Document:

Exhibit 10.12

 

Certain confidential information contained in this document, marked
by brackets as [***], has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.
In addition, certain personally identifiable information contained in this document, marked by brackets as [***], has been omitted from
this exhibit pursuant to Item 601(a)(6) under Regulation S-K.

 

CLINICAL AND COMMERCIAL MANUFACTURING AGREEMENT

 

dated 1 July,
2021

 

by and between

 

Richter-Helm BioLogics GmbH & Co. KG

 

and

 

MoonLake Immunotherapeutics AG

 

	 	 	Page
	ARTICLE 1	DEFINITIONS	2
	ARTICLE 2	MANUFACTURER’S OBLIGATIONS	9
	ARTICLE 3	INTELLECTUAL PROPERTY	11
	ARTICLE 4	FORECASTS AND ORDERS	12
	ARTICLE 5	DELIVERY OF PRODUCT	14
	ARTICLE 6	PRICE	17
	ARTICLE 7	INVOICES AND PAYMENT	21
	ARTICLE 8	QUALITY ASSURANCE	21
	ARTICLE 9	DEFECTIVE PRODUCTS and defective services	22
	ARTICLE 10	PRODUCT LICENSES	25
	ARTICLE 11	TRIAL AUTHORIZATION	25
	ARTICLE 12	CHANGES TO PRODUCT SPECIFICATIONS	25
	ARTICLE 13	QUALITY AND REGULATORY COMPLIANCE	26
	ARTICLE 14	OPERATIONAL MANAGEMENT; STEERING COMMITTEE	29
	ARTICLE 15	PRODUCT COMPLAINTS AND ADVERSE EVENTS	29
	ARTICLE 16	CONFIDENTIALITY and data protection	30
	ARTICLE 17	WARRANTIES	31
	ARTICLE 18	INDEMNITY	33
	ARTICLE 19	TERM AND TERMINATION	35
	ARTICLE 20	EFFECTS OF TERMINATION	36
	ARTICLE 21	DISASTER RECOVERY AND BUSINESS CONTINUITY	37
	ARTICLE 22	DISPUTE RESOLUTION	38
	ARTICLE 23	MISCELLANEOUS PROVISIONS	38

 

SCHEDULES 1, 2 and 3; Appendix
A to Schedule 1: Project Timelines as of January 2022

 

CLINICAL AND COMMERCIAL MANUFACTURING AGREEMENT

 

This CLINICAL AND COMMERCIAL MANUFACTURING AGREEMENT (the “Agreement”)
is made and entered into, with retroactive effect as of 1st of July 2021 (the “Effective Date”) by and between
Richter Helm BioLogics GmbH & Co. KG, a company organized under the laws of Germany, with registered office at [***] (“Manufacturer”),
and MoonLake Immunotherapeutics AG, a company organized under the laws of Switzerland, with registered office at Dorfstrasse 29, 6300
Zug, Switzerland (CHE-433.093.536) (“MoonLake”). Manufacturer and MoonLake may be referred to herein as a “Party”
or, collectively, as “Parties.”

 

     

     

    

 

RECITALS

 

WHEREAS, MoonLake is the owner
or licensee of proprietary IL17 nanobody named sonelokimab (also known as M1095);

 

WHEREAS, MoonLake is engaged
in the discovery, development, manufacture and sale of pharmaceuticals products and intends to conduct clinical trials of the Products
(as defined below);

 

WHEREAS, in order to ensure
a continuous manufacturing and a reliable supply of the Product for the development of MoonLake’s Anti IL-17 A/F Nanobody®,
an investigational therapy for the potential treatment of inflammatory diseases, in a phase III study in plaque psoriasis, and to secure
enough manufacturing capacity after the potential launch of the Product Moonlake is interested in entering in an agreement with Manufacturer
for clinical and commercial manufacturing services;

 

WHEREAS, Manufacturer has
the requisite infrastructure, licenses, permits and capabilities, including trained and experienced personnel and technical skills, to
manufacture and supply the Product (as defined below) to MoonLake for the aforesaid purposes and in accordance with this Agreement and
in particular has already in the past manufactured the Product for Merck Healthare KGaA (“Merck”);

 

NOW, THEREFORE, in consideration
of the mutual promises, covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

Definitions contained in this
Agreement are applicable to the singular as well as the plural forms of such terms. Unless otherwise specifically provided herein, the
following terms shall have the following meanings:

 

		1.1	“Adverse Event” means any of: an “adverse drug experience,” a “life-threatening
adverse drug experience,” a “serious adverse drug experience,” or an “unexpected adverse drug experience,”
as those terms are defined at either 21 C.F.R. § 312.32 or 21 C.F.R. § 314.80 or other applicable or other regulations and laws”.

 

		1.2	“Affiliate” means a person or entity that Controls, is Controlled by or is under common
Control with a Party, but only for so long as such control exists. “Control” means the ownership of more than fifty
(50%) percent of the voting stock of any organization or the legal power to direct or cause the direction of the general management of
the organization as appropriate, and “Controlled” shall be construed accordingly.

 

    2

     

    

 

		1.3	“Agreed Hourly Rate” means the hourly rate which has been agreed between both Parties
as per Schedule 1.

 

		1.4	“Applicable Laws” means the applicable provisions of constitutions, statutes, laws,
rules, treaties, regulations, orders and decrees of all applicable Regulatory Authorities.

 

		1.5	“Batch” means a batch of the Product manufactured by Manufacturer on a [***] litre
scale under cGMP, in accordance with the Services Related Requirements of the Specifications and Quality Agreement and using the Manufacturing
Process.

 

		1.6	“Batch Documentation” means all documentation relating to a Batch, including the executed
Batch record and additional documents relating to the Batch such as the analytical testing records, the release for the Materials, deviations,
and all documents relating to a Batch that Manufacturer is required to maintain according to cGMP, the Services Related Requirements of
the Specifications, the Quality Agreement, the relevant Purchase Order or Work Order, and all Applicable Laws.

 

		1.7	“Change of Control” means with respect to Manufacturer, the consummation of any transaction
(or series of related transactions) of the following events: (a) any Third Party (or group of Third Parties acting in concert) becomes
the beneficial owner, directly or indirectly, of more than fifty percent (50%) of the total voting power of the stock or other ownership
interests (as applicable) then outstanding of Manufacturer normally entitled to vote in elections of directors or equivalent governing
body, (b) Manufacturer consolidates with or merges into another entity, or any entity consolidates with or merges into Manufacturer, in
either event pursuant to a transaction in which more than fifty percent (50%) of the total voting power of the stock or other ownership
interests (as applicable) outstanding of the surviving entity normally entitled to vote in elections of directors or equivalent governing
body is not held by the parties holding at least fifty percent (50%) of the outstanding stock or other ownership interests (as applicable)
of Manufacturer immediately preceding such consolidation or merger, (c) any other arrangement whereby a Third Party controls or has the
right to control the board of directors or equivalent governing body that has the ability to cause the direction of the management or
policies of Manufacturer or (d) Manufacturer shall dissolve, transfer, sell, assign, mortgage, encumber, pledge, or otherwise dispose
of (i) all or substantially all of its assets, or (ii) any controlling interest in its business (whether in the form of stock or otherwise)
or the Manufacturing Site.

 

		1.8	“Commercial Manufacturing Services” means the tasks and activities to be performed
by Manufacturer hereunder, except for the Development Services, as further set out in the Agreement and in the Purchase Orders, in case
the condition under Section 2.2 is met and satisfied, which shall include, (i) the manufacture of (Batches of) the Product using the Manufacturing
Process, (ii) all activities and services (be it under cGMP, research laboratory or non-cGMP conditions) related thereto, such as, without
limitation, performance of assays and other analytical work, quality control of the Product, storage of the Product, and (iii), storage
activities, and (iv) all further services and activities (be it under cGMP, research laboratory or non-cGMP conditions) as may be mutually
agreed in writing between the Parties from time to time; all as performed by the Manufacturer on behalf of MoonLake pursuant to the terms
and conditions of this Agreement. For the avoidance of doubt, Manufacturing Services do not include tasks and activities to be performed
by MoonLake (such as sample analysis) and Manufacturer shall not be liable hereunder for any failure of MoonLake in performing such tasks
and activities.

 

    3

     

    

 

		1.9	“Commercially Reasonable Efforts” means, with respect to the efforts to be expended
by either Party with respect to any objective, such reasonable, diligent, and good faith efforts as such Party would normally use to accomplish
a similar objective under similar circumstances as expeditiously as possible, which in no event shall be less than the standard of care
generally adhered to in the industry of such Party for the providing of such efforts. “Confidential Information” means
any and all information (in whatever form, tangible or intangible) relating to either Party’s, their Affiliates’ and/or their
business partners’ business and/or technologies and/or any business, employee or customer information or data which is disclosed,
or otherwise comes into possession of the other Party, directly or indirectly as a result of this Agreement and which is of a confidential
nature (including, without limitation, any information relating to business affairs, operations, products, processes, methodologies, formulae,
plans, intentions, projections, know-how, Intellectual Property, trade secrets, market opportunities, suppliers, customers, marketing
activities, sales, software, computer and telecommunications systems, costs and prices, wage rates, records, finances and personnel).

 

		1.10	“Confidentiality Agreement (CDA)” means the confidentiality agreement entered into
between the Parties effective as of [***].

 

		1.11	“Current Good Manufacturing Practice” or “cGMP”
means the Current Good Manufacturing Practices officially published and interpreted by EMA, FDA and
other applicable Regulatory Authorities that may be in effect from time to time and are applicable to the Manufacture of the Product(s)
in the Territory, as required:

 

		(A)	if the Manufacturing Site is within the European Union or if the Product(s) is/are to be supplied to a
country within the European Union, by the standards, rules, principles and guidelines set out in the provisions of Chapter II of EC Commission
Directive 2003/94/EC, together with Volume 4 of the Rules Governing Medicinal Products in the European Union entitled “EU Guidelines
to Good Manufacturing Practice Medicinal Products for Human and Veterinary Use”;

 

		(B)	if the Manufacturing Site is within the United States of America, or if the Product(s) is/are to be supplied
to the Unites States of America, by the provisions of 21 C.F.R., parts 210 and 211 and all applicable rules, regulations, orders and guidance
published by the FDA (as defined below);

 

		(C)	if the Manufacturing Site is in, or if the Product(s) is/are to be supplied to, any other part of the
Territory, such standards as the Parties may agree in writing to reflect the requirements of Regulatory Authorities in the country of
manufacture or supply; and

 

		(D)	such other requirements as agreed between the Parties and set out in the Quality Agreement, in each case,
as amended and updated from time to time.

 

		1.12	“Defect” means, in respect of a Product, a failure to comply with the applicable Specification
and/or to have been manufactured in accordance with cGMP, and “Defective” shall be construed accordingly.

 

		1.13	“Defective Product” means a Product with a Defect.

 

		1.14	“Delivery Date” means the date agreed by MoonLake and Manufacturer for the delivery
of Products in a Work Order or in a Purchase Order according to ARTICLE 4.

 

    4

     

    

 

		1.15	“Delivery Terms” means EXW [***] Incoterms 2020 or such other terms as may be agreed
in writing between the Parties and terms such as “delivery” and “delivered” shall be construed accordingly. Accordingly,
MoonLake shall be responsible for the transport of the Product and shall engage a carrier. However, Manufacturer shall coordinate in advance
with MoonLake’s carrier each shipment of the Products.

 

		1.16	“Development Services” means all the tasks and activities to be performed by Manufacturer
pursuant to Schedule 1 for the supply of the Product in the context of the phase III clinical trial described in the recitals above
including but not limited to manufacture of GMP Batches (Phase III), as described in Schedule 1. In the event MoonLake reasonably
requires further tasks and activities for the manufacture of the Product to be used by MoonLake for development purposes in a phase III
clinical trial and for process validation and Manufacturer is able to provide such further tasks and activies, Manufacturer shall upon
request of MoonLake provide them against MoonLake’s payment of a reasonable additional price.

 

		1.17	“Engineering Batch” means a Batch that is produced using identical equipment as for
a cGMP Batch but which is not released by Manufacturer for human use.

 

		1.18	“Executive Officers” means the Chief Executive Officers of MoonLake and Manufacturer.

 

		1.19	“Finished Medicinal Product” means any pharmaceutical product(s) comprising the Product.

 

		1.20	“Force Majeure Event” means in relation to either Party, any circumstances beyond the
reasonable control (including the taking of reasonable precautions) of that Party (including without limitation any acts or restraints
of governments or public authorities, war, terrorism, revolution, riot or civil commotion disruption at suppliers, fire, explosion, accident,
flood, sabotage, lack of adequate fuel, power, Materials, transportation, labour dispute and/or general strike of a national or industry-wide
nature).

 

		1.21	“Governmental Authority” means any court, tribunal, arbitrator, agency, legislative
body, commission, official or other instrumentality of (i) any government of any country, (ii) a federal, state, province, county, city
or other political subdivision thereof or (iii) any supranational body, including any Regulatory Authority.

 

		1.22	“Hazardous Materials” means any material or substance that, whether by its nature or
use, is now or hereafter defined or regulated as a hazardous waste, hazardous substance, pollutant, or contaminant under any Applicable
Law relating to or addressing public and employee health and safety and protection of the environment, or which is toxic, explosive, corrosive,
flammable, radioactive, carcinogenic, mutagenic or otherwise hazardous or which is or contains petroleum, gasoline, diesel, fuel, another
petroleum hydrocarbon product, or polychlorinated biphenyls. Hazardous Materials specifically include asbestos-containing materials (ACM),
mold and lead-based paints.

 

		1.23	“Independent Expert” means a laboratory or expert mutually agreed upon by the Parties
who shall act as an expert in accordance with the ICC Rules for Expertise, and if no agreement can be reached then the Parties will accept
a laboratory or expert appointed by the International Chamber of Commerce of Switzerland according to the ICC Rules for Expertise.

 

		1.24	“Intellectual Property” means patents, trademarks, service marks, design rights (whether
registerable or otherwise), including applications for any of the foregoing, copyright, all rights in know-how, trade or business secrets
and/or trade or business names and other rights or forms of protection of a similar nature or having equivalent or similar effect to any
of these which may subsist anywhere in the Territory whether registerable or not.

 

    5

     

    

 

		1.25	“Latent Defect” means a Defect existing at the time of delivery of the Product in question
to MoonLake, but which could not reasonably be discovered by a visual inspection of its outer packaging or any accompanying documentation.

 

		1.26	“Losses” means all losses, claims, liabilities, costs, awards, fines, penalties, expenses
(including reasonable attorney’s fees, court fees and other reasonable professional expenses) and damages of any nature whatsoever reasonably
foreseeable and unavoidable, however, always excluding any loss of profit or anticipated profit, loss of production, losses caused by
business interruptions, loss of revenue and loss of goodwill or reputation.

 

		1.27	“Manufacturing License” means any consent, permit, authorization or approval required
for or in connection with the Manufacture of the Product at the Manufacturing Site(s)and the export/import of the Product to MoonLake
in accordance with the Delivery Terms, including any license required pursuant to Article 13.1 of the Directive 2001/20/EC, Article 61
of Regulation 536/2004, Article 40 of Directive 2001/83/EC and, as applicable, a current drug establishment registration with the FDA
(as defined below) as set forth in 21 C.F.R. §207.

 

		1.28	“Manufacturing Process” means the anti IL-17 A/F Nanobody manufacturing process proprietary
to MoonLake and transferred to Manufacturer as set out in the master batch records of the Product.

 

		1.29	“Manufacturing Run” means a manufacturing run for the Product on a [***] scale under
cGMP, in accordance with the Services Related Requirements of the Specifications and Quality Agreement and using the Manufacturing Process.

 

		1.30	“Manufacturing Site” means the manufacturing facility located at [***] or such other
manufacturing facility of Manufacturer as agreed to by the Parties pursuant to the change control procedures set out in the Quality Agreement.

 

		1.31	“Materials” means the active ingredients, raw materials, excipients, packaging materials
and components used in the manufacture of the Products.

 

		1.32	“Price” means for Development Services the amounts set out in Schedule 1 and
for Commercial Manufacturing Services a price as detailed in Section 6.2. and Schedule 1.

 

		1.33	“Product License” means the product license, marketing authorization or any other authorization(s)
(as the case may be) required for the marketing, sale and/or distribution or clinical investigation of Finished Medicinal Products by
MoonLake in the jurisdictions in which the foregoing activities take place, or extension or renewal of any of the foregoing.

 

		1.34	“Product(s)” means each of the products set out in the Specifications as included in
the Quality Agreement.

 

		1.35	“Qualified Person” means the person named in the Quality Agreement (or any replacement
notified in writing by Manufacturer, from time to time), who is suitably qualified to enable Manufacturer to perform and discharge its
quality management obligations as required by Current Good Manufacturing Practice or other Applicable Laws.

 

    6

     

    

 

		1.36	“Quality Agreement” means the future document outlining the Parties’ respective
responsibilities on quality matters, as the same may be amended by written agreement between the Parties.

 

		1.37	“Quality Control Procedure” means the analytical testing of a Batch according to written
testing instruction including in-process-control testing and analytical testing of the Product.

 

		1.38	“Regulatory Authority” means any multinational, federal, state, local, municipal or
other Governmental Authority in the Territory having jurisdiction over any aspect of the activities contemplated by this Agreement, including
to the extent applicable, in the United States, the United States Food and Drug Administration (“FDA”), and in the
European Union, the European Medicines Agency.

 

		1.39	“Services” means Development Services and Commercial Manufacturing Services.

 

		1.40	“Services Related Requirements” means all provisions of the Specifications which describe
or require a certain minimum conduct and/or level of performance of Manufacturer when performing a Service as further described in this
Agreement and the Quality Agreement as opposed to “Product Related Requirements” which describe a certain measurable
property of a deliverable (such as impurities allowed in the Product) resulting from Manufacturer’s performance of a Service.

 

		1.41	“Specifications” means with respect to each Product the technical specifications for
the required quality and characteristics of the Product agreed between the Parties in writing in the Quality Agreement (as the same may
be amended from time to time in accordance with this Agreement).

 

		1.42	“Steering Committee” means within thirty (30) days after the Effective Date, the Parties
will establish a joint steering committee to oversee and manage the Parties activities under this Agreement.  The Steering Committee
will continue to be in effect throughout the term of the Agreement and will disband following termination of the Agreement.

 

		1.43	“Territory” means as of the Effective Date any country of the European Union and the
United States of America. MoonLake shall be entitled to include further countries into the Territory including, without limitation, China
and Japan by written notice to Manufacturer provided (a) Manufacturer, acting reasonably, is able to fulfil any additional regulatory
or other requirements of any such further country, and (b) MoonLake agrees to bear all additional costs of Manufacturer arising from the
inclusion of any such further country.

 

		1.44	“Third Party” means any person or entity other than MoonLake or Manufacturer or their
respective Affiliates, shareholders, cooperation partners or finance providers.

 

		1.45	“Trial” means the Phase III clinical trial of the Product conducted or sponsored by
MoonLake.

 

		1.46	“Trial Authorizations” means all regulatory and ethical authorizations and approvals
required for the lawful conduct of the Trial by MoonLake or by a MoonLake’s designated third party.

 

		1.47	“Trial Subject” means an individual enrolled into the Trial in accordance with the
Protocol.

 

		1.48	“Work Order” means MoonLake’s order for Manufacturing Runs which are part of
the Development Services.

 

    7

     

    

 

		1.49	“Working Day” means a day other than Saturday or Sunday or a day that is a public holiday
in the jurisdiction in which the Manufacturing Site is located.

 

		1.50	Other Terms. The definition of each of the following terms is set forth in the section of the Agreement
indicated below:

 

	Defined Term	Section
	Acceptance	9.3
	Average Yield	5.11
	Assignment Agreement	Preamble
	Background IP	3.1
	BCP	21
	Consequential damages	18.3
	Effective Date	Preamble 
	FDA	1.38
	Firm Zone	4.2
	Green Zone	4.2
	KPIs	5.9
	Manufacturer Background IP	3.1
	Manufacturer Confidential Information 	16.8
	Manufacturing Problem	5.7
	Manufacturing Problem Notice	5.8
	Merck	Preamble
	MoonLake Arising IP	3.2
	MoonLake Background IP	3.1
	Non-Escalable Dispute	22.1
	Original CMO Agreement	Preamble
	Payee	6.20
	Payer	6.20
	Payments	6.20
	Product Event	15.1
	Project Timelines	2.5
	Purchase Order	4.5
	Punitive Damages	18.3
	REACH	13.11
	Required Manufacturing Change	12.3
	Rolling Forecast	4.1
	Taxes	6.19
	Technical Change	12.1
	Third Party Claims	18.1

 

    8

     

    

 

ARTICLE
2

MANUFACTURER’S OBLIGATIONS

 

		2.1	Scope of the Agreement. Manufacturer agrees to provide MoonLake with both Development Services
and Commercial Manufacturing Services including the manufacture and sale to MoonLake of Products ordered by MoonLake in accordance with
ARTICLE 4 in consideration of MoonLake paying the Price for the Services.

 

		2.2	Notwithstanding the execution of this Agreement, the commencement of certain Services described herein
below is subject to and conditional on satisfaction or waiver by MoonLake of the following condition:

 

		i.	For the start of the Commercial Manufacturing Services: (i) Manufacturer shall have successfully manufactured
and supplied to MoonLake at least [***] [***] Batches without any major deviation from the Project Timelines and according to the Product
Specifications, (ii) MoonLake Phase III Clinical Trials data package can support a successful BLA registration and (iii) MoonLake has
decided to go on with the commercial manufacturing of the Products.

 

For the purpose of
this Section 2.2 a major deviation from the Project Timelines herein consists of a delay from such Project Timelines equal to or longer
than [***].

 

		2.3	In case one of the conditions under Section 2.2 is not met, MoonLake shall have the right to terminate
the Agreement in accordance with Section 19.2.

 

		2.4	No General Terms and Conditions. The supply of the Product shall be exclusively governed by the
terms and conditions of this Agreement. General terms and conditions of the Parties shall not apply even if mentioned by routine in a
Work Order or Purchase Order of MoonLake or in any of Manufacturer’s order confirmations.

 

		2.5	Project Timelines. Manufacturer will provide MoonLake with the Services within the Project Timelines
indicated in Schedule 1 (“Project Timelines”).

 

		2.6	Costs in relation to the transfer of manufacturing process. Manufacturer is currently performing
a capacity expansion of its [***] facility. The additional [***] manufacturing capacity is expected to be available from [***] onwards.
In the event that Manufacturer decides to transfer the manufacturing process for all or part of the Products to the new line, the costs
in relation to the aforementioned transfer shall be shared as detailed in Schedule 2. In order to prepare for the aforementioned
transfer, the concept for re-validation on the new line shall already be introduced by Manufacturer in the process validation plan prepared
for the [***] manufacturing runs on the existing line.

 

		2.7	Restrictions on Competing Products. During the Term, Manufacturer shall not manufacture on its
own or for any Third Party or engage in the performance of services for a nanobody product targeting IL-17.

 

		2.8	Standards Applicable to the Manufacture of the Product. Manufacturer shall manufacture the Products
at the Manufacturing Site in accordance with Current Good Manufacturing Practice, the Specifications, the Manufacturing License, the Quality
Agreement, MoonLake’s Labelling and all Applicable Laws relevant to the Manufacture of the Products and with personnel that are
knowledgeable, qualified and trained to perform the activities required to Manufacture the Products in accordance with the terms and conditions
of this Agreement.

 

		2.9	Use of Affiliates and Subcontractors. Manufacturer may not, without the prior written consent of
MoonLake, use Affiliates or Third Party sub-contractors to perform the Services. For any subcontract authorized by MoonLake, Manufacturer
shall ensure that the subcontractor complies with the obligations and restrictions applicable to Manufacturer under this Agreement and
shall further ensure that its subcontractor protects MoonLake’s interests in Confidential Information, MoonLake Background IP and
MoonLake Arising IP. Manufacturer (a) shall manage the performance of the subcontractor at its sole cost and expense and (b) shall remain
responsible to MoonLake for all acts and omissions of any subcontractor and the performance of those subcontracted activities just as
though Manufacturer had performed them itself and for purposes of this Agreement such acts or omissions and the performance of those subcontracted
Services shall be deemed to be Manufacturer’s. Manufacturer shall be MoonLake’s sole point of contact regarding the Services,
including with respect to payment. MoonLake hereby agrees that the external [***] services will be provided by the service providers listed
in the Quality Agreement, being Manufacturer’s sole subcontractor as of the Effective Date. For the avoidance of doubt, the costs
for any external [***] services are not included in the Price for the Product and will be passed on to MoonLake plus a [***] handling
fee.

 

		2.10	Responsibility. Unless otherwise specified herein or expressly consented to in writing by MoonLake,
as between the Parties, Manufacturer shall be solely responsible for performance of all Services necessary for MoonLake to be supplied
with Products as agreed hereunder including the ordering and purchasing all of the Materials to enable Manufacturer to meet its manufacturing
and delivery obligations under this Agreement.

 

    9

     

    

 

		2.11	Safety Stock. During the Term, Manufacturer shall maintain at all times a safety stock of Materials
(list of Materials to be agreed in writing between the Parties) sufficient to meet the Manufacturing Runs set out in the Firm Zone, unless
mutually agreed to in writing by MoonLake Manufacturer shall notify MoonLake immediately whenever the inventories of Materials become
insufficient to Manufacture enough Product to meet the Manufacturing Runs set out in the Firm Zone. Manufacturer will pay the Materials.
However, all Materials will then be invoiced by Manufacturer to MoonLake upon their receipt. Manufacturer shall send to MoonLake an invoice
with a copy of the invoice paid by Manufacturer for the Materials. MoonLake shall pay this invoice within [***] after its receipt.

 

		2.12	Development Services

 

		(a)	Performance. Manufacturer shall perform the Development Services
set out in Schedule 1 to this Agreement pursuant to and consistent with the terms of this Agreement, any applicable Specifications
and Schedule 1, all reasonable written directions and instructions from MoonLake, generally accepted professional standards of
care and all Applicable Laws of each country where Development Services shall be conducted, including without limitation cGMPs. Manufacturer
shall perform all Development Services in a competent, professional and in a timely manner. Manufacturer shall perform all quality reviews,
quality controls and process checks necessary in their performance of Development Services and as outlined in Schedule 1 in accordance
with the quality standards agreed upon by MoonLake and Manufacturer in Schedule 1 and the Quality Agreement.

 

		(b)	Purchaser Obligations. MoonLake shall provide to Manufacturer (in
a timely manner) such assistance, information and co-operation as reasonably requested by Manufacturer in connection with the performance
of the Development Services.

 

		(c)	Change Orders. MoonLake may, from time to time, submit to Manufacturer
a request for changes to Schedule 1. Unless, in Manufacturer’s reasonable judgment, Manufacturer can implement the requested
changes without requiring additional Manufacturer time or resources and without affecting Manufacturer’s ability to maintain the
Project Timeline, Manufacturer will implement the change at MoonLake’s expense. Manufacturer will provide MoonLake with a written
change order proposal for the additional work, including: (i) price change, (ii) impact on Project Timelines, and (iii) revised Schedule
1, including additional requirements of MoonLake, if any. MoonLake may, at its discretion, accept or reject Manufacturer’s change
order proposal. Each Party will use Commercially Reasonable Efforts to respond as expeditiously as possible to change order proposals.

 

		(d)	Work Location. Manufacturer shall perform the Development Services
to be provided under this Agreement at the location indicated in Schedule 1, or, if no such location is indicated, at the Manufacturing
Site unless mutual agreement to the contrary has been made and stipulated by the Parties.

 

		(e)	Project Staffing. Manufacturer shall perform the Development Services
with highly qualified, trained and educated personnel knowledgeable and trained as appropriate for a particular Development Service in
cGMPs, applicable regulatory requirements, fraudulent practices, project management, and pharmaceutical drug development and related services.
Manufacturer is responsible for the training of its staff in order to maintain their knowledge to the standards of the industry and to
perform their obligations under this Agreement and Schedule 1. All costs and expenses for such training will be fully paid by Manufacturer.

 

    10

     

    

 

ARTICLE
3

INTELLECTUAL PROPERTY

 

		3.1	Background IP. Each Party shall, at all times throughout and after the Term, remain the owner of
any and all Intellectual Property that it owned (or was licensed to use) by the effective date of the signed CDA, and which Intellectual
Property shall, for the purposes of this Agreement, be defined as “Background IP”. Manufacturer acknowledges that Intellectual
Property relating to the Products shall remain vested solely and exclusively in MoonLake or its relevant Affiliate. MoonLake acknowledges
that Intellectual Property relating to manufacturing processes, including testing and packaging, which are generally used at the Manufacturing
Site (to the extent existing prior to the Effective Date, or developed independently of this Agreement without the use of MoonLake’s
Confidential Information), shall remain vested in Manufacturer or its relevant Affiliate. For the purposes of this Section, Background
IP vested in MoonLake (or its Affiliates) shall be defined as “MoonLake Background IP” and Background IP vested in
Manufacturer (or its Affiliates) shall be defined as “Manufacturer Background IP”.

 

		3.2	MoonLake Arising IP. Neither Manufacturer, its Affiliates, nor any of their respective subcontractors
shall acquire any rights of any kind whatsoever with respect to the Products by conducting Manufacturing activities hereunder. All rights
to any Intellectual Property (whether or not patentable) conceived (whether or not reduced to practice) in the performance of work conducted
under this Agreement by Manufacturer’s or its Affiliates’ employees, or independent contractors, either solely or jointly
with employees, agents, consultants or other representatives of MoonLake exclusively or primarily relating to the Products or the manufacturing,
processing, testing, packaging, storing thereto, will be owned solely and exclusively by MoonLake (“MoonLake Arising IP”).

 

		3.3	Use of Intellectual Property. Manufacturer will not use, or allow others to use, any MoonLake Background
IP or MoonLake Arising IP for any other purpose than the Manufacture of the Products for MoonLake. MoonLake hereby grants Manufacturer
and any Affiliates and subcontractors approved by MoonLake a non-exclusive and royalty free license for the term to use the MoonLake Background
IP and MoonLake Arising IP to the extent necessary to Manufacture the Products under this Agreement. Manufacturer hereby grants MoonLake
and its Affiliates an irrevocable, worldwide, non-exclusive, and royalty free license to use the Manufacturer Background IP to the extent
necessary for MoonLake or its Affiliates to further manufacture, commercialize, distribute, market, export, sell and otherwise exploit
the Products.

 

		3.4	Assistance. Manufacturer shall fully cooperate in the preparation, filing, prosecution and maintenance
of all trademarks, copyrights, patents or other Intellectual Property of any MoonLake Arising IP at MoonLake’s cost and expense.
Such cooperation shall include execution of all papers and instruments appropriate so as to enable MoonLake to prepare, file, prosecute
and maintain such rights in any country.

 

    11

     

    

 

ARTICLE
4

FORECASTS AND ORDERS

 

		4.1	Forecast. Provided that the condition under Section 2.2 has been met, in view of the performance
by Manufacturer of the Commercial Manufacturing Services, MoonLake shall provide a rolling forecast for [***] (the “Rolling Forecast”
or “RF”). The RF shall be updated on a [***] basis and shall be delivered by MoonLake to Manufacturer by [***] of each
[***]. The minimum order size will be [***] Batches per campaign and the maximum order size will be [***] Batches per month, i.e. a Purchase
Order for one (1) campaign consisting of [***] needs to be spread over [***]. In the event that the RF provides for more than [***] within
[***], MoonLake and Manufacturer shall discuss a fully dedicated line with a [***] for MoonLake at the Manufacturer’s facility (“Dedicated
Line”). This discussion is anticipated to be in [***]. Depending on MoonLake’s requirements of the Product, MoonLake and
Manufacturer shall discuss a further fully dedicated line with a [***] for MoonLake at the Manufacturer’s facility. This further
discussion is anticipated to be in [***]. MoonLake is aware that any dedicated line will have to be financed by MoonLake.

 

		4.2	The first [***] of the RF (e.g. [***] to [***] of the following [***] in a RF provided on [***]) shall
be broken down on a [***] basis. The first [***] thereof shall be firm and cannot be changed (“Firm Zone”). The [***]
of the RF shall constitute a non-binding forecast (“Green Zone”), however, the first [***] of the Green Zone may only
be changed [***], i.e. the number of Manufacturing Runs forecasted for the first [***] of the Green Zone cannot be [***] without prior
agreement between the Parties. In case Manufacturer validly rejects an RF pursuant to the term as set out in article 4.3, MoonLake shall
be entitled to provide within [***] after Manufacturer’s rejection a revised RF to be accepted or rejected by Manufacuturer pursuant
to Art. 4.3. In case MoonLake does not provide a revised RF the consequence as set out in Art. 4.3 shall apply.

 

		4.3	On or before [***] after receipt of the RF by Manufacturer, Manufacturer shall inform MoonLake in writing
if it is able to fulfil such RF, whether related to the Firm Zone or Green Zone as depicted. If no notification is received by MoonLake
within that [***] period then the RF shall be deemed to have been accepted by Manufacturer and shall be firm for Manufacturer and MoonLake
as further set out in Article 4.2. and, for the avoidance of doubt, cannot be changed by Manufacturer unilaterally. The RF shall not exeed
a total number of [***] in [***], and, provided that the additional [***] manufacturing capacity of a new line being under construction
as per the signature date of this Agreement has been successfully commissioned in [***], [***] in [***] and [***] in [***]. From [***]
onwards, the maximum number of Batches shall be the sum of (i) [***] at [***] and (ii) the capacity of the Dedicated Line ([***]). However,
in the event of a successful commission of a further dedicated line ([***]), the maximum number of Batches shall be the sum of the capacity
of the dedicated lines ([***] and [***]); beginning on the date of the successfull commission of the dedicated line with a [***]. Manufacturer
shall not be entiled to reject a RF which complies with terms and conditions of this Agreement. For the avoidance of doubt, if a RF of
MoonLake exceeds the maximum number of Batches as set out in Art. 4.1 and/or 4.3, Manufacturer shall only be entitled to reject the number
of Batches exceeding the agreed maximum (and not the whole RF). The content of the RF that has not been validly rejected by the Manufacturer,
i.e. the remaining content of the RF, shall automatically be deemed to be accepted by the Manufacturer as well as by MoonLake, unless
MoonLake has provided Manufacturer with a revised RF as set out in Art. 4.2. Upon agreement of a RF Manufacturer shall submit to MoonLake
on or before [***] a plan for Product delivery and tentative production schedule for the [***] of the RF. During the RF negotiations,
the Parties shall also discuss any implications with regard to the residual shelf life of Product to be delivered under such RF.

 

    12

     

    

 

		4.4	In the event the Manufacturer cannot fulfil any part of a RF relating to the Green Zone, then the Parties
shall discuss and agree on quantities and delivery dates of Product which are mutually acceptable. Manufacturer shall be obliged to supply
MoonLake with commercial supply of the Product in accordance with the agreed upon RF.

 

		4.5	Orders of Manufacturing Runs for commercial purposes - Purchase Orders. Provided that the condition
precedent under Section 2.2 is met and the Commercial Manufacturing Services start, MoonLake shall throughout the Term, order Manufacturing
Runs by delivering purchase orders to Manufacturer (each such order being referred to as a “Purchase Order”). Each
Purchase Order shall, unless otherwise agreed between the Parties, specify the number of Manufacturing Runs ordered and the required Delivery
Date which shall be at least [***] after the date of receipt of the Purchase Order by Manufacturer. Unless otherwise agreed, MoonLake’s
Purchase Order must allow for a Manufacturing in maximum [***]campaigns per calendar year.

 

		4.6	Manufacturer’s Response to Purchase Orders. Purchase Orders under Section 4.5 above shall
be issued by MoonLake either electronically or by such other means, and to such location or contact person or system, as Manufacturer
shall specify in writing. Manufacturer shall respond to each such Purchase Order received from MoonLake within [***] from receipt. Provided
that (i) the number of Manufacturing Runs ordered by MoonLake does not exceed the number of Manufacturing Runs forecasted for the respective
[***] in accordance with Sections 4.1 and 4.2 above, (ii) the Purchase Order allows for a Manufacturing in maximum [***] per [***], (iii)
MoonLake complies with the above lead time of [***] under Section 4.5 and (iv) MoonLake’s Purchase Order otherwise complies with
this Agreement, Manufacturer shall accept the Purchase Order and its response shall include confirmation of the number of Manufacturing
Runs and the Delivery Date. Deliveries confirmed by Manufacturer shall not occur later than [***] from the date indicated in the relevant
Purchase Order. A failure of MoonLake to issue a Purchase Order shall not affect MoonLake’s obligations to purchase the quantities
set forth in the Firm Zone and, accordingly, in the event of any such failure, the missing Purchase Order shall be deemed issued by MoonLake.
For the avoidance of doubts, in the event MoonLake cancels a Purchase Order issued or deemed issued within the Firm Zone, MoonLake shall
pay [***] of the Price of each cancelled Purchase Order.

 

		4.7	Orders of Manufacturing Runs during the development phase - Cancellation of Work Orders. In the
context of the Development Services MoonLake shall order the Manufacturing Runs by issuing specific Work Orders to Manufacturer. Each
Work Order shall, unless otherwise agreed between the Parties, specify the number of Manufacturing Runs ordered and the required Delivery
Date reflecting the timeline under Schedule 1. Each Work Order shall be issued and sent to Manufacturer at least [***] prior the
Delivery Date of the Manufacturing Runs indicated in such Work Provided that Work Orders are in line with the number of Batches agreed
under Section 2.2 (i) the timelines set forth in Schedule 1, Work Orders issued by MoonLake under this Section 4.7 at least [***]
prior the Delivery Date of the Manufacturing Runs indicated in such Work Order shall be accepted the Manufacturer within [***] from the
receipt of the Work Order.

 

		4.8	MoonLake may cancel a Work Order without any obligation or incurring any liability to manufacture at the
latest [***] prior to the Delivery Date. If notice of the cancellation or reduction is given by MoonLake less than [***] prior to the
Delivery Date, MoonLake shall be obliged to make the following payment to Manufacturer:

 

		(a)	If notice is given by MoonLake between more than [***] and less than [***]
prior to the Delivery Date, MoonLake shall pay [***] of the Price for each cancelled Manufacturing Run.

 

    13

     

    

 

		(b)	If notice is given by MoonLake between [***] to [***] prior to the Delivery
Date, MoonLake shall pay [***] of the Price of each cancelled Manufacturing Run

 

		(c)	If notice is given by MoonLake less than [***] prior to the Delivery Date,
MoonLake shall pay [***] of the Price for each cancelled Manufacturing Run.

 

		4.9	Reallocation of Manufacuring Runs in case of cancellation of Purchase Orders and Work Orders. Manufacturer
shall use Commercially Reasonable Efforts to re-allocate the manufacturing slot for any such cancelled Manufacturing Run (whether set
out in a Work Order or Purchase Order) to customers of Manufacturer for non GMP or GMP Batches, and/or shall consider in good faith a
proposal of an alternative project or use for the manufacturing slot by MoonLake and/or its Affiliates; and if Manufacturer successfully
re-allocates the manufacturing slot, MoonLake shall not be required to make any of the payments above but only for Materials purchased
for the cancelled Manufacturing Run which cannot be used for a later Manufacturing Run as well as for any other non-cancellable costs
of Manufacturer plus [***] of the Price for each cancelled Manufacturing Run as reasonable compensation for the additional work for re-allocation
of Manufacturing Run(s) and adaptations of Manufacturer’s internal planning tools.

 

		4.10	Addressees for Correspondence. All Forecast Schedules, Purchase or Work Orders, written confirmation
of Purchase or Work Orders and other notices contemplated under this ARTICLE 4 shall be sent to the attention of such Party as set forth
in Section 23.10, or such persons as each Party may identify to the other in writing from time to time.

 

ARTICLE
5

DELIVERY OF PRODUCT

 

		5.1	Delivery. Manufacturer shall provide MoonLake with authorized electronic copies of the [***] records,
the [***], the [***], and when applicable, the [***] at each time point and the invoice for each Manufacturing Run in accordance with
the Delivery Terms on the Delivery Date specified in the relevant Work Order or Purchase Order confirmed by Manufacturer pursuant to ARTICLE
4 above. For the avoidance of doubt, punctual “delivery” in terms of this Agreement by Manufacturer does not require the pick-up
of the stored Product by MoonLake but shall occur upon Manufacturer providing the above mentioned documents to MoonLake. As defined in
Section 7.2, in case Manufacturer will store Product [***] at MoonLake’s demand at Manufacturer’s premises, payment process
will be triggered at the reception of the Batch Documentation.

 

		5.2	Sample Analysis by Merck for [***] production campaign. Delivery dates set out in a Work
Order for Development Services include [***] for the results of the sample analysis performed partly by Merck in accordance with the Manufacturing
Process. Any delay of Merck as a contract lab for analytical testing may lead to a potentially much longer delay of the delivery of the
respective Batch, in particular if Merck misses the slot reserved at Manufacturer for the final review of the Batch Documentation. Manufacturer
shall not be responsible for any delay caused by Merck failure to perform sample analysis within [***]. Upon Merck’s notice that
sample analysis may be delayed by a certain number of days or weeks, Manufacturer shall inform MoonLake whether and, if so, to what delay
of the delivery of the respective Batch this will lead. If a slot for the final review of the Batch Documentation at Manufacturer is missed
due to Merck’s delay, Manufacturer shall use the next free slot.

 

    14

     

    

 

		5.3	Title; Risk of Loss. Risk and title in the Products shall remain with Manufacturer until delivered
in accordance with the Delivery Terms at which point it shall pass to MoonLake.

 

		5.4	Accompanying Documentation. With each shipment of Product, Manufacturer shall provide MoonLake
with the documentation set forth in the Quality Agreement.

 

		5.5	Retention of Samples. Provisions covering Manufacturer’s obligation to store and retain appropriate
samples (identified by Batch number) of Products that it supplies to MoonLake and access by MoonLake to the same are set forth in the
Quality Agreement.

 

		5.6	Late Delivery. Without prejudice to the MoonLake’s rights and Manufacturer’s obligations
under this Agreement, in the event that the Manufacturer is unable to fulfil the Services, regardless of whether such Services are Development
Services or Commercial Manufacturing Services, within the timelines defined under this Agreement, it shall notify MoonLake as soon as
possible and the Parties will work together to agree a mutually acceptable resolution. If conforming Product is not received by MoonLake
within [***] from the Delivery Date, except where Manufacturer can reasonably demonstrate that the delay is not due to its fault (e.g.
unavailability of Materials), then MoonLake shall have the right to claim from Manufacturer payment of a late performance penalty equal
to [***] of the Price of such delayed Manufacturing Run per each calendar day beyond the above [***] grace period, up to a total amount
of [***] of the Price of such delayed Manufacturing Run in total. The foregoing amounts may be deducted by MoonLake from any amounts invoiced
to MoonLake. The rights and remedies contained in this Section 5.6 are non-exclusive and without prejudice to MoonLake’s right to
terminate this Agreement pursuant to Section 19.8 or any other remedy under this Agreement, however, the above late delivery penalty shall
be deducted from any claim of MoonLake for damages arising from late delivery of a Batch by Manufacturer.

 

		5.7	Manufacturing Problem. In the event that Manufacturer or MoonLake becomes aware of any matter,
circumstance or event which (i) would reasonably be expected to give rise to a material delay in the shipment of Product; (ii) reasonably
indicate that the quality standards set forth herein and in the Quality Agreement have been materially compromised or (iii) may reasonably
give rise to a material breach hereunder or the right of MoonLake to terminate this Agreement under ARTICLE 19 (each a “Manufacturing
Problem”), Manufacturer shall promptly give written notice to MoonLake of such Manufacturing Problem, the cause thereof, the
anticipated length of such Manufacturing Problem, and the action to be taken to reduce, minimize or remove the adverse effects of any
such Manufacturing Problem. Within [***] of receipt of the notice given pursuant to this ARTICLE 5, MoonLake and Manufacturer shall meet
with a view to agreeing to any actions necessary to ensure that no interruption to supply or shortfall in quantities of any Product occurs.
For purposes of clarity, a Manufacturing Problem which shall give rise to the remedies set forth in this ARTICLE 5 includes, but is not
limited to, (i) receipt by Manufacturer of a warning letter from a Regulatory Authority or a FDA Form 483 affecting a Product, (ii) continuous
errors or inadequacies in batch processing or documentation as determined by MoonLake in its sole discretion, (iii) circumstances which
could in the reasonable opinion of MoonLake likely lead to a warning letter from a Regulatory Authority and (iv) delivery of one or more
Batches which do not meet quality standards for the Product as set forth under this Agreement, the Quality Agreement, cGMPs, the Specifications
or Applicable Laws.

 

    15

     

    

 

		5.8	Manufacturing Problem Remediation. In the event that MoonLake or the Manufacturer becomes aware
of a Manufacturing Problem, the knowledge Party shall give written notice to the other Party of such Manufacturing Problem (the “Manufacturing
Problem Notice”).

 

		(a)	In addition to the actions contemplated in the Quality Agreement, MoonLake
shall have the right to physically inspect such areas of the Manufacturing Sites that relate to the Manufacturing Problem and Manufacturer
shall provide MoonLake with reasonable access to all relevant equipment, process, records, appropriate quality system documents and personnel
(wherever located) of Manufacturer associated with the Manufacturing Problem.

 

		(b)	Within [***] of receipt of the Manufacturing Problem Notice, the Steering
Committee shall meet with a view to agreeing on remedial actions in good faith discussions.

 

		(c)	In the event that the Steering Committee cannot agree on remedial actions
for the Manufacturing Problem within [***] of receipt of the Manufacturing Problem Notice, each Party shall have the right to request
that an independent expert examines the root cause for the Manufacturing Problem and renders a respective expert opinion. As soon as possible,
the Parties shall agree on an appropriate independent expert to be engaged by MoonLake. 

 

		(d)	The fees of the independent expert shall be paid by the Party against whom
the independent expert’s decision is made.

 

		(e)	If the Parties or the independent expert (as the case may be) acknowledges
that the Manufacturing Problem cannot be cured within a period of [***] following the Manufacturing Problem Notice and results in a supply
shortage in the Territory, MoonLake shall have the right to initiate the technology transfer with regard to the Product(s) affected by
the Manufacturing Problem and this Agreement shall terminate upon successful completion of the technology transfer.

 

		(f)	Any and all reasonable costs in fulfilling the technology transfer contemplated
by this Section 5.8 shall be borne by Manufacturer except where Manufacturer can reasonably demonstrate that the Manufacturing Problem
is not due to its fault (e.g. unavailability of Materials or equipment). Nothing contained in this Section 5.8 shall limit any rights
or remedies that may be available to MoonLake on account of any failure of Manufacturer to supply the Product hereunder.

 

		5.9	Key Performance Indicators. The Parties agree to measure Manufacturer’s performance of its
Commercial Manufacturing Services through the establishment of Key Performance Indicators (“KPIs”). The KPIs will be
defined and discussed in good faith after the completion of the [***] on one of the [***] lines and will be integrated into this Agreement
by way of written amendment signed by both Parties. As long as Manufacturer only delivers up to [***] commercial Batches per year, Manufacturer
shall provide MoonLake with [***] reports out of its performance based on the KPIs. From [***] Batches per year, the reports should occur
[***]. The Parties may agree on additional KPIs by means of an amendment to this Agreement. The Parties shall agree upon the relative
importance of the KPIs by classifying each KPI with a designation of “[***]”, “[***]” or “[***]”.
The Parties shall agree in good faith by [***] of each [***], (beginning with the [***] of production of commercial batches), the performance
level objectives of Manufacturer for the following [***]. The performance level objectives shall be established for individual KPIs and
for overall performance and on the basis of actual, past performance, and shall be expressed in measurable values. In addition, minimum
acceptance levels shall be agreed upon for all critical KPIs and for overall performance. Manufacturer shall use all Commercially Reasonable
Efforts to ensure that its performance does not fall below these minimum acceptance levels. Notwithstanding Manufacturer’s use of
all Commercially Reasonable Efforts, if at any time Manufacturer’s overall performance or performance for critical KPIs falls below
the established minimum acceptance levels, Manufacturer shall promptly take corrective action to cure such under-performance.

 

    16

     

    

 

		5.10	Process Improvements and Sharing of Costs Efficiencies. Manufacturer shall monitor potential cost
and quality improvements, including by seeking productivity improvements, by minimizing waste and improving yields, by purchasing quality
materials at lower cost, by improving manufacturing processes, by streamlining organizational processes and by reducing cycle times and
lead times. [***] per [***] during the Term, the Parties shall meet to discuss potential improvements identified by Manufacturer. MoonLake
shall decide whether or not to implement at MoonLake’s costs necessary changes to achieve the potential improvements. The Parties
shall share [***] of any cost savings so achieved.

 

		5.11	Average Yield. After the Manufacture of the first [***] successful Manufacturing Runs for validation
and commercial purposes, the Parties shall calculate the average yield (“Average Yield”) of such [***] Manufacturing
Runs, disregarding [***]. As from the [***] Manufacturing Run, the price per Manufacturing Run set out in Section 6.2 below shall be adjusted
as follows: if the average yield of all Manufacturing Runs in a campaign is more than [***] higher or lower than the Average Yield, the
price for all Manufacturing Runs of such campaign shall be increased or reduced by applying a surcharge or discount, as the case may be,
of [***] the percentage points beyond such [***] range, e.g. if the average yield of all Manufacturing Runs of a campaign is [***] below
the Average Yield, a discount of [***] shall apply for Manufacturing Runs of such campaign. For the avoidance of doubt, in case the investigation
of the low yield shows a technical failure due to Manufacturer’s fault, then the price for all Manufacturing Runs of such campaign
will be reduced by the difference below the [***], i.e, if the average yield of all Manufacturing Runs of such campaign is [***] below
the Average Yield, a discount of [***] shall apply for all Manufacturing Runs of such campaign. Price [***] will be discussed and implemented
once sufficient data are available.

 

ARTICLE
6

PRICE

 

		6.1	Development Services. In consideration of the performance by Manufacturer of the Development Services,
MoonLake shall pay Manufacturer the amounts specified in Schedule 1.

 

		6.2	Commercial Manufacturing Services. In consideration of each Manufacutring Run MoonLake agrees to
pay to Manufacturer the following amounts:

 

		-	for each of the [***] Manufacturing Runs in a [***] (based on the agreed Delivery Date), the price as
set out in Schedule 1 (“Price 1”);

 

		-	for each of the [***] to [***] Manufacturing Run in a [***] (based on the agreed Delivery Date), the Price
1 less a discount of [***] (“Price 6”);

 

		-	for each of the following [***] to [***] Manufacturing Run in a [***] (based on the agreed Delivery Date),
the Price 6 less a discount of [***] (“Price 11”), and

 

		-	for each Manufacturing Run that is following the [***] Manufacturing Run in a [***] (based on the agreed
Delivery Date), the Price 11 less a discount of [***] (“Price 16”).

 

    17

     

    

 

All the above mentioned Prices include
production costs, Batch Documentation and IPC testings as well as any further services expressly mentioned in Schedule 1, if any.
Any additional analytical services, if any, are at additional costs as set out in this Agreement.For the avoidance of doubt, section 6.18
(indexation) shall apply also to the Prices as set out in Schedule 1.

 

		6.3	Milestone Payments. For Development Services, the consideration shall be paid as follows:

 

		-	[***] at the start of the work,

 

		-	[***] upon completion of the work;

 

		-	[***] upon completion of the reporting.

 

For Commercial Manufacturing
Services, the consideration shall be paid as follows:

 

		-	[***] at the start of the work,

 

		-	[***] at the start of the down-stream process;

 

		-	[***] upon final release and acceptance of the deliverables (batch/final report).

 

Payment term of 60
days after invoice date. Invoice date shall not be earlier than Purchase Order date.

 

		6.4	Raw Materials and Consumables. Costs of Materials and consumables to be used by the Manufacturer
in the performance of the Services are not included in the fees under Sections 6.1 and 6.2 and shall be passed on to MoonLake at cost
plus [***] handling fee. Costs of [***] shall be passed on to MoonLake at a cost plus [***]. MoonLake is aware that the consumption and
prices of Materials and consumables vary from Manufacturing Run to Manufacturing Run. If an increase of total costs of Materials or consumables
by more than [***] occurs, Manufacturer will give MoonLake sufficient and detailed information about the increase in costs for such Materials
or consumables to reasonably demonstrate that the increase of the costs is justified. Upon request of MoonLake, Manufacturer will share
the specific supplier invoices of such Materials or consumables.

 

		6.5	Packing and Qualification of Columns. Manufacturer shall be entitled to charge for the packing
and qualification of each column a lump-sum price according to Schedule 1. Costs for spare parts for the columns are not included
and shall be passed on to MoonLake at cost plus a [***] handling fee.

 

		6.6	Filling of Stability Samples. Manufacturer shall be entitled to invoice for the filling of stability
samples required for the performance and testing of stability studies the price according to Schedule 1. The costs for external
testing ([***]) and transport of analytical samples and stability samples are not included and shall be passed on to MoonLake at cost
plus [***] handling fee.

 

		6.7	Annual Product Review. Manufacturer shall be entitled to charge for the annual product review a
price according to Schedule 1.

 

		6.8	Project Management. Manufacturer shall be entitled to charge for overall project management services
a price according to Schedule 1.

 

    18

     

    

 

		6.9	Regulatory Support. Manufacturer shall be entitled to charge for regulatory support as set out
in Schedule 1.

 

		6.10	External Analytical Testing. Costs of external analytical testing for [***], [***] and [***] are
not included and shall be passed on to MoonLake at cost plus a [***] handling fee.

 

		6.11	Transport of the Samples. In the event Manufacturer organizes the transport of the samples to MoonLake
or any Third Party including Manufacturer’s subcontractors, transport costs shall be passed on to MoonLake at cost. Manufacturer
shall bear the risk of loss during the transport of samples to/from its subcontractors. MoonLake shall bear the risk of loss during any
other transport of samples starting from the moment Manufacturer hands over a sample to the courier service, including but not limited
to the transport from Manufacturer to MoonLake.

 

		6.12	Storage of Columns. Manufacturer shall be entitled to charge MoonLake for storage of columns that
are not used during [***] consecutive [***] according to Schedule 1.

 

		6.13	Potential Extra Costs. In addition to the above, Manufacturer shall be entitled to charge MoonLake
costs and expenses of (i) changes to documentation, e.g. due to a request of a Regulatory Authority, (ii) the potential requirement of
an [***] before production of the Drug Substance, (iii) reporting in the context of the continuous process verification (iv) concurrent
lifetime and hold time studies (reports) for [***] and [***], and (v) any stability study.

 

		6.14	Costs of Process-Dedicated Equipment. Where the performance of the Services requires Manufacturer
to purchase any process-dedicated equipment (such as [***]) and when MoonLake consents in writing to it in advance, such consent not to
unreasonably withheld, delayed or conditioned, Manufacturer shall be responsible for purchasing such process-dedicated equipment, for
the implementation of such process-dedicated equipment at its facilities as required for the purposes of the Services, and for qualifying
and maintaining such process-dedicated equipment. Manufacturer shall only purchase such process-dedicated equipment upon prior approval
by MoonLake, for which Manufacturer shall provide MoonLake with a quotation from its supplier. MoonLake shall be responsible for any delay
in the performance of the Services caused by a failure on the part of MoonLake to approve the purchase of such process-dedicated equipment
within a reasonable time from being requested to do so by Manufacturer. Manufacturer shall also include the costs of such process-dedicated
equipment as a separate item plus a [***] handling fee in its invoices for the Services. It is understood and agreed that, upon MoonLake
paying the invoice that itemizes such process-dedicated equipment, MoonLake shall become the owner of such process-dedicated equipment,
but shall allow Manufacturer to use such process-dedicated equipment for the purposes of the Services. Any process-dedicated equipment
shall be used only for the purposes of the Services, and shall promptly be returned to MoonLake upon termination of this Agreement for
any reason. Notwithstanding the above, Manufacturer has purchased the first set of [***] at its own expense. In the event MoonLake does
not order any commercial Batches under this Agreement, Manufacturer shall be entitled to invoice to MoonLake such first set of [***] at
[***].

 

		6.15	Storage. Manufacturer shall be entitled to charge MoonLake for the storage of Products in accordance
with the Storage Agreement, however, only after the first [***] of storage (“Free Storage Period”) of Products. The Free Storage
Period does not apply to commercial Batches.

 

		6.16	Travelling Costs. MoonLake shall reimburse travelling expenses as may be reasonably incurred by
Manufacturer in the course of the direct performance of the Services provided that (i) such expenses have been previously agreed upon
in writing by MoonLake; (ii) such expenses will be based on 2nd class/economy class travel for all travels within Europe, unless agreed
to otherwise in advance and in writing by MoonLake (with expenses for travel outside Europe to be agreed in advance and in writing); and
(iii) that the reimbursement requests are accompanied with appropriate supporting evidence of such expenses.

 

    19

     

    

 

		6.17	Agreed Hourly Rate. The initial Agreed Hourly Rate is described in Schedule 1.

 

		6.18	Indexation. Except for pass-through costs, all amounts payable to Manufacturer under this Agreement
as well as the Agreed Hourly Rate shall be revised upwards or downwards each year in accordance with the increase or decrease, as the
case may be, of the overall German consumer price index (Verbraucherpreisindex insgesamt) published by the German Federal Statistical
Office (Statistisches Bundesamt) on their official website (https://www.destatis.de) from January of the previous year to January
of the then current year (Veränderungsrate zum Vorjahresmonat in %) and invoices from Manufacturer to MoonLake from April
onwards shall take such increase or decrease into account, e.g. if such index increases by zero point nine percent (0.9%) between January
2022 and January 2023, all amounts payable to Manufacturer which are invoiced on or after 1 April 2023 shall also increase by zero point
nine percent (0.9%). However, the yearly increase or decrease cannot exceed [***]. Manufacturer shall not be entitled to delay an invoice
in order to charge the new increased amount instead of the applicable old amount. This clause shall apply for the first time as per [***],
taking into account change of the German consumer price index from [***] to [***] and thereafter on a yearly basis.

 

		6.19	Taxes. All payments under the Agreement are deemed exclusive of VAT or any other indirect taxes;
The invoicing Party shall, if required under applicable laws & regulations, add VAT or any other indirect taxes to the Price at the
prevailing rate under applicable laws & regulations; the invoicing Party shall also fulfill all material and formal conditions required
from the invoicing Party under applicable laws & regulations to ensure a refund of the VAT or any other indirect taxes charged to
the invoiced Party provided a refund is available to the invoiced Party under applicable laws & regulations.

 

		6.20	Tax Withholding. The amounts payable by one Party (the “Payer”) to another Party
(the “Payee”) pursuant to this Agreement (“Payments”) shall not be reduced on account of any Taxes
unless required by law. The Payee alone shall be responsible for paying any and all Taxes (other than withholding Taxes required to be
paid by the Payer) levied on account of, or measured in whole or in part by reference to, any Payments it receives. The Payer shall deduct
or withhold from the Payments any Taxes that it is required by law to deduct or withhold. Notwithstanding the foregoing, if the Payee
is entitled under any applicable Tax treaty to a reduction of rate of, or the elimination of, or recovery of, applicable withholding Tax,
it shall promptly deliver to the Payer or the appropriate Governmental Authority (with the assistance of the Payer to the extent that
this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding
or to relieve the Payer of its obligation to withhold Tax, and the Payer shall apply the reduced rate of withholding, or dispense with
the withholding, as the case may be. If, in accordance with the foregoing, the Payer withholds any amount, it shall make timely payment
to the proper Governmental Authority of the withheld amount, and send to the Payee reasonable proof of such payment within sixty (60)
days following that payment. If Taxes are paid to a tax authority, each Party will provide the other such assistance as is reasonably
required to obtain a refund of Taxes withheld, or obtain a credit with respect to Taxes paid.

 

    20

     

    

 

ARTICLE
7

INVOICES AND PAYMENT

 

		7.1	Invoices. Manufacturer shall invoice MoonLake in accordance with ARTICLE 6. Each invoice shall
specify the Price in respect of the Products delivered, the quantity of Batches of the Products delivered and the amount of sales, use,
value added, excise or equivalent indirect tax due in respect of the Products delivered and the Purchase Order reference number. Manufacturer’s
invoices shall comply with all Applicable Laws.

 

		7.2	Payment of Invoices. MoonLake shall pay the invoices issued by Manufacturer in Euro within [***]
from the date of receipt of the invoice by electronic transfer to the account nominated in writing by Manufacturer, except in case of
any Product rejected in accordance with ARTICLE 9. In case of rejection, the term of payment will start once the delivery is accepted
by MoonLake. In case Manufacturer will store Product free of charge at MoonLake’s demand at Manufacturer’s premises, payment
process will be triggered at reception of the Batch Documentation.

 

ARTICLE
8

QUALITY ASSURANCE

 

		8.1	Validation Studies. Manufacturer shall perform validation studies as agreed between the Parties
in writing, or to the extent required by the Specifications, cGMP or Applicable Laws to manufacture the Products at the Manufacturing
Site at [***].

 

		8.2	Analytical Reference Standards. MoonLake shall provide, without charge to Manufacturer, analytical
reference standards for the Products. The reference standards shall be provided in quantities reasonably required for Manufacturer to
perform its obligations relating to the manufacture, stability testing or any other testing of the Products under this Agreement.

 

		8.3	Technical and Quality Matters. The respective responsibilities of each Party in relation to technical
and quality matters connected to the performance of the Services are further set out in the Quality Agreement.

 

		8.4	Release Testing. Prior to release of the Products to finished goods inventory, Manufacturer shall
test the Products in accordance with the testing procedures for bioburden (external lab), content by [***] described in the Specifications.
All other release testing procedures will be performed by MoonLake.

 

		8.5	Man-in-Plant. Manufacturer agrees that, at MoonLake’s option, MoonLake representatives may
be present at the Manufacturing Site (including adequate temporary desk space and other reasonable resources available to these representatives
during the periods they are at the Manufacturing Site) during the performance of certain Services and manufacturing of Product(s) for
the purposes of inspecting the manufacturing of the Product(s) and all associated records in connection therewith. Any MoonLake employees
who are present at the Manufacturing Site shall comply with Manufacturer’s site regulations and rules. The MoonLake representative,
if present, does not have responsibility for the supervision of Manufacturer’s personnel or the manufacturing of the Product(s).
However, if at any time the MoonLake representative thinks that Manufacturer is operating in a manner not compliant with the know-how
or which could adversely affect the manufacturing of Product(s), he/she may recommend that Manufacturer cease operations until such condition
is remedied.

 

    21

     

    

 

ARTICLE
9

DEFECTIVE PRODUCTS AND DEFECTIVE SERVICES

 

		9.1	Warranty. Subject to Section 18.3, Manufacturer warrants to MoonLake that at the time of delivery
of any Batch of the Product: (i) as far as Services performed by Manufacturer, its Affiliates and/or subcontractors are concerned, the
Batch will have been manufactured in accordance with the relevant conditions applicable hereunder as specified in the relevant Work Order
or Purchase Order; (ii) each Batch will only be released by Manufacturer if it has passed the Quality Control Procedure conducted by Manufacturer
and MoonLake whereby Manufacturer may, in the process of its Quality Control Procedure, unconditionally rely on all data provided by MoonLake;
(iii) as far as Services performed by Manufacturer, its Affiliates and/or subcontractors are concerned the Batch will be manufactured
using and in accordance with the Manufacturing Process and in accordance with cGMP, the Services Related Requirements of the Specifications,
the provisions of the Quality Agreement and Applicable Laws. Further, Manufacturer warrants and represents to MoonLake (i) that, during
the term of this Agreement, Manufacturer will have obtained and maintained such approvals and licenses as may be required under applicable
laws, rules, regulations and requirements to operate its manufacturing facilities for the purposes contemplated by this Agreement, and
(ii) as far as Services performed by Manufacturer, its Affiliates and/or subcontractors are concerned that Batch Documentation shall be
generated and stored in accordance with cGMP, the Services Related Requirements of the Specifications, the provisions of the Quality Agreement
and Applicable Laws.

 

		9.2	Non-conforming Batch. Where Manufacturer or MoonLake, through own sample analysis before delivery
of a Batch, finds that any Batch fails or will fail to comply with any Product Related Requirements of the Specifications, including but
not limited to the release specifications (i) Manufacturer or MoonLake, as the case may be, shall notify the other Party thereof within
[***], (ii) Manufacturer shall not deliver the Batch, (iii) Manufacturer shall, upon request by MoonLake in case Manufacturer had not
already provided samples, promptly provide MoonLake with samples of the Batch in order to allow MoonLake to perform its own analysis of
the failed Batch; (iv) at the latest within [***] of the first notification, Manufacturer shall provide MoonLake with a written report
summarizing results of Manufacturer’s investigation of the cause of such failure, and (v) the Parties shall thereafter discuss in
good faith said failure and consider which optimization or correction shall be implemented by Manufacturer in order to perform another
Batch, which additional Manufacturing Run, if mutually decided, shall be subject to the execution of a written amendment to the respective
Work Order or Purchase Order which shall set forth the new terms and conditions or such additional Manufacturing Run. In case the non-compliance
of said Product is determined to have arisen from Manufacturer’s breach of the warranties set out in Section 9.1, Sections from
9.6 to 9.9 shall apply. In case the non-compliance of said Product is determined not to have arisen from Manufacturer’s breach of
the warranties set out in Section 9.1, MoonLake may request Manufacturer to perform, at MoonLake’s sole cost, an additional Manufacturing
Run and produce a new cGMP Batch replacing the rejected cGMP Batch as soon as reasonably possible. Notwithstanding the foregoing, MoonLake
shall have the unfettered right to discretionary decide not to perform an additional production Service. For clarity: MoonLake shall pay
Manufacturer the applicable Price for a Manufacturing Run despite the fact that a non-conforming Product was generated unless such non-compliance
was caused by Manufacturer’s breach of the warranties set out in Section 9.1 and rejected by MoonLake in accordance with Section
9.6. In case the non-compliance of said Product is determined to have arisen from Manufacturer’s failure to perform the Services
in accordance with the warranties set out in Section 9.1, Section 9.6 shall apply. In case the reason for the non-compliance cannot be
determined, MoonLake shall pay Manufacturer [***] of the applicable Price for the respective Manufacturing Run.

 

    22

     

    

 

		9.3	Acceptance, Rejection of Product. MoonLake will notify Manufacturer in writing of its acceptance
or rejection of any shipment of Product hereunder within [***] of the [***] receipt of any [***], including but not limited to the [***],
and within [***] of the [***] receipt of [***] to MoonLake or to the third party designated by MoonLake or, in the case of any defects
not reasonably susceptible to discovery upon receipt, within [***] after discovery by MoonLake or third party designated by MoonLake.
For clarity: the aforementioned notice periods shall in any case not start during storage of the containers containing the Product at
Manufacturer as the containers containing the Product need to be physically received by MoonLake or a third party designated by MoonLake.
MoonLake has no obligation to accept such Products if they do not comply with any warranty set out in Section 9.1. In the absence of any
such written notification of MoonLake to Manufacturer within the applicable time period set out above, containing in reasonable detail
the reasons of the non-conformance, the applicable Product shall be deemed to comply with and accepted by MoonLake (“Acceptance”).
Upon receipt of a Product, MoonLake shall retain full control and title to the relevant Product and shall transport and store (or shall
ensure that the third party designated by MoonLake shall transport and store) such Product under appropriate and controlled conditions
compliant with cGMP requirements. Any other use or processing of such Product by or on behalf of MoonLake [***] shall be at the sole risk,
responsibility and expense of MoonLake and shall constitute an unconditional Acceptance of such Product. This Section 9.3 shall apply
to both (i) the shipment of the Batch Documentation to MoonLake as well as (ii) the shipment of the Product itself. In the former event,
the Acceptance relates to the Batch Documentation, i.e. the compliance of the Product with any warranty as set out in Section 9.1, while
in the latter event the Acceptance relates to the primary packaging of the Product.

 

		9.4	Resolution of Dispute as to Whether a Product is Non-Conforming. The Parties shall cooperate in
good faith to determine whether a rejection of Product is appropriate. If the Parties disagree, a sample of the rejected Product and a
sample retained by Manufacturer shall be exchanged between MoonLake (or a third party designated by MoonLake reasonably acceptable to
Manufacturer) and Manufacturer for a counter-check. If such counter-check does not resolve the dispute, a sample of the rejected Product
and a sample retained by Manufacturer shall be submitted to an independent, qualified Independent Expert that is mutually acceptable and
selected by Manufacturer and MoonLake promptly in good faith. Such Independent Expert shall determine whether the rejected deliverable
met the warranties set out in Section 9.1 at the time of delivery by Manufacturer to MoonLake or to the third party designated by MoonLake,
as applicable and such Independent Expert’s determinations shall be final, binding upon the Parties and determinative for purposes
of this Agreement. The Party against whom the Independent Expert rules, shall bear all costs of the Independent Expert.

 

		9.5	Conforming Product. If the Parties have agreed, or if the Independent Expert determines that the
Product was conforming in all respect with the warranties set out in Section 9.1 at the time of delivery by Manufacturer then such Product
shall be deemed to have been accepted by MoonLake, and MoonLake shall make the final payment therefor in accordance with ARTICLE 6 .

 

		9.6	Non-Conforming Product. If the Parties have agreed or if the Independent Expert determines that
the Product was not conforming to the warranties set out in Section 9.1 at the time of delivery by Manufacturer then such Product shall
be deemed to have been rejected by MoonLake, and Manufacturer shall refund to MoonLake all payments made by MoonLake therefore in accordance
with ARTICLE 6 .

 

    23

     

    

 

		9.7	Responsibility of Manufacturer. For the avoidance of doubt, Manufacturer shall not be responsible
for (and MoonLake shall pay the Price for such Manufacturing Run in full) if the reason for the non-compliance of the Product is for any
other reason but for a breach of the warranties set out in Section 9.1, such other reason being for example [***]. Accordingly, Manufacturer
shall also not be responsible for any delay or non-performance of Services of Manufacturer caused by reasons outside of Manufacturer’s
responsibility (e.g. [***]), if Manufacturer took all reasonable actions to prevent such delay or non-performance of the Services.

 

		9.8	Sole Remedy. It is specifically agreed that, in addition and without prejudice to what is set out
in Sections 5.6, 18.1 and ARTICLE 19, the actions described in this ARTICLE 9 shall be the sole remedy of MoonLake in the event any Product
supplied by Manufacturer in the context of Commercial Manufacturing Services fails to conform to the warranties set out in Section 9.1.
The limitation of remedies set out herein shall not apply in case of failure by the Manufacturer to perform its obligations hereunder
due to the Manufacturer’s wilfull misconduct or gross negligence unless (i.e. the limitation shall apply) Manufacturer’s gross
negligence in the performance of its obligations hereunder has resulted into a Defect in a Batch ordered by MoonLake and Manufacturer,
at MoonLake’s request, offers and succesfully performs at its own costs a new Manufacturing Run under the terms and conditions of
Section 9.9.

 

		9.9	Defective Services. In the event that Manufacturer is not properly performing Development Services
pursuant to this Agreement, except where Manufacturer can reasonably demonstrate that such malperformance is not due to its fault (e.g.
[***]), Manufacturer shall, at MoonLake’s option, either re-perform as set out below at its own costs the defective Development
Services in accordance with the Specifications and this Agreement or refund to MoonLake the price and/or any advance payments paid for
such defective Development Services. For the avoidance of doubt, in the event that MoonLake opts for the re-performance of defective Development
Services consisting in the re-performance of Manufacturing Runs, Manufacturer shall use its best efforts to schedule the start of such
new Manufacturing Runs as early as possible and anyway not later than a maximum of [***] from MoonLake’s request for the reperformance
of the defective Development Service or, as the case may be, not later than a maximum of [***] after the root cause identification of
the Defect affecting the Batch to be replaced. In order to secure a quicker slot, MoonLake shall also have the option to reserve one or
several back-up Manufacturing Runs by issuing one or more Work Orders at least [***] prior the Delivery Date. In case such back-up Manufacturing
Run(s) is/are needed due to a failure by the Manufacturer to perform its obligations hereunder, no cost will be charged by the Manufacturer
to MoonLake for such back-up Manufacturing Run(s). If the ordered back-up Manufacturing Run(s) is/are not needed and the relevant Work
Order is cancelled by MoonLake, MoonLake shall pay in derogation of Section 4.8 a lump-sum of [***] as cancellation fee independently
of the time when the cancellation of the Work Order occurred unless the reallocation of such back-up Manufacturing Run(s) is possible
under Section 4.9 excluding MoonLake’s obligation to pay a cancellation fee. In addition and without prejudice to what is set out
in Sections 5.6, 18.1 (for the case of death and bodily injuries) and ARTICLE 19, the remedies set out in this Section 9.9 shall be MoonLake’s
sole and exclusive remedies under this Agreement with respect to any defective Development Services and any delay caused by defective
Development Services. The limitation of remedies set out herein shall not apply in case of failure by the Manufacturer to perform a Development
Service due to the Manufacturer’s wilfull misconduct or gross negligence unless (i.e. the limitation shall apply) Manufacturer’s
gross negligence in the performance of its obligations hereunder has resulted into a Defect in a Batch ordered by MoonLake and Manufacturer,
at MoonLake’s request, offers and successfully performs at its own costs a new Manufacturing Run under the terms and conditions
of this Section 9.9.

 

    24

     

    

 

ARTICLE
10

PRODUCT LICENSES

 

MoonLake shall, at its expense,
obtain and maintain all necessary Product Licenses. MoonLake shall be responsible for responding to all requests for information related
to such Product Licenses made by, and for making all legally required filings relating to such Product Licenses with, any Regulatory Authority
having jurisdiction to make such requests or require such filings. If any Product License held by MoonLake relating directly to the Products
is hereafter suspended or revoked, MoonLake shall promptly notify Manufacturer of the event and shall promptly inform Manufacturer of
the impact on MoonLake’s purchases of the affected Products and MoonLake’s general intentions with respect to the affected
Product.

 

ARTICLE
11

TRIAL AUTHORIZATION

 

MoonLake or a MoonLake’s
designated third party shall, at its expense, obtain and maintain all necessary Trial Authorizations. MoonLake or a MoonLake’s designated
third party shall be responsible for responding to all requests for information related to such Trial Authorizations made by, and for
making all legally required filings relating to such Trial Authorizations with, any Regulatory Authority having jurisdiction to make such
requests or require such filings. If any Trial Authorization held by MoonLake or a MoonLake’s designated third party relating directly
to the Products is hereafter suspended or revoked, MoonLake shall promptly notify Manufacturer of the event and shall promptly inform
Manufacturer of the impact on MoonLake’s purchases of the Product and MoonLake’s general intentions with respect to the Trial.

 

ARTICLE
12

CHANGES TO PRODUCT SPECIFICATIONS

 

		12.1	Changes Requested by Manufacturer. Notwithstanding anything herein to the contrary, Manufacturer
shall not amend, change or supplement any of the following except in accordance with the change control provisions set forth in the Quality
Agreement: (a) the Specifications, (b) the Materials, (c) the source of Materials, (d) the specifications for Materials, (e) the Manufacturing
Site or the equipment used in manufacturing the Product, (f) the test methods used to test the Products or Materials, or (g) the process
for manufacturing the Products (each of the foregoing a “Technical Change”).

 

		12.2	Changes Requested by MoonLake. MoonLake may request a Technical Change by written notice to Manufacturer,
and except as prohibited by Applicable Law, Manufacturer shall use Commercially Reasonable Efforts to implement such change within a reasonable
period of time.

 

		12.3	Required Manufacturing Changes. Each Party shall notify the other Party of any Technical Change
which is required by cGMPs or Applicable Laws (a “Required Manufacturing Change”). Manufacturer shall use Commercially
Reasonable Efforts to implement Required Manufacturing Changes within a reasonable period of time.

 

		12.4	Cost of Technical Changes All reasonable out-of-pocket costs associated with Required Manufacturing
Changes that relate to the Product or to the performance of any Services (including the cost of any Regulatory Authority filings and any
write offs and other similar costs due to such changes associated with obsolete Materials, work-in-process and finished Product inventories,
and printed materials, including packaging and labelling materials) shall be borne by MoonLake, except with respect to Materials purchased
by Manufacturer in excess of the amounts needed to fulfil Manufacturing Runs set out in the Firm Zone, unless otherwise procured by Manufacturer
in advance with MoonLake’s consent (provided that Manufacturer will use Commercially Reasonable Efforts to minimize the costs associated
therewith).

 

    25

     

    

 

		12.5	Technical Change Implementation. All Technical Changes (including Required Manufacturing Changes)
shall be implemented in accordance with Applicable Laws, cGMP and the Quality Agreement. Prior to implementation of any Technical Change,
the Parties shall ensure that any implications on the quality of the Products have been considered and recorded, and the change is approved
by the relevant Regulatory Authorities. Manufacturer shall provide MoonLake with technical assistance at the Agreed Hourly Rate, including
through the provision of supporting documentation in order to permit MoonLake to amend and file any relevant document required to be filed
with a Regulatory Authority.

 

ARTICLE
13

QUALITY & REGULATORY COMPLIANCE

 

		13.1	Maintenance of Permits. Manufacturer shall maintain all Manufacturing Licenses and other regulatory
and governmental permits, licenses and approvals that may be necessary to Manufacture Product.

 

		13.2	Notification of Adverse Manufacturing Activities. Manufacturer shall advise MoonLake of any information
arising out of its Services that has adverse regulatory compliance and/or reporting consequences concerning the Product.

 

		13.3	Activities at the Manufacturing Site and Machinery Used to Manufacture Products. Manufacturer shall
not carry out any other activities at the Manufacturing Site that may prejudice the quality, safety or efficacy of the Products.

 

		13.4	Storage. Manufacturer shall at all times store and warehouse all Materials and Products in premises
that are secure, clean, compliant with the Specifications, Manufacturing Licenses and the Quality Agreement and otherwise reasonably acceptable
to MoonLake and shall be physically separated from all other materials and products in Manufacturer’s possession. Manufacturer shall
be responsible for the safe storage and handling of the Products until delivery to MoonLake in accordance with the Delivery Terms. The
Manufacturer shall keep records of the storage conditions in relation to each Batch of Products in accordance with the requirements set
forth in the Quality Agreement. Manufacturer agrees to disclose to MoonLake from time to time or upon MoonLake’s request, subject
to Manufacturer’s confidentiality obligations to its other customers, the nature of any relevant products manufactured or packaged
by Manufacturer for itself or third parties which use the same machinery as that used by Manufacturer for the Manufacture of Products
under this Agreement or that are stored in the same location where the Products or Materials are stored in order that Manufacturer and
MoonLake may identify any potential effects on quality, safety or efficacy of the Products which may result. The further details of Manufacturer’s
storage of Materials and Products shall be set out in a separate storage agreement (“Storage
Agreement”). In case of inconsistency of the terms of the Storage Agreement and the terms of this Agreement, the
terms of the Storage Agreement shall prevail except for this Section 13.4 which shall prevail over the Storage Agreement.

 

    26

     

    

 

		13.5	Requests from and Inspections by Regulatory Authorities. Provisions covering correspondence, interaction
with and provision of information to Regulatory Authorities, including inspections, are set forth in the Quality Agreement.

 

		13.6	Audits by MoonLake. Representatives of MoonLake may, upon reasonable notice, at times reasonably
acceptable to Manufacturer and in accordance with the further terms and conditions agreed in the Quality Agreement, (i) visit, inspect
and audit the Manufacturer ́s facilities where the Services are being performed, and (ii) consult informally, during such visits
and by telephone, with personnel of Manufacturer performing work on the Services; provided, however, that Manufacturer shall accompany
each on MoonLake’s initial visit to Manufacturer’s facilities. Any such visits will be coordinated with a representative of
Manufacturer to be designated in writing following execution of this Agreement.

 

In addition, MoonLake shall also be
entitled, upon prior written notice to Manufacturer, to conduct audits “for cause” which shall include, without limitation,
manufacturing or facility issues affecting the Manufacture of the Product or quality of the Product (including cGMP), at times reasonable
acceptable to Manufacturer, but in any case no later than [***] from receipt by Manufacturer of said prior written notice. MoonLake shall
not be charged by Manufacturer for any audit made “for cause”.

 

Any information and data disclosed
to MoonLake pursuant to this Section 13.6 shall be deemed Confidential Information subject to the obligations of confidentiality and non-use
as provided in ARTICLE 16.

 

		13.7	Audit and Inspection Fees. Manufacturer shall be entitled to charge for the costs of audit and
inspections at the agreed hourly rate except for [***]audit every [***] which shall be [***]. In addition, Manufacturer shall not be entitled
to charge any amounts to MoonLake where an audit or inspection is “for cause”.

 

		13.8	Handling of Materials; Wastes. Manufacturer shall inform its employees, contractors and other personnel
of any known or reasonably ascertainable chemical hazards associated with the Products or any wastes (including, Hazardous Materials)
generated through performance of the Services, and to provide such persons with reasonable training in the proper methods of handling
and disposing of such items. In addition, Manufacturer shall handle, accumulate, label, package, ship and dispose of all wastes (including,
Hazardous Materials) generated through performance of the Services in accordance with all Applicable Laws.

 

		13.9	Documentation for Regulatory Authority Requirements. Manufacturer shall maintain in accordance
with and for the period specified in the Quality Agreement (unless cGMP or Applicable Laws require a longer period), complete and accurate
records relating to the manufacture of Products and to the performance of Services as it may be required to hold under such Applicable
Law. Manufacturer shall provide MoonLake with such documentation promptly upon MoonLake’s request.

 

		13.10	Assistance with Regulatory Filing. Manufacturer shall prepare and provide to MoonLake, at no additional
cost (unless otherwise agreed to in writing by the Parties), the reports agreed and described in Schedule 1 supporting manufacturing
operations for the Products for MoonLake’s use in updating the [***] of the applicable IND/CTA and/or NDA/BLA. The above-mentioned
reports might be used as is in regulatory submission or in the framework of response to questions. Assistance to provide response to questions
received from authorities should be provided within the due evaluation timelines as appropriate and at MoonLake’s expense as described
in Schedule 1, except in case of deficiency of Manufacturer’s Services in which case MoonLake shall not pay for such Services.
Manufacturer shall provide at the Agreed Hourly Rate mentioned in Section 6.17 further regulatory assistance as may reasonably be required
by MoonLake.

 

    27

     

    

 

		13.11	Debarment and Exclusion. Manufacturer represents and warrants that neither it, its subcontractors,
nor any individual, corporation, partnership or association engaged in connection with the performance of services under this Agreement,
has ever been, are currently, nor during the performance of any services hereunder, shall become:

 

		(i)	disqualified or debarred by the FDA or other competent Regulatory Authorities for any purpose pursuant
to Applicable Laws (including but not limited to United States law, including but not limited to the statutory debarment provisions at
21 U.S.C. § 335a(a) or (b));

 

		(ii)	charged or convicted for conduct relating to the development or approval of, or otherwise relating to
the regulation of, any drug product under any Applicable Laws; or

 

		(iii)	excluded or threatened with exclusion under state or federal laws, including under 42 U.S.C. § 1320a-7
or relevant regulations in 42 C.F.R. Part 1001, or assessed or threatened with assessment of civil money penalties pursuant to 42 U.S.C.
Part 1003.

 

Manufacturer agrees to notify MoonLake
immediately, in the event that Manufacturer or any of its officers, directors, employees, agents, or parties under contract to perform
and work under this Agreement (i) becomes debarred, excluded or convicted, or (ii) receives notice of action with respect to its debarment,
exclusion or conviction during the Term. Manufacturer hereby certifies that it has not utilized, and shall not utilize, in any capacity
the services of any individual, corporation, partnership or association in the performance of work for MoonLake under this Agreement that
has been (X) debarred, or to its knowledge has received notice of action with respect to debarment, under the Generic Drug Enforcement
Act of 1992, 21 United States Code §335a(a) and (b), as amended or any foreign equivalent thereof , (Y) excluded pursuant to 42 U.S.C.
§ 1320a-7 or relevant regulations in 42 C.F.R. Part 1001 or to its knowledge has received notice of exclusion or any foreign equivalent
thereof or (Z) otherwise convicted pursuant to (ii) above, or to its knowledge has received notice of conviction or any foreign equivalent
thereof . In the event that Manufacturer receives any notice of actions set forth in this Section 13.11 (with regard to Manufacturer only
but not including an individual employee, officer, director, agent or subcontractor), without limiting any other rights or remedies of
MoonLake, MoonLake shall have the right to terminate this Agreement immediately pursuant to the provisions of this Agreement. Any termination
by MoonLake pursuant to this Section 13.11 shall be deemed to be a termination by MoonLake for material breach of this Agreement by Manufacturer
pursuant to Section 19.7.

 

		13.12	Compliance with REACH. MoonLake Manufacturer shall ensure compliance with the Registration requirements
stipulated in Regulation (EC) No. 1907/2006 (“REACH”) with respect to Products manufactured and Raw Materials required
by Manufacturer. MoonLake shall, at its expense, be responsible for responding to regulatory developments with impact on the manufacturing
process, such as the inclusion of Raw Materials in Annex XIV to the Reach regulation (“Authorization”), and to decide on the
approach chosen, such as technical changes to substitute substances of concern, or regulatory action to satisfy the requirements.

 

    28

     

    

 

ARTICLE
14

OPERATIONAL MANAGEMENT; STEERING COMMITTEE

 

		14.1	During the Term, the operational management of the relationship between the Parties shall lie with the
Steering Committee established by the Parties in accordance with this ARTICLE 14.

 

		14.2	The Steering Committee shall be composed of [***] representatives of each Party but of at least one member
of the management of each Party and one additional representative of each Party. It shall have the general responsibility for the implementation
of the Clinical and Commercial Supply Agreement. The Steering Committee’s resolutions shall be adopted unanimously, with an escalation
to the Parties’ senior management in the event of a blockage or tie.

 

		14.3	The tasks of the Steering Committee shall include, without limitation:

 

		(a)	periodically review the KPIs outlined in Schedule 3, and update such KPIs as may be required;

 

		(b)	consider and, when appropriate, approve amendments to the Material Specifications; 

 

		(c)	periodically review the level of the Manufacturer’s Safety Stocks and adjust their level as deemed necessary,
as contemplated in Section2.11;

 

		(d)	work on a mutually acceptable resolution to minimize the consequences of a late delivery, as contemplated
in Section 5.6; and

 

		(e)	agree on remedial actions to address Manufacturing Problems, as contemplated in Section 5.8.

 

		14.4	The Steering Committee shall pass its resolutions:

 

		(a)	in meetings on the occasion of which all members are present (either in person or through voice or video
conferencing systems); or

 

		(b)	by written consent to a proposal submitted by one of their members. 

 

ARTICLE
15

PRODUCT COMPLAINTS AND ADVERSE EVENTS

 

		15.1	Product Complaints, Adverse Events and Product Events. Provisions covering complaints or Adverse
Events are set forth in the Quality Agreement. Provisions covering voluntary and involuntary recalls, product withdrawals, field corrections,
field alerts, or other related actions (“Product Event”) of Finished Medicinal Products are set forth in the Quality
Agreement.

 

		15.2	Expenses Resulting from a Product Event. In the event that a Regulatory Authority requires, or
MoonLake decides to, initiate a Product Event with respect to a Finished Medicinal Product using Product manufactured by Manufacturer
under this Agreement, MoonLake shall promptly notify Manufacturer. Manufacturer shall fully cooperate with MoonLake in implementing the
foregoing as MoonLake or the Regulatory Authority may require. If the Product Event is due to a breach of this Agreement by Manufacturer
or Manufacturer’s negligence or wilful misconduct, Manufacturer shall replace all Products used for manufacturing recalled Finished
Medicinal Products, at Manufacturer’s cost.

 

    29

     

    

 

ARTICLE
16

CONFIDENTIALITY AND DATA PROTECTION

 

		16.1	Non-Use, Non-Disclosure. Manufacturer shall use the Confidential Information only for the purpose
of providing Development and Commercial Manufacturing Services hereunder. Except as otherwise provided for herein, Manufacturer shall
not, at any time (whether during this Agreement or after its termination) use, for Manufacturer’s own or any Third Party’s
benefit or purposes or disclose, publish or make available all or any portion of the Confidential Information to any other Third Party,
without the prior written consent of MoonLake. MoonLake Background IP and MoonLake Arising IP shall be considered the Confidential Information
of MoonLake. In addition, Confidential Information disclosed by Merck to Manufacturer under or in relation to this Agreement, or the clinical
and commercial manufacturing agreement for the Anti IL-17 A/F Nanobody® between Manufacturer and Merck, dated October 15th,
2018 (including its 4 Amendments) shall be deemed to have been disclosed by MoonLake to Manufacturer.

 

		16.2	Standard of Care. Manufacturer shall maintain and protect the confidentiality of Confidential Information
and shall use at least the same degree of care to safeguard and to prevent disclosing of Confidential Information as it employs to avoid
unauthorized disclosure, publication, dissemination, destruction, loss, or alteration of its own confidential information (or information
of its customers of a similar nature), but at all times shall use at least reasonable care. Manufacturer shall implement and maintain
appropriate security measures to prevent unauthorized access to, or disclosure of Confidential Information. Manufacturer personnel and
approved subcontractors shall have access to Confidential Information only to the extent necessary for such person to perform his or her
obligations under or with respect to this Agreement or as otherwise naturally occurs in such person’s scope of responsibility, provided
that such access is not in violation of Applicable Law.

 

		16.3	Required Disclosures. The obligations of confidentiality, non-disclosure and non-use hereunder
shall continue until the relevant Confidential Information falls within the exceptions provided for in Section 16.4 hereof. Notwithstanding
the foregoing, Manufacturer shall be entitled to disclose the Confidential Information to the extent required by Applicable Law or court
order on the condition that Manufacturer provides MoonLake with written notice that the Confidential Information is required to be disclosed
sufficiently in advance of the disclosure so as to provide MoonLake with reasonable opportunity to seek to prevent the disclosure of or
to obtain a protective order for the Confidential Information; and provided further that Manufacturer shall reasonably assist MoonLake
in obtaining a protective order, shall make any required disclosures in consultation with MoonLake and shall clarify the confidential
nature of the disclosed Confidential Information.

 

		16.4	Exclusions to Confidentiality. Manufacturer shall not have any obligation hereunder with respect
to any Confidential Information if such Confidential Information (a) is, at the time of disclosure or becomes after disclosure, general
or public knowledge through no breach of the Agreement by Manufacturer; (b) was, at the time of disclosure by MoonLake, already known
by Manufacturer, as established by written record; or (c) is received by Manufacturer from a Third Party having the right to disclose
same and who is not bound by a confidentiality agreement in favour of MoonLake or its Affiliates.

 

    30

     

    

 

		16.5	Notification. In the event Manufacturer becomes aware or has knowledge of any unauthorized use
or disclosure of Confidential Information under Manufacturer’s control, Manufacturer shall promptly notify MoonLake of such unauthorized
use or disclosure and, thereafter, shall take all reasonable steps to assist MoonLake in attempting to minimize any potential or actual
damages or losses resulting from such unauthorized use or disclosure.

 

		16.6	Return. Upon receipt of a written request from MoonLake, or upon termination of this Agreement,
Manufacturer shall promptly return to MoonLake all Confidential Information, including all reproductions and copies thereof together with
all internal material and documents generated by Manufacturer containing Confidential Information or references thereto and Manufacturer
shall delete all such Confidential Information and references thereto stored electronically. Notwithstanding the above, Manufacturer may
retain a single copy of any Confidential Information as is reasonably necessary for regulatory or insurance purposes, subject to Manufacturer’s
obligations of confidentiality under this Agreement.

 

		16.7	Public Announcements. Neither Party shall make any press nor other public announcement concerning
any aspect of this Agreement, unless the text of such announcement is first approved in writing by the Parties to this Agreement. Provisions
covering inspections and audits of Manufacturer, including with respect to the Manufacturing Site, whether by MoonLake or a Regulatory
Authority, are set forth in the Quality Agreement.

 

		16.8	Manufacturer Confidential Information. MoonLake acknowledges it may receive confidential and proprietary
information from Manufacturer including but not limited regarding its methodology, testing processes, packaging and manufacturing techniques,
data collection and/or data management techniques, commercial information, prices and contractual terms (“Manufacturer Confidential
Information”). MoonLake shall treat any Manufacturer Confidential Information in the same confidential manner as Manufacturer
is obliged to treat Confidential Information as set forth in this Agreement, except that MoonLake may disclose such information as is
requested by Regulatory Authorities or as is necessary to be included in regulatory filings or Product Licenses (e.g. Drug Master Files).

 

		16.9	Data Processing. The Parties shall process personal data strictly in accordance with Applicable
Laws and any laws, regulations and alike that are applicable.

 

		16.10	Audit And Inspection Rights.  Additional provisions covering inspections and audits of Manufacturer,
including with respect to the Manufacturing Site, whether by MoonLake or a Regulatory Authority, are set forth in the Quality Agreement.

 

ARTICLE
17

WARRANTIES

 

		17.1	Mutual Representations and Warranties. MoonLake and Manufacturer each represent and warrant to
the other that:

 

		(a)	Organization and Authority. It has full corporate right, power and
authority to enter into this Agreement and to perform its respective obligations under this Agreement;

 

		(b)	No Conflicts or Violations. The execution and delivery of this Agreement
by such Party and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of Applicable
Laws existing as of the Effective Date and applicable to such Party and (b) do not conflict with, violate, breach or constitute a default
under, and are not prohibited or materially restricted by, any contractual obligations of such Party or any of its Affiliates existing
as of the Effective Date; and

 

    31

     

    

 

		(c)	Valid Execution. Such Party is duly authorized, by all requisite
corporate action, to execute and deliver this Agreement and the execution, delivery and performance of this Agreement by such Party does
not require any shareholder action or approval or the approval or consent of any Third Party, and the person executing this Agreement
on behalf of such Party is duly authorized to do so by all requisite corporate action.

 

		17.2	Manufacturer Representations and Warranties for Manufacturing the Products. In addition to the
warranty pursuant to Section 9.1, Manufacturer represents and warrants to MoonLake that:

 

		(a)	Good Title, No Encumbrances. It will convey good title to the Products
supplied under this Agreement, free from any lawful security, interest, lien or encumbrances;

 

		(b)	Right to Manufacturer Background IP. It has the title and/or right
to any and all Manufacturer Background IP used to Manufacture the Products in accordance with this Agreement; and the Manufacture of the
Products by Manufacturer or its Affiliates or by MoonLake or its Affiliates will not infringe the Intellectual Property or any other rights
of any Third Party; 

 

		(c)	Compliance Obligations. Moonlake intends to conduct its business
in accordance with appropriate and reasonable environmental, labor and social standards as well as any such standards of Moonlake, if
any. Manufacturer shall also comply, and shall ensure that its subcontractors also comply, with appropriate and reasonable environmental,
labor and social standards and the principles of the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions. Manufacturer shall not offer, promise, give, authorize or consent to the giving of money or anything of material
value to any person (i) with the purpose or effect of securing any improper advantage in order to obtain or retain business or (ii) to
induce or prevent the performance of an individual’s duties in violation of Applicable Law. Should Moonlake discover that Manufacturer
or its subcontractors are in breach of the foregoing, Moonlake may terminate this Agreement without notice

 

		(d)	Compliance with Responsible Sourcing Principles and Customs and Foreign
Trade. It will, and it will endeavour to ensure that its subcontractors, comply with internationally recognized fundamental environmental,
labour and social standards. Upon request of Moonlake, Manufacturer shall provide Moonlake with a supplier declaration as requested case
by case by Moonlake. 

 

		(e)	Bribery. It will neither offer to give nor give money or gifts to
MoonLake employees or members of their families in exchange for business from MoonLake; and

 

		(f)	Change of Control. It will provide prompt written notice to MoonLake
in the event of any Change of Control.

 

    32

     

    

 

		17.3	Manufacturer Representations and Warranties for the Development Services. Manufacturer represents
and warrants to MoonLake that:

 

		(a)	Performance. The Services shall be performed in accordance with cGMP
and Applicable Laws with respect to the performance of Services;

 

		(b)	Right to Manufacturer Background IP. It has the title and/or right
to any and all Manufacturer Background IP used to perform the Services in accordance with this Agreement; and the use by Manufacturer
or its Affiliates of Manufacturer Background IP will not infringe the Intellectual Property or any other rights of any Third Party.

 

		17.4	MoonLake Representations and Warranties. MoonLake represents and warrants to Manufacturer that
it holds all necessary Product Licenses with respect to the Products and that:

 

		(a)	Trial Authorizations. It holds all necessary Trial Authorizations
to conduct the Trial. 

 

		(b)	Right to MoonLake Backround IP. It has the title and/or right to
any and all MoonLake Background IP supplied to Manufacturer in accordance with this Agreement for the Manufacture, labelling and packaging
of the Products, and further that it has the title and/or right to grant Manufacturer the right to use such Intellectual Property in accordance
with the terms of this Agreement and the use by Manufacturer or its Affiliates of MoonLake Background IP will not infringe the Intellectual
Property or any other rights of any third party. 

 

ARTICLE
18

INDEMNITY

 

		18.1	Indemnification by Manufacturer. Manufacturer shall indemnify, hold harmless and, upon request
of MoonLake, defend MoonLake, its Affiliates and its and their directors, officers, representatives, shareholders, employees and agents,
and their respective successors and permitted assigns, from any and all Losses from any Third Party claims, proceedings, actions or causes
of actions (“Third Party Claims”) which arise out of (a) the failure of Products to meet the warranties set forth in
Section 9.1 and (b) any other breach by Manufacturer of any of its representations, warranties, covenants, agreements or obligations under
this Agreement, or the negligence, recklessness or wilful misconduct of Manufacturer (or its Affiliates or subcontractors) in the performance
the Services and any of its obligations hereunder; in each case except to the extent such Third Party Claim arises out of matters contemplated
in Section 18.2 (a) or (b) below. In the event a Third Party Claim is caused by both Party ́s behaviour, the amount of Indemnification
shall depend on the circumstances, in particular to what extend the Third Party Claim is caused mainly by one or the other Party.

 

		18.2	Indemnification by MoonLake. MoonLake shall indemnify, hold harmless and, upon request of Manufacturer,
defend Manufacturer, its Affiliates and its and their directors, officers, representatives, shareholders, employees and agents, and their
respective successors and permitted assigns, from any and all Losses from any Third Party Claims which arise out of (a) a breach by MoonLake
of any of its representations, warranties, covenants, agreements or obligations under this Agreement and (b) the negligence, recklessness
or wilful misconduct of MoonLake (or its Affiliates or subcontractors) in the performance of its obligations hereunder; in each case except
to the extent such Third Party Claim arises out of result from matters contemplated in Section 18.1 (a) or (b) above. In the event a Third
Party Claim is caused by both Party ́s behaviour, the amount of Indemnification shall depend on the circumstances, in particular
to what extend the Third Party Claim is caused mainly by one or the other Party.

 

    33

     

    

 

		18.3	No Consequential Damages. EXCEPT WITH RESPECT TO EACH PARTY’S INDEMNIFICATION OBLIGATIONS
UNDER SECTION 18.1 OR SECTION 18.2, AS APPLICABLE, AND/OR EXCEPT IN THE EVENT OF WILFUL MISCONDUCT AND GROSS NEGLIGENCE, IN NO EVENT SHALL
EITHER PARTY OR ANY OF ITS AFFILIATES FOR BREACH OF ITS OBLIGATIONS UNDER THIS AGREEMENT BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES
FOR (I) ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL OR PUNITIVE DAMAGES, OR CLAIMS brought
by any third party having signed an agreement with MoonLake in relation to the Trial, WHETHER IN CONTRACT, WARRANTY, TORT, NEGLIGENCE,
STRICT LIABILITY OR OTHERWISE ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREIN OR ANY BREACH HEREOF.
FOR THE PURPOSES OF THIS CLAUSE “CONSEQUENTIAL DAMAGES” SHALL BE DEFINED AS loss
of profit or anticipated profit, loss of production, losses caused by business interruptions, loss of revenue and loss of goodwill or
reputation AS WELL AS DAMAGES RESULTING FROM REMOTE EVENTS THAT ARE VERY UNLIKELY TO HAPPEN, “PUNITIVE DAMAGES”
SHALL BE DEFINED AS COMPENSATION CLAIMS THAT EXCEED THE DAMAGE ACTUALLY INCURRED. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT
SHALL LIMIT EITHER PARTY FROM SEEKING OR OBTAINING ANY REMEDY AVAILABLE UNDER APPLICABLE LAW, INCLUDING EQUITABLE REMEDIES, FOR ANY BREACH
OF ITS CONFIDENTIALITY AND NON-USE OBLIGATIONS UNDER ARTICLE 16.

 

		18.4	Notification of Claims; Conditions to Indemnification Obligations. As a condition to a Party’s
right to receive indemnification under this ARTICLE 18, it shall: (a) promptly notify the other Party as soon as it becomes aware of a
claim or suit for which indemnification may be sought pursuant hereto; (b) cooperate, and cause the individual indemnitees to cooperate,
with the indemnifying Party in the defence, settlement or compromise of such claim or suit; and (c) permit the indemnifying Party to control
the defence, settlement or compromise of such claim or suit, including the right to select defence counsel. In no event, however, may
the indemnifying Party compromise or settle any claim or suit in a manner which admits fault or negligence on the part of the indemnified
Party or any indemnitee without the prior written consent of the indemnified Party. Each Party shall reasonably cooperate with the other
Party and its counsel in the course of the defence of any such suit, claim or demand, such cooperation to include without limitation using
Commercially Reasonable Efforts to provide or make available documents, information and witnesses. The indemnifying Party shall have no
liability under this ARTICLE 18 with respect to claims or suits settled or compromised without its prior written consent.

 

		18.5	Insurance. During the Term, each Party shall obtain and maintain, at its sole cost and expense,
insurance (including any self-insured arrangements) in types and amounts that are reasonable and customary in the pharmaceutical and biotechnology
industry for companies engaged in comparable activities in the jurisdiction where such activities are being performed. Manufacturer shall
add MoonLake as an additional insured on any product liability and comprehensive general liability policy carried by Manufacturer. Without
prejudice to the foregoing, Manufacturer shall maintain a minimum product liability insurance coverage of [***] per occurrence, with a
deductible of a maximum of [***]. It is understood and agreed that this insurance shall not be construed to limit either Party’s
liability with respect to its indemnification obligations hereunder. Each Party will, except to the extent self-insured, provide to the
other Party upon request a certificate evidencing the insurance such Party is required to obtain and keep in force under this Section
18.5.

 

    34

     

    

 

ARTICLE
19

TERM AND TERMINATION

 

		19.1	Term. This Agreement shall commence on the Effective Date and continue until terminated by either
Party with [***] prior written notice, unless terminated earlier as provided for elsewhere in this Agreement.

 

		19.2	Termination On Failure of the Condition Precedent under Section 2.2. In case the event described
in Section 2.2 is not met, MoonLake shall have the right to terminate this Agreement with immediate effect by sending a written notice
to Manufacturer in accordance to Section 23.10.

 

		19.3	Termination for Convenience. MoonLake shall have the right to terminate this Agreement at any time
in its sole discretion by giving [***] advance written notice to Manufacturer.

 

		19.4	Patient Safety. MoonLake may terminate the Agreement (a) at any time if termination is reasonably
considered necessary by MoonLake by giving written notice to the Manufacturer in the interest of the health and well-being of the Trial
Subjects, in which case notice of termination shall have immediate effect and (b) on a Product-by-Product basis by giving [***] advance
written notice to Manufacturer if MoonLake decides to withdraw the Product from the market.

 

		19.5	Change of Control Term. Manufacturer shall provide notice to MoonLake as soon as possible after
a Change of Control with a company developing or commercializing [***] and upon receipt of such notification MoonLake shall have the right
to terminate this Agreement with immediate effect.

 

		19.6	Regulatory Authority Warning Letter. MoonLake may terminate the Agreement immediately upon written
notice to Manufacturer if Manufacturer is subject to any Regulatory Authority warning letter or sanction.

 

		19.7	Termination for Breach. If either Party to this Agreement shall have materially breached or defaulted
in the performance of any of its obligations and does not remedy the breach within [***] of notice from the other Party to do so (if capable
of remedy) the non-breaching Party may terminate this Agreement immediately by written notice to the Party in breach. It is understood
and agreed by the Parties that the non-respect by Manufacturer of its obligation not to reject a Rolling Forceast which complies with
the terms and conditions of this Agreement as provided for in Section 4.3 is considered a material breach under this Agreement.

 

		19.8	Termination for Late Delivery. If Manufacturer becomes more than [***] liable under Section 5.6
in any calendar year, MoonLake shall have the right to terminate this Agreement upon written notice to Manufacturer. The provisions of
this Section 19.8 are non-exclusive and without prejudice to the payment of penalties pursuant to Section 5.6 above or any other remedy
under this Agreement or Applicable Law.

 

		19.9	Termination for Force Majeure Event. Notwithstanding anything to the contrary contained in this
Agreement, in the event a Force Majeure Event shall have occurred and be continuing for [***], the Party not suffering such Force Majeure
Event shall be entitled to terminate this Agreement effective immediately upon written notice to the Party suffering such Force Majeure
Event.

 

    35

     

    

 

		19.10	Termination for Reasons of Insolvency or Termination of Business Activities. Either Party shall
be entitled to terminate this Agreement if the other Party becomes insolvent or is the subject of a petition in bankruptcy whether voluntary
or involuntary or of any other proceeding under bankruptcy, insolvency or similar laws, makes an assignment for the benefit of creditors,
is named in such a petition, or its property is subject to a suit for the appointment of a receiver, or is dissolved or liquidated. Such
termination right may be exercised without the need for written notice within [***] following the date as of which the Party entitled
to terminate receives knowledge of such insolvency or termination of business activities by the other Party.

 

ARTICLE
20

EFFECTS OF TERMINATION

 

		20.1	Termination Due to Reasons other than Manufacturer Default or Insolvency. Upon termination of this
Agreement other than in case of termination by MoonLake pursuant to Sections 19.5, 19.6, 19.7, 19.8 or 19.10, MoonLake shall, by written
notice to Manufacturer: (i) request Manufacturer to execute outstanding Work Orders or Purchase Orders, and, unless the Products delivered
to MoonLake do not comply with the terms of this Agreement due to Manufacturer’s breach of the warranties set out in Section 9.1,
MoonLake shall pay Manufacturer in accordance with the terms of this Agreement, or (ii) cancel any outstanding Work Order or Purchase
Order, pay the Price for the cancelled Manufacturing Runs and reimburse Manufacturer for any actual costs in executing such Work Order
or Purchase Order, provided that Manufacturer shall use Commercially Reasonable Efforts to mitigate such actual costs. For the avoidance
of doubt, Section 4.8 shall apply, i.e. MoonLake shall only be obliged to pay part of the Price for a Manufacturing Run set out in a Work
Order depending on the time of receipt of MoonLake’s termination notice.

 

		20.2	Termination Due to Manufacturer Default or Insolvency. Upon termination of this Agreement by MoonLake
pursuant to Sections 19.5 19.6, 19.7, 19.8 or 19.10, MoonLake shall, by written notice to Manufacturer: (i) request Manufacturer to execute
outstanding Work Orders or Purchase Orders, and provided that the Products delivered to MoonLake comply with the terms of this Agreement,
MoonLake shall pay Manufacturer in accordance with the terms of this Agreement, or (ii) cancel outstanding Work Orders or Purchase Orders
without any liability to MoonLake.

 

		20.3	Termination for any Reason. Upon termination of this Agreement for any reason, each Party shall
return or destroy all of the other Party’s Confidential Information which it has in its possession or under its control, unless
and to the extent the Party is under a statutory obligation to keep such Confidential Information.

 

		20.4	Termination On Failure of theCondition Precedent under Section 2.2 or for Convenience. Termination
of this Agreement by MoonLake pursuant to Section 19.2 or Section 19.3 shall not give rise to any claim for Losses by Manufacturer against
MoonLake. For the avoidance of doubt, termination pursuant Section 19.2, unless due to a Manufacturer’s failure to perform its obligations
under this Agreement, and Section 19.3 shall not affect MoonLake’s obligation to fully pay for Manufacturing Runs set out in the
Firm Zone or MoonLake’s obligations under any open Work Order or Purchase Order in accordance to Sections 4.6.and 4.8.

 

		20.5	Ongoing Supply Obligations. In the event of termination of this Agreement
pursuant to ARTICLE 19 hereabove, except if this Agreement is terminated by MoonLake pursuant to
Section 19.1, Section 19.3 or Section 19.9 or by Manufacturer pursuant to Section 19.7 and 19.10, Manufacturer shall continue to supply
MoonLake with MoonLake’s new Work Orders or Purchase Orders after the termination date of this Agreement, if MoonLake has not identified
and fully registered with the competent Regulatory Authorities a new manufacturer for the Product. Such obligation of Manufacturer shall
continue until the later of (i) successful completion of the technical transfer pursuant to Section 20.8, and (ii) Manufacturer having
duly registered with the competent Regulatory Authorities the new manufacturer of the Products. In the event that (ii) is only fulfilled
to some but not all Regulatory Authorities, Manufacturer’s ongoing supply obligations shall only apply to those market where the
new manufacturer has not yet been duy registered. Unless otherwise agreed, the maximum term of Manufacturer’s ongoing supply obligation
shall be [***] after the date of the notice of termination.

 

    36

     

    

 

		20.6	Accrued Rights and Surviving Obligations. Termination of this Agreement for any reason shall be
without prejudice to any rights that have accrued to the benefit of any Party prior to such termination. Such termination shall not relieve
any Party from obligations which are expressly or by implication intended to survive termination of this Agreement and shall not affect
or prejudice any provision of this Agreement which is expressly or by implication provided to come into effect on, or continue in effect
after, such termination.

 

		20.7	Regulatory Assistance. After termination of this Agreement, Manufacturer agrees to provide MoonLake
with reasonable support in relation to any investigation required by any Regulatory Authority with respect to Manufacture of the Products
carried out at the Manufacturing Site during the Term, provided that MoonLake shall reimburse Manufacturer for its reasonable costs in
providing such assistance (other than in case of MoonLake’s termination under Sections 19.6, 19.7 or 19.10).

 

		20.8	Technical Transfer Assistance. For a period of [***] following termination of this Agreement for
any reason, Manufacturer will provide, upon the request of MoonLake, its reasonable support and cooperation in transferring the then-current
manufacturing process of the Product to an alternative site, designated by MoonLake. Manufacturer shall be entitled to charge MoonLake
for its reasonable costs in supporting the technical transfer of the Products, at the Agreed Hourly Rate based on a written and accepted
quotation, provided, however, if the technical transfer is requested by MoonLake following its termination of this Agreement under Sections
19.6, 19.7 or 19.10 then the Manufacturer shall provide the above technical transfer services free-of-charge. Additionally, in connection
with the technical transfer assistance provided pursuant to this Section 20.8, Manufacturer shall grant to MoonLake and its Affiliates
and designees a perpetual, fully-paid, non-exclusive, royalty-free license, with the right to sublicense, under any Manufacturer Intellectual
Property which is reasonably necessary for the manufacture of each Product. Manufacturer’s obligations to support a technical transfer
shall continue until such time as MoonLake, or its designee, successfully manufactures a validated Batch of each Product.

 

ARTICLE
21

DISASTER RECOVERY AND BUSINESS CONTINUITY

 

Manufacturer shall provide
MoonLake prior to the commencement of the first Manufacturing Run under a Purchase Order with a true, correct and complete copy of Manufacturer’s
business continuity plan (the “BCP”) which provides for, among other things, the high level design and processes for
disaster recovery and business continuity for Manufacturer. The BCP shall be revised and updated by Manufacturer from time to time, but
in no event less than every [***]. The Parties shall meet periodically, as specified by MoonLake, to discuss and analyse the status of
the BCP. Manufacturer shall provide a written report to MoonLake for such discussions and analysis which shall analyse the effectiveness
of the applicable BCP, propose necessary changes, suggest improvements, and provide an updated risk assessment for the activities to which
the BCP relates.

 

    37

     

    

 

ARTICLE
22

DISPUTE RESOLUTION

 

		22.1	Disputes. The Parties recognize that disputes as to certain matters may from time to time arise
which relate to either Party’s rights and/or obligations hereunder. It is the objective of the Parties to establish under this ARTICLE
22 procedures to facilitate the resolution of disputes arising under this Agreement (other than any disputes relating to matters which
under this Agreement MoonLake has sole decision-making authority and/or discretion (each, a “Non-Escalable Dispute”),
in which case, such matter shall be determined by MoonLake and shall not be part of the dispute resolution procedure set forth in this
ARTICLE 22) in an expedient manner by mutual cooperation and without resort to litigation. In the event that the Parties are unable to
resolve such dispute through diligent review and deliberation within [***] from the day that one Party had designated the issue as a dispute
in written notice to the other Party, then either Party shall have the right to escalate such matter to the Executive Officers as set
forth in Section 22.2.

 

		22.2	Escalation to Executive Officers. Either Party may, by written notice to the other Party, request
that a dispute (other than a Non-Escalable Dispute) that remains unresolved for a period of [***] as set forth in Section 22.1 arising
between the Parties in connection with this Agreement be resolved by the Executive Officers, within [***] after referral of such dispute
to them. If the Executive Officers cannot resolve such dispute within [***] after referral of such dispute to them, then, at any time
after such [***]period, either Party may proceed to enforce any and all of its rights with respect to such dispute in accordance with
this Agreement.

 

		22.3	Injunctive Relief. No provision herein shall be construed as precluding a Party from bringing an
action for injunctive relief or other equitable relief prior to the initiation or completion of the above procedure.

 

ARTICLE
23

MISCELLANEOUS PROVISIONS

 

		23.1	Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed, for financial,
tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties.

 

		23.2	Assignment.

 

		(a)	Assignment Generally.
Except as expressly provided herein, neither this Agreement nor any interest hereunder shall be assignable, nor any other obligation
delegable, by Manufacturer without the prior written consent of MoonLake (not to be unreasonably withheld or delayed).

 

		(b)	Assignment by MoonLake.
MoonLake may assign this Agreement, in whole or in part, to any Affiliate or Third Party without the consent of Manufacturer. MoonLake
shall give written notice to Manufacturer promptly following any such assignment.

 

    38

     

    

 

		(c)	Continuing Obligations.
No assignment under this Section 23.2 shall relieve the assigning Party of any of its responsibilities or obligations hereunder and,
as a condition of such assignment, the assignee shall agree in writing to be bound by all obligations of the assigning Party hereunder.
This Agreement shall be binding upon the successors and permitted assigns of the Parties.

 

		(d)	Void Assignments. Any
assignment not in accordance with this Section 23.2 shall be void.

 

		23.3	Performance and Exercise by Affiliates. MoonLake shall have the right to have any of its obligations
hereunder performed, or its rights hereunder exercised, by, any of its Affiliates and the performance of such obligations by any such
Affiliate(s) shall be deemed to be performance by MoonLake; provided, however, that MoonLake shall be responsible for ensuring the performance
of its obligations under this Agreement and that any failure of any Affiliate performing obligations of MoonLake hereunder shall be deemed
to be a failure by MoonLake to perform such obligations.

 

		23.4	Technical Managers. Each Party will notify the other in writing with the name of a technical manager
who will be responsible for dealing with all matters relevant to this Agreement. The appointment of Manufacturer’s technical manager
shall be subject to approval of MoonLake, not to be unreasonably withheld or delayed. Manufacturer shall replace its technical manager
upon MoonLake’s request for reasonable cause within [***]. Unless otherwise mutually agreed, the technical managers and other appropriate
representatives from each Party shall endeavour to meet no less than once every [***] to discuss matters relevant to the Manufacture and
supply of Products hereunder.

 

		23.5	Occurrence of Force Majeure Event. If any Force Majeure Event occurs in relation to either Party
which affects or may affect the performance of any of its obligations under this Agreement, it shall use all Commercially Reasonable Efforts
to mitigate the effects of such delay or prevention upon the performance of its obligations under this Agreement, promptly notify the
other Party as to the nature and extent of such Force Majeure event; and resume performance of its obligations as soon as reasonably possible
after the removal of the cause of the delay or prevention. Neither Party shall be deemed to be in breach of this Agreement, or shall be
otherwise liable to the other Party, by reason only of any delay in performance, or the non-performance of any of its obligations hereunder,
to the extent that the delay or non-performance is due to any Force Majeure Event of which it has duly notified the other Party, and the
time for performance of that obligation shall be extended accordingly. Without limiting MoonLake’s right to terminate this Agreement
pursuant to Section 19.9, if the performance by either Party of any of its obligations under this Agreement is prevented or delayed by
a Force Majeure Event for a continuous period in excess of [***], the Parties shall enter into bona fide discussions with a view to alleviating
its effects, or to agreeing upon such alternative arrangements as may be fair and reasonable in the circumstances.

 

		23.6	No Trademark Rights. No right, express or implied, is granted by this Agreement to a Party to use
in any manner the name or any other trade name or trademark of the other Party in connection with the performance of this Agreement or
otherwise.

 

		23.7	Entire Agreement of the Parties; Amendments. This Agreement and the Schedules hereto constitute
and contain the entire understanding and agreement of the Parties in respect of the subject matter hereof and cancel and supersede any
and all prior negotiations, correspondence, understandings and agreements between the Parties, whether oral or written, regarding such
subject matter. For the avoidance of doubt the Parties expressly agree that the work order for the [***] for use in [***] clinical trials,
based on MoonLake’s acceptance letter, dated as of [***], of [***], dated as of [***], shall be fully governed by the terms of this
Agreement and the Schedules thereto and any other agreements, if any (e.g. the aforementioned acceptance letter/Proposal) related to that
work order shall hereby be superseded.In the event of any conflict or contradiction between this Agreement and a Schedule, the provisions
of this Agreement shall prevail, except with respect to conflicts or contradictions for matters of quality or technical nature, in which
case the applicable Quality Agreement shall prevail. No waiver, modification or amendment of any provision of this Agreement shall be
valid or effective unless made in a writing referencing this Agreement and signed by a duly authorized officer of each Party.

 

    39

     

    

 

		23.8	Captions. The captions to this Agreement are for convenience only, and are to be of no force or
effect in construing or interpreting any of the provisions of this Agreement.

 

		23.9	Governing Law and Arbitration. This Agreement shall be governed by and interpreted in accordance
with the laws of Germany, excluding application of any conflict of laws principles that would require application of the Law of a jurisdiction
outside of Germany and further excluding the UN Convention on Contracts for the International Sale of Goods (CISG). All disputes arising
out of or in connection with this Agrement or its validity shall be submitted to the International Court of Arbitration and shall be finally
settled in accordance with the Arbitration Rules of the International Chamber of Commerce. The place of arbitration shall be Geneva, Switzerland.
The number of arbitrators shall be three (3). The language of the arbitral proceedings shall be English.

 

		23.10	Notice. Any notice to be given by either Party under or in connection with this Agreement to the
other Party must be in writing in English and shall be delivered by hand or by courier. A copy by fax or by email shall be sent to the
addresses set out below (or such other address or number as may be notified to the other Party from time to time):

 

Manufacturer:

 

Address: Richter-Helm BioLogics
GmbH &Co. KG., [***]

 

Fax: [***]Email: [***]

 

Attention: [***]

 

MoonLake:

 

Address: MoonLake
Immunotherapeutics AG, [***]

 

Phone: [***]

 

Email: [***]

 

Attention: [***]

 

Unless there
is evidence that it was received earlier, notices sent in accordance with this Section 23.10 are to be deemed to have been received: if
delivered by hand or by courier, when left at the address referred to above; or if sent by fax or email, when transmitted, provided that
if deemed receipt occurs before 9am on a Working Day the notice shall be deemed to have been received at 9am on that day, and if deemed
receipt occurs after 5pm on a Working Day, or on a day which is not a Working Day, the notice shall be deemed to have been received at
9am on the next Working Day.

 

    40

     

    

 

		23.11	Waiver. A waiver by either Party of any of the terms and conditions of this Agreement in any instance
shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All
rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and none of them shall be in
limitation of any other remedy, right, undertaking, obligation or agreement of either Party.

 

		23.12	Severability. When possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under Applicable Law, but if any provision of this Agreement is held to be prohibited by or invalid under
Applicable Law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which
in its economic effect is most consistent with the invalid or unenforceable provision.

 

		23.13	No Implied License. Except as set forth in Section 3.3, no right or license is granted to Manufacturer
hereunder by implication, estoppel, or otherwise to any know-how, patent or other Intellectual Property owned or controlled by MoonLake
or its Affiliates.

 

		23.14	Interpretation. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, and Schedules
shall be deemed references to Articles and Sections of, and Schedules to, this Agreement unless the context shall otherwise require. Unless
the context otherwise requires, countries shall include territories.

 

		23.15	Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. A facsimile or a portable document format (PDF) copy of this
Agreement, including the signature pages, will be deemed an original.

 

[SIGNATURE PAGE FOLLOWS]

 

    41

     

    

 

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed, by duly authorized representatives, as of the Effective Date.

 

	MoonLake Immunotherapeutics AG	Richter-Helm BioLogics GmbH & Co. KG
	 	 	 	 
	By:	[***]_______________________________	By:	[***]_______________________________
	Name:	[***]_______________________________	Name: 	[***]_______________________________
	Title:	[***]_______________________________	Title:	[***] _______________________________
	 	 	 	 
	By:	[***]_______________________________	By:	[***]_______________________________
	Name: 	[***]_______________________________	Name: 	[***]_______________________________
	Title: 	[***]_______________________________	Title:	[***]_______________________________

 

 

42EX-4.3

 Exhibit 4.3 

RENEO PHARMACEUTICALS, INC., 

Issuer 
 AND

 [TRUSTEE], 

Trustee 
  

 
 INDENTURE

 Dated as of [•], 20__ 
  

 
 Debt
Securities 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions of Terms
	  	 	1	 
		
	 ARTICLE 2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES
	  	 	5	 
			
	 Section 2.01
	 	 Designation and Terms of Securities
	  	 	5	 
			
	 Section 2.02
	 	 Form of Securities and Trustee’s Certificate
	  	 	7	 
			
	 Section 2.03
	 	 Denominations: Provisions for Payment
	  	 	7	 
			
	 Section 2.04
	 	 Execution and Authentications
	  	 	9	 
			
	 Section 2.05
	 	 Registration of Transfer and Exchange
	  	 	9	 
			
	 Section 2.06
	 	 Temporary Securities
	  	 	11	 
			
	 Section 2.07
	 	 Mutilated, Destroyed, Lost or Stolen Securities
	  	 	11	 
			
	 Section 2.08
	 	 Cancellation
	  	 	12	 
			
	 Section 2.09
	 	 Benefits of Indenture
	  	 	12	 
			
	 Section 2.10
	 	 Authenticating Agent
	  	 	12	 
			
	 Section 2.11
	 	 Global Securities
	  	 	13	 
			
	 Section 2.12
	 	 CUSIP Numbers
	  	 	13	 
		
	 ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	14	 
			
	 Section 3.01
	 	 Redemption
	  	 	14	 
			
	 Section 3.02
	 	 Notice of Redemption
	  	 	14	 
			
	 Section 3.03
	 	 Payment Upon Redemption
	  	 	15	 
			
	 Section 3.04
	 	 Sinking Fund
	  	 	15	 
			
	 Section 3.05
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	16	 
			
	 Section 3.06
	 	 Redemption of Securities for Sinking Fund
	  	 	16	 
		
	 ARTICLE 4 COVENANTS
	  	 	16	 
			
	 Section 4.01
	 	 Payment of Principal, Premium and Interest
	  	 	16	 
			
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	16	 
			
	 Section 4.03
	 	 Paying Agents
	  	 	17	 
			
	 Section 4.04
	 	 Appointment to Fill Vacancy in Office of Trustee
	  	 	18	 
		
	 ARTICLE 5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE
	  	 	18	 
			
	 Section 5.01
	 	 Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	18	 
			
	 Section 5.02
	 	 Preservation Of Information; Communications With Securityholders
	  	 	18	 

  
 i. 

 TABLE OF CONTENTS 

(CONTINUED) 
  

							
	 	 	 	  	PAGE	 
	 Section 5.03
	 	 Reports by the Company
	  	 	18	 
			
	 Section 5.04
	 	 Reports by the Trustee
	  	 	19	 
		
	 ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	19	 
			
	 Section 6.01
	 	 Events of Default
	  	 	19	 
			
	 Section 6.02
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	21	 
			
	 Section 6.03
	 	 Application of Moneys Collected
	  	 	22	 
			
	 Section 6.04
	 	 Limitation on Suits
	  	 	22	 
			
	 Section 6.05
	 	 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	  	 	23	 
			
	 Section 6.06
	 	 Control by Securityholders
	  	 	23	 
			
	 Section 6.07
	 	 Undertaking to Pay Costs
	  	 	24	 
		
	 ARTICLE 7 CONCERNING THE TRUSTEE
	  	 	24	 
			
	 Section 7.01
	 	 Certain Duties and Responsibilities of Trustee
	  	 	24	 
			
	 Section 7.02
	 	 Certain Rights of Trustee
	  	 	25	 
			
	 Section 7.03
	 	 Trustee Not Responsible for Recitals or Issuance or Securities
	  	 	27	 
			
	 Section 7.04
	 	 May Hold Securities
	  	 	28	 
			
	 Section 7.05
	 	 Moneys Held in Trust
	  	 	28	 
			
	 Section 7.06
	 	 Compensation and Reimbursement
	  	 	28	 
			
	 Section 7.07
	 	 Reliance on Officer’s Certificate
	  	 	29	 
			
	 Section 7.08
	 	 Disqualification; Conflicting Interests
	  	 	29	 
			
	 Section 7.09
	 	 Corporate Trustee Required; Eligibility
	  	 	29	 
			
	 Section 7.10
	 	 Resignation and Removal; Appointment of Successor
	  	 	29	 
			
	 Section 7.11
	 	 Acceptance of Appointment By Successor
	  	 	30	 
			
	 Section 7.12
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	31	 
			
	 Section 7.13
	 	 Preferential Collection of Claims Against the Company
	  	 	32	 
			
	 Section 7.14
	 	 Notice of Default.
	  	 	32	 
		
	 ARTICLE 8 CONCERNING THE SECURITYHOLDERS
	  	 	32	 
			
	 Section 8.01
	 	 Evidence of Action by Securityholders
	  	 	32	 
			
	 Section 8.02
	 	 Proof of Execution by Securityholders
	  	 	33	 
			
	 Section 8.03
	 	 Who May be Deemed Owners
	  	 	33	 
			
	 Section 8.04
	 	 Certain Securities Owned by Company Disregarded
	  	 	33	 
			
	 Section 8.05
	 	 Actions Binding on Future Securityholders
	  	 	33	 

  
 ii. 

 TABLE OF CONTENTS 

(CONTINUED) 
  

							
	 	 	 	  	PAGE	 
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	 	34	 
			
	 Section 9.01
	 	 Supplemental Indentures Without the Consent of Securityholders
	  	 	34	 
			
	 Section 9.02
	 	 Supplemental Indentures With Consent of Securityholders
	  	 	35	 
			
	 Section 9.03
	 	 Effect of Supplemental Indentures
	  	 	35	 
			
	 Section 9.04
	 	 Securities Affected by Supplemental Indentures
	  	 	35	 
			
	 Section 9.05
	 	 Execution of Supplemental Indentures
	  	 	36	 
		
	 ARTICLE 10 SUCCESSOR ENTITY
	  	 	36	 
			
	 Section 10.01
	 	 Company May Consolidate, Etc.
	  	 	36	 
			
	 Section 10.02
	 	 Successor Entity Substituted
	  	 	37	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	37	 
			
	 Section 11.01
	 	 Satisfaction and Discharge of Indenture
	  	 	37	 
			
	 Section 11.02
	 	 Discharge of Obligations
	  	 	38	 
			
	 Section 11.03
	 	 Deposited Moneys to be Held in Trust
	  	 	38	 
			
	 Section 11.04
	 	 Payment of Moneys Held by Paying Agents
	  	 	38	 
			
	 Section 11.05
	 	 Repayment to Company
	  	 	38	 
		
	 ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	39	 
			
	 Section 12.01
	 	 No Recourse
	  	 	39	 
		
	 ARTICLE 13 MISCELLANEOUS PROVISIONS
	  	 	39	 
			
	 Section 13.01
	 	 Effect on Successors and Assigns
	  	 	39	 
			
	 Section 13.02
	 	 Actions by Successor
	  	 	39	 
			
	 Section 13.03
	 	 Surrender of Company Powers
	  	 	39	 
			
	 Section 13.04
	 	 Notices
	  	 	39	 
			
	 Section 13.05
	 	 Governing Law; Jury Trial Waiver
	  	 	40	 
			
	 Section 13.06
	 	 Treatment of Securities as Debt
	  	 	40	 
			
	 Section 13.07
	 	 Certificates and Opinions as to Conditions Precedent
	  	 	40	 
			
	 Section 13.08
	 	 Payments on Business Days
	  	 	41	 
			
	 Section 13.09
	 	 Conflict with Trust Indenture Act
	  	 	41	 
			
	 Section 13.10
	 	 Counterparts
	  	 	41	 
			
	 Section 13.11
	 	 Separability
	  	 	41	 
			
	 Section 13.12
	 	 Compliance Certificates
	  	 	41	 
			
	 Section 13.13
	 	 Patriot Act
	  	 	41	 

  
 iii. 

 TABLE OF CONTENTS 

(CONTINUED) 
  

							
	 	 	 	  	PAGE	 
	 Section 13.14
	 	 Force Majeure
	  	 	42	 
			
	 Section 13.12
	 	 Table of Contents; Headings
	  	 	42	 

  
 iv. 

 INDENTURE 

INDENTURE, dated as of [•], 20__, among RENEO PHARMACEUTICALS,
INC., a Delaware corporation (the “Company”), and [TRUSTEE], as trustee (the “Trustee”): 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as
registered Securities without coupons, to be authenticated by the certificate of the Trustee; 

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued
and delivered, the Company has duly authorized the execution of this Indenture; and 
 WHEREAS, all
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the
holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 

ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions of Terms. 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires), for all purposes of this Indenture and of any indenture supplemental hereto, shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. 

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the series of
Securities appointed by the Trustee pursuant to Section 2.10. 
 “Bankruptcy Law” means Title 11, U.S. Code, or
any similar federal or state law for the relief of debtors. 
 “Board of Directors” means the Board of Directors (or
the functional equivalent thereof) of the Company or any duly authorized committee of such Board. 
 “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 (or duly authorized committee thereof) and to be in full force and effect
on the date of such certification. 

  
 1 

 “Business Day” means, with respect to any series of Securities, any
day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to
close. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under
the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Company” means RENEO PHARMACEUTICALS, INC., a corporation duly
organized and existing under the laws of the State of DELAWARE, and, subject to the provisions of Article Ten, shall also include its successors and assigns. 

“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
                                         
                                         
          . 
 “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law. 
 “Defaulted Interest” has the meaning set forth
in Section 2.03. 
 “Depositary” means, with respect to Securities of any series for which the Company shall
determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in
each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11. 
 “Event of Default”
means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated. 

“Exchange Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the Commission thereunder. 
 The term “given”, “mailed”,
“notify” or “sent” with respect to any notice to be given to a Securityholder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Security) or (y) mailed to such Holder by first class mail, postage
prepaid, at its address as it appears on the Security Register (in the case of a definitive Security). Notice so “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable, under this
Indenture. 
 “Global Security” means a Security issued to evidence all or a part of any series of Securities which
is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its
nominee. 
 “Governmental Obligations” means securities that are (a) direct obligations of the United States of
America for the payment of which its full faith and credit is pledged or (b) obligations of a Person 

  
 2 

 
controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by
the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust
company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided,
however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or
the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“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. 

“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 in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01. 

“Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series,
means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 “Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer,
a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or
any assistant secretary. 
 “Officer’s Certificate” means a certificate signed by any Officer. Each such
certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an
employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof.

 “Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of
Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered
to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been
deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities
or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee

  
 3 

 
shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of
Section 2.07. 
 “Person” means any individual, corporation, partnership, joint venture, joint-stock company,
limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the
same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same
debt as the lost, destroyed or stolen Security. 
 “Responsible Officer” when used with respect to the Trustee means
any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for
the administration of this Indenture. 
 “Securities” has the meaning stated in the first recital of this Indenture
and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Securityholder”, “holder of Securities”,
“registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture.

 “Security Register” and “Security Registrar” shall have the meanings as set forth in
Section 2.05. 
 “Subsidiary” means, with respect to any Person, any corporation, association, partnership or
other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries
of such Person. 
 “Trustee” means _________________________, and, subject to the provisions of Article Seven, shall
also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series
of the Securities shall mean the trustee with respect to that series. 
 “Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended. 
 “U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001. 

  
 4 

 ARTICLE 2 

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 

Section 2.01 Designation and Terms of Securities. 

(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to
the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

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

(2) any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 

(3) the maturity date or dates on which the principal of the Securities of the series is payable; 

(4) the form of the Securities of the series including the form of the certificate of authentication for such series; 

(5) the applicability of any guarantees; 

(6) whether or not the Securities will be secured or unsecured, and the terms of any secured debt; 

(7) whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms
of any subordination; 
 (8) if the price (expressed as a percentage of the aggregate principal amount thereof) at which such
Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such
Securities that is convertible into another security or the method by which any such portion shall be determined; 
 (9) the
interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for
determining such dates; 
 (10) the Company’s right, if any, to defer the payment of interest and the maximum length of any
such deferral period; 

  
 5 

 (11) if applicable, the date or dates after which, or the period or periods during
which, and the price or prices at which, the Company may at its option redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions; 

(12) the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking
fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable; 

(13) the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof; 
 (14) any and all terms, if applicable, relating to any auction or remarketing
of the Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series; 

(15) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the
terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities; 

(16) if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions
upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the
holders’ option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the payment of cash as well as the delivery of
securities; 
 (17) if other than the full principal amount thereof, the portion of the principal amount of Securities of the series
which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01; 
 (18) additions to
or changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation, merger or sale covenant; 

(19) additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the
Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable; 

(20) additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance; 

(21) additions to or changes in the provisions relating to satisfaction and discharge of this Indenture; 

  
 6 

 (22) additions to or changes in the provisions relating to the modification of this
Indenture both with and without the consent of Securityholders of Securities issued under this Indenture; 
 (23) the currency of
payment of Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars; 
 (24)
whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made; 

(25) the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any
and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes; 

(26) any restrictions on transfer, sale or assignment of the Securities of the series; and 

(27) any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or
changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations. 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a
Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate
of the Company setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with different
dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with
different redemption dates. 
 Section 2.02 Form of Securities and Trustee’s Certificate. 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the
tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

Section 2.03 Denominations: Provisions for Payment. 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The Securities of a 

  
 7 

 
particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the
Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the United States of
America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on
the basis of a 360-day year composed of twelve 30-day months. 

The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for
Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security
of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be
paid upon presentation and surrender of such Security as provided in Section 3.03. 
 Any interest on any Security that is payable, but
is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record
date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below: 

(1) The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their
respective Predecessor Securities) are registered in the Security Register 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 not be 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 sent, to each Securityholder 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 sent as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered in the Security Register on such special
record date. 
 (2) The Company may make payment of any Defaulted Interest on any Securities 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. 
 Unless otherwise set forth in a Board Resolution or one
or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record 

  
 8 

 
date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the
month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 

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

Section 2.04 Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature. 
 The Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution),
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 
 A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such
Securities. 
 Upon the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of
Securities under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and
(2) an Officer’s Certificate stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

Section 2.05 Registration of Transfer and Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such
purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section.
In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that

  
 9 

 
the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 

(b) The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein
referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable
times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution or Supplemental Indenture (the
“Security Registrar”). 
 Upon surrender for transfer of any Security at the office or agency of the Company designated for such
purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate
principal amount. 
 The Company initially appoints the Trustee as initial Security Registrar for each series of Securities 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing. 
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption
of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than
exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 
 (d) The Company
and the Security Registrar shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the sending of a notice of redemption of less than
all the Outstanding Securities of the same series and ending at the close of business on the day of such sending, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or
surrendered for repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect
to any Global Security, subject to Section 2.11 hereof. 
 The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or
beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
 10 

 Section 2.06 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions
and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor (without charge to the Securityholders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver
in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or
indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 

Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the
Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be 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. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding 

  
 11 

 
any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.08 Cancellation. 

All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if
surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the
Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.09 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for
the sole benefit of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating Agent.

 So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of
Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or
conversion thereof, 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. All references in this Indenture to the
authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to
conduct such business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of
any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers
and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 

  
 12 

 Section 2.11 Global Securities. 

(a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a
Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this
Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 

(b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part
and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 

(c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the
Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and, subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the
Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the
Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such
Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this
Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 

Section 2.12 CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such 

  
 13 

 
redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 

ARTICLE 3 
 REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS 
 Section 3.01 Redemption. 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.01 hereof. 
 Section 3.02 Notice of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be
redeemed by mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail in accordance with the applicable procedures of the Depositary), a notice of such redemption not less than 30 days
and not more than 90 days before the date fixed for redemption of that series to such Securityholders, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any
defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 

Each such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for
redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation
and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is
the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 

In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount
thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
(unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to 

  
 14 

 
be redeemed, and thereupon the Securities to be redeemed shall be selected, by lot, on a pro rata basis, or in such other manner as the Company shall deem appropriate and fair in its discretion
and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be
redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an
Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company
or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain
with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may
be required under the provisions of this Section. 
 Section 3.03 Payment Upon Redemption. 

(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to, but excluding, the date fixed for redemption and
interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security
or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such
series, together with interest accrued thereon to, but excluding, the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.03). 
 (b) Upon presentation of any
Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the Securityholder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 

Section 3.04 Sinking Fund. 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as
otherwise specified as contemplated by Section 2.01 for Securities of such series. 
 The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to
as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 

  
 15 

 Section 3.05 Satisfaction of Sinking Fund Payments with
Securities. 
 The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a
series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly. 
 Section 3.06 Redemption of Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to
the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less
than 30 days before each such sinking fund payment date the Securities to be redeemed upon such sinking fund payment date shall be selected in the manner specified in Section 3.02 and the Company shall cause notice of the redemption thereof to
be given in the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 ARTICLE 4 

COVENANTS 

Section 4.01 Payment of Principal, Premium and Interest. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that
series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S.
dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire
instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the
address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security
Registrar and the Trustee no later than 15 days prior to the relevant payment date. 
 Section 4.02 Maintenance of
Office or Agency. 
 So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with
respect to each such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for 

  
 16 

 
payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an
Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and
demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities. 

Section 4.03 Paying Agents. 

(a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section: 

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

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any
payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 

(3) that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 
 (4) that it will
perform all other duties of paying agent as set forth in this Indenture. 
 (b) If the Company shall act as its own paying agent with
respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of
such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and
premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 

(c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section
is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or 

  
 17 

 
for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms
and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with
respect to such money. 
 Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in
Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder. 
 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders. 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or
cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company 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, however, that, in either case, no such list need be furnished for any series for
which the Trustee shall be the Security Registrar. 
 Section 5.02 Preservation Of Information; Communications With
Securityholders. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the
names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security
Registrar (if acting in such capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon
receipt of a new list so furnished. 
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture
Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act
in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 
 Section 5.03 Reports by the
Company. 
 (a) The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants
and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files 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 

  
 18 

 
foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission;
and provided further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with
the Trustee for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the Commission within the time period prescribed
thereof by the Commission shall not be deemed a breach of this Section 5.03. 
 (b) Delivery of reports, information and
documents to the Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable
from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine any
such reports, information or documents delivered to the Trustee or filed with the Commission via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements
contained therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings with the Commission on EDGAR (or any successor system) has occurred. 

Section 5.04 Reports by the Trustee. 

(a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1,
shall send to the Securityholders a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act. 

(b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

(c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company,
with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 

ARTICLE 6 
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 6.01 Events of Default. 

(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the
following events that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with
the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 

  
 19 

 (2) the Company defaults in the payment of the principal of (or premium, if any, on)
any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that
series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any; 

(3) the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this
Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of
Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to
the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 

(4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the
entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in
an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days. 

(b) In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the
principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any
such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that
series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on)

  
 20 

 
and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 

No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon. 

(d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in
case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon
declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.06. 
 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or
final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the
property of the Company or other obligor upon the Securities of that series, wherever situated. 
 (c) In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by
the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such 

  
 21 

 
series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due
it under Section 7.06. 
 (d) All rights of action and of asserting claims under this Indenture, or under any of the terms
established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or 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 payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the
holders of the Securities of such series. 
 In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for
the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any Securityholder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder
in any such proceeding. 
 Section 6.03 Application of Moneys Collected. 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the
payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses of collection and
of all amounts payable to the Trustee under Section 7.06; 
 SECOND: To the payment of the amounts then due and unpaid upon Securities
of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal (and premium, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the
Company or any other Person lawfully entitled thereto. 
 Section 6.04 Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such Securityholder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying 

  
 22 

 
such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written
request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such Securityholder or Securityholders shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses
and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and
(v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 

Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security
to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute
suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and
covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by
availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under
this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and
the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section 6.05 Rights and
Remedies Cumulative; Delay or Omission Not Waiver. 
 (a) Except as otherwise provided in Section 2.07, all powers and
remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by
judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and
remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

Section 6.06 Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, 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 such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the 

  
 23 

 
Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly
prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04, may
on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except
a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been
cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to
be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or impair any right consequent thereon. 
 Section 6.07 Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s 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 and expenses, 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 more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security
of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture. 
 ARTICLE 7

 CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities
of that 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 man would exercise or use under the circumstances in the conduct of his or her own affairs. 

(b) 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: 

  
 24 

 (i) prior to the occurrence of an Event of Default with respect to the Securities of
a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred: 
 (A)
the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series
except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(B) in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates
or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 

(ii) the Trustee shall not be liable to any Securityholder or to any other Person for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, 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 Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; 
 (iv)
none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or
powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it; 

(v) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder; 

(vi) The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 (vii) No Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a
series of Securities hereunder. 
 Section 7.02 Certain Rights of Trustee. 

Except as otherwise provided in Section 7.01: 

(a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, 

  
 25 

 
consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized Officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c) The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and
liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or
waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his or her own affairs; 
 (e) The Trustee shall not be liable for any action taken or omitted to be
taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing
so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company
or, if paid by the Trustee, shall be repaid by the Company upon demand; 
 (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;

 (h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being 

  
 26 

 
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances;

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

(j) The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that such instructions or directions shall be signed by an authorized representative of the party providing such
instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to
submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Trustee may request that the Company deliver
an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other matters or directions pursuant to this
Indenture. 
 (k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and under the Securities, and each agent, custodian or other person employed to act under this Indenture. 

(l) The Trustee shall not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default constituting
the failure to pay the interest on, or the principal of, the Securities if the Trustee also serves the paying agent for such Securities) until the Trustee shall have received written notification in the manner set forth in this Indenture or a
Responsible Officer of the Trustee shall have obtained actual knowledge. 
 Section 7.03 Trustee Not Responsible for
Recitals or Issuance or Securities. 
 (a) The recitals contained herein and in the Securities shall be taken as the statements
of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in connection with the sale of
Securities. The Trustee shall not be responsible for any rating on the Securities or any action or omission of any rating agency. 
 (b)
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 
 (c) The Trustee
shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this
Indenture or established pursuant to 

  
 27 

 
Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee. 

Section 7.04 May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 
 Section 7.05 Moneys
Held in Trust. 
 Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as
herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it
hereunder except such as it may agree with the Company to pay thereon. 
 Section 7.06 Compensation and
Reimbursement. 
 (a) The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation
for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee
upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents
and counsel. 
 (b) The Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability
or expense (including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its
powers, rights or duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The
Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 
 (c) The Company need not
reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 

(d) To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all
funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law. The provisions of
this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

  
 28 

 Section 7.07 Reliance on Officer’s Certificate.

 Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall
deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in
the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 

Section 7.08 Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 7.09 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 

If such corporation or other Person 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 or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

Section 7.10 Resignation and Removal; Appointment of Successor. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and the Securityholders of such series. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument,
in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the sending of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any
Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such
court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

  
 29 

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

(i) the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 
 (ii) the Trustee shall
cease to be eligible in accordance with the provisions of Section 7.09 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, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation; 
 then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by
written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of
a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a
successor Trustee for such series with the consent of the Company. 
 (d) Any resignation or removal of the Trustee and appointment
of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 

Section 7.11 Acceptance of Appointment By Successor. 

(a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so
appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of any
amounts due to it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such retiring Trustee hereunder. 

  
 30 

 (b) In case of the appointment hereunder of a successor trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor
trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) 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, 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
that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; 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, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates. 
 (c) Upon request of any such successor trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified
and eligible under this Article. 
 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the
Company shall send notice of the succession of such trustee hereunder to the Securityholders. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause
such notice to be transmitted at the expense of the Company. 
 Section 7.12 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 the corporate trust business of the Trustee, including the administration of the
trust created by this Indenture, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the
execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary 

  
 31 

 
notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 7.13 Preferential Collection of Claims Against the Company. 

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

Section 7.14 Notice of Default.  

If any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee
shall send to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible
Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or
interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders. 

ARTICLE 8 
 CONCERNING
THE SECURITYHOLDERS 
 Section 8.01 Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 
 If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice,
consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders 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 a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be
given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date 

  
 32 

 
shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

Section 8.02 Proof of Execution by Securityholders. 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require
notarization) or his or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee. 
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the
Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 

Section 8.03 Who May be Deemed Owners. 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other
purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 

Section 8.04 Certain Securities Owned by Company Disregarded. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any
direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee. 
 Section 8.05 Actions Binding on Future Securityholders. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a 

  
 33 

 
Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon
proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future
holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken
by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the
holders of all the Securities of that series. 
 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b) to comply with Article Ten; 

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

(d) to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or
any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power
herein conferred upon the Company; 
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 
 (f) to make any
change that does not adversely affect the rights of any Securityholder in any material respect; 
 (g) to provide for the issuance of
and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of
Securities, or to add to the rights of the holders of any series of Securities; 

  
 34 

 (h) to evidence and provide for the acceptance of appointment hereunder by a
successor trustee; or 
 (i) to comply with any requirements of the Commission or any successor in connection with the qualification
of this Indenture under the Trust Indenture Act. 
 The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be
executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02 Supplemental Indentures with Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) 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 not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 

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

Section 9.03 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.04
Securities Affected by Supplemental Indentures. 
 Securities of any series affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the

  
 35 

 
requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of
that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Securities of that series then Outstanding. 
 Section 9.05 Execution of Supplemental Indentures.

 Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the
provisions of Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article
and that all conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a
supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof. 
 Promptly after the
execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) send a notice, setting forth in general terms the substance of such supplemental
indenture, to the Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to send, or cause the sending of, such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such supplemental indenture. 
 ARTICLE 10 

SUCCESSOR ENTITY 

Section 10.01 Company May Consolidate, Etc. 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon
any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the
Company), the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the 

  
 36 

 
entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property. 

Section 10.02 Successor Entity Substituted. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor
entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and
form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 (c) Nothing contained in
this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all
or any part of the property of any other Person (whether or not affiliated with the Company). 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge of Indenture. 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities
of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to
the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums
payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03, 7.10, 11.5 and
13.04, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the
Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series. 

  
 37 

 Section 11.02 Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10, 11.05 and 13.04 hereof that shall survive until such Securities
shall mature and be paid. 
 Thereafter, Sections 7.06 and 11.05 shall survive. 

Section 11.03 Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be
available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee. 
 Section 11.04 Payment of Moneys Held by Paying
Agents. 
 In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any
paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 

Section 11.05 Repayment to Company. 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of
principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any)
or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon
the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 

  
 38 

 ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 

Section 12.01 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and
that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 
 ARTICLE 13

 MISCELLANEOUS PROVISIONS 

Section 13.01 Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not. 
 Section 13.02 Actions by Successor. 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of
the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

Section 13.03 Surrender of Company Powers. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

Section 13.04 Notices. 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the 

  
 39 

 
Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by
being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows:
                                         
                                   . Any notice, election, request or
demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office
of the Trustee. 
 Section 13.05 Governing Law; Jury Trial Waiver. 

This Indenture and each Security shall be governed by, and construed in accordance with, the internal laws of the State of New York, except to
the extent that the Trust Indenture Act is applicable. 
 EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

Section 13.06 Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention. 
 Section 13.07 Certificates and Opinions as to Conditions
Precedent. 
 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of
this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the
proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which
the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 of this Indenture or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such
certificate or opinion has read such covenant or condition; (ii) 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;
(iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with;
and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

  
 40 

 Section 13.08 Payments on Business Days. 

Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or
established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or
principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date. 

Section 13.09 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, such imposed duties shall control. 
 Section 13.10 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.11 Separability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section 13.12 Compliance
Certificates. 
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities
of any series were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer,
principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all
conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company
signing such certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status. 

Section 13.13 U.S.A Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree 

  
 41 

 
that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

Section 13.14 Force Majeure. 

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

Section 13.15 Table of Contents; Headings. 

The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are
not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof. 

  
 42 

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

			
	RENEO PHARMACEUTICALS, INC.
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
	
	[TRUSTEE], as Trustee
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 

  
 43 

 CROSS-REFERENCE TABLE (1) 
  

			
	 Section of Trust Indenture Act of 1939, as Amended
	  	 Section of Indenture

	310(a)	  	7.09
	310(b)	  	7.08
		  	7.10
	310(c)	  	Inapplicable
	311(a)	  	7.13
	311(b)	  	7.13
	311(c)	  	Inapplicable
	312(a)	  	5.01
		  	5.02(a)
	312(b)	  	5.02(c)
	312(c)	  	5.02(c)
	313(a)	  	5.04(a)
	313(b)	  	5.04(b)
	313(c)	  	5.04(a)
		  	5.04(b)
	313(d)	  	5.04(c)
	314(a)	  	5.03
		  	13.12
	314(b)	  	Inapplicable
	314(c)	  	13.07(a)
	314(d)	  	Inapplicable
	314(e)	  	13.07(b)
	314(f)	  	Inapplicable
	315(a)	  	7.01(a)
		  	7.01(b)
	315(b)	  	7.14
	315(c)	  	7.01
	315(d)	  	7.01(b)
	315(e)	  	6.07
	316(a)	  	6.06
		  	8.04
	316(b)	  	6.04
	316(c)	  	8.01
	317(a)	  	6.02
	317(b)	  	4.03
	318(a)	  	13.09

  

	(1)	 This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the
interpretation of any of its terms or provisions. 

  
 44

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]