at least 75.
“Fair Market Value” is used as defined in the Plan; provided, however, the Committee in determining such Fair Market Value for purposes of the award may utilize such other exchange, market, or listing as it deems appropriate.
“Good Reason” means, without the Grantee’s express written consent, the occurrence of any one or more of the following:
		
	(i)
	A material and substantial reduction in the nature or status of the Grantee’s authorities or responsibilities (when such authorities and/or responsibilities are viewed in the aggregate) from their level in effect on the day immediately prior to the start of the Protected Period, other than (A) an inadvertent act that is remedied by the Company promptly after receipt of notice thereof given by the Grantee, and/or (B) changes in the nature or status of the Grantee’s authorities or responsibilities that, in the aggregate, would generally be viewed by a nationally-recognized 

 
executive placement firm as resulting in the Grantee having not materially and substantially fewer authorities and responsibilities (taking into consideration the Company’s industry) when compared to the authorities and responsibilities applicable to the position held by the Grantee immediately prior to the start of the Protected Period.  The Company may retain a nationally-recognized executive placement firm for purposes of making the determination required by the preceding sentence and the written opinion of the firm thus selected shall be conclusive as to this issue.
In addition, if the Grantee is a vice president, the Grantee’s loss of vice-president status will constitute “Good Reason”; provided that the loss of the title of “vice president” will not, in and of itself, constitute Good Reason if the Grantee’s lack of a vice president title is generally consistent with the manner in which the title of vice president is used within the Grantee’s business unit or if the loss of the title is the result of a promotion to a higher level office. For the purposes of the preceding sentence, the Grantee’s lack of a vice-president title will only be considered generally consistent with the manner in which such title is used if most persons in the business unit with authorities, duties, and responsibilities comparable to those of the Grantee immediately prior to the commencement of the Protected Period do not have the title of vice-president.
		
	(ii)
	A material reduction by the Company in the Grantee’s annualized rate of base salary as in effect on the first to occur of the start of the Performance Period or the start of the Protected Period, or as the same shall be increased from time to time.

		
	(iii)
	A material reduction in the aggregate value of the Grantee’s level of participation in any of the Company’s short and/or long-term incentive compensation plans (excluding stock-based incentive compensation plans), employee benefit or retirement plans, or policies, practices, or arrangements in which the Grantee participates immediately prior to the start of the Protected Period provided; however, that a reduction in the aggregate value shall not be deemed to be “Good Reason” if the reduced value remains substantially consistent with the average level of other employees who have positions commensurate with the position held by the Grantee immediately prior to the start of the Protected Period.

8

		
	(iv)
	A material reduction in the Grantee’s aggregate level of participation in the Company’s stock-based incentive compensation plans from the level in effect immediately prior to the start of the Protected Period; provided, however, that a reduction in the aggregate level of participation shall not be deemed to be “Good Reason” if the reduced level of participation remains substantially consistent with the average level of participation of other employees who have positions commensurate with the position held by the Grantee immediately prior to the start of the Protected Period. 

		
	(v)
	The Grantee is informed by the Company that his or her principal place of employment for the Company will be relocated to a location that is greater than fifty (50) miles away from the Grantee’s principal place of employment for the Company at the start of the corresponding Protected Period; provided that, if the Company communicates an intended effective date for such relocation, in no event shall Good Reason exist pursuant to this clause (v) more than ninety (90) days before such intended effective date.

The Grantee’s right to terminate employment for Good Reason shall not be affected by the Grantee’s incapacity due to physical or mental illness.  The Grantee’s continued employment shall not constitute a consent to, or a waiver of rights with respect to, any circumstances constituting Good Reason herein.
“Governmental Service Retirement” means a Retirement by the Grantee where the Grantee accepts a position in the federal government or a state or local government and an accelerated distribution under the award is permitted under Code Section 409A based on such government employment and related ethics rules.
“Normal Retirement” means that the Grantee terminates employment after attaining age 65 with at least 10 years of service (other than in connection with a termination by the Company or a subsidiary for cause).  In the case of a Grantee who is an officer of the Company subject to the Company’s mandatory retirement at age 65 policy and who, at the applicable time, is not otherwise eligible for Normal Retirement as defined in the preceding sentence, “Normal Retirement” as to that Grantee means that the Grantee’s employment is terminated pursuant to such mandatory retirement policy (regardless of the Grantee’s years of service and other than in connection with a termination by the Company or a subsidiary for cause).
“Parent” is used as defined in the Plan.

 
“Plan” means the Northrop Grumman 2011 Long-Term Incentive Stock Plan, as it may be amended form time to time.
The “Protected Period” corresponding to a Change in Control of the Company shall be a period of time determined in accordance with the following:
		
	(i)
	If the Change in Control is triggered by a tender offer for shares of the Company’s stock or by the offeror’s acquisition of shares pursuant to such a tender offer, the Protected Period shall commence on the date of the initial tender offer and shall continue through and including the date of the Change in Control; provided that in no case will the Protected Period commence earlier than the date that is six (6) months prior to the Change in Control.

		
	(ii)
	If the Change in Control is triggered by a merger, consolidation, or reorganization of the Company with or involving any other corporation, the Protected Period shall commence on the date that serious and substantial discussions first take place to effect the merger, consolidation, or reorganization and shall continue through and including the date of the Change in Control; provided that in no case will the Protected Period commence earlier than the date that is six (6) months prior to the Change in Control.

		
	(iii)
	In the case of any Change in Control not described in clause (i) or (ii) above, the Protected Period shall commence on the date that is six (6) months prior to the Change in Control and shall continue through and include the date of the Change in Control.

 “Successor” means the person acquiring a Grantee’s rights to a grant under the Plan by will or by the laws of descent or distribution.

AGREED: ____________________

Date: ________________________

9Exhibit 4.9

 

CELCUITY INC.

 

and

 

___________________, as Trustee

 

INDENTURE

 

Dated as of ___________, _______

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	PAGE
	 	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	1.1. DEFINITIONS	1
	1.2. OTHER DEFINITIONS	4
	1.3. INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	4
	1.4. RULES OF CONSTRUCTION	5
	ARTICLE 2 THE SECURITIES	5
	2.1. ISSUABLE IN SERIES	5
	2.2. ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES	5
	2.3. EXECUTION AND AUTHENTICATION	7
	2.4. REGISTRAR AND PAYING AGENT	8
	2.5. PAYING AGENT TO HOLD ASSETS IN TRUST	8
	2.6. SECURITYHOLDER LISTS	9
	2.7. TRANSFER AND EXCHANGE	9
	2.8. REPLACEMENT SECURITIES	9
	2.9. OUTSTANDING SECURITIES	9
	2.10. WHEN TREASURY SECURITIES DISREGARDED; DETERMINATION OF HOLDERS’ ACTION	10
	2.11. TEMPORARY SECURITIES	10
	2.12. CANCELLATION	10
	2.13. PAYMENT OF INTEREST; DEFAULTED INTEREST; COMPUTATION OF INTEREST	10
	2.14. CUSIP NUMBER	11
	2.15. PROVISIONS FOR GLOBAL SECURITIES	11
	2.16. PERSONS DEEMED OWNERS	12
	ARTICLE 3 REDEMPTION	12
	3.1. NOTICES TO TRUSTEE	12
	3.2. SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED	12
	3.3. NOTICE OF REDEMPTION	13
	3.4. EFFECT OF NOTICE OF REDEMPTION	13
	3.5. DEPOSIT OF REDEMPTION PRICE	13
	3.6. SECURITIES REDEEMED IN PART	14
	ARTICLE 4 COVENANTS	14
	4.1. PAYMENT OF SECURITIES	14
	4.2. SEC REPORTS	14
	4.3. WAIVER OF STAY, EXTENSION OR USURY LAWS	14
	4.4. COMPLIANCE CERTIFICATE	15
	4.5. CORPORATE EXISTENCE	15
	ARTICLE 5 SUCCESSOR CORPORATION	15
	5.1. LIMITATION ON CONSOLIDATION, MERGER AND SALE OF ASSETS	15
	5.2. SUCCESSOR PERSON SUBSTITUTED	16

 

    	 	-i-	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	PAGE
	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES	16
	6.1. EVENTS OF DEFAULT	16
	6.2. ACCELERATION	17
	6.3. REMEDIES	17
	6.4. WAIVER OF PAST DEFAULTS AND EVENTS OF DEFAULT	17
	6.5. CONTROL BY MAJORITY	18
	6.6. LIMITATION ON SUITS	18
	6.7. RIGHTS OF HOLDERS TO RECEIVE PAYMENT	18
	6.8. COLLECTION SUIT BY TRUSTEE	18
	6.9. TRUSTEE MAY FILE PROOFS OF CLAIM	18
	6.10. PRIORITIES	19
	6.11. UNDERTAKING FOR COSTS	19
	ARTICLE 7 TRUSTEE	19
	7.1. DUTIES OF TRUSTEE	19
	7.2. RIGHTS OF TRUSTEE	20
	7.3. INDIVIDUAL RIGHTS OF TRUSTEE	21
	7.4. TRUSTEE’S DISCLAIMER	21
	7.5. NOTICE OF DEFAULT	21
	7.6. REPORTS BY TRUSTEE TO HOLDERS	21
	7.7. COMPENSATION AND INDEMNITY	21
	7.8. REPLACEMENT OF TRUSTEE	22
	7.9. SUCCESSOR TRUSTEE BY CONSOLIDATION, MERGER OR CONVERSION	23
	7.10. ELIGIBILITY; DISQUALIFICATION	23
	7.11. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	23
	7.12. PAYING AGENTS	23
	ARTICLE 8 AMENDMENTS, SUPPLEMENTS AND WAIVERS	23
	8.1. WITHOUT CONSENT OF HOLDERS	23
	8.2. WITH CONSENT OF HOLDERS	24
	8.3. COMPLIANCE WITH TRUST INDENTURE ACT	25
	8.4. REVOCATION AND EFFECT OF CONSENTS	25
	8.5. NOTATION ON OR EXCHANGE OF SECURITIES	25
	8.6. TRUSTEE TO SIGN AMENDMENTS, ETC.	25
	ARTICLE 9 DISCHARGE OF INDENTURE; DEFEASANCE	26
	9.1. DISCHARGE OF INDENTURE	26
	9.2. LEGAL DEFEASANCE	26
	9.3. COVENANT DEFEASANCE	26
	9.4. CONDITIONS TO LEGAL DEFEASANCE OR COVENANT DEFEASANCE	27
	 9.5. DEPOSITED MONEY AND U.S. AND FOREIGN GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER MISCELLANEOUS PROVISIONS	28

 

    	 	-ii-	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	PAGE
	 	 
	9.6. REINSTATEMENT	28
	9.7. MONEYS HELD BY PAYING AGENT	28
	9.8. MONEYS HELD BY TRUSTEE	28
	ARTICLE 10 MISCELLANEOUS	29
	10.1. TRUST INDENTURE ACT CONTROLS	29
	10.2. NOTICES	29
	10.3. COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS	30
	10.4. CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	30
	10.5. STATEMENT REQUIRED IN CERTIFICATE AND OPINION	30
	10.6. RULES BY TRUSTEE AND AGENTS	30
	10.7. BUSINESS DAYS; LEGAL HOLIDAYS; PLACE OF PAYMENT	31
	10.8. GOVERNING LAW	31
	10.9. NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	31
	10.10. NO RECOURSE AGAINST OTHERS	31
	10.11. SUCCESSORS	31
	10.12. MULTIPLE COUNTERPARTS	31
	10.13. TABLE OF CONTENTS, HEADINGS, ETC.	31
	10.14. SEVERABILITY	31
	10.15. SECURITIES IN A FOREIGN CURRENCY OR IN EUROS	32
	10.16. JUDGMENT CURRENCY	32

 

    	 	-iii-	 

     

    

 

CROSS-REFERENCE TABLE

 

	TIA SECTION	 	INDENTURE SECTION
	310(a)(1)(2)(5)	 	7.10
	310(a)(3)(4)	 	Inapplicable
	310(b)	 	7.8; 7.10
	310(c)	 	Inapplicable
	 	 	 
	311(a)(b)	 	7.11
	311(c)	 	Inapplicable
	 	 	 
	312(a)	 	2.6
	312(b)(c)	 	10.3
	 	 	 
	313(a)(b)	 	7.6
	313(c)	 	7.6; 10.2
	313(d)	 	7.6
	 	 	 
	314(a)	 	4.2; 4.4; 10.2
	314(b)	 	N/A
	314(c)(1)(2)	 	10.4; 10.5
	314(c)(3)	 	Inapplicable
	314(d)	 	Inapplicable
	314(e)	 	10.5
	314(f)	 	Inapplicable
	 	 	 
	315(a)	 	7.1, 7.2
	315(b)	 	7.5; 10.2
	315(c)	 	7.1
	315(d)	 	7.1; 7.2
	315(e)	 	6.11
	 	 	 
	316(a)(last sentence)	 	2.10
	316(a)(1)(A)	 	6.5
	316(a)(1)(B)	 	6.4
	316(a)(2)	 	8.2
	316(b)	 	6.7
	316(c)	 	8.4
	 	 	 
	317(a)(1)	 	6.8
	317(a)(2)	 	6.9
	317(b)	 	2.5; 7.12
	318(a)	 	10.1

 

 

Note: This Cross-Reference Table shall not, for any purpose, be
deemed to be a part of the Indenture.

 

    	 	-iv-	 

     

    

 

INDENTURE, dated as of                      ,                  ,
by and between Celcuity Inc., a Delaware corporation, as Issuer (the “Company”) and                    
                                  , a                                                  
organized under the laws of                                                 ,
as Trustee (the “Trustee”).

 

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 debentures, notes or other evidences of indebtedness
to be issued in one or more series (the “Securities”), as herein provided, up to such principal amount as may from
time to time be authorized in or pursuant to one or more resolutions of the Board of Directors or by supplemental indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company in accordance with its terms have been done, and the execution and delivery thereof have been
in all respects duly authorized by the parties hereto.

 

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 agreed, for the equal and proportionate benefit of all Holders
of the Securities of a Series thereof, as follows:

 

ARTICLE
1

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

1.1.  DEFINITIONS.

 

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

 

“Agent” means any Registrar, Paying
Agent, co-registrar or agent for service of notices and demands.

 

“Board of Directors” means the
Board of Directors of the Company or any committee duly authorized to act therefor.

 

“Board Resolution” means a copy
of a resolution certified pursuant to an Officers’ Certificate to have been duly adopted by the Board of Directors of the
Company and to be in full force and effect on the date of such certification which has been delivered to the Trustee.

 

“Capital Stock” means, with respect
to any Person, any and all shares or other equivalents (however designated) of capital stock, partnership interests or any other
participation, right or other interest in the nature of an equity interest in such Person or any option, warrant or other security
convertible into any of the foregoing.

 

“Company” means the party named
as such in the first paragraph of this Indenture until a successor replaces such party pursuant to Article 5 of this Indenture,
and thereafter means the successor and any other primary obligor on the Securities.

 

“Company Order” means a written
order signed in the name of the Company by two Officers, one of whom must be its Chief Executive Officer or its Chief Financial
Officer.

 

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

 

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

 

    	 	-1-	 

     

    

 

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

 

“Depository” means, with respect
to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the Person
designated as Depository for such Series by the Company, which Depository shall be a clearing agency registered under the Exchange
Act, until a successor Depository shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
 “Depository” shall mean each Person who is then a Depository hereunder, and if at any time there is more than one such
Person, such Persons.

 

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

 

“Euro” means the single currency
of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

 

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

 

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

 

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

 

“GAAP” means generally accepted
accounting principles consistently applied as in effect in the United States of America from time to time.

 

“Global Security” or “Global
Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2, evidencing
all or part of a Series of Securities issued to the Depository for such Series or its nominee, and registered in the name of such
Depository or nominee, and bearing the legend set forth in Section 2.15(c) (or such other legend(s) as may be applied to such Securities
in accordance with Section 2.2(24)).

 

“Holder” or “Securityholder”
means the Person in whose name a Security is registered on the Registrar’s books.

 

“Indebtedness” means (without duplication),
with respect to any Person, any indebtedness at any time outstanding, secured or unsecured, contingent or otherwise, which is for
borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof),
or evidenced by bonds, notes, debentures or similar instruments, or representing the balance deferred and unpaid of the purchase
price of any property (excluding any balances that constitute accounts payable or trade payables, and other accrued liabilities
arising in the ordinary course of business), if and to the extent any of the foregoing indebtedness would appear as a liability
upon a balance sheet of such Person prepared in accordance with GAAP.

 

“Indenture” means this Indenture
as amended, restated or supplemented from time to time.

 

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

 

“Lien” means, with respect to any
property or assets of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any capitalized lease
obligation, conditional sales or other title retention agreement having substantially the same economic effect as any of the foregoing).

 

“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, notice of
option to elect payment or otherwise.

 

    	 	-2-	 

     

    

 

“Officer” means the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the Treasurer or the Secretary of the Company, or any
other officer designated by the Board of Directors, as the case may be.

 

“Officers’ Certificate” means,
with respect to any Person, a certificate signed by the Chairman, Chief Executive Officer, President or any Senior or Executive
Vice President and the Chief Financial Officer or any Treasurer of such Person, that shall comply with applicable provisions of
this Indenture.

 

“Opinion of Counsel” means a written
opinion from legal counsel, which counsel is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel
to the Company.

 

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

 

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

 

“Responsible Officer,” when used
with respect to the Trustee, means any officer within the corporate trust department or division of the Trustee (or any successor
group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of
the above designated officers, 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.

 

“SEC” means the United States Securities
and Exchange Commission as constituted from time to time, or any successor performing substantially the same functions.

 

“Securities” means the securities
that are issued under this Indenture, as amended or supplemented from time to time pursuant to this Indenture.

 

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

 

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

 

“Significant Subsidiary” means
(i) any direct or indirect Subsidiary of the Company that would be a “significant subsidiary” as defined in Article
1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the date hereof,
or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as a group, would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation
is in effect on the date hereof.

 

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

 

“Subsidiary” of any specified Person
means any corporation, limited liability company, partnership, joint venture, association or other business entity, whether now
existing or hereafter organized or acquired, (i) in the case of a corporation, of which more than 50% of the total voting power
of the Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof
is held, directly or indirectly, by such Person or any of its Subsidiaries; or (ii) in the case of a partnership, joint venture,
association or other business entity, with respect to which such Person or any of its Subsidiaries has the power to direct or cause
the direction of the management and policies of such entity by contract or otherwise, or if in accordance with GAAP such entity
is consolidated with such Person for financial statement purposes.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code Section 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.3).

 

    	 	-3-	 

     

    

 

“Trustee” means the party named
as such in this Indenture until a successor replaces it pursuant to this Indenture, and thereafter means the successor, and if
at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any Series shall
mean the Trustee with respect to Securities of that Series.

 

“U.S. Government Obligations” means
direct non-callable obligations of, or non-callable obligations guaranteed by, the United States of America for the payment of
which obligation or guarantee the full faith and credit of the United States of America is pledged.

 

1.2.  OTHER DEFINITIONS.

 

The definitions of the following terms may
be found in the sections indicated as follows:

 

	TERM	 	DEFINED IN SECTION 
	“Bankruptcy Law”	 	6.1
	 	 	 
	“Business Day”	 	10.7
	 	 	 
	“Covenant Defeasance”	 	9.3
	 	 	 
	“Custodian”	 	6.1
	 	 	 
	“Event of Default”	 	6.1
	 	 	 
	“Journal”	 	10.15
	 	 	 
	“Judgment Currency”	 	10.16
	 	 	 
	“Legal Defeasance”	 	9.2
	 	 	 
	“Legal Holiday”	 	10.7
	 	 	 
	“Market Exchange Rate”	 	10.15
	 	 	 
	“New York Paying Agent”	 	2.4
	 	 	 
	“Paying Agent”	 	2.4
	 	 	 
	“Place of Payment”	 	10.7
	 	 	 
	“Registrar”	 	2.4
	 	 	 
	Required Currency”	 	10.16
	 	 	 
	“Service Agent”	 	2.4

 

1.3.  INCORPORATION BY
REFERENCE OF TRUST INDENTURE ACT.

 

Whenever this Indenture refers to a provision
of the TIA, the portion of such provision required to be incorporated herein in order for this Indenture to be qualified under
the TIA is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the
Securities.

 

“indenture securityholder” means
a Holder or Securityholder.

 

    	 	-4-	 

     

    

 

“indenture to be qualified” means
this Indenture.

 

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

 

“obligor on the indenture securities”
means the Company.

 

All other terms used in this Indenture that
are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule have the meanings therein assigned
to them.

 

1.4.  RULES OF CONSTRUCTION.

 

Unless the context otherwise requires:

 

(1) a term has the meaning assigned to it herein,
whether defined expressly or by reference;

 

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

 

(3) “or” is not exclusive;

 

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

 

(5) words used herein implying any gender shall
apply to each gender; and

 

(6) 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.

 

ARTICLE
2

THE
SECURITIES

 

2.1.  ISSUABLE IN SERIES.

 

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

 

2.2.  ESTABLISHMENT OF
TERMS OF SERIES OF SECURITIES.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(1) and either as
to such Securities within the Series or as to the Series generally in the case of Subsections 2.2(2) through 2.2(24)) by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, in each case, pursuant to authority granted under a Board
Resolution:

 

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

 

(2) any limit upon the aggregate principal amount
of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section
2.7, 2.8, 2.11, 3.6 or 8.5);

 

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

 

    	 	-5-	 

     

    

 

(4) the date or dates on which the principal
of the Securities of the Series is payable;

 

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

 

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

 

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

 

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

 

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

 

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

 

(11) the forms of the Securities of the Series
in bearer (if to be issued outside of the United States of America) or fully registered form (and, if in fully registered form,
whether the Securities will be issuable as Global Securities);

 

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

 

(13) the currency of denomination of the Securities
of the Series, which may be Dollars or any Foreign Currency, including, but not limited to, the Euro, and, if such currency of
denomination is a composite currency other than the Euro, the agency or organization, if any, responsible for overseeing such composite
currency;

 

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

 

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

 

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

 

(17) the provisions, if any, relating to any
collateral provided for the Securities of the Series;

 

(18) any addition to or change in the covenants
set forth in Articles 4 or 5 that applies to Securities of the Series;

 

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

 

    	 	-6-	 

     

    

 

(20) the terms and conditions, if any, for conversion
of the Securities into or exchange of the Securities for shares of common stock or preferred stock of the Company that apply to
Securities of the Series;

 

(21) any depositories, interest rate calculation
agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed
herein;

 

(22) the terms and conditions, if any, upon
which the Securities shall be subordinated in right of payment to other Indebtedness of the Company;

 

(23) if applicable, that the Securities of the
Series, in whole or any specified part, shall be defeasible pursuant to Article 9; and

 

(24) any other terms of the Securities of the
Series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 8.1, but which
may modify or delete any provision of this Indenture insofar as it applies to such Series).

 

All Securities of any one Series need not be
issued at the same time, and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or
pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, however, the authorized
principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise
provided in such Board Resolution, supplemental indenture or Officers’ Certificate.

 

2.3.  EXECUTION AND AUTHENTICATION.

 

The Securities shall be executed on behalf
of the Company by two Officers of the Company or an Officer and an Assistant Secretary of the Company. Each such signature may
be either manual or facsimile. The Company’s seal may be impressed, affixed, imprinted or reproduced on the Securities and
may be in facsimile form.

 

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

 

A Security shall not be valid until authenticated
by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture. The Trustee shall at any time, and from time to time, authenticate Securities for
original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate,
upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or
electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed
in writing. Each Security shall be dated the date of its authentication.

 

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

 

Prior to the issuance of Securities of any
Series, the Trustee shall have received and (subject to Section 7.1) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate
complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline
to authenticate and deliver any Securities of any Series: (a) if the Trustee, being advised in writing by outside counsel, determines
that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall reasonably determine that such action would expose the
Trustee to personal liability, or cause it to have a conflict of interest with respect to Holders of any then outstanding Series
of Securities.

 

The Trustee may appoint an authenticating agent
acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee
may do so. Any appointment shall be evidenced by an instrument signed by an authorized officer of the Trustee, a copy of which
shall be furnished to the Company. Each reference in this Indenture to authentication by the Trustee includes authentication by
such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

 

    	 	-7-	 

     

    

 

2.4.  REGISTRAR AND PAYING
AGENT.

 

The Company shall maintain in each Place of
Payment for any Series of Securities (i) an office or agency where such Securities may be presented for registration of transfer
or for exchange (“Registrar”), (ii) an office or agency where such Securities may be presented for payment (“Paying
Agent”) (PROVIDED that the Company shall at all times maintain a Paying Agent in the Borough of Manhattan, City of New York,
State of New York (the “New York Paying Agent”), and PROVIDED, FURTHER, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the register
for the Securities maintained by the Registrar), and (iii) an office or agency where notices and demands to or upon the Company
in respect of the Securities and this Indenture may be served (“Service Agent”). The Registrar shall keep a register
of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional
paying agents. The Company shall 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 to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee as
set forth in Section 10.2. If the Company acts as Paying Agent, it shall segregate the money held by it for the payment of principal
of, and interest and premium, if any, on, the Securities and hold it as a separate trust fund. The Company may change any Paying
Agent, Registrar, co-registrar or any other Agent without notice to any Securityholder.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities 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 hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company. The Company shall
give prompt written notice to the Trustee of such designation or rescission, and of any change in the location of any such other
office or agency.

 

The Company shall enter into an appropriate agency agreement
with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture
that relate to such Agent. The Company shall notify the Trustee of the name and address of any such Agent. If the Company fails
to maintain a Registrar or Paying Agent, or agent for service of notices and demands, or fails to give the foregoing notice, the
Trustee shall act as such. The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for
each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities
of that Series are first issued. The Company designates [·], as the New York Paying
Agent, with offices at [·]

  

2.5.  PAYING AGENT TO HOLD
ASSETS IN TRUST.

 

The Trustee as Paying Agent shall, and the
Company shall require each Paying Agent other than the Trustee to agree in writing that each Paying Agent shall, hold in trust
for the benefit of the Holders of any Series of Securities or the Trustee all assets held by the Paying Agent for the payment of
principal of, or interest or premium, if any, on, such Series of Securities (whether such assets have been distributed to it by
the Company or any other obligor on such Series of Securities), and the Company and the Paying Agent shall notify the Trustee in
writing of any Default by the Company (or any other obligor on such Series of Securities) in making any such payment. The Company
at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed,
and the Trustee may, at any time during the continuance of any payment default with respect to any Series of Securities, upon written
request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any
assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Company to the Paying
Agent, the Paying Agent shall have no further liability for such assets.

 

    	 	-8-	 

     

    

 

2.6.  SECURITYHOLDER LISTS.

 

The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series
of Securities. If the Trustee is not the Registrar, the Company shall furnish to the Trustee as of each regular record date for
the payment of interest on the Securities of a Series and before each related Interest Payment Date, and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names
and addresses of Securityholders of each Series of Securities.

 

2.7.  TRANSFER AND EXCHANGE.

 

When Securities of a Series are presented to
the Registrar with a request to register the transfer thereof, the Registrar shall register the transfer as requested if the requirements
of applicable law are met, and when such Securities of a Series are presented to the Registrar with a request to exchange them
for an equal principal amount of other authorized denominations of Securities of the same Series, the Registrar shall make the
exchange as requested. To permit transfers and exchanges, upon surrender of any Security for registration of transfer at the office
or agency maintained pursuant to Section 2.4, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s
request.

 

If Securities are issued as Global Securities,
the provisions of Section 2.15 shall apply.

 

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

 

Any exchange or transfer shall be without charge,
except that the Company may require payment by the Holder of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11,
3.6 or 8.5. The Trustee shall not be required to register transfers of Securities of any Series, or to exchange Securities of any
Series, for a period of 15 days before the record date for selection for redemption of such Securities. The Trustee shall not be
required to exchange or register transfers of Securities of any Series called or being called for redemption in whole or in part,
except the unredeemed portion of such Security being redeemed in part.

 

2.8.  REPLACEMENT SECURITIES.

 

If a mutilated Security is surrendered to the
Trustee, or if the Holder of a Security presents evidence to the satisfaction of the Company and the Trustee that the Security
has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. An indemnity
bond may be required by the Company or the Trustee that is sufficient in the reasonable judgment of the Company or the Trustee,
as the case may be, to protect the Company, the Trustee or any Agent from any loss which any of them may suffer if a Security is
replaced. The Company may charge such Holder for the Company’s out-of-pocket expenses in replacing a Security, including
the fees and expenses of the Trustee. Every replacement Security shall constitute an original additional 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.

 

2.9.  OUTSTANDING SECURITIES.

 

Securities outstanding at any time are all
Securities authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described
in this Section 2.9 as not outstanding.

 

    	 	-9-	 

     

    

 

If a Security is replaced pursuant to Section
2.8 (other than a mutilated Security surrendered for replacement), it ceases to be outstanding until the Company and the Trustee
receive proof satisfactory to each of them that the replaced Security is held by a bona fide purchaser. A mutilated Security ceases
to be outstanding upon surrender of such Security and replacement thereof pursuant to Section 2.8.

 

If a Paying Agent holds on a Redemption Date
or the Stated Maturity money sufficient to pay the principal of, premium, if any, and accrued interest on, Securities payable on
that date, and is not prohibited from paying such money to the Holders thereof pursuant to the terms of this Indenture (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), then on and after that date such Securities cease to be outstanding and interest
on them ceases to accrue.

 

A Security does not cease to be outstanding
solely because the Company or an Affiliate holds the Security.

 

2.10.  WHEN TREASURY SECURITIES
DISREGARDED; DETERMINATION OF HOLDERS’ ACTION.

 

In determining whether the Holders of the required
aggregate principal amount of the Securities of any Series have concurred in any direction, waiver or consent, the Securities of
any Series owned by the Company or any other obligor on such Securities, or by any Affiliate of any of them, shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Securities of such Series which the Trustee actually knows are so owned shall be so disregarded. Securities of such
Series so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of
the Trustee the pledgee’s right so to act with respect to the Securities of such Series and that the pledgee is not the Company
or any other obligor on the Securities of such Series, or an Affiliate of any of them.

 

2.11.  TEMPORARY SECURITIES.

 

Until definitive Securities are ready for delivery,
the Company may prepare and execute, and the Trustee shall authenticate, temporary Securities. Temporary Securities shall be substantially
in the form, and shall carry all rights, of definitive Securities, but may have variations that the Company considers appropriate
for temporary Securities. Without unreasonable delay, the Company shall prepare and execute, and the Trustee shall authenticate,
definitive Securities in exchange for temporary Securities without charge to the Holder.

 

2.12.  CANCELLATION.

 

All Securities surrendered for payment, redemption
or 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 for cancellation. 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
may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated
hereunder which the Company has not issued and sold. The Registrar and the Paying Agent shall forward to the Trustee any Securities
surrendered to them for transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying
Agent, and no one else, shall cancel, and at the written request of the Company shall dispose of, all Securities surrendered for
transfer, exchange, payment or cancellation. If the Company shall acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of the Indebtedness represented by such Securities unless and until the same are surrendered to
the Trustee for cancellation pursuant to this Section 2.12. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture.

 

2.13.  PAYMENT OF INTEREST;
DEFAULTED INTEREST; COMPUTATION OF INTEREST.

 

Except as otherwise provided as contemplated
by Section 2.2 with respect to any Series of Securities, interest on any 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 is registered at the close of
business on the regular record date for such interest, as provided in the Board Resolution, supplemental indenture hereto or Officers’
Certificate establishing the terms of such Series.

 

    	 	-10-	 

     

    

 

If the Company defaults in a payment of interest
on the Securities, it shall pay the defaulted amounts, plus any interest payable on defaulted amounts pursuant to Section 4.1,
to the Persons who are Securityholders on a subsequent special record date, which date shall be the 15th day next preceding the
date fixed by the Company for the payment of defaulted interest, or the next succeeding Business Day if such date is not a Business
Day. At least 15 days before the special record date, the Company shall mail or cause to be mailed to each Securityholder, with
a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest, and
interest payable on such defaulted interest, if any, to be paid.

 

Except as otherwise specified as contemplated
by Section 2.2 for Securities of any Series, interest on the Securities of each Series shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

2.14.  CUSIP NUMBER.

 

The Company in issuing the Securities may use
one or more “CUSIP” numbers, and, if the Company does so, the Trustee shall use the CUSIP number(s) in notices of redemption
or exchange as a convenience to Holders, PROVIDED, that any such notice may state that no representation is made as to the correctness
or accuracy of the CUSIP number(s) printed in the notice or on the Securities, and that reliance may be placed only on the other
identification numbers printed on the Securities, and that any such redemption or exchange shall not be affected by any defect
in or omission of any such numbers.

 

2.15.  PROVISIONS FOR GLOBAL
SECURITIES.

 

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

 

(b) Notwithstanding any provisions to the contrary
contained in Section 2.7 and in addition thereto, if, and only if the Depository (i) at any time is unwilling or unable to continue
as Depository for such Global Security or ceases to be a clearing agency registered under the Exchange Act and (ii) a successor
Depository is not appointed by the Company within 90 days after the date the Company is so informed in writing or becomes aware
of the same, the Company promptly will execute and deliver to the Trustee definitive Securities, and the Trustee, upon receipt
of a Company Request for the authentication and delivery of such definitive Securities (which the Company will promptly execute
and deliver to the Trustee) and an Officers’ Certificate to the effect that such Global Security shall be so exchangeable,
will authenticate and deliver definitive Securities, without charge, registered in such names and in such authorized denominations
as the Depository shall direct in writing (pursuant to instructions from its direct and indirect participants or otherwise) in
an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. Upon the exchange
of a Global Security for definitive Securities, such Global Security shall be canceled by the Trustee. Unless and until it is exchanged
in whole or in part for definitive Securities, as provided in this Section 2.15(b), a Global Security may not be transferred except
as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository
to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or
a nominee of such a successor Depository.

 

(c) Any Global Security issued hereunder shall
bear a legend in substantially the following form:

 

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

 

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

 

    	 	-11-	 

     

    

 

(e) Notwithstanding the other provisions of
this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of, and interest and premium,
if any, on, any Global Security shall be made to the Depository or its nominee in its capacity as the Holder thereof.

 

(f) Except as provided in Section 2.15(e) above,
the Company, the Trustee and any Agent shall treat a Person as the Holder of such principal amount of outstanding Securities of
any Series represented by a Global Security as shall be specified in a written statement of the Depository (which may be in the
form of a participants’ list for such Series) with respect to such Global Security, for purposes of obtaining any consents,
declarations, waivers or directions required to be given by the Holders pursuant to this Indenture, PROVIDED, that until the Trustee
is so provided with a written statement, it may treat the Depository or any other Person in whose name a Global Security is registered
as the owner of such Global Security for the purpose of receiving payment of the principal of, and any premium and (subject to
Section 2.13) any interest on, such Global Security and for all other purposes whatsoever, and none of the Company, the Trustee
or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

2.16.  PERSONS DEEMED OWNERS.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee, the Registrar and any agent of the Company, the Registrar or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
the principal of, and any premium and (subject to Section 2.13) any interest on, such Security and for all other purposes whatsoever,
and none of the Company, the Trustee, the Registrar or any agent of the Company, the Trustee or the Registrar shall be affected
by notice to the contrary.

 

ARTICLE
3

REDEMPTION

 

3.1.  NOTICES TO TRUSTEE.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities, or may covenant to redeem and pay the Series of Securities
or any part thereof, prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities or
the related Board Resolution, supplemental indenture or Officers’ Certificate. If a Series of Securities is redeemable and
the Company elects to redeem all or part of such Series of Securities, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities to be redeemed at least 45 days (unless a shorter notice shall be satisfactory to the Trustee) before
the Redemption Date. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder,
and shall thereby be void and of no effect.

 

3.2.  SELECTION BY TRUSTEE
OF SECURITIES TO BE REDEEMED.

 

Unless otherwise indicated for a particular
Series of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, if fewer than all of the
Securities of a Series are to be redeemed, the Trustee shall select the Securities of a Series to be redeemed pro rata, by lot
or by any other method that the Trustee considers fair and appropriate (unless the Company specifically directs the Trustee otherwise)
and, if such Securities are listed on any securities exchange, by a method that complies with the requirements of such exchange.

 

The Trustee shall make the selection from Securities
of a Series outstanding and not previously called for redemption, and shall promptly notify the Company in writing of the Securities
selected for redemption and, in the case of any Security selected for partial redemption, the principal amount thereof to be redeemed
at least 35 but not more than 60 days before the Redemption Date. Securities of a Series in denominations of $1,000 may be redeemed
only in whole. The Trustee may select for redemption portions of the principal of Securities of a Series that have denominations
larger than $1,000. Securities of a Series and portions of them it selects shall be in amounts of $1,000 or, with respect to Securities
of any Series issuable in other denominations pursuant to Section 2.2(10), the minimum principal denomination for each Series and
integral multiples thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption.

 

    	 	-12-	 

     

    

 

3.3.  NOTICE OF REDEMPTION.

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, at least 30 days, and no more than
60 days, before a Redemption Date, the Company shall mail, or cause to be mailed, a notice of redemption by first-class mail to
each Holder of Securities to be redeemed at his or her last address as the same appears on the registry books maintained by the
Registrar. The notice shall identify the Securities to be redeemed and shall state:

 

(1) the Redemption Date;

 

(2) the redemption price, and that such redemption
price shall become due and payable on the Redemption Date;

 

(3) if any Security of a Series is being redeemed
in part, the portion of the principal amount of such Security of a Series to be redeemed and that, after the Redemption Date and
upon surrender of such Security of a Series, a new Security or Securities in principal amount equal to the unredeemed portion will
be issued;

 

(4) the name and address of the Paying Agent;

 

(5) that Securities of a Series called for redemption
must be surrendered to the Paying Agent to collect the redemption price, and the place or places where each such Security is to
be surrendered for such payment;

 

(6) that, unless the Company defaults in making
the redemption payment, interest on the Securities of a Series called for redemption ceases to accrue on the Redemption Date, and
the only remaining right of the Holders of such Securities is to receive payment of the redemption price upon surrender to the
Paying Agent of the Securities redeemed;

 

(7) if fewer than all of the Securities of a
Series are to be redeemed, the identification of the particular Securities of a Series (or portion thereof) to be redeemed, as
well as the aggregate principal amount of Securities of a Series to be redeemed and the aggregate principal amount of Securities
of a Series to be outstanding after such partial redemption.

 

(8) the CUSIP number, if any, printed on the
Securities being redeemed; and

 

(9) that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities.

 

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

 

3.4.  EFFECT OF NOTICE
OF REDEMPTION.

 

Once the notice of redemption described in
Section 3.3 is mailed, Securities of a Series called for redemption become due and payable on the Redemption Date and at the redemption
price, plus interest, if any, accrued to the Redemption Date. Upon surrender to the Trustee or Paying Agent, such Securities of
a Series shall be paid at the redemption price, plus accrued interest, if any, to the Redemption Date; PROVIDED, that if the Redemption
Date is after a regular interest payment record date and on or prior to the next Interest Payment Date, the accrued interest shall
be payable to the Holder of the redeemed Securities registered on the relevant record date, as specified by the Company in the
notice to the Trustee pursuant to Section 3.1.

 

3.5.  DEPOSIT OF REDEMPTION
PRICE.

 

On or prior to the Redemption Date (but no
later than 11:00 A.M. Eastern Time on such date), the Company shall deposit with the Paying Agent money sufficient to pay the redemption
price of and accrued interest, if any, on all Securities to be redeemed on that date other than Securities or portions thereof
called for redemption on that date which have been delivered by the Company to the Trustee for cancellation.

 

    	 	-13-	 

     

    

 

On and after any Redemption Date, if money
sufficient to pay the redemption price of, and accrued interest on, Securities called for redemption shall have been made available
in accordance with the preceding paragraph and the Company and the Paying Agent are not prohibited from paying such moneys to Holders,
the Securities called for redemption will cease to accrue interest and the only right of the Holders of such Securities will be
to receive payment of the redemption price of and, subject to the proviso in Section 3.4, accrued and unpaid interest on such Securities
to the Redemption Date. If any Security called for redemption shall not be so paid, interest will be paid, from the Redemption
Date until such redemption payment is made, on the unpaid principal of the Security and any interest or premium, if any, not paid
on such unpaid principal, in each case, at the rate and in the manner provided in the Securities.

 

3.6.  SECURITIES REDEEMED
IN PART.

 

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

 

ARTICLE
4

COVENANTS

 

4.1.  PAYMENT OF SECURITIES.

 

The Company shall pay the principal of, and
interest and premium, if any, on, each Series of Securities on the dates and in the manner provided in such Securities and this
Indenture.

 

An installment of principal or interest shall
be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money designated for and sufficient
to pay such installment and is not prohibited from paying such money to the Holders pursuant to the terms of this Indenture or
otherwise.

 

The Company shall pay interest on overdue principal,
and overdue interest, to the extent lawful, at the rate specified in the Series of Securities.

 

4.2.  SEC REPORTS.

 

The Company will deliver to the Trustee within
15 days after the filing of the same with the SEC, copies of the quarterly and annual reports and of the information, documents
and other reports, if any, which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act;
PROVIDED, HOWEVER, that each such report or document will be deemed to be so delivered to the Trustee if the Company files such
report or document with the SEC through the SEC’s EDGAR database no later than the time such report or document is required
to be filed with the SEC pursuant to the Exchange Act. Notwithstanding that the Company may not be subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act, the Company will file with the SEC, to the extent permitted, and provide the Trustee
with, such quarterly and annual reports and such information, documents and other reports specified in Sections 13 and 15(d) of
the Exchange Act. The Company will also comply with the other provisions of TIA Section 314(a).

 

4.3.  WAIVER OF STAY, EXTENSION
OR USURY LAWS.

 

The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead (as a defense or otherwise) or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension, usury or other law which would prohibit or forgive the Company
from paying all or any portion of the principal of, and/or interest and premium, if any, on, the Securities as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture;
and the Company hereby expressly waives (to the extent that they may lawfully do so) all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been enacted.

 

    	 	-14-	 

     

    

 

4.4.  COMPLIANCE CERTIFICATE.

 

(a) The Company shall deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate which complies with TIA Section
314(a)(4) stating that a review of the activities of the Company and its Subsidiaries during such 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 that there is no default in the performance or observance of any of the terms, provisions and conditions hereof (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 or premium,
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.

 

(b) (i) If any Default or Event of Default
has occurred and is continuing or (ii) if any Holder seeks to exercise any remedy hereunder with respect to a claimed Default under
this Indenture or the Securities, within five Business Days after the Company becoming aware of such occurrence the Company shall
deliver to the Trustee an Officers’ Certificate specifying such event, notice or other action and what action the Company
is taking or proposes to take with respect thereto.

 

4.5.  CORPORATE EXISTENCE.

 

Subject to Article 5, the Company shall do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence, in accordance with
the organizational documents (as the same may be amended from time to time) of the Company and the rights (charter and statutory),
licenses and franchises of the Company; PROVIDED, HOWEVER, that the Company shall not be required to preserve any such right, license
or franchise, or its corporate existence, if the Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss thereof is not adverse in any material respect to the
Holders.

 

ARTICLE
5

SUCCESSOR
CORPORATION

 

5.1.  LIMITATION ON CONSOLIDATION,
MERGER AND SALE OF ASSETS.

 

(a) The Company will not, in any transaction
or series of transactions, merge or consolidate with or into, or sell, assign, convey, transfer, lease or otherwise dispose of
all or substantially all of its properties and assets (as an entirety or substantially as an entirety in one transaction or a series
of related transactions), to any Person or Persons, unless at the time of and after giving effect thereto (i) either (A) if the
transaction or series of transactions is a merger or consolidation, the Company shall be the surviving Person of such merger or
consolidation, or (B) the Person formed by such consolidation or into which the Company is merged or to which the properties and
assets of the Company are transferred (any such surviving Person or transferee Person being the “Surviving Entity”)
shall be a corporation organized and existing under the laws of the United States of America, any state thereof or the District
of Columbia, or a corporation or comparable legal entity organized under the laws of a foreign jurisdiction and shall expressly
assume by a supplemental indenture executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of
the obligations of the Company (including, without limitation, the obligation to pay the principal of, and premium and interest,
if any, on, the Securities and the performance of the other covenants) under the Securities of each Series and this Indenture,
and in each case, this Indenture shall remain in full force and effect; and (ii) immediately before and immediately after giving
effect to such transaction or series of transactions on a pro forma basis (including, without limitation, any Indebtedness incurred
or anticipated to be incurred in connection with or in respect of such transaction or series of transactions), no Default or Event
of Default shall have occurred and be continuing.

 

    	 	-15-	 

     

    

 

(b) In connection with any consolidation, merger
or transfer of assets contemplated by this Section 5.1, the Company shall deliver, or cause to be delivered, to the Trustee, in
form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer, and the supplemental indenture in respect thereto, comply with this Section 5.1, and
that all conditions precedent herein provided for relating to such transaction or transactions have been complied with.

 

5.2.  SUCCESSOR PERSON
SUBSTITUTED.

 

Upon any consolidation, merger or transfer
of all or substantially all of the assets of the Company in accordance with Section 5.1 above, the successor corporation formed
by such consolidation, or into which the Company is merged or to which such transfer is made, shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation
had been named as the Company herein, and thereafter (except with respect to any such transfer which is a lease) the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
6

DEFAULTS
AND REMEDIES

 

6.1.  EVENTS OF DEFAULT.

 

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

 

(1) there is a default in the payment of any
principal of, or premium, if any, on, the Securities when the same becomes due and payable at Maturity, upon acceleration, redemption
or otherwise;

 

(2) there is a default in the payment of any
interest on any Security of a Series when the same becomes due and payable, and the Default continues for a period of 30 days;

 

(3) the Company defaults in the observance or
performance of any other covenant in the Securities of a Series or in this Indenture for 60 days after written notice from the
Trustee or the Holders of not less than 25% in the aggregate principal amount of the Securities of such Series then outstanding,
which notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default”;

 

(4) the Company or any Significant Subsidiary
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,

 

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

 

(E) generally is not paying its debts
as they become due;

 

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

 

(A) is for relief against the Company
or any Significant Subsidiary in an involuntary case;

 

(B) appoints a Custodian of the Company
or any Significant Subsidiary, or for all or substantially all of the property of the Company or any Significant Subsidiary; or

 

(C) orders the liquidation of the
Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 consecutive days; or

 

(6) any other Event of Default provided with
respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’
Certificate, in accordance with Section 2.2(19).

 

    	 	-16-	 

     

    

 

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

 

The Trustee may withhold notice of any Default
(except in the payment of the principal of, or interest or premium, if any, on, the Securities) to the Holders of the Securities
of any Series in accordance with Section 7.5. When a Default is cured, it ceases to exist.

 

6.2.  ACCELERATION.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding (other than an Event of Default arising under Section 6.1(4) or (5)) occurs and is continuing,
the Trustee by written notice to the Company, or the Holders of not less than 25% in aggregate principal amount of the Securities
of that Series then outstanding by written notice to the Company and the Trustee, may declare that the entire principal amount
of all the Securities of that Series then outstanding plus accrued and unpaid interest to the date of acceleration are immediately
due and payable, in which case such amounts shall become immediately due and payable; PROVIDED, HOWEVER, that after such acceleration
but before a judgment or decree based on such acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal
amount of the outstanding Securities of that Series may rescind and annul such acceleration and its consequences if (i) all existing
Events of Default, other than the nonpayment of accelerated principal, interest or premium, if any, that has become due solely
because of the acceleration, have been cured or waived, (ii) to the extent the payment of such interest is lawful, interest on
overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration,
has been paid and (iii) the rescission would not conflict with any judgment or decree. No such rescission shall affect any subsequent
Default or impair any right consequent thereto. In case an Event of Default specified in Section 6.1(4) or (5) with respect to
the Company occurs, such principal, premium, if any, and interest amount with respect to all of the Securities of that Series shall
be due and payable immediately without any declaration or other act on the part of the Trustee or the Holders of the Securities
of that Series.

 

6.3.  REMEDIES.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law
or in equity to collect the payment of the principal of, or interest and premium, if any, 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 of that Series or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Securityholder 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. No remedy is exclusive of any other remedy. All available
remedies are cumulative to the extent permitted by law.

 

6.4.  WAIVER OF PAST DEFAULTS
AND EVENTS OF DEFAULT.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders
of a majority in principal amount of the Securities of any Series then outstanding have the right to waive any existing Default
or Event of Default with respect to such Series or compliance with any provision of this Indenture (with respect to such Series)
or the Securities of such Series. Upon any such waiver, such Default with respect to such Series shall cease to exist, and any
Event of Default with respect to such Series 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 Event of Default or impair any right consequent thereto.
This Section 6.4 shall be in lieu of TIA Section 316(a)(1)(B), and TIA Section 316(a)(1)(B) is hereby expressly excluded from this
Indenture and Section as permitted by the TIA.

 

    	 	-17-	 

     

    

 

6.5.  CONTROL BY MAJORITY.

 

Subject to Sections 6.2, 6.7 and 8.2, the Holders
of a majority in principal amount of the Securities of any Series then outstanding may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee by this Indenture
with respect to such Series. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture,
or that the Trustee determines may be unduly prejudicial to the rights of another Securityholder, or that may involve the Trustee
in personal liability; PROVIDED, that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent
with such direction. This Section 6.5 shall be in lieu of TIA Section 316(a)(1)(A), and TIA Section 316(a)(1)(A) is hereby expressly
excluded from this Indenture and Section as permitted by the TIA.

 

6.6.  LIMITATION ON SUITS.

 

Subject to Section 6.7, a Securityholder may
not institute any proceeding or pursue any remedy with respect to this Indenture or the Securities of a Series unless:

 

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

 

(2) the Holders of at least 25% in aggregate
principal amount of the Securities of such Series then outstanding make a written request to the Trustee to pursue the remedy;

 

(3) such Holder or Holders offer to the Trustee
indemnity reasonably satisfactory to the Trustee against any loss, liability or expense to be incurred in compliance with such
request;

 

(4) the Trustee does not comply with the request
within 60 days after receipt of the request and the offer of indemnity; and

 

(5) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the
Securities of such Series then outstanding.

 

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

 

6.7.  RIGHTS OF HOLDERS
TO RECEIVE PAYMENT.

 

Notwithstanding any other provision of this
Indenture, the right of any Holder of a Security of a Series to receive payment of the principal of, and interest and premium,
if any, on, the Security of such Series on or after the respective due dates expressed in the Security of such Series, or to bring
suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional, and shall not be
impaired or affected without the consent of the Holder.

 

6.8.  COLLECTION SUIT BY
TRUSTEE.

 

If an Event of Default in payment of principal,
interest or premium, if any, specified in Section 6.1(1) or (2) with respect to Securities of any Series at the time outstanding
occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company
(or any other obligor on the Securities of that Series) for the whole amount of unpaid principal and premium, if any, and accrued
interest remaining unpaid, together with interest on overdue principal and premium, if any, and, to the extent that payment of
such interest is lawful, interest on overdue installments of interest, in each case at the rate then borne by the Securities of
that Series, and such further amounts 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, as set forth in Section 7.7.

 

6.9.  TRUSTEE MAY FILE
PROOFS OF CLAIM.

 

The Trustee may file such proofs of claim and
other papers or documents, and take other actions (including sitting on a committee of creditors), 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 Securityholders allowed in any judicial proceedings relative to the Company (or
any other obligor on the Securities), any of their respective creditors or any of their respective property, and the Trustee shall
be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims, and to
distribute the same after deduction of its charges and expenses to the extent that any such charges and expenses are not paid out
of the estate in any such proceedings, and any custodian in any such judicial proceeding is hereby authorized by each Securityholder
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 Securityholders, 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 7.7.

 

    	 	-18-	 

     

    

 

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

 

6.10.  PRIORITIES.

 

If the Trustee collects any money pursuant
to this Article 6, it shall pay out the money in the following order:

 

FIRST: to the Trustee for amounts due under Section 7.7;

 

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

 

THIRD: to the Company.

 

The Trustee may fix a record date and payment
date for any payment to Securityholders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall
mail to each Securityholder a notice that states the record date, the payment date and amount to be paid.

 

6.11.  UNDERTAKING FOR
COSTS.

 

In any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as 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, 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 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal
amount of the Securities of a Series then outstanding.

 

ARTICLE
7

TRUSTEE

 

7.1.  DUTIES OF TRUSTEE.

 

(a) If an Event of Default has occurred and
is continuing, 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 same circumstances in the conduct of his
own affairs.

 

(b) Except during the continuance of an Event
of Default:

 

(1) The Trustee need perform only those duties
that are specifically set forth in this Indenture, and no covenants or obligations shall be implied in this Indenture against the
Trustee.

 

(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 which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee
shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture.

 

    	 	-19-	 

     

    

 

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

 

(1) This paragraph does not limit the effect
of paragraph (b) of this Section 7.1.

 

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

 

(3) The Trustee shall not be liable with respect
to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Sections 6.2 and
6.5.

 

(d) 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 rights
or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to
it against such risk or liability is not reasonably assured to it.

 

(e) Whether or not therein expressly so provided,
paragraphs (a), (b), (c) and (d) of this Section 7.1 shall govern every provision of this Indenture that in any way relates to
the Trustee.

 

(f) The Trustee and Paying Agent shall not
be liable for interest on any money received by either of them, except as the Trustee and Paying Agent may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law.

 

(g) The Paying Agent, the Registrar and any
authenticating agent shall be entitled to the protections, immunities and standard of care set forth in paragraphs (a), (b), (c),
(d) and (f) of this Section 7.1 and in Section 7.2 with respect to the Trustee.

 

7.2.  RIGHTS OF TRUSTEE.

 

(a) Subject to Section 7.1:

 

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

 

(2) Before the Trustee acts or refrains from
acting, it may require an Officers’ Certificate or an Opinion of Counsel, or both, which shall conform to the provisions
of Section 10.5. The Trustee shall be protected and shall not be liable for any action it takes or omits to take in good faith
in reliance on such certificate or opinion.

 

(3) The Trustee may act through agents and attorneys,
and shall not be responsible for the misconduct or negligence of any agent appointed by it with due care.

 

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

 

(5) The Trustee may consult with counsel reasonably
acceptable to the Trustee, which may be counsel to the Company, and the advice or opinion of such counsel as to matters of law
shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it
hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(6) The Trustee shall be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders
pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred therein or thereby.

 

(7) The Trustee shall not be deemed to have
knowledge of any fact or matter (including, without limitation, a Default or Event of Default) unless such fact or matter is known
to a Responsible Officer of the Trustee.

 

    	 	-20-	 

     

    

 

(8) Unless otherwise expressly provided herein
or in the Securities of a Series or the related Board Resolution, supplemental indenture or Officers’ Certificate, the Trustee
shall not have any responsibility with respect to reports, notices, certificates or other documents filed with it hereunder, except
to make them available for inspection, at reasonable times, by Securityholders, it being understood that 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 (except as set forth in Section 4.4).

 

7.3.  INDIVIDUAL RIGHTS
OF TRUSTEE.

 

The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities, and may make loans to, accept deposits from, perform services for or otherwise
deal with the Company, or any Affiliate thereof, with the same rights it would have if it were not Trustee. Any Agent may do the
same with like rights. The Trustee, however, shall be subject to Sections 7.10 and 7.11.

 

7.4.  TRUSTEE’S DISCLAIMER.

 

The Trustee makes no representation as to the
validity or adequacy of this Indenture or the Securities (except that the Trustee represents that it is duly authorized to execute
and deliver this Indenture and authenticate the Securities and perform its obligations hereunder), and the Trustee shall not be
accountable for the Company’s use of the proceeds from the sale of Securities or any money paid to the Company pursuant to
the terms of this Indenture, and the Trustee shall not be responsible for any statement in the Securities other than its certificates
of authentication.

 

7.5.  NOTICE OF DEFAULT.

 

If a Default or an Event of Default occurs
and is continuing with respect to the Securities of any Series, and if it is known to the Trustee, the Trustee shall mail to each
Securityholder of the Securities of that Series notice of the Default or the Event of Default, as the case may be, within 90 days
after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default (except
if such Default or Event of Default has been validly cured or waived before the giving of such notice). Except in the case of a
Default or an Event of Default in payment of the principal of, or interest or premium, if any, on, any Security of any Series,
the Trustee may withhold the notice if and so long as the Board of Directors of the Trustee, the executive committee or any trust
committee of such board and/or its Responsible Officers in good faith determine(s) that withholding the notice is in the interests
of the Securityholders of that Series.

 

7.6.  REPORTS BY TRUSTEE
TO HOLDERS.

 

If and to the extent required by the TIA, within
60 days after April 1 of each year, commencing the April 1 following the date of this Indenture, the Trustee shall mail to each
Securityholder a brief report dated as of such April 1 that complies with TIA Section 313(a). The Trustee also shall comply with
TIA Sections 313(b) and 313(c).

 

A copy of each report at the time of its mailing
to Securityholders shall be filed with the SEC and any stock exchange on which the Securities of that Series are listed. The Company
shall promptly notify the Trustee when the Securities of any Series are listed on any stock exchange or any delisting thereof,
and the Trustee shall comply with TIA Section 313(d).

 

7.7.  COMPENSATION AND
INDEMNITY.

 

The Company shall pay to the Trustee from time
to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any provision of law
on compensation of a trustee of an express trust. The Company shall reimburse the Trustee within 45 days after receipt of request
for all reasonable out-of-pocket disbursements and expenses incurred or made by it in connection with its duties under this Indenture,
including the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

    	 	-21-	 

     

    

 

The Company shall indemnify the Trustee for,
and hold it harmless against, any and all loss or liability incurred by it in connection with the acceptance or performance of
its duties under this Indenture including the reasonable costs and expenses of defending itself against any claim or liability
in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly
of any claim asserted against the Trustee for which it may seek indemnity.

 

The failure by the Trustee to so notify the
Company shall not however relieve the Company of its obligations. Notwithstanding the foregoing, the Company need not reimburse
the Trustee for any expense or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad
faith. To secure the payment obligations of the Company in this Section 7.7, the Trustee shall have a lien prior to the Securities
of any Series on all money or property held or collected by the Trustee except such money or property held in trust to pay the
principal of, interest and premium, if any, on particular Securities of that Series.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services
are intended to constitute expenses of administration under any Bankruptcy Law.

 

For purposes of this Section 7.7, the term
 “Trustee” shall include any trustee appointed pursuant to this Article 7.

 

7.8.  REPLACEMENT OF TRUSTEE.

 

The Trustee may resign with respect to the
Securities of one or more Series by so notifying the Company in writing at least 90 days in advance of such resignation.

 

The Holders of a majority in principal amount
of the outstanding Securities of any Series may remove the Trustee with respect to that Series by notifying the removed Trustee
in writing and may appoint a successor Trustee with respect to that Series with the consent of the Company, which consent shall
not be unreasonably withheld. The Company may remove the Trustee with respect to that Series at its election if:

 

(1) the Trustee fails to comply with, or ceases
to be eligible under, Section 7.10;

 

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

 

(3) a Custodian or other public officer takes
charge of the Trustee or its property; or

 

(4) the Trustee otherwise becomes incapable
of acting.

 

(5) If the Trustee resigns or is removed, or
if a vacancy exists in the office of Trustee, with respect to any Series of Securities for any reason, the Company shall promptly
appoint, by Board Resolution, a successor Trustee.

 

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

 

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

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Immediately following such delivery, (i) the retiring
Trustee with respect to one or more Series shall, subject to its rights under Section 7.7, transfer all property held by it as
Trustee with respect to such Series to the successor Trustee, (ii) the resignation or removal of the retiring Trustee shall become
effective and (iii) the successor Trustee with respect to such Series shall have all the rights, powers and duties of the Trustee
under this Indenture. A successor Trustee with respect to the Securities of one or more Series shall mail notice of its succession
to each Securityholder of such Series.

 

    	 	-22-	 

     

    

 

7.9.  SUCCESSOR TRUSTEE
BY CONSOLIDATION, MERGER OR CONVERSION.

 

If the Trustee, or any Agent, consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation, subject
to Section 7.10, the successor corporation without any further act shall be the successor Trustee or Agent, as the case may be.

 

7.10.  ELIGIBILITY; DISQUALIFICATION.

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee (or in the case of a Trustee
that is a Person included in a bank holding company system, the related bank holding company) shall have a combined capital and
surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply
with TIA Section 310(b), including the provision in Section 310(b)(1). In addition, if the Trustee is a Person included in a bank
holding company system, the Trustee, independently of such bank holding company, shall meet the capital requirements of TIA Section
310(a)(2). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.10, it shall
resign immediately in the manner and with the effect specified in this Article 7.

 

7.11.  PREFERENTIAL COLLECTION
OF CLAIMS AGAINST COMPANY.

 

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

 

7.12.  PAYING AGENTS.

 

The Company shall cause each Paying Agent other
than the Trustee to execute and deliver to it and the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section 7.12:

 

(1) that it will hold all sums held by it as
agent for the payment of the principal of, or interest or premium, if any, on, the Securities (whether such sums have been paid
to it by the Company or by any obligor on the Securities) in trust for the benefit of Holders of the Securities or the Trustee;

 

(2) that it will at any time during the continuance
of any Event of Default, upon written request from the Trustee, deliver to the Trustee all sums so held in trust by it together
with a full accounting thereof; and

 

(3) that it will give the Trustee written notice
within three Business Days after any failure of the Company (or by any obligor on the Securities) in the payment of any installment
of the principal of, or interest or premium, if any, on, the Securities when the same shall be due and payable.

 

ARTICLE
8

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

 

8.1.  WITHOUT CONSENT OF
HOLDERS.

 

The Company, when authorized by a Board Resolution,
and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without notice to or consent of
any Securityholder:

 

(1) to comply with Section 5.1;

 

(2) to provide for certificated Securities in
addition to uncertificated Securities;

 

(3) to comply with any requirements of the SEC
under the TIA;

 

(4) to cure any ambiguity, defect or inconsistency,
or to make any other change herein or in the Securities that does not materially and adversely affect the rights of any Securityholder;

 

(5) to provide for the issuance of, and establish
the form and terms and conditions of, Securities of any Series as permitted by this Indenture; or

 

    	 	-23-	 

     

    

 

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

 

The Trustee is hereby authorized to join with
the Company in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture, and to make
any further appropriate agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter
into any such supplemental indenture which adversely affects its own rights, duties or immunities under this Indenture.

 

8.2.  WITH CONSENT OF HOLDERS.

 

(a) The Company, when authorized by a Board
Resolution, and the Trustee may amend or supplement this Indenture or the Securities of one or more Series with the written consent
of the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of such Series affected
by such amendment or supplement without notice to any Securityholder. The Holders of not less than a majority in aggregate principal
amount of the outstanding Securities of each such Series affected by such amendment or supplement may waive compliance by the Company
in a particular instance with any provision of this Indenture or the Securities of such Series without notice to any Securityholder.
Subject to Section 8.4, without the consent of each Securityholder affected, however, an amendment, supplement or waiver may not:

 

(1) reduce the amount of Securities whose Holders
must consent to an amendment, supplement or waiver to this Indenture or the Securities;

 

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

 

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

 

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

 

(5) change the amount or time of any payment
required by the Securities, or reduce the premium payable upon any redemption of the Securities, or change the time before which
no such redemption may be made;

 

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

 

(7) waive a redemption payment with respect
to any Security, or change any of the provisions with respect to the redemption of any Securities;

 

(8) make any changes in Section 6.6 or this
Section 8.2, except to increase any percentage of Securities the Holders of which must consent to any matter; or

 

(9) take any other action otherwise prohibited
by this Indenture to be taken without the consent of each Holder affected thereby.

 

(b) Upon the request of the Company, accompanied
by a Board Resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence
reasonably satisfactory to the Trustee of the consent of the Securityholders as aforesaid and of the documents described in Section
8.6, the Trustee shall join with the Company in the execution of such supplemental indenture, unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such supplemental indenture.

 

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

 

    	 	-24-	 

     

    

 

After an amendment or supplement under this
Section becomes effective, the Company shall mail to Securityholders a notice briefly describing the amendment or supplement. Any
failure of the Company to mail any such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any supplemental indenture.

 

8.3.  COMPLIANCE WITH TRUST
INDENTURE ACT.

 

Every amendment to, or supplement of, this
Indenture or the Securities shall comply with the TIA as then in effect.

 

8.4.  REVOCATION AND EFFECT
OF CONSENTS.

 

Until an amendment, supplement, waiver or other
action becomes effective, a consent to it by a Holder of a Security is a continuing consent conclusive and binding upon such Holder
and every subsequent Holder of the same Security or portion thereof, and of any Security issued upon the transfer thereof or in
exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. Any such Holder or subsequent
Holder, however, may revoke the consent as to his Security or portion of a Security, if the Trustee receives the notice of revocation
before the date the amendment, supplement, waiver or other action becomes effective.

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver, which
record date shall be at least 30 days prior to the first solicitation of such consent. If a record date is fixed, then, notwithstanding
the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only such Persons,
shall be entitled to consent to such amendment, supplement or waiver, or to revoke any consent previously given, whether or not
such Persons continue to be Holders after such record date.

 

After an amendment, supplement, waiver or other
action becomes effective, it shall bind every Securityholder, unless it makes a change described in any of clauses (1) through
(9) of Section 8.2. In that case, the amendment, supplement, waiver or other action shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder’s Security; PROVIDED, that any such waiver shall not impair or affect the right of any Holder to receive payment of
the principal of, and interest and premium, if any, on, a Security, on or after the respective due dates expressed in such Security,
or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder.

 

8.5.  NOTATION ON OR EXCHANGE
OF SECURITIES.

 

If an amendment, supplement or waiver changes
the terms of a Security of any Series, the Trustee may request the Holder of such Security to deliver it to the Trustee. In such
case, the Trustee shall place an appropriate notation on such Security about the changed terms and return it to the Holder. Alternatively,
the Company, in exchange for such Security, may issue, and the Trustee shall authenticate, a new security that reflects the changed
terms. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment,
supplement or waiver.

 

8.6.  TRUSTEE TO SIGN AMENDMENTS,
ETC.

 

The Trustee shall sign any amendment, supplement
or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such
amendment, supplement or waiver the Trustee shall be entitled to receive and, subject to Section 7.1, shall be fully protected
in relying upon an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized
or permitted by this Indenture. The Company may not sign an amendment or supplement until the Board of Directors of the Company
approves it.

 

    	 	-25-	 

     

    

 

ARTICLE
9

DISCHARGE
OF INDENTURE; DEFEASANCE

 

9.1.  DISCHARGE OF INDENTURE.

 

The Company may terminate its obligations under
the Securities of any Series and this Indenture with respect to such Series, except the obligations referred to in the last paragraph
of this Section 9.1, if there shall have been canceled by the Trustee, or delivered to the Trustee for cancellation, all Securities
of such Series theretofore authenticated and delivered (other than any Securities of such Series that are asserted to have been
destroyed, lost or stolen and that shall have been replaced as provided in Section 2.8) and the Company has paid all sums payable
by it hereunder or deposited all required sums with the Trustee.

 

After such delivery the Trustee upon request
shall acknowledge in a writing prepared by or on behalf of the Company the discharge of the Company’s obligations under the
Securities of such Series and this Indenture, except for those surviving obligations specified below.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company in Sections 7.7, 9.5 and 9.6 shall survive.

 

9.2.  LEGAL DEFEASANCE.

 

The Company may at its option, by Board Resolution,
be discharged from its obligations with respect to the Securities of any Series on the date upon which the conditions set forth
in Section 9.4 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means
that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the Securities of such Series
and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall, subject to Section 9.6, execute proper instruments acknowledging the same,
as are delivered to it by the Company), except for the following, which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of outstanding Securities of such Series to receive solely from the trust funds described
in Section 9.4 and as more fully set forth in such section, payments in respect of the principal of, and interest and premium,
if any, on, the Securities of such Series when such payments are due, (B) the Company’s obligations with respect to the Securities
of such Series under Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9, (C) the rights, powers, trusts, duties and immunities of the Trustee
hereunder (including claims of, or payments to, the Trustee under or pursuant to Section 7.7) and (D) this Article 9. Subject to
compliance with this Article 9, the Company may exercise its option under this Section 9.2 with respect to the Securities of any
Series notwithstanding the prior exercise of its option under Section 9.3 below with respect to the Securities of such Series.

 

9.3.  COVENANT DEFEASANCE.

 

At the option of the Company, pursuant to a
Board Resolution, the Company shall be released from its obligations with respect to the outstanding Securities of any Series under
Sections 4.2 through 4.5, inclusive, and Section 5.1, with respect to the outstanding Securities of such Series, on and after the
date the conditions set forth in Section 9.4 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose,
such Covenant Defeasance means that 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 specified section or portion thereof, whether directly or indirectly by reason of any reference
elsewhere herein to any such specified Section or portion thereof or by reason of any reference in any such specified section or
portion thereof to any other provision herein or in any other document, but the remainder of this Indenture and the Securities
of any Series shall be unaffected thereby.

 

    	 	-26-	 

     

    

 

9.4.  CONDITIONS TO LEGAL
DEFEASANCE OR COVENANT DEFEASANCE.

 

The following shall be the conditions to application
of Section 9.2 or Section 9.3 to the outstanding Securities of a Series:

  

(1) the Company shall irrevocably have deposited
or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 7.10 who shall agree to comply
with the provisions of this Article 9 applicable to it) as funds in trust for the purpose of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities, (A) money in an amount, or (B)
U.S. Government Obligations or Foreign Government Obligations which through the scheduled payment of principal and interest in
respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or
(C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or
other qualifying trustee) to pay and discharge, the principal of, and accrued interest and premium, if any, on, the outstanding
Securities of such Series at the Stated Maturity of such principal, interest or premium, if any, or on dates for payment and redemption
of such principal, interest and premium, if any, selected in accordance with the terms of this Indenture and of the Securities
of such Series;

 

(2) no Event of Default or Default with respect
to the Securities of such Series shall have occurred and be continuing on the date of such deposit, or shall have occurred and
be continuing at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the
day following the expiration of the longest preference period under any Bankruptcy Law applicable to the Company in respect of
such deposit as specified in the Opinion of Counsel identified in paragraph (8) below (it being understood that this condition
shall not be deemed satisfied until the expiration of such period);

 

(3) such Legal Defeasance or Covenant Defeasance
shall not cause the Trustee to have a conflicting interest for purposes of the TIA with respect to any securities of the Company;

 

(4) such Legal Defeasance or Covenant Defeasance
shall not result in a breach or violation of, or constitute default under, any other agreement or instrument to which the Company
is a party or by which it is bound;

 

(5) the Company shall have delivered to the
Trustee an Opinion of Counsel stating that, as a result of such Legal Defeasance or Covenant Defeasance, neither the trust nor
the Trustee will be required to register as an investment company under the Investment Company Act of 1940, as amended;

 

(6) in the case of an election under Section
9.2, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling to the effect that or (ii) there has been a change in any applicable
Federal income tax law with the effect that, and such opinion shall confirm that, the Holders of the outstanding Securities of
such Series or Persons in their positions will not recognize income, gain or loss for Federal income tax purposes solely as a result
of such Legal Defeasance and will be subject to Federal income tax on the same amounts, in the same manner, including as a result
of prepayment, and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(7) in the case of an election under Section
9.3, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect 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;

 

(8) the Company shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this
Article 9 relating to either the Legal Defeasance under Section 9.2 or the Covenant Defeasance under Section 9.3 (as the case may
be) have been complied with;

 

(9) the Company shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit under clause (1) was not made by the Company with the intent of
defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 

(10) the Company shall have paid, or duly provided
for payment under terms mutually satisfactory to the Company and the Trustee, all amounts then due to the Trustee pursuant to Section
7.7.

 

    	 	-27-	 

     

    

 

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

 

All money, U.S. Government Obligations and
Foreign Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.4 in respect of
the outstanding Securities 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 as the Trustee may determine, to the Holders of
such Securities, of all sums due and to become due thereon in respect of principal, accrued interest and premium, if any, but such
money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations and Foreign Government Obligations
deposited pursuant to Section 9.4 or the principal, interest and premium, if any, 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 9 to the contrary
notwithstanding, but subject to payment of any of its outstanding fees and expenses, the Trustee shall deliver or pay to the Company
from time to time upon Company Request any money, U.S. Government Obligations or Foreign Government Obligations held by the Trustee
as provided in Section 9.4 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 which would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

9.6.  REINSTATEMENT.

 

If the Trustee or Paying Agent is unable to
apply any money, U.S. Government Obligations or Foreign Government Obligations in accordance with Section 9.1, 9.2, 9.3 or 9.4
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities shall be revived
and reinstated as though no deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted
to apply all such money, U.S. Government Obligations or Foreign Government Obligations, as the case may be, in accordance with
Section 9.1, 9.2, 9.3 or 9.4; PROVIDED, HOWEVER, that if the Company has made any payment of principal of, or accrued interest
or premium, if any, on, any Securities because of 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, U.S. Government Obligations or Foreign Government
Obligations held by the Trustee or Paying Agent.

 

9.7.  MONEYS HELD BY PAYING
AGENT.

 

In connection with the satisfaction and discharge
of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company,
be paid to the Trustee, or, if sufficient moneys have been deposited pursuant to Section 9.1, to the Company, and thereupon such
Paying Agent shall be released from all further liability with respect to such moneys.

 

9.8.  MONEYS HELD BY TRUSTEE.

 

Any moneys deposited with the Trustee or any
Paying Agent or then held by the Company in trust for the payment of the principal of, or interest or premium, if any, on, any
Security that are not applied but remain unclaimed by the Holder of such Security for two years after the date upon which the principal
of, or interest or premium, if any, on, such Security shall have respectively become due and payable shall be repaid to the Company
upon Company Request, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and
the Holder of such Security entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the
Company for the payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money shall thereupon
cease; PROVIDED, HOWEVER, that the Trustee or any such Paying Agent, before being required to make any such repayment, may, at
the expense of the Company, either mail to each Securityholder affected, at the address shown in the register of the Securities
maintained by the Registrar, or cause to be published once a week for two successive weeks, in a newspaper published in the English
language, customarily published each Business Day and of general circulation in the City of New York, New York, a 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 mailing
or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After payment to the Company
or the release of any money held in trust by the Company, Securityholders entitled to the money must look only to the Company for
payment as general creditors, unless applicable abandoned property law designates another Person.

 

    	 	-28-	 

     

    

 

ARTICLE
10

MISCELLANEOUS

 

10.1.  TRUST INDENTURE
ACT CONTROLS.

 

If any provision of this Indenture limits,
qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision
shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.

 

10.2.  NOTICES.

 

Any notice or communication shall be given
in writing and delivered in Person, sent by facsimile (and receipt confirmed by telephone or electronic transmission report), delivered
by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows:

 

If to the Company:

 

Celcuity Inc.

16305 36th Avenue N., Suite 100

Minneapolis, MN 55446

Fax: (763) ___-____

Attention: Secretary

 

Copy to:

 

Fredrikson & Byron, P.A.

200 South Sixth Street, Suite 4000

Minneapolis, MN 55402

Fax: (612) 492-7077

Attention: Eric O. Madson, Esq.

 

If to the Trustee:

	 	 
	 	 
	 	 
	 	 

 

The Company or the Trustee by written notice
to the other may designate additional or different addresses for subsequent notices or communications. Any notice or communication
to the Company or the Trustee shall be deemed to have been given or made as of the date so delivered if personally delivered; when
receipt is confirmed by telephone or electronic transmission report, if sent by facsimile; and three Business Days after mailing
if sent by registered or certified mail, postage prepaid (except that a notice of change of address shall not be deemed to have
been given until actually received by the addressee).

 

Any notice or communication mailed to a Securityholder
shall be mailed to such Securityholder by first-class mail, postage prepaid, at such Securityholder’s address shown on the
register kept by the Registrar.

 

    	 	-29-	 

     

    

 

Failure to mail, or any defect in, a notice
or communication to a Securityholder shall not affect its sufficiency with respect to other Securityholders. If a notice or communication
to a Securityholder is mailed in the manner provided above, it shall be deemed duly given, three Business Days after such mailing,
whether or not the addressee receives it.

 

In case by reason of the suspension of regular
mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such
method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice.

 

In the case of Global Securities, notices or
communications to be given to Securityholders shall be given to the Depository, in accordance with its applicable policies as in
effect from time to time.

 

In addition to the manner provided for in the
foregoing provisions, notices or communications to Securityholders shall be given by the Company by release made to Reuters Economic
Services and Bloomberg Business News.

 

10.3.  COMMUNICATIONS BY
HOLDERS WITH OTHER HOLDERS.

 

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

 

10.4.  CERTIFICATE AND
OPINION AS TO CONDITIONS PRECEDENT.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1) an Officers’ Certificate (which shall
include the statements set forth in Section 10.5 below) stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(2) an Opinion of Counsel (which shall include
the statements set forth in Section 10.5 below) stating that, in the opinion of such counsel, all such conditions precedent have
been complied with.

 

10.5.  STATEMENT REQUIRED
IN CERTIFICATE AND OPINION.

 

Each certificate and opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other than pursuant to Section 4.4) shall include:

 

(1) a statement that the Person making such
certificate or opinion has read such covenant or condition;

 

(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 such
Person, it or he has made such examination or investigation as is necessary to enable it or him 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 such Person, such covenant or condition has been complied with.

 

10.6.  RULES BY TRUSTEE
AND AGENTS.

 

The Trustee may make reasonable rules for action
by or at meetings of Securityholders. The Registrar and Paying Agent may make reasonable rules for their functions.

 

    	 	-30-	 

     

    

 

10.7.  BUSINESS DAYS; LEGAL
HOLIDAYS; PLACE OF PAYMENT.

 

A “Business Day” is a day that
is not a Legal Holiday. A “Legal Holiday” is a Saturday, a Sunday, a federally-recognized holiday or a day on which
banking institutions are not authorized or required by law, regulation or executive order to be open in the State of New York.

 

If a payment date is a Legal Holiday at a Place
of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue
for the intervening period. “Place of Payment” means the place or places where the principal of, and interest and premium,
if any, on, the Securities of a Series are payable as specified as contemplated by Section 2.2. If the regular record date is a
Legal Holiday, the record date shall not be affected.

 

10.8.  GOVERNING LAW.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN
THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

10.9.  NO ADVERSE INTERPRETATION
OF OTHER AGREEMENTS.

 

This Indenture may not be used to interpret
another indenture, loan, security or debt agreement of the Company or any Subsidiary thereof. No such indenture, loan, security
or debt agreement may be used to interpret this Indenture.

 

10.10.  NO RECOURSE AGAINST
OTHERS.

 

A director, officer, employee, stockholder
or incorporator, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or
the Indenture. Each Securityholder by accepting a Security waives and releases all such liability. Such waiver and release are
part of the consideration for the issuance of the Securities.

 

10.11.  SUCCESSORS.

 

All covenants and agreements of the Company
in this Indenture and the Securities shall bind the Company’s successors and assigns, whether so expressed or not. All agreements
of the Trustee, any additional trustee and any Paying Agents in this Indenture shall bind their respective successors and assigns.

 

10.12.  MULTIPLE COUNTERPARTS.

 

The parties may sign multiple counterparts
of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.

 

10.13.  TABLE OF CONTENTS,
HEADINGS, ETC.

 

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

 

10.14.  SEVERABILITY.

 

Each provision of this Indenture shall be considered
separable, and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Indenture
or 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, and a Holder shall have no claim therefor against any party hereto.

 

    	 	-31-	 

     

    

 

10.15.  SECURITIES IN A
FOREIGN CURRENCY OR IN EUROS.

 

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

 

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

 

10.16.  JUDGMENT CURRENCY.

 

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

 

    	 	-32-	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of
the day and year first above written.

 

	 	CELCUITY INC.

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	[Name of Trustee]

  

	 	By:	 

	 	Name:	 

	 	Title:	 

 

	 	By:	 

	 	Name:	 

	 	Title:	 

 

    	 	-33-

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