Document:

Exhibit
4.11

 

FORM
OF TRUST INDENTURE

 

MALVERN
BANCORP, INC.

 

and

 

________________________,
as Trustee

 

INDENTURE

 

Dated
as of                                , 20___

 

Providing
for the Issuance of Debt Securities

 

    

     

    

 

CROSS-REFERENCE
TABLE*

 

	Trust
    Indenture Act Section	Indenture
    Section
	310
    (a)(1)	N.A.
	(a)(2)	6.13
	(a)(3)	6.13
	(a)(4)	N.A.
	(a)(5)	7.01
	(b)	7.02
	(c)	7.02
	311
    (a)	7.03
	(b)	7.03
	(c)	7.03
	312
    (a)	7.03
	(b)	7.04;
    1.02
	(c)	1.02
	313
    (a)	1.02
	(b)(2)	N.A.
	(c)	1.02
	(d)	N.A.
	314
    (a)	6.01
	(c)(1)	6.02;
    1.06
	(c)(2)	6.01
	(c)(3)	6.01
	(e)	5.14
	(f)	1.01
	315
    (a)	5.12
	(b)	5.02
	(c)	N.A.
	(d)	5.08
	(e)	3.07
	316
    (a)(last sentence)	5.03
	(a)(1)(A)	5.04
	(a)(1)(B)	4.06
	(a)(2)	1.07
	(b)	N.A.
	(c)	1.07

 

N.A.
means not applicable

 

*
This Cross-Reference Table is not part of the Indenture.

 

    -i-

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    I         DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 
	Section
    1.01   Definitions	1
	 	 
	Section
    1.02   Officers’ Certificates and Opinions	8
	 	 
	Section
    1.03   Form of Documents Delivered to Trustee	8
	 	 
	Section
    1.04   Acts of Securityholders	8
	 	 
	Section
    1.05   Notices, etc., to Trustee and Company	10
	 	 
	Section
    1.06   Notice To Securityholders; Waiver	10
	 	 
	Section
    1.07   Conflict with Trust Indenture Act	10
	 	 
	Section
    1.08   Effect of Headings and Table of Contents	10
	 	 
	Section
    1.09   Successors and Assigns	10
	 	 
	Section
    1.10   Separability Clause	11
	 	 
	Section
    1.11   Benefits of Indenture	11
	 	 
	Section
    1.12   Governing Law	11
	 	 
	Section
    1.13   Counterparts	11
	 	 
	Section
    1.14   Judgment Currency	11
	 	 
	Section
    1.15   Legal Holidays	11
	 	 
	ARTICLE
    II       SECURITY FORMS	12
	 	 
	Section
    2.01   Forms Generally	12
	 	 
	Section
    2.02   Forms of Securities	12
	 	 
	Section
    2.03   Securities in Global Form	12
	 	 
	Section
    2.04   Form of Trustee’s Certificate of Authentication	13
	 	 
	ARTICLE
    III      THE SECURITIES	13
	 	 
	Section
    3.01   General Title; General Limitations; Issuable in Series; Terms of Particular Series	13
	 	 
	Section
    3.02   Denominations and Currency	16
	 	 
	Section
    3.03   Execution, Authentication and Delivery, and Dating	17
	 	 
	Section
    3.04   Temporary Securities	19
	 	 
	Section
    3.05   Registration, Transfer and Exchange	19
	 	 
	Section
    3.06   Mutilated, Destroyed, Lost and Stolen Securities	22
	 	 
	Section
    3.07   Payment of Interest; Interest Rights Preserved	22

 

    -ii-

     

    

 

	Section
    3.08   Persons Deemed Owners	23
	 	 
	Section
    3.09   Cancellation	24
	 	 
	Section
    3.10   Computation of Interest	24
	 	 
	ARTICLE
    IV      SATISFACTION AND DISCHARGE	24
	 	 
	Section
    4.01   Satisfaction and Discharge of Indenture	24
	 	 
	Section
    4.02   Discharge and Defeasance	25
	 	 
	Section
    4.03   Covenant Defeasance	26
	 	 
	Section
    4.04   Conditions To Defeasance Or Covenant Defeasance	27
	 	 
	Section
    4.05   Application of Trust Money; Excess Funds	28
	 	 
	Section
    4.06   Paying Agent to Repay Moneys Held	29
	 	 
	Section
    4.07   Return of Unclaimed Amounts	29
	 	 
	ARTICLE
    V       REMEDIES	29
	 	 
	Section
    5.01   Events of Default	29
	 	 
	Section
    5.02   Acceleration of Maturity; Rescission, and Annulment	31
	 	 
	Section
    5.03   Collection of Indebtedness and Suits for Enforcement by Trustee	31
	 	 
	Section
    5.04   Trustee May File Proofs of Claim	32
	 	 
	Section
    5.05   Trustee May Enforce Claims Without Possession of Securities	33
	 	 
	Section
    5.06   Application of Money Collected	33
	 	 
	Section
    5.07   Limitation on Suits	33
	 	 
	Section
    5.08   Unconditional Right of Securityholders to Receive Principal, Premium, and Interest	34
	 	 
	Section
    5.09   Restoration of Rights and Remedies	34
	 	 
	Section
    5.10   Rights and Remedies Cumulative	34
	 	 
	Section
    5.11   Delay or Omission Not Waiver	35
	 	 
	Section
    5.12   Control by Securityholders	35
	 	 
	Section
    5.13   Waiver of Past Defaults	35
	 	 
	Section
    5.14   Undertaking for Costs	35
	 	 
	Section
    5.15   Waiver of Stay or Extension Laws	36
	 	 
	ARTICLE
    VI      THE TRUSTEE	36
	 	 
	Section
    6.01   Certain Duties and Responsibilities of Trustee	36
	 	 
	Section
    6.02   Notice of Defaults	37

 

    -iii-

     

    

 

	Section
    6.03   Certain Rights of Trustee	37
	 	 
	Section
    6.04   Not Responsible for Recitals or Issuance of Securities	38
	 	 
	Section
    6.05   May Hold Securities	38
	 	 
	Section
    6.06   Money Held in Trust	39
	 	 
	Section
    6.07   Compensation and Reimbursement	39
	 	 
	Section
    6.08   Disqualification; Conflicting Interests	39
	 	 
	Section
    6.09   Corporate Trustee Required; Eligibility	40
	 	 
	Section
    6.10   Resignation and Removal; Appointment of Successor	40
	 	 
	Section
    6.11   Acceptance of Appointment by Successor	41
	 	 
	Section
    6.12   Merger, Conversion, Consolidation or Succession to Business	42
	 	 
	Section
    6.13   Preferential Collection of Claims Against Company	43
	 	 
	Section
    6.14   Appointment of Authenticating Agent	43
	 	 
	ARTICLE
    VII    SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	45
	 	 
	Section
    7.01   Company to Furnish Trustee Names and Addresses of Securityholders	45
	 	 
	Section
    7.02   Preservation of Information; Communications to Securityholders	45
	 	 
	Section
    7.03   Reports by Trustee	46
	 	 
	Section
    7.04   Reports by Company	46
	 	 
	ARTICLE
    VIII   CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	47
	 	 
	Section
    8.01   Company May Consolidate, etc., Only on Certain Terms	47
	 	 
	Section
    8.02   Successor Corporation Substituted	48
	 	 
	ARTICLE
    IX      SUPPLEMENTAL INDENTURES	48
	 	 
	Section
    9.01   Supplemental Indentures Without Consent of Securityholders	48
	 	 
	Section
    9.02   Supplemental Indentures With Consent of Securityholders	49
	 	 
	Section
    9.03   Execution of Supplemental Indentures	50
	 	 
	Section
    9.04   Effect of Supplemental Indentures	51
	 	 
	Section
    9.05   Conformity With Trust Indenture Act	51
	 	 
	Section
    9.06   Reference in Securities to Supplemental Indentures	51

 

    -iv-

     

    

 

	ARTICLE
    X       COVENANTS	51
	 	 
	Section
    10.01   Payment of Principal, Premium and Interest	51
	 	 
	Section
    10.02   Maintenance of Office or Agency	51
	 	 
	Section
    10.03   Money or Security Payments to Be Held in Trust	52
	 	 
	Section
    10.04   Certificate to Trustee	52
	 	 
	Section
    10.05   Corporate Existence	53
	 	 
	ARTICLE
    XI      REDEMPTION OF SECURITIES	53
	 	 
	Section
    11.01   Applicability of Article	53
	 	 
	Section
    11.02   Election to Redeem; Notice to Trustee	53
	 	 
	Section
    11.03   Selection by Trustee of Securities to be Redeemed	53
	 	 
	Section
    11.04   Notice of Redemption	54
	 	 
	Section
    11.05   Deposit of Redemption Price	54
	 	 
	Section
    11.06   Securities Payable on Redemption Date	55
	 	 
	Section
    11.07   Securities Redeemed in Part	55
	 	 
	Section
    11.08   Provisions with Respect to any Sinking Funds	55
	 	 
	ARTICLE
    XII     REPAYMENT AT OPTION OF HOLDERS	57
	 	 
	Section
    12.01   Applicability of Article	57
	 	 
	Section
    12.02   Repayment of Securities	57
	 	 
	Section
    12.03   Exercise of Option	57
	 	 
	Section
    12.04   When Securities Presented for Repayment Become Due and Payable	57
	 	 
	Section
    12.05   Securities Repaid in Part	58

 

    -v-

     

    

 

THIS
INDENTURE, between Malvern Bancorp, Inc., a Pennsylvania corporation (hereinafter called the “Company”) having
its principal office at 42 E. Lancaster Avenue, Paoli, Pennsylvania 19301, and, [     ], a [     ] as trustee (hereinafter called the
“Trustee”), is made and entered into as of this [     ] day of [     ], 20[     ].

 

Recitals
of the Company

 

The
Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of its unsecured debentures,
notes, bonds, and other evidences of indebtedness, to be issued in one or more fully registered series.

 

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

 

Agreements
of the Parties

 

To
set forth or to provide for the establishment of the terms and conditions upon which the Securities (as hereinafter defined) are
and are to be authenticated, issued, and delivered, and in consideration of the premises thereof, and the purchase of Securities
by the Holders (as hereinafter defined) thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate
benefit of all Holders from time to time of the Securities or of any series thereof, as the case may be:

 

ARTICLE
I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
1.01     Definitions. For all purposes of this Indenture and of any indenture supplemental hereto,
except as otherwise expressly provided or unless the context otherwise requires:

 

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

 

(b)       all
other terms used herein which are defined in the Trust Indenture Act (as hereinafter defined), either directly or by reference
therein, have the meanings assigned to them therein;

 

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

 

(d)       all
references in this instrument to designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this instrument as originally executed. The words “herein”, “hereof”,
and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section, or other subdivision.

 

    

     

    

 

(e)       the
following terms will have the meanings set forth below:

 

“Act”,
when used with respect to any Securityholder (as hereinafter defined), has the meaning specified in Section 1.04.

 

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

 

“Authenticating
Agent” means any Person authorized by the Trustee to authenticate Securities of one or more series under Section 6.14.

 

“Authentication
Order” has the meaning specified in Section 3.03.

 

“Board
of Directors” means (i) the board of directors of the Company, (ii) any duly authorized committee of that board, or
(iii) any officer, director, or authorized representative of the Company, in each case duly authorized by such Board to act hereunder.

 

“Board
Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered
to the Trustee.

 

“Capital
Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participations
or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible or exchangeable
for corporate stock), warrants or options to purchase any thereof.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934,
or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties on such date.

 

“Company”
means Malvern Bancorp, Inc., unless and until a successor corporation shall have become such pursuant to the applicable provisions
of this Indenture, and thereafter “Company” shall mean such successor corporation.

 

“Company
Request”, “Company Order”, and “Company Consent” mean, respectively, a written
request, order, or consent signed in the name of the Company by the chairman of the Board of Directors, the chief executive officer,
the chief financial officer, the treasurer, the controller, or by any other officer or officers of the Company pursuant to an
applicable Board Resolution, and delivered to the Trustee.

 

    -2-

     

    

 

“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 [      ].

 

“Corporation”
means a corporation, association, company, joint-stock company, limited liability company or business trust.

 

“Covenant
Defeasance” has the meaning specified in Section 4.03. “Defaulted Interest” has the meaning specified in
Section 3.07. “Defeasance” has the meaning specified in Section 4.02.

 

“Depositary”
means with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated
as Depositary by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who
is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect
to the Securities of any such series shall mean the “ Depositary” with respect to the Securities of that series.

 

“Equivalent
Government Securities” means, in relation to Securities denominated in a currency other than U.S. dollars, securities
of the government that issued the currency in which such Securities are denominated or securities of government agencies backed
by the full faith and credit of such government.

 

“Event
of Default” has the meaning specified in Article 5.

 

“Holder”,
“Securityholder” and “Holder of Securities” means a Person in whose name a Security is registered
in the Security Register (as hereinafter defined).

 

“Indebtedness”
with respect to any Person means (1) any liability of such Person (a) for borrowed money, or (b) evidenced by a bond, note, debenture
or similar instrument (including purchase money obligations but excluding Trade Payables), or (c) for the payment of money relating
to a lease that is required to be classified as a capitalized lease obligation in accordance with generally accepted accounting
principles; (2) mandatorily redeemable preferred or preference stock of a Subsidiary held by Persons other than the Company or
a Subsidiary; (3) any liability of others described in the preceding clause (1) that such Person has guaranteed, that is recourse
to such Person or that is otherwise such Person’s legal liability; and (4) any amendment, supplement, modification, deferral,
renewal, extension or refunding of any liability of the types referred to in clauses (1), (2) and (3) above.

 

“Indenture”
or “this Indenture” means this instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include
the terms of any particular series of Securities established as contemplated by Section 3.01.

 

“Interest
Payment Date”, when used with respect to any series of Securities, means any date on which an installment of interest
on those Securities is scheduled to be paid.

 

    -3-

     

    

 

“Maturity”,
when used with respect to any Security, means the date on which the principal amount outstanding under such Security or an installment
of principal amount outstanding under such Security becomes due and payable, as therein or herein provided, whether on the Scheduled
Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise.

 

“New
York Business Day” means (except, with respect to any particular series of Securities, as may be otherwise provided
in the form of such Securities) any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law, regulation, or executive order to be closed.

 

“Officers’
Certificate” means a certificate signed by any two of the chairman of the Board of Directors, the chief executive officer,
the president, any vice president, the treasurer or by any other officer or officers of the Company pursuant to an applicable
Board Resolution, and delivered to the Trustee.

 

“Opinion
of Counsel” means a written opinion of counsel to the Company, which counsel may be an employee of the Company or other
counsel who shall be reasonably acceptable to the Trustee.

 

“Original
Issue Discount Security” means any Security which is initially sold at a discount from the principal amount thereof
and the terms of which provide that upon redemption or acceleration of the Maturity thereof, an amount less than the principal
amount thereof would become due and payable.

 

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

 

(a)
such Securities theretofore canceled by the Trustee or delivered by the Company to the Trustee for cancellation; (b) such Securities,
or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited in trust with
the Trustee or with any Paying Agent (as hereinafter defined) other than the Company, or, if

 

the
Company shall act as its own Paying Agent, has been set aside and segregated in trust by the Company; provided, in any case, that
if such Securities are to be redeemed prior to their Scheduled Maturity Date, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(c)
such Securities in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
or which shall have been paid, in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as
to which proof satisfactory to the Trustee is presented that such Security is held by a Person in whose hands such Security is
a legal, valid, and binding obligation of the Company).

 

    -4-

     

    

 

In
determining whether the Holders of the requisite principal amount of such Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal amount of any Original Issue Discount Security that
shall be deemed to be Outstanding 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. In determining whether the Holders of the requisite
principal amount of such Securities Outstanding have given a direction concerning the time, method, and place of conducting any
proceeding for any remedy available to the Trustee, or concerning the exercise of any trust or power conferred upon the Trustee
under this Indenture, or concerning a consent on behalf of the Holders of any series of Securities to the waiver of any past default
and its consequences, Securities owned by the Company, any other obligor upon the Securities, or any Affiliate of the Company
or such other obligor shall be disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent, or waiver, only Securities which a Responsible
Officer assigned to the corporate trust department of the Trustee knows to be owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or such other obligor shall be so disregarded. Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right to act as owner with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or such other obligor.

 

“Paying
Agent” means, with respect to any Securities, any Person appointed by the Company to distribute amounts payable by the
Company on such Securities. If at any time there shall be more than one such Person, “Paying Agent” as used with respect
to the Securities of any particular series shall mean the Paying Agent with respect to Securities of that series. As of the date
of this Indenture, the Company has appointed [     ] as Paying Agent with respect to all Securities issuable
hereunder.

 

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

 

“Place
of Payment” means with respect to any series of Securities issued hereunder the city or political subdivision so designated
with respect to the series of Securities in question in accordance with the provisions of Section 3.01.

 

“Predecessor
Securities” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered
under Section 3.06 in lieu of a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence the same debt as the
lost, destroyed, mutilated, or stolen Security.

 

“Record
Date” means any date as of which the Holder of a Security will be determined for any purpose described herein, such
determination to be made as of the close of business on such date by reference to the Security Register.

 

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

 

    -5-

     

    

 

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

 

“Repayment
Date”, when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such
Security.

 

“Repayment
Price”, when used with respect to any Security to be repaid, means the price at which it is to be repaid pursuant to
such Security.

 

“Responsible
Officer”, when used with respect to the Trustee, shall mean an officer or assistant officer of the Trustee in the Corporate
Trust Office, having direct responsibility for the administration of this Indenture, and also, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

 

“Scheduled
Maturity Date”, when used with respect to any Security, means the date specified in such Security as the date on which
all outstanding principal and interest will be due and payable.

 

“Security”
or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of
indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture.

 

“Security
Register” shall have the meaning specified in Section 3.05.

 

“Security
Registrar” means the Person who maintains the Security Register, which Person shall be the Trustee unless and until
a successor Security Registrar is appointed by the Company.

 

“Senior
Indebtedness” means all obligations or indebtedness of, or guaranteed or assumed by, the Company, whether or not represented
by bonds, debentures notes or similar instruments, for borrowed money, and any amendments, renewals, extensions, modifications
and refundings of any such obligations or indebtedness, unless in the instrument creating or evidencing any such indebtedness
or obligations or pursuant to which the same is outstanding it is specifically stated, at or prior to the time the Company becomes
liable in respect thereof, that any such obligation or indebtedness or such amendment, renewal, extension, modification and refunding
thereof is not Senior Indebtedness.

 

“Significant
Subsidiary” means each Subsidiary which is a “significant subsidiary” as defined in Rule 1-02(w) of Regulation
S-X, as amended or modified and in effect from time to time.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07.

 

“Specified
Currency” has the meaning specified in Section 3.01.

 

    -6-

     

    

 

“Subsidiary”
means any corporation, partnership or other entity of which at the time of determination the Company owns or controls directly
or indirectly more than 50% of the shares of voting stock or equivalent interest.

 

“Trade
Payables” means accounts payable or any other Indebtedness or monetary obligations to trade creditors created or assumed
in the ordinary course of business in connection with the obtaining of materials, finished products, inventory or services.

 

“Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof,
except as provided in Section 9.05.

 

“Trustee”
means the party named as such above until a successor becomes such pursuant to this Indenture and thereafter means or includes
each party who is then a trustee hereunder, and if at any time there is more than one such party, “Trustee” as used
with respect to the Securities of any series means the Trustee with respect to Securities of that series. If Trustees with respect
to different series of Securities are trustees under this Indenture, nothing herein shall constitute the Trustees co-trustees
of the same trust, and each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other
Trustee with respect to a different series of Securities.

 

“U.S.
Government Obligations” means (i) securities that are direct obligations of the United States of America, the payment
of which is unconditionally guaranteed by the full faith and credit of the United States of America and (ii) securities that are
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 by the full faith and credit of the United States of America, and also includes
depository receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding
clauses (i) and (ii), and any payment of interest or principal payable under any of the securities described in the preceding
clauses (i) and (ii) that is 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, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest
or principal payable under the securities evidenced by such depository receipt.

 

“Voting
Stock”, as applied to the stock of any corporation, means stock of any class or classes (however designated), the outstanding
shares of which have, by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors
(or other governing body) of such corporation, other than stock having such power only by reason of the happening of a contingency.

 

    -7-

     

    

 

Section
1.02     Officers’ Certificates and Opinions. Every Officers’ Certificate, Opinion
of Counsel, and other certificate or opinion to be delivered to the Trustee under this Indenture with respect to any action to
be taken by the Trustee (except for the Officers’ Certificate required by Section 10.04) shall include the following:

 

(a)       a
statement that each individual signing such certificate or opinion has read all covenants and conditions of this Indenture relating
to such proposed action, including the definitions herein relating thereto;

 

(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 each such individual, he or she has made such examination or investigation as is necessary to
enable him or her 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, in the opinion of each such individual, such condition or covenant has been complied with.

 

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

 

Any
certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, legal counsel, unless such officer knows that any such certificate, opinion, or representation
is erroneous. Any opinion of counsel for the Company may be based, insofar as it relates to factual matters, upon a certificate
or opinion of, or representations by, an officer or officers of the Company, unless such counsel knows that any such certificate,
opinion, or representation is erroneous.

 

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

 

Section
1.04     Acts of Securityholders.

 

(a)       Any
request, demand, authorization, direction, notice, consent, waiver, or other action provided by this Indenture to be given or
taken by Securityholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Securityholders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and (if expressly required by the
applicable terms of this Indenture) to the Company. If any Securities are denominated in coin or currency other than that of the
United States, then for the purposes of determining whether the Holders of the requisite principal amount of Securities have taken
any action as herein described, the principal amount of such Securities shall be deemed to be that amount of United States dollars
that could be obtained for such principal amount on the basis of the spot rate of exchange into United States dollars for the
currency in which such Securities are denominated (as evidenced to the Trustee by a certificate provided by a financial institution,
selected by the Company, that maintains an active trade in the currency in question, acting as conversion agent) as of the date
the taking of such action by the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately
preceding sentence. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Securityholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

 

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

 

(c)       The
ownership of Securities shall for all purposes be determined by reference to the Security Register, as such register shall exist
as of the applicable date.

 

(d)       If
the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other action,
the Company may, at its option, by Board Resolution, fix in advance a Record Date for the determination of Holders entitled to
give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation
to do so. If such Record Date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action
may be given before or after such Record Date, but only the Holders of record at the close of business on such Record Date shall
be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Securities Outstanding have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action,
and for that purpose the Securities Outstanding shall be computed as of such Record Date; provided that no such authorization,
agreement or consent by the Holders on such Record Date shall be deemed effective unless it shall become effective pursuant to
the provisions of this Indenture not later than six months after such Record Date.

 

(e)       Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind each
subsequent Holder of such Security, and each Holder of any Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, with respect to anything done or suffered to be done by the Trustee or the Company in reliance upon
such action, whether or not notation of such action is made upon such Security.

 

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Section
1.05     Notices, etc., to Trustee and Company. Any request, order, authorization, direction,
consent, waiver, or other action to be taken by the Trustee, the Company, or the Securityholders hereunder (including any Authentication
Order), and any notice to be given to the Trustee or the Company with respect to any action taken or to be taken by the Trustee,
the Company, or the Securityholders hereunder, shall be sufficient if made in writing and

 

(a)     (if
to be furnished or delivered to or filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its
Corporate Trust Office, Attention: [                             ], or

 

(b)     (if
to be furnished or delivered to the Company by the Trustee or any Securityholder, and except as otherwise provided in Section
5.01(d) and, in the case of a request for repayment, except as specified in the Security carrying the right to repayment) mailed
to the Company, first-class postage prepaid, at its principal office (as specified in the first paragraph of this instrument),
Attention: [     ], or at any other address hereafter furnished in writing by the Company to the Trustee.

 

Section
1.06     Notice To Securityholders; Waiver. Where this Indenture or any Security provides for
notice to Securityholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided herein or
in such Security) if in writing and mailed, first-class postage prepaid, to each Securityholder affected by such event, at his
or her address as it appears in the Security Register as of the applicable Record Date, not later than the latest date or earlier
than the earliest date prescribed by this Indenture or such Security for the giving of such notice. In any case where notice to
Securityholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Securityholder shall affect the sufficiency of such notice with respect to other Securityholders. Where this Indenture or any
Security provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Securityholders
shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

In
case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical
to mail notice of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture
or the applicable Security, then any method of notification as shall be satisfactory to the Trustee and the Company shall be deemed
to be sufficient for the giving of such notice.

 

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

 

Section
1.08     Effect of Headings and Table of Contents. The Article and Section headings herein and
the Table of Contents hereof are for convenience only and shall not affect the construction of any provision of this Indenture.

 

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

 

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

 

Section
1.11     Benefits of Indenture. Nothing in this Indenture or in any Securities, express or implied,
shall give to any Person, other than the parties hereto, their successors hereunder, the Authenticating Agent, the Security Registrar,
any Paying Agent, and the Holders of Securities (or such of them as may be affected thereby), any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

Section
1.12     Governing Law. This Indenture shall be governed by and construed in accordance with the
laws of the State of New York.

 

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

 

Section
1.14     Judgment Currency. The Company agrees, to the fullest extent that it may effectively
do so under applicable law, that (a) if for the purpose of obtaining judgment in any court with respect to the Securities of any
series it is necessary to convert the sum due in respect of the principal, premium, if any, or interest, if any, payable with
respect to such Securities into a currency in which a judgment can be rendered (the “Judgment Currency”), the
rate of exchange from the currency in which payments under such Securities is payable (the “Required Currency”)
into the Judgment Currency shall be the highest bid quotation (assuming European-style quotation — i.e., Required
Currency per Judgment Currency) received by the Company from three recognized foreign exchange dealers in the City of New York
for the purchase of the aggregate amount of the judgment (as denominated in the Judgment Currency) on the New York Business Day
preceding the date on which a final unappealable judgment is rendered, for settlement on such payment date, and at which the applicable
dealer timely commits to execute a contract, and (b) the Company’s obligations under this Indenture to make payments in
the Required Currency (i) shall not be discharged or satisfied by any tender, or by any recovery pursuant to any judgment (whether
or not entered in accordance with the preceding clause (a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt by the judgment creditor of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the
full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for
any other sum due under this Indenture.

 

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

 

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ARTICLE
II

SECURITY FORMS

 

Section
2.01     Forms Generally. The Securities of each series shall have such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with the rules
of any securities exchange, or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced
by their execution of the Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Security.

 

The
definitive Securities, if any, shall be printed, lithographed or engraved or produced by any combination of these methods on steel
engraved borders or may be produced in any other manner permitted by the rules of any securities exchange, all as determined by
the officers executing such Securities, as evidenced by their execution of such Securities.

 

Section
2.02     Forms of Securities. Each Security shall be in one of the forms approved from time to
time by or pursuant to any Board Resolution, or established in one or more indentures supplemental hereto. Prior to the delivery
to the Trustee for authentication of any Security in any form approved by or pursuant to a Board Resolution, the Company shall
deliver to the Trustee a copy of such Board Resolution, together with a true and correct copy of the form of Security which has
been approved thereby, or, if a Board Resolution authorizes a specific officer or officers to approve a form of Security, together
with a certificate of such officer or officers approving the form of Security attached thereto, provided, however, that
with respect to all Securities issued pursuant to the same Board Resolution, the required copy of such Board Resolution, together
with the appropriate attachment, need be delivered only once. Any form of Security approved by or pursuant to a Board Resolution
must be acceptable as to form to the Trustee, such acceptance to be evidenced by the Trustee’s authentication of Securities
in that form or by a certificate signed by a Responsible Officer of the Trustee and delivered to the Company.

 

Section
2.03     Securities in Global Form. If Securities of a series are issuable in whole or in part
in global form, the global security representing such Securities may provide that it shall represent the aggregate amount of Outstanding
Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented
thereby may from time to time be reduced to reflect exchanges or increased to reflect the issuance of additional Securities. Any
endorsement of a Security in global form to reflect the amount (or any increase or decrease in the amount) of Outstanding Securities
represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Authentication
Order delivered to the Trustee pursuant to Section 3.03 hereof.

 

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Section
2.04     Form of Trustee’s Certificate of Authentication. The form of Trustee’s Certificate
of Authentication for any Security issued pursuant to this Indenture shall be substantially as follows:

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. [                           ], as Trustee,

 

	By:	 	 
	 	Authorized
Officer:	 

 

ARTICLE
III

THE SECURITIES

 

Section
3.01     General Title; General Limitations; Issuable in Series; Terms of Particular Series.

 

(a)       The
aggregate principal amount of Securities that may be authenticated, delivered, and Outstanding at any time under this Indenture
is not limited.

 

(b)       The
Securities may be issued in one or more series in such aggregate principal amount as may from time to time be authorized by the
Board of Directors. All Securities of a series issued under this Indenture shall in all respects be equally and ratably entitled
to the benefits hereof, without preference, priority, or distinction on account of the actual time of the authentication and delivery
or Scheduled Maturity Date thereof.

 

(c)       Each
series of Securities shall be created either by or pursuant to one or more Board Resolutions, by an Officers’ Certificate
or by one or more indentures supplemental hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series
of Securities created pursuant to a Board Resolution, any officer or officers authorized by such Board Resolution) shall establish
the terms of any such series of Securities, including the following (as and to such extent as may be applicable):

 

(1)
the title of such series;

 

(2)
the limit, if any, upon the aggregate principal amount or issue price of the Securities of such series;

 

3)
the issue date or issue dates of the Securities of such series;

 

(4)
the Scheduled Maturity Date of the Securities of such series;

 

(5)
the place or places where the principal, premium, if any, interest, if any, and additional amounts, if any, payable with respect
to the Securities of such series shall be payable;

 

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(6)
whether the Securities of such series will be issued at par or at a premium over or a discount from their face amount;

 

(7)
the rate or rates (which may be fixed or variable) at which the Securities of such series shall bear interest, if any, and, if
applicable, the method by which such rate or rates may be determined;

 

(8)
the date or dates (or the method by which such date or dates may be determined) from which interest, if any, shall accrue, and
the Interest Payment Dates on which such interest shall be payable;

 

(9)
the rights, if any, to defer payments of interest on the Securities by extending the interest payment periods and the duration
of such extension;

 

(10)
the period or periods within which, the Redemption Price(s) or Repayment Price(s) at which, and any other terms and conditions
upon which the Securities of such series may be redeemed or repaid, in whole or in part, by the Company;

 

(11)
the obligation, if any, of the Company to redeem, repay, or purchase any of the Securities of such series pursuant to any sinking
fund, mandatory redemption, purchase obligation, or analogous provision at the option of a Holder thereof, and the period or periods
within which, the Redemption Price(s) or Repayment Price(s) or other price or prices at which, and any other terms and conditions
upon which the Securities of such series shall be redeemed, repaid, or purchased, in whole or in part, pursuant to such obligation;

 

(12)
the issuance of the Securities of such series in whole or in part in global form and, if so, the identity of the Depositary for
such global security and the terms and conditions, if any, upon which interests in the Securities represented by such global security
may be exchanged, in whole or in part, for the individual Securities represented thereby (if other than as provided in Section
3.05);

 

(13)
whether such securities are subordinated securities and if so, the provisions for such subordination;

 

(14)
the denominations in which the Securities of such series will be issued (which may be any denomination as set forth in the terms
of such Securities) if other than U.S. $1,000 or an integral multiple thereof;

 

(15)
whether and under what circumstances additional amounts on the Securities of such series shall be payable in respect of any taxes,
assessments, or other governmental charges withheld or deducted and, if so, whether the Company will have the option to redeem
such Securities rather than pay such additional amounts;

 

(16)
the basis upon which interest shall be calculated;

 

(17)
if the Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary
Security for a definitive Security of such series) only upon receipt of certain certificates or other documents or upon satisfaction
of other conditions, then the form and terms of such certificates, documents, and/or conditions;

 

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(18)
the exchange or conversion of the Securities of that series, whether or not at the option of the Holders thereof, for or into
new Securities of a different series or for or into any other securities which may include shares of Capital Stock of the Company
or any Subsidiary of the Company or securities directly or indirectly convertible into or exchangeable for any such shares or
securities of entities unaffiliated with the Company or any Subsidiary of the Company;

 

(19)
if other than U.S. dollars, the foreign or composite currency or currencies (each such currency a “Specified Currency”)
in which the Securities of such series shall be denominated and in which payments of principal, premium, if any, interest, if
any, or additional amounts, if any, payable with respect to such Securities shall or may be payable;

 

(20)
if the principal, premium, if any, interest, if any, or additional amounts, if any, payable with respect to the Securities of
such series are to be payable in any currency other than that in which the Securities are stated to be payable, whether at the
election of the Company or of a Holder thereof, the period or periods within which, and the terms and conditions upon which, such
election may be made;

 

(21)
if the amount of any payment of principal, premium, if any, interest, if any, or other sum payable with respect to the Securities
of such series may be determined by reference to the relative value of one or more Specified Currencies, commodities, securities,
or instruments, the level of one or more financial or non-financial indices, or any other designated factors or formulas, the
manner in which such amounts shall be determined;

 

(22)
the exchange of Securities of such series, at the option of the Holders thereof, for other Securities of the same series of the
same aggregate principal amount of a different authorized kind or different authorized denomination or denominations, or both;

 

(23)
the appointment by the Trustee of an Authenticating Agent in one or more places other than the Corporate Trust Office of the Trustee,
with power to act on behalf of the Trustee, and subject to its direction, in the authentication and delivery of the Securities
of such series;

 

(24)
any trustees, depositaries, paying agents, transfer agents, exchange agents, conversion agents, registrars, or other agents with
respect to the Securities of such series if other than the Trustee, Paying Agent and Security Registrar named herein;

 

(25)
the portion of the principal amount of Securities of such series, if other than the principal amount thereof, that shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section
5.04;

 

(26)
any Event of Default with respect to the Securities of such series, if not set forth herein, or any modification of any Event
of Default set forth herein with respect to such series;

 

(27)
any covenant solely for the benefit of the Securities of such series;

 

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(28)
the inapplicability of Section 4.02 and Section 4.03 of this Indenture to the Securities of such series and if

 

Section
4.03 is applicable, the covenants subject to Covenant Defeasance under Section 4.03; and

 

(29)
any other terms of the securities of such series (which terms shall not be inconsistent with the provisions of this

 

Indenture,
but which may modify or delete any provision of this Indenture insofar as it applies to such series).

 

If
all of the Securities issuable by or pursuant to any Board Resolution are not to be issued at one time, it shall not be necessary
to deliver the Officers’ Certificate and Opinion of Counsel required by Section 3.03 hereof at the time of issuance of each
such Security, but such Officers’ Certificate and Opinion of Counsel shall be delivered at or before the time of issuance
of the first such Security.

 

If
any series of Securities shall be established by action taken pursuant to any Board Resolution, the execution by the officer or
officers authorized by such Board Resolution of an Authentication Order (as defined in Section 3.03 below) with respect to the
first Security of such series to be issued, and the delivery of such Authentication Order to the Trustee at or before the time
of issuance of the first Security of such series, shall constitute a sufficient record of such action. Except as otherwise permitted
by Section 3.03, if all of the Securities of any such series are not to be issued at one time, the Company shall deliver an Authentication
Order with respect to each subsequent issuance of Securities of such series, but such Authentication Orders may be executed by
any authorized officer or officers of the Company, whether or not such officer or officers would have been authorized to establish
such series pursuant to the aforementioned Board Resolution.

 

Unless
otherwise provided by or pursuant to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened
for issuances of additional Securities of such series, and (ii) all Securities of the same series shall be substantially identical,
except for the initial Interest Payment Date, issue price, initial interest accrual date and the amount of the first interest
payment.

 

The
form of the Securities of each series shall be established in a supplemental indenture or by or pursuant to the Board Resolution
creating such series. The Securities of each series shall be distinguished from the Securities of each other series in such manner
as the Board of Directors or its authorized representative or representatives may determine.

 

Unless
otherwise provided with respect to Securities of a particular series, the Securities of any series may only be issuable in registered
form, without coupons.

 

Section
3.02     Denominations and Currency. The Securities of each series shall be issuable in such denominations
and currency as shall be provided in the provisions of this Indenture or by or pursuant to the Board Resolution or supplemental
indenture creating such series. In the absence of any such provisions with respect to the Securities of any series, the Securities
of that series shall be issuable only in fully registered form in denominations of U.S. $1,000 and any integral multiple thereof.

 

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Section
3.03     Execution, Authentication and Delivery, and Dating. The Securities shall be executed
on behalf of the Company by the president, any vice president, the treasurer or any assistant treasurer and attested by the secretary
or any one of its assistant secretaries, under its corporate seal. The signature of any of these officers on the Securities may
be manual or facsimile. The seal of the Company, if set forth thereon, may be in the form of a facsimile thereof and may be impressed,
affixed, imprinted, or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction
of the seal or any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated
and delivered by the Trustee.

 

Unless
otherwise provided in the form of Security for any series, all Securities shall be dated the date of their authentication.

 

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

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities to the Trustee
for authentication, together with a Company Order for authentication and delivery (such Order an “Authentication Order”)
with respect to such Securities, and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures
acceptable to the Trustee set forth in the Authentication Order, and subject to the provisions hereof, authenticate and deliver
such Securities to such recipients as may be specified from time to time pursuant to such Authentication Order. The material terms
of such Securities shall be determinable by reference to such Authentication Order and procedures. If provided for in such procedures,
such Authentication Order may authorize authentication and delivery of such Securities pursuant to oral instructions from the
Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. In authenticating such Securities
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to the provisions of Section 6.01 hereof) shall be fully protected in relying upon:

 

(1)
an executed supplemental indenture, if any;

 

(2)
an Officers’ Certificate, certifying as to the authorized form or forms and terms of such Securities; and

 

(3)
an Opinion of Counsel, stating that:

 

(a)       the
form or forms and terms of such Securities have been established by and in conformity with the provisions of this Indenture; provided
that if all such Securities are not to be issued at the same time, such Opinion of Counsel may state that such terms will be established
in conformity with the provisions of this Indenture, subject to any conditions specified in such Opinion of Counsel; and

 

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(b)       such
Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance
with their terms, subject to bankruptcy, insolvency, moratorium, reorganization, and other laws of general applicability relating
to or affecting the enforcement of creditors’ rights and to general principles of equity;

 

provided,
however, that if all Securities issuable by or pursuant to a Board Resolution or supplemental
indenture are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate or
Opinion of Counsel otherwise required pursuant to this paragraph at or prior to the time of authentication of each such Security
if such documents are delivered at or prior to the time of authentication upon original issuance of the first such Security to
be issued. After the original issuance of the first such Security to be issued, any separate request by the Company that the Trustee
authenticate such Securities for original issuance will be deemed to be a certification by the Company that it is in compliance
with all conditions precedent provided for in this Indenture relating to the authentication and delivery of such Securities.

 

The
Trustee shall not be required to authenticate such Securities if the issue thereof will adversely affect the Trustee’s own
rights, duties, or immunities under the Securities and this Indenture.

 

If
the Company shall establish pursuant to Section 3.01 that Securities of a series may be issued in whole or in part in global form,
then the Company shall execute, and the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with
respect to such series) authenticate and deliver, one or more Securities in global form that (i) shall represent and shall be
denominated in an aggregate amount equal to the aggregate principal amount of the Outstanding Securities of such series to be
represented by such one or more Securities in global form, (ii) shall be registered, in the name of the Depositary for such Security
or Securities in global form, or in the name of a nominee of such Depositary, (iii) shall be delivered to such Depositary or pursuant
to such Depositary’s instruction, and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged
in whole or in part for Securities in certificated form, this Security may not be transferred except as a whole by the Depositary
to a nominee of the Depositary, or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.” Each Depositary
designated pursuant to Section 3.01 for a Security in global form must, at the time of its designation and at all times while
it serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute
or regulation.

 

No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears
on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual
signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder.

 

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Section
3.04     Temporary Securities. Pending the preparation of definitive Securities of any series,
the Company may execute, and, upon receipt of the documents required by Sections 2.02, 3.01 and 3.03 hereof, together with an
Authentication Order, the Trustee shall authenticate and deliver, temporary Securities of such series that are printed, lithographed,
typewritten, mimeographed, or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued in registered form, without coupons, and with such appropriate insertions, omissions,
substitutions, and other variations as the officers executing such Securities may determine, as evidenced by their execution of
such Securities. In the case of Securities of any series for which a temporary Security may be issued in global form, such temporary
global security shall represent all of the Outstanding Securities of such series and tenor.

 

Except
in the case of temporary Securities in global form, which shall be exchanged in accordance with the provisions thereof, if temporary
Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Securities, the temporary Securities of such series shall be exchangeable, at the Corporate
Trust Office of the Trustee, or at such other office or agency as may be maintained by the Company in a Place of Payment pursuant
to Section 10.02 hereof, for definitive Securities of such series having identical terms and provisions, upon surrender of the
temporary Securities of such series, at the Company’s own expense and without charge to the Holder; and upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Securities of such series in authorized denominations containing
identical terms and provisions. Unless otherwise specified as contemplated by Section 3.01 with respect to a temporary Security
in global form, until so exchanged, the temporary Securities of such series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

 

Section
3.05     Registration, Transfer and Exchange. With respect to the Securities of each series, the
Trustee shall keep a register (herein sometimes referred to as the “Security Register”) which shall provide for the
registration of Securities of such series, and for transfers of Securities of such series, in accordance with information to be
provided to the Trustee by the Company, subject to such reasonable regulations as the Trustee may prescribe. Such register shall
be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable
times the information contained in such register or registers shall be available for inspection at the Corporate Trust Office
of the Trustee or at such other office or agency to be maintained by the Company pursuant to Section 10.02 hereof.

 

Upon
due presentation for registration of transfer of any Security of any series at the Corporate Trust Office of the Trustee or at
any other office or agency maintained by the Company with respect to that series pursuant to Section 10.02 hereof, the Company
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of such series of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled
Maturity Date.

 

    -19-

     

    

 

Any
other provision of this Section 3.05 notwithstanding, unless and until it is exchanged in whole or in part for the individual
Securities represented thereby, in definitive form, a Security in global form representing all or a portion of the Securities
of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary, or by
a nominee of such Depositary to such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee
to a successor Depositary for such series or a nominee of such successor Depositary.

 

At
the option of the Holder, Securities of any series may be exchanged for other Securities of such series of any authorized denominations,
of like aggregate principal amount, tenor, terms and Scheduled Maturity Date, upon surrender of the Securities to be exchanged
at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Securityholder making the exchange is entitled to receive.

 

If
at any time the Depositary for the Securities of a series represented by one or more Securities in global form notifies the Company
that it is unwilling or unable to continue as Depositary for the Securities of such series, or if at any time the Depositary for
the Securities of such series shall no longer be eligible under Section 3.03 hereof, the Company, by Company Order, shall appoint
a successor Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of such series
is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility,
the Company’s election pursuant to Section 3.01 that such Securities be represented by one or more Securities in global
form shall no longer be effective with respect to the Securities of such series and the Company will execute, and the Trustee,
upon receipt of an Authentication Order for the authentication and delivery of definitive Securities of such series, will authenticate
and deliver Securities of such series in definitive form, in authorized denominations, in an aggregate principal amount, and of
like terms and tenor, equal to the principal amount of the Security or Securities in global form representing such series, in
exchange for such Security or Securities in global form.

 

The
Company may at any time and in its sole discretion and subject to the procedures of the Depositary determine that individual Securities
of any series issued in global form shall no longer be represented by such Security or Securities in global form. In such event
the Company will execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive
Securities of such series and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive
form, in authorized denominations, and in aggregate principal amount equal to the principal amount of the Security or Securities
in global form representing such series in exchange for such Security or Securities in global form.

 

    -20-

     

    

 

If
specified by the Company pursuant to Section 3.01 with respect to a series of Securities issued in global form, the Depositary
for such series of Securities may surrender a Security in global form for such series of Securities in exchange in whole or in
part for Securities of such series in definitive form and of like terms and tenor on such terms as are acceptable to the Company
and such Depositary. Thereupon, the Company shall execute, and the Trustee upon receipt of an Authentication Order for the authentication
and delivery of definitive Securities of such series, shall authenticate and deliver, without service charge:

 

(a)       to
each Person specified by such Depositary, a new definitive Security or Securities of the same series and of the same tenor and
terms, in authorized denominations, in aggregate principal amount equal to and in exchange for such Person’s beneficial
interest in the Security in global form; and

 

(b)       to
such Depositary, a new Security in global form in a denomination equal to the difference, if any, between the principal amount
of the surrendered Security in global form and the aggregate principal amount of the definitive Securities delivered to Holders
pursuant to clause (a) above.

 

Upon
the exchange of a Security in global form for Securities in definitive form, such Security in global form shall be canceled by
the Trustee or an agent of the Company or the Trustee. Securities issued in definitive form in exchange for a Security in global
form pursuant to this Section 3.05 shall be registered in such names and in such authorized denominations as the Depositary for
such Security in global form, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the
Trustee or an agent of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Securities to or as
directed by the Persons in whose names such Securities are so registered or to the Depositary.

 

Whenever
any securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

 

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

 

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

 

Unless
otherwise provided in the Security to be transferred or exchanged, no service charge shall be imposed for any registration of
transfer or exchange of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Securities,
other than exchanges pursuant to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer.

 

The
Company shall not be required to (i) issue, register the transfer of, or exchange any Security of any series during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of such series selected
for redemption under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register the transfer
of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed
in part, the portion thereof not to be redeemed.

 

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Section
3.06     Mutilated, Destroyed, Lost and Stolen Securities. If (i) any mutilated Security is surrendered
to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any
Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by them to
save each 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 may in its discretion execute and upon request of the Company the Trustee shall authenticate
and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor,
terms, series, Scheduled Maturity Date, and principal amount, 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 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 the same series duly issued hereunder.

 

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

 

Section
3.07     Payment of Interest; Interest Rights Preserved. Interest on any Security which is payable
and is punctually paid or duly provided for on any Interest Payment Date shall, if so provided in such Security, be paid to the
Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the applicable
Record Date, notwithstanding any transfer or exchange of such Security subsequent to such Record Date and prior to such Interest
Payment Date. (unless such Interest Payment Date is also the date of Maturity of such Security).

 

    -22-

     

    

 

Any
interest on any Security which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein
called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the applicable Record
Date by virtue of his having been such Holder; and, except as hereinafter provided, such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in clause (a) or clause (b) below:

 

(a)       The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names any such Securities (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice
of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
to be mailed, first-class postage prepaid, to the Holder of each such Security at his address as it appears in the Security Register,
not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such
Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause (b).

 

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

 

Interest
on Securities of any series that bear interest may be paid by mailing a check to the address of the Person entitled thereto at
such address as shall appear in the Securities Register for such series or by such other means as may be specified in the form
of such Security.

 

Subject
to the foregoing provisions of this Section 3.07 and the provisions of Section 3.05 hereof, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest
accrued and unpaid, and to accrue, which were carried by such other Security.

 

Section
3.08     Persons Deemed Owners. Prior to due presentment of a Security for registration of transfer,
the Company, the Trustee, and any agent of the Company or the Trustee may treat the Person in whose name any Security is registered
on the applicable Record Date(s) as the owner of such Security for the purpose of receiving payment of principal, premium, if
any, interest, if any (subject to Sections 3.05 and 3.07 hereof), and any additional amounts payable with respect to such Security,
and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee, nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.

 

    -23-

     

    

 

None
of the Company, the Trustee, any Authenticating Agent, any Paying Agent, the Security Registrar, or any Co-Security Registrar
will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Security in global form or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests and each of them may act or refrain from acting without liability on any information relating to such records
provided by the Depositary.

 

Section
3.09     Cancellation. All Securities surrendered for payment, redemption, registration of transfer,
exchange, or credit against a sinking or analogous fund shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and, if not already canceled, shall be promptly canceled by it. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. Acquisition of such Securities by the Company
shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same
are delivered to the Trustee for cancellation. No Security shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled
Securities in accordance with its customary procedures and deliver a certificate of such disposition to the Company.

 

Section
3.10     Computation of Interest. Unless otherwise provided as contemplated in Section 3.01, interest
on the Securities shall be calculated on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE
IV

SATISFACTION AND DISCHARGE

 

Section
4.01     Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further
effect with respect to any series of Securities (except as to any surviving rights of conversion or transfer or exchange of Securities
of such series expressly provided for herein or in the form of Security for such series and obligations described as surviving
below), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture as to such series, when

 

(a)       either

 

(i)        all
Securities of that series theretofore authenticated and delivered (other than (A) Securities of such series which have been destroyed,
lost, or stolen and which have been replaced or paid as provided in Section 3.06, and (B) Securities of such series for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to
the Company or discharged from such trust, as provided in Section 4.07) have been delivered to the Trustee canceled or for cancellation;
or

 

(ii)       all
such Securities of that series not theretofore delivered to the Trustee canceled or for cancellation

 

(A)       have
become due and payable, or

 

    -24-

     

    

 

(B)        will,
in accordance with their Scheduled Maturity Date, become due and payable within one year, or

 

(C)        are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company, and, in any of the cases described in subparagraphs (A), (B),
or (C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for the
purpose, (x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which through
the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before
the due date of any payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion with respect to
(y) and (z) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, to pay and discharge the entire indebtedness on such Securities with respect to principal, premium, if any, and
interest, if any, to the date of such deposit (in the case of Securities which have become due and payable), or to the Scheduled
Maturity Date or Redemption Date, as the case may be; provided, however , that if such U.S. Government Obligations or Equivalent
Government Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government
Obligations, and Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire
indebtedness referred to above if such issuer elects to exercise such call or redemption provisions at any time prior to the Scheduled
Maturity Date or Redemption Date, as the case may be, and the Company, but not the Trustee, shall be responsible for monitoring
any such call or redemption provision; and

 

(b)       the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Securities of such series;
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 with respect to the Securities of such
series have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company under
paragraph (a) of this Section 4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive,
and the obligations of the Trustee under Sections 4.05, 4.07 and 10.03 shall survive.

 

Section
4.02     Discharge and Defeasance. The provisions of this Section and Section 4.04 (insofar as
relating to this Section) shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution
or indenture supplemental hereto provided pursuant to Section 3.01. In addition to discharge of this Indenture pursuant to Section
4.01, in the case of any series of Securities with respect to which the exact amount described in subparagraph (a) of Section
4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), the Company shall be deemed to
have paid and discharged the entire indebtedness on all the Securities of such a series as provided in this Section on and after
the date the conditions set forth in Section 4.04 are satisfied, and the provisions of this Indenture with respect to the Securities
of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Securities of
such series, (ii) substitution of mutilated, destroyed, lost or stolen Securities of such series, (iii) rights of Holders of Securities
of such series to receive, solely from the trust fund described in subparagraph (a) of Section 4.04, payments of principal thereof,
premium, if any, and interest, if any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not
upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory sinking fund payments,
if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder, (v) this Section 4.02, Section 4.07, Section
10.02 and Section 10.03 and (vi) the rights of the Holders of Securities of such series as beneficiaries hereof with respect to
the property so deposited with the Trustee payable to all or any of them) (hereinafter called “Defeasance”),
and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same.

 

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Section
4.03     Covenant Defeasance. The provisions of this Section and Section 4.04 (insofar as relating
to this Section) shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution or
indenture supplemental hereto provided pursuant to Section 3.01. In the case of any series of Securities with respect to which
the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time of making the deposit referred to
in such subparagraph (a), (i) the Company shall be released from its obligations under any covenants specified in or pursuant
to Section 3.01 as being subject to Covenant Defeasance with respect to such series (except as to (a) rights of registration of
transfer and exchange of Securities of such series and rights under Section 4.07, Section 10.02 and Section 10.03, (b) substitution
of mutilated, destroyed, lost or stolen Securities of such series, (c) rights of Holders of Securities of such series to receive,
from the Company pursuant to Section 10.01, payments of principal thereof and interest, if any, thereon upon the original stated
due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities
of such series to receive mandatory sinking fund payments, if any, (d) the rights, obligations, duties and immunities of the Trustee
hereunder and (e) the rights of the Holders of Securities of such series as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them), and (ii) the occurrence of any event specified in Section 5.01(d)
(with respect to any of the covenants specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance with respect
to such series) shall be deemed not to be or result in a default or an Event of Default, in each case with respect to the Outstanding
Securities of such series as provided in this Section on and after the date the conditions set forth in Section 4.04 are satisfied
(hereinafter called “Covenant Defeasance”), and the Trustee at the cost and expense of the Company, shall execute
proper instruments acknowledging the same. For this purpose, such Covenant Defeasance means that the Company may omit to comply
with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant (to the extent
so specified in the case of Section 5.01(d)), whether directly or indirectly by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, but the
remainder of this Indenture and the Securities of such series shall be unaffected thereby.

 

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Section
4.04     Conditions To Defeasance Or Covenant Defeasance. The following shall be the conditions
to application of either Section 4.02 or Section 4.03 to the Outstanding Securities:

 

(a)       with
reference to Section 4.02 or Section 4.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the
Trustee as funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities
of such series (i) money in an amount, or (ii) U.S. Government Obligations or Equivalent Government Securities which through the
payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before
the due date of any payment, money in an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion (with respect
to (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments) of, premium,
if any, and interest on, the Outstanding Securities of such series on the dates such installments of interest, premium or principal
are due, including upon redemption; provided, however , that if such U.S. Government Obligations and Equivalent Government Securities
are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and/or
Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred
to above if the issuer of any such U.S. Government Obligations or Equivalent Government Securities elects to exercise such call
or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the case may
be. The Company, but not the Trustee, shall be responsible for monitoring any such call or redemption provision.

 

(b)       in
the case of Defeasance under Section 4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that
(x) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date
hereof, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and
such opinion 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
amount 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;

 

(c)       in
the case of Covenant Defeasance under Section 4.03, the Company has delivered to the Trustee an Opinion of Counsel to the effect
that, and such opinion 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 and Covenant Defeasance and will be subject to federal income tax
on the same amount and in the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance
had not occurred;

 

(d)       no
Event of Default or event which, with notice or lapse of time or both, would become an Event of Default with respect to the Securities
of such series shall have occurred and be continuing on the date of such deposit, after giving effect to such deposit or, in the
case of a Defeasance under Section 4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f) shall have occurred,
at any time during the period ending on the 91st day after the date of such deposit or, if longer, ending on the day following
the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that
this condition shall not be deemed satisfied until the expiration of such period);

 

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(e)       such
Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting interest within the meaning of the TIA, assuming
all Securities of a series were in default within the meaning of the TIA;

 

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

 

(g)       such
Defeasance or Covenant Defeasance will not result in the trust arising from such deposit constituting an investment company within
the meaning of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration;

 

(h)       if
the Securities of such series are to be redeemed prior to their Stated Maturity Date (other than from mandatory sinking fund payments
or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee shall have been made; and

 

(i)        the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for herein relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with.

 

Section
4.05     Application of Trust Money; Excess Funds. All money and U.S. Government Obligations or
Equivalent Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.01 or Section
4.04 hereof shall be held in trust and applied by it, in accordance with the provisions of this Indenture and of the series of
Securities in respect of which it was deposited, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if
any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law.

 

The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S.
Government Obligations or Equivalent Government Securities deposited pursuant to Section 4.01 or Section 4.04 hereof or the principal
and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders
of the Outstanding Securities.

 

Anything
in this Article 4 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Governmental Obligations or Equivalent Government Securities held by it as provided in Section 4.01
or Section 4.04 which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public
accountants, expressed in a written certification thereof delivered to the Trustee, (which may be the opinion delivered under
Section 4.01 or Section 4.04, as applicable), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent satisfaction and discharge, Covenant Defeasance or Defeasance of the applicable series.

 

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Section
4.06     Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge of this Indenture,
all moneys then held by any Paying Agent of the Securities (other than the Trustee) shall, upon demand of the Company, be repaid
to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such
moneys.

 

Section
4.07     Return of Unclaimed Amounts. Any amounts deposited with or paid to the Trustee or any
Paying Agent or then held by the Company, in trust for payment of the principal of, premium, if any, or interest, if any, on the
Securities and not applied but remaining unclaimed by the Holders of such Securities for two years after the date upon which the
principal of, premium, if any, or interest, if any, on such Securities, as the case may be, shall have become due and payable,
shall be repaid to the Company by the Trustee on Company Request or (if then held by the Company) shall be discharged from such
trust; and the Holder of any of such Securities shall thereafter look only to the Company for any payment which such Holder may
be entitled to collect (until such time as such unclaimed amounts shall escheat, if at all, to the State of New York) and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease. Notwithstanding the foregoing, the Trustee or Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once a week for two successive weeks (in each case on any day of the week)
in a newspaper printed in the English language and customarily published at least once a day at least five days in each calendar
week and of general circulation in the Borough of Manhattan, in the City and State of New York, a notice that said amounts have
not been so applied and that after a date named therein any unclaimed balance of said amounts then remaining will be promptly
returned to the Company.

 

ARTICLE
V

REMEDIES

 

Section
5.01     Events of Default. “Event of Default”, wherever used herein, means
with respect to any series of Securities any one of the following events (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body), unless such event is either inapplicable to a particular
series or it is specifically deleted or modified in the manner contemplated by Section 3.01:

 

(a)       default
in the payment of any interest on any Security of such series when it becomes due and payable, and continuance of such default
for a period of 30 days; or

 

(b)       default
in the payment of the principal amount of (or premium, if any, on) any Security of such series as and when the same shall become
due, either at Maturity, upon redemption, by declaration, or otherwise; or

 

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(c)       default
in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of such series and continuance of such default for a period of 30 days; or

 

(d)       default
in the performance or breach of any covenant or warranty of the Company in this Indenture in respect of the Securities of such
series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which or
the breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period
of 60 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 at least 25% in the principal amount of the Outstanding Securities of such 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; or

 

(e)       the
entry of an order for relief against the Company under the Federal Bankruptcy Act by a court having jurisdiction in the premises
or a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other
applicable Federal or State law, or the entry of a decree or order approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable
Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(f)        the
consent by the Company to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State
law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company in furtherance of any such action; or

 

(g)       any
other Event of Default provided for with respect to the Securities of such series in accordance with Section 3.01. A default under
any indebtedness of the Company other than the Securities will not constitute an Event of Default under this Indenture, and a
default under one series of Securities will not constitute a default under any other series of Securities. The Trustee shall not
be charged with knowledge of an Event of Default unless a Responsible Officer at the Corporate Trust Office has actual knowledge
thereof.

 

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Section
5.02     Acceleration of Maturity; Rescission, and Annulment. If any Event of Default described
in Section 5.01 above (other than Event of Default described in Section 5.01(e) and Section 5.01(f)) shall have occurred and be
continuing with respect to any series, then and in each and every such case, unless the principal of all the Securities of such
series shall have already become due and payable, either the Trustee or the Holders of not less than 51% in aggregate principal
amount of the Securities of such series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if
given by Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of that series) of all the Securities of such series and
any and all accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, any provision of this Indenture or the Securities of such series to the contrary notwithstanding.
If an Event of Default specified in Section 5.01(e) or Section 5.01(f) occurs, the principal amount of the Securities of such
series and any and all accrued interest thereon shall immediately become and be due and payable without any declaration or other
act on the party of the Trustee or any Holder. No declaration of acceleration by the Trustee with respect to any series of Securities
shall constitute a declaration of acceleration by the Trustee with respect to any other series of Securities, and no declaration
of acceleration by the Holders of at least 51% in aggregate principal amount of the Outstanding Securities of any series shall
constitute a declaration of acceleration or other action by any of the Holders of any other series of Securities, in each case
whether or not the Event of Default on which such declaration is based shall have occurred and be continuing with respect to more
than one series of Securities, and whether or not any Holders of the Securities of any such affected series shall also be Holders
of Securities of any other such affected series.

 

At
any time after such a declaration of acceleration has been made with respect to the Securities of any series 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
not less than a majority of the aggregate principal amount of the Outstanding Securities of such series, by written notice to
the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect
to such series of Securities, other than the nonpayment of the principal of the Securities of such series which have become due
solely by such acceleration, have been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with
any judgment or decree set forth in Section 5.01(e) and Section 5.01(f) and if all sums paid or advanced by the Trustee hereunder
and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel have been paid.

 

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

 

Section
5.03     Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants
that if:

 

(a)       default
is made in the payment of any installment of interest on any Security of any series when such interest becomes due and payable,
or

 

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

 

(c)       default
is made in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the Securities
of any series, and

 

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(d)       any
such default continues for any period of grace provided in relation to such default pursuant to Section 5.01, then, with respect
to the Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holder of any
such Security (or the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on any
such Security (or on the Securities of any such series in the case of clause (c) above) for principal (and premium, if any) and
interest, if any, with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal
(and premium, if any) and upon overdue installments of interest, if any, at such rate or rates as may be prescribed therefor by
the terms of any such Security (or of Securities of any such series in the case of clause (c) above); 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 and all other amounts due the Trustee under Section
6.07.

 

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, and may prosecute such proceeding to judgment
or final decree, and may enforce the same against the Company or any other obligor upon the Securities of such series and collect
the money adjudged or decreed 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 series of Securities 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
5.04     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 proceedings or otherwise,

 

(a)       to
file and prove a claim for the whole amount of principal (or, with respect to Original Discount Securities, such portion of the
principal amount as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and unpaid
in respect of the Securities, and to file such other papers or documents as may be necessary and 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 all other amounts due the Trustee under Section 6.07) and of the Securityholders allowed in such judicial
proceedings, and

 

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(b)       to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized
by each Securityholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of
such payments directly to the Securityholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07
hereof.

 

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

 

Section
5.05     Trustee May Enforce Claims Without Possession of Securities. All rights of action and
claims under this Indenture or the Securities of any series may be prosecuted and enforced by the Trustee without the possession
of any of the Securities of such series 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 and its agents
and counsel, be for the ratable benefit of the Holders of the Securities, of the series in respect of which such judgment has
been recovered.

 

Section
5.06     Application of Money Collected. Any money collected by the Trustee with respect to a
series of Securities 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, premium, if any, or interest, if any, upon presentation
of the Securities of such series 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 6.07 hereof.

 

Second:
To the payment of the amounts then due and unpaid upon the Securities of that series for principal, premium, if any, interest,
if any, and additional amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably,
without preference or priority of any kind.

 

Section
5.07     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 Securities of such
series;

 

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(b)       the
Holders of not less than 51% in principal amount of the Outstanding Securities of such 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 reasonable indemnity 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 such series; it being understood and intended that no one or more Holders
of Securities of such series 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 Holders of Securities of such series, or to obtain or to seek
to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and proportionate benefit of all the Holders of all Securities of such series.

 

Section
5.08     Unconditional Right of Securityholders to Receive Principal, Premium, 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, premium, if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if
any) on such Security on or after the respective payment dates expressed in such Security (or, in the case of redemption or repayment,
on the Redemption Date or Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment on
or after such respective date, and such right shall not be impaired or affected without the consent of such Holder.

 

Section
5.09     Section 5.09 Restoration of Rights and Remedies. If the Trustee or any Securityholder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, then and in every such case the Company, the Trustee and the Securityholders shall, subject to any determination
in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee and the Securityholders shall continue as though no such proceeding had been instituted.

 

Section
5.10     Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved
to the Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and every right or remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

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Section
5.11     Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of
any Security 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 Securityholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee
or by the Securityholders, as the case may be.

 

Section
5.12     Control by Securityholders. 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)       the
Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that
the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall,
by a Responsible Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial
to the Holders not taking part in such direction, and

 

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

 

Section
5.13     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 not theretofore cured:

 

(a)       in
the payment of principal, premium, if any, or interest, if any, on any Security of such series, or in the payment of any sinking
or purchase fund or analogous obligation with respect to the Securities of such series, or

 

(b)       in
respect of a covenant or provision in this Indenture which, under Article Nine hereof, cannot be modified or amended without the
consent of the Holder of each Outstanding Security of such series.

 

Upon
any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon.

 

Section
5.14     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 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 Trustee, to any suit instituted by any Securityholder or group of Securityholders
holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates,
or to any suit instituted by any Securityholder for the enforcement of the payment of principal, premium, if any, or interest,
if any, on any Security on or after the respective payment dates expressed in such Security (or, in the case of redemption or
repayment, on or after the Redemption Date or Repayment Date).

 

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

 

ARTICLE
VI

THE TRUSTEE

 

Section
6.01     Certain Duties and Responsibilities of Trustee.

 

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

 

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

 

(ii)       in
the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely upon certificates
or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture (but need
not confirm or investigate the accuracy of calculations or other facts stated therein).

 

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

 

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

 

(i)        this
Subsection shall not be construed to limit the effect of Subsection (a) 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 shall be proved that
the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)       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 not less than 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 with respect to the Securities
of such series, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities
of such series; and

 

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

 

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

 

Section
6.02     Notice of Defaults. Within 90 days after receipt of notice of the occurrence of any default
hereunder with respect to Securities of any series, the Trustee shall transmit by mail to all Securityholders of such series,
as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, unless such
default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the
principal, premium, if any, or interest, if any, on any Security of such series or in the payment of any sinking or purchase fund
installment or analogous obligation with respect to Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Securityholders
of such series and; provided, further, that, in the case of any default of the character specified in Section 5.01(d) with
respect to Securities of such series, no such notice to Securityholders of such series shall be given until at least 60 days after
the occurrence thereof. For the purpose of this Section, the term “default”, with respect to Securities of any series,
means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.

 

Section
6.03     Certain Rights of Trustee. Except as otherwise provided in Section 6.01 above:

 

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

 

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(b)       any
request, direction or order of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order
and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution;

 

(c)       whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, rely upon an Officers’ Certificate or Opinion of Counsel or both, and shall not be liable
for any action it takes or omits to take in good faith reliance on such certificate or opinion;

 

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

 

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

 

(f)       the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney; and

 

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

 

Section
6.04     Not Responsible for Recitals or Issuance of Securities. The recitals contained herein
and in the Securities, except the certificates of authentication, shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of Securities or
the proceeds thereof.

 

Section
6.05     May Hold Securities. The Trustee or any Paying Agent, Security Registrar, or other agent
of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections
6.08 and 6.13 hereof, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent,
Security Registrar, or such other agent.

 

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

 

Section
6.07     Compensation and Reimbursement. The Company covenants and agrees

 

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

 

(b)       except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as
may be attributable to its negligence or bad faith; and

 

(c)       to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad
faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the reasonable
costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of
its powers or duties hereunder.

 

Without
prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services
in connection with an Event of Default specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable
charges and expenses of its counsel) and compensation for such services are intended to constitute expenses of administration
under any applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law.

 

The
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing
to it or any predecessor Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of
the Holders of particular Securities.

 

The
provisions of this Section shall survive the satisfaction and discharge of this Indenture.

 

Section
6.08     Disqualification; Conflicting Interests. If the Trustee has or shall acquire any conflicting
interest within the meaning of the Trust Indenture Act, it shall either eliminate such interest or resign as Trustee with respect
to one or more series of Securities, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. To the extent permitted by such Trust Indenture Act, the Trustee shall not be deemed to have
a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

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Section
6.09     Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder
with respect to each series of Securities that shall be a corporation organized and doing business under the laws of the United
States of America or of any State or Territory thereof or of the District of Columbia, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination
by Federal or State authority and having its principal office and place of business in the City of New York, if there be such
a corporation having its principal office and place of business in said City and willing to act as Trustee on customary and usual
terms. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee with respect to any series of Securities shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section
6.10     Resignation and Removal; Appointment of Successor.

 

(a)       No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee under Section 6.11.

 

(b)       The
Trustee may resign with respect to any one or more series of Securities at any time by giving at least 60 days’ written
notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(c)       The
Trustee may be removed with respect to any series of Securities at any time by Act of the Holders of 66 2/3% in principal amount
of the Outstanding Securities of that series, delivered to the Trustee and to the Company.

 

(d)       If
at any time:

 

(i)        the
Trustee shall fail to comply with Section 6.08 above with respect to any series of Securities after written request therefor by
the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least six months, or

 

(ii)       the
Trustee shall cease to be eligible under Section 6.09 above with respect to any series of Securities and shall fail to resign
after written request therefor by the Company or by any such Securityholder, or

 

(iii)      the
Trustee shall become incapable of acting with respect to any series of Securities, or

 

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(iv)      the
Trustee shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation
or liquidation, then, in any such case (A) the Company may remove the Trustee, with respect to the series or, in the case of clause
(iv), with respect to all series, or (B) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security
of such series for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series or, in the case
of clause (iv), with respect to all series.

 

(e)       If
the Trustee shall resign, be removed or become incapable of acting with respect to any series of Securities, or if a vacancy shall
occur in the office of Trustee with respect to any series of Securities for any cause, the Company shall promptly appoint a successor
Trustee for that series of Securities. If, within one year after such resignation, removal or incapacity, or the occurrence of
such vacancy, a successor Trustee with respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3%
in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor
Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to such
series and supersede the successor Trustee appointed by the Company with respect to such series. If no successor Trustee with
respect to such series shall have been so appointed by the Company or the Securityholders of such series and accepted appointment
in the manner hereinafter provided, any Securityholder who has been bona fide Holder of a Security of that series for at least
six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to such series.

 

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

 

Section
6.11     Acceptance of Appointment by Successor. Every successor Trustee appointed hereunder with
respect to all series of Securities shall execute, acknowledge and deliver to the Company and to the predecessor Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the predecessor Trustee shall become effective, and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the predecessor Trustee with respect to any such series; but, on request of the Company or the successor Trustee, such predecessor
Trustee shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the predecessor Trustee, and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such predecessor Trustee hereunder.

 

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

 

Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

 

No
successor Trustee with respect to any series of Securities shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible with respect to that series under this Article.

 

Notwithstanding
replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 6.07 hereof shall continue
for the benefit of the retiring Trustee.

 

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

 

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Section
6.13     Preferential Collection of Claims Against Company. If and when the Trustee shall be or
shall become a creditor, of the Company (or of any other obligor upon the Securities), the Trustee shall be subject to the provisions
of the Trust Indenture Act regarding the collection of claims against the Company (or against any such other obligor, as the case
may be).

 

Section
6.14     Appointment of Authenticating Agent. At any time when any of the Securities remain Outstanding
the Trustee, with the approval of the Company, may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by
the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on
behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing
business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such
laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision
or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section.

 

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

 

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

 

The
Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

If
an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following
form:

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. [          ],
as Trustee

 

	By:	 	 
	 	As
Authenticating Agent:	 

 

	By:	 	 
	 	Authorized
Officer:	 

 

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ARTICLE
VII

SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section
7.01     Company to Furnish Trustee Names and Addresses of Securityholders. The Company will furnish
or cause to be furnished to the Trustee:

 

(a)       semiannually,
not more than 15 days after January 1 and July 1 in each year, in such form as the Trustee may reasonably require, a list of the
names and addresses of the Holders of Securities of each series as of such date, and

 

(b)       at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided that if
the Trustee shall be the Security Registrar for such series, such list shall not be required to be furnished.

 

Section
7.02     Preservation of Information; Communications to Securityholders.

 

(a)       The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained
in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders of Securities
received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 7.01 upon receipt of a new list so furnished.

 

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

 

(i)        afford
such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or

 

(ii)       inform
such applicants as to the approximate number of Holders of Securities of such series or all Securities, as the case may be, whose
names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as
to the approximate cost of mailing to such Securityholders the form of proxy or other communication, if any, specified in such
application.

 

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If
the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request
of such applicants, mail to each Holder of a Security of such series or to all Securityholders, as the case may be, whose names
and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02 (a), a copy of the
form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee
of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within
five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the
material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to
the best interests of the Holders of Securities of such series or all Securityholders, as the case may be, or would be in violation
of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a
hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice
and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee
shall mail copies of such material to all Securityholders of such series or all Securityholders, as the case may be, with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation
or duty to such applicants respecting their application.

 

(c)       Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor
the Trustee shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
Holders of Securities in accordance with Section 7.02(b), regardless of the source from which such information was derived, and
that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b).

 

Section
7.03     Reports by Trustee.

 

(a)       The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required
pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of
the Trust Indenture Act, the Trustee shall, within 60 days after each June 1 following the date of this Indenture, deliver to
each Holder, as provided in Trust Indenture Act Section 313(c), a brief report dated as of such June 1, which complies with the
provisions of such Section 313(a).

 

(b)       A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange
upon which any Securities are listed, with the Commission and with the Company as required by Trust Indenture Act Section 313(d).
The Company will promptly notify the Trustee when any Securities are listed on any stock exchange.

 

Section
7.04     Reports by Company. The Company will:

 

(a)       file
with the Trustee, within 30 days after the Company is required to file the same with the Commission, 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 Commission may
from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents
or reports pursuant to either of said Sections, then it will file with the Trustee and the Commission, in accordance with rules
and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents
and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 in respect of a security listed
and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;

 

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(b)       file
with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission,
such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations; and

 

(c)       transmit
by mail to all Securityholders, as their names and addresses appear in the Security Register, within 30 days after the filing
thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant
to paragraphs (a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission.

 

ARTICLE
VIII

CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

 

Section
8.01     Company May Consolidate, etc., Only on Certain Terms. The Company shall not consolidate
with or merge into any other corporation or convey or transfer all or substantially all of its properties and assets and the properties
and assets of the Subsidiaries, taken as a whole, to any Person, unless;

 

(a)       either
the Company shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the Company
and the Subsidiaries, taken as a whole, shall be a corporation organized and existing under the laws of the United States of America
or any State or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered
to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal, premium, if any, and interest,
if any, on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed
or observed;

 

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

 

(c)       the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation,
merger, conveyance or transfer and any assumption permitted or required by this Article complies with the provisions of this Article.

 

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Section
8.02     Successor Corporation Substituted. Upon any consolidation or merger, or any conveyance
or transfer of all or substantially all of the properties and assets of the Company in accordance with Section 8.01, the successor
corporation formed by such consolidation or into which the Company is merged or the Person to which such conveyance or transfer
is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor corporation had been named as the Company herein and the Company shall thereupon be
released from all obligations hereunder and under the Securities. Such successor corporation thereupon may cause to be signed
and may issue any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and
delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which
previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities
which such successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the
Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore
or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date
of the execution hereof.

 

In
case of any such consolidation, merger, sale or conveyance such changes in phraseology and form (but not in substance) may be
made in the Securities thereafter to be issued as may be appropriate.

 

ARTICLE
IX

SUPPLEMENTAL INDENTURES

 

Section
9.01     Supplemental Indentures Without Consent of Securityholders. Without the consent of the
Holders of any Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof),
in form satisfactory to the Trustee, for any of the following purposes:

 

(a)       to
evidence the succession of another corporation to the Company, or successive successions, and the assumption by any such successor
of the covenants, agreements and obligations of the Company pursuant to Article 8 hereof; or

 

(b)       to
add to the covenants of the Company such further covenants, restrictions or conditions for the protection of the Holders of the
Securities of any or all series as the Company and the Trustee shall consider to be for the protection of the Holders of the Securities
of any or all series or to surrender any right or power herein conferred upon the Company (and if such covenants or the surrender
of such right or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly
being included or such surrenders are expressly being made solely for the benefit of one or more specified series); or

 

(c)       to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein or
in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture
that do not adversely affect the interests of the Holders of Securities of any series in any material respect; or

 

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(d)       to
add to this Indenture such 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 as in effect at the date as of which this instrument is executed or
any corresponding provision in any similar federal statute hereafter enacted; or

 

(e)       to
add guarantors or co-obligors with respect to any series of Securities; or

 

(f)        to
secure any series of Securities; or

 

(g)       to
establish any form of Security, as provided in Article 2 hereof, and to provide for the issuance of any series of Securities,
as provided in Article 3 hereof, and to set forth the terms thereof, and/or to add to the rights of the Holders of the Securities
of any series; or

 

(h)       to
evidence and provide for the acceptance of appointment by another corporation as a successor Trustee hereunder with respect to
one or more series of Securities 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, pursuant to Section 6.11 hereof; or

 

(i)        to
add any additional Events of Default in respect of the Securities of any or all series (and if such additional Events of Default
are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely
for the benefit of one or more specified series); or

 

(j)       
to comply with the requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act; or

 

(k)       to
make any change in any series of Securities that does not adversely affect in any material respect the interests of the Holders
of such Securities.

 

Section
9.02     Supplemental Indentures With Consent of Securityholders. With the consent of the Holders
of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture
or indentures, by Act of said Holders delivered to the Company and the Trustee, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto 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 Holders of the Securities of each such series under this Indenture; provided, however , that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby:

 

(a)       change
the Scheduled Maturity Date or the stated payment date of any payment of premium or interest payable on any Security, or reduce
the principal amount thereof, or any amount of interest or premium payable thereon, or

 

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(b)       change
the method of computing the amount of principal of any Security or any interest payable thereon on any date, or change any Place
of Payment where, or the coin or currency in which, any Security or any payment of premium or interest thereon is payable, or

 

(c)       impair
the right to institute suit for the enforcement of any payment described in clauses (a) or (b) on or after the same shall become
due and payable, whether at Maturity or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment
Date, as the case may be; or

 

(d)       change
or waive the redemption or repayment provisions of any series;

 

(e)       reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences, provided for in this Indenture; or

 

(f)        modify
any of the provisions of this Section or Section 5.13, except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however , that this clause shall not be deemed to require the consent of any Holder with respect to changes
in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance
with the requirements of Sections 6.11 and 9.01(h); or

 

(g)       adversely
affect the ranking or priority of any series;

 

(h)       release
any guarantor or co-obligor from any of its obligations under its guarantee of the Securities or this Indenture, except in compliance
with the terms of this Indenture; or

 

(i)        waive
any Event of Default pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof with respect to such Security.

 

A
supplemental indenture that changes or eliminates any covenant or other provision of this Indenture that has expressly been included
solely for the benefit of one or more particular series of Securities, or that modifies the rights of the Holders of Securities
of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities of any other series.

 

It
shall not be necessary for any Act of Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

Section
9.03     Execution of Supplemental Indentures. Upon request of the Company and upon filing with
the Trustee of evidence of an Act of Securityholders as aforementioned, the Trustee shall join with the Company in the execution
of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, powers, trusts, duties
or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture. 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 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture.

 

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Section
9.04     Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under
this Article, this Indenture shall be and be deemed to be modified and amended in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and the respective rights, limitation of rights, duties, powers,
trusts and immunities under this Indenture of the Trustee, the Company, and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be determined, exercised and enforced thereunder to the extent provided therein.

 

Section
9.05     Conformity With Trust Indenture Act. Every supplemental indenture executed pursuant to
this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 

Section
9.06     Reference in Securities to Supplemental Indentures. Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Company, to any modification of
this Indenture contained in any such supplemental indenture may be prepared and executed by the Company and authenticated and
delivered by the Trustee in exchange for Outstanding Securities.

 

ARTICLE
X

COVENANTS

 

Section
10.01     Payment of Principal, Premium and Interest. With respect to each series of Securities,
the Company will duly and punctually pay or cause to be paid the principal, premium, if any, and interest, if any, on such Securities
in accordance with their terms and this Indenture, and will duly comply with all the other terms, agreements and conditions contained
in the Indenture for the benefit of the Securities of such series.

 

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

 

    -51-

     

    

 

Section
10.03     Money or Security Payments to Be Held in Trust. If the Company shall at any time act
as its own Paying Agent for any series of Securities, it will, on or before each due date of the principal, premium, if any, or
interest, if any, on any of the Securities of such series, segregate and hold in trust for the benefit of the Holders of the Securities
of such series a sum sufficient to pay such principal, premium, or interest so becoming due until such sums shall be paid to such
Holders of such Securities or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or
failure so to act.

 

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

 

The
Company will cause each Paying Agent other than the Trustee for any series of Securities to execute and deliver to the Trustee
an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying
Agent will

 

(a)       (a)
hold all sums held by it for the payment of principal, premium, if any, or interest, if any, on Securities of such series in trust
for the benefit of the Holders of the Securities entitled thereto until such sums shall be paid to such Holders of such Securities
or otherwise disposed of as herein provided;

 

(b)       give
the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of any
such payment of principal, premium, if any, or interest, if any, on the Securities of such series; and

 

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

 

The
Company may, at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series
of Securities or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent in respect of each and every series of Securities as to which it seeks to discharge
this Indenture or, if for any other purpose, all sums so held in trust by the Company in respect of all Securities, such sums
to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and,
upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect
to such money.

 

Section
10.04     Certificate to Trustee. The Company will deliver to the Trustee within 120 days after
the end of each fiscal year, an Officers’ Certificate, one of whose signatories shall be the Company’s principal executive,
accounting or financial officer, stating that in the course of the performance by the signers of their duties as officers of the
Company they would normally have knowledge of any default by the Company in the performance of any of its covenants, conditions
or agreements contained herein (without regard to any period of grace or requirement of notice provided hereunder), stating whether
or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and
the nature thereof.

 

    -52-

     

    

 

Section
10.05     Corporate Existence. Subject to Article 8 the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence.

 

ARTICLE
XI

REDEMPTION OF SECURITIES

 

Section
11.01     Applicability of Article. The Company may reserve the right to redeem and pay before
the Scheduled Maturity Date all or any part of the Securities of any series, either by optional redemption, sinking or purchase
fund or analogous obligation or otherwise, by provision therefor in the form of Security for such series established and approved
pursuant to Section 2.02 and 2.03 or as otherwise provided in Section 3.01, and on such terms as are specified in such form or
in the indenture supplemental hereto with respect to Securities of such series as provided in Section 3.01. Redemption of Securities
of any series shall be made in accordance with the terms of such Securities and, to the extent that this Article does not conflict
with such terms, the succeeding Sections of this Article.

 

Section
11.02     Election to Redeem; Notice to Trustee. In case of any redemption at the election of
the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall
be satisfactory to the Trustee) notify the Trustee in writing of such Redemption Date and of the principal amount of Securities
of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of the Company
which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish
the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

 

Section
11.03     Selection by Trustee of Securities to be Redeemed. If fewer than all the Securities
of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate, which may include provision for the selection for redemption of portions of the
principal of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that
series. Unless otherwise provided in the terms of a particular series of Securities, the portions of the principal of Securities
so selected for partial redemption shall be equal to the minimum authorized denomination of the Securities of such series, or
an integral multiple thereof, and the principal amount which remains outstanding shall not be less than the minimum authorized
denomination for Securities of such series.

 

    -53-

     

    

 

The
Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security
selected for partial redemption, the principal amount thereof to be redeemed.

 

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 of such Security
which has been or is to be redeemed.

 

Section
11.04     Notice of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid,
mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his
or her address appearing in the Security Register on the applicable Record Date.

 

All
notices of redemption shall state:

 

(1)
the Redemption Date;

 

(2)
the Redemption Price, or if not then ascertainable, the manner of calculation thereof;

 

(3)
if fewer than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the respective principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given and that on and
after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of the same series in the aggregate
principal amount equal to the unredeemed portion thereof will be issued in accordance with Section 11.07;

 

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

 

(5)
the place where such Securities are to be surrendered for payment of the Redemption Price, which shall be the office or agency
maintained by the Company in the Place of Payment pursuant to Section 10.02 hereof; and

 

(6)
that the redemption is on account of a sinking or purchase fund, or other analogous obligation, if that be the case.

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request, made at least five business days prior to the date on which notice is to be given, by the Trustee in the name and at
the expense of the Company.

 

Section
11.05     Deposit of Redemption Price. On or prior to any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.03) an amount of money, in immediately available funds, sufficient to pay the Redemption Price of all the
Securities which are to be redeemed on that date.

 

    -54-

     

    

 

Section
11.06     Securities Payable on Redemption Date. Notice of Redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified
and from and after such date (unless the Company shall default in the payment of the Redemption Price) such Securities shall cease
to bear interest. Upon surrender of such Securities for redemption in accordance with the notice, such Securities shall be paid
by the Company at the Redemption Price. Any installment of interest due and payable on or prior to the Redemption Date shall be
payable to the Holders of such Securities registered as such on the relevant Record Date according to the terms and the provisions
of Section 3.07 above; unless, with respect to an Interest Payment Date that falls on a Redemption Date, such Securities provide
that interest due on such date is to be paid to the Person to whom principal is payable.

 

If
any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid,
bear interest from the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security.

 

Section
11.07     Securities Redeemed in Part. Any Security that is to be redeemed only in part shall
be surrendered at the office or agency maintained by the Company in the Place of Payment pursuant to Section 10.02 hereof with
respect to that series (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing)
and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge
and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and Scheduled Maturity Date,
of any authorized denomination as requested by such Holders in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

 

Section
11.08     Provisions with Respect to any Sinking Funds. Unless the form or terms of any series
of Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment with respect to
such series of Securities in cash, the Company may at its option (a) deliver to the Trustee for cancellation any Securities of
such series theretofore acquired by the Company, or (b) receive credit for any Securities of such series (not previously so credited)
acquired or redeemed by the Company (other than through operation of a mandatory sinking fund) and theretofore delivered to the
Trustee for cancellation, and if it does so then (i) Securities so delivered or credited shall be credited at the applicable sinking
fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding each sinking
fund Redemption Date with respect to such series of Securities, the Company will deliver to the Trustee (A) an Officers’
Certificate specifying the portions of such sinking fund payment to be satisfied by payment of cash and by the delivery or credit
of Securities of such series acquired or redeemed by the Company, and (B) such Securities, to the extent not previously surrendered.
Such Officers’ Certificate shall also state the basis for any such credit and that the Securities for which the Company
elects to receive credit have not been previously so credited and were not acquired by the Company through operation of the mandatory
sinking fund, if any, provided with respect to such Securities and shall also state that no Event of Default with respect to Securities
of such series has occurred and is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and
no Securities shall be authenticated in lieu thereof.

 

    -55-

     

    

 

If
the sinking fund payment or payments (mandatory or optional) with respect to any series of Securities made in cash plus any unused
balance of any preceding sinking fund payments with respect to Securities of such series made in cash shall exceed $50,000 (or
a lesser sum if the Company shall so request), unless otherwise provided by the terms of such series of Securities, that cash
shall be applied by the Trustee on the sinking fund Redemption Date with respect to Securities of such series next following the
date of such payment to the redemption of Securities of such series at the applicable sinking fund Redemption Price with respect
to Securities of such series, together with accrued interest, if any, to the date fixed for redemption, with the effect provided
in Section 11.06. The Trustee shall select, in the manner provided in Section 11.03, for redemption on such sinking fund Redemption
Date a sufficient principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption
of the Securities of such series for the sinking fund to be given in the manner provided in Section 11.04 (and with the effect
provided in Section 11.06) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not
so applied or allocated by the Trustee to the redemption of Securities of such series shall be added to the next cash sinking
fund payment with respect to Securities of such series received by the Trustee and, together with such payment, shall be applied
in accordance with the provisions of this Section 11.08. Any and all sinking fund moneys with respect to Securities of any series
held by the Trustee at the Maturity of Securities of such series, and not held for the payment or redemption of particular Securities
of such series, shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the
purpose, to the payment of the principal of the Securities of such series at Maturity.

 

On
or before each sinking fund Redemption Date provided with respect to Securities of any series, the Company shall pay to the Trustee
in cash a sum equal to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking
fund Redemption Date pursuant to this Section 11.08.

 

The
Trustee shall not redeem any Securities with sinking fund moneys or give any notice of redemption of Securities by operation of
the applicable sinking fund during the continuance of a default in payment of interest on Securities of such series or of any
Event of Default with respect to such series, except that if the notice of redemption of any Securities shall theretofore have
been mailed in accordance with the provisions hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose
shall be deposited with the Trustee for that purpose in accordance with the terms of this Article 11. Except as aforesaid, any
moneys in the sinking fund with respect to Securities of any series at the time when any such default or Event of Default with
respect to such series shall occur, and any moneys thereafter paid into such sinking fund shall, during the continuance of such
default or Event of Default with respect to such series, be held as security for the payment of all Securities of such series;
provided, however, that in case such default or Event of Default with respect to such series shall have been cured or waived as
provided herein, such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys may be applied
pursuant to the provisions of this Section 11.08.

 

    -56-

     

    

 

ARTICLE
XII

REPAYMENT AT OPTION OF HOLDERS

 

Section
12.01     Applicability of Article. Repayment of Securities of any series before their Scheduled
Maturity Date at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as otherwise
specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article.

 

Section
12.02     Repayment of Securities. Securities of any series subject to repayment in whole or in
part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price
equal to the principal amount thereof, together with interest thereon accrued to the Repayment Date specified in the terms of
such Securities. On or before the Repayment Date, the Company will deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money, in immediately
available funds, sufficient to pay the Repayment Price of all the Securities which are to be repaid on such date.

 

Section
12.03     Exercise of Option. Securities of any series subject to repayment at the option of the
Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. To be repaid
at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment”
form on the reverse of such Security duly completed by the Holder, must be received by the Company at the Place of Payment therefor
specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify
the Holders of such Securities) not earlier than 30 days nor later than 15 days prior to the Repayment Date. If less than the
entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of
such Security to be repaid, in increments of $1,000 unless otherwise specified in the terms of such Security, and the denomination
or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid must be specified. The principal amount of any Security providing for repayment at the option
of the Holder thereof may not be repaid in part, if, following such repayment, the unpaid principal amount of such Security would
be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except
as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the Company.

 

Section
12.04     When Securities Presented for Repayment Become Due and Payable. If Securities of any
series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and
as provided by the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become
due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date
(unless the Company shall default in the payment of such Securities on such Repayment Date) interest on such Securities or the
portions thereof, as the case may be, shall cease to accrue.

 

    -57-

     

    

 

Section
12.05     Securities Repaid in Part. Upon surrender of any Security which is to be repaid in part
only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service
charge and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and Scheduled Maturity
Date, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the
portion of the principal of such Security so surrendered which is not to be repaid.

 

(signature
page follows)

 

    -58-

     

    

 

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

 

	 	MALVERN
BANCORP, INC.

 

	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

	Attest:	 

 

	By:	 	 
	 	     Name:	 
	 	     Title:	 

 

	 	TRUSTEE

 

	 	By:	 
	 	 	     Name:
	 	 	     Title:

 

	Attest:	 

 

	By:	 	 
	 	     Name:	 
	 	     Title:	 

 

State
of 

ss.: 

County
of

 

On
the [          ] day of [          ], 20[      ] before me personally
came [               ] to me known, who, being by me duly sworn, did depose and say that he resides at [               ];
that he is of [               ], one of the parties described in and which executed the above instrument; that
he knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was
affixed by authority of the board of directors of said corporation; and that he signed his name thereto by like authority.

 

Name

 

Notary
Public

 

    -59-

     

    

 

State
of 

ss.: 

County
of

 

On
the [          ] day of [          ], 20[      ] before me personally
came [               ] to me known, who, being by me duly sworn, did depose and say that he resides at [               ];
that he is of [               ], one of the parties described in and which executed the above instrument; that
he knows the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was
affixed by authority of the board of directors of said corporation; and that he signed his name thereto by like authority.

 

Name

 

Notary
Public

 

    -60-Exhibit 10.1

 

Ranger Energy Services, Inc.

 

2017 Long Term Incentive Plan

 

1.                                      Purpose.  The purpose of the Ranger Energy Services, Inc. 2017 Long Term Incentive Plan (the “Plan”) is to provide a means through which (a) Ranger Energy Services, Inc., a Delaware corporation (the “Company”), and its Affiliates may attract, retain and motivate qualified persons as employees, directors and consultants, thereby enhancing the profitable growth of the Company and its Affiliates and (b) persons upon whom the responsibilities of the successful administration and management of the Company and its Affiliates rest, and whose present and potential contributions to the Company and its Affiliates are of importance, can acquire and maintain stock ownership or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the Company and its Affiliates. Accordingly, the Plan provides for the grant of Options, SARs, Restricted Stock, Restricted Stock Units, Stock Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards, Performance Awards, or any combination of the foregoing, as determined by the Committee in its sole discretion.

 

2.                                      Definitions.  For purposes of the Plan, the following terms shall be defined as set forth below:

 

(a)                                 “Affiliate” means any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company.  For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities, by contract, or otherwise.

 

(b)                                 “ASC Topic 718” means the Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation — Stock Compensation, as amended or any successor accounting standard.

 

(c)                                  “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award, Dividend Equivalent, Other Stock-Based Award, Cash Award, Substitute Award or Performance Award, together with any other right or interest, granted under the Plan.

 

(d)                                 “Award Agreement” means any written instrument (including any employment, severance or change in control agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to those set forth under the Plan.

 

(e)                                  “Board” means the Board of Directors of the Company.

 

 

(f)                                   “Cash Award” means an Award denominated in cash granted under Section 6(i).

 

(g)                                  “Change in Control” means, except as otherwise provided in an Award Agreement, the occurrence of any of the following events after the Effective Date:

 

(i)                                     any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange Act (excluding a corporation or other entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company) is or becomes the “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities; or

 

(ii)                                  there is consummated a merger or consolidation of the Company with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, the voting securities of the Company immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or

 

(iii)                               the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets, other than such sale or other disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

 

Notwithstanding the foregoing, except with respect to clause (ii) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a subsidiary, all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

 

(h)                                 “Change in Control Price” means the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever the Committee determines is applicable, as follows:  (i) the price per share offered to holders of Stock in any merger or consolidation, (ii) the per share Fair Market Value of the Stock immediately before the Change in Control or other event without regard to assets sold in the Change in Control or other event and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control or other

 

2

 

event takes place, or (v) if such Change in Control or other event occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h), the value per share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards.  In the event that the consideration offered to stockholders of the Company in any transaction described in this Section 2(h) or in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants.

 

(i)                                     “Code” means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

 

(j)                                    “Committee” means a committee of two or more directors designated by the Board to administer the Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members.

 

(k)                                 “Covered Employee” means an Eligible Person who is (i) a “covered employee” within the meaning of Section 162(m) or (ii) designated by the Committee, at the time of grant of a Performance Award or at any subsequent time, as reasonably expected to be a “covered employee” with respect to the taxable year of the Company in which any applicable Award will be paid.

 

(l)                                     “Dividend Equivalent” means a right, granted to an Eligible Person under Section 6(g), to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments.

 

(m)                             “Effective Date” means August 10, 2017.

 

(n)                                 “Eligible Person” means any individual who, as of the date of grant of an Award, is an officer or employee of the Company or of any of its Affiliates, and any other person who provides services to the Company or any of its Affiliates, including directors of the Company; provided, however, that, any such individual must be an “employee” of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual is granted an Award that may be settled in Stock.  An employee on leave of absence may be an Eligible Person.

 

(o)                                 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.

 

(p)                                 “Fair Market Value” of a share of Stock means, as of any specified date, (i) if the Stock is listed on a national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on such date, on the last preceding date on which such sales of the Stock are so reported); (ii) if the Stock is not traded on a national securities exchange but is traded over the counter on such date, the average between the reported high and low bid and asked prices of Stock on the most recent date on

 

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which Stock was publicly traded  on or preceding the specified date; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules.  Notwithstanding this definition of Fair Market Value, with respect to one or more Award types, or for any other purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination is consistent with the Nonqualified Deferred Compensation Rules and all other applicable laws and regulations.

 

(q)                                 “ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code.

 

(r)                                    “Nonqualified Deferred Compensation Rules” means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

 

(s)                                   “Nonstatutory Option” means an Option that is not an ISO.

 

(t)                                    “Option” means a right, granted to an Eligible Person under Section 6(b), to purchase Stock at a specified price during specified time periods, which may either be an ISO or a Nonstatutory Option.

 

(u)                                 “Other Stock-Based Award” means an Award granted to an Eligible Person under Section 6(h).

 

(v)                                 “Participant” means a person who has been granted an Award under the Plan that remains outstanding, including a person who is no longer an Eligible Person.

 

(w)                               “Performance Award” means an award granted to an Eligible Person under Section 6(k), the grant, vesting, exercisability and/or settlement of which (and/or the timing or amount thereof) is subject to the achievement of one or more performance goals specified by the Committee.

 

(x)                                 “Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

 

(y)                                 “Qualified Member” means a member of the Board who is (i) a “non-employee director” within the meaning of Rule 16b-3(b)(3), (ii) following expiration of the Transition Period (as defined below), an “outside director” within the meaning of Section 162(m), and (iii) “independent” under the listing standards or rules of the securities exchange upon which the Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules.

 

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(z)                                  “Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) that is subject to certain restrictions and to a risk of forfeiture.

 

(aa)                          “Restricted Stock Unit” means a right, granted to an Eligible Person under Section 6(e), to receive Stock, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule of the Award).

 

(bb)                          “Rule 16b-3” means Rule 16b-3, promulgated by the SEC under Section 16 of the Exchange Act.

 

(cc)                            “SAR” means a stock appreciation right granted to an Eligible Person under Section 6(c).

 

(dd)                          “SEC” means the Securities and Exchange Commission.

 

(ee)                            “Section 162(m)” means Section 162(m) of the Code and Treasury Regulation § 1.162-27, as amended from time to time, and any other guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto.

 

(ff)                              “Section 162(m) Award” means a Performance Award granted under Section 6(k)(i) to a Covered Employee that is intended to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m).

 

(gg)                            “Securities Act” means the Securities Act of 1933, as amended from time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto.

 

(hh)                          “Stock” means the Company’s Class A common Stock, par value $0.01 per share, and such other securities as may be substituted (or re-substituted) for Stock pursuant to Section 8.

 

(ii)                                  “Stock Award” means unrestricted shares of Stock granted to an Eligible Person under Section 6(f).

 

(jj)                                “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest or managing member or similar interest of such Person.

 

(kk)                          “Substitute Award” means an Award granted under Section 6(j).

 

3.                                      Administration.

 

(a)                                 Authority of the Committee.  The Plan shall be administered by the Committee except to the extent the Board elects to administer the Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.”  Subject to the express provisions of the Plan, Rule 16b-3 and other applicable laws, the Committee shall have the authority, in its sole and absolute discretion, to:

 

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(i) designate Eligible Persons as Participants;

 

(ii) determine the type or types of Awards to be granted to an Eligible Person;

 

(iii) determine the number of shares of Stock or amount of cash to be covered by Awards;

 

(iv) determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested, settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals);

 

(v) modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver of forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Stock or vice versa), early termination of a performance period, or modification of any other condition or limitation regarding an Award;

 

(vi) determine the treatment of an Award upon a termination of employment or other service relationship;

 

(vii) impose a holding period with respect to an Award or the shares of Stock received in connection with an Award;

 

(viii) interpret and administer the Plan and any Award Agreement;

 

(ix) correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and

 

(x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

 

The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee.  Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Affiliates, stockholders, Participants, beneficiaries, and permitted transferees under Section 7(a) or other persons claiming rights from or through a Participant.

 

(b)                                 Exercise of Committee Authority.  At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to (i) an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company where such action is not taken by the full Board, or (ii) a Section 162(m) Award, may be taken either (A) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (B) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal, the Committee remains composed solely of two or more Qualified Members.  Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan.  For the avoidance of

 

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doubt, the full Board may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company, so long as such Award is not a Section 162(m) Award.

 

(c)                                  Delegation of Authority.  The Committee may delegate any or all of its powers and duties under the Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, however, that such delegation does not (i) violate state or corporate law, (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company, or (iii) cause Section 162(m) Awards to fail to so qualify.  Upon any such delegation, all references in the Plan to the “Committee,” other than in Section 8, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee.  Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint agents who are not executive officers of the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to (A) grant or modify any Awards that will, or may, be settled in Stock or (B) take any action that would cause Section 162(m) Awards to fail to so qualify, if applicable.

 

(d)                                 Limitation of Liability.  The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan.  Members of the Committee and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination.

 

(e)                                  Participants in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the contrary, to comply with applicable laws in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other service providers from time to time, or to ensure that the Company complies with any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Company’s Affiliates shall be covered by the Plan; (ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable foreign laws or listing requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided, however, that no such sub-plans and/or modifications shall increase the share limitations contained in Section 4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any

 

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applicable governmental regulatory exemptions or approval or listing requirements of any such foreign securities exchange.  For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable jurisdiction other than the United States or a political subdivision thereof.

 

4.                                      Stock Subject to Plan.

 

(a)                                 Number of Shares Available for Delivery.  Subject to adjustment in a manner consistent with Section 8, 1,250,000 shares of Stock are reserved and available for delivery with respect to Awards, and such total shall be available for the issuance of shares upon the exercise of ISOs.

 

(b)                                 Application of Limitation to Grants of Awards.  Subject to Section 4(c), no Award may be granted if the number of shares of Stock that may be delivered in connection with such Award exceeds the number of shares of Stock remaining available under the Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards.  The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award.

 

(c)                                  Availability of Shares Not Delivered under Awards.  If all or any portion of an Award expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated, the shares of Stock subject to such Award (including (i) shares forfeited with respect to Restricted Stock, and (ii) the number of shares withheld or surrendered to the Company in payment of any exercise or purchase price of an Award or taxes relating to Awards) shall not be considered “delivered shares” under the Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards for purposes of Section 4(b), except that if any such shares could not again be available for Awards granted to a particular Participant under any applicable law or regulation, such shares shall be available exclusively for Awards to Participants who are not subject to such limitation. If an Award may be settled only in cash, such Award need not be counted against any share limit under this Section 4, but will remain subject to the limitations in Section 5 to the extent required to preserve the status of any Award intended to be a Section 162(m) Award.

 

(d)                                 Stock Offered.  The shares of Stock to be delivered under the Plan shall be made available from (i) authorized but unissued shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market.

 

5.                                      Eligibility; Per Person Award Limitations.

 

(a)                                 Awards may be granted under the Plan only to Eligible Persons.

 

(b)                                 Beginning with the calendar year in which the Transition Period expires and for each calendar year thereafter, a Covered Employee may not be granted Awards intended to be Section 162(m) Awards (i) to the extent such Award is based on a number of shares of Stock (including Awards that may be settled in either cash or shares of Stock) relating to more

 

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than 1,000,000 shares of Stock, subject to adjustment in a manner consistent with any adjustment made pursuant to Section 8, and (ii) to the extent such Award is designated to be paid only in cash and is not based on a number of shares of Stock, having a maximum value determined on the date of grant in excess of $5,000,000, in each case multiplied by the number of full or partial fiscal or calendar years, as applicable, in any performance period established with respect to an Award, if applicable, up to a maximum of five fiscal or calendar years.  If an Award is cancelled, then the cancelled Award shall continue to be counted toward the applicable limitation in this paragraph to the extent required by Section 162(m).

 

(c)                                  In each calendar year during any part of which the Plan is in effect, a non-employee member of the Board may not be granted Awards (i) relating to more than 100,000 shares of Stock, subject to adjustment in a manner consistent with any adjustment made pursuant to Section 8, or (ii) if greater, Awards having a value (determined, if applicable, pursuant to ASC Topic 718) on the date of grant in excess of $500,000, in each case multiplied by the number of full or partial calendar years in any performance period established with respect to an Award, if applicable; provided, that, for the calendar year in which a non-employee member of the Board first commences service on the Board only, the foregoing limitations shall be doubled; provided, further that, the limits set forth in this Section 5(c) shall be without regard to grants of Awards, if any, made to a non-employee member of the Board during any period in which such individual was an employee of the Company or of any of its Affiliates or was otherwise providing services to the Company or to any of its Affiliates other than in the capacity as a director of the Company.

 

6.                                      Specific Terms of Awards.

 

(a)                                 General.  Awards may be granted on the terms and conditions set forth in this Section 6.  Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award.  In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 10), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine.

 

(b)                                 Options.  The Committee is authorized to grant Options, which may be designated as either ISOs or Nonstatutory Options, to Eligible Persons on the following terms and conditions:

 

(i)                                     Exercise Price.  Each Award Agreement evidencing an Option shall state the exercise price per share of Stock (the “Exercise Price”) established by the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the Exercise Price of an Option shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its subsidiaries, 110% of the Fair Market Value per share of the Stock on the date of grant).  Notwithstanding the foregoing, the Exercise Price of a Nonstatutory Option may be less than 100% of the Fair Market Value per share of Stock as of the date of grant of the Option if the Option (1) does not provide for a deferral of compensation by reason of satisfying the short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2) provides for

 

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a deferral of compensation and is compliant with the Nonqualified Deferred Compensation Rules.

 

(ii)                                  Time and Method of Exercise; Other Terms.  The Committee shall determine the methods by which the Exercise Price may be paid or deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or through a cashless exercise, i.e., “net settlement”, a broker-assisted exercise, or other reduction of the amount of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any Affiliate, other property, or any other legal consideration the Committee deems appropriate (including notes or other contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including the delivery of Restricted Stock subject to Section 6(d), and any other terms and conditions of any Option.  In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued based on the Stock’s Fair Market Value as of the date of exercise.  No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of the ISO).

 

(iii)                               ISOs.  The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code.  ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary corporation of the Company.  Except as otherwise provided in Section 8, no term of the Plan relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any ISO under Section 422 of the Code, unless the Participant has first requested the change that will result in such disqualification.  ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the approval of the Plan by the Company’s stockholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) subject to any other incentive stock options of the Company or a parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) that are exercisable for the first time by a Participant during any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess shall be treated as Nonstatutory Options in accordance with the Code.  As used in the previous sentence, Fair Market Value shall be determined as of the date the ISO is granted.  If a Participant shall make any disposition of shares of Stock issued pursuant to an ISO under the circumstances described in Section 421(b) of the Code (relating to disqualifying dispositions), the Participant shall notify the Company of such disposition within the time provided to do so in the applicable award agreement.

 

(c)                                  SARs.  The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions:

 

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(i)                                     Right to Payment.  An SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee.

 

(ii)                                  Grant Price. Each Award Agreement evidencing an SAR shall state the grant price per share of Stock established by the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the grant price per share of Stock subject to an SAR shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the SAR.  Notwithstanding the foregoing, the grant price of an SAR may be less than 100% of the Fair Market Value per share of Stock subject to an SAR as of the date of grant of the SAR if the SAR (1) does not provide for a deferral of compensation by reason of satisfying the short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified Deferred Compensation Rules.

 

(iii)                               Method of Exercise and Settlement; Other Terms. The Committee shall determine the form of consideration payable upon settlement, the method by or forms in which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR.  SARs may be either free-standing or granted in tandem with other Awards.  No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR.

 

(iv)                              Rights Related to Options.  An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying (A) the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by (B) the number of shares as to which that SAR has been exercised.  The Option shall then cease to be exercisable to the extent surrendered.  SARs granted in connection with an Option shall be subject to the terms and conditions of the Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable.

 

(d)                                 Restricted Stock.  The Committee is authorized to grant Restricted Stock to Eligible Persons on the following terms and conditions:

 

(i)                                     Restrictions.  Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose.  Except as provided in Section 7(a)(iii) and Section 7(a)(iv), during the restricted period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hedged, hypothecated, margined or otherwise encumbered by the Participant.

 

(ii)                                  Dividends and Splits.  As a condition to the grant of an Award of Restricted Stock, the Committee may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards or deferred without interest to the

 

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date of vesting of the associated Award of Restricted Stock.  Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Stock distributed in connection with a Stock split or Stock dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or other property has been distributed.

 

(e)                                  Restricted Stock Units.  The Committee is authorized to grant Restricted Stock Units to Eligible Persons on the following terms and conditions:

 

(i)                                     Award and Restrictions.  Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose.

 

(ii)                                  Settlement.  Settlement of vested Restricted Stock Units shall occur upon vesting or upon expiration of the deferral period specified for such Restricted Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant).  Restricted Stock Units shall be settled by delivery of (A) a number of shares of Stock equal to the number of Restricted Stock Units for which settlement is due, or (B) cash in an amount equal to the Fair Market Value of the specified number of shares of Stock equal to the number of Restricted Stock Units for which settlement is due, or a combination thereof, as determined by the Committee at the date of grant or thereafter.

 

(f)                                   Stock Awards.  The Committee is authorized to grant Stock Awards to Eligible Persons as a bonus, as additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate.

 

(g)                                  Dividend Equivalents.  The Committee is authorized to grant Dividend Equivalents to Eligible Persons, entitling any such Eligible Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of Stock.  Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award (other than an Award of Restricted Stock or a Stock Award).  The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Stock, Awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify.  With respect to Dividend Equivalents granted in connection with another Award, absent a contrary provision in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture as the Award with respect to which the dividends accrue and shall not be paid unless and until such Award has vested and been earned.

 

(h)                                 Other Stock-Based Awards.  The Committee is authorized, subject to limitations under applicable law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon

 

12

 

performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of, or the performance of, specified Affiliates of the Company.  The Committee shall determine the terms and conditions of such Other Stock-Based Awards.  Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including cash, Stock, other Awards, or other property, as the Committee shall determine.

 

(i)                                     Cash Awards.  The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate.

 

(j)                                    Substitute Awards; No Repricing.  Awards may be granted in substitution or exchange for any other Award granted under the Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from the Company or an Affiliate.  Awards may also be granted under the Plan in substitution for awards held by individuals who become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate.  Such Substitute Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value of a share of Stock on the date of the substitution if such substitution complies with the Nonqualified Deferred Compensation Rules and other applicable laws and exchange rules.  Except as provided in this Section 6(j) or in Section 8, without the approval of the stockholders of the Company, the terms of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted Option or SAR that has the effect of reducing the Exercise Price or grant price thereof, (iii) exchange any Option or SAR for Stock, cash or other consideration when the Exercise Price or grant price per share of Stock under such Option or SAR exceeds the Fair Market Value of a share of Stock or (iv) take any other action that would be considered a “repricing” of an Option or SAR under the applicable listing standards of the national securities exchange on which the Stock is listed (if any).

 

(k)                                 Performance Awards. The Committee is authorized to designate any of the Awards granted under the foregoing provisions of this Section 6 as Performance Awards.  The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to a Performance Award, and may exercise its discretion to reduce or increase the amounts payable under any Performance Award, except as limited under Section 6(k)(i).  Performance goals may differ among Performance Awards granted to any one Participant or to different Participants.  The performance period applicable to any Performance Award shall be set by the Committee in its discretion but shall not exceed ten years.

 

(i)                                     Section 162(m) Awards.  If the Committee determines in its discretion that a Performance Award granted to a Covered Employee shall be designated as a Section 162(m) Award, the grant, exercise, vesting and/or settlement of such Performance Award shall be contingent upon achievement of a pre-established performance goal or goals and

 

13

 

other terms set forth in this Section 6(k)(i); provided, however, that nothing in this Section 6(k) or elsewhere in the Plan shall be interpreted as preventing the Committee from granting Performance Awards or other Awards to Covered Employees that are not intended to constitute Section 162(m) Awards or from determining that it is no longer necessary or appropriate for a Section 162(m) Award to qualify as such.

 

(A)                               Performance Goals Generally.  The performance goals for Section 162(m) Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria as specified by the Committee.  Performance goals shall be objective and shall otherwise meet the requirements of Section 162(m), including the requirement that the level or levels of performance targeted by the Committee must be “substantially uncertain” at the time the Committee actually establishes the performance goal or goals.

 

(B)                               Business Criteria for Performance Goals.  One or more of the following business criteria for the Company, on a consolidated basis, and/or for specified subsidiaries, business or geographical units or operating areas of the Company (except with respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for Section 162(m) Awards: (1) revenues, sales or other income; (2) cash flow, discretionary cash flow, cash flows from operations, cash flows from investing activities, and/or cash flows from financing activities; (3) return on net assets, return on assets, return on investment, return on capital, return on capital employed or return on equity; (4) income, operating income or net income; (5) earnings or earnings margin determined before or after any one or more of depletion, depreciation and amortization expense; exploration and abandonments; impairment of oil and gas properties; impairment of inventory and other property and equipment; accretion of discount on asset retirement obligations; interest expense; net gain or loss on the disposition of assets; income or loss from discontinued operations, net of tax; noncash derivative related activity; amortization of stock-based compensation; income taxes; or other items; (6) equity; net worth; tangible net worth; book capitalization; debt; debt, net of cash and cash equivalents; capital budget or other balance sheet goals; (7) debt or equity financings or improvement of financial ratings; (8) general and administrative expenses; (9) net asset value; (10) Fair Market Value of the Stock, share price, share price appreciation, total stockholder return or payments of dividends; (11) achievement of savings from business improvement projects and achievement of capital projects deliverables; (12) working capital or working capital changes; (13) operating profit or net operating profit; (14) internal research or development programs; (15) geographic business expansion; (16) corporate development (including licenses, innovation, research or establishment of third party collaborations); (17) performance against environmental, ethics or sustainability targets; (18) safety performance and/or incident rate; (19) human resources management targets, including medical cost reductions, employee satisfaction or retention, workforce diversity and time to hire; (20) satisfactory internal or external audits; (21) consummation, implementation or completion of a Change in Control or other strategic partnerships, transactions, projects, processes or initiatives or other goals relating to acquisitions or divestitures (in whole or in part), joint ventures or strategic alliances; (22) regulatory approvals or other regulatory milestones; (23) legal compliance or risk reduction; (24) market share; (25) economic value added; or (26) cost reduction targets. Any of the above goals may be determined pre-tax or post-tax, on an absolute or relative basis, as compared to the performance of a published or special index deemed

 

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applicable by the Committee including the Standard & Poor’s 500 Stock Index or a group of comparable companies, as a ratio with other business criteria, as a ratio over a period of time or on a per unit of measure (such as per day, or per barrel, a volume or thermal unit of gas or a barrel-of-oil equivalent), on a per-share basis (basic or diluted), and on a basis of continuing operations only. The terms above may, but shall not be required to be, used as applied under generally accepted accounting principles, as applicable.

 

(C)                               Effect of Certain Events. The Committee may, at the time the performance goals in respect of a Section 162(m) Award are established, provide for the manner in which actual performance and performance goals with regard to the business criteria selected will reflect the impact of specified events or occurrences during the relevant performance period, which may mean excluding the impact of one or more events or occurrences, as specified by the Committee, for such performance period so long such events are objectively determinable. The adjustments described in this paragraph shall only be made, in each case, to the extent that such adjustments in respect of a Section 162(m) Award would not cause the Section 162(m) Award to fail to qualify as “performance-based compensation” under Section 162(m).

 

(D)                               Timing for Establishing Performance Goals.  No later than 90 days after the beginning of any performance period applicable to a Section 162(m) Award, or at such other date as may be required or permitted for “performance-based compensation” under Section 162(m), the Committee shall establish (i) the Eligible Persons who will be granted Section 162(m) Awards, and (ii) the objective formula used to calculate the amount of cash or Stock payable, if any, under such Section 162(m) Awards, based upon the level of achievement of a performance goal or goals with respect to one or more of the business criteria selected by the Committee from the list set forth in Section 6(k)(i)(B) and, if desired, the effect of any events set forth in Section 6(k)(i)(C).

 

(E)                                Performance Award Pool.  The Committee may establish an unfunded pool, with the amount of such pool calculated using an objective formula based upon the level of achievement of one or more performance goals with respect to business criteria selected from the list set forth in Section 6(k)(i)(B) during the given performance period, as specified by the Committee in accordance with Section 6(k)(i)(D).  The Committee may specify the amount of the pool as a percentage of any of such business criteria, a percentage in excess of a threshold amount with respect to such business criteria, or as another amount which need not bear a direct relationship to such business criteria but shall be objectively determinable and calculated based upon the level of achievement of pre-established goals with regard to the business criteria.  If a pool is established, the Committee shall also establish the maximum amount payable to each Covered Employee from the pool for each performance period.

 

(F)                                 Settlement or Payout of Awards; Other Terms.  Except as otherwise permitted under Section 162(m), after the end of each performance period and before any Section 162(m) Award is settled or paid, the Committee shall certify the level of performance achieved with regard to each business criteria established with respect to each Section 162(m) Award and shall determine the amount of cash or Stock, if any, payable to each Participant with respect to each Section 162(m) Award.  The Committee may, in its discretion,

 

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reduce the amount of a payment or settlement otherwise to be made in connection with a Section 162(m) Award, but may not exercise discretion to increase any such amount.

 

(G)                               Written Determinations.  With respect to each Section 162(m) Award, all determinations by the Committee as to (1) the establishment of performance goals and performance period with respect to the selected business criteria, (2) the establishment of the objective formula used to calculate the amount of cash or Stock payable, if any, based on the level of achievement of such performance goals, and (3) the certification of the level of performance achieved during the performance period with regard to each business criteria selected, shall each be made in writing.

 

(H)                              Options and SARs.  Notwithstanding the foregoing provisions of this Section 6(k)(i), Options and SARs with an Exercise Price or grant price not less than the Fair Market Value on the date of grant awarded to Covered Employees are intended to be Section 162(m) Awards even if not otherwise contingent upon achievement of one or more pre-established performance goal or goals with respect to business criteria set forth in Section 6(k)(i)(B).

 

(ii)                                  Status of Section 162(m) Awards.  The terms governing Section 162(m) Awards shall be interpreted in a manner consistent with Section 162(m), in particular the prerequisites for qualification as “performance-based compensation,” and, if any provision of the Plan as in effect on the date of adoption of any Award Agreement relating to a Section 162(m) Award does not comply or is inconsistent with the requirements of Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements.  Notwithstanding anything to the contrary in Section 6(k)(i) or elsewhere in the Plan, the Company intends to rely on the transition relief set forth in Treasury Regulation § 1.162-27(f), which may be relied upon until the earliest to occur of (i) the material modification of the Plan within the meaning of Treasury Regulation § 1.162-27(h)(1)(iii); (ii) the delivery of the total number of shares of Stock set forth in Section 4(a); or (iii) the first meeting of stockholders of the Company at which directors are to be elected that occurs after December 31, 2020 (the “Transition Period”), and during the Transition Period, Awards granted to Covered Employees under the Plan shall only be required to comply with the transition relief described in Treasury Regulation § 1.162-27(f).

 

7.                                      Certain Provisions Applicable to Awards.

 

(a)                                 Limit on Transfer of Awards.

 

(i)                                     Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by the Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 7(a), an ISO shall not be transferable other than by will or the laws of descent and distribution.

 

(ii)                                  Except as provided in Sections 7(a)(i), (iii) and (iv), no Award, other than a Stock Award, and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such

 

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purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.

 

(iii)                               To the extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish.

 

(iv)                              An Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such order.

 

(b)                                 Form and Timing of Payment under Awards; Deferrals.  Subject to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or any of its Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee shall determine in its discretion, including cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms and conditions established by the Committee); provided, however, that any such deferred or installment payments will be set forth in the Award Agreement.  Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock.

 

(c)                                  Evidencing Stock. The Stock or other securities of the Company delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Stock or other securities are then listed, and any applicable federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions.  Further, if certificates representing Restricted Stock are registered in the name of the Participant, the Company may retain physical possession of the certificates and may require that the Participant deliver a stock power to the Company, endorsed in blank, related to the Restricted Stock.

 

(d)                                 Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall determine, but shall not be granted for less than the minimum lawful consideration.

 

(e)                                  Additional Agreements.  Each Eligible Person to whom an Award is granted under the Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person’s termination of employment or service to a general release of claims and/or a noncompetition or other restricted covenant agreement in favor of the Company and its

 

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Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee.

 

8.                                      Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.

 

(a)                                 Existence of Plans and Awards.  The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding.

 

(b)                                 Additional Issuances.  Except as expressly provided herein, the issuance by the Company of shares of stock of any class, including upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable.

 

(c)                                  Subdivision or Consolidation of Shares.  The terms of an Award and the share limitations under the Plan shall be subject to adjustment by the Committee from time to time, in accordance with the following provisions:

 

(i)                                     If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock or in the event the Company distributes an extraordinary cash dividend, then, as appropriate (A) the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions; provided, however, that in the case of an extraordinary cash dividend that is not an Adjustment Event, the adjustment to the number of shares of Stock and the Exercise Price or grant price, as applicable, with respect to an outstanding Option or SAR may be made in such other manner as the Committee may determine that is permitted pursuant to applicable tax and other laws, rules and regulations.

 

(ii)                                  If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A) the

 

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maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) shall be decreased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C) the price (including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions.

 

(d)                                 Recapitalization.  In the event of any change in the capital structure or business of the Company or other corporate transaction or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718 and, in each case, that would result in an additional compensation expense to the Company pursuant to the provisions of ASC Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment Event”), then the Committee shall equitably adjust (i) the aggregate number or kind of shares that thereafter may be delivered under the Plan, (ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the terms and conditions of Awards, including the purchase price or Exercise Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) to equitably reflect such Adjustment Event (“Equitable Adjustments”).  In the event of any change in the capital structure or business of the Company or other corporate transaction or event that would not be considered an Adjustment Event, and is not otherwise addressed in this Section 8, the Committee shall have complete discretion to make Equitable Adjustments (if any) in such manner as it deems appropriate with respect to such other event.

 

(e)                                  Change in Control and Other Events.  Except to the extent otherwise provided in any applicable Award Agreement, vesting of any Award shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control or other changes in the Company or the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion without the consent or approval of any holder, may exercise any power enumerated in Section 3 (including the power to accelerate vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following alternatives, which may vary among individual holders and which may vary among Awards held by any individual holder:

 

(i) accelerate the time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate;

 

(ii) redeem in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a

 

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date, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and pay to each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or other consideration determined by the Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with respect to a SAR, as applicable to such Awards; provided, however, that to the extent the Exercise Price of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for no consideration;

 

(iii) cancel Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without payment of any consideration to the Participant for such Awards; or

 

(iv) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or other such event (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof);

 

provided, however, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding.  If an Adjustment Event occurs, this Section 8(e) shall only apply to the extent it is not in conflict with Section 8(d).

 

9.                                      General Provisions.

 

(a)                                 Tax Withholding.  The Company and any of its Affiliates are authorized to withhold from any Award granted, or any payment relating to an Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, its Affiliates and Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee.  The Committee shall determine, in its sole discretion, the form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash equivalents, Stock (including previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate.  Any determination made by the Committee to allow a Participant who is subject to Rule 16b-3 to pay taxes with shares of Stock through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board.  If such tax withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of shares of Stock that may be so withheld or surrendered shall be the number of shares of Stock that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to such Award, as determined by the Committee.

 

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(b)                                 Limitation on Rights Conferred under Plan.  Neither the Plan nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any of its Affiliates, (ii) interfering in any way with the right of the Company or any of its Affiliates to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued or transferred shares of Stock in accordance with the terms of an Award.

 

(c)                                  Governing Law; Submission to Jurisdiction.  All questions arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal law.  The obligation of the Company to sell and deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock.  With respect to any claim or dispute related to or arising under the Plan, the Company and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Houston, Texas.

 

(d)                                 Severability and Reformation.  If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to Section 16 of the Exchange Act), Section 162(m) (with respect to any Section 162(m) Award) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 or Section 162(m) (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3 or Section 162(m)) or Section 422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are applicable.  With respect to ISOs, if the Plan does not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein; provided, further, that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the Plan.

 

(e)                                  Unfunded Status of Awards; No Trust or Fund Created.  The Plan is intended to constitute an “unfunded” plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other person.  To the

 

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extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or such Affiliate.

 

(f)                                   Nonexclusivity of the Plan.  Neither the adoption of the Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable, including incentive arrangements and awards which do not constitute “performance-based compensation” under Section 162(m).  Nothing contained in the Plan shall be construed to prevent the Company or any of its Affiliates from taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any of its Affiliates as a result of any such action.

 

(g)                                  Fractional Shares.  No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Stock or whether such fractional shares of Stock or any rights thereto shall be cancelled, terminated, or otherwise eliminated with or without consideration.

 

(h)                                 Interpretation.  Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall include the feminine gender, and, where appropriate, the plural shall include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the Plan, the provisions of the Plan shall control. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.  References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan.

 

(i)                                     Facility of Payment.  Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the Company shall be relieved of any further liability for payment of such amounts.

 

(j)                                    Conditions to Delivery of Stock.  Nothing herein or in any Award Agreement shall require the Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the

 

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Securities Act, any other applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as then in effect.  In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of Stock that is acquired upon grant, exercise or vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the SEC or any stock exchange upon which the Stock is then listed.  At the time of any exercise of an Option or SAR, or at the time of any grant of any other Award, the Company may, as a condition precedent to the exercise of such Option or SAR or settlement of any other Award, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect.  Stock or other securities shall not be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including any Exercise Price, grant price, or tax withholding) is received by the Company.

 

(k)                                 Section 409A of the Code.  It is the general intention, but not the obligation, of the Committee to design Awards to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this Section 9(k) nor any other provision of the Plan is or contains a representation to any Participant regarding the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted hereunder, and should not be interpreted as such.  In no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules.  Notwithstanding any provision in the Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under the Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or benefits is not delayed until the earlier of (i) the date of the Participant’s death, or (ii) the date that is six months after the Participant’s “separation from service,” as defined under the Nonqualified Deferred Compensation Rules (such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to the Participant until the Section 409A Payment Date.  Any amounts subject to the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on the Section 409A Payment Date.  The applicable provisions of the Nonqualified Deferred Compensation Rules are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith.

 

(l)                                     Clawback.  The Plan and all Awards granted hereunder are subject to any written clawback policies that the Company, with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any

 

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policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that the Company determines should apply to Awards.  Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards to reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback policy.

 

(m)                             Status under ERISA.  The Plan shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended.

 

(n)                                 Plan Effective Date and Term.  The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date, which is August 10, 2027. However, any Award granted prior to such termination (or any earlier termination pursuant to Section 10), and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award.

 

10.                               Amendments to the Plan and Awards.  The Committee may amend, alter, suspend, discontinue or terminate any Award or Award Agreement, the Plan or the Committee’s authority to grant Awards without the consent of stockholders or Participants, except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s stockholders not later than the annual meeting next following such Committee action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to stockholders for approval; provided, that, without the consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award.  For purposes of clarity, any adjustments made to Awards pursuant to Section 8 will be deemed not to materially and adversely affect the rights of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants.

 

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