Document:

EX-4.4

 Exhibit 4.4 
  

			
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		  	Translation into English for information purposes only

 TECHNIP 

GROUP SAVINGS PLAN (PLAN D’EPARGNE GROUPE – “PEG”) 

PREAMBLE 
 Pursuant to Articles L3331-1 et seq. of the
French Labor Code (hereinafter “Labor Code”), on November 13, 2003, Technip SA, the registration office of which is located at 89, avenue de la Grande Armée 75116 Paris, has instituted a Group Savings Plan. 

This Group Savings Plan supersedes the Group Company Savings Plan (Plan d’Epargne d’Entreprise de Groupe, hereinafter “PEEG”)
entered into on June 22, 2000, and its two amendments. 
 The purpose of the Group Savings Plan (Plan d’Epargne de Groupe, hereinafter
“PEG”) is to allow current and former employees of Technip Group companies which are members of this plan to create a savings account with the help of their company. It gives current and former employees of Technip Group companies which
are members of the PEG the opportunity to participate in the employee shareholding programs offered by TECHNIP 
 The current plan has been amended on
several occasions in order to improve its terms and conditions1.

  
  

1 
  

											
	Rev.	 	 Date
	  	 Subject
	 	 Prepared by
	 	 Verified by
	 	 Approved by

						
	8	 	28/09/15	  	Revision of PEG of March 9, 2012 and its appendices	 	F. PADOVAN	 	M. MARQUES	 	Y. BOUNI
						
	7	 	09/03/12	  	Revision of PEG of February 10, 2011, December 2009 and of its appendices	 	F. PICKERING	 	M. MARQUES	 	T. PARMENTIER
						
	6	 	02/10/11	  	Revision of PEG of December 23, 2009 and of its appendices	 	F. PICKERING and J. DE SOUSA	 	V. ESTRADA-NOHE	 	T. PARMENTIER
						
	5	 	12/23/09	  	Revision of PEG of April 25, 2008 and of its appendices	 	F. PICKERING	 	V. ESTRADA-NOHE	 	T. PARMENTIER
						
	4	 	04/25/08	  	Revision of PEG of January 18, 2007 and of its appendices	 	F. PICKERING	 	P. CHANTECLAIR	 	A. DECRESSAC
						
	3	 	01/18/07	  	Revision of PEG of January 7, 2005 and of its appendices	 	C. HEID	 	P. CHANTECLAIR	 	A. DECRESSAC
						
	2	 	01/07/05	  	Revision of PEG of November 13, 2003 and of its appendices	 	A. GIRAULT	 	C. COLINEAU	 	A. DECRESSAC
						
	1	 	11/13/03	  	General rewriting of PEG of June 22, 2000 and of Riders 1 and 2	 	C. HEID	 	Ph. DAVIGNON	 	A. DECRESSAC

 TABLE OF CONTENTS 

 

											
	I.	  	GENERAL PROVISIONS	  	 	3	 
		  	A.	 	SCOPE OF APPLICATION	  	 	3	 
		  		 	1.	  	Membership of new companies in the PEG	  	 	3	 
		  		 	2.	  	Withdrawal from the PEG by a company	  	 	3	 
		  	B.	 	BENEFICIARIES	  	 	3	 
		  	C.	 	ORIGIN OF FUNDS	  	 	4	 
		  		 	1.	  	PEG contributions	  	 	4	 
		  		 	2.	  	Terms of employee PEG contributions	  	 	4	 
		  		 	3.	  	Individual maximum contributions	  	 	5	 
		  		 	4.	  	Company contributions – matched funding (abondement)	  	 	5	 
		  	D.	 	USE OF FUNDS	  	 	6	 
		  		 	1.	  	Investment of savings	  	 	6	 
		  		 	2.	  	Income	  	 	7	 
		  	E.	 	BLOCKING PERIOD	  	 	7	 
		  	F.	 	EMPLOYEE INFORMATION, MEMBER RIGHTS, AND SUPERVISORY BOARDS	  	 	9	 
		  		 	1.	  	Employee information	  	 	9	 
		  		 	2.	  	Member rights and Supervisory Board	  	 	9	 
		  	G.	 	FORMER EMPLOYEES	  	 	9	 
		  	H.	 	SAFEGUARD CLAUSE	  	 	10	 
		  	I.	 	ENTRY INTO FORCE – TERM – REVISION	  	 	10	 
			
	II.	  	SPECIFIC PROVISIONS	  	 	10	 
		  	A.	 	EMPLOYEE SHAREHOLDER OFFERS	  	 	11	 
		  		 	1.	  	Application of the PEG to companies in and outside of France	  	 	11	 
		  		 	2.	  	Specific terms applicable to employee shareholder offers made as part of the PEG	  	 	11	 
		  	B.	 	 SPECIFIC CONDITIONS APPLICABLE TO THE TECHNIP CAPITAL 2012 EMPLOYEE SHAREHOLDER
OFFER
	  	 	13	 
		  	C.	 	 SPECIFIC CONDITIONS APPLICABLE TO THE TECHNIP CAPITAL 2015 EMPLOYEE SHAREHOLDER
OFFER
	  	 	15	 
			
	III.	  	REGISTRATION	  	 	17	 
	
	APPENDICES	 
			
	I.	  	List of PEG member companies as of August 31, 2015 - List of companies participating in the Technip Capital 2012 and 2015 offers	  			
			
	II.	  	Major features of the funds	  			
			
	III.	  	Fund management institutions and custodian account holder (hereinafter “Custodian Account Holder”)	  			
			
	IV.	  	Fund documentation	  			
			
	V.	  	Minutes of the Works Council consultation meetings	  			
			
	VI.	  	Funds open during capital increases reserved for employees	  			

			
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	I.	GENERAL PROVISIONS 

  

	A.	SCOPE OF APPLICATION 

 This PEG is open to the French companies of the Technip Group as defined by
Article L3344-1 of the Labor Code. For information purposes, the French companies of the Technip Group that are members of the PEG as of August 31, 2015 are listed in Appendix I. 

This PEG is also open to certain foreign companies of the Technip Group as defined by Article L3344-1 of the Labor Code (insofar as those companies have
decided to become members) during capital increases reserved for employees, offered by Technip in accordance with the provisions of the article “Employee shareholder offers” of Title II “Specific Provisions”. The list of foreign
companies of the Technip Group that are members of the PEG on August 31, 2015 are listed in Appendix I. 
  

	 	1.	Membership of new companies in the PEG 

 Any French company that forms part of the Technip Group
as defined by the second paragraph of Article L3344-1 of the Labor Code may offer the PEG to its employees, provided that it becomes a member. 

Membership of a new company shall be formalized by a membership letter sent to Technip and signed by the executive of said company, after the plan has been
implemented by the company in accordance with the provisions of Articles L3332-4 and L3332-5 of the Labor Code. 
 Whenever there is a change affecting the
companies that form part of the group, the list of member companies shall be updated accordingly. 
  

	 	2.	Withdrawal from the PEG by a company 

 Any company that ceases to belong to the Technip Group, as
defined above, during the term of this plan shall immediately and automatically exit its scope of application. The employees of that company may no longer contribute to the PEG, but shall retain their savings therein, unless they are transferred to
another savings plan, under the conditions of Article L3335-1 of the Labor Code. 
 The term “company” as used below in this plan shall be
understood to refer to the current or former employer of the beneficiaries of this plan. 
  

	B.	BENEFICIARIES 

 All employees of French companies of Technip Group, as defined in the above “Scope
of application”, may become members of this PEG provided that, when they make their first contribution, they have been employees for at least three months. Periods of suspension from employment are not discounted when determining the period of
employment. For the determination of the period of employment required, all employment contracts executed in the Technip Group during the membership year and the twelve months preceding it are counted. 

			
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 Employee membership in the PEG is effective upon the first payment into the plan, which implies acceptance of
the present terms. 
 Payments may no longer be made on or after the date on which the employee ceases to be employed by the companies which are members of
the PEG, for any reason whatsoever, with the exception of employees of French companies of the Group which are members of the PEG: 
  

	 	–	payments made by pre-retirees or by retired individuals who have made at least one payment into the PEG before their departure and have not requested the liquidation of all of their savings, 

 

	 	–	the payment of amounts owed under profit-sharing and incentive plans and received by employees after the term of their employment contract has expired. 

 

	C.	ORIGIN OF FUNDS 

  

	 	1.	PEG contributions 

 Payments into the PEG may be made in one or more of the following ways: 

 

	 	–	voluntary employee contributions, 

  

	 	–	payments by employees of all or part of the funds from their incentive plan, 

  

	 	–	payments by employees of funds from profit-sharing plans, 

  

	 	–	the transfer of funds from a Time Savings Account (Compte Epargne Temps, hereinafter “CET”), provided this is provided for by the agreement governing the CET, 

 

	 	–	the transfer of funds from another savings plan at the employees’ request, 

  

	 	–	any contributions by the company as defined in Article 4. 

  

	 	2.	Terms of employee PEG contributions 

  

	 	➣	Voluntary employee contributions 

 Voluntary employee contributions may be made directly to the
custodian account holder (hereinafter “Custodian Account Holder”) to all funds, except those funds dedicated to capital increases, for which PEG beneficiaries shall be informed of the specific terms of contribution whenever such a
capital increase occurs. 
  

	 	➣	Contribution of funds from incentive and profit-sharing plans 

 Contributions by employees to the
PEG of all or part of their incentive payments and funds from profit-sharing plans shall be made, in accordance with the law, within a maximum of fifteen days following payment in order to be eligible for the resulting tax and social welfare
credits. 
 Such contributions shall be made upon prior instruction by the employee. 

 

	 	➣	Transfer of funds from a CET or other savings plans at the employee’s request 

 Beneficiaries
may contribute funds from a CET to the PEG, provided this is provided for by the agreement governing the CET. 

			
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 Beneficiaries may also contribute funds from another savings plan, except for assets that they hold in a
collective pension saving plan (PERCO). 
  

	 	3.	Individual maximum contributions 

 Pursuant to Article L3332-10 of the Labor Code, the total
amount of the annual voluntary contributions by employees, incentive plans included, to the PEG and any other employee savings plan may not exceed one fourth of their gross annual compensation. 

For retirees, this total may not exceed one fourth of the total annual amount of their retirement pensions. 

For employees whose employment contract is suspended and who have not received any compensation for the previous year, contributions may not exceed one fourth
of the annual maximum contribution set out in Article L. 241-3 of the French Social Security Code. 
 Compliance with these maximum limits is the sole
responsibility of the beneficiaries. 
  

	 	4.	Company contributions – matched funding (abondement)  

  

	 	➣	Management commissions 

 Fund management fees are paid by the fund in accordance with the key
investor documentation (DICI) and the fund regulations. 
 The terms of payment for the PEG fund management fees are set out in the rules for those funds.
They are stated in Appendix IV. 
  

	 	➣	Account management and registration fees for individual accounts 

 The fees for holding accounts
and registering individual accounts are paid by the company. 
 However, if an employee ceases to be employed by a Group company, the fees for custodian
account holding shall cease to be paid by the company at the end of the calendar year underway. 
  

	 	➣	Potential matched funding 

 Contributions to a PEG are not entitled to matched funding, subject to
the “Specific provisions” related to employee shareholder offers approved by Technip. 
 Matched funding is not paid for any transfers of PEG
assets. 

			
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	D.	USE OF FUNDS 

  

	 	1.	Investment of savings 

  

	 	➣	Choice of investment 

 The funds contributed to the PEG are invested, at the discretion of the
employees, in one of the following investment vehicles: 
  

	 	–	equity securities or securities giving access to TECHNIP share capital; 

  

	 	–	units of diversified funds (fonds de diversifiés) governed by Article L214-164 of the French Monetary and Financial Code; 

 

	 	–	units of share ownership funds (fonds d’actionnariat) governed by Article L214-165 of the French Monetary and Financial Code, during share capital increases; 

 

	 	–	units of bridging funds (fonds de relais) that are intended to be transferred subsequently to a share ownership program; 

  

	 	–	as part of the exercise of TECHNIP stock options granted under the conditions of Articles L225-177 et seq. of the French Commercial Code. 

A detailed list of funds offered under the PEG and descriptions of these funds are located in Appendix II of this plan. Key investor documentation (DICI) is
attached in Appendix IV. 
  

	 	➣	Managing bodies 

 Administrative record keeping for PEG accounts is performed by the body set out
in Appendix III. 
 All contributions made to PEGs by employees are recorded in an administrative account opened in the name of each employee. This
administrative account tracks all contributions made to the PEG, their allocation by investment vehicle and lists any remaining blocked periods. Once a year, the registrar shall prepare and send to all employees who are members of the PEG an
individual account statement listing the shares or units belonging to them. 
 Custodian account holding for PEG funds is performed by a single body whose
contact information is listed in Appendix III. 
 The Custodian Account Holder is an institution approved by the Credit Institutions and Investment Firms
Committee subject to the approval of the Autorité des Marchés Financiers (hereinafter “AMF”). It is responsible for holding the accounts for the funds held by the unitholder. The Custodian Account Holder receives and
carries out unit subscriptions and redemption instructions and initiates the corresponding payments or settlements. 
 Every fund is created on the joint
initiative of a portfolio management company responsible for its management and a corporate entity which acts as the fund depository. Contact information for the management companies and depositories for the various PEG funds is listed in Appendix
III. 
 The portfolio management company is approved by the AMF and acts on behalf of the fund. It uses or reuses all contributions made, by subscribing,
acquiring, selling, or exchanging all securities that comprise the fund portfolio. It acts on behalf of the unitholders and represents them with respect to third parties in all acts concerning the fund. It prepares accounting documents on a regular
basis and sends periodic reports under the conditions set forth in the fund rules. 

			
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 The depository is a corporate entity selected by the management company from a list prepared by the minister
in charge of the economy and is responsible for holding the securities included in the Fund. It executes the subscription, purchase, sale, or exchange orders for the securities that comprise the portfolio and handles the receipts and disbursements
generated by the management of the fund. It controls the inventory of fund assets prepared by the management company and certifies them at the end of the year. 
  

	 	➣	Arbitrage 

 Arbitrage of available and unavailable assets between funds are possible at any time.
However, for arbitrage from the Technip France funds, only available assets may be transferred to other funds. 
 Arbitrage does not change the blocking
period for the relevant amounts. It is not similar to a voluntary contribution. 
 No individual arbitrage from or to Technip International fund
compartments is authorized. 
  

	 	2.	Income 

 Income or revenue from investments included in every sub-fund are always reinvested. 

However, income or revenue of all kinds from the assets of the “Technip Classic” compartment of the “Technip France” company mutual fund
(FCPE) and of the “Technip Classic” compartment of the “Technip International” company mutual fund (FCPE) are: 
  

	 	–	for “C” units: mandatorily reinvested. The amounts thus reused increase the total asset value and result in an issue of new units. 

 

	 	–	for “D” Units: distributable income limited solely to income from Technip SA shares is paid annually and is subject to applicable tax and social security laws. 

Beneficiaries choose whether they want “C” or “D” units and ask for an arbitrage of “C” units into “D” units and vice
versa. 
  

	E.	BLOCKING PERIOD 

 Savings invested in a PEG by beneficiaries are available only after the expiration of a
period of five years from the first day of the fifth month of the financial year during which such savings were invested. 
 By way of exception, assets
registered into the fund account relating to the funds offered in the context of employee share capital increases, notably with guarantee or leverage effect, may only be available upon expiry of a five-year period starting from the date of the
capital increase reserved to employees with respect to which they were created. 

			
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 The beneficiaries (or their beneficiaries, as the case may be), may, however, have their savings unblocked
early in the cases authorized by the regulations which are in force at the time. As of the most recent version of these rules, such circumstances are as follows: 
  

	 	(a)	Marriage of, or entry into a civil union (pacte civil de solidarité) by, the interested party; 

  

	 	(b)	Birth or the arrival in the home of a child with the intent of adoption when the household already has at least two dependent children; 

 

	 	(c)	Divorce, separation, or dissolution of a pacte civil de solidarité when there is a court order providing for sole or joint custody of at least one child in the domicile of the interested party;

  

	 	(d)	Incapacity of the employee, his or her children, spouse, or partner in a pacte civil de solidarité. Such incapacity is to be determined in accordance with the second and third paragraphs of Article L341-4
of the French Social Security Code or as recognized by a decision of the Commission for Rights and Autonomy of People with Disabilities, provided that the rate of incapacity is at least 80% and the interested party conducts no professional
activities; 

  

	 	(e)	Death of the employee or his or her spouse or partner in a pacte civil de solidarité; 

  

	 	(f)	Cessation of employment contract; 

  

	 	(g)	Allocation of the saved funds to the creation or takeover, by the employee, his or her children, spouse, or partner in a pacte civil de solidarité, of an industrial, commercial, artisanal, or agricultural
enterprise, either individually or in the form of a company, provided that he or she exercises effective control of the enterprise as defined by Article R5141-2 of the Labor Code; the establishment of an unsalaried profession; or the acquisition of
units in a production cooperative; 

  

	 	(h)	Allocation of the saved funds to the acquisition or enlargement of a primary residence that create a new habitable “surface” as defined in Article R111-2 of the French Construction and Residences Code,
subject to the existence of a building permit or declaration prior to building work, or to the restoration of a primary residence damaged following a natural catastrophe which has been recognized by a ministerial order; 

 

	 	(i)	Excessive debt incurred by the employee as defined in Article L331-2 of the French Consumer Code, upon a request sent to the fund management body or the employer by either the chairman of the Individual
Over-indebtedness Commission, or by the judge when the release of rights appears to be necessary for the settlement of the interested party’s liabilities; and in all other cases as provided for by subsequent regulations. 

			
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 The employee’s request must be presented within a period of six months from the occurrence of the event,
except in the event of a cessation of the employment contract, death of the employee’s spouse or partner in a pacte civil de solidarité, incapacity, or over-indebtedness, where it may occur at any time. 

In the event of the beneficiary’s death, however, it is the responsibility of his or her beneficiaries to request the payment of his or her savings
within six months of the death (the registration period for the declarations of inheritance is set out in Article 641 of the French General Tax Code, which may be longer in certain circumstances), in order to enjoy the tax exemptions set forth in
Article 150-0-A of that Code as of the date of the most recent version of these rules. 
 Early unblocking of savings takes place in the form of a single
payment per unblocking and affects, at the employee’s discretion, all or part of the savings that may be unblocked. 
 An early unblocking request
shall be sent to the body that holds custody of the accounts or registered accounts. 
 The terms and conditions of redemption are set forth in the rules of
each of the relevant funds. 
  

	F.	EMPLOYEE INFORMATION, MEMBER RIGHTS, AND SUPERVISORY BOARDS 

  

	 	1.	Employee information 

 A copy of this PEG, along with the principal information relating thereto,
shall be posted and made available on the Group intranet site and/or the Human Resources Department of every member company. Moreover, employees shall be informed individually of the existence of the PEG. 

At least once a year, beneficiaries shall receive a statement summarizing their situation, the date on which their savings become available, and the
exceptional circumstances in which their savings become available. 
  

	 	2.	Member rights and Supervisory Board 

 The rights and obligations of unitholder beneficiaries, the
management company, the depository, and the Supervisory Board are set by the fund rules established by the management companies for these funds and approved by the Autorité des Marchés Financiers (AMF). 

The composition of the Supervisory Board for these funds is defined by the fund rules and repeated in the key investor documentation (DICI) those funds, which
is attached to these rules (see Appendix IV). 
  

	G.	FORMER EMPLOYEES 

 With the exception of the cases mentioned in the article “Beneficiaries” of
Title I “General Provisions” of these rules, the former employees of Group companies may no longer make contributions to the PEG. 
 Their savings
are kept in the Technip PEG, unless they are transferred to another savings plan. 

			
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 Fees for custodian account holding shall cease to be paid by the company at the end of the calendar year on
which the employee’s contract ends. 
 Upon the cessation of their employment contract, all employees shall receive from the custodian account holder a
summary statement of all contributions and securities saved under the employee savings schemes implemented within the Group. 
 Employees leaving the
company are asked to specify the address to which the custodian account holder may contact them and to inform that body in the event of a change of address. 

In accordance with the provisions of Articles D3324-37 and R3332-30 of the Labor Code, whenever former employees cannot be reached at the most recent address
that they have indicated, the amounts owed to them are made available to them by the company for a duration of one year as of the expiration period provided for, as the case may be, by either Article L3323-5 or L3324-10. Past that limit, these
amounts will be handed to the Caisse des Dépôts et Consignations where each beneficiary can claim them until the end of the period set forth in the seventh paragraph of Article L135-7 of the French Social Security Code
(thirty years from the signature date of the rules). 
 Employees ceasing to work for Group companies who wish to have the amounts they have
contributed to the PEG transferred to a savings plan offered by their new employer shall contact the custodian account holder so that the transfer may be conducted. The terms of the transfer must comply with Articles D33351, D3335-2, and D3335-3 of
the Labor Code. 
  

	H.	SAFEGUARD CLAUSE 

 Any amendment to the mandatory provisions set out in any French regulations referred
to in these rules shall be applicable automatically. 
  

	I.	ENTRY INTO FORCE – TERM – REVISION 

 The PEG was instituted in 2003 for a term of one year. It
is renewable by tacit agreement. It may be revised at any time. Revisions enter into force on the day that they are filed. 
  

	II.	SPECIFIC PROVISIONS 

 The “Specific Provisions” set out below supplement the
“General Provisions” (Title I) of the PEG. These specific provisions are applicable on the occasion of employee shareholder offers (capital increase or sale of shares reserved to employees) approved by the Technip Board of Directors (or
its Chairman and Chief Executive Officer as delegated) under the terms of the PEG. 

			
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	A.	EMPLOYEE SHAREHOLDER OFFERS 

  

	 	1.	Application of the PEG to companies in and outside of France 

 Employees of member companies of
the PEG may participate in the employee shareholder offers (capital increase or sale of shares reserved to employees) approved by the Technip Board of Directors (or its Chairman and Chief Executive Officer as delegated) under the terms of the PEG.

 On the occasion of an employee shareholder offer, the PEG is open to Technip Group companies as defined by the second paragraph of Article 3344-1 of the
Labor Code located in France as well as to certain companies located outside of France (provided that these companies have decided to become members), insofar as local legislation allows. The list of Technip Group companies located in France and
outside of France that are members of the PEG as of August 31, 2015 appears in Appendix I. This list is for information purposes only. Only the provisions of the PEG specific to the employee shareholder offers set out in Part II of the PEG are
applicable to the Technip Group companies located outside of France and to their employees. 
  

	 	2.	Specific terms applicable to employee shareholder offers made as part of the PEG 

 The employees
of companies located both in France and outside of France set out in Appendix I may participate in the employee shareholder offers approved by Technip as part of this PEG and may benefit from the provisions of Part II of the PEG on such occasions.

 Since the rules of this PEG are applicable when employee shareholder offers are made to both Group companies located in France and certain Group
companies located outside of France, they may be subject to specific adjustments pursuant to certain legal, tax, and other restrictions applicable in each of these countries. 

Employees who participate in the employee shareholder offers are subject to the following provisions: 

 

	 	➣	Beneficiary employees 

 All employees of PEG member companies who have completed at least three
months service as of the last day of the subscription period may participate in the employee shareholder offer. 
 Only retirees and pre-retirees of Group
companies which are members of the PEG located in France can partake in employees shareholdings offers, provided they have proceeded with at least one payment in the PEG before their departure and they have not asked for the liquidation of their
entire savings. 
  

	 	➣	Employee contributions 

 Employee contributions made as part of employee shareholder offers may
occur only on the dates set by the Technip Board of Directors (or its Chairman and Chief Executive Officer as delegated). 
  

	 	➣	Financial participation by the company 

 Management fees for funds invested primarily in Technip
stock are paid for by the funds, as specified in the key investor documentation (DICI) and the fund rules. 

			
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 Employee shareholder offers may be entitled to additional matched funding paid by the company. 

Former company employees are not entitled to any matched funding offered. 

The total amount of employer matched funding may not exceed three times the employee’s contributions per calendar year and per beneficiary employee. 

 

	 	➣	Terms of investment 

 In light of the restrictions inherent in applicable local regulations, some
methods of acquiring Technip stock as part of employee shareholder offers (including FCPE units invested in Technip stock) may not be open to employees of companies whose headquarters are located in countries other than France or may be reserved to
certain beneficiaries only. 
 Investments in registered accounts may be offered in such cases insofar as local laws permit. 

 

	 	➣	Arbitrage 

 No individual arbitrage from or to funds with a guarantee and/or leverage effect whose
units are offered as part of an employee shareholder offer is authorized during the blocking period of the funds. 
 Amounts invested as part of an employee
shareholder offer may be transferred individually as long as they are not available. 
 No individual arbitrage from or to Technip International FCPE
compartments is authorized. 
 Arbitrage the purpose of which is subscription to an employee shareholder offer triggers another five-year blocking period.

  

	 	➣	Early unblocking of funds 

 Savings invested in the PEG by the beneficiary are available only upon
the expiration of a period of five years from the first day of the fifth month of the financial year during which such savings were invested. 
 By way of
exception, assets in the formulas with a guarantee or leverage effect and, as the case may be, in the classic formulas, are available only upon the expiration of a period of five years from the date of the capital increase reserved to employees.

 The beneficiaries or their heirs and assigns, as the case may be, may, however, have their savings unblocked early in the cases authorized by the
regulations in force at the time, which are, for the employees of French companies, as of the date of the most recent revision of these rules, those set out in paragraph I. E. In some countries, pursuant to local laws or restrictions imposed by the
local authorities, some cases of early unblocking may not be available to beneficiaries. For these same reasons, the blocking period may be extended in some countries if necessary. 

			
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	B.	SPECIFIC CONDITIONS APPLICABLE TO THE TECHNIP CAPITAL 2012 EMPLOYEE SHAREHOLDER OFFER 

 As part of
the Technip Capital 2012 employee shareholder contemplated offer (hereinafter the “Offer”), employees of the companies located in France and outside of France set out in Appendix I may subscribe for Technip shares, directly, or through an
FCPE if required on account of local legal, regulatory, and tax restrictions. 
 The subscription price of the shares will be equal to 80% of the average of
the listed opening prices of the Technip share on the NYSE Euronext Paris market for the twenty trading days preceding the decision of the Technip Board of Directors (or its Chairman and Chief Executive Officer as delegated) that set the price and
subscription period (to occur on June 6, 2012). 
 Several options will be offered: a “Classic” option, a “Secure” option, and a
“Multiple” option. Due to local legal, regulatory, and tax restrictions, only one or two of these options could be offered in some countries. 

The FCPEs and the compartments, the units of which will be offered for subscription as part of the Offer, will be as follows: 

 

	 	–	FCPE Technip France, the units of which were offered for subscription to employees of the companies located in France set out in Appendix I; 

 

	 	✓	Technip Classic compartment, 

  

	 	✓	Technip Secure France 2012 compartment, 

  

	 	✓	Technip Secure Multiple France 2012 compartment; 

  

	 	–	FCPE Technip International, the units of which were offered for subscription to employees of the companies located in France set out in Appendix I; 

 

	 	✓	Technip Classic compartment, 

  

	 	✓	Technip Secure 2012 compartment, 

  

	 	✓	Technip Secure Multiple NP 2012 compartment, 

  

	 	✓	Technip Secure Multiple 2012 compartment. 

 The features of these various FCPEs and compartments appear in
their rules and notices. 
 The reservation/subscription period was from April 2 to 16, 2012 and the subscription/withdrawal period from June 7 to
11, 2012, subject to certain adaptations based on local legal, regulatory, and tax restrictions in some countries. At the end of this most recent period, beneficiaries of the offer were no longer able to subscribe TECHNIP shares directly or make
contributions to the Technip France and Technip International FCPEs, which were closed to subscription. 
 As part of the Offer, contributions may be made
by voluntary contribution and allocation of incentive and profit-sharing payments, as the case may be, for beneficiaries of companies located in France and solely by way of voluntary contribution only for beneficiaries from companies located outside
of France. Contributions will be entitled to employer funding on the following terms: 

			
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	 	–	100% gross matched funding up to €200 (included) in contributions; 

  

	 	–	50% gross matched funding from €200 up to €800 (included) in contributions; and 

  

	 	–	25% gross matched funding from €800 up to €2,400 (included) in contributions. 

 The maximum matched
funding amounts to gross €900. 
 In the event that voluntary contributions were split between more than one of the options offered
(“Classic”, “Secure”, and “Multiple” options), the amount of the gross matched funding from the company was distributed in proportion to the contribution in each option, in the following order of priority: 

 

	 	1)	“Multiple” option, with the understanding that the matched funding for this option is no more than gross €450; 

  

	 	2)	“Secure” option; 

  

	 	3)	“Classic” option. 

 The total amount of the investments made by beneficiaries during 2012 as part of
all employee savings plans combined (PEE, PEG, and PERCO) may not exceed a total amount equal to one fourth (25%) of their gross annual compensation for 2012. Moreover, if beneficiaries participate in the Offer during the
subscription/withdrawal period, which is scheduled for June 7 to 11, 2012 inclusive, their maximum subscription shall be an amount equal to 2.5% of their gross annual compensation for 2012, i.e. 10 times below the applicable maximum if they
reserve during the reservation period from April 2 to 16, 2012. 
 To determine if the contribution made as part of the Offer achieves either of these
maximum limits, all beneficiaries from PEG member companies located in France must take into account (i) their personal contribution resulting from their voluntary contribution and their incentive payment (therefore excluding profit-sharing and
matched funding) in the Technip Classic France and Technip Secure France 2012 compartment and (ii) ten times their personal allocation comprised of their voluntary contribution and their incentive payment and nine times their personal
allocation comprised of their profit-sharing and matched funding in the Technip Multiple France 2012 compartment. 
 To determine if the contribution as
part of the Offer achieves either of these maximum limits, all beneficiaries from PEG member companies located outside of France must take into account (i) their personal contribution resulting from their voluntary contribution (therefore
excluding matched funding) in the Classic and Secure offers, as the case may be, and (ii) ten times their personal allocation comprised of their voluntary contribution and nine times the matched funding in a Multiple option. 

The amount of the beneficiary’s subscription to the Offer may be reduced if the total number of Technip SA shares subscribed for as part of the Offer is
greater than the maximum number of Technip SA shares offered as part of the Offer. In this scenario, the total number of Technip SA shares offered shall be divided by the number of subscribers in order to obtain the “average subscription”.
All subscriptions of a 

			
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total equal to or less than the “average subscription” shall be met in full. All subscriptions for a number of shares greater than the “average subscription” shall be met in
proportion to the number of shares requested and not yet honored. Reductions shall take place based on the source of the subscriber’s personal contribution, by reducing first voluntary contributions, then amounts from incentive payments, and
finally amounts from profit-sharing, regardless of the option(s) chosen. If a subscriber has paid his or her subscription in part by bank transfer and in part by advance on salary, the subscription paid by bank transfer shall be reduced first. 

In the event of the revocation or reduction of all or part of his or her payment, the amounts from the employees’ incentive or profit-sharing programs
that are not subsequently invested in the Offer shall be transferred to the Technip Sérénité FCPE in the PEG. 
 The cases for early
withdrawal applicable in each country as part of the Technip Capital 2012 Offer are set out in the legal and practical notices related to the Offer. 
  

	C.	SPECIFIC CONDITIONS APPLICABLE TO THE TECHNIP CAPITAL 2015 EMPLOYEE SHAREHOLDER OFFER 

 As part of the
projected Technip Capital 2015 employee shareholder offer (hereinafter “Offer”), employees of the companies located in France and outside of France set out in Appendix I may subscribe for Technip shares directly, or through an FCPE, if
required on account of on local legal, regulatory, and tax restrictions. 
 The share subscription price shall be equal to 80% of the average of the listed
opening prices of the Technip share on the Euronext Paris market for the twenty trading days preceding the decision of the Technip Board of Directors (or its Chairman and Chief Executive Officer as delegated) that set the price and subscription
period, which is scheduled for November 14, 2015. 
 Several options shall be proposed: a “Classic” option, a “Secure” option, and
a “Multiple” option. Due to local legal, regulatory, and tax restrictions, only one or two of these options may be offered in some countries. 

The FCPEs and the compartments whose units will be offered for subscription as part of the Offer will be as follows: 

 

	 	–	FCPE Technip France, the units of which will be offered for subscription to employees of the companies located in France set out in Appendix I: 

 

	 	✓	Technip Secure France 2015 compartment, 

  

	 	✓	Technip Multiple France 2015 compartment. 

  

	 	–	FCPE Technip International, whose units will be offered for subscription to employees of the companies located outside of France set out in Appendix I: 

 

	 	✓	Technip Secure 2015 compartment, 

  

	 	✓	Technip Multiple 2015 compartment 

			
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	 	–	FCPE Technip France Relais Classic 2015, intended to be merged with the “Technip Classic France” compartment of the Technip France FCPE; 

 

	 	–	FCPE Technip International Relais Classic 2015, intended to be merged with the “Technip Classic Int.” of the Technip International FCPE. 

The characteristics of these various FCPEs and compartments appear in their rules and key investor documentation (DICI). 

The reservation/subscription period is scheduled for September 21 to October 9, 2015 and the subscription/withdrawal period from November 15 to
19, 2015 (included), subject to certain adaptations based on local legal, regulatory, and tax restrictions in some countries. At the end of the next period, beneficiaries of the Offer will no longer able to subscribe for Technip shares directly or
make contributions to the Technip France Technip International FCPEs, which will be closed to subscription, as part of the Offer. 
 As part of the Offer,
contributions may be made by voluntary contribution only. Contributions will be entitled to employer funding on the following terms: 
  

	 	–	150% gross matched funding up to €400 (included) in contributions; 

  

	 	–	20% gross matched funding from €400 up to €2,400 (included) in contributions; and 

  

	 	–	no funding above €2,400 in contributions. 

 The maximum amount of matched funding is gross €1,000.

 If the employee invests in two or three offer formulas, the paid funding amount is calculated with respect to the total personal contribution. The amount
of funding is distributed in the following priority order: 
  

	 	1)	“Multiple” option, with the understanding that the matched funding for this option are no more than gross €600, 

  

	 	2)	“Secure” option, then 

  

	 	3)	“Classic” option. 

 The total amount of the investments made by beneficiaries during 2015 as part of
all employee savings plans combined (PEE, PEG, and PERCO) may not exceed a total amount equal to one fourth (25%) of their gross annual compensation for 2015. Moreover, if beneficiaries participate in the Offer during the
subscription/withdrawal period, which is scheduled for November 15 to 19, 2015 inclusive, their maximum subscription shall be an amount equal to 2.5% of their gross annual compensation for 2015, i.e. 10 times below the applicable maximum
if they reserve during the reservation period from September 21 to October 9 (included). 
 To determine if the contribution made as part of the
Offer achieves either of these maximum limits, all beneficiaries must take into account (i) their personal in the Classic option and (ii) ten times their personal contribution and nine times the multiple option. 

			
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 The amount of the beneficiary’s subscription to the Offer may be reduced if the total number of Technip
SA shares subscribed for as part of the Offer is greater than the maximum number of Technip SA shares offered as part of the Offer. In this scenario, the total number of Technip SA shares offered shall be divided by the number of subscribers in
order to obtain the “average subscription”. All subscriptions of a total equal to or less than the “average subscription” shall be met in full. All subscriptions for a number of shares greater than the “average
subscription” shall be met in proportion to the number of shares requested and not yet honored. Reductions shall take place based on the source of contribution. If a subscriber has paid his or her subscription in part by bank transfer and in
part by advance on salary, the subscription paid by bank transfer shall be reduced first. 
 Assets invested through the Technip Capital 2015 Offer,
whatever the option/formula, are not available for a five-year period as of the date of completion of the share capital increase. The cases for early withdrawal applicable in each country as part of the Technip Capital 2015 Offer are set out in the
legal and practical notices related to the Offer. 
  

	III.	REGISTRATION 

 These rules shall be registered by Technip SA in accordance with all applicable
laws. 
  

			
	Concluded in Paris, September 28, 2015.	 	
		
		 	Thierry Parmentier
		 	Group Director of Human Resources

 

 
  
  

THE TECHNIP SHARE INCENTIVE PLAN 
  

 
 Approved in
principle by the Board on 20 February 2008 
 Adopted by the Chief Executive Officer, duly authorised by the Board, on 29 April
2008 
 Amended by an authorised signatory on 26 June 2015 

HMRC Reference: A102715 

 CONTENTS 
  

							
	Clause	  	Page	 
	
	PART 1 – GENERAL REQUIREMENTS	 
			
	 1.
	 	 Definitions
	  	 	1	 
			
	 2.
	 	 Purpose Of The Plan
	  	 	5	 
			
	 3.
	 	 Eligibility Of Individuals
	  	 	5	 
			
	 4.
	 	 Invitations
	  	 	6	 
			
	 5.
	 	 Participation On Same Terms
	  	 	6	 
			
	 6.
	 	 First Awards
	  	 	7	 
			
	 7.
	 	 Miscellaneous
	  	 	7	 
			
	 8.
	 	 General
	  	 	9	 
			
	 9.
	 	 Maximum Annual Award
	  	 	9	 
			
	 10.
	 	 Allocation Of Free Shares By Reference To Performance
	  	 	9	 
			
	 11.
	 	 Performance Allowances: Method 1
	  	 	10	 
			
	 12.
	 	 Performance Allowances: Method 2
	  	 	10	 
			
	 13.
	 	 Holding Period For Free Shares
	  	 	10	 
			
	 14.
	 	 General
	  	 	12	 
			
	 15.
	 	 Maximum Amount Of Deductions
	  	 	12	 
			
	 16.
	 	 Minimum Amount Of Deductions
	  	 	12	 
			
	 17.
	 	 Notice Of Possible Effect Of Deductions On Benefit Entitlement
	  	 	12	 
			
	 18.
	 	 Restriction Imposed On Number Of Shares Awarded
	  	 	12	 
			
	 19.
	 	 Payment Of Deductions To The Trustees
	  	 	13	 
			
	 20.
	 	 Plan with No Accumulation Period
	  	 	13	 
			
	 21.
	 	 Plan with Accumulation Period
	  	 	13	 
			
	 22.
	 	 Surplus Partnership Share Money
	  	 	14	 
			
	 23.
	 	 Scaling Down
	  	 	14	 
			
	 24.
	 	 Withdrawal From Partnership Share Agreement
	  	 	14	 
			
	 25.
	 	 Repayment of Partnership Share Money In Certain Circumstances
	  	 	14	 
			
	 26.
	 	 Stopping, Varying And Restarting Deductions
	  	 	15	 
			
	 27.
	 	 Access To Partnership Shares
	  	 	15	 
			
	 28.
	 	 General
	  	 	16	 
			
	 29.
	 	 General Requirements For Matching Shares
	  	 	16	 
			
	 30.
	 	 Ratio Of Matching Shares To Partnership Shares
	  	 	16	 
			
	 31.
	 	 Holding Period For Matching Shares
	  	 	16	 
			
	 32.
	 	 General
	  	 	18	 
			
	 33.
	 	 Reinvestment Of Cash Dividends
	  	 	18	 

							
			
	 34.
	 	 Certain Amounts Not Reinvested To Be Carried Forward
	  	 	18	 
			
	 35.
	 	 Holding Period For Dividend Shares
	  	 	19	 
			
	 36.
	 	 General
	  	 	20	 
			
	 37.
	 	 Rights Issues
	  	 	21	 

 THE TECHNIP SHARE INCENTIVE PLAN 

PART 1 
 GENERAL
REQUIREMENTS 
  

	1.	DEFINITIONS  

  

	1.1	In this Plan, unless the context otherwise requires: 

 “Accumulation Period”
means in relation to Partnership Shares, a period specified by the Board not exceeding twelve months during which the Trustees accumulate Partnership Share Money before acquiring Partnership Shares or repaying it to the employee; 

“Acquisition Date” means: 
  

	 	(a)	in relation to Partnership Shares, where there is no Accumulation Period, the date set by the Trustees in relation to the Award, being a date not later than 30 days after the last date on which the Partnership Share
Money to be applied in acquiring the Partnership Shares was deducted; 

  

	 	(b)	in relation to Partnership Shares, where there is an Accumulation Period, the date set by the Trustees in relation to the Award, being a date not later than 30 days after the end of the Accumulation Period which applies
in relation to the Award; and 

  

	 	(c)	in relation to Dividend Shares, the date set by the Trustees in relation to the acquisition of such Shares, being a date not later than 30 days after the dividend is received by them; 

“Associated Company” has the same meaning as in paragraph 94 of the Schedule; 

“Award Date” means in relation to Free Shares or Matching Shares, the date on which such Shares are awarded; 

“Award” means: 
  

	 	(a)	in relation to Free Shares and Matching Shares, the appropriation of Free Shares and Matching Shares in accordance with the Plan; and 

 

	 	(b)	in relation to Partnership Shares, the acquisition of Partnership Shares on behalf of Qualifying Employees in accordance with the Plan. 

“the Board” means the board of directors of the Company or a committee appointed by them; 

“Capital Receipt” has the same meaning as in section 502(2) of ITEPA; 

“the Company” means Technip S.A. (registered in France with registered number 589 803 261); 

  
 - 21 - 

 “Connected Company” has the same meaning as in paragraph 18(3) of the Schedule;

 “Control” has the same meaning as in section 719 of ITEPA; 

“Dividend Shares” means Shares acquired on behalf of a Participant from reinvestment of dividends under Part 5 of the Plan and
which are subject to the Plan; 
 “Forfeiture Period” means in relation to an Award of Free or Matching Shares, the period
of three years (or such shorter period as the Board may determine when the Award is made) beginning with the Award Date; 
 “Free
Share Agreement” means an agreement relating to Free Shares which complies with Part 5 of the Schedule and is entered into between a Qualifying Employee and the Company; 

“Free Shares” means Shares awarded under Part 2 of the Plan which are subject to the Plan; 

“HMRC” means HM Revenue & Customs; 

“Holding Period” means: 
  

	 	(a)	in relation to Free Shares, the period specified by the Board as mentioned in Rule 13.1; 

  

	 	(b)	in relation to Matching Shares, the period specified by the Board as mentioned in Rule 31.1; and 

  

	 	(c)	in relation to Dividend Shares, the period of three years from the Acquisition Date; 

“Initial Market Value” means the Market Value of a Share on an Award Date and, where the Share is subject to a restriction or
risk of forfeiture, the Market Value shall be determined without reference to that restriction or risk; 
 “ITEPA” means the
Income Tax (Earnings and Pensions) Act 2003; 
 “Market Value” on any day: 

 

	 	(a)	means, where all Shares to which an Award relates are admitted to trading on Eurolist of Euronext Paris S.A. and were purchased by the Trustees over five or fewer consecutive dealing days ending on (in the case of Free
Shares) the Award Date and (in the case of Partnership Shares and Dividend Shares) the Acquisition Date, the price (in sterling) at which such Shares were purchased and, where Shares were purchased at different times and at different prices, the
average of the prices (in sterling) paid by the Trustees in the purchase of those Shares (using for these purposes the actual sterling/euro exchange rate that applied to each purchase of shares); or 

 

	 	(b)	means, if (a) does not apply and the Shares are admitted to trading on Eurolist of Euronext Paris S.A., the average of the closing prices of a Share on the three preceding dealing days or such other dealing day or
days as may be agreed in advance with HMRC, converted into sterling at a spot rate selected by the Board on the day in question; or 

  
 - 22 - 

	 	(c)	means, if neither (a) nor (b) applies, the Market Value of a Share determined in accordance with the provisions of Part VIII of the Taxation of Chargeable Gains Act 1992 and agreed for the purposes of the Plan with
HMRC Shares Valuation on or before that day; and 

  

	 	(d)	is to be determined as if any restriction (as defined in paragraph 99(4) of the Schedule) to which Shares are subject does not apply. 

“Matching Shares” means Shares awarded under Part 4 of the Plan and which are subject to the Plan; 

“NICs” means National Insurance Contributions; 

“Participant” means an individual who has received under the Plan an Award of Free Shares, Matching Shares or Partnership
Shares, or on whose behalf Dividend Shares have been acquired; 
 “Participating Company” means the Company and such of its
Subsidiaries as have executed deeds of adherence to the Plan under clause 13 of the Trust Deed; 
 “Partnership Shares”
means Shares awarded under Part 3 of the Plan and which are subject to the Plan; 
 “Partnership Share Agreement” means an
agreement relating to Partnership Shares (and if appropriate Matching Shares) which complies with Part 6 of the Schedule and is entered into between a Qualifying Employee and the Company; 

“Partnership Share Money” means money deducted from a Qualifying Employee’s Salary pursuant to a Partnership Share
Agreement and held by the Trustees to acquire Partnership Shares or to be returned to such a person; 
 “PAYE” means the
requirements of Pay As You Earn as prescribed by Part 11 of ITEPA or regulations under section 684 of ITEPA; 
 “Performance
Allowances” means the criteria for an Award of Free Shares where: 
  

	 	(a)	whether Shares are awarded; or 

  

	 	(b)	the number or value of Shares awarded 

 is conditional on performance targets being met; 

“the Plan” means the Technip Share Incentive Plan, as amended from time to time; 

“Plan Shares” means: 
  

	 	(a)	Free Shares, Matching Shares or Partnership Shares awarded to Participants; 

  

	 	(b)	Dividend Shares acquired on behalf of Participants; and 

  
 - 23 - 

	 	(c)	shares in relation to which paragraph 87 (consequences of company reconstructions) of the Schedule applies, 

in each case that remain subject to the Plan; 

“Plan Termination Notice” means a notice issued under paragraph 89 of the Schedule; 

“Qualifying Company” means 
  

	 	(a)	a company that is a Participating Company at the end of the Qualifying Period; or 

  

	 	(b)	a company that when the individual was employed by it was a Participating Company; or 

  

	 	(c)	a company that when the individual was employed by it was an Associated Company of 

  

	 	(i)	a company qualifying under paragraph (a) or (b); or 

  

	 	(ii)	another company qualifying under paragraph 17 of the Schedule; 

 “Qualifying Corporate
Bond” has the same meaning as in section 117 of the Taxation of Chargeable Gains Act 1992; 
 “Qualifying Employee”
means an employee who must be invited to participate in an Award in accordance with Rule 4.1.1 and any employee who the Company has invited in accordance with Rule 4.1.2; 

“Qualifying Period” means: 
  

	 	(a)	in the case of Free Shares, a period of 18 months ending with the date on which the Award is made or such shorter period as the Board may determine in relation to the Award; 

 

	 	(b)	in the case of Partnership Shares and Matching Shares where there is an Accumulation Period, a period of 6 months ending with the start of the Accumulation Period or such shorter period as the Board may determine in
relation to the Award; and 

  

	 	(c)	in the case of Partnership Shares and Matching Shares where there is no Accumulation Period, a period of 18 months ending with the deduction of Partnership Share Money relating to the Award or such shorter period as the
Board may determine in relation to the Award; 

 “Redundancy” has the same meaning as in the Employment Rights
Act 1996; 
 “Relevant Employment” means employment by the Company or an Associated Company of the Company; 

“Salary” has the same meaning as in paragraph 43 of the Schedule; 

  
 - 24 - 

 “the Schedule” means Schedule 2 to ITEPA; 

“Shares” means ordinary shares in the capital of the Company which comply with the conditions set out in paragraph 25 of the
Schedule; 
 “Subsidiary” means a body corporate which is a subsidiary of the Company (within the meaning of section 736 of
the Companies Act 1985) and of which the Company has Control; 
 “Tax Year” means a year beginning on 6 April and
ending on the following 5 April; 
 “the Trustees” means the trustees or trustee for the time being of the Trust Deed; 

“the Trust Deed” means the trust deed made between the Company and the Trustees in connection with the Plan; 

“the Trust Fund” means all assets transferred to the Trustees to be held on the terms of the Trust Deed and the assets from
time to time representing such assets, including any accumulations of income; 
 “the Trust Period” means the period of 80
years beginning with the date of the Trust Deed; 
 and expressions not otherwise defined in the Plan have the same meanings as they have in
the Schedule. 
  

	 	1.2	Any reference in the Plan to any enactment includes a reference to that enactment as from time to time modified, extended or re-enacted. 

 

	 	1.3	Words of the feminine gender shall include the masculine and vice versa and words in the singular shall include the plural and vice versa unless, in either case, the context otherwise requires or it is otherwise stated.

  

	 	1.4	Expressions in italics are for guidance only and do not form part of the Plan. 

  

	2.	PURPOSE OF THE PLAN 

 The purpose of the Plan is to enable employees of Participating
Companies to acquire Shares which give them a continuing stake in the Company. 
  

	3.	ELIGIBILITY OF INDIVIDUALS 

  

	3.1	Individuals may participate in an Award only if: 

  

	 	3.1.1	they are employees of a Participating Company; 

  

	 	3.1.2	they have been employees of a Qualifying Company at all times during any Qualifying Period; 

  

	 	3.1.3	they are eligible on the relevant date(s) as set out in Rule 3.5; and 

  

	 	3.1.4	they do not fail to be eligible under any or all of Rules 3.2 or 3.3. 

  
 - 25 - 

	3.2	Individuals are not eligible to participate in an Award of Free Shares in any Tax Year if in that Tax Year they are at the same time to participate in another plan established by the Company or a Connected Company and
meets the requirements of the Schedule, or if they would have participated in such a plan but for their failure to meet the relevant Performance Allowances. 

  

	3.3	Individuals are not eligible to participate in an Award of Partnership Shares or Matching Shares in any Tax Year if in that Tax Year they are at the same time to participate in another plan established by the Company or
a Connected Company and meets the requirements of the Schedule. 

  

	3.4	If an individual participates in an Award of Shares under the Plan in a Tax Year in which they have already participated in an Award of Shares under another plan established by the Company or a Connected Company and
meets the requirements of the Schedule then Rule 9 (maximum annual award of free shares) and Rule 15 (maximum amount of partnership share money deductions) shall apply as if the Plan and the other plan or plans were a single plan. 

 

	3.5	The relevant dates mentioned in Rule 3.1.3 are: 

  

	 	3.5.1	in the case of an Award of Free Shares, the date on which the Award is made; 

  

	 	3.5.2	in the case of an Award of Partnership Shares or an Award of Matching Shares awarded in respect of such Partnership Shares where there is no Accumulation Period, the date on which the Partnership Share Money relating to
the Award is deducted; and 

  

	 	3.5.3	in the case of an Award of Partnership Shares or an Award of Matching Shares awarded in respect of such Partnership Shares where there is an Accumulation Period, the date on which the Partnership Share Money relating to
the Award is first deducted. 

  

	4.	INVITATIONS 

  

	4.1	Subject to Rule 7.5: 

  

	 	4.1.1	an individual shall be invited to participate in the Plan if he meets the requirements in Rule 3.1 and is a UK resident taxpayer (as defined in paragraph 8(2) of the Schedule); and 

 

	 	4.1.2	the Board may also invite any other employee who meets the requirements in Rule 3.1 to participate in the Plan. 

  

	5.	PARTICIPATION ON SAME TERMS 

  

	5.1	Subject to Rules 5.2, 10.1, 11 and 12, every Qualifying Employee who is invited to participate in the Plan shall be invited to participate on the same terms and those who do participate shall do so on the same terms.

  

	5.2	The Company may make an Award of Free Shares to Qualifying Employees by reference to their remuneration, length of service or hours worked. 

  
 - 26 - 

	6.	FIRST AWARDS 

 No Awards can be made prior to the date on which the Plan is approved by
HMRC under the Schedule. 
  

	7.	MISCELLANEOUS 

  

	7.1	The rights and obligations of any individual under the terms of his employment with a Qualifying Company shall not be affected by his participation in the Plan or any right which he may have to participate in it. An
individual who participates in the Plan shall waive any and all rights to compensation or damages in consequence of the termination of his employment for any reason whatsoever (and regardless of whether such termination is lawful or unlawful)
insofar as those rights arise or may arise from his ceasing to have rights under the Plan as a result of such termination. Participation in the Plan shall not confer a right to continued employment upon any individual who participates in it. The
making of an Award does not imply that any further Awards will be made or that any individual has a right to receive an Award. 

  

	7.2	Except where required by law, no money or money’s worth received by any individual under the Plan shall form part of his remuneration for any purpose whatsoever. 

 

	7.3	In the event of any dispute or disagreement as to the interpretation of the Plan, or as to any question or right arising from or related to the Plan, the decision of the Board shall be final and binding upon all
persons. 

  

	7.4	Any notice or other communication under or in connection with the Plan may be given in such manner as the Board consider to be appropriate which may include communication by email or intranet or by personal delivery or
by sending the same by post, in the case of a company to its registered office, and in the case of an individual to his last known address, or, where he is an employee of the Qualifying Company, either to his last known address or to the address of
the place of business at which he performs the whole or substantially the whole of the duties of his employment. Where any such notice or other communication is given by a Qualifying Employee or Participant to the Company or the Trustees, it shall
be effective only on receipt by the Company or, as the case may be, the Trustees. 

  

	7.5	The Board shall determine when (if at all) Awards shall be made, the type of Awards that shall be made at that time, and subject to the Rules of the Plan, the terms of those Awards, and nothing in these Rules shall be
interpreted as conferring any obligation on the Company to make Awards on a regular basis or replicate the terms of Awards previously made under the Plan. 

  

	7.6	All shares allotted under the Plan shall rank equally in all respects with shares of the same class then in issue except for any rights attaching to such shares by reference to a record date prior to the date of the
allotment. 

  

	7.7	Where the Shares to be the subject of Awards of a particular type (that is to say Free Shares, Partnership Shares or Matching Shares) on any day do not all carry the same rights, the Trustees shall so far as possible
ensure that the number of shares carrying any particular rights which are so awarded to any individual on that day bears to the number of shares so awarded to him on that date the same proportion as the total number of shares carrying those rights
which are so appropriated on that day bears to the total number of shares so appropriated on that day. 

  
 - 27 - 

	7.8	If in the consequence of an error or omission it is ascertained following an Award Date that: 

  

	 	7.8.1	a Qualifying Employee has not been given the opportunity to participate in the Plan in respect of any type of Award to which he should have been entitled under the Plan; or 

 

	 	7.8.2	the number of Shares expressed to be awarded to any Qualifying Employee on any occasion is found to be incorrect 

any Award expressed to have been made in respect of more than the correct number of Shares shall be void as to the excess, any Award expressed
to have been made in respect of fewer than the correct number of Shares shall relate to the correct number of Shares if the Trustees holds unallocated Shares that could otherwise have been used to make that Award and the Company and the Trustees may
do all acts and things as are necessary to rectify such error or omission notwithstanding that such actions may not otherwise be in accordance with the Rules of the Plan. 
  

	7.9	No third party has any right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Plan. 

  

	7.10	Each Participant consents to the collection, processing and transfer of his personal data for any purpose relating to the operation of the Plan. This includes: 

 

	 	7.10.1	providing personal data to the Company and any Associated Company and any third party such as trustees of any employee benefit trust, administrators of the Plan, registrars, brokers and any of their respective agents;

  

	 	7.10.2	processing of personal data by the Company or any such Associated Company or third party; 

  

	 	7.10.3	transferring personal data to a country outside the European Economic Area (including a country which does not have data protection laws equivalent to those prevailing in the European Economic Area); and

  

	 	7.10.4	providing personal data to potential purchasers of the Company, the Participant’s employer or the business in which the Participant works. 

 

	7.11	The Plan and all Awards shall be governed by and construed in accordance with the law of England and Wales and the parties hereto agree to submit to the exclusive jurisdiction of the Courts of England and Wales.

  
 - 28 - 

 PART 2 

FREE SHARES 
  

	8.	GENERAL 

  

	8.1	Every Qualifying Employee shall be invited to enter into a Free Share Agreement. 

  

	8.2	The Trustees, acting with the prior consent of the Board, may from time to time award Free Shares. 

  

	8.3	The number of Free Shares to be awarded to each Qualifying Employee on an Award Date shall be determined by the Board in accordance with this Part 2. 

 

	9.	MAXIMUM ANNUAL AWARD 

  

	9.1	The Initial Market Value of the Shares awarded to a Qualifying Employee in any Tax Year shall not exceed £3,600 or such other limit as may be permitted by paragraph 35 of the Schedule from time to time.

  

	10.	ALLOCATION OF FREE SHARES BY REFERENCE TO PERFORMANCE 

  

	10.1	The Board may stipulate that the number of Free Shares (if any) to be awarded to each Qualifying Employee on a given Award Date shall be determined by reference to Performance Allowances. 

 

	10.2	If Performance Allowances are used, they shall apply to all Qualifying Employees. 

  

	10.3	Where Performance Allowances are used: 

  

	 	10.3.1	they shall be determined by reference to such fair and objective criteria (performance targets) relating to business results or such other objective criteria as the Board shall determine over such period as the Board
shall specify; and 

  

	 	10.3.2	performance targets shall be set for performance units of one or more employees (provided that an employee shall not be a member of more than one performance unit). 

 

	10.4	Where the Board decides to use Performance Allowances it shall, as soon as reasonably practicable: 

  

	 	10.4.1	notify each employee participating in the Award of the performance targets and measures which, under the Plan, shall be used to determine the number or value of Free Shares awarded to him; and 

 

	 	10.4.2	notify all Qualifying Employees of any Participating Company, in general terms, of the performance targets and measures to be used to determine the number or value of Free Shares to be awarded to each Participant in the
Award 

  
 - 29 - 

 provided that the Board may exclude from such notice any information as mentioned in Rule 10.4.2
the disclosure of which the Board reasonably considers would prejudice commercial confidentiality. 
  

	10.5	The Board shall determine the number of Free Shares (if any) to be awarded to each Qualifying Employee by reference to performance using Method 1 (Rule 11) or Method 2 (Rule 12). The same method shall be used for all
Qualifying Employees for each Award. 

  

	11.	PERFORMANCE ALLOWANCES: METHOD 1 

  

	11.1	Subject to Rule 11.2, by this method: 

  

	 	11.1.1	at least 20% of Free Shares awarded in any performance period shall be awarded without reference to performance; 

  

	 	11.1.2	the remaining Free Shares shall be awarded by reference to performance; and 

  

	 	11.1.3	the highest Award made to an individual by reference to performance in any period shall be no more than four times the highest Award to an individual without reference to performance. 

 

	11.2	If this method is used: 

  

	 	11.2.1	the Free Shares awarded without reference to performance (Rule 11.1.1) shall be awarded on the same terms as mentioned in Rule 5; and 

 

	 	11.2.2	the Free Shares awarded by reference to performance (Rule 11.1.2) need not be allocated on the same terms as mentioned in Rule 5. 

  

	12.	PERFORMANCE ALLOWANCES: METHOD 2 

  

	12.1	By this method: 

  

	 	12.1.1	some or all Free Shares shall be awarded by reference to performance; 

  

	 	12.1.2	the Award of Free Shares to Qualifying Employees who are members of the same performance unit shall be made on the same terms as mentioned in Rule 5; and 

 

	 	12.1.3	Free Shares awarded for each performance unit shall be treated as separate Awards and there is no requirement for Awards of Free Shares made to members of difference performance units to be on the same terms.

  

	13.	HOLDING PERIOD FOR FREE SHARES 

  

	13.1	The Board shall, in relation to each Award Date, specify a Holding Period throughout which a Participant shall be bound by the terms of the Free Share Agreement. 

 

	13.2	The Holding Period shall, in relation to each Award, be a specified period of not less than three years nor more than five years (or such other periods required by paragraph 36 of the Schedule from time to time),
beginning with the Award Date and shall be the same for all Participants who receive an Award at the same time. The Holding Period shall not be increased in respect of Free Shares already awarded under the Plan. 

  
 - 30 - 

	13.3	A Participant may during the Holding Period direct the Trustees: 

  

	 	13.3.1	to accept an offer for any of his Free Shares if the acceptance or agreement shall result in a new holding being equated with those shares for the purposes of capital gains tax; or 

 

	 	13.3.2	to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for his Free Shares if the offer forms part of such a general offer as is mentioned in Rule 13.3.3; or

  

	 	13.3.3	to accept an offer of cash, with or without other assets, for his Free Shares if the offer forms part of a general offer which is made to holders of shares of the same class as his shares, or to holders of shares in the
same company and which is made in the first instance on a condition such that if it is satisfied the person making the offer shall have control of that company, within the meaning of paragraph 37(6) of the Schedule; or 

 

	 	13.3.4	to agree to a transaction affecting his Free Shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting:

  

	 	(a)	all of the ordinary share capital of the Company or, as the case may be, all the shares of the class in question; or 

  

	 	(b)	all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in a plan (including the Plan)
which meets the requirements of the Schedule. 

  

	13.4	The Board may in its absolute discretion award Free Shares subject to forfeiture if the Participant ceases to be in Relevant Employment at any time in the Forfeiture Period, provided that any provision for forfeiture
shall apply equally to all Free Shares included in the same Award under the Plan but shall not apply if the Participant ceases Relevant Employment: 

  

	 	(a)	because of injury or disability; 

  

	 	(b)	on being dismissed by reason of Redundancy; 

  

	 	(c)	by reason of a transfer to which the Transfer of Undertakings (Protection of Employment) Regulations 2006 apply; 

  

	 	(d)	by reason of a change in control or other circumstances ending the Associated Company status of the company by which he is employed; 

 

	 	(e)	by reason of retirement; or 

  

	 	(f)	on his death. 

  

	13.5	Any Free Shares forfeited in accordance with Rule 13.4 shall be held by the Trustees subject to the Plan and be available for future awards of Free Shares or Matching Shares for other eligible individuals.

  
 - 31 - 

 PART 3 

PARTNERSHIP SHARES 
  

	14.	GENERAL  

  

	14.1	The Board may at any time invite every Qualifying Employee to enter into a Partnership Share Agreement. 

  

	14.2	Partnership Shares shall not be subject to any provision under which they may be forfeit. 

  

	15.	MAXIMUM AMOUNT OF DEDUCTIONS  

  

	15.1	The amount of Partnership Share Money deducted from a Participant’s Salary shall not exceed £1,800 in any Tax Year (or such other maximum amount as may for the time being be permitted by paragraph 46 of the
Schedule). 

  

	15.2	Subject to Rule 15.3, the amount of Partnership Share Money deducted from a Participant’s Salary for any Tax Year shall not exceed 10% (or such other maximum amount as may for the time being be permitted by
paragraph 46 of the Schedule) of the total of the payments of Salary made to the Participant for that Tax Year. 

  

	15.3	The Board may either determine a lower percentage than that specified in Rule 15.2 or, in relation to every Qualifying Employee, specify that a particular part of the Qualifying Employees’ earnings should be
disregarded in calculating the Salary to which such limit shall apply. 

  

	15.4	Any amount deducted in excess of that allowed by Rule 15.1 or 15.2 shall be paid over to the relevant Participant, subject to both deduction of income tax under PAYE and NICs, as soon as practicable. 

 

	16.	MINIMUM AMOUNT OF DEDUCTIONS  

  

	16.1	The minimum amount to be deducted under the Partnership Share Agreement on any occasion shall be the same in relation to all Partnership Share Agreements entered into in response to invitations issued on the same
occasion. It shall not be greater than £10 (or such other minimum amount as may for the time being be permitted by paragraph 47 of the Schedule). 

  

	17.	NOTICE OF POSSIBLE EFFECT OF DEDUCTIONS ON BENEFIT ENTITLEMENT 

  

	17.1	Every Partnership Share Agreement shall contain a notice under paragraph 48 of the Schedule. 

  

	18.	RESTRICTION IMPOSED ON NUMBER OF SHARES AWARDED  

  

	18.1	Subject to Rules 15.1 and 15.2, the Board may specify the maximum number of Shares to be included in, or the maximum amount of individual deductions relating to, an Award of Partnership Shares. 

  
 - 32 - 

	18.2	The Partnership Share Agreement shall contain an undertaking by the Company to notify each Qualifying Employee of any restriction on the number of Shares or the maximum amount of individual deductions to be included in
an Award. 

  

	18.3	The notification in Rule 18.2 shall be given: 

  

	 	18.3.1	if there is no Accumulation Period, before the deduction of the Partnership Share Money relating to the Award; and 

  

	 	18.3.2	if there is an Accumulation Period, before the beginning of the Accumulation Period relating to the Award. 

  

	19.	PAYMENT OF DEDUCTIONS TO THE TRUSTEES  

  

	19.1	The Participating Companies shall, as soon as practicable after deduction from Salary, pass the Partnership Share Money to the Trustees. 

 

	20.	PLAN WITH NO ACCUMULATION PERIOD  

  

	20.1	If there is no Accumulation Period, the Trustees shall apply Partnership Share Money to acquire Shares on behalf of the Qualifying Employee on the Acquisition Date. The number of Shares awarded to each Qualifying
Employee shall be determined in accordance with the Market Value of the Shares on that date. 

  

	21.	PLAN WITH ACCUMULATION PERIOD  

  

	21.1	If there is an Accumulation Period, the Trustees shall apply the Partnership Share Money to acquire Shares on behalf of the Qualifying Employee on the Acquisition Date. 

 

	21.2	The number of Shares acquired on behalf of each Qualifying Employee may be determined by reference to: 

  

	 	21.2.1	the Market Value of the Shares at the beginning of the Accumulation Period (i.e. on the first dealing day within the Accumulation Period); or 

 

	 	21.2.2	the Market Value of the Shares on the Acquisition Date; or 

  

	 	21.2.3	the lower of the two Market Values referred to in Rules 21.2.1 and 21.2.2 above. 

 For the
purpose of this Rule 21.2, where there is an Accumulation Period, the Market Value of the Shares on any day will (unless the Board decides otherwise) be the average of the closing prices of a Share on the three preceding dealing days or such other
dealing day or days as may be agreed in advance with HMRC converted into sterling at a spot rate selected by the Board on the day in question, as set out in paragraph (b) of the definition of Market Value in Rule 1.1. 

 

	21.3	The Partnership Share Agreement shall state whether the number of Shares to be acquired will be determined in accordance with Rule 21.2.1, 21.2.2 or 21.2.3. 

 

	21.4	If a transaction occurs during an Accumulation Period which results in a new holding of shares being equated for the purposes of capital gains tax with any of the Shares to be acquired under the Partnership Share
Agreement, the Participant may agree that the Partnership Share Agreement shall have effect after the time of that transaction as if it were an agreement for the purchase of shares comprised in the new holding. 

  
 - 33 - 

	22.	SURPLUS PARTNERSHIP SHARE MONEY  

  

	22.1	Any surplus Partnership Share Money remaining after the acquisition of Shares by the Trustees: 

  

	 	22.1.1	may, with the agreement of the Participant, be carried forward to the next deduction (where there is no Accumulation Period) or to the next Accumulation Period (where there is an Accumulation Period); and

  

	 	22.1.2	in any other case, shall be paid over to the Participant, subject to both deduction of income tax under PAYE and NICs, as soon as practicable. 

 

	23.	SCALING DOWN  

  

	23.1	If the Company receives applications for Partnership Shares exceeding the Award maximum determined in accordance with Rule 18.1 then the following steps shall be taken in sequence until the excess is eliminated.

  

			
	Step 1.	  	the excess of the deduction chosen by each applicant over the amount specified in accordance with Rule 16.1 shall be reduced pro rata;
		
	Step 2.	  	all deductions shall be reduced to the amount specified in accordance with Rule 16.1;
		
	Step 3.	  	no such Awards shall be made for that period.

 Each application shall be deemed to have been modified or withdrawn in accordance with the foregoing
provisions, and each employee who has applied for Partnership Shares shall be notified of the change. 
  

	24.	WITHDRAWAL FROM PARTNERSHIP SHARE AGREEMENT  

  

	24.1	A Qualifying Employee may withdraw from a Partnership Share Agreement at any time by notice in writing to the Company. Unless a later date is specified in the notice, such a notice shall take effect 30 days after the
Company receives it. Any Partnership Share Money then held on behalf of a Qualifying Employee shall be paid over to that Qualifying Employee as soon as practicable, subject to deduction of income tax under PAYE and NICs. 

 

	25.	REPAYMENT OF PARTNERSHIP SHARE MONEY IN CERTAIN CIRCUMSTANCES  

  

	25.1	If the circumstances set out in paragraph 56 of the Schedule apply (Plan not meeting the requirements of the Schedule), any Partnership Share Money held on behalf of Qualifying Employees shall be repaid as soon
as practicable after the relevant day (as defined in paragraph 56 of the Schedule), subject to deduction of income tax under PAYE and NICs. 

  

	25.2	If a Plan Termination Notice is issued in respect of the Plan, any Partnership Share Money held on behalf of Qualifying Employees shall be repaid to them as soon as practicable, after the Plan Termination Notice is
notified to the Trustees, subject to deduction of income tax under PAYE and NICs. 

  
 - 34 - 

	26.	STOPPING, VARYING AND RESTARTING DEDUCTIONS 

  

	26.1	A Participant may at any time give notice to the Company to stop deductions under the Partnership Share Agreement. A Participant may vary his deductions under the Partnership Share Agreement with the agreement of the
Company. Unless a later date is specified in the notice the Company will ensure within 30 days of receiving the notice that either no such further deductions are made by it or that such variation of deductions shall take effect. 

 

	26.2	A Participant who has stopped deductions may subsequently give notice in writing to the Company to restart deductions under the Partnership Share Agreement but the employee may not make up any deductions that have been
missed. A Participant may not restart deductions more than such number of times in any Accumulation Period as the Board shall determine and notify to Participants before the beginning of that period. On receipt of a restart notice the Company will
ensure that deductions are restarted under the Partnership Share Agreement not later than the re-start date within the meaning of paragraph 54(6) of the Schedule (the date of the first deduction due under the
Partnership Share Agreement more than 30 days after receipt of the notice to restart deductions). 

  

	27.	ACCESS TO PARTNERSHIP SHARES 

  

	27.1	When Partnership Shares have been awarded to a Participant, the Participant may at any time withdraw any or all of the Partnership Shares from the Plan subject to the deduction of income tax under PAYE and NICs.

  
 - 35 - 

 PART 4 

MATCHING SHARES 
  

	28.	GENERAL 

  

	28.1	The Partnership Share Agreement sets out the basis on which a Participant is entitled to Matching Shares in accordance with this Part 4 of the Plan. 

 

	29.	GENERAL REQUIREMENTS FOR MATCHING SHARES 

  

	29.1	Matching Shares shall: 

  

	 	29.1.1	be Shares of the same class and carrying the same rights as the Partnership Shares to which they relate; 

  

	 	29.1.2	subject to Rule 30.2, be awarded on the same day as the Partnership Shares to which they relate are acquired on behalf of the Participant; and 

 

	 	29.1.3	be awarded to all Participants on exactly the same basis. 

  

	30.	RATIO OF MATCHING SHARES TO PARTNERSHIP SHARES 

  

	30.1	The Partnership Share Agreement shall specify the ratio of Matching Shares to Partnership Shares for the time being offered by the Company and that ratio shall not exceed 2:1 (or such other ratio as may for the time
being be permitted by paragraph 60 of the Schedule). The Board may vary the ratio before Partnership Shares are acquired. Employees shall be notified of the terms of any such variation before the Partnership Shares are awarded under the Partnership
Share Agreement. 

  

	30.2	If the number resulting from the application of the ratio referred to in Rule 30.1, when added (if relevant) to any fraction resulting from the last application of this Rule to Partnership Shares relating to the same
Participant, does not produce a whole number, the resulting fraction shall be carried forward to be taken into account in determining the number of Matching Shares awarded on the next occasion on which Matching Shares are awarded to that
Participant. 

  

	31.	HOLDING PERIOD FOR MATCHING SHARES 

  

	31.1	The Board shall, in relation to each Award Date, specify a Holding Period throughout which a Participant shall be bound by the terms of the Partnership Share Agreement. 

 

	31.2	The Holding Period shall, in relation to each Award, be a specified period of not less than three years nor more than five years (or such other periods required by paragraph 61 of the Schedule from time to time),
beginning with the Award Date and shall be the same for all Participants who receive an Award at the same time. The Holding Period shall not be increased in respect of Matching Shares awarded under the Plan. 

  
 - 36 - 

	31.3	A Participant may during the Holding Period direct the Trustees: 

  

	 	31.3.1	to accept an offer for any of his Matching Shares if the acceptance or agreement shall result in a new holding being equated with those original Shares for the purposes of capital gains tax; or 

 

	 	31.3.2	to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for his Matching Shares if the offer forms part of such a general offer as is mentioned in Rule 31.3.3; or

  

	 	31.3.3	to accept an offer of cash, with or without other assets, for his Matching Shares if the offer forms part of a general offer which is made to holders of shares of the same class as his Shares or to the holders of shares
in the same company, and which is made in the first instance on a condition such that if it is satisfied the person making the offer shall have control of that company, within the meaning of paragraph 37(6) of the Schedule; or 

 

	 	31.3.4	to agree to a transaction affecting his Matching Shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting;

  

	 	(a)	all of the ordinary share capital of the Company or, as the case may be, all the shares of the class in question; or 

  

	 	(b)	all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in a plan which meets the
requirements of the Schedule. 

  

	31.4	The Board may in its absolute discretion award Matching Shares subject to forfeiture if the Participant withdraws from the Plan the Partnership Shares in respect of which the Matching Shares were awarded (other than
following, and by reason of, an event referred to in Rule 31.3) or the Participant ceases to be in Relevant Employment at any time in the Forfeiture Period, provided that any provision for forfeiture shall apply equally to all Matching Shares
included in the same Award under the Plan and shall not apply if the Participant ceases Relevant Employment: 

  

	 	(a)	because of injury or disability; 

  

	 	(b)	on being dismissed by reason of Redundancy; 

  

	 	(c)	by reason of a transfer to which the Transfer of Undertaking (Prohibition of Employment) Regulations 2006 apply; 

  

	 	(d)	by reason of a change in control or other circumstances ending the Associated Company status of the company by which he is employed; 

 

	 	(e)	by reason of retirement; or 

  

	 	(f)	on his death. 

  

	31.5	Any Matching Shares forfeited in accordance with Rule 31.4 shall be held by the Trustees subject to the Plan and be available for future awards of Free Shares or Matching Shares for other eligible individuals.

  
 - 37 - 

 PART 5 

DIVIDEND SHARES 
  

	32.	GENERAL 

  

	32.1	The Free Share Agreement or Partnership Share Agreement, as appropriate, shall set out the rights and obligations of Participants receiving Dividend Shares under the Plan. 

 

	33.	REINVESTMENT OF CASH DIVIDENDS 

  

	33.1	The Board may direct that some or all of any cash dividend in respect of Plan Shares held on behalf of Participants may be applied in acquiring further Plan Shares on their behalf. 

 

	33.2	Dividend Shares shall be Shares: 

  

	 	33.2.1	of the same class and carrying the same rights as the Shares in respect of which the dividend is paid; and 

  

	 	33.2.2	which are not subject to any provision for forfeiture. 

  

	33.3	The Board may decide to: 

  

	 	33.3.1	apply all Participants’ dividends (either in whole or in part), to acquire Dividend Shares; 

  

	 	33.3.2	to pay all or some dividends in cash to all Participants; or 

  

	 	33.3.3	to offer Participants the choice of either 33.3.1 or 33.3.2. 

  

	33.4	Any direction given by the Board to the Trustees regarding the reinvestment of cash dividends in respect of Plan Shares held on behalf of Participants shall set out the amount of the cash dividends to be so reinvested
or how that amount is to be determined. 

  

	33.5	The Board may modify or revoke any direction for reinvestment of cash dividends. 

  

	33.6	The Trustees shall apply all the cash dividend to acquire Shares on behalf of the Participant on the Acquisition Date. The number of Dividend Shares acquired on behalf of each Participant shall be determined by the
Market Value of the Shares on the Acquisition Date. 

  

	33.7	Any cash dividends which are not directed by the Board to be reinvested under the Plan in respect of Plan Shares held on behalf of a Participant must be paid over to a Participant as soon as practicable.

  

	34.	CERTAIN AMOUNTS NOT REINVESTED TO BE CARRIED FORWARD 

  

	34.1	Any amount that is not reinvested: 

  

	 	34.1.1	because the amount of the cash dividend is insufficient to acquire a Share; or 

  

	 	34.1.2	because there is an amount remaining after acquiring the Dividend Shares; 

 may be retained by
the Trustees and carried forward to be added to the amount of the next cash dividend to be reinvested. 

  
 - 38 - 

	34.2	Any amount that is not reinvested shall be repaid to the Participant as soon as practicable if: 

  

	 	34.2.1	the Participant ceases to be in Relevant Employment; or 

  

	 	34.2.2	a Plan Termination Notice is issued. 

 On making such a payment, the Participant shall be
provided with the information specified in paragraph 80 of the Schedule. 
  

	35.	HOLDING PERIOD FOR DIVIDEND SHARES  

  

	35.1	The Holding Period shall be a period of three years, beginning with the Acquisition Date. 

  

	35.2	A Participant may during the Holding Period direct the Trustees: 

  

	 	35.2.1	to accept an offer for any of his Dividend Shares if the acceptance or agreement shall result in a new holding being equated with those shares for the purposes of capital gains tax; or 

 

	 	35.2.2	to accept an offer of a Qualifying Corporate Bond (whether alone or with other assets or cash or both) for his Dividend Shares if the offer forms part of such a general offer as is mentioned in paragraph 35.2.3; or

  

	 	35.2.3	to accept an offer of cash, with our without other assets, for his Dividend Shares if the offer forms part of a general offer which is made to holders of shares of the same class as his shares or to holders of shares in
the same company, and which is made in the first instance on a condition such that if it is satisfied the person making the offer shall have control of that company, within the meaning of paragraph 37(6) of the Schedule; or 

 

	 	35.2.4	to agree to a transaction affecting his Dividend Shares or such of them as are of a particular class, if the transaction would be entered into pursuant to a compromise, arrangement or scheme applicable to or affecting;

  

	 	(a)	all of the ordinary share capital of the Company or, as the case may be, all the shares of the class in question; or 

  

	 	(b)	all the shares, or all the shares of the class in question, which are held by a class of shareholders identified otherwise than by reference to their employment or their participation in a plan (including the Plan)
which meets the requirements of the Schedule. 

  

	35.3	Where a Participant is charged to tax in the event of their Dividend Shares ceasing to be subject to the Plan, they shall be provided with the information specified in paragraph 80 of the Schedule. 

  
 - 39 - 

 PART 6 

COMPANY RECONSTRUCTIONS 
  

	36.	GENERAL  

  

	36.1	The following provisions of this Rule 36 apply if there occurs in relation to any of a Participant’s Plan Shares (referred to in this Rule 36 as “the Original Holding”): 

 

	 	36.1.1	a transaction which results in a new holding (referred to in this Rule 36 as “the New Holding”) being equated with the Original Holding for the purposes of capital gains tax; or 

 

	 	36.1.2	a transaction which would have that result but for the fact that what would be the new holding consists of or includes a Qualifying Corporate Bond. 

 

	36.2	If an issue of Shares of any of the following description (in respect of which a charge to income tax arises) is made as part of a company reconstruction, those Shares shall be treated for the purposes of this Rule as
not forming part of the New Holding: 

  

	 	36.2.1	redeemable shares or securities issued as mentioned in paragraph 86(4)(a) of the Schedule; 

  

	 	36.2.2	share capital issued in circumstances set out in paragraph 86(4)(b) of the Schedule applies; or 

  

	 	36.2.3	share capital to which paragraph 86(4)(c) of the Schedule applies. 

  

	36.3	In this Rule 36: 

 “Corresponding Shares” in relation to any New Shares, means the
Shares in respect of which the New Shares are issued or which the New Shares otherwise represent; 
 “New Shares” means shares
comprised in the New Holding which were issued in respect of, or otherwise represent, shares comprised in the Original Holding. 
  

	36.4	Subject to the following provisions of this Rule 36, references in the Plan to a Participant’s Plan Shares shall be respectively construed, after the time of the company reconstruction, as being or, as the case may
be, as including references to any New Shares. 

  

	36.5	For the purposes of the Plan: 

  

	 	36.5.1	a company reconstruction shall be treated as not involving a disposal of Shares comprised in the Original Holding; and 

  

	 	36.5.2	the date on which any New Shares are to be treated as having been appropriated to or acquired on behalf of the Participant shall be that on which Corresponding Shares were so appropriated or acquired. 

 

	36.6	In the context of a New Holding, any reference in this Rule 36 to shares includes securities and rights of any description which form part of the New Holding for the purposes of Chapter II of Part IV of the Taxation of
Chargeable Gains Act 1992. 

  
 - 40 - 

	37.	RIGHTS ISSUES 

  

	37.1	Any shares or securities allotted under clause 9 of the Trust Deed shall be treated as Plan Shares identical to the shares in respect of which the rights were conferred. They shall be treated as if they were awarded to
or acquired on behalf of the Participant under the Plan in the same way and at the same time as those shares. 

  

	37.2	Rule 37.1 does not apply: 

  

	 	37.2.1	to shares and securities allotted as the result of taking up a rights issue where the funds to exercise those rights were obtained otherwise than by virtue of the Trustees disposing of rights in accordance with this
rule; or 

  

	 	37.2.2	where the rights to a share issue attributed to Plan Shares are different from the rights attributed to other ordinary shares of the company. 

CLIFFORD CHANCE LLP 
 10 Upper Bank
Street 
 London 
 E14 5JJ 

  
 - 41 -Exhibit 4.11

 

AMERIS BANCORP

 

SENIOR DEBT INDENTURE

 

DATED AS OF             
        , 20    

 

                    ,
AS TRUSTEE

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page Number
	ARTICLE I	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	Section 1.1	 	Definitions	 	1
	Section 1.2	 	Other Definitions	 	4
	Section 1.3	 	Incorporation by Reference of Trust Indenture Act	 	4
	Section 1.4	 	Rules of Construction	 	5
	ARTICLE II	 	THE SECURITIES	 	5
	Section 2.1	 	Issuable in Series	 	5
	Section 2.2	 	Establishment of Terms of Series of Securities	 	5
	Section 2.3	 	Execution and Authentication	 	7
	Section 2.4	 	Registrar and Paying Agent	 	8
	Section 2.5	 	Paying Agent to Hold Money in Trust	 	8
	Section 2.6	 	Securityholder Lists	 	8
	Section 2.7	 	Transfer and Exchange	 	9
	Section 2.8	 	Mutilated, Destroyed, Lost and Stolen Securities	 	9
	Section 2.9	 	Outstanding Securities	 	10
	Section 2.10	 	Treasury Securities	 	10
	Section 2.11	 	Temporary Securities	 	10
	Section 2.12	 	Cancellation	 	10
	Section 2.13	 	Defaulted Interest	 	11
	Section 2.14	 	Global Securities	 	11
	Section 2.15	 	CUSIP Numbers	 	12
	ARTICLE III	 	REDEMPTION	 	12
	Section 3.1	 	Notice to Trustee	 	12
	Section 3.2	 	Selection of Securities to be Redeemed	 	12
	Section 3.3	 	Notice of Redemption	 	13
	Section 3.4	 	Effect of Notice of Redemption	 	13
	Section 3.5	 	Deposit of Redemption Price	 	14
	Section 3.6	 	Securities Redeemed in Part	 	14
	ARTICLE IV	 	COVENANTS	 	14
	Section 4.1	 	Payment of Principal and Interest	 	14
	Section 4.2	 	SEC Reports	 	14
	Section 4.3	 	Compliance Certificate	 	14
	Section 4.4	 	Stay, Extension and Usury Laws	 	14
	Section 4.5	 	Corporate Existence	 	15
	Section 4.6	 	Taxes	 	15
	ARTICLE V	 	SUCCESSORS	 	15
	Section 5.1	 	When Company May Merge, Etc.	 	15
	Section 5.2	 	Successor Corporation Substituted	 	15
	ARTICLE VI	 	DEFAULTS AND REMEDIES	 	16
	Section 6.1	 	Events of Default	 	16
	Section 6.2	 	Acceleration of Maturity; Rescission and Annulment	 	17
	Section 6.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	17
	Section 6.4	 	Trustee May File Proofs of Claim	 	18
	Section 6.5	 	Trustee May Enforce Claims Without Possession of Securities	 	18
	Section 6.6	 	Application of Money Collected	 	19
	Section 6.7	 	Limitation on Suits	 	19
	Section 6.8	 	Unconditional Right of Holders to Receive Principal and Interest	 	19

 

    	 	i	 

     

    

 

	Section 6.9	 	Restoration of Rights and Remedies	 	20
	Section 6.10	 	Rights and Remedies Cumulative	 	20
	Section 6.11	 	Delay or Omission Not Waiver	 	20
	Section 6.12	 	Control by Holders	 	20
	Section 6.13	 	Waiver of Past Defaults	 	20
	Section 6.14	 	Undertaking For Costs	 	21
	ARTICLE VII	 	TRUSTEE	 	21
	Section 7.1	 	Duties of Trustee	 	21
	Section 7.2	 	Rights of Trustee	 	22
	Section 7.3	 	Individual Rights of Trustee	 	24
	Section 7.4	 	Trustee’s Disclaimer	 	24
	Section 7.5	 	Notice of Defaults	 	24
	Section 7.6	 	Reports by Trustee to Holders	 	24
	Section 7.7	 	Compensation and Indemnity	 	24
	Section 7.8	 	Replacement of Trustee	 	25
	Section 7.9	 	Successor Trustee by Merger, Etc.	 	26
	Section 7.10	 	Eligibility; Disqualification	 	26
	Section 7.11	 	Referential Collection of Claims Against Company	 	26
	ARTICLE VIII	 	SATISFACTION AND DISCHARGE; DEFEASANCE	 	26
	Section 8.1	 	Satisfaction and Discharge of Indenture	 	26
	Section 8.2	 	Application of Trust Funds; Indemnification	 	27
	Section 8.3	 	Legal Defeasance of Securities of Any Series	 	27
	Section 8.4	 	Covenant Defeasance	 	29
	Section 8.5	 	Repayment to Company	 	30
	ARTICLE IX	 	AMENDMENTS AND WAIVERS	 	30
	Section 9.1	 	Without Consent of Holders	 	30
	Section 9.2	 	With Consent of Holders	 	31
	Section 9.3	 	Limitations	 	32
	Section 9.4	 	Compliance with Trust Indenture Act	 	32
	Section 9.5	 	Revocation and Effect of Consents	 	32
	Section 9.6	 	Notation on or Exchange of Securities	 	33
	Section 9.7	 	Trustee Protected	 	33
	ARTICLE X	 	MISCELLANEOUS	 	33
	Section 10.1	 	Trust Indenture Act Controls	 	33
	Section 10.2	 	Notices	 	33
	Section 10.3	 	Communication by Holders with Other Holders	 	34
	Section 10.4	 	Certificate and Opinion as to Conditions Precedent	 	34
	Section 10.5	 	Statements Required in Certificate or Opinion	 	34
	Section 10.6	 	Rules by Trustee and Agents	 	34
	Section 10.7	 	Legal Holidays	 	35
	Section 10.8	 	No Recourse Against Others	 	35
	Section 10.9	 	Counterparts	 	35
	Section 10.10	 	Governing Laws	 	35
	Section 10.11	 	No Adverse Interpretation of Other Agreements	 	35
	Section 10.12	 	Successors	 	35
	Section 10.13	 	Severability	 	35
	Section 10.14	 	Table of Contents, Headings, Etc.	 	35
	Section 10.15	 	Waiver of Trial by Jury	 	35
	Section 10.16	 	Consent to Jurisdiction	 	36
	Section 10.17	 	USA Patriot Act	 	36
	ARTICLE XI	 	SINKING FUNDS	 	36
	Section 11.1	 	Applicability of Article	 	36
	Section 11.2	 	Satisfaction of Sinking Fund Payments with Securities	 	36
	Section 11.3	 	Redemption of Securities for Sinking Fund	 	37

 

    	 	ii	 

     

    

 

CROSS REFERENCE TABLE

 

	
        Trust

        Indenture

        Act Section
	 	 	 	Indenture

Section	 
	Section 310	 	(a)(1)	 	 	7.10	 
	 	 	(a)(2)	 	 	7.10	 
	 	 	(a)(3)	 	 	N/A	 
	 	 	(a)(4)	 	 	N/A	 
	 	 	(a)(5)	 	 	7.10	 
	 	 	(b)	 	 	7.10	 
	Section 311	 	(a)	 	 	7.11	 
	 	 	(b)	 	 	7.11	 
	 	 	(c)	 	 	N/A	 
	Section 312	 	(a)	 	 	2.6	 
	 	 	(b)	 	 	10.3	 
	 	 	(c)	 	 	10.3	 
	Section 313	 	(a)	 	 	7.6	 
	 	 	(b)(1)	 	 	7.6	 
	 	 	(b)(2)	 	 	7.6	 
	 	 	(c)(1)	 	 	7.6	 
	 	 	(d)	 	 	7.6	 
	Section 314	 	(a)	 	 	4.2, 10.5	 
	 	 	(b)	 	 	N/A	 
	 	 	(c)(1)	 	 	10.4	 
	 	 	(c)(2)	 	 	10.4	 
	 	 	(c)(3)	 	 	N/A	 
	 	 	(d)	 	 	N/A	 
	 	 	(e)	 	 	10.5	 
	 	 	(f)	 	 	N/A	 
	Section 315	 	(a)	 	 	7.1	 
	 	 	(b)	 	 	7.5	 
	 	 	(c)	 	 	7.1	 
	 	 	(d)	 	 	7.1	 
	 	 	(e)	 	 	6.14	 
	Section 316	 	(a)	 	 	2.10	 
	 	 	(a)(1)(A)	 	 	6.12	 
	 	 	(a)(1)(B)	 	 	6.13	 
	 	 	(b)	 	 	6.8	 
	Section 317	 	(a)(1)	 	 	6.3	 
	 	 	(a)(2)	 	 	6.4	 
	 	 	(b)	 	 	2.5	 
	Section 318	 	(a)	 	 	10.1	 

 

	*	This Cross Reference Table shall not, for any purpose, be deemed to be part of the Indenture.

 

    	 	iii	 

     

    

 

This SENIOR DEBT INDENTURE, dated as of                     ,
20   , is made by and between AMERIS BANCORP, a Georgia corporation (“Company”), and                     ,
a                     , not
in its individual capacity but solely as trustee (the “Trustee”).

 

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

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1 Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.

 

     

     

    

 

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

 

“Company Order”
means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal executive
officer, principal financial officer or principal accounting officer.

 

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

 

“Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally
administered, which office at the date hereof is located at 1100 North Market Street, Wilmington, DE 19890, Attention: Ameris Bancorp
Administrator, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or
the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from
time to time by notice to the Holders and the Company).

 

“Default” means
any event which is, or after notice or passage of time 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; and if at any time there is more than one such person, “Depository” as used with respect to the Securities
of any Series shall mean the Depository with respect to the Securities of such Series.

 

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

 

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

 

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

 

“GAAP” means
generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

“Officers’
Certificate” means a certificate signed by two Officers, one of whom must be the Company’s principal executive officer,
principal financial officer or principal accounting officer.

 

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

 

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

 

“Place of Payment”,
when used with respect to the Securities of or within any Series, means the place or places where the principal of (and premium,
if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.

 

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

 

“Responsible Officer”
means any officer of the Trustee in its Corporate Trust Office and also means, with respect to a particular corporate trust matter,
any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular
subject, in each case, who has direct responsibility for the administration of this Indenture.

 

“SEC” means
the Securities and Exchange Commission.

 

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

 

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

 

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

 

“Subsidiary”
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other
Subsidiaries of that person or a combination thereof.

 

    	 	3	 

     

    

 

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

 

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

 

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

 

Section 1.2 Other
Definitions.

 

	
        Term
	 	Defined in Section
	“Bankruptcy Law”	 	6.1
	“Custodian”	 	6.1
	“Event of Default”	 	6.1
	“Legal Holiday”	 	10.7
	“mandatory sinking fund payment”	 	11.1
	“optional sinking fund payment”	 	11.1
	“Paying Agent”	 	2.4
	“Registrar”	 	2.4
	“Service Agent”	 	2.4
	“successor person	 	5.1

 

 Section 1.3 Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Securityholder.

 

“indenture to be
qualified” means this Indenture.

 

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

 

    	 	4	 

     

    

 

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

 

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

 

Section 1.4 Rules
Of Construction. Unless the context otherwise requires:

 

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

 

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

 

		(c)	references to “generally accepted accounting principles” and “GAAP” shall
mean generally accepted accounting principles, consistently applied, in effect as of the time when and for the period as to which
such accounting principles are to be applied;

 

		(d)	“or” is not exclusive;

 

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

 

		(f)	provisions apply to successive events and transactions.

 

ARTICLE II

THE SECURITIES

 

Section 2.1 Issuable
In Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or
determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing the adoption
of the terms thereof pursuant to 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 detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between
Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits
of the Indenture.

 

Section 2.2 Establishment
Of Terms Of Series Of Securities. At or prior to the issuance of any Securities within a Series, the following shall be established
(as to the Series generally, in the case of Subsection 2.2(a) and either as to such Securities within the Series or as to the Series
generally, in the case of Subsections 2.2(b) through 2.2(q)) by or pursuant to a Board Resolution, and set forth or determined
in the manner provided in a Board Resolution, supplemental indenture or an Officers’ Certificate:

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

		(e)	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;

 

		(f)	the Place of Payment where the principal of and interest, if any, on the Securities of the Series
shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served, and the method
of such payment, if by wire transfer, mail or other means;

 

		(g)	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;

 

		(h)	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;

 

		(i)	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;

 

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

 

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

 

		(l)	if other than the entire 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;

 

		(m)	the provisions, if any, relating to any lien, security or encumbrance provided for the Securities
of the Series;

 

		(n)	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	 

     

    

 

		(o)	any addition to or change in the covenants set forth in Articles IV or V which applies to Securities
of the Series;

 

		(p)	any other terms of the Securities of the Series (which may modify or delete any provision of this
Indenture insofar as it applies to such Series); and

 

		(q)	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.

 

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 hereto or Officers’ Certificate referred to above,
and 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.

 

Section 2.3 Execution
and Authentication.

 

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

 

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

 

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

 

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

 

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

 

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

 

The Trustee shall have
the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not be taken lawfully; 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 determine that such action would expose the
Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

    	 	7	 

     

    

 

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

 

Section 2.4 Registrar
and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at the Place of Payment specified
with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented
or surrendered for payment (the “Paying Agent”), where Securities of such Series may be surrendered for registration
of transfer or exchange (the “Registrar”) and where notices and demands to or upon the Company in respect of the Securities
of such Series and this Indenture may be served (the “Service Agent”). The Registrar shall keep a register with respect
to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of
the name and address, and any change in the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the
Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

 

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

 

The Company hereby appoints
the Trustee 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.

 

Section 2.5 Paying
Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing that the
Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to
pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have
no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.

 

Section 2.6 Securityholder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a).
If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date
and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Securityholders of each Series of Securities.

 

    	 	8	 

     

    

 

Section 2.7 Transfer
and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer
or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee
shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer
or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

Neither the Company nor
the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer
of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed
of any such Securities selected, called or being called for redemption in part.

 

 Section 2.8 Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and make available for delivery in exchange therefor a new Security of the same Series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

Section 2.9 Outstanding
Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled
by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section as not outstanding.

 

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

 

If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money
sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding
and interest on them ceases to accrue (to the extent of the Maturity of such Security if less than the entire principal amount
is due and payable on such date of Maturity).

 

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

 

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

 

Section 2.10 Treasury
Securities. In determining whether the Holders of the required principal amount of Securities of a Series have concurred in
any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company shall be
disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request,
demand, authorization, direction, notice, consent or waiver, only Securities of a Series that the Trustee knows are so owned shall
be so disregarded.

 

 Section 2.11 Temporary
Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate
temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but
may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee upon request shall authenticate definitive Securities of the same Series and Stated Maturity in exchange
for temporary Securities. Until so exchanged, temporary Securities shall have the same rights under this Indenture as the definitive
Securities.

 

Section 2.12 Cancellation.
All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, 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, and any such Securities and coupons and Securities and coupons surrendered directly to the Trustee for any such
purpose shall be promptly cancelled by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever and 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, and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company
shall so acquire any of the Securities, however, 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. 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. Cancelled Securities and coupons held by the Trustee shall be destroyed by the Trustee in accordance with its
customary procedures. The Company by Company Order may direct the Trustee to deliver a certificate of such destruction to the Company.

 

    	 	10	 

     

    

 

Section 2.13 Defaulted
Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest,
plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of
the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before
the record date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the record
date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14 Global
Securities.

 

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

 

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

 

Except as provided in this Section
2.14(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)	Legend. Any Global Security issued hereunder shall bear a legend in substantially the following
form:

 

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

 

    	 	11	 

     

    

 

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

 

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

 

		(f)	Consents, Declaration And Directions. Except as provided in Section 2.14(e), the Company,
the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series
represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security,
for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this
Indenture.

 

Section 2.15 CUSIP
Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so,
the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on
the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.

 

ARTICLE III

REDEMPTION

 

Section 3.1 Notice
To Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities
or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time
and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated
to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities,
it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed. The Company
shall give the notice at least 45 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).

 

Section 3.2 Selection
of Securities to be Redeemed. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture
or an Officers’ Certificate, if less than all the Securities of any Series issued on the same day with the same terms are
to be redeemed, the particular Securities to be redeemed shall be selected not more than 45 days prior to the redemption date by
the Trustee, from the Outstanding Securities of such Series issued on such date with the same terms not previously called for redemption,
by such method as the Trustee shall deem fair and appropriate, and, in the case of global Securities, in accordance with the procedures
of the depositary, provided that such method complies with the rules of any national securities exchange or quotation system on
which the Securities are listed, and may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that Series or any integral multiple thereof) of the principal amount of Securities of such Series
of a denomination larger than the minimum authorized denomination for Securities of that Series; provided, however, that no such
partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such Series.

 

    	 	12	 

     

    

 

The Trustee shall promptly
notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and,
in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed.

 

For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the
case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has
been or is to be redeemed.

 

Notwithstanding the foregoing,
if any Security to be redeemed is a Global Security then any partial redemption of that Series of Securities will be made in accordance
with the Depository’s applicable procedures among all Holders of such Series of Securities.

 

Section 3.3 Notice
of Redemption. Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice
of redemption by first-class mail to each Holder whose Securities are to be redeemed and, if any Bearer Securities are outstanding,
publish on one occasion a notice in an Authorized Newspaper.

 

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

 

		(a)	the redemption date;

 

		(b)	the redemption price and accrued interest, if any, to the redemption date payable as provided;

 

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

 

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

 

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

 

		(f)	the CUSIP number, if any;

 

		(g)	any conditions precedent that must be satisfied prior to the redemption; and

 

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

 

At the Company’s
request, given at least five Business Days prior to the date set forth in such notice, the Trustee shall give the notice of redemption
in the Company’s name and at its expense.

 

Section 3.4 Effect
of Notice of Redemption. Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption price, subject to, with respect
to any redemption that is conditioned upon the satisfaction of any conditions precedent, (i) the delay of such redemption date
until such time as any or all of such conditions precedent have been satisfied or (ii) the revocation of such redemption if the
Company determines that such conditions precedent will not be satisfied. Upon surrender to the Paying Agent, such Securities shall
be paid at the redemption price plus accrued interest to the redemption date, provided that installments of interest whose Stated
Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or one or more predecessor Securities)
registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture.

 

    	 	13	 

     

    

 

Section 3.5 Deposit
of Redemption Price. On or before the redemption date, the Company shall deposit with the Paying Agent money sufficient to
pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

Section 3.6 Securities
Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new
Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.

 

ARTICLE IV

COVENANTS

 

Section 4.1 Payment
of Principal and Interest. The Company covenants and agrees for the benefit of the Holders of each Series of Securities that
it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the
terms of such Securities and this Indenture.

 

Section 4.2 SEC
Reports. The Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual reports
and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules
and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act. The Company also shall comply with the other provisions of TIA Section 314(a). Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

 Section 4.3 Compliance
Certificate. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an
Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal
year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his/her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have
knowledge).

 

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

 

Section 4.4 Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities and
the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants
that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law has been enacted.

 

    	 	14	 

     

    

 

Section 4.5 Corporate
Existence. Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence 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 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 its Subsidiaries
taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

Section 4.6 Taxes.
The Company shall pay prior to delinquency all taxes, assessments and governmental levies, except as contested in good faith and
by appropriate proceedings.

 

ARTICLE V

SUCCESSORS

 

Section 5.1 When
Company May Merge, Etc. The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially
all of its properties and assets to, any person (a “successor person”), nor shall the Company permit any other person
to consolidate with or merge into it or convey, transfer or lease all or substantially all of its properties and assets to it,
in either case unless:

 

		(a)	the Company is the surviving corporation or the successor person (if other than the Company) is
a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s
obligations on the Securities and under this Indenture; and

 

		(b)	immediately after giving effect to the transaction, and treating any indebtedness that becomes
the obligation of the Company or any of its Subsidiaries as having been incurred at the effective date of such transaction, no
Default or Event of Default shall have occurred and be continuing.

 

The Company shall deliver
to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and
an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.

 

Section 5.2 Successor
Corporation Substituted. Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially
all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or
into or with which the Company is merged or to which such sale, lease, conveyance or other disposition 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 person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale,
conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture
and the Securities.

 

    	 	15	 

     

    

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.1 Events
of Default. “Event of Default,” wherever used herein with respect to Securities of any Series, means any one of
the following events, unless in the establishing Board Resolution, supplemental indenture or Officers’ Certificate, it is
provided that such Series shall not have the benefit of said Event of Default:

 

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

 

		(b)	default in the payment of principal of any Security of that Series at its Maturity;

 

		(c)	default in the deposit of any sinking fund payment, when and as due in respect of any Security
of that Series;

 

		(d)	default in the performance or breach of any covenant or warranty of the Company in this Indenture
(other than a covenant or warranty for which the consequences of nonperformance or breach are addressed elsewhere in this Section
6.1 and other than a covenant or warranty that has been included in this Indenture solely for the benefit of Series of Securities
other than that Series), which default continues uncured for a period of 90 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25.0% in aggregate principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder;

 

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

 

		i.	commences a voluntary case,

 

		ii.	consents to the entry of an order for relief against it in an involuntary case,

 

		iii.	consents to the appointment of a Custodian of it or for all or substantially all of its property,

 

		iv.	makes a general assignment for the benefit of its creditors, or

 

		v.	generally is unable to pay its debts as the same become due; or

 

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

 

		i.	is for relief against the Company in an involuntary case,

 

		ii.	appoints a Custodian of the Company or for all or substantially all of its property, or

 

    	 	16	 

     

    

 

		iii.	orders the liquidation of the Company, and the order or decree remains unstayed and in effect for
60 days; or

 

		(g)	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(n).

 

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

 

Section 6.2 Acceleration
of Maturity; Rescission and Annulment. Except to the extent provided otherwise in the establishing Board Resolution, supplemental
indenture or Officers’ Certificate for such Series, if an Event of Default with respect to Securities of any Series at the
time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)), then in every
such case the Trustee or the Holders of not less than 25.0% in aggregate principal amount of the outstanding Securities of that
Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal
amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities
of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration such principal amount (or portion thereof) and accrued and unpaid interest, if any, shall become
immediately due and payable. If an Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount
(or portion thereof) of and accrued and unpaid interest, if any, on all outstanding Securities shall automatically become and be
immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

At any time after such
a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been
cured or waived as provided in Section 6.13.

 

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

 

Section 6.3 Collection
Of Indebtedness And Suits For Enforcement By Trustee. The Company covenants that if:

 

		(a)	default is made in the payment of any interest on any Security, or any Additional Amount with respect
thereto, when such interest or Additional Amount becomes due and payable and such default continues for a period of 30 days,

 

		(b)	default is made in the payment of principal of any Security at the Maturity thereof, or

 

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

 

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

 

    	 	17	 

     

    

 

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

 

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

 

 Section 6.4 Trustee
May File Proofs Of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities
or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and (b) to collect and receive
any moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

Section 6.5 Trustee
May Enforce Claims Without Possession Of Securities. All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any
proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of
which such judgment has been recovered.

 

    	 	18	 

     

    

 

Section 6.6 Application
of Money Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or interest, upon
presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully
paid:

 

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

 

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

 

Third: To the Company.

 

Section 6.7 Limitation
On Suits. No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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

 

		(b)	the Holders of not less than 25.0% in aggregate principal amount of the outstanding Securities
of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder;

 

		(c)	such Holder or Holders have offered to the Trustee indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request;

 

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

 

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

 

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

 

Section 6.8 Unconditional
Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture, the Holder of any
Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any,
on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the
consent of such Holder.

 

    	 	19	 

     

    

 

Section 6.9 Restoration
of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the
Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies
of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

Section 6.10 Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law,
prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11 Delay
or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12 Control
by Holders. The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred on the Trustee, with respect to the Securities of such Series, provided that:

 

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

 

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

 

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

 

Section 6.13 Waiver
Of Past Defaults. The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may
on behalf of the Holders of all the Securities of such Series waive any past Default hereunder with respect to such Series and
its consequences, except a Default (a) in the payment of the principal of or interest on any Security of such Series (provided,
however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration
and its consequences, including any related payment default that resulted from such acceleration) or (b) in respect of a covenant
or provision hereof which cannot be modified or amended without the consent of the Holder of each outstanding Security of such
Series affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

 

    	 	20	 

     

    

 

Section 6.14 Undertaking
For Costs. All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture,
or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted
by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the
aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII

TRUSTEE

 

Section 7.1 Duties
of Trustee.

 

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

 

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

 

		i.	The Trustee need perform only those duties that are specifically set forth in this Indenture and
no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee. The Trustee shall not
be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers.
The Trustee is not required to give any bond or surety with respect to the performance of its duties or the exercise of its powers
under this Indenture. The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed
as an obligation or duty to do so.

 

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

 

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

 

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

 

		ii.	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.

 

    	 	21	 

     

    

 

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

 

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

 

		(e)	The Trustee may refuse to perform any duty or exercise any right or power at the request or direction
of any Holder unless it receives indemnity satisfactory to it against any loss, liability or expense.

 

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

 

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

 

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

 

Section 7.2 Rights
of Trustee.

 

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

 

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

 

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

 

		(d)	The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute negligence
or willful misconduct.

 

    	 	22	 

     

    

 

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

 

		(f)	The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder
without negligence and in good faith and in reliance thereon.

 

		(g)	The Trustee may conclusively rely upon and shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, opinion, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit.

 

		(h)	The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received
by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities
of a particular Series and this Indenture.

 

		(i)	Delivery of reports, information and documents (including, without limitation, reports contemplated
in this Section) to the Trustee is for information purposes only, and the Trustee’s receipts thereof shall not constitute
actual or constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with covenants under the Indenture, Securities, and guarantees (if any), as to which the Trustee
is entitled to rely exclusively on Officers’ Certificates.

 

		(j)	The Trustee shall have no responsibility for monitoring the Company’s compliance with any
of its covenants under this Indenture.

 

		(k)	The Trustee shall not be responsible or liable for punitive, special, indirect, or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of actions.

 

		(l)	Any permissive right of the Trustee to take or refrain from taking actions enumerated in this Indenture
or other Note Documents shall not be construed as a duty.

 

		(m)	The Trustee shall not be responsible or liable for any failure or delay in the performance of its
obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control,
including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage;
epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents;
labor disputes; and acts of civil or military authorities and governmental action.

 

    	 	23	 

     

    

 

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

 

Section 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
otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

Section 7.4 Trustee’s
Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall
not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement
in the Securities other than its authentication.

 

Section 7.5 Notice
Of Defaults. If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if
it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series
and, if any Bearer Securities are outstanding, publish on one occasion in an Authorized Newspaper, notice of a Default or Event
of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default
or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security
of any Series, the Trustee may withhold the notice if and so long as Responsible Officers in good faith determine that withholding
the notice is in the interests of Securityholders of that Series.

 

Section 7.6 Reports
by Trustee to Holders. Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all Securityholders,
as their names and addresses appear on the register kept by the Registrar and, if any Bearer Securities are outstanding, publish
in an Authorized Newspaper, a brief report dated as of such May 15, in accordance with, and to the extent required under,
TIA Section 313.

 

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

 

Section 7.7 Compensation
and Indemnity. The Company shall pay to the Trustee from time to time compensation for its services as the Company and the
Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify
each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any loss, liability, claim (including
any between the parties to this Indenture and including attorneys’ fees in connection with enforcement of its rights to indemnity
hereunder), suit or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Trustee may have one separate counsel
and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.

 

    	 	24	 

     

    

 

The Company need not reimburse
any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder
or agent of the Trustee to the extent of its or their negligence or willful misconduct.

 

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

 

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

 

The provisions of this
Section shall survive the resignation or removal of the Trustee and the termination of this Indenture.

 

Section 7.8 Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon
the successor Trustee’s acceptance of appointment as provided in this Section.

 

The Trustee may resign
with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed
resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect
to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one
or more Series if:

 

		(a)	the Trustee fails to comply with Section 7.10;

 

		(b)	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;

 

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

 

		(d)	the Trustee becomes incapable of acting.

 

If the Trustee resigns
or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.
Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

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

 

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

 

    	 	25	 

     

    

 

Section 7.9 Successor
Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another person, the successor person without any further act shall be the successor Trustee.

 

Section 7.10 Eligibility;
Disqualification. This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1),
(2) and (5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most
recent published annual report of condition. The Trustee shall comply with TIA Section 310(b).

 

Section 7.11 Referential
Collection of Claims Against Company. The Trustee is subject to TIA Section 311(a), excluding any creditor relationship
listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the
extent indicated.

 

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

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

 

		(a)	either:

 

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

 

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

 

		(1)	have become due and payable, or

 

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

 

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

 

		(4)	are deemed paid and discharged pursuant to Section 8.3, as applicable; and the Company, in the
case of (1), (2) and (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an
amount sufficient for the purpose of paying and discharging the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Securities which have become
due and payable on or prior to the date of such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

    	 	26	 

     

    

 

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

 

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

 

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

 

Section 8.2 Application
of Trust Funds; Indemnification.

 

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

 

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

 

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

 

Section 8.3 Legal
Defeasance of Securities of any Series. Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2(p),
to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness
on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (c) hereof,
and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect
(and the Trustee, at the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the same),
except as to:

 

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

 

    	 	27	 

     

    

 

		(b)	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3, and 8.5; and

 

		(c)	the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following
conditions shall have been satisfied:

 

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

 

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

 

		iii.	no Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 120th day after such date;

 

		iv.	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel to the effect that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling,
or (B) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series
will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge and
will be subject to Federal income tax on the same amounts and in the same manner and at the same times as would have been the case
if such deposit, defeasance and discharge had not occurred;

 

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

 

    	 	28	 

     

    

 

		vi.	the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that: (A) either
(i) as a result of the deposit made pursuant to subparagraph (c)(i) above registration is not required under the Investment Company
Act of 1940, as amended, by the Company with respect to the trust funds representing such deposit or by the Trustee for such trust
funds or (ii) all necessary registrations under said Act have been effected and (B) the discharge does not cause the Trustee to
have a conflicting interest for purposes of the Trust Indenture Act; and

 

		vii.	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been
complied with.

 

Section 8.4 Covenant
Defeasance. Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p) to be inapplicable to Securities
of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections
4.2, 4.3, 4.4, 4.6, and 5.1 as well as any additional covenants specified in a supplemental indenture for such Series of Securities
or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2(p) (and the failure to comply with
any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the
occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.2(n) and designated as an Event of Default shall not constitute a Default or Event
of Default hereunder, with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

		(a)	With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited
(except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, cash in Dollars and/or
U.S. Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before
the due date of any payment of money, an amount in cash, sufficient, in the opinion of a regionally recognized firm of independent
certified public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment
of principal of and interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on
the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

		(c)	No Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 120th day after such date;

 

		(d)	The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders
of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit
and 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 deposit and covenant defeasance had not occurred;

 

    	 	29	 

     

    

 

		(e)	The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that: (A) either
(i) as a result of the deposit made pursuant to subsection (a) above registration is not required under the Investment Company
Act of 1940, as amended, by the Company with respect to the trust funds representing such deposit or by the Trustee for such trust
funds or (ii) all necessary registrations under said Act have been effected and (B) the discharge does not cause the Trustee to
have a conflicting interest for purposes of the Trust Indenture Act; and

 

		(f)	The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this
Section have been complied with.

 

Section 8.5 Repayment
to Company. The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of
principal and interest that remains unclaimed for six months. After that, Securityholders entitled to the money must look to the
Company for payment as general creditors unless an applicable abandoned property law designates another person.

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

Section 9.1 Without
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series
without the consent of any Securityholder by indentures supplemental hereto:

 

		(a)	to cure any ambiguity, defect or inconsistency, provided that such actions will not adversely affect
the interests of the holders of the Notes in any material respect;

 

		(b)	to comply with Article V;

 

		(c)	to evidence the succession of another corporation to the Company, or successive successions, pursuant
to Article 11 hereof, and the assumption by the successor corporation of the covenants, agreements and obligations of the Company
herein and in the Securities;

 

		(d)	to add to the covenants of the Company such further covenants, restrictions, conditions or provisions
as its Board of Directors shall consider to be for the protection of the holders of Securities, and to make the occurrence, or
the occurrence and continuance, of a default in any of such additional covenants, restrictions, conditions or provisions an Event
of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth, with
such period of grace, if any, and subject to such conditions as such supplemental indenture may provide;

 

		(e)	to add to or change any of the provisions of this Indenture to provide that Bearer Securities may
be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or any premium or interest
on Bearer Securities, to permit Bearer Securities to be issued in exchange for Registered Securities, to permit Bearer Securities
to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities
in uncertificated form, provided that any such action shall not adversely affect the interests of the holders of Securities of
any Series or any related coupons in any material respect;

 

    	 	30	 

     

    

 

		(f)	to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary
to effect the qualification of this Indenture under the Trust Indenture Act, or under any similar federal statute hereafter enacted,
and to add to this Indenture such other provisions as may be expressly permitted by the Trust Indenture Act, excluding, however,
the provisions referred to in Section 316(a)(2) of the Trust Indenture Act or any corresponding provision in any similar federal
statute hereafter enacted;

 

		(g)	to add any additional Events of Default (and if such Events of Default are to be for the benefit
of less than all Series of Securities, stating that such are expressly being included solely for the benefit of such Series);

 

		(h)	to modify, eliminate or add to any of the provisions of this Indenture, provided that any such
change or elimination (i) shall become effective only when there is no Security of any Series Outstanding and created prior to
the execution of such supplemental indenture that is entitled to the benefit of such provision or (ii) shall not apply to any Security
Outstanding;

 

		(i)	to provide for uncertificated Securities in addition to or in place of certificated Securities,
provided that such actions will not adversely affect the interests of the holders of the Notes in any material respect;

 

		(j)	to make any change that does not adversely affect the rights of any Securityholder;

 

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

 

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

 

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

 

Section 9.2 With
Consent of Holders. The Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders
of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture
(including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.13,
the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including
consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by
the Company with any provision of this Indenture or the Securities with respect to such Series.

 

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

 

    	 	31	 

     

    

 

 Section 9.3 Limitations.
Without the consent of each Securityholder affected, an amendment or waiver may not:

 

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

 

		(b)	reduce the rate of or extend the time for payment of interest (including default interest) on any
Security or any Additional Amount with respect thereto;

 

		(c)	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;

 

		(d)	reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;

 

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

 

		(f)	make the principal of or interest, if any, on any Security or any Additional Amount with respect
thereto payable in any currency other than that stated in the Security;

 

		(g)	make any change in Sections 6.8, 6.13, or 9.3 (this sentence); or

 

		(h)	waive a redemption payment with respect to any Security.

 

Section 9.4 Compliance
With Trust Indenture Act. Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a
supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.5 Revocation
and Effect of Consents. Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent
to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a
Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security
if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.

 

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

 

    	 	32	 

     

    

 

Section 9.6 Notation
on or Exchange of Securities. The Trustee may place an appropriate notation about an amendment or waiver on any Security of
any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate
upon request new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7 Trustee
Protected. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article
or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 7.1) shall be fully protected in relying upon, an Officers’ Certificate and Opinion of Counsel stating that all conditions
precedent have been satisfied, the execution of such supplemental indenture is authorized or permitted by this Indenture and that
such supplemental indenture is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture
that adversely affects it.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1 Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is
required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

 

Section 10.2 Notices.
Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given
if in writing and delivered in person or mailed by first-class mail:

 

if to the Company:

 

Ameris Bancorp

310 First St.,
S.E.

Moultrie, Georgia
31768

Attention: Chief
Executive Officer

Telephone: (229)
890-1111

 

if to the Trustee:

 

Wilmington Trust, National Association

1100 North Market Street

Rodney Square North

Wilmington, Delaware 19890

Attention: Ameris Bancorp Administrator

Telephone: (302)
636-6398

 

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

 

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

 

    	 	33	 

     

    

 

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

 

If the Company mails a
notice or communication to Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. Notwithstanding
any other provision of the Indenture or any Security, where the Indenture or any Security provides for notice of any event or any
other communication (including any notice of redemption or repurchase) to a Securityholder of a Security (whether by mail or otherwise),
such notice shall be sufficiently given if given to Depository (or its designee) pursuant to the applicable procedures from Depository
or its designee, including by electronic mail in accordance with accepted practices at Depository.

 

Section 10.3 Communication
by Holders with Other Holders. Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that
Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).

 

Section 10.4 Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

 

		(a)	an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

		(b)	an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

 

Section 10.5 Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions
of TIA Section 314(e) and shall include:

 

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

 

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

 

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

 

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

 

Section 10.6 Rules
by Trustee and Agents. The Trustee may make reasonable rules for action by, or a meeting of, Securityholders of one or more
Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

 

    	 	34	 

     

    

 

Section 10.7 Legal
Holidays. Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a
particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at
a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period.

 

Section 10.8 No
Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability
for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.9 Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf”
or “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all
purposes.

 

Section 10.10 Governing
Laws. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE
AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

Section 10.11 No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 10.12 Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section 10.13 Severability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 10.14 Table
of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify
or restrict any of the terms or provisions hereof.

 

Section 10.15. Waiver
of Trial by Jury. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES, OR THE TRANSACTION CONTEMPLATED THEREBY.

 

    	 	35	 

     

    

 

Section 10.16. Consent
to Jurisdiction.

 

(a)         The Company hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court
or federal court of the United States sitting in the State and City of New York, County, and Borough of Manhattan, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Indenture or the Notes, or for the recognition
or enforcement of any judgment, and each of the parties hereby irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding may be heard and determined in such state court sitting in the State and City of New York, County
and Borough of Manhattan or, to the extent permitted by law, in such federal court sitting in the State and City of New York, County
and Borough of Manhattan.

 

(b)         The Company hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Indenture or
the Notes in any New York State or federal court. Each of the parties hereto irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

Section 10.17. USA Patriot
Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the USA PATRIOT Act.

 

ARTICLE XI

SINKING FUNDS

 

Section 11.1 Applicability
of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of
a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

 

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

 

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

 

    	 	36	 

     

    

 

Section 11.3 Redemption
Of Securities For Sinking Fund. Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture
or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any
Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which
is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of
Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than
30 days (unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of
a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

[Signature page follows.]

 

    	 	37	 

     

    

 

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

 

	 	AMERIS BANCORP
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[TRUSTEE], not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	38

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