Document:

Exhibit 4.1

 

iSPECIMEN
INC., as

ISSUER

 

and

[                                   ],
as

INDENTURE TRUSTEE

 

INDENTURE

 

Dated as of [             
]

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	ARTICLE I
    DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 	 
	Section 1.01	 	Definitions	1
	Section 1.02	 	Other Definitions	4
	Section 1.03	 	Incorporation by
    Reference of Trust Indenture Act	4
	Section 1.04	 	Rules of Construction	4
	 	 
	ARTICLE II
    THE SECURITIES	5
	 	 	 	 
	Section 2.01	 	Issuable in Series	5
	Section 2.02	 	Establishment of
    Terms of Series of Securities	5
	Section 2.03	 	Execution and Authentication	6
	Section 2.04	 	Registrar and Paying
    Agent	7
	Section 2.05	 	Paying Agent to Hold
    Money in Trust	7
	Section 2.06	 	Holder Lists	7
	Section 2.07	 	Transfer and Exchange	7
	Section 2.08	 	Mutilated, Destroyed,
    Lost and Stolen Securities	8
	Section 2.09	 	Outstanding Securities	8
	Section 2.10	 	Treasury Securities	8
	Section 2.11	 	Temporary Securities	8
	Section 2.12	 	Cancellation	9
	Section 2.13	 	Defaulted Interest	9
	Section 2.14	 	Global Securities	9
	Section 2.15	 	CUSIP Numbers	10
	 	 
	ARTICLE III
    REDEMPTION	10
	 	 	 	 
	Section 3.01	 	Notice to Trustee	10
	Section 3.02	 	Selection of Securities
    to be Redeemed	10
	Section 3.03	 	Notice of Redemption	10

 

     

     

    

 

	Section 3.04	 	Effect of Notice
    of Redemption	11
	Section 3.05	 	Deposit of Redemption
    Price	11
	Section 3.06	 	Securities Redeemed
    in Part	11
	 	 
	ARTICLE IV
    COVENANTS	11
	 	 	 	 
	Section 4.01	 	Payment of Principal
    and Interest	11
	Section 4.02	 	SEC Reports	11
	Section 4.03	 	Compliance Certificate	11
	Section 4.04	 	Stay, Extension and
    Usury Laws	12
	 	 
	ARTICLE V
    SUCCESSORS	12
	 	 	 	 
	Section 5.01	 	When Company May Merge, etc.	12
	Section 5.02	 	Successor Corporation
    Substituted	12
	 	 	 	 
	ARTICLE VI
    DEFAULTS AND REMEDIES	12
	 	 	 	 
	Section 6.01	 	Events of Default	12
	Section 6.02	 	Acceleration of Maturity;
    Rescission and Annulment	13
	Section 6.03	 	Collection of Indebtedness
    and Suits for Enforcement by Trustee	14
	Section 6.04	 	Trustee May File
    Proofs of Claim	14
	Section 6.05	 	Trustee May Enforce
    Claims Without Possession of Securities	14
	Section 6.06	 	Application of Money
    Collected	15
	Section 6.07	 	Limitation on Suits	15
	Section 6.08	 	Unconditional Right
    of Holders to Receive Principal and Interest	15
	Section 6.09	 	Restoration of Rights
    and Remedies	15
	Section 6.10	 	Rights and Remedies
    Cumulative	16
	Section 6.11	 	Delay or Omission
    Not Waiver	16
	Section 6.12	 	Control by Holders	16
	Section 6.13	 	Waiver of Past Defaults	16

 

     

     

    

 

	Section 6.14	 	Undertaking for Costs	16
	 	 
	ARTICLE VII
    TRUSTEE	17
	 	 	 	 
	Section 7.01	 	Duties of Trustee	17
	Section 7.02	 	Rights of Trustee	17
	Section 7.03	 	Individual Rights
    of Trustee	18
	Section 7.04	 	Trustee’s Disclaimer	19
	Section 7.05	 	Notice of Defaults	19
	Section 7.06	 	Reports by Trustee
    to Holders	19
	Section 7.07	 	Compensation and
    Indemnity	19
	Section 7.08	 	Replacement of Trustee	19
	Section 7.09	 	Successor Trustee
    by Merger, etc.	20
	Section 7.10	 	Eligibility; Disqualification	20
	Section 7.11	 	Preferential Collection
    of Claims Against Company	20
	 	 
	ARTICLE VIII
    SATISFACTION AND DISCHARGE; DEFEASANCE	20
	 	 	 	 
	Section 8.01	 	Satisfaction and
    Discharge of Indenture	20
	Section 8.02	 	Application of Trust
    Funds; Indemnification	21
	Section 8.03	 	Legal Defeasance
    of Securities of any Series	21
	Section 8.04	 	Covenant Defeasance	22
	Section 8.05	 	Repayment to Company	23
	Section 8.06	 	Reinstatement	23

 

	ARTICLE IX
    AMENDMENTS AND WAIVERS	 23
	 	 	 	 
	Section 9.01	 	Without Consent of
    Holders	 23
	Section 9.02	 	With Consent of Holders	 24
	Section 9.03	 	Limitations	 24
	Section 9.04	 	Compliance with Trust
    Indenture Act	 25
	Section 9.05	 	Revocation and Effect
    of Consents	 25

 

     

     

    

 

	Section 9.06	 	Notation on or Exchange
    of Securities	 25
	Section 9.07	 	Trustee Protected	 25

 

	ARTICLE X
    MISCELLANEOUS	 25
	 	 	 	 
	Section 10.01	 	Trust Indenture Act
    Controls	 25
	Section 10.02	 	Notices	 26
	Section 10.03	 	Communication by
    Holders with Other Holders	 26
	Section 10.04	 	Certificate and Opinion
    as to Conditions Precedent	 26
	Section 10.05	 	Statements Required
    in Certificate or Opinion	 26
	Section 10.06	 	Rules by Trustee
    and Agents	 27
	Section 10.07	 	Legal Holidays	27
	Section 10.08	 	No Recourse Against
    Others	 27
	Section 10.09	 	Counterparts	 27
	Section 10.10	 	Governing Laws	 27
	Section 10.11	 	No Adverse Interpretation
    of Other Agreements	 27
	Section 10.12	 	Successors	 27
	Section 10.13	 	Severability	 27
	Section 10.14	 	Table of Contents,
    Headings, etc.	 27
	Section 10.15	 	Securities in a Foreign
    Currency	 28
	Section 10.16	 	U.S.A. Patriot Act	 28
	Section 10.17	 	Waiver of Jury Trial	 28
	 	 
	ARTICLE XI
    SINKING FUNDS	 28
	 	 	 	 
	Section 11.01	 	Applicability of
    Article	28
	Section 11.02	 	Satisfaction of Sinking
    Fund Payments with Securities	 28
	Section 11.03	 	Redemption of Securities
    for Sinking Fund	 29

 

     

     

    

 

iSPECIMEN INC.

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of [         ].

 

	Section 310
    (a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	NOT
    APPLICABLE
	(a)(4)	 	NOT
    APPLICABLE
	(a)(5)	 	7.10
	(b)	 	7.10
	Section 311
    (a)	 	7.11
	(b)	 	7.11
	(c)	 	NOT
    APPLICABLE
	Section 312
    (a)	 	2.06
	(b)	 	10.03
	(c)	 	10.03
	Section 313
    (a)	 	7.06
	(b)(1)	 	7.06
	(b)(2)	 	7.06
	(c)(1)	 	7.06
	(d)	 	7.06
	Section 314
    (a)	 	4.02,
    10.05
	(b)	 	NOT
    APPLICABLE
	(c)(1)	 	10.04
	(c)(2)	 	10.04
	(c)(3)	 	NOT
    APPLICABLE
	(d)	 	NOT
    APPLICABLE
	(e)	 	10.05
	(f)	 	NOT
    APPLICABLE
	Section 315
    (a)	 	7.01
	(b)	 	7.05
	(c)	 	7.01
	(d)	 	7.01
	(e)	 	6.14
	Section 316
    (a)	 	2.10
	(a)(1)(a)	 	6.12
	(a)(1)(b)	 	6.13
	(b)	 	6.08
	Section 317
    (a)(1)	 	6.03
	(a)(2)	 	6.04
	(b)	 	2.05
	Section 318
    (a)	 	10.01

 

     

     

    

 

INDENTURE,
dated as of [        ], between iSPECIMEN Inc., a Delaware corporation (“Company”),
and [                              
               ], as trustee (“Trustee”).

 

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

 

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01 Definitions.

 

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

 

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

 

“Agent”
means any Registrar or Paying Agent.

 

“Applicable Procedures”
means, with respect to any transfer or transaction involving a Global Security or beneficial interest therein, the rules and procedures
of DTC or any successor Depositary, in each case to the extent applicable to such transaction and as in effect from time to time.

 

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

 

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

 

“Business
Day means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” 
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

“Capital Interests”
means any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, including, without
limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or participation
that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership.

 

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

 

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

 

“Company Request”
means a written request signed in the name of the Company by its Chief Executive Officer or Chief Financial Officer and delivered to
the Trustee.

 

    1

     

    

 

“Corporate Trust
Office” means the address of the Trustee specified in Section 10.02, or such other address as to which the Trustee may
give notice to the Holders and the Company.

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary”
means, with respect to the Securities of any Series issuable or issued in whole or part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under
the Exchange Act; and if at any time there is more than one such person, “Depositary” as used with respect to the Securities
of any Series shall mean the Depositary with respect to the Securities of such Series.

 

“Discount Security”
means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section 6.02.

 

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

 

“DTC”
means the Depository Trust Company, a New York corporation.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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

 

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

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession.

 

“Global Security”
or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.02
evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in
the name of such Depositary or nominee.

 

“Holder”
means a person in whose name a Security is registered.

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

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

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

“Series”
or “Series of Securities” means each series of debentures, notes or other debt instruments of the Company created
pursuant to Sections 2.01 and 2.02 hereof.

 

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

 

“Subsidiary”
means, with respect to any person, any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof or, in the case of a partnership, more than 50% of the partners’ Capital Interests (considering all partners’
Capital Interests as a single class), is at the time owned or controlled, directly or indirectly, by such person or one or more of the
other Subsidiaries of such person or combination thereof.

 

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

 

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

 

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

 

    3

     

    

 

Section 1.02 Other Definitions.

 

	TERM	 	Defined in Section	 
	Bankruptcy
    Law	 	6.01	 
	Custodian	 	6.01	 
	Event
    of Default	 	6.01	 
	Legal
    Holiday	 	10.07	 
	mandatory
    sinking fund payment	 	11.01	 
	Market
    Exchange Rate	 	10.15	 
	optional
    sinking fund payment	 	11.01	 
	Paying
    Agent	 	2.04	 
	Registrar	 	2.04	 
	Successor
    Person	 	5.01	 

 

Section 1.03 Incorporation by Reference
of Trust Indenture Act.

 

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

 

“Commission”
means the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security
holder” means a Holder.

 

“indenture to be
qualified” means this Indenture.

 

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

 

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

 

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

 

Section 1.04 Rules of
Construction.

 

Unless the context otherwise
requires:

 

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

 

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

 

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

 

(d) “or”
is not exclusive;

 

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

 

(f) provisions apply
to successive events and transactions.

 

    4

     

    

 

ARTICLE II

THE SECURITIES

 

Section 2.01
Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture
is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be
set forth or determined in the manner provided in a Board Resolution, supplemental indenture or Officers’ Certificate detailing
the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to
be issued from time to time, the Board Resolution, Officers’ Certificate or supplemental indenture detailing the adoption of the
terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in
respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

Section 2.02
Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities
within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(s)) by or pursuant to
a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture or an Officers’
Certificate:

 

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

 

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

 

(c) any limit upon the
aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except
for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the
Series pursuant to Sections 2.07, 2.08, 2.11, 3.06 or 9.06);

 

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

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

(k) if other than the
principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.02;

 

(l) the currency of
denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and the agency or organization, if any, responsible
for overseeing such composite currency;

 

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

 

(n) any addition to
or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the
requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;

 

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

 

(p) the provisions,
if any, relating to conversion of any Securities of such Series, including, if applicable, the securities into which the Securities are
convertible, the conversion price, the conversion period, provisions as to whether conversion will be mandatory, at the option of the
Holders or at the option of the Company, the events requiring an adjustment of the conversion price and provisions affecting conversion
if such Series of Securities are redeemed;

 

(q) whether the Securities
of such Series will be senior debt securities or subordinated debt securities and, if applicable, a description of the subordination
terms thereof;

 

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

 

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

 

All Securities of any one
Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if
so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officers’ Certificate referred to above, and,
unless otherwise provided in such Board Resolution, a Series may be reopened, without the consent of the Holders, for increases
in the aggregate principal amount of such Series and issuances of additional Securities of such Series.

 

Section 2.03
Execution and Authentication. At least one Officer shall sign the Securities for the Company by manual or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. The Trustee shall at
any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to electronic instructions in PDF from the Company or its duly authorized agent or agents.
Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture
hereto or an Officers’ Certificate. The aggregate principal amount of Securities of any Series outstanding at any time may
not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture
hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.02 or 2.08. Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected
in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the
Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities
within that Series, (b) an Officers’ Certificate complying with Section 10.04 and (c)(1) an Opinion of Counsel complying
with Section 10.04 or (2) an Opinion of Counsel (or reliance letter with respect to an Opinion of Counsel) that the Securities
have been duly authorized, executed and delivered by the Company and such Securities will constitute valid and binding obligations of
the Company, enforceable against the Company in accordance with its terms. The Trustee may appoint an authenticating agent acceptable
to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights
as an Agent to deal with the Company or an Affiliate of the Company.

 

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Section 2.04
Registrar and Paying Agent. The Company shall maintain, with respect to each Series of Securities, at the place
or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may
be presented or surrendered for payment (“Paying Agent”), and where Securities of such Series may be surrendered
for registration of transfer or exchange (“Registrar”). The Registrar shall keep a register with respect to each Series of
Securities and of their transfer and exchange. The Company hereby appoints the Trustee as Paying Agent and Registrar. The Company will
give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying
Agent. The Company may also from time to time designate one or more co-registrars or additional paying agents and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations
to maintain a Registrar and a Paying Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for
such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the name or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar;
and the term “Paying Agent” includes any additional paying agent. The Company hereby appoints the Trustee as the initial
Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the
time Securities of that Series are first issued.

 

Section 2.05
Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than the Trustee to agree in writing
that the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held
by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of any
default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all
money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon

payment over to the Trustee, the Paying Agent
(if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary
of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of
Securities all money held by it as Paying Agent. Upon an Event of Default under Section 6.01(d) or (e), the Trustee shall be
the Paying Agent.

 

Section 2.06
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA Section 312(a).
If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten (10) days before each interest payment
date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably
require, of the names and addresses of Holders of each Series of Securities.

 

Section 2.07
Transfer and Exchange. Where Securities of a Series are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register
the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer
or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable
upon exchanges pursuant to Sections 2.11, 3.06 or 9.06). Neither the Company nor the Registrar shall be required (a) to issue, register
the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately
preceding the delivery of a notice of redemption of Securities of that Series selected for redemption and ending at the close of
business on the day of such delivery, or (b) to register the transfer of or exchange Securities of any Series selected, called
or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption
in part.

 

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Section 2.08 Mutilated, Destroyed, Lost
and Stolen Securities.

 

(a) If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery
in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss
or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either
of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected purchaser,
the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed,
lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. In case any such mutilated, destroyed, lost or stolen Security has become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security.

 

(b) Upon the issuance
of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other
Securities of that Series duly issued hereunder. The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 2.09
Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the
Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. If a Security is replaced
pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security
is held by a protected purchaser. If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company)
holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after
that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue. A Security does not cease
to be outstanding because the Company or an Affiliate of the Company holds the Security. In determining whether the Holders of the requisite
principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder,
the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof
pursuant to Section 6.02.

 

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

 

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

 

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Section 2.12
Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee
shall cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation in accordance with
its customary procedures. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee
for cancellation.

 

Section 2.13
Defaulted Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the
defaulted interest at the rate established for the particular Series, if any, plus, to the extent permitted by law, any interest payable
on the defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Company shall fix
the special record date and payment date; provided that if no rate for defaulted interest is specified for any Series of Securities,
then the defaulted interest rate shall be the interest rate specified for such Series of Securities. At least ten (10) days
before the special record date, the Company shall deliver to the Trustee and to each Holder of the Series a notice that states the
record date, the related payment date and the amount of interest to be paid. The Company may also pay defaulted interest in any other
lawful manner.

 

Section 2.14 Global Securities.

 

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

 

(b) Transfer and Exchange.
Notwithstanding any provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security
shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the
Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling or unable to continue
as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange
Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act
within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect
that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by such
Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall
be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal
to the principal amount of the Global Security with like tenor and terms.

 

(c) Except as provided
in this Section 2.14(c), a Global Security may not be transferred except as a whole by the Depositary with respect to such Global
Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or
by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

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

 

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

 

(f) Payments. Notwithstanding
the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of
and interest, if any, on any Global Security shall be made to the Holder thereof.

 

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

 

(h) The Depositary or
its nominee, as registered owner of a Global Security, shall be the Holder of such Global Security for all purposes under the Indenture
and the Securities, and owners of beneficial interests in a Global Security shall hold such interests pursuant to the Applicable Procedures.
Accordingly, any such owner’s beneficial interest in a Global Security will be shown only on, and the transfer of such interest
shall be effected only through, records maintained by the Depositary or its nominee and such owners of beneficial interests in a Global
Security will not be considered the owners or holders thereof. Notwithstanding any other provision of this Indenture or any Security,
where this Indenture or any Global Security provides for notice of any event (including any notice of redemption or repurchase) to a
Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if 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
applicable Depositary procedures.

 

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

 

ARTICLE III

REDEMPTION

 

Section 3.01
Notice to Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay
the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated
Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and
the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant
to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of the Series of Securities
to be redeemed.

 

Section 3.02
Selection of Securities to be Redeemed. Unless otherwise indicated for a particular Series by a Board Resolution,
a supplemental indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be redeemed, the
Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee deems fair and appropriate. The
Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. Securities of a
Series and portions selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities
of any Series issuable in other denominations pursuant to Section 2.02(j), the minimum principal denomination for each Series and
integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to
portions of Securities of that Series called for redemption. The Trustee shall not be liable for the selection made in accordance
with this Section 3.02.

 

Section 3.03 Notice of Redemption.

 

(a) Unless otherwise
specified for a particular Series by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least 30
days but not more than 60 days before a redemption date, the Company shall deliver notice of redemption to each Holder whose Securities
are to be redeemed. The notice shall identify the Securities of the Series to be redeemed and shall state:

 

(i) the redemption date;

 

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(ii) the redemption price
or the manner of the calculation of the redemption price;

 

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

 

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

 

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

 

(vi) the CUSIP number,
if any; and

 

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

 

At the Company’s request,
the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided that the Company shall have
delivered to the Trustee, at least five Business Days (or such shorter period as the Trustee may consent to in writing) before notice
of redemption is required to be delivered or caused to be delivered to Holders pursuant to this Section 3.03, an Officers’
Certificate of the Company requesting that the Trustee give such notice and setting forth the information to be stated in such notice
as provided in the preceding paragraph.

 

Section 3.04
Effect of Notice of Redemption. Once notice of redemption is delivered as provided in Section 3.03, Securities of
a Series called for redemption become due and payable on the redemption date and at the redemption price. A notice of redemption
may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest
to the redemption date; provided that installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable
to the Holders of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record
date therefor according to their terms and the terms of this Indenture.

 

Section 3.05
Deposit of Redemption Price. Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, on or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit
with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed
on that date.

 

Section 3.06
Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall issue and the Trustee
shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.

 

ARTICLE IV

COVENANTS

 

Section 4.01
Payment of Principal and Interest. The Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance
with the terms of such Securities and this Indenture.

 

Section 4.02
SEC Reports. Any information, documents or other reports that the Company shall file with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is filed with the Commission;
provided that any such information, documents or reports filed or furnished with the Commission pursuant to its Electronic Data Gathering,
Analysis and Retrieval (or EDGAR) system shall be deemed filed with the Trustee as of the time such information, documents or reports
are filed or furnished via EDGAR.

 

Section 4.03
Compliance Certificate. The Company shall, so long as any of the Securities are outstanding, deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company, an Officers’ Certificate stating whether or not to the knowledge
of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions hereof
(without regard to any period of grace or requirement of notice provided hereunder), and if a Default or Event of Default shall have
occurred, specifying all such Defaults or Events of Default and the nature and status thereof of which they may have knowledge.

 

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Section 4.04
Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities
or any other law that would prohibit or forgive the Company from paying all or any portion of the principal of, or interest on, the Securities
as contemplated in the Indenture, any indenture supplemental thereto relating to the Securities or the Securities and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by
resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law has been enacted.

 

ARTICLE V

SUCCESSORS

 

Section 5.01
When Company May Merge, Etc. The Company shall not consolidate with or merge with or into, or convey, transfer or
lease all or substantially all of its properties and assets to, another person (a “Successor Person”) unless:

 

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

 

(b) immediately after
giving effect to the transaction, no Default or Event of Default shall have occurred and be continuing.

 

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

 

Section 5.02
Successor Corporation Substituted. Upon any consolidation or merger, or any sale, lease, conveyance or other disposition
of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor corporation formed by such
consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall
succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect
as if such Successor Person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale,
conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the
Securities.

 

ARTICLE VI

DEFAULTS AND REMEDIES

 

Section 6.01 Events
of Default.

 

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

 

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

 

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

 

(c) default in the performance
or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty for which the consequences
of nonperformance or breach are addressed elsewhere in this Section 6.01 and other than a covenant or warranty that has been included
in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues uncured for
a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and
the Trustee by the Holders of not less than a majority in principal amount of the outstanding Securities of that Series a written
notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

 

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

 

(i) commences a voluntary
case or proceeding;

 

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

 

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

 

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

 

(v) makes an admission
in writing that it is generally unable to pay its debts as the same become due; or

 

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

 

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

 

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

 

(iii) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 90 days; or

 

(f) any other Event
of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto
or an Officers’ Certificate, in accordance with Section 2.02(n).

 

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

 

Section 6.02
Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any Series at
the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.01(d) or (e)), then
in every such case the Trustee or the Holders of not less than a majority in principal amount of the outstanding Securities of that Series may
declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount
as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration
such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section 6.01(d) or (e) shall occur, the principal amount (or specified amount) of and accrued
and unpaid interest, if any, on all outstanding Securities shall be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder. At any time after such a declaration of acceleration with respect to any Series has been
made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article; provided
that the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Company and
the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that
Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely
by such declaration of acceleration, have been cured or waived as provided in Section 6.13. No such rescission shall affect any
subsequent Default or impair any right consequent thereon.

 

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Section 6.03 Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that
if:

 

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

 

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

 

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

 

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

 

Section 6.04
Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal
of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid in
respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding, and (b) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.07. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities
or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.05
Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which
such judgment has been recovered.

 

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Section 6.06 Application of Money Collected.

 

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

 

First: To the payment of
all amounts due the Trustee under Section 7.07; and

 

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

 

Third: To the Company.

 

Section 6.07
Limitation on Suits. No Holder of any Security of any Series shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

 

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

 

(b) the Holders of at
least a majority in principal amount of the outstanding Securities of that Series shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

Section 6.08
Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest,
if any, on such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder.

 

Section 6.09
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies
of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

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Section 6.10
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.08, no right or remedy herein conferred upon or reserved to the Trustee or to
the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

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

 

Section 6.12
Control by Holders. Subject to Section 7.02(f), the Holders of a majority in principal amount of the outstanding
Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that:

 

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

 

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

 

(c) subject to the provisions
of Section 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 of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 

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

 

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

 

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ARTICLE VII

TRUSTEE

 

Section 7.01 Duties of Trustee.

 

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

 

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

 

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

 

(ii) In the absence of
bad faith on its part, the Trustee may conclusively rely and is fully protected, as to the truth of the statements and the correctness
of the opinions expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to the Trustee and conforming to
the requirements of this Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which by any
provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officers’ Certificates
and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein) .

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h) The rights, privileges,
protections, immunities and benefits given to the Trustee, including the right to be indemnified, are extended to, and shall be enforceable
by the Trustee in each of its capacities hereunder and to its agents. The provisions set forth in paragraphs (a), (b) and (c) of
this Section shall apply to the Trustee in each of its capacities hereunder and its agents.

 

Section 7.02 Rights
of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g) The Trustee shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document
believed by the Trustee to be genuine and to have been signed or delivered by the proper person.

 

(h) The Trustee shall
not be deemed to have notice of any Default or Event of Default, other than a failure by the Company to make any payment hereunder when
due if the Trustee is the Paying Agent, unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities generally or the Securities of a particular Series and this Indenture and states that it is a “notice
of default.”

 

(i) The permissive rights
of the Trustee enumerated herein shall not be construed as duties.

 

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

 

(k) Neither the Trustee
nor any Agent shall be responsible or liable for any failure or delay in the performance of its obligation under this Indenture arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or
malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military
authority or governmental action; it being understood that each of the Trustee and Agents shall use commercially reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

 

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

 

Section 7.03
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee.
Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11.

 

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Section 7.04
Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible
for any statement in the Securities other than its authentication.

 

Section 7.05
Notice of Defaults. If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and
if it is known to a Responsible Officer of the Trustee, the Trustee shall deliver to each Holder of the Securities of that Series notice
of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge
of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice
is in the interests of Holders of that Series.

 

Section 7.06
Reports by Trustee to Holders. Within 60 days after March 15 in each year, the Trustee shall transmit by deliver
to all Holders, as their names and addresses appear on the register kept by the Registrar a brief report dated as of such March 15,
in accordance with, and to the extent required under, TIA Section 313. A copy of each report at the time of its delivery to Holders
of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed. The Company
shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

 

Section 7.07
Compensation and Indemnity. The Company shall pay to the Trustee from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any loss,
liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it except as set forth in this Section 7.07 in the performance of its duties under this Indenture as Trustee or Agent. The Trustee
shall notify the Company promptly of any claim for which it may seek indemnity. Failure or delay by the Trustee to so notify the Company
of any claim for which it may seek indemnity shall not relieve the Company of its obligations hereunder except to the extent such failure
or delay shall have materially prejudiced the Company. 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. 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 the
gross negligence or willful misconduct of any such persons as determined by a final order of a court of competent jurisdiction. When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(d) or (e) occurs,
the expenses and the compensation for the services are intended to constitute expenses of administration under any insolvency, bankruptcy
or similar law. The provisions of this Section shall survive the resignation or removal of the Trustee and the termination or discharge
of this Indenture.

 

Section 7.08
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective
only upon the successor Trustee’s acceptance of appointment as provided in this Section. The Trustee may resign with respect to
the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation.
The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by
so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 

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

 

(b) the Trustee is adjudged
bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any insolvency, bankruptcy or similar law;

 

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

 

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(d) the Trustee becomes
incapable of acting.

 

If the Trustee resigns or
is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.

 

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

 

A successor Trustee shall
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee
shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.07, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor
Trustee shall deliver a notice of its succession to each Holder of each such Series. Notwithstanding replacement of the Trustee pursuant
to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring
Trustee with respect to expenses and liabilities incurred by it prior to the date of such replacement.

 

Section 7.09
Successor Trustee by Merger, etc. If the Trustee consolidates with, merges or converts into, or transfers all or
substantially all of its corporate trust business (including administration of this Indenture) to, another corporation, the successor
corporation without any further act shall be the successor Trustee.

 

Section 7.10
Eligibility; Disqualification. This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1),
(2) and (5) and has a combined capital and surplus of at least $50,000,000. The Trustee shall comply with TIA Section 310(b).

 

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

 

ARTICLE VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.01 Satisfaction and Discharge
of Indenture.

 

This Indenture shall upon
Company Order cease to be of further effect (except as hereinafter provided in this Section 8.01), and the Trustee, at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a) any of the following
shall have occurred:

 

(i) no Securities have
been issued hereunder;

 

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

 

(iii) all such Securities
not theretofore delivered to the Trustee for cancellation (1) have become due and payable, or (2) will become due and payable
at their Stated Maturity within one year, or (3) are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; and the Company
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of
paying and discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal
and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such
deposit) or to the Stated Maturity or redemption date, as the case may be;

 

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

 

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

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 7.07 and, if money shall have been deposited with
the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.04, 2.05, 2.07, 2.08, 8.01, 8.02 and 8.05 shall
survive.

 

Section 8.02 Application
of Trust Funds; Indemnification.

 

(a) Subject to the provisions
of Section 8.05, all money deposited with the Trustee pursuant to Section 8.01, all money and U.S. Government Obligations or
Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03 or 8.04 and all money received by the Trustee
in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.03
or 8.04, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment,
either directly or through any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may determine, to
the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee
or analogous payments as contemplated by Sections 8.03 or 8.04.

 

(b) The Company shall
pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or
Foreign Government Obligations deposited pursuant to Sections 8.03 or 8.04 or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders.

 

(c) The Trustee shall
deliver or pay to the Company from time to time upon Company Request any U.S. Government Obligations or Foreign Government Obligations
or money held by it as provided in Sections 8.03 or 8.04 which, in the opinion of a nationally recognized firm of independent certified
public accountants expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which
then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations
or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or
Foreign Government Obligations held under this Indenture.

 

Section 8.03
Legal Defeasance of Securities of any Series. Unless this Section 8.03 is otherwise specified, pursuant to Section 2.02(s),
to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all
the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof,
and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and
the Trustee, at the expense of the Company, shall, at Company Request, execute such instruments reasonably requested by the Company acknowledging
the same), except as to:

 

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

 

(b) the provisions of
Sections 2.04, 2.05, 2.07, 2.08, 8.02, 8.03 and 8.05; and

 

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

 

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(d) with reference to
this Section 8.03, the Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c))
with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated
solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect of
all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

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

 

(f) no Default or Event
of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during
the period ending on the 91st day after such date;

 

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

 

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

 

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

 

(j) such defeasance
shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company
Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder.

 

Section 8.04
Covenant Defeasance. Unless this Section 8.04 is otherwise specified, pursuant to Section 2.02(s), to be inapplicable
to Securities of any Series, on and after the 91st day after the date of the deposit referred to in subparagraph (a) hereof, the
Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections
4.02, 4.03, and 5.01 as well as any additional covenants specified in a supplemental indenture for such Series of Securities or
a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.02 (and the failure to comply with any such
covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.01) and the occurrence
of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate
delivered pursuant to Section 2.02 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder,
with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a) with reference to
this Section 8.04, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.02(c))
with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal
in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in respect
of the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due;

 

    22

     

    

 

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

 

(c) no Default or Event
of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during
the period ending on the 91st day after such date;

 

(d) the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities of such Series will not recognize
income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and covenant defeasance
had not occurred;

 

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

 

(f) Such defeasance
shall not result in the trust arising from such deposit constituting an investment company within the meaning of the Investment Company
Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder.

 

Section 8.05
Repayment to Company. The Trustee and the Paying Agent shall pay to the Company upon written request any money held by
them for the payment of principal and interest that remains unclaimed for two years, and after such time, Holders entitled to the money
must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person.

 

Section 8.06
Reinstatement. If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of
any series in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this
Indenture with respect to the Securities of such series and under the Securities of such series shall be revived and reinstated as though
no deposit had occurred pursuant to Section 8.01 until such time as the Trustee or the Paying Agent is permitted to apply all such
money in accordance with Section 8.01; provided, however, that if the Company has made any payment of principal of, premium (if
any) or interest on any Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or the
Paying Agent.

 

ARTICLE IX

AMENDMENTS AND WAIVERS

 

Section 9.01
Without Consent of Holders. Unless otherwise specified for a particular Series by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, the Company and the Trustee may amend or supplement this Indenture or the Securities of
one or more Series without the consent of any Holder:

 

(a) to evidence the
succession of another person to the Company under this Indenture and the Securities and the assumption by any such Successor Person of
the obligations of the Company hereunder and under the Securities;

 

(b) to add covenants
of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of
less than all series of Securities, stating that such covenants are expressly being included for the benefit of such series) or to surrender
any right or power herein conferred upon the Company provided such action does not adversely affect the interests of the Holders;

 

(c) to add any additional
Events of Default;

 

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(d) to add to or change
any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of
Securities in uncertificated form;

 

(e) to add to, change
or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition,
change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental
indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect
to such provision or (B) shall become effective only when there is no such Security Outstanding;

 

(f) to establish the
forms or terms of the Securities of any series issued pursuant to the terms hereof;

 

(g) to cure any ambiguity
or correct any inconsistency in this Indenture;

 

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

 

(i)
to qualify this Indenture under the Trust Indenture Act;

 

(j) to provide for uncertificated
securities in addition to certificated securities;

 

(k) to supplement any
provisions of this Indenture necessary to permit or facilitate the defeasance and discharge of any series of Securities, provided that
such action does not adversely affect the interests of the Holders of Securities of such series or any other series;

 

(l) to conform the Indenture
to any Description of Securities for a particular Series of Securities; and

 

(m) to comply with the
rules or regulations of any securities exchange or automated quotation system on which any of the Securities may be listed or traded.

 

Section 9.02
With Consent of Holders. The Company and the Trustee may enter into a supplemental indenture with the written consent
of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental
indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner the rights of the Holders of each such Series. Except as provided in Section 6.13, the Holders
of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents
obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Company with
any provision of this Indenture or the Securities with respect to such Series. It shall not be necessary for the consent of the Holders
of Securities under this Section 9.02 to approve the particular form of any proposed supplemental indenture or waiver, but it shall
be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective,
the Company shall deliver to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver.
Any failure by the Company to deliver such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture or waiver.

 

Section 9.03
Limitations. Unless otherwise specified for a particular Series by a Board Resolution, a supplemental indenture
or an Officers’ Certificate, without the consent of each Holder affected, an amendment or waiver may not:

 

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

 

(b) reduce the rate
of or extend the time for payment of interest (including default interest) on any Security;

 

    24

     

    

 

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

 

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

 

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

 

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

 

(g) make any change
in Sections 6.08, 6.13, or 9.03; or

 

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

 

Section 9.04
Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities of one or more Series shall
be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.

 

Section 9.05
Revocation and Effect of Consents. Until an amendment is set forth in a supplemental indenture or a waiver becomes effective,
a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion
of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the
Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. Any
amendment or waiver once effective shall bind every Holder of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (h) of Section 9.03. In that case, the amendment or waiver shall bind each
Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security.

 

Section 9.06
Notation on or Exchange of Securities. The Trustee may place an appropriate notation about an amendment or waiver on
any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the
Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver.

 

Section 9.07
Trustee Protected. In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, in addition to
the documents required by Section 10.04, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion
of Counsel stating that all conditions precedent in this Indenture to the execution of such supplemental indenture, if any, have been
complied with, such supplemental indenture is authorized hereunder, and, that such supplemental indenture is the valid and legally binding
obligation of the Company. The Trustee shall sign all supplemental indentures, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.01
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.

 

    25

     

    

 

Section 10.02 Notices.

 

(a) Any notice or communication
by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in
person or mailed by first-class mail or sent by telecopier transmission or electronic transmission in PDF addressed as follows:

 

if to the Company:

 

iSPECIMEN Inc.

450 Bedford Street

Lexington, MA 02420

Attention: Corporate Secretary

(781) 301-6700

 

if to the Trustee:

 

[                             ]

 

(b) The Company or the
Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. Any notice or
communication to a Holder shall be delivered to his address shown on the register kept by the Registrar. Failure to deliver a notice
or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other Holders of
that or any other Series. If a notice or communication is delivered in the manner provided above, within the time prescribed, it is duly
given, whether or not the Holder receives it. If the Company delivers a notice or communication to Holders, it shall deliver a copy to
the Trustee and each Agent at the same time.

 

(c) Any notice or demand
that by any provision of this Indenture is required or permitted to be given or served by the Company may, at the Company’s written
request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable
to the Trustee) to the date on which such notice must be given or served, be given or served by the Trustee in the name of and at the
expense of the Company.

 

Section 10.03
Communication by Holders with Other Holders. Holders of any Series may communicate pursuant to TIA Section 312(b) with
other Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that
Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA

 

Section 10.04
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to
take any action under this Indenture, the Company shall furnish to the Trustee:

 

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

 

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

 

Section 10.05
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with
the provisions of TIA Section 314(e) and shall include:

 

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

 

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

 

    26

     

    

 

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

 

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

 

Section 10.06
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or a meeting of Holders of
one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 10.07
Legal Holidays. Unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental indenture
hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal
Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period.

 

Section 10.08
No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for the issue of the Securities.

 

Section 10.09
Counterparts. This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
The exchange of copies of this Indenture and of signature pages by facsimile or 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 10.10
Governing Laws. This Indenture and the Securities will be governed by, and construed in accordance with, the internal
laws of the State of New York.

 

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

 

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

 

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

 

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

 

    27

     

    

 

Section 10.15
Securities in a Foreign Currency. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or
an Officers’ Certificate delivered pursuant to Section 2.02 of this Indenture with respect to a particular Series of
Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal
amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time,
there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal
amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that
amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 10.15,
 “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency
as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such
currency, the Company shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank
of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country
of issue of the currency in question or such other quotations as the Company, shall deem appropriate. The provisions of this paragraph
shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than
Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. All decisions and determinations
of the Company regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in
its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee and all Holders. The Trustee shall have no duty to calculate or verify the calculations made pursuant
to this Section 10.15.

 

Section 10.16
U.S.A. Patriot Act. The Company acknowledges 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 Company agrees that it will provide the Trustee with such information as it may reasonably request as required in order
for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 10.17
Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AS BETWEEN THE COMPANY AND THE TRUSTEE ONLY ARISING OUT
OF OR RELATING TO THIS INDENTURE OR THE SECURITIES.

 

ARTICLE XI

SINKING FUNDS

 

Section 11.01
Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement
of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant
to this Indenture. The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein
referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of
such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities
of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02. Each sinking
fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such
Series.

 

Section 11.02
Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding
Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called
for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment
is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms
of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking
fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously
so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not
later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited
for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash
payments pursuant to this Section 11.02, the principal amount of Securities of such Series to be redeemed in order to exhaust
the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except
upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt
of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery
by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the
cash payment required to be released to the Company.

 

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Section 11.03
Redemption of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated in the Board Resolution,
supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund
payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the
amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof,
if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting
of Securities of that Series pursuant to Section 11.02, and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular
Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.03. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 3.04, 3.05 and 3.06.

 

[Remainder of page intentionally left
blank]

 

    29

     

    

 

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

 

	 	iSPECIMEN INC., a Delaware
    corporation
	 	 	 
	 	By:	 
	 	Name:	              
	 	Title:	 

 

	 	[         	        ].
	 	as Trustee
	 	 	 
	 	By:	    
	 	Name:	 
	 	Title:	 

 

[Signature Page to
Indenture]Exhibit 4.1

 

TERAWULF INC.

 

WARRANT

 

This warrant and the securities issuable upon
exercise of this warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or
the securities laws of any state or other jurisdiction. This warrant and the securities issuable upon exercise of this warrant may not
be sold or offered for sale, pledged or hypothecated except pursuant to an effective registration statement under the Securities Act or
pursuant to an exemption from registration thereunder, in each case in accordance with all applicable securities laws of the states or
other jurisdictions, and in the case of a transaction exempt from registration, such warrant and the securities issuable upon exercise
of such warrant may only be transferred if the issuer and, if applicable, the transfer agent for such warrant and the securities issuable
upon exercise of such warrant has receive documentation reasonably satisfactory to it that such transaction does not require registration
under the Securities Act. 

 

THIS WARRANT AGREEMENT,
dated as of July 1, 2022 (this “Warrant”), is by and between (a) TeraWulf Inc., a Delaware corporation (the
 “Corporation”), and (b) each Person listed on Schedule I (each a “Holder” and,
collectively, the “Holders”). The Corporation and the Holders are sometimes referred to herein collectively
as the “Parties” or individually as a “Party.”

 

R E C I T A L S

 

WHEREAS, the Parties
have entered into that certain Loan, Guaranty and Security Agreement, dated December 1, 2021, by and among the Corporation, the Guarantors
(as defined therein), the Lenders (as defined therein) and Wilmington Trust, National Association, as administrative agent and collateral
agent (the “Original Loan Agreement”);

 

WHEREAS, substantially
concurrently with the execution and delivery of this Warrant Agreement, the Parties, or Affiliates thereof, will enter into an amendment
to the Original Loan Agreement pursuant to which the Corporation will borrow up to $15,000,000 in principal amount of a senior secured
term loan (the “First Amendment Term Loan”) structured as a new term loan tranche from the Holders or Affiliates
thereof on the terms set forth therein (the “Loan Agreement Amendment” and the Original Loan Agreement, as amended
by the Loan Agreement Amendment, the “Loan Agreement”);

 

WHEREAS, subject to
the terms and conditions of the Loan Agreement, the Corporation may borrow up to $35,000,000 in principal amount of senior secured delayed
draw term loan commitments (the “DDTL Commitments”) structured as a new delayed draw term loan tranche under
the Loan Agreement;

 

WHEREAS, in connection
with the closing of the transactions contemplated by the Loan Agreement Amendment, on the First Amendment Effective Date, the Corporation
has agreed to issue to the Holders (ratably, based on their respective funding of the First Amendment Term Loan) warrants to purchase
an aggregate number of Common Shares equal to 3.0% of the Fully Diluted Equity of the Corporation determined as of the First Amendment
Effective Date (the “First Amendment Warrants”);

 

WHEREAS, for each funding
of DDTL Commitments, the Corporation has agreed to issue to the Holders (ratably, based on their respective funding of DDTL Commitments)
additional warrants to purchase an aggregate number of Common Shares equal to (x) for the funding of the first tranche of $15,000,000
in aggregate principal amount of DDTL Commitments, an incremental 3.75% of the Fully Diluted Equity of the Corporation determined as of
the date of such funding (the “First DDTL Warrants”) and (y) for the funding of the second tranche of $20,000,000
in aggregate principal amount of DDTL Commitments, an incremental 4.25% of the Fully Diluted Equity of the Corporation determined as of
the date of such funding (the “Second DDTL Warrants” and, together with the First DDTL Warrants, the “DDTL
Warrants”);

 

WHEREAS, as
partial consideration for the DDTL Commitments, the Corporation has agreed to issue to the Holders (ratably, based on their
respective funding of DDTL Commitments) additional warrants to purchase an aggregate number of Common Shares equal to 2.0% of the
Fully Diluted Equity of the Corporation determined as of the First Amendment Effective Date (the “Commitment
Warrants”); and

 

    1

     

    

 

WHEREAS, this Warrant
is intended to set forth the terms and conditions of the right to purchase such shares.

 

AGREEMENT

 

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

 

Article
1

Definitions
and References

 

Section
1.01      Definitions. As used herein, the following terms have the respective meanings:

 

“50% Warrant Cancellation
Event” has the meaning assigned to such term in Section 2.01.

 

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

 

“Aggregate Exercise
Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant is then
being exercised pursuant to Section 2.02, multiplied by (b) the then-current Exercise Price.

 

“Board”
means the board of directors of the Corporation.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which banks are authorized or required to close in the City of New York, New
York.

 

“Commitment Warrants”
has the meaning set forth in the recitals.

 

“Common Shares”
means the shares of common stock, par value $0.001 per share, of the Corporation.

 

“Corporation”
has the meaning set forth in the preamble.

 

“DDTL Commitments”
has the meaning set forth in the recitals.

 

“DDTL Warrants”
has the meaning set forth in the recitals.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any such Equity Interests.

 

“Exercise Certificate”
has the meaning assigned to such term in Section 3.01(a).

 

“Exercise Date”
means, for any given exercise of a Warrant, the earliest date that is a Business Day on which the conditions to such exercise as set forth
in Section 3.01 shall have been satisfied at or prior to 5:00 p.m., New York City time.

 

“Exercise Period”
means the period beginning on the Issue Date and ending at the Expiration Time.

 

“Exercise Price”
means $0.01 per Common Share, as may be adjusted pursuant to Article 4 hereof.

 

    2

     

    

 

“Expiration Time”
means 5:00 p.m., New York City time, on December 31, 2025.

 

“Fair Market Value”
means, as of any particular date: (a) if the Common Shares are listed on a domestic securities exchange as of such date, the VWAP Price
for such date on all domestic securities exchanges on which the Common Shares may at the time be listed; (b) if the Common Shares are
not listed on a domestic securities exchange but are quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system
or association as of such date, (i) the VWAP Price for such date on the OTC Bulletin Board, the Pink OTC Markets or similar quotation
system or association or (ii) if there have been no sales of the Common Shares on the OTC Bulletin Board, the Pink OTC Markets or similar
quotation system or association on such day, the average of the highest bid and lowest asked prices for Common Shares quoted on the OTC
Bulletin Board, the Pink OTC Markets or similar quotation system or association at the end of the day; or (c) if the Common Shares are
not listed on a domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or
association as of such date, the fair market value of one Common Share as determined in good faith by the Board.

 

“First Amendment
Effective Date” means the closing date of the Loan Agreement Amendment.

 

“First Amendment
Term Loan” has the meaning set forth in the recitals.

 

“First Amendment
Warrants” has the meaning set forth in the recitals.

 

“First Exercise
Trigger Date” has the meaning assigned to such term in Section 2.03.

 

“First Junior
Capital Raise” has the meaning assigned to such term in the Loan Agreement Amendment.

 

“Fully Diluted
Equity” means, as of the relevant measurement time, the sum, without duplication, of (a) Common Shares that are issued
and outstanding immediately prior to such measurement time, plus (b) Common Shares issuable upon exercise of vested options
(and options that will vest within 120 days of such measurement time) to purchase Common Shares as of immediately prior to such measurement
time, plus (c) Common Shares issuable upon exercise of any warrants (including the Warrants issued and outstanding under this
Warrant Agreement) to purchase Common Shares as of immediately prior to such measurement time (provided that, for purposes of this clause
(c), (i) the First Amendment Warrants and the Commitment Warrants shall be deemed to be to be issued and outstanding for purposes of measurement
in connection with the First Amendment Effective Date and (ii) the First DDTL Warrants and the Second DDTL Warrants, as applicable, shall
be deemed to be issued and outstanding for purposes of measurement in connection with the funding of the applicable DDTL Commitments),
plus (d) shares of convertible preferred stock (on an as-converted to Common Shares basis) issued and outstanding as of immediately
prior to such measurement time, plus (e) any convertible indebtedness (on an as-converted to Common Shares basis) outstanding as
of immediately prior to such measurement time, plus (f) Common Shares issued and outstanding immediately prior to such measurement
time or issuable as of such measurement time as or in respect of Junior Capital.

 

“Fundamental Transaction”
means, whether through one transaction or a series of related transactions, any (a) recapitalization of the Corporation, (b) reclassification
of the stock of the Corporation (other than (i) a change in par value, from par value to no par value, from no par value to par value
or (ii) as a result of a stock dividend or subdivision, split up or combination of shares to which ‎Section 4.01 applies), (c) consolidation
or merger of the Corporation with and into another Person or of another Person with and into the Corporation (whether or not the Corporation
is the surviving corporation of such consolidation or merger), (d) sale or lease of all or substantially all of the Corporation’s
assets (on a consolidated basis) or capital stock to another Person or (e) other similar transaction, in each case, that entitles the
holders of Common Shares to receive (either directly or upon subsequent liquidation) stock, securities or assets (including cash) with
respect to or in exchange for Common Shares.

 

“Holders”
has the meaning set forth in the preamble.

 

“Holder Parties”
means (i) the Holders, (ii) each Holder’s respective Affiliates, (ii) employee benefit plans sponsored by any Holder or any of its
Affiliates (or a master trust holding the assets of such benefit plans), and/or (iii) any other Person that invests money for or on behalf
of any of the foregoing.

 

    3

     

    

 

“Issue Date”
means July 1, 2022.

 

“Junior Capital”
has the meaning assigned to such term in the Loan Agreement Amendment.

 

“Loan Agreement”
has the meaning set forth in the recitals.

 

“Loan Agreement
Amendment” has the meaning set forth in the recitals.

 

“NASDAQ”
means The Nasdaq Stock Market LLC.

 

“OTC Bulletin
Board” means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation system.

“Parties”
has the meaning set forth in the preamble.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization
or government or department or agency thereof.

 

“Pink OTC Markets”
means the OTC Markets Group Inc. electronic inter-dealer quotation system, including OTCQX, OTCQB and OTC Pink.

 

“Restriction Lapse”
has the meaning assigned to such term in Section 6.02.

 

“Second Exercise
Trigger Date” has the meaning assigned to such term in Section 2.03.

 

“Second Junior
Capital Raise” has the meaning assigned to such term in the Loan Agreement Amendment.

 

“Securities”
has the meaning assigned to such term in Section 5.01.

 

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

 

“Successor Affiliate”
has the meaning assigned to such term in Section 6.02.

 

“Transfer”
has the meaning assigned to such term in Section 6.02.

 

“Transfer Agent”
means the entity designated by the Corporation to act as transfer agent for the Common Shares.

 

“VWAP Price”
means, as of a particular date, the volume-weighted average trading price, as adjusted for splits, combinations and other similar transactions,
of a Common Share for the consecutive period of ten Business Days ending two Business Days prior to such date, except that if the Common
Shares are listed on any domestic securities exchange, the term “Business Day” as used in this sentence means Business Days
on which such exchange is open for trading.

 

“Warrant”
has the meaning set forth in the preamble.

 

“Warrant Register”
has the meaning assigned to such term in Section 6.05.

 

“Warrant Shares”
has the meaning assigned to such term in ‎Section 2.01.

 

Section
1.02      Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided:

 

(a)
        “herein,” “hereto” or “hereof” and other words of
similar import refer to this Warrant as a whole and not to any particular Section, Article or other subdivision;

 

    4

     

    

 

(b)
        the word “including” is not limiting and means “including without limitation”;

 

(c)
        definitions will be equally applicable to both the singular and plural forms of the terms
defined;

 

(d)
        all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits
of or to this Warrant unless otherwise indicated;

(e)
        all exhibits annexed hereto or referred to herein are hereby incorporated in and made
a part of this Warrant as if set forth in full herein, and any capitalized terms used in any exhibit but not otherwise defined therein
will have the meaning as defined in this Warrant;

 

(f)
        all references to a Party include such Party’s successors and permitted assigns;

 

(g)
        any reference to “$” or “dollars” means United States dollars;
and

 

(h)
        references to agreements or instruments, or to statutes or regulations, are to such agreements
or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations).

 

Article
2

Issuance,
Exercise and Expiration of Warrant

 

Section
2.01      Issuance of Warrant; 50% Warrant Cancellation Event.

 

(a)       Subject
to the terms and conditions hereof, this Warrant shall represent the right to purchase from the Corporation up to (i) an aggregate number
of Common Shares equal to 3.0% of the Fully Diluted Equity of the Corporation determined as of the First Amendment Effective Date, plus
(ii) up to an aggregate number of additional Common Shares equal to (x) for the funding of the first tranche of $15,000,000 aggregate
principal amount of DDTL Commitments, an incremental 3.75% of the Fully Diluted Equity of the Corporation determined as of the date of
such funding and (y) for the funding of the second tranche of $20,000,000 aggregate principal amount of DDTL Commitments, an incremental
4.25% of the Fully Diluted Equity of the Corporation determined as of the date of such funding , plus (iii) an aggregate number
of Common Shares equal to 2.0% of the Fully Diluted Equity of the Corporation determined as of the First Amendment Effective Date. The
Common Shares issuable upon exercise of the warrants described in the immediately preceding sentence, as may be adjusted from time to
time pursuant to Article 4 hereof (the “Warrant Shares”).

 

(b)       50%
of the First Amendment Warrants issued at the First Amendment Effective Date and 50% of the DDTL Warrants issued in respect of any funding
of DDTL Commitments shall be deemed cancelled, if the Corporation (i) indefeasibly repays to the Holders (or their Affiliates) an amount
equal to the sum of (x) the outstanding obligations under the First Amendment Term Loan and (y) the outstanding obligations under any
funded DDTL Commitments and (ii) permanently cancels all undrawn DDTL Commitments on or prior to the 120th day following the First Amendment
Effective Date (a “50% Warrant Cancellation Event”).

 

Section
2.02      Exercise of Warrant. Subject to the terms and conditions hereof, and pursuant to the procedures set forth in
Section 3.01, each Holder may exercise such right to purchase with respect to all or any part of this Warrant Shares at any time or from
time to time on any Business Day during the Exercise Period.

 

Section 2.03      Vesting.

 

(a)                 Unless
a 50% Warrant Cancellation Event has occurred, in which case all Warrants held by each Holder after giving effect to such
cancellation shall be immediately exercisable, no Warrant (including Commitment Warrants, First Amendment Warrants and DDTL
Warrants) may be exercised until the 91st day after the First Amendment Effective Date (the “First Exercise Trigger
Date”). Upon the occurrence of the First Exercise Trigger Date, the following Warrants will become immediately
exercisable: (x) all Commitment Warrants, (y) 50% of the First Amendment Warrants, and (z) 50% of any DDTL Warrants, whether issued
before or after the First Exercise Trigger Date. Unless a 50% Warrant Cancellation Event has occurred, on the 121st day
after the First Amendment Effective Date (the “Second Exercise Trigger Date”), all Warrants held by each
Holder that have not previously become exercisable pursuant to the immediately preceding sentence shall become immediately
exercisable. For the avoidance of doubt, any Warrant issued after the Second Exercise Trigger Date shall be immediately exercisable
in the full amount of such Warrant.

 

    5

     

    

 

(b)               
Upon the exercise of any Warrant, each Holder shall be entitled to receive freely tradeable Common Shares.

 

(c)       For
the avoidance of doubt, no Warrants that have become exercisable shall be subject to cancellation or deemed cancellation.

 

(d)       Warrants
shall have no voting rights until exercised.

 

Section
2.04      Expiration of Warrant. The right to purchase the Warrant Shares pursuant to this Warrant shall terminate and
become void as of the Expiration Time.

 

Article
3

Exercise
Procedure

 

Section
3.01       Conditions to Exercise. Each Holder may exercise this Warrant during the Exercise Period upon (and only upon):

 

(a)
        execution and delivery of an Exercise Certificate in the form attached hereto as Exhibit
A (each, an “Exercise Certificate”), duly completed (including specifying the number of Warrant Shares to
be purchased in connection with such exercise);

 

(b)
        payment to the Corporation of the Aggregate Exercise Price for such exercise in accordance
with Section 3.02; and

 

(c)
        to the extent any withholding tax on the exercise of a Warrant is required, each Holder
shall (i) make a wire transfer in immediately available funds to the Corporation in an amount sufficient to satisfy any such withholding
tax or (ii) establish to the satisfaction of the Corporation that such withholding tax has been paid.

 

Section
3.02       Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made to the Corporation
by wire transfer of immediately available funds to an account designated in writing by the Corporation, in the amount of such Aggregate
Exercise Price.

 

Section
3.03       Delivery of Warrant Shares. As promptly as reasonably practicable on or after the Exercise Date, and in any
event within three Business Days thereafter, the Corporation shall cause the Transfer Agent to issue book-entry interests representing
the number of freely tradable Warrant Shares exercised on such Exercise Date to the account designated by the applicable Holder in the
applicable Exercise Certificate.

 

Section
3.04       Fractional Shares. The Corporation shall not be required to issue a fractional Warrant Share upon exercise
of any Warrant. As to any fraction of a Warrant Share that any Holder would otherwise be entitled to receive upon such exercise, the Corporation
shall pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available
funds) equal to the product of (i) such fraction of a Warrant Share multiplied by (ii) the Fair Market Value of one Warrant Share on the
Exercise Date.

 

Section
3.05       Warrant Register. Unless this Warrant shall have been fully exercised, the Corporation shall, at the time of
delivery of the Warrant Shares being issued in accordance with this Article 3, provide by notation in the Warrant Register the number,
if any, of Warrant Shares that remain subject to purchase by the Holders upon exercise.

 

    6

     

    

 

Section
3.06       Valid Issuance of Warrant and Warrant Shares. With respect to the execution and delivery of this Warrant and
each exercise of this Warrant, the Corporation hereby represents, warrants, covenants and agrees:

 

(a)
        The Corporation is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization;

 

(b)
        The Corporation has the corporate power and authority to execute and deliver this Warrant
and to perform its obligations hereunder. The Corporation has taken all corporate actions or proceedings required to be taken by or on
the part of the Corporation to authorize and permit the execution and delivery by the Corporation of this Warrant and the performance
by the Corporation of its obligations hereunder and the consummation by the Corporation of the transactions contemplated hereby. This
Warrant has been duly executed and delivered by the Corporation, and assuming the due authorization, execution and delivery by the Holders,
constitutes the legal, valid and binding obligation of the Corporation, enforceable against it in accordance with its terms, except as
such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating
to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

(c)
        The execution and delivery by the Corporation of this Warrant, the performance by the
Corporation of its obligations hereunder and the consummation by the Corporation of the transactions contemplated hereby will not violate
(i) any provision of law, statute, rule or regulation applicable to the Corporation, (ii) the certificate of incorporation or bylaws of
the Corporation, (iii) any applicable order of any court or any rule, regulation or order of any governmental authority applicable to
the Corporation or (iv) any provision of any indenture, certificate of designation for preferred stock, agreement or other instrument
to which the Corporation is a party or by which its property is or may be bound, except, in each case, for any such violation that would
not impair in any material way the Corporation's ability to perform its obligations under this Warrant.

 

(d)
        Assuming the accuracy of the Holders’ several representations and warranties set
forth in Article 5, the issuance of this Warrant (and the issuance of the Warrant Shares upon exercise of this Warrant) is exempt from
the registration requirements of the Securities Act and all other applicable state blue sky or other securities laws, statutes, rules
or regulations.

 

(e)
        None of the Corporation, its Affiliates or any Person acting on any of their behalf (other
than the Holders and their Affiliates), directly or indirectly, has offered, sold or solicited any offer to buy and will not, directly
or indirectly, offer, sell or solicit any offer to buy, any security of a type or in a manner which would be integrated with the issuance
of this Warrant. None of the Corporation, its Affiliates or any Person acting on any of their behalf (other than the Holders and their
Affiliates) has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Rule 502(c) promulgated
under the Securities Act) in connection with the issuance of this Warrant.

 

(f)
        This Warrant has been duly authorized and is validly issued.

 

(g)
        Each Warrant Share issuable upon the exercise of this Warrant pursuant to the terms hereof
shall be, upon issuance, validly issued, fully paid and non-assessable, and free from preemptive or similar rights and free from all taxes,
liens and charges with respect thereto (other than liens and charges arising solely from the actions and circumstances of any Holder).

 

(h)
        The Corporation will at all times during the Exercise Period maintain authorized and
reserved for issuance solely for the purpose of effecting the exercise of this Warrant, such number of Common Shares as are then and from
time to time subject to issuance upon the exercise in whole of this Warrant, which shares have not been subscribed for or otherwise committed
or issued.

 

(i)
        The Corporation shall take all such action as many be necessary to ensure the par value
per Warrant Share will at all times during the Exercise Period be less than or equal to the applicable Exercise Price.

 

    7

     

    

 

(j)
        The Corporation shall take all such actions as may be necessary to ensure that all Warrant
Shares are issued without violation by the Corporation of its certificate of incorporation, bylaws or any other constituent document and
of any applicable law, statute, rule or regulation or any requirements of any securities exchange upon which the Common Shares or other
securities constituting Warrant Shares may be listed at the time of such exercise (except for official notice of issuance which will be
promptly delivered by the Corporation upon each such issuance).

 

(k)
        The Corporation shall use commercially reasonable efforts to cause the Warrant Shares,
promptly upon such exercise, to be listed on the NASDAQ or any domestic securities exchange upon which Common Shares are listed at the
time of such exercise.

 

(l)
        The Corporation shall pay all expenses in connection with, and all taxes (other than
United States federal, state or local income taxes) and other governmental charges that may be imposed with respect to, the issuance or
delivery of Warrant Shares upon exercise of this Warrant.

 

Article
4

Adjustment to Number of Warrant Shares

 

Section
4.01       Adjustment to Number of Warrant Shares. If the Corporation, at any time after the Issue Date but prior to the
Expiration Time (or, if earlier, the exercise in full of this Warrant), (a) makes or declares a dividend or other distribution (in part
or in full) on its outstanding Common Shares payable in Equity Interests of the Corporation, (b) subdivides (by any split, recapitalization
or otherwise) its outstanding Common Shares into a greater number of Common Shares, or (c) combines (by combination, reverse split or
otherwise) its outstanding Common Shares into a smaller number of Common Shares, then the remaining number of Warrant Shares issuable
upon the exercise of this Warrant immediately prior to any such dividend, distribution, subdivision or combination shall be proportionately
adjusted so each Holder will thereafter receive upon exercise in full of this Warrant the aggregate number and kind of shares of Equity
Interests of the Corporation that such Holder would have owned immediately following such action if this Warrant had been exercised in
full immediately before the record date for such action. Any adjustment under this Section 4.01 shall become effective at the close of
business on the record date of the dividend, distribution, subdivision or combination (or, if no record date is set (whether by action
of the Corporation, through statute or otherwise), the date the dividend, distribution, subdivision or combination becomes effective).
If any such event is announced or declared and the Warrant Shares are adjusted pursuant to this Section 4.01 but such event does not occur,
the Warrant Shares shall be readjusted, effective as of the date the Board announces that such event shall not occur, to the number of
Warrant Shares that would then be in effect if such event had not been declared. Whenever the number of Warrant Shares subject to this
Warrant is adjusted pursuant to this Section 4.01, the Corporation shall provide the notice required by Section 6.01.

 

Section
4.02       Dissolution, Liquidation or Winding Up. If the Corporation, at any time after the Issue Date but prior to the
Expiration Time (or, if earlier, the exercise in full of this Warrant), commences a voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Corporation, then (a) each Holder of this Warrant shall receive the kind and number of other securities
or assets which such Holder would have been entitled to receive if such Holder had exercised in full this Warrant and acquired the applicable
number of Warrant Shares then issuable hereunder as a result of such exercise immediately prior to the time of such dissolution, liquidation
or winding up, and (b) the right to exercise this Warrant shall terminate on the date on which the holders of record of Common Shares
shall be entitled to exchange their Common Shares for securities or assets deliverable upon such dissolution, liquidation or winding up.

 

Section
4.03      Fundamental Transactions. If the Corporation, at any time after the Issue Date
but prior to the Expiration Time (or, if earlier, the exercise in full of this Warrant), effects any Fundamental Transaction, then
upon consummation of such Fundamental Transaction, this Warrant shall automatically become exercisable for the kind and amount of
securities, cash or other assets which each Holder of this Warrant would have owned immediately after such Fundamental Transaction
if such Holder had exercised in full this Warrant immediately before the effective date of such Fundamental Transaction, assuming
that such Holder failed to exercise its rights of election, if any, as to the kind or amount of securities, cash or other assets
receivable upon the consummation of such Fundamental Transaction. With respect to any Fundamental Transaction that the Corporation
has not publicly announced at least 15 days prior to the consummation of such Fundamental Transaction, (a) the Corporation will
deliver to the Holders written notice of such Fundamental Transaction at least 15 days prior to the consummation of such Fundamental
Transaction (which written notice will be treated as confidential by the Holders), and (b) each Holder agrees not to exercise this
Warrant (or any portion thereof) during the two Business Days immediately preceding the consummation of such Fundamental
Transaction. Concurrently with the consummation of any Fundamental Transaction, the Person formed by or surviving the Fundamental
Transaction (if other than the Corporation), or if such Fundamental Transaction is a transfer of lease, the Person to which such
transfer or lease shall have been made, shall, and the Corporation shall direct such Person to, enter into a supplemental agreement
so providing and further providing for adjustments that shall be as nearly equivalent as may be practical to the adjustments
provided for in this Article 4. If this ‎Section 4.03 applies to a transaction, Section 4.01 shall not apply.

 

    8

     

    

 

Section
4.04       Exercise Price in the Event of an Adjustment in Number of Warrant Shares. Upon any adjustment of the number
of Warrant Shares subject to this Warrant pursuant to this Article 4, the Exercise Price per Warrant Share subject to issuance upon exercise
of this Warrant shall be adjusted concurrently thereto to equal the product of (a) $0.01 (or if the Exercise Price has been previously
adjusted, then as such adjusted Exercise Price) times (b) a fraction, of which the numerator is the total number of Warrant Shares subject
to issuance upon the exercise of this Warrant before giving effect to the adjustment, and the denominator is the total number of Warrant
Shares subject to issuance upon the exercise of this Warrants as so adjusted.

 

Article
5

Representations of Holders

 

Section
5.01       Investment Intent. Each Holder represents and warrants that it is acquiring this Warrant and the Common Shares
underlying this Warrant (collectively, the “Securities”), solely for its beneficial account, for investment
purposes, and not with a view to, or for resale in connection with, any distribution of the Securities in violation of applicable securities
laws.

 

Section
5.02       Unregistered Securities. Each Holder represents and warrants that it understands that the Securities have not
been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof, the
availability of which depend in part upon the bona fide nature of its investment intent and upon the accuracy of its representations made
herein.

 

Section
5.03     Reliance. Each Holder represents and warrants that it understands that the Corporation
is relying in part upon the representations and agreements of the Holders contained herein for the purpose of determining whether the
offer, sale and issuance of the Securities meet the requirements for such exemptions described in Section 5.02.

 

Section
5.04     Accredited Investor. Each Holder represents and warrants that it is an “accredited investor” as
defined in Rule 501(a) under the Securities Act.

 

Section
5.05      Sophisticated Investor. Each Holder represents and warrants that it has such knowledge, skill and experience in
business, financial and investment matters that it is capable of evaluating the merits and risks of an investment in the Securities,
including experience in and knowledge of the industry in which the Corporation operates.

 

Section
5.06      Restricted Securities. Each Holder represents and warrants that it understands that the Securities will be
 “restricted securities” under applicable federal securities laws and that the Securities Act and the rules of the U.S. Securities
and Exchange Commission provide in substance that it may dispose of the Securities only pursuant to an effective registration statement
under the Securities Act or an exemption therefrom.

 

Section
5.07      Information. Each Holder represents and warrants that it has been furnished by
the Corporation all information (or provided access to all information) regarding the business and financial condition of the
Corporation, its expected plans for future business activities, the attributes of the Securities, and the merits and risks of an
investment in such Securities which it has requested or otherwise needs to evaluate the investment in such Securities; that in
making the proposed investment decision, such Holder is relying solely on such information, the representations, warranties and
agreements of the Corporation contained herein and on investigations made by it and its representatives; that the offer to sell the
Securities hereunder was communicated to such Holder in such a manner that it was able to ask questions of and receive answers from
the management of the Corporation concerning the terms and conditions of the proposed transaction and that at no time was it
presented with or solicited by or through any leaflet, public promotional meeting, television advertisement or any other form of
general or public advertising or solicitation; and such Holder recognizes that an investment in the Securities involves risks and
can result in a total loss of all funds invested.

 

    9

     

    

 

Section
5.08       Non-Reliance. Notwithstanding anything in this Warrant to the contrary, each Holder hereby acknowledges, with
respect to itself, that the Corporation may possess material non-public information with respect to the Corporation and/or its securities
not known to each Holder as of the date hereof or at a time when each Holder exercises its right to purchase Warrant Shares pursuant to
this Warrant and that any such information may impact the value of the Warrant and the Warrant Shares. Each Holder with respect to itself
irrevocably waives any claim, or potential claim, that it may have based on the failure of the Corporation or its Affiliates, officers,
directors, employees, agents or other representatives to disclose such information in connection with the execution and delivery of this
Warrant or the purchase of Warrant Shares hereunder; provided, however, notwithstanding anything in this Section 5.08 or
otherwise to the contrary, each Holder does not and shall not be deemed to have waived or otherwise compromised any rights or claims based
upon or arising out of (i) the Corporation’s disclosure obligations under the federal securities laws with respect to any untrue
statement of a material fact or omission to state a material fact necessary in order to make the statements made, in the light of the
circumstances under which they were made, not misleading in any public statement or filing made by the Corporation pursuant to the Securities
Exchange Act of 1934, as amended, or (ii) any breach or inaccuracy of any representation or warranty of the Corporation in this Warrant,
the Loan Agreement or the Loan Agreement Amendment. Each Holder with respect to itself acknowledges that the Corporation would not enter
into this Warrant in the absence of the agreements set forth in this Section 5.08.

 

Article
6

OTHER AGREEMENTS

 

Section
6.01       Notice of Adjustment. Upon any adjustment of the number of Warrant Shares subject to a Warrant and the Exercise
Price pursuant to Article 4 hereof, the Corporation shall promptly thereafter cause to be given to the Holders written notice of such
adjustments. Where appropriate, such notice may be given in advance. Such notice shall be delivered in accordance with Section 6.07 and
shall state (a) the event giving rise to the adjustment, (b) the effective date of the adjustment and (c) the adjustment to the number
of Warrant Shares subject to this Warrant and the adjusted Exercise Price pursuant to Article 4 hereof.

 

Section
6.02       Transfer of Warrant and Warrant Shares. Until the earlier of (i) the date a 50% Warrant Cancellation Event
has occurred and (ii) the 121st day after the First Amendment Effective Date (the earlier of such times, the “Restriction
Lapse”), no Holder may sell, transfer, assign, pledge, hypothecate, mortgage, dispose of or in any way encumber (“Transfer”)
this Warrant (or any portion thereof) to another Person; provided that, each Holder may Transfer this Warrant (in whole but not
in part) to any such Holder’s Affiliates (the “Successor Affiliate”) if such Successor Affiliate expressly
assumes and agrees to succeed to, in writing reasonably satisfactory to the Corporation, all the rights and obligations of such Holder,
including the restrictions in this Section 6.02, under this Warrant. Except as permitted pursuant to the immediately foregoing sentence,
any Transfer of this Warrant prior to the Restriction Lapse shall be void ab initio. From and after the Restriction Lapse, no Transfer
restrictions shall apply hereunder.

 

Section
6.03       Holders Not Deemed Stockholders; Limitations on Liability. This Warrant does not confer upon any Holder any
right to vote or receive dividends or confer upon the Holders any of the rights of stockholders of the Corporation. Each Holder acknowledges
that the Corporation’s certificate of incorporation stipulates that, subject to the exceptions and the constructive ownership rules
described therein, no person may own, or be deemed to own, in excess of (i) 9.99% in value of the outstanding shares of all classes or
series of the Corporation’s capital stock or (ii) 9.99% in value or number (whichever is more restrictive) of the outstanding shares
of any class of the Corporation’s Common Shares, or such other percentage determined by the Corporation’s Board in accordance
with the Corporation’s certificate of incorporation.

 

    10

     

    

 

Section
6.04      Agreement to Comply with the Securities Act; Legend. Each Holder, by acceptance
of this Warrant, agrees to comply in all respects with the provisions of this Section 6.04 and the restrictive legend requirements
set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell, assign, transfer, pledge or
otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except, in the case of any Warrant Shares,
under circumstances that will not result in a violation of the Securities Act. All Warrant Shares issued upon exercise of this
Warrant (unless registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following
form:

 

“These securities have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state or other jurisdiction.
These securities may not be sold or offered for sale, pledged or hypothecated except pursuant to an effective registration statement under
the Securities Act or pursuant to an exemption from registration thereunder, in each case in accordance with all applicable securities
laws of the states or other jurisdictions, and in the case of a transaction exempt from registration, such securities may only be transferred
if the transfer agent for such securities has received documentation reasonably satisfactory to it that such transaction does not require
registration under the Securities Act.” 

 

Section
6.05       Warrant Register. The Corporation shall keep and properly maintain at its principal executive offices books
for the registration of this Warrant and any exercises thereof (the “Warrant Register”).

 

Section
6.06       Other Cooperation. If required, the Corporation will, in consultation and cooperation with the Holders, file
or submit, and assist the Holders with any filing, submission or notification it makes, in connection with the exercise of this Warrant
with or to any governmental entity any filing, report or notification necessary or advisable in connection with any antitrust, competition
or merger control law applicable to such exercise and cooperate with the Holders, to obtain as promptly as practicable all approvals,
authorizations, terminations or expiration of applicable periods and clearances in connection therewith. If any such approval, authorization,
termination or clearance is required to permit the Holders to purchase any Warrant Shares for which an Exercise Certificate has been delivered
to the Corporation but has not been obtained by the Expiration Time, the Expiration Time shall be deemed to be extended until such approval,
authorization or clearance has been obtained, or termination or expiration of any applicable waiting period has occurred.

 

Section
6.07       Notices. Any notices or other communications required or permitted hereunder will be deemed to have been properly
given and delivered if in writing by such Party or its legal representative and delivered personally or sent by email or nationally recognized
overnight courier service guaranteeing overnight delivery, addressed as follows:

 

If to the Corporation:

 

TeraWulf Inc.

9 Federal Street

Easton, MD 21601

Attention: Paul Prager, Chief Executive Officer

Email: prager@terawulf.com

 

with a copy to (which shall not constitute notice):

 

TeraWulf Inc.

9 Federal Street

Easton, MD 21601

Attention: Office of the General Counsel

Facsimile: (410) 770-9705

​Email: legal@terawulf.com

 

Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Attention: David S. Huntington

​Email: dhuntington@paulweiss.com

 

    11

     

    

 

If to a Holder:

 

To its address set
forth on its signature page to this Warrant

 

with a copy to (which shall not constitute notice):

 

White & Case LLP

1211 Avenue of the Americas

New York, NY 10020

Attention: Keith Wofford, Stephen Moeller-Sally, A.J. Ericksen

Email: kwofford@whitecase.com; ssally@whitecase.com; aj.ericksen@whitecase.com

 

Unless otherwise specified
herein, such notices or other communications will be deemed given: (a) on the date delivered, if delivered personally; (b) one Business
Day after being sent by a nationally recognized overnight courier guaranteeing overnight delivery; and (c) on the date delivered, if delivered
by email during business hours (or one Business Day after the date of delivery if delivered after 5:00 p.m. in the place of receipt).
Each of the Parties will be entitled to specify a different address by delivering notice as aforesaid to the other Party hereto.

 

Section
6.08       Entire Agreement. This Warrant is intended by the Parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein. This Warrant supersedes all prior agreements and understandings between the Parties with respect to such subject matter hereof.

 

Section
6.09       Assignment by the Corporation. The Corporation may not, without the prior written consent of the Holders, sell,
transfer (by operation of law or otherwise, except in connection with a Fundamental Transaction in compliance herewith) or assign this
Warrant or any of its rights or obligations hereunder.

 

Section
6.10       No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Corporation and the Holders and nothing
herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any
nature whatsoever, under or by reason of this Warrant.

 

Section
6.11       Headings. The headings in this Warrant are for reference only and shall not affect the interpretation of this
Warrant.

 

Section 6.12     Amendment
and Modification; Waiver. This Warrant may only be amended, modified or supplemented by an agreement in writing signed by each Party
hereto. No waiver by the Corporation or the Holders of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this
Warrant shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section
6.13      Severability. If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render unenforceable
such term or provision in any other jurisdiction.

 

Section
6.14      Governing Law. This Warrant shall be governed by and construed in accordance with the internal laws of the
State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other
jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of Delaware.

 

    12

     

    

 

Section
6.15     Submission to Jurisdiction. To the fullest extent permitted by law, each Party hereby
consents irrevocably to personal jurisdiction, service and venue in connection with any claim arising out of this Warrant or the
transactions contemplated hereby, in the courts of the State of New York located in New York County, New York and in the federal
courts in the Southern District of New York. Service of process, summons, notice or other document by certified or registered mail
to such Party’s address for receipt of notices pursuant to Section 6.07 shall be effective service of process for any suit,
action or other proceeding brought in any such court. To the fullest extent permitted by law, each Party hereto hereby irrevocably
waives any objection which it may now or hereafter have to the laying of venue or any such suit, legal action or proceeding in such
courts and hereby further waives any claim that any suit, legal action or proceeding brought in such courts has been brought in an
inconvenient forum.

 

Section
6.16      Waiver of Jury Trial.
Each Party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and difficult
issues and, therefore, each such Party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any
legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

 

Section
6.17      Remedies. The Parties agree and acknowledge that money damages may not be an adequate remedy for any breach
of the provisions of this Warrant and that each Party, in its sole discretion, may apply to any court of law or equity of competent jurisdiction
for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Warrant.

 

Section 6.18      Counterparts.
This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to
be one and the same agreement. A signed copy of this Warrant delivered by facsimile, email or other means of electronic transmission shall
be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

Section
6.19      No Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring
construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted.

 

[Signature pages follow]

 

    13

     

    

 

Accepted and agreed by:

 

	 	NOVAWULF DIGITAL MASTER FUND, L.P.
	 	 
	 	By: NOVAWULF DIGITAL GENPAR, L.P.,
	 	its General Partner
	 	 
	 	By: NOVAWULF DIGITAL MGP LTD.,
	 	its General Partner
	 	 
	 	By:	/s/ Michael Abbate
	 	 	Name:	Michael Abbate
	 	 	Title:	Director

 

Address for Notices:

 

9 Federal Street

Easton, Maryland 21601

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

	 	SUNRISE PARTNERS LIMITED PARTNERSHIP
	 	 
	 	By: Paloma Partners Management Company,
	 	its general partner
	 	 
	 	 
	 	By:	/s/ Douglas W. Ambrose
	 	 	Name:	Douglas W. Ambrose
	 	 	Title:	Managing Director

 

Address for Notices:

 

c/o Paloma Partners Management Company

Two American Lane

Greenwich, CT 06831

Attn: Joshua Hertz

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

	 	MARINER ATLANTIC MULTI-STRATEGY MASTER FUND, LTD.
	 	 
	 	By: Mariner Investment Group, LLC, its Investment Manager
	 	 
	 	By:	/s/ Peter O’Rourke
	 	 	Name:	Peter O’Rourke
	 	 	Title:	General Counsel

 

Address for Notices:

 

500 Mamaroneck Avenue

Suite 101

Harrison, New York 10528

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

	 	THRACIA, LLC
	 	 
	 	 
	 	By:	/s/ John Vasallo
	 	 	Name:	John Vasallo
	 	 	Title:	Authorized Signatory

 

Address for Notices:

 

PSAM

1350 Avenue of the Americas

21st Floor

New York, New York 10019

Attn: Phil Brown

 

[Signature Page to Warrant Agreement]

 

     

     

    

  

	 	LUMYNA SPECIALIST FUNDS — EVENT ALTERNATIVE FUND
	 	 
	 	 
	 	By:	/s/ John Vasallo
	 	 	Name:	John Vasallo
	 	 	Title:	Authorized Signatory

 

Address for Notices:

 

PSAM

1350 Avenue of the Americas

21st Floor

New York, New York 10019

Attn: Phil Brown

 

[Signature Page to Warrant Agreement]

 

     

     

    

  

	 	LIVELLO CAPITAL SPECIAL OPPORTUNITIES MASTER FUND LP
	 	 
	 	 
	 	By:	/s/ Joseph Salegna
	 	 	Name:	Joseph Salegna
	 	 	Title:	Chief Financial Officer

 

Address for Notices:

 

c/o Livello Capital Management LP

1 World Trade Center

85th Floor

New York, New York 10007

Email: jsalegna@livellocap.com

 

[Signature Page to Warrant Agreement]

 

     

     

    

  

	 	HN SUMMIT HOUSE CREDIT OPPORTUNITIES FUND I, LP
	 	 
	 	By: HN Summit House Capital Management, LLC
	 	 
	 	 
	 	By:	/s/ Jed Walsh
	 	 	Name:	Jed Walsh
	 	 	Title:	Chief Investment Officer

 

Address for Notices:

 

1807 Ross Avenue

Suite 440

Dallas, TX 75201

 

[Signature Page to Warrant Agreement]

 

     

     

    

  

	 	OWL CREEK CREDIT OPPORTUNITIES MASTER FUND, L.P.
	 	 
	 	 
	 	By:	/s/ Kevin Dibble
	 	 	Name:	Kevin Dibble
	 	 	Title:	General Counsel

 

Address for Notices:

 

640 Fifth Avenue

20th Floor

New York, New York 10019

Email: operations@owlcreeklp.com

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

	 	JEFFERIES LEVERAGED CREDIT PRODUCTS, LLC
	 	 
	 	 
	 	By:	/s/ William McLoughlin
	 	 	Name:	William McLoughlin
	 	 	Title:	SVP

 

Address for Notices:

 

520 Madison Avenue

New York, New York 10022

 

[Signature Page to Warrant Agreement]

 

     

     

    

  

EXHIBIT A

TERAWULF INC.

WARRANT EXERCISE CERTIFICATE

TO TERAWULF INC.:

 

As of the date hereof, the
undersigned Holder has the right under the Warrant Agreement, dated as of July 1, 2022, by TeraWulf Inc., a Delaware corporation,
and the holders named therein (the “Warrant”) to purchase up to ______________________ Warrant Shares.

 

Upon payment of the applicable
Aggregate Exercise Price and any applicable withholding tax, the undersigned Holder hereby irrevocably elects to exercise its right represented
by the Warrant to purchase _____________________________Warrant Shares, and requests that the Warrant Shares be issued in the following
name:

	
     

    Name

	 
	 
	 
	Address
	 
	 
	 
	 
	
     

    Federal Tax Identification or Social Security No.

	 
	 

 

and, if the number of Warrant Shares shall not
be all the Warrant Shares purchasable by the undersigned Holders upon exercise of the Warrant, that the Corporation make appropriate notation
in the Warrant Register to reflect the Warrant Shares that remain subject to purchase upon exercise of the Warrant after giving effect
to this Warrant Exercise Certificate.

 

Capitalized terms used herein and not otherwise
defined herein have the meaning given to such terms in the Warrant.

 

* * * * * * *

	 	 
	 	
    Sincerely,

     

	 	[  ]
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

Schedule I

 

	Holders	 	First Amendment Term Loan Funding	 	 	DDTL Commitment	 
	SUNRISE PARTNERS LIMITED PARTNERSHIP	 	$	3,643,725.00	 	 	$	8,502,025.00	 
	OWL CREEK CREDIT OPPORTUNITIES MASTER FUND, L.P.	 	$	3,279,345.00	 	 	$	7,651,805.00	 
	THRACIA, LLC	 	$	2,477,730.00	 	 	$	5,781,370.00	 
	NOVAWULF DIGITAL MASTER FUND, L.P.	 	$	1,821,855.00	 	 	$	4,250,995.00	 
	MARINER ATLANTIC MULTI-STRATEGY MASTER FUND, LTD.	 	$	1,518,225.00	 	 	$	3,542,525.00	 
	LUMYNA SPECIALIST FUNDS – EVENT ALTERNATIVE FUND	 	$	558,705.00	 	 	$	1,303,645.00	 
	HN SUMMIT HOUSE CREDIT OPPORTUNITIES FUND I, LP	 	$	607,290.00	 	 	$	1,417,010.00	 
	LIVELLO CAPITAL SPECIAL OPPORTUNITIES MASTER FUND LP	 	$	485,835.00	 	 	$	1,133,615.00	 
	JEFFERIES LEVERAGED CREDIT PRODUCTS, LLC	 	$	607,290.00	 	 	$	1,417,010.00	 
	 	 	$	15,000,000.00	 	 	$	35,000,000.00

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