Document:

Exhibit

Exhibit 10.54

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is made and entered into by and between Everest Acquisition LLC, a Delaware limited liability company (the “Company”), and Kyle A. McCuen (“Employee”) as of the date set forth on the signature page hereto. El Paso Exploration & Production Management, Inc. (“EPEPM”) also joins this Agreement for the limited purpose of acknowledging the provisions of Section 17 below.

W I T N E S S E T H:

WHEREAS, Employee is currently employed by EPEPM, a wholly owned subsidiary of EP Energy, L.L.C. (f/k/a EP Energy Corporation) (“EP Energy”);

WHEREAS, in connection with the consummation of the transactions contemplated by that certain Purchase and Sale Agreement (the “Purchase Agreement”) dated as of February 24, 2012 by and among EP Energy, the Company and the other parties thereto, all of the issued and outstanding membership interests of EP Energy will be sold to EPE Acquisition, LLC, a Delaware limited liability company (“EPE Acquisition”);

WHEREAS, effective as of the Closing Date (as such term is defined in the Purchase Agreement, the “Effective Date”), the Company desires for the Company to employ Employee on the terms and conditions, and for the consideration, hereinafter set forth and Employee desires to be employed by the Company on such terms and conditions and for such consideration;

WHEREAS, Employee has participated in the El Paso Corporation 2004 Key Executive Severance Protection Plan, as amended from time to time (the “2004 Severance Plan”); and

WHEREAS, the parties wish for this Agreement to set forth the entirety of Employee’s rights to, and with regard to, severance pay and benefits from EPEPM, the Company and their respective Affiliates (as such term is defined below) upon and after the Effective Date.

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as follows:

1.Employment. The Company agrees to employ Employee and Employee agrees to be employed by the Company beginning as of the Effective Date and continuing for the period of time set forth in Section 3 below, subject to the terms and conditions of this Agreement. Notwithstanding the foregoing, (a) at any time and from time to time, the Company may, with the consent of Employee, cause any subsidiary or Affiliate of the Company to be Employee’s employer so long as the requirements of Section 20 are satisfied, and (b) the Company and Employee agree that Employee’s employer commencing as of the Effective Date shall be EPEPM until such time as such employer may be changed in accordance with clause (a) of this sentence. From and after the Effective Date, Employee shall serve as Vice President, Planning & Treasury of the Company and its primary domestic operating subsidiaries or in such other position(s) as the Company may designate from time to time with the consent of Employee.

		
	2.
	Duties and Responsibilities of Employee.

(a)    During the Employment Period, Employee shall devote substantially all of Employee’s business time and attention to the business of the Company and its Affiliates, will act in a manner that Employee reasonably believes is consistent with the best interests of the Company and its Affiliates and will perform with due care Employee’s duties and responsibilities. Employee’s duties will include those normally incidental to the position(s) set forth in Section 1 above of as well as whatever additional duties may be assigned to Employee, with Employee’s consent, by any senior officers or by the Board of Managers of EPE Acquisition (the “Board”) from time to time. Employee agrees not to engage in any activity that materially interferes with the performance of Employee’s duties hereunder. Without limiting the foregoing, during the Employment Period, Employee will not hold any type of outside employment, engage in any type of consulting or otherwise render services to or for any other person, entity or business concern without the advance written approval of the Board. Notwithstanding the foregoing, the parties acknowledge and agree that Employee may (i) serve on corporate boards or committees (A) listed on Schedule 2(a) hereto or (B) approved by the Board, (ii) serve on civic, educational, religious, public interest, or charitable boards or committees, (iii) manage Employee’s personal and family investments, provided that such activity is not expressly prohibited by Section 10 and (iv) engage in passive investments (the activities referred to in the immediately preceding clauses (i), (ii), (iii) and (iv) being “Permitted Activities”); provided, however, that such activities shall be permitted so long as such activities do not materially interfere with the performance of Employee’s duties and responsibilities under this Agreement or conflict with the business and affairs of the Company.

(b)    Employee expressly represents and covenants to the Company that Employee is not subject or a party to any employment agreement, noncompetition covenant, nondisclosure agreement, or any other agreement, covenant, understanding, or restriction that would prohibit Employee from executing this Agreement and fully performing Employee’s duties and responsibilities hereunder.

3.Term of Employment. The initial term of this Agreement shall be for the period beginning on the Effective Date and ending on the third anniversary thereof (the “Initial Term”). On the last day of the Initial Term and each anniversary thereafter (each such date being referred to as a “Renewal Date”), provided that this Agreement has not been earlier terminated, this Agreement shall automatically renew and extend for a period of 12 months (each a “Renewal Term”) unless either party delivers written notice of its intention not to renew or extend the term at least 60 days prior to the Renewal Date. Notwithstanding any other provision of this Agreement, this Agreement may be terminated at any time during the Initial Term or  the Renewal Term (if any) in accordance with Section 6.    The period from the Effective Date through the date of termination of this Agreement, regardless of the time or reason for such termination, shall be referred to herein as the “Employment Period.”

		
	4.
	Compensation.

(a)    During the Employment Period, the Company shall pay to Employee an annualized base salary of $275,000 (“Base Salary”) (less applicable taxes and withholdings) in consideration for Employee’s services under this Agreement, payable in accordance with the

Company’s customary payroll practices for employee salaries as in effect from time to time. Employee’s Base Salary shall be reviewed at least annually by the Board and, in the sole discretion of the Board, Employee’s Base Salary may be increased (but not decreased) effective as of any date determined by the Board.

(b)    The Company shall establish, and Employee shall be entitled to participate in, an annual performance bonus plan under which Employee will be eligible for an annual bonus payable in a single lump sum (the “Annual Performance Bonus”) based on the achievement of performance targets established by the Board for a calendar year. Employee’s target annual bonus will be at least 45% of Employee’s Base Salary (the “Target Annual Bonus”), but the actual amount of the Annual Performance Bonus may range from 0% to 200% of Employee’s Target Annual Bonus depending on performance. Notwithstanding the foregoing and subject to the last sentence of this Section 4(b), (i) the Annual Performance Bonus payable with respect to calendar year 2012, if any (the “2012 Annual Performance Bonus”), will be paid from a bonus pool that will be funded at a minimum of 100% of the “target” level under the annual performance bonus plan and (ii) at the same time as the 2012 Annual Performance Bonus, if any, is paid to Employee (or would have been paid had the 2012 Annual Performance Bonus been earned), the Company will pay to Employee an additional bonus (the “2012 Guaranteed Bonus”) consisting of a lump sum cash payment equal to $137,500. Bonus determinations will be made by the Board within 60 days of the end of each calendar year and any Annual Performance Bonus will be payable in accordance with the Company’s customary payroll practices for employee bonuses, but in no event later than March 15th of the calendar year following the calendar year to which it relates. Subject to the provisions of Section 7 below, Employee will not be entitled to receive payment of an Annual Performance Bonus or the 2012 Guaranteed Bonus unless Employee is employed by the Company on the date that such bonus is paid.

5.Benefits.  Subject to the terms and conditions of this Agreement, Employee shall be entitled to the following benefits during the Employment Period:

(a)    Reimbursement of Business Expenses. The Company agrees to reimburse Employee for reasonable, documented business-related expenses actually incurred by Employee in the performance of Employee’s duties under this Agreement, in accordance with the Company’s expense reimbursement policies as in effect from time to time.

(b)    Benefit Plans and Programs. During the Employment Period, to the extent permitted by applicable law and subject to the terms and eligibility requirements of any such plan or program, Employee will be eligible to participate in all benefit plans, arrangements, programs and practices (each a “Benefit Plan”), including improvements or modifications of the same, that are available to other senior executives of the Company and its Affiliates from time to time, subject to the eligibility requirements and other terms and conditions of such Benefit Plans, which Benefit Plans shall (at all times during the Employment Period) provide benefits to Employee that are substantially comparable in the aggregate to those provided to Employee by EPEPM as of the day immediately preceding the Effective Date; provided, however, that (i) such comparability shall be determined without regard to any equity-based incentive compensation, defined benefit pension plan, any retiree medical or other post-retirement welfare plan, or benefits under any frozen employee benefit plan and (ii) such benefits shall be subject to market

adjustment to reflect, among other things, the addition of a company medical insurance subsidy and the absence of benefit accruals under any defined benefit plan or supplemental executive retirement plan. The Company will establish a 401(k) plan with a dollar-for-dollar match up to 6% of eligible compensation plus a profit-sharing contribution in an amount sufficient so that the retirement benefits provided to Employee are substantially comparable in the aggregate to those provided as of the date immediately preceding the Effective Date (provided that in no event will the profit sharing contribution exceed 5% of eligible compensation) and will continue to provide long-term disability, life and travel accident benefits. The Company will not, however, by reason of this Section 5(b) be obligated either (i) to institute, maintain, or refrain from changing, amending, or discontinuing any such Benefit Plan, or (ii) to provide Employee with all benefits provided to any other person or individual employed by the Company or any of its Affiliates, in each case so long as the Company provides Employee with benefits that are substantially comparable in the aggregate to the benefits described pursuant to this paragraph.

(c)    Vacation. During the Employment Period, Employee shall be eligible to take up to five weeks of paid vacation per calendar year, which such vacation shall accrue and be taken in accordance with the Company’s vacation policies as may exist from time to time, provided that such policies are no less favorable than those policies in effect as of the day immediately preceding the Effective Date and, for purposes of vacation entitlements, Employee shall be given credit for prior service with EP Energy, EPEPM and their Affiliates.

(d)    Management  Incentive  Units.    On the Effective Date, EPE Employee Holdings, LLC (“Employee Holdings”) shall issue to Employee 18,488 Class B Units in Employee Holdings as of the Effective Date (the “Management Incentive Units”). The Management Incentive Units will be subject to, and governed by, the terms and conditions set forth in the Second Amended and Restated Limited Liability Company Agreement of Employee Holdings, as amended from time to time (the “Employee Holdings LLC Agreement”) and an award agreement between Employee Holdings and Employee.

(e)    Investment Units. On or before the 60th day following the Effective Date (the “Management Class A Funding Date”),  Employee  shall  purchase  275  Class A  Units (the “Investment Units”) in EPE Management Investors, LLC (“EMI”) in exchange for a cash payment equal to $275,000, subject to and in accordance with the terms of the Second Amended and Restated Limited Liability Company Agreement of EMI, as amended from time to time (the “EMI LLC Agreement”). Conditioned on the acquisition by Employee of the Investment Units on or before the Management Class A Funding Date and subject to the terms and conditions set forth in the LLC Agreement, Employee shall be entitled to receive 138 additional Class A Units (the “Matching Units”); provided, however, that the issuance of such Matching Units to Employee will be subject to Employee’s prior remittance to the Company of funds necessary to satisfy all taxes required to be withheld in connection with the receipt by Employee of such Matching Units. The Investment Units and the Matching Units will be subject to, and governed by, the terms and conditions set forth in the EMI LLC Agreement.

(f)    Indemnification. Without limiting the applicability of Section 5.17 of the Purchase Agreement (which shall remain applicable to Employee in accordance with the provisions thereof), in the event that Employee is made a party or threatened to be made a party to any action, suit, or proceeding (a “Proceeding”), other than any Proceeding initiated by

Employee or the Company related to any contest or dispute between Employee and the Company or any of its subsidiaries, by reason of the fact that Employee is or was a director or officer of, or was otherwise acting on behalf of, the Company, any Affiliate of the Company, or any other entity at the request of the Company, Employee shall be indemnified and held harmless by the Company, to the maximum extent permitted under applicable law, from and against any and all liabilities, costs, claims and expenses, including any and all costs and expenses incurred in defense of any Proceeding, and all amounts paid in settlement thereof after consultation with, and receipt of approval from, the Company, which approval shall not be unreasonably withheld, conditioned or delayed. Costs and expenses incurred by Employee in defense of such Proceeding shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment; (ii) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (iii) an undertaking adequate under applicable law made by or on behalf of Employee to repay the amounts so paid if it shall ultimately be determined that Employee is not entitled to be indemnified by the Company under this Agreement. The rights to indemnification and advancement of costs and expenses provided in this Section 5(f) are not and will not be deemed exclusive of any other rights or remedies to which Employee may at any time be entitled under applicable law, the organizational documents of the Company or any of its subsidiaries, any agreement or otherwise, and each such right under this Section 5(f) will be cumulative with all such other rights, if any.

(g)    Directors’ and Officers’ Insurance. During the Employment Period, the Company or any successor to the Company hereunder shall purchase and maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to Employee on terms that are no less favorable than the coverage provided to other similarly situated directors and senior officers of the Company as of the Effective Date.

		
	6.
	Termination of Employment.

(a)    Company’s Right to Terminate. In addition to terminating this Agreement upon the expiration of the Initial Term or a Renewal Term after issuance of a notice of non- renewal as contemplated in Section 3, the Company shall have the right to terminate this Agreement and Employee’s employment with the Company at any time for any of the following reasons:

(i)    Upon Employee’s death;

(ii)    Upon the determination of the Chief Executive Officer of the Company that Employee is totally disabled, whether due to physical or mental condition, so as to be prevented from substantially performing Employee’s essential duties and responsibilities under this Agreement for a period of at least 180 consecutive days or 270 days during any 12-month period (Employee’s “Disability”);

		
	(iii)
	For Cause (as defined in Section 7); or

(iv)    For  any  other  reason  whatsoever,  in  the  sole  and  complete discretion of the Company.

(b)    Employee’s  Right  to  Terminate.    Employee  will  have  the  right  to terminate this Agreement and Employee’s employment with the Company at any time for:

(i)    Good Reason (as defined in Section 7); or

(ii)    For any other reason whatsoever, in the sole and complete discretion of Employee, by providing the Company with a Notice of Termination (as defined in Section 6(c) below). In the case of a termination of employment by Employee pursuant to this Section 6(b)(ii), the Termination Date (as defined in Section 6(c) below) specified in the Notice of Termination shall not be less than 30 nor more than 60 days, respectively, from the date such Notice of Termination is given, and the Company may require a Termination Date earlier than the Termination Date specified in the Notice of Termination (and, if such earlier Termination Date is so required, it shall not change the basis for Employee’s termination nor be construed or interpreted as a termination of employment pursuant to Section 3 or Section 6(a)(iv)).

(c)    Notice of Termination. Any termination of Employee’s employment hereunder by the Company or by Employee (other than termination pursuant to Section 6(a)(i) on account of Employee’s death) shall be communicated by written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section 21. The Notice of Termination shall specify (i) the termination provision of this Agreement being relied upon, (ii) to the extent applicable, the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated and (iii) the applicable Termination Date (as defined below). No action by either party hereto pursuant to this Section 6(c) shall alter or amend any other provisions hereof or rights arising hereunder, including, without limitation, the provisions of Sections 8, 9, 10 and 11 hereof.

(d)    Date  of  Termination.    Subject to Section 22(b), the effective date of Employee’s termination (the “Termination Date”) will be as follows: (i) if Employee’s employment is terminated by Employee’s death, the date of such death; (ii) if Employee’s employment is terminated as a result of a Disability or by the Company with or without Cause, then the date specified in the Notice of Termination delivered to Employee; (iii) if Employee’s employment is terminated by Employee pursuant to Section 6(b) above, then the date specified in the Notice of Termination delivered to Company by Employee; and (iv) if Employee’s employment terminates due to the giving of a non-renewal notice pursuant to Section 3 above, the last day of the Initial Term or Renewal Term, as applicable.

(e)    Deemed  Resignations.    Unless otherwise agreed to in writing by the Company and Employee prior to the termination of Employee’s employment, any termination of Employee’s employment shall, without changing the basis for termination of employment or the impact of such termination on Employee’s rights, if any, under Section 7, constitute (i) an automatic resignation of Employee from any position held as an officer of the Company and each Affiliate of the Company and (ii) an automatic resignation of Employee from the Board (if applicable), from the board of directors or similar governing body of any Affiliate of the Company and from the board of directors or similar governing body of any corporation, limited liability entity or other entity in which the Company or any Affiliate holds an equity interest and

with respect to which board or similar governing body Employee serves as the Company’s or such Affiliate’s designee or other representative.

(f)    Accrued Compensation. Upon termination, Employee shall be entitled to receive a lump-sum amount equal to the sum of (i) Employee’s accrued and unpaid salary as of the Termination Date, (ii) Employee’s accrued and unpaid bonus amounts from years prior to the year in which the Termination Date occurs, and (iii) subject to the penultimate sentence of this Section 6(f) the cash out value of Employee’s accrued and unpaid vacation time as of the Termination Date, which lump-sum amount shall be paid as promptly as practicable, and in any event within 10 days of the Termination Date. Notwithstanding the foregoing or anything to the contrary in any vacation policy adopted by the Company or any of its Affiliates, for purposes of clause (iii) of the preceding sentence, except as otherwise provided in the Purchase Agreement, in no event shall Employee be entitled to receive the cash out value of any accrued and unused vacation time in excess of (A) the amount of vacation time Employee is entitled to accrue in a single calendar year plus (B) the amount of vacation days Employee is allowed to carry over from year to year (up to 5 days), in either case as in effect under the vacation policy applicable to Employee immediately prior to the Termination Date. Employee shall also be entitled to payment of any vested benefits provided under the terms of any employee benefit plan in accordance with the terms of such plan.

		
	7.
	Severance Payments.

(a)    Termination without Cause or for Good Reason. If prior to the occurrence of a Threshold Capital Transaction (as such term is defined in the Second Amended and Restated Limited Liability Company Agreement of EPE Acquisition, as amended from time to time) or within two years thereafter, (A) the Company terminates Employee’s employment with the Company and, if applicable, its Affiliates, without Cause or by failing to renew the term of this Agreement in accordance with Section 3, or (B) Employee terminates Employee’s employment pursuant to Section 6(b)(i), and before the 60th day following the Termination Date, Employee has signed and not revoked in the time provided to do so a termination of employment agreement acceptable to the Company and substantially in the form set forth in Exhibit A that contains a complete release of all claims against the Company, its Affiliates, and their designees from the claims specified in Exhibit A (a “Release”) and such Release has become effective and irrevocable, the Company shall pay Employee severance in accordance with Section 7(b). Notwithstanding the foregoing, the Company will not be required to pay Employee severance if the Company terminates Employee’s employment after receiving a Notice of Termination from Employee, provided that such Notice of Termination specifies that Employee’s termination is not for Good Reason. For the avoidance of doubt, Section 7(b) shall not apply if: (1) the Company terminates Employee’s employment for Cause pursuant to Section 6(a)(iii) above; (2) the Company terminates Employee’s employment due to Disability or Employee’s employment terminates due to Employee’s death pursuant to Sections 6(a)(i) or 6(a)(ii) above or (3) Employee’s employment is terminated by Employee pursuant to Section 6(b)(ii) above.

(b)    Severance  Amount.    If the Company is required to pay Employee severance by the express terms of Section 7(a), Employee shall be entitled to receive the following as severance:

(i)    a lump-sum amount equal to one times the sum of Employee’s Base Salary and Target Annual Bonus as of the Termination Date, which amount shall be paid on the date that is sixty days following the Termination Date;

(ii)    a lump-sum amount equal to Employee’s target bonus amount for the year in which the Termination Date occurs, determined as if Employee had continued in employment until the end of such fiscal year and as if the Company and Employee had fully met all performance targets and goals, prorated by multiplying the full  bonus amount by a fraction, the numerator of which is the number of days of the year prior to and including the Termination Date and the denominator of which is 365, which lump- sum amount shall be paid as promptly as practicable, and in any event within 10 days of the Termination Date; and

(iii)    for a period of 12 months after the Termination Date, the basic life insurance, medical and dental benefits, at Company expense, which were being provided to Employee immediately prior to the Termination Date. The benefits provided in this Section 7(b)(iii) shall be no less favorable to Employee, in terms of amounts and deductibles and costs to him or her, than the coverage provided Employee under the plans providing such benefits at the time Notice of Termination is given. The Company’s obligation hereunder to provide the foregoing benefits shall terminate to the extent Employee obtains replacement coverage under a subsequent employer’s benefit plans at an equal or higher level. Nothing in this Section 7(b)(iii) shall require the Company or any of its Affiliates to be responsible for, or have any liability or obligation with respect to, any additional income tax payable by Employee attributable to the benefits provided under this Section 7(b)(iii).

Any payments paid under this Section 7(b) shall be in lieu of any severance benefits otherwise due to Employee under any severance pay plan or program maintained by the Company that covers its employees or Employees generally; provided, however, the effects of any termination of Employee’s employment with the Company on the Management Incentive Units shall be as provided in the Employee Holdings LLC Agreement.

(c)    Cause.    “Cause”  means  the  occurrence  or  existence  of  any  of  the following events:

(i)    Employee’s willful failure to perform Employee’s material duties (other than any such failure resulting from Employee’s incapacity due to physical or mental illness), including a willful failure to satisfy Employee’s fiduciary duties to the Company, that remains uncured 30 days after written notice thereof from the Company to Employee;

(ii)    Employee’s willful and material breach of this Agreement that remains uncured 30 days after written notice thereof from the Company to Employee;

(iii)    Employee’s conviction of, or Employee’s plea of guilty or no contest to, any felony (or state law equivalent) or any crime involving moral turpitude; or

(iv)    Employee’s engaging in actual fraud or willful, material misconduct in the performance of Employee’s duties under this Agreement;

provided, however, that no termination of Employee’s employment shall be for Cause as set forth in clauses (i), (ii) or (iv) above until (A) there shall have been delivered to Employee a copy of a written notice setting forth that Employee was guilty of the conduct set forth in clause (i), (ii) or
(iv)and specifying the particulars thereof in detail, and (B) Employee shall have been provided an opportunity to be heard by the Board (with the assistance of Employee’s counsel if Employee so desires) and (C) the Board shall have determined, as set forth in a written resolution adopted by at least a majority of the members of the whole Board, that Cause exists. No act, nor failure to act, on Employee’s part shall be considered “willful” unless Employee has acted, or failed to act, in bad faith or without a reasonable belief that Employee’s action or failure to act was in the best interests of the Company or its Affiliates. Notwithstanding anything contained in this Agreement to the contrary, no failure to perform by Employee after a Notice of Termination is given by Employee shall constitute Cause.

(d)    Good  Reason.    “Good  Reason”  means  the  occurrence  of  any  of  the following events without Employee’s consent:

(i)    any decrease in Employee’s Base Salary other than a reduction of not more than 5% in connection with a general reduction in base salaries that affects all similarly situated executives in substantially the same proportions which is implemented in response to a material downturn in the U.S. domestic oil and natural gas exploration and development industry;

(ii)    a failure of the Company to cause Employee to be eligible under Benefit Plans that provide benefits that are substantially comparable in the aggregate to those provided to Employee as of the Effective Date;

		
	(iii)
	any material breach by the Company of this Agreement;

(iv)    a material diminution in Employee’s title, authority, duties, or responsibilities, without Employee’s prior written consent, or the assignment to Employee without Employee’s prior written consent of duties inconsistent in any substantial respect with Employee’s then-current title, authority, duties or responsibilities or any other action by the Company that results in a diminution in Employee’s authority, duties or responsibilities;

(v)    any relocation of Employee’s principal place of employment to a location that is more than 35 miles from the then-current location of such employment, without Employee’s prior written consent; or

(vi)    any purported termination of Employee’s employment for Cause by the Company that does not otherwise comply with the terms of this Agreement (other than any purported termination of Employee’s employment for Cause by the Company

acting in good faith, regardless of whether such purported termination complies with the terms of this Agreement).

Employee’s Termination Date shall not be considered to be on account of Good Reason unless
(A)    within 60 days after the date on which Employee knows, or should reasonably be expected to know, that one of the events set forth in Section 7(d) has occurred, Employee provides written notice to the Board of the applicable facts and circumstances, (B) the Company does not remedy, cure or rectify the event within 30 days from the date on which written notice is received from Employee, and (C) Employee terminates his employment within 120 days after the initial existence of the condition specified in such notice.

8.Conflicts of Interest. Employee agrees that Employee shall promptly disclose to the Board any material conflict of interest involving Employee after Employee becomes aware of such conflict.

9.Confidentiality. Employee acknowledges and agrees that he has been provided Confidential Information (as defined below) regarding EPE Acquisition and the Company and that EPE Acquisition and the Company will provide Employee new and valuable Confidential Information of EPE Acquisition and the Company and it may also provide Employee confidential information of third parties who have supplied such information to EPE Acquisition and/or the Company. For purposes of this Section 9, the term “Company” shall include EPE Acquisition and each of its subsidiaries. In consideration of such Confidential Information and other valuable consideration provided hereunder, and in order to protect the Company’s legitimate business interests, Employee agrees to comply with this Section 9.

(a)    Confidential Information.    “Confidential Information” means, without limitation and regardless of whether such information or materials are expressly identified as confidential or proprietary, (i) any and all non-public, confidential or proprietary information of the Company, (ii) any information of the Company that gives the Company a competitive business advantage or the opportunity of obtaining such advantage, (iii) any information of the Company the disclosure or improper use of which would reasonably be expected to be detrimental to the interests of the Company and (iv) any trade secrets of the Company. Confidential Information also includes any non-public, confidential or proprietary information about, or belonging to, any third party that has been entrusted to the Company. Notwithstanding the foregoing, Confidential Information does not include any information which is or becomes generally known by the public other than as a result of Employee’s actions or inactions.

(b)    Protection.    Except as may otherwise be required by applicable law or legal process, Employee promises (i) to keep the Confidential Information, and all documentation, materials and information relating thereto, strictly confidential, except to the extent that disclosure thereof is necessary or appropriate in the performance of Employee’s duties for the benefit of the Company, (ii) not to use the Confidential Information for any purpose other than as required in connection with fulfilling Employee’s duties for the benefit of the Company, and (iii) to return to 

the Company all Confidential Information in Employee’s possession and control upon separation from the Company for any reason, other than death. For the avoidance of doubt, Employee specifically acknowledges and agrees that any use by Employee of such Confidential Information other than as required in connection with fulfilling

his duties on behalf of, or for the benefit of, the Company will be a material breach of this Agreement.

(c)    Scope.    Employee    understands    and    agrees    that    all    Confidential Information, in whatever medium (verbal, written, electronic or other), is subject to this Agreement whether provided directly to Employee or not, whether provided to Employee prior to the Effective Date of this Agreement or not, and whether inadvertently disclosed to Employee or not. Confidential Information that was or is available to Employee or to which Employee had or has access will be deemed to have been provided to Employee.

(d)    Value   and   Security.    Employee understands and agrees that all Confidential Information, and every portion thereof, constitutes the valuable intellectual property of the Company and/or third parties, and Employee further acknowledges the importance of maintaining the security and confidentiality of the Confidential Information and of not misusing the Confidential Information.

(e)    Disclosure Required By Law. If Employee is legally required to disclose any Confidential Information, Employee shall, to the extent permitted by applicable law or legal process, promptly notify the Company in writing of such request or requirement so that the Company may seek an appropriate protective order or other relief or waive compliance with this Agreement. To the extent permitted by applicable law, Employee agrees to cooperate with and not to oppose any effort by the Company to resist or narrow such request or to seek a protective order or other appropriate remedy. In any such case, Employee will (A) disclose only that portion of the Confidential Information that, according to the advice of Employee’s counsel, is required to be disclosed, (B) use reasonable efforts to obtain assurances that such Confidential Information will be treated confidentially, and (C) to the extent permitted by applicable law, promptly notify the Company in writing of the items of Confidential Information so disclosed.

(f)    Survival. The covenants made by Employee in this Section 9 will survive termination of this Agreement, and Employee’s employment for a period of three years; provided, however, that any covenants with regard to the non-use or disclosure of trade secrets established by applicable law shall remain in effect for so long as provided by applicable law.

		
	10.
	Agreement Not to Compete.

(a)    Covenants. For purposes of this Section 10, the term “Company” shall include EPE Acquisition and each of its subsidiaries. In order to protect the Company’s legitimate business interests, including the preservation of the Confidential Information and the goodwill developed by Employee on behalf of Company, and as an express incentive for Company to enter into this Agreement, Employee agrees that, except in the ordinary course and scope of Employee’s employment hereunder, Employee shall not, either as principal, agent, independent contractor, consultant, director, officer, employee, employer, advisor, stockholder, partner, member, joint venturer, owner or in any other individual or representative capacity whatsoever, whether paid or unpaid, either for Employee’s own benefit or for the benefit of any other person or entity, directly or indirectly:

(i)    during the Coverage Period, engage or carry on in Competitive Duties within the Restricted Area (including, without limitation, by engaging or carrying on in any of the activities set forth in Section 10(a)(ii) through Section 10(a)(v) below);

(ii)    during the Coverage Period, form or otherwise provide services to a Competing Business within the Restricted Area or directly or indirectly acquire any 5% or greater equity ownership, voting interest or profit participation interest in, any Competing Business within the Restricted Area;

(iii)    during the Coverage Period with respect to any Restricted Prospects, directly or indirectly (A) acquire, attempt to acquire, or assist a third person in acquiring, any interest in or rights to such Restricted Prospects, (B) acquire, attempt to acquire or assist a third party in acquiring any equity or other interest or right in any company, business, joint venture or other enterprise owning or controlling or seeking to own or control any interest in or rights to such Restricted Prospects, or (C) otherwise divert, take away, interfere with or compete for any acquisition by the Company of such Restricted Prospects or any other transaction or arrangement contemplated by the Company (and of which Employee was aware as of the Termination Date) relating to such Restricted Prospects (or attempt to do any of the foregoing);

(iv)    during the Coverage Period, directly or indirectly, recruit or otherwise solicit or induce any employee of the Company to terminate his or her employment with the Company; provided, however, that this restriction shall not extend to prohibit or otherwise limit general employment advertising or solicitation not specifically targeting any specific employee or the hiring of any employee who responds to such advertising or solicitation or who approaches Employee for employment; or

(v)    at any time, use the name of the Company in connection with any business that is or would be in competition in any manner whatsoever with the Company.

Notwithstanding the foregoing, this Section 10 shall not be deemed to restrict or prohibit Employee’s engaging in any Permitted Activities.

(b)    Disclosure and Authorization.    For a period of 12 months immediately following the termination of Employee’s employment for any reason, Employee promises to disclose to the Company any employment, consulting, or other service relationship Employee enters into after the Termination Date. Such disclosure shall be made within 30 days  of Employee entering into such employment, consulting or other service relationship. Employee expressly consents to and authorizes the Company to disclose both the existence and terms of this Agreement to any future employer or user of Employee’s services and to take any steps the Company reasonably deems necessary to enforce this Agreement.

(c)    Value and Reasonableness. Employee understands and acknowledges that the Company has made substantial investments to develop its business interests, goodwill, and Confidential Information. Employee expressly acknowledges and agrees that Employee has been provided, and may in the future be provided, Confidential Information. Employee agrees that the preservation of the Company’s Confidential Information and goodwill are business

interests worthy of protection, and that the Company’s need for the protection afforded by this Section 10 is greater than any hardship Employee might experience by complying with its terms and that the restrictions contained herein are no greater than necessary to protect the Company’s legitimate business interests. Employee further agrees that the restrictions set forth in this Section 10 are ancillary to an otherwise enforceable agreement and that the limitations as to time, geographic area, and scope of activity to be restrained contained in this Agreement are reasonable and are not greater than necessary to protect the Confidential Information and/or the goodwill or other business interests of the Company.

(d)    Reformation. The Company and Employee believe the limitations as to time, geographic area, and scope of activity contained in this Section 10 are reasonable and do not impose a greater restraint than necessary to protect Confidential Information, goodwill, and other legitimate business interests of the Company. However, in the event an arbitrator or court of competent jurisdiction determines that the limitations agreed upon are not appropriate, the parties agree to, and hereby do, request that the court reform the limitations to the satisfaction of the arbitrator or court. It is the express intent of the Company and Employee that the terms of this Competition Agreement be enforced to the full extent permitted by applicable law and not to any greater extent.

(e)    Right to Injunction. Employee acknowledges that Employee’s violation of Sections 9 and/or 10 of this Agreement could cause irreparable harm to the Company for which damages may not adequately be measured, and Employee agrees that the Company shall be entitled as a matter of right to specific performance of Employee’s obligations under Sections 9 and 10 and an injunction, from any court of competent jurisdiction, restraining any violation or further violation of such agreements by Employee or others acting on Employee’s  behalf, without any showing of irreparable harm and without any showing that the Company does not have an adequate remedy at law. The Company’s right to injunctive relief shall be cumulative and in addition to any other remedies provided by law or equity.

(f)    Definitions. As used in this Section 10, the following terms shall have the following meanings:

(i)    “Competing Business” means any individual, sole proprietorship, business, firm, company, partnership, joint venture, organization, or other person, entity or arrangement that competes, or has material plans to compete of which Employee is aware, or that owns or controls a significant interest in any entity that competes, or has material plans to compete of which Employee is aware, with the Company, with respect to the Hydrocarbons exploration and production business in which the Company is engaged.

		
	(ii)
	“Competitive Duties” means duties for a Competing Business that:

(A) are the same as, similar to, or substantially related to the duties that Employee had during the last 12 months of Employee’s employment with the Company; (B) are performed in the capacity of a director, executive officer, member or partner of a Competing Business; (C) involve the formation, management, operation, or control of such  Competing  Business  or  any  recognized  subdivision  or  department  thereof;  or
(D) constitute the management or supervision of personnel engaged in any activity which

is the same as, similar to or substantially related to any activity with which Employee had direct involvement during the last 12 months of Employee’s employment with the Company.

(iii)    “Coverage Period” means the period of time beginning on the Effective Date of this Agreement and ending 12 months following the Termination Date.

(iv)    “Hydrocarbons” means oil, condensate gas, casinghead gas and other liquid or gaseous hydrocarbons.

(v)    “Oil and Gas Interests” means: (A) direct and indirect interests in and rights with respect to oil and natural gas properties (including revenues or net revenues therefrom) of any kind and nature, direct or indirect, including without limitation working, royalty and overriding royalty interests, mineral interests, leasehold interests, production payments, operating rights, net profits interests, other non-working interests and non-operating interests; and (B) interests in and rights with respect to oil and natural gas or revenues therefrom.

(vi)    “Restricted Area” means those oil and gas fields, shales, plays and other geographic areas set forth in Exhibit B hereto and any other oil and gas fields, shales, plays and geographic areas with respect to which: (A) Employee provides services on behalf of the Company during Employee’s employment hereunder; and (B) the Company has material operations or specific plans to conduct any material business as of the Termination Date (provided that Employee has material responsibilities, or has obtained Confidential Information, with respect to such operations or plans).

(vii)    “Restricted Prospects” includes any Oil and Gas Interests within the Restricted Area.

(g)    This Section 10 shall survive any termination of this Agreement for the periods stated herein.

		
	11.
	Parachute Taxes.

(a)    Gross-Up Payment. In the event it shall be determined that any vesting, payment or distribution of any type by the Company or any of its Affiliates or any other party in a transaction involving the Company or its Affiliates or a party to the transactions contemplated by the Purchase Agreement or the Kinder Morgan Merger Agreement (as defined in the Purchase Agreement) to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”) on or prior to the second anniversary of the Effective Date and that is “contingent” (within the meaning of Treasury Regulation Section 1.280G-1) on the consummation of the transactions contemplated by the Purchase Agreement would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are collectively referred to as the “Excise Tax”), then Employee shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Employee of all taxes (including any interest or penalties imposed with respect to such taxes), including any income taxes, employment taxes and Excise Tax, imposed

upon the Gross-Up Payment, Employee retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. All determinations required to be made under this Section  11(a)  (including,  without  limitation,  whether  any  vesting,  payment  or  distribution
(i) constitutes a “parachute payment” within the meaning of Section 280G of the Code and (ii) is contingent on the consummation of the transactions contemplated by the Purchase Agreement) shall be made by the Board acting in good faith and in accordance with commonly accepted practices, including, to the extent appropriate, the engagement of an independent public accounting firm. Payment of the Gross-Up Payment shall be made at the time that withholding is required in connection with any Payment, provided that the payment of any Gross-Up Payment shall be made prior to the date Employee is to remit the Excise Tax as provided under of the Internal Revenue Code of 1986, as amended (the “Code”) or pursuant to any judgment or agreement with any taxing authority.

(b)    Determination   by   Accountant.    Except as otherwise provided in Section 11(a), all determinations required to be made under this Section 11, including whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by the independent accounting firm retained by the Company  on  the  date  of  Change  in  Control (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and Employee within 15 business days of the date of termination, if applicable, or such earlier time as is requested by the Company. If the Accounting Firm determines that no Excise Tax is payable by Employee, it shall furnish Employee with an opinion that he or she has substantial authority not to report any Excise Tax on his or her federal income tax return. Any determination by the Accounting Firm shall be binding upon the Company and Employee. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 11(c) and Employee thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Employee.

(c)    Notification Required. Employee shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after Employee knows of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Employee shall not pay such claim prior to the expiration of the thirty (30) day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Employee in writing prior to the expiration of such period that it desires to contest such claim, Employee shall:

(i)    give the Company any information reasonably requested by the Company relating to such claim,

(ii)    take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company,

(iii)    cooperate with the Company in good faith in order to effectively contest such claim, and

(iv)    permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Employee harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 11(c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Employee to pay the tax claimed and sue for a refund, or contest the claim in any permissible manner, and Employee agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Employee to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Employee (unless otherwise prohibited by applicable law), on an interest-free basis and shall indemnify and hold Employee harmless, on an after-tax basis, from any Excise Tax or income tax, including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided, further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of Employee with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Employee shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

(d)    Repayment. If, after the receipt by Employee of an amount advanced by the Company pursuant to Section 11(c), Employee becomes entitled to receive any refund with respect to such claim, Employee shall (subject to the Company’s complying with the requirements of Section 11(c)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Employee of an amount advanced by the Company pursuant to Section 11(c), a determination is made that Employee shall not be entitled to any refund with respect to such claim and the Company does not notify Employee in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof the amount of Gross-Up Payment required to be paid.

(e)    Shareholder Approval.  With respect to events from and after the second anniversary of the Effective Date, notwithstanding anything to the contrary in this Agreement, if
(a)Employee is a “disqualified individual” (as defined in Section 280G(c) of the Code), (b) the payments and benefits provided for in this Agreement, together with any other payments and benefits that Employee has the right to receive from the Company or any of its Affiliates, would constitute an “excess parachute payment” (as defined in Section 280G(b)(2) of the Code, a “Excess Parachute Payment”)) and (c) shareholder approval (obtained in a manner that satisfies the requirements of Section 280G(b)(5) of the Code) of a payment or benefit to be provided to Employee by the Company or any other person (whether under this Agreement or otherwise) would result in the payment or benefit not being treated as an Excess Parachute Payment, then, upon the request of Employee and Employee’s agreement (to the extent necessary) to subject Employee’s entitlement to the receipt of such payment or benefit to shareholder approval, the Company shall use its reasonable best efforts to seek and obtain such approval in a manner that satisfies the requirements of Section 280G of the Code and the regulations thereunder with the least amount of risk to Employee not receiving such payment or benefit.

12.Withholdings. The Company may withhold and deduct from any payments made or to be made pursuant to this Agreement (a) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (b) to the extent permissible under Section 409A (as hereinafter defined), any deductions consented to in writing by Employee.

13.Severability. It is the desire of the parties hereto that this Agreement be enforced to the maximum extent permitted by applicable law, and should any provision contained herein be held unenforceable by a court of competent jurisdiction or arbitrator, the parties hereby agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted by applicable law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement.

14.Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. Any and all Exhibits referred to in this Agreement are, by such reference, incorporated herein and made a part hereof for all purposes. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof.

		
	15.
	Arbitration; Injunctive Relief; Attorneys’ Fees.

(a)    Subject to Section 15(b), any dispute, controversy or claim between Employee and the Company arising out of or relating to this Agreement, Employee’s employment, or the termination of either will be finally settled by arbitration in Houston, Texas before, and in accordance with the then-existing rules for the resolution of employment disputes then obtaining of, the American Arbitration Association. The arbitrator’s award shall be reasoned, final and binding on all parties and may be enforced in a court of competent jurisdiction.

(b)    Notwithstanding Section 15(a), an application for emergency, temporary or preliminary injunctive relief by either party (including, without limitation, pursuant to Section 10(g)) shall not be subject to arbitration under this Section 15; provided, however, that the remainder of any such dispute (beyond the application for emergency, temporary or preliminary injunctive relief) shall be subject to arbitration under this Section 15.

(c)    Each of Employee and the Company shall share equally the cost of the arbitrator and bear its own costs and attorneys’ fees incurred in connection with any arbitration, unless a statutory claim authorizing the award of attorneys’ fees is at issue, in which event the arbitrator may award a reasonable attorneys’ fee in accordance with the jurisprudence of that statute; provided, however, that if Employee institutes any legal action in seeking to obtain or enforce, or is required to defend in any legal action the validity or enforceability of, any right to severance provided by this Agreement, the Company, subject to Section 22(d), will reimburse Employee for all reasonable legal fees and expenses incurred (including, without limitation, attorneys’ fees, arbitration fees and the costs of experts) promptly after receipt from Employee of an invoice and supporting documentation reasonably satisfactory to the Company with respect to such fees and expenses. Notwithstanding the preceding sentence, (i) the Company shall not be responsible for reimbursing any such fees and expenses to the extent they are incurred in connection with a claim made by Employee that the trier of fact finds to be frivolous or if Employee is determined to have breached Employee’s obligations under Sections 8, 9 or 10 of this Agreement and (ii) if, after the receipt by Employee of an amount reimbursed by the Company pursuant to this Section 15(c) in connection with a claim made by Employee that the trier of fact finds to be frivolous or if Employee is determined to have breached Employee’s obligations under Sections 8, 9 or 10 of this Agreement, then Employee shall promptly repay to the Company all amounts reimbursed in connection with such claim pursuant to  this Section 15(c).

		
	(d)
	Nothing in this Section 15 shall prohibit a party to this Agreement from

(i) instituting litigation to enforce any arbitration award or (ii) joining another party to this Agreement in a litigation initiated by a person which is not a party to this Agreement. IN ENTERING THIS AGREEMENT, THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY AND VOLUNTARILY WAIVING THEIR RIGHTS TO A JURY TRIAL.

16.Governing  Law.    THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REFERENCE TO ANY PRINCIPLES OF CONFLICT OF LAWS THEREOF THAT WOULD RESULT IN THE APPLICABLE OF THE LAWS OF ANY OTHER JURISDICTION. THE EXCLUSIVE VENUE FOR THE RESOLUTION OF ANY DISPUTE RELATING TO THIS AGREEMENT OR EMPLOYEE’S EMPLOYMENT (THAT IS NOT SUBJECT TO ARBITRATION UNDER SECTION 15 FOR ANY REASON) SHALL BE IN THE STATE AND FEDERAL COURTS LOCATED IN HARRIS, COUNTY TEXAS AND THE PARTIES HEREBY EXPRESSLY CONSENT TO THE JURISDICTION OF THOSE COURTS.

17.Entire  Agreement  and  Amendment.    This Agreement contains the entire agreement between the Company and any of its Affiliates (including, without limitation, EPE

Acquisition) with respect to Employee’s employment and the other matters covered herein (except the Purchase Agreement and any other agreements specifically referenced herein); moreover, this Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between Employee on the one hand and the Company and any of its Affiliates on the other hand concerning the subject matters hereof. For the avoidance of doubt, Employee expressly acknowledges and agrees that, notwithstanding any provision within the 2004 Severance Plan that purports to restrict Employee’s rights to waive severance rights under the 2004 Severance Plan, effective as of the Effective Date, Employee is knowingly, voluntarily and permanently waiving any and all rights that Employee has under the 2004 Severance Plan on and after the Effective Date, as this Agreement and the other agreements being contemporaneously executed by Employee and the Company set forth the entirety of severance rights that Employee has, or in the future may have, with respect to, or arising out of, Employee’s employment with the Company or its Affiliates and the 2004 Severance Plan is hereby superseded in its entirety with respect to Employee. This Agreement may be amended, waived or terminated only by a written instrument executed by both the Company and Employee.

18.Survival of Certain Provisions. Wherever appropriate to the intention of the parties hereto and except as otherwise provided herein, the respective rights and obligations of said parties, including, but not limited to, the rights and obligations set forth in Section 6 through Section 11 hereof, shall survive any termination or expiration of this Agreement for any reason.

19.Waiver of Breach. No waiver by either party hereto of a breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason of any breach will not deprive such party of the right to take action at any time while such breach continues.

20.Assignment. Neither this Agreement nor any rights nor obligations hereunder shall be assignable or otherwise subject to hypothecation by Employee (except, by will or by operation of the laws of intestate succession). The Company may assign its rights and obligations under this Agreement, including to an Affiliate or any successor and any such assignment may take effect at any time without the consent of Employee, provided that (a) such Affiliate or successor has the financial wherewithal to perform all obligations of the Company hereunder and
(b)such assignment does not, without Employee’s prior written consent, result in “Good Reason” within the meaning of Section 7(d)(iv) with respect to (x) the Company and its Affiliates or (y) all or substantially all of the assets of the Company and its Affiliates. The fact that any such assignment may be permitted under this Section 20 shall not affect the determination of whether such assignment or any related transaction constitutes a Threshold Capital Transaction. The Company will require any successor permitted under this Section 20, including any acquirer of substantially all of its assets, to assume its obligations under this Agreement. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

21.Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been duly received (a) when delivered in person, (b) on the first business day after such notice is sent by air express overnight courier service, or (c) on the third business day following deposit in the United States mail, registered or certified mail, return receipt requested, postage prepaid, in each case addressed to the following address, as applicable:

If to the Company, addressed to:

Everest Acquisition LLC
c/o Apollo Global Management, LLC 9 West 59th Street, 43rd Floor
New York, New York 10019 Attention: Mr. Sam Oh
If to Employee, addressed to: Kyle A. McCuen
13315 Taylorcrest
Houston, Texas 77079

		
	22.
	Section 409A.

(a)    General. The intent of the parties is that the payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations and interpretive guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. The Company and Employee shall take commercially reasonable efforts to reform or amend any provision hereof to the extent that either of them reasonably determine that such provision would or could reasonably be expected to cause Employee to incur any additional tax or interest under Section 409A to try to comply with  or  be  exempt  from Section 409A through good faith modifications, in any case, to the minimum extent reasonably appropriate to conform with Section 409A, provided that any such modifications shall not increase the cost or liability to the Company. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Employee and the Company of the applicable provision without violating the provisions of Section 409A.

(b)    Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is designated under this Agreement as payable upon Employee’s termination of employment shall be payable only upon Employee’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”).

(c)    Specified Employee. Notwithstanding anything in this Agreement to the contrary, if Employee is deemed by the Company at the time of Employee’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed

commencement of any portion of the benefits to which Employee is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Employee’s benefits shall not be provided to Employee prior to the earlier of (i) the expiration of the six-month period measured from the date of Employee’s Separation from Service or (ii) the date of Employee’s death. Upon the first business day following  the expiration of the delay period described in the preceding sentence, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Employee (or Employee’s estate or beneficiaries), and any remaining payments due to Employee under this Agreement shall be paid as otherwise provided herein.

(d)    Expense Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements payable to Employee shall be paid to Employee no later than December 31 of the year following the year in which the expense was incurred; provided, that Employee submits Employee’s reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Employee’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

(e)    Installments. Employee’s right to receive any installment payments under this Agreement, including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

23.Affiliates. For purposes of this Agreement, “Affiliate” means, with respect to any person, any other person directly or indirectly controlling, controlled by, or under common control with such specified person; provided, however, that an Affiliate shall not include any portfolio company of any person. For purposes of the definition of “Affiliate”, “control” when used with respect to any person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings.

24.Employee Acknowledgement. Employee acknowledges that Employee has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Employee’s own judgment after having had the opportunity to consult with advisors of Employee’s choosing.

25.Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together signed by both parties hereto.

26.Company Name Change. It is intended that the Company will change its name to EP Energy LLC on or immediately after the Effective Date. Upon such change becoming effective, all references in this Agreement to “the Company” shall refer to EP Energy LLC, a Delaware limited liability company, unless the context requires otherwise.

27.Provisions Regarding Effective Date. As indicated in Section 1, this Agreement is effective as of the Effective Date and, accordingly, in connection therewith and notwithstanding any other provision of this Agreement, the parties agree that this Agreement shall be null and void and of no force or effect if (a) Employee ceases to be employed by either EPEPM or one of its Affiliates at any time prior to the Effective Date and/or (b) the Effective Date does not occur on or prior to the End Date (as defined in the Purchase Agreement).

[Signature Page Follows]

IN  WITNESS   WHEREOF,  the  parties  have  executed  this  Agreement  this 24th day of May  2012,  effective  for  all purposes  as  provided  above.        
                    	
			
	 
	EVEREST ACQUISITION LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Sam Oh

	 
	 
	Sam Oh

	 
	 
	Authorized Person

	 
	 
	 

	 
	 
	 

	 
	EMPLOYEE

	 
	 
	 

	 
	 
	 

	 
	Kyle A. McCuen

	 
	 
	 

	 
	For the limited purpose of acknowledging

	 
	Section 17:

	 
	 
	 

	 
	 
	 

	 
	EL PASO EXPLORATION & PRODUCTION

	 
	MANAGEMENT, INC.

	 
	 
	 

	 
	 
	 

	 
	By:
	 

	 
	 
	Clayton A. Carrell

	 
	 
	Senior Vice President

SIGNATURE PAGE
TO
EMPLOYMENT  AGREEMENT (KYLE A. MCCUEN)

IN WITNESS WHEREOF, the parties have executed this Agreement this  24  day of May, 2012, effective for all purposes as provided above.

    	
			
	 
	EVEREST ACQUISITION LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	 

	 
	 
	Sam Oh

	 
	 
	Authorized Person

	 
	 
	 

	 
	 
	 

	 
	EMPLOYEE

	 
	 
	 

	 
	 
	/s/ Kyle A. McCuen

	 
	Kyle A. McCuen

	 
	 
	 

	 
	For the limited purpose of acknowledging

	 
	Section 17:

	 
	 
	 

	 
	 
	 

	 
	EL PASO EXPLORATION & PRODUCTION

	 
	MANAGEMENT, INC.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Clayton A. Carrell

	 
	 
	Clayton A. Carrell

	 
	 
	Senior Vice President

                        

                        

SIGNATURE PAGE TO
EMPLOYMENT  AGREEMENT
(KYLE A. MCCUEN)

SCHEDULE 2(a)

PERMITTED CORPORATE BOARD AND COMMITTEE MEMBERSHIPS

None

SCHEDULE 2(a)

EXHIBIT A

TERMINATION OF EMPLOYMENT AGREEMENT

This Termination of Employment Agreement (this “Agreement”) is between EP Energy LLC, a Delaware limited liability company (“Company”), and Kyle A. McCuen (“Employee”) pursuant to that Amended and Restated Employment Agreement between Employee and Company dated    , 2012 (the “Employment Agreement”).

The parties hereby agree to terminate their employment relationship on the following terms and conditions.

1.Termination  of  Employment.    Company and Employee agree that Employee’s employment  with  Company  has  been  terminated,   or   shall   be   terminated,   as   of   [•] (the “Termination Date”), and Employee  is  eligible  to  receive  certain  severance  benefits pursuant to Section 7 of the Employment Agreement.

2.Complete  Release  and  Other  Consideration  from  Employee.    Subject to Employee’s timely receipt of the severance benefits payable to Employee pursuant to the Employment Agreement, in exchange for Company’s obligations under this Agreement, Employee agrees as follows:

(a)    Release of Claims. Employee, on Employee’s own behalf and on behalf of Employee’s heirs, family members, executors, agents, and assigns, hereby and forever releases Company, its direct and indirect subsidiaries and Affiliates (as defined in the Employment Agreement), and each of their respective current and former officers, directors, equity holders, members, managers, benefit plans, and plan administrators (collectively, the “Releasees”) from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to:

(i)    any and all claims relating to or arising from Employee’s employment or service relationship with Company or any of its direct or indirect subsidiaries or permitted assigns and the termination of that relationship;

(ii)    with respect to Employee’s employment or service relationship with Company or any of its direct or indirect subsidiaries or permitted assigns: any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;

(iii)    with respect to Employee’s employment or service relationship with Company or any of its direct or indirect subsidiaries or permitted assigns: any and

EXHIBIT A-1

all claims for violation of any federal, state, local or foreign law, including, but not limited to the following statutes (each as amended, if applicable), Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002;

(iv)    any and all claims arising out of any other laws and regulations relating to Employee’s employment or service relationship with, or affiliation with, the Company or any of its direct or indirect subsidiaries or employment discrimination with respect thereto;

(v)    any and all claims arising out of any other federal, state, local or foreign law relating to Employee’s employment or service relationship with, or affiliation with, the Company or any of its direct or indirect subsidiaries or employment discrimination with respect thereto;

(vi)    any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee with respect to Employee’s employment or service relationship with, or affiliation with, the Company or any of its direct or indirect subsidiaries or permitted assigns or as a result of this Agreement; and

		
	(vii)
	 any and all claims for attorneys’ fees and costs with respect to the foregoing.

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete release as to the matters released. Notwithstanding the foregoing, this Agreement does not release (i) Employee’s current ownership of, or claims in respect of future rights or claims arising out of, (A) any direct or indirect equity interest in the Company or any of its Affiliates or (B) any options or other contingent rights thereto (including, without limitation, rights in respect of the Company’s Class B Units or any successor rights), (ii) any future rights under equity or equity incentives or (iii) claims that cannot be released as a matter of law, including, but not limited to, Employee’s right to file a charge with, or participate in a charge by, the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against Company (with the understanding that Employee’s release of claims herein bars Employee from recovering monetary or other personal relief from Company or any other Releasee), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of Company’s group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation of Employee’s employment, pursuant to written terms of any employee benefit plan of Company or its Affiliates. Further, this Agreement does not release Employee’s rights, including under applicable law and Company’s

EXHIBIT A-2

D&O policy, to seek indemnity for acts committed, or omissions, within the course and scope of Employee’s employment duties.

(b)    Acknowledgment of Waiver of Claims under the ADEA. Employee understands and acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Employee understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Employee understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Employee was already entitled. Employee further understands and acknowledges that Employee has been advised by this writing that:    (a) Employee  should  consult  with  an  attorney  prior  to  executing  this  Agreement;
(b) Employee has [21/45] days within which to consider this Agreement; (c) Employee has 7 days following Employee’s execution of this Agreement to revoke this Agreement, which Employee may do by providing written notice of revocation to Company as  provided  in Section 21 of the Employment Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to Company in less than the [21/45] day period identified above, Employee hereby acknowledges that he has freely and voluntarily chosen to waive the complete time period allotted for considering this Agreement.

3.Confidentiality. Except as may be required by applicable law or court order or as may be necessary in an action arising out of this Agreement, Employee agrees not to disclose the existence or terms of this Agreement to anyone other than Employee’s immediate family, attorneys, tax advisors, and financial counselors, provided that Employee first informs them of this confidentiality clause and secures their agreement to be bound by it.

4.Employee’s  Representations.    Employee acknowledges, agrees and expressly represents that, as of the date Employee executes this Agreement: (i) Employee has received all compensation and other sums that Employee is owed by the Releasees (other than sums owed pursuant to this Agreement); and (ii) Employee has received all leaves (paid and unpaid) that Employee was owed through the Termination Date.

5.Release and Other Consideration from Company. In exchange for Employee’s obligations under this Agreement, Company shall pay Employee those severance payments described in Section 7(b) of the Employment Agreement, on the terms provided in the Employment Agreement. Employee acknowledges that these severance payments  are conditioned on Employee’s compliance with Sections 9 and 10 of the Employment Agreement. Company may withhold from any severance payments all federal, state, local, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling.

6.Right to Consult an Attorney; Period of Review.    Employee is encouraged to consult with an attorney before signing this Agreement.  From the date this Agreement is first

EXHIBIT A-3

presented to Employee, Employee will have [21/45] days in which to review this Agreement. Employee may use as little or much of this [21/45]-day review period as Employee chooses.

7.Amendment; Continuing Obligations. This Agreement supersedes all prior and contemporaneous agreements and understandings, oral or written, between the parties hereto concerning the subject matter hereof and thereof. This Agreement may be amended, waived or terminated only by a written instrument executed by both parties hereto. Employee hereby reaffirms and agrees to continue to abide by the terms set forth in Sections 9 and 10 of the Employment Agreement and expressly acknowledges the enforceability and continuing effect of those terms.

8.Revocation. Upon signing this Agreement, Employee will have 7 days to revoke the Agreement. To properly revoke the Agreement, Company must receive written notice of revocation from Employee by the close of business on the 7th day after the date the Agreement is signed  by  Employee.    Written notice must be delivered pursuant to Section 21 of the Employment Agreement.

9.Choice of Law. This Agreement will be governed in all respects by the laws of the State of Texas, without regard to its choice of law principles. This Agreement is subject to the arbitration provisions in Section 15 of the Employment Agreement.

10.Effectiveness of Agreement. This Agreement will be effective, and the payments described above will be made, only if Employee executes the Agreement within [21/45] days of receiving it and only if Employee does not revoke the Agreement under Section 8 above.

[Signature Page Follows]

EXHIBIT A-4

IN WITNESS WHEREOF, the parties have executed this Agreement, effective for all purposes as provided above.

                        	
			
	 
	EP ENERGY LLC

	 
	 
	 

	 
	By:
	 

	 
	 
	Sam Oh

	 
	 
	Authorized Person

	 
	 
	 

	 
	EMPLOYEE

	 
	 
	 

	 
	 

	 
	Kyle A. McCuen

EXHIBIT A-5

EXHIBIT B

RESTRICTED AREAS

	
	
	Eagle Ford La Salle County, Texas

	Eagle Ford Dimmit County, Texas

	Eagle Ford Webb County, Texas

	Eagle Ford Atascosa County, Texas

	Eagle Ford McMullen County, Texas

	Altamont Duchesne County, Utah

	Altamont Uintah County, Utah

	Wolfcamp Reagan County, Texas

	Wolfcamp Irion County, Texas

	Wolfcamp Crockett County, Texas

	Wolfcamp Upton County, Texas

	Wilcox Beauregard Parish, Louisiana

	Wilcox Newton County, Texas

	Haynesville/Arklatex De Soto Parish, Louisiana

	Haynesville/Arklatex Bossier Parish, Louisiana

	Haynesville/Arklatex Webster Parish, Louisiana

	Haynesville/Arklatex Bienville Parish, Louisiana

	Haynesville/Arklatex Robertson County, Texas

	Haynesville/Arklatex Panola County, Texas

	Haynesville/Arklatex Caddo Parish, Louisiana

	Black Warrior Jefferson County, Alabama

	Black Warrior Tuscaloosa County, Alabama

	Black Warrior Fayette County, Alabama

	Black Warrior Walker County, Alabama

	Raton Colfax County, New Mexico

	Raton Las Animas County, Colorado

	Gulf Coast Starr County, Texas

	Gulf Coast Zapata County, Texas

	Gulf Coast Lavaca County, Texas

	Gulf Coast Hidalgo County, Texas

	Arkoma Le Flore County, Oklahoma

	Arkoma Haskell County, Oklahoma

  

 
     
   
 
   

EXHIBIT B-1Exhibit 4.6

 

 

 

FLUIDIGM CORPORATION

 ______________

 

INDENTURE

 

Dated as of, 20 

______________

 

Trustee

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

		 	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 	1
	Section 1.1	Definitions	1
	Section 1.2	Other Definitions	4
	Section 1.3	Incorporation by Reference of Trust Indenture Act	5
	Section 1.4	Rules of Construction	5
	 	 	 
	ARTICLE II THE SECURITIES 	5
	Section 2.1	Issuable in Series	5
	Section 2.2	Establishment of Terms of Series of Securities	6
	Section 2.3	Execution and Authentication	8
	Section 2.4	Registrar and Paying Agent	9
	Section 2.5	Paying Agent to Hold Money in Trust	10
	Section 2.6	Securityholder Lists	10
	Section 2.7	Transfer and Exchange	10
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	11
	Section 2.9	Outstanding Securities	11
	Section 2.10	Treasury Securities	12
	Section 2.11	Temporary Securities	12
	Section 2.12	Cancellation	12
	Section 2.13	Defaulted Interest	13
	Section 2.14	Global Securities	13
	Section 2.15	CUSIP Numbers	15
	 	 	 
	ARTICLE III REDEMPTION 	16
	Section 3.1	Notice to Trustee	16
	Section 3.2	Selection of Securities to be Redeemed	16
	Section 3.3	Notice of Redemption	16
	Section 3.4	Effect of Notice of Redemption	17
	Section 3.5	Deposit of Redemption Price	17
	Section 3.6	Securities Redeemed in Part	18
	 	 	 
	ARTICLE IV COVENANTS 	18
	Section 4.1	Payment of Principal and Interest	18
	Section 4.2	SEC Reports	18
	Section 4.3	Compliance Certificate	18
	Section 4.4	Stay, Extension and Usury Laws	19
	 	 	 
	ARTICLE V SUCCESSORS 	19
	Section 5.1	When Company May Merge, Etc	19
	Section 5.2	Successor Corporation Substituted	19

 

    	 	-i-	 

     

    

 

TABLE OF CONTENTS

(Continued)

	 	 	Page
	ARTICLE VI DEFAULTS AND REMEDIES 	20
	Section 6.1	Events of Default	20
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	21
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	22
	Section 6.4	Trustee May File Proofs of Claim	22
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities	23
	Section 6.6	Application of Money Collected	23
	Section 6.7	Limitation on Suits	24
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	24
	Section 6.9	Restoration of Rights and Remedies	24
	Section 6.10	Rights and Remedies Cumulative	25
	Section 6.11	Delay or Omission Not Waiver	25
	Section 6.12	Control by Holders	25
	Section 6.13	Waiver of Past Defaults	26
	Section 6.14	Undertaking for Costs	26
	 	 	 
	ARTICLE VII TRUSTEE 	26
	Section 7.1	Duties of Trustee	26
	Section 7.2	Rights of Trustee	27
	Section 7.3	Individual Rights of Trustee	29
	Section 7.4	Trustee's Disclaimer	29
	Section 7.5	Notice of Defaults	29
	Section 7.6	Reports by Trustee to Holders	30
	Section 7.7	Compensation and Indemnity	30
	Section 7.8	Replacement of Trustee	31
	Section 7.9	Successor Trustee by Merger, Etc	32
	Section 7.10	Eligibility; Disqualification	32
	Section 7.11	Preferential Collection of Claims Against Company	32
	 	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE 	32
	Section 8.1	Satisfaction and Discharge of Indenture	32
	Section 8.2	Application of Trust Funds; Indemnification	33
	Section 8.3	Legal Defeasance of Securities of any Series	34
	Section 8.4	Covenant Defeasance	35
	Section 8.5	Repayment to Company	36
	Section 8.6	Reinstatement	36
	 	 	 
	ARTICLE IX AMENDMENTS AND WAIVERS 	37
	Section 9.1	Without Consent of Holders	37
	Section 9.2	With Consent of Holders	38
	Section 9.3	Limitations	38
	Section 9.4	Compliance with Trust Indenture Act	39
	Section 9.5	Revocation and Effect of Consents	39

 

    	 	-ii-	 

     

    

 

TABLE OF CONTENTS

(Continued)

 

	 	 	Page
	Section 9.6	Notation on or Exchange of Securities	39
	Section 9.7	Trustee Protected	39
	 	 	 
	ARTICLE X MISCELLANEOUS 	40
	Section 10.1	Trust Indenture Act Controls	40
	Section 10.2	Notices	40
	Section 10.3	Communication by Holders with Other Holders	41
	Section 10.4	Certificate and Opinion as to Conditions Precedent	41
	Section 10.5	Statements Required in Certificate or Opinion	41
	Section 10.6	Rules by Trustee and Agents	42
	Section 10.7	Legal Holidays	42
	Section 10.8	No Recourse Against Others	42
	Section 10.9	Counterparts	42
	Section 10.10	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	42
	Section 10.11	No Adverse Interpretation of Other Agreements	43
	Section 10.12	Successors	43
	Section 10.13	Severability	43
	Section 10.14	Table of Contents, Headings, Etc	43
	Section 10.15	Securities in a Foreign Currency	44
	Section 10.16	Judgment Currency	44
	Section 10.17	Force Majeure	45
	 	 	 
	ARTICLE XI SINKING FUNDS 	45
	Section 11.1	Applicability of Article	45
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities	46
	Section 11.3	Redemption of Securities for Sinking Fund	46

 

    	 	-iii-	 

     

    

 

FLUIDIGM CORPORATION

 

Reconciliation and tie
between Trust Indenture Act of 1939 and Indenture, dated as of     , 20

 

	§ 310(a)(1)	 	7.10
	(a)(2)	 	7.10
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	7.10
	(b)	 	7.10
	§ 311(a)	 	7.11
	(b)	 	7.11
	(c)	 	Not Applicable
	§ 312(a)	 	2.6
	(b)	 	10.3
	(c)	 	10.3
	§ 313(a)	 	7.6
	(b)(1)	 	7.6
	(b)(2)	 	7.6
	(c)(1)	 	7.6
	(d)	 	7.6
	§ 314(a)	 	4.2, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	10.4
	(c)(2)	 	10.4
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	10.5
	(f)	 	Not Applicable
	§ 315(a)	 	7.1
	(b)	 	7.5
	(c)	 	7.1
	(d)	 	7.1
	(e)	 	6.14
	§ 316(a)	 	2.10
	(a)(1)(A)	 	6.12
	(a)(1)(B)	 	6.13
	(b)	 	6.8
	§ 317(a)(1)	 	6.3
	(a)(2)	 	6.4
	(b)	 	2.5
	§ 318(a)	 	10.1

 

 

Note: This reconciliation and
tie shall not, for any purpose, be deemed to be part of the Indenture.

 

    	 	-iv-	 

     

    

 

Indenture dated as
of , 20 between FLUIDIGM CORPORATION, a company incorporated under the laws of Delaware ("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 1.1Definitions. 

 

"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.

 

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

 

"Agent" means any Registrar,
Paying Agent or Notice Agent.

 

"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 except a Saturday, Sunday or a Legal Holiday in The City of New York, New York (or in connection with any payment, the
place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close.

 

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

 

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

 

"Company Order" means
a written order signed in the name of the Company by an Officer.

 

     

     

    

 

"Corporate Trust Office" means
the principal office of the Trustee at which at any time this Indenture shall be administered, which office as of the date hereof
is located at . With respect to presentation for transfer or exchange, conversions or principal payment, such address
shall be , or such other address as the Trustee may designate from time to time by written notice to the Holders and the Company,
or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by written 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 in 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 6.2.

 

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

 

"Exchange Act" means
the Securities Exchange Act of 1934, as amended.

 

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

 

"Foreign Government Obligations"
means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations
guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith
and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.

 

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

 

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

 

    	 	-2-	 

     

    

 

"Holder" or "Securityholder"
means a person in whose name a Security is registered on the books of the Registrar.

 

"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, means the date on which the principal of such Security 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, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant
Secretary, and any Vice President of the Company.

 

"Officer's Certificate"
means a certificate signed by any Officer that meets the requirements of Section 10.5.

 

"Opinion of Counsel"
means a written opinion of legal counsel who is acceptable to the Trustee. The opinion may contain customary limitations, qualifications,
conditions and exceptions. 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 having 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
2.1 and 2.2 hereof.

 

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

 

    	 	-3-	 

     

    

 

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

 

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

 

"Trustee" means the person
named as the "Trustee" in the first paragraph of this instrument until a successor Trustee shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter "Trustee" shall mean or include 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 direct obligations of, or guaranteed by, The United States of America for the payment of which its full
faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include
a depositary 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 depositary receipt from any amount received by the custodian in respect of the U.S.
Government Obligation evidenced by such depositary receipt.

 

Section 1.2Other Definitions. 

 

	TERM
	 	DEFINED IN SECTION

	"Bankruptcy Law"	 	6.1
	"Custodian"	 	6.1
	"Event of Default"	 	6.1
	"Judgment Currency"	 	10.16
	"Legal Holiday"	 	10.7
	"mandatory sinking fund payment"	 	11.1
	"New York Banking Day"	 	10.16
	"Notice Agent"	 	2.4
	"optional sinking fund payment"	 	11.1
	"Paying Agent"	 	2.4
	"Registrar"	 	2.4
	"Required Currency"	 	10.16
	"Specified Courts"	 	10.10
	"successor person"	 	5.1

 

    	 	-4-	 

     

    

 

Section 1.3Incorporation by Reference
of Trust Indenture Act. 

 

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

 

"Commission" means the
SEC.

 

"indenture securities"
means the Securities.

 

"indenture security holder"
means a Securityholder.

 

"indenture to be qualified"
means this Indenture.

 

"indenture trustee" or
"institutional trustee" means the Trustee.

 

"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 1.4Rules 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 GAAP;

 

(c)       "or"
is not exclusive;

 

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

 

(e)       provisions
apply to successive events and transactions.

 

ARTICLE
II

THE SECURITIES

 

Section 2.1Issuable 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,
a supplemental indenture or an Officer's 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, Officer's
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.

 

    	 	-5-	 

     

    

 

Section 2.2Establishment of Terms
of Series of Securities. 

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as
to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto
or Officer's Certificate:

 

2.2.1.       the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including
the terms of any subordination provisions) of the Series;

 

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

 

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

 

2.2.4.       the
date or dates on which the principal of the Securities of the Series is payable;

 

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

 

2.2.6.       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 delivered, and the method of such payment, if by wire transfer,
mail or other means;

 

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

 

    	 	-6-	 

     

    

 

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

 

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

 

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

 

2.2.11.       the
forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;

 

2.2.12.       if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;

 

2.2.13.       the
currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of
denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

2.2.14.       the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

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

 

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

 

2.2.17.       the
provisions, if any, relating to any security provided for the Securities of the Series;

 

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

 

2.2.19.       any
addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 

    	 	-7-	 

     

    

 

2.2.20.       any
Depositaries, interest rate calculation agents, exchange rate calculation agents, conversion agents or other agents with respect
to Securities of such Series if other than those appointed herein;

 

2.2.21.       the
provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion
or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the
option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange
price and provisions affecting conversion or exchange if such Series of Securities are redeemed;

 

2.2.22.       any
other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to such
Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing
of Securities of that Series; and

 

2.2.23.       whether
any of the Company's direct or indirect Subsidiaries will guarantee the Securities of that Series, including the terms of subordination,
if any, of such guarantees.

 

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 Officer's Certificate referred to above.

 

Section 2.3Execution and Authentication. 

 

An 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 Officer's Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date
of its authentication.

 

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

  

    	 	-8-	 

     

    

 

Prior to the issuance of Securities of
any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board
Resolution, supplemental indenture hereto or Officer's 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 Officer's
Certificate complying with Section 10.4, (c) an Opinion of Counsel complying with Section 10.4 and (d) an Opinion of Counsel (which
may be the same Opinion of Counsel referred to in the preceding clause (c)) that such Securities, when they have been duly executed,
issued, and authenticated in accordance with the terms of the Indenture and delivered against payment therefor in the circumstances
described in such Opinion of Counsel, will be legally valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms.

 

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

 

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

 

Section 2.4Registrar 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 2.2, an office or
agency where Securities of such Series may be presented or surrendered for payment ("Paying Agent"), where Securities
of such Series may be surrendered for registration of transfer or exchange ("Registrar") and where notices and
demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered ("Notice
Agent"). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange.
The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying
Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment
of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive
the service of legal process on the Company.

 

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

 

    	 	-9-	 

     

    

 

The Company hereby appoints the Trustee
the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as
the case may be, is appointed prior to the time Securities of that Series are first issued.

 

Section 2.5Paying Agent to Hold
Money in Trust. 

 

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

 

Section 2.6Securityholder Lists. 

 

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

 

Section 2.7Transfer and Exchange.

 

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

 

    	 	-10-	 

     

    

 

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 sending of a notice of redemption of Securities of that Series selected
for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.

 

Section 2.8Mutilated, Destroyed,
Lost and Stolen Securities. 

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver 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 bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon
receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

 

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

 

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

 

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

 

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

 

Section 2.9Outstanding 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.

 

    	 	-11-	 

     

    

 

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

 

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

 

The Company may purchase or otherwise
acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).

 

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

 

Section 2.10Treasury 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 or any Affiliate of 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 2.11Temporary 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 receipt of a Company Order 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.

 

Section 2.12Cancellation. 

 

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 transfer, exchange,
payment, replacement or cancellation in accordance with its customary procedures (subject to the record retention requirement
of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the
Company. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

    	 	-12-	 

     

    

 

Section 2.13Defaulted Interest. 

 

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

 

Section 2.14Global Securities. 

 

2.14.1.       Terms
of Securities. A Board Resolution, a supplemental indenture hereto or an Officer's 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.

 

2.14.2.       Transfer
and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto,
any Global Security shall be exchangeable pursuant to Section 2.7 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 or (ii) the Company executes and delivers to the Trustee an Officer's Certificate
to the effect that such

 

Global Security shall be so exchangeable.
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.

 

Except as provided in this Section 2.14.2,
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.

 

Neither the Trustee nor any Agent shall
have any responsibility for any actions taken or not taken by the Depositary.

 

    	 	-13-	 

     

    

 

2.14.3.       Legends.
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."

 

In addition, so long as the Depository
Trust Company ("DTC") is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear
a legend in substantially the following form:

 

"UNLESS THIS GLOBAL NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."

 

2.14.4.       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.

 

(a)       Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act"
of Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in
the manner provided in this Section.

 

    	 	-14-	 

     

    

 

(b)       The
fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution
is by a signer acting in a capacity other than such signer's individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such signer's authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.

 

(c)       The
ownership of Global Securities or any Securities issued in certificated form shall be proved by the Register.

 

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

 

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

 

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

 

2.14.6.       Consents,
Declaration and Directions. 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
or by the applicable procedures of such 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.

 

Section 2.15CUSIP 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.

 

    	 	-15-	 

     

    

 

ARTICLE
III

REDEMPTION

 

Section 3.1Notice 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 in writing of the redemption
date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 5 days before
the notice is delivered to the Holders, unless a shorter period is satisfactory to the Trustee.

 

Section 3.2Selection of Securities
to be Redeemed. 

 

Unless otherwise indicated for a particular
Series by a Board Resolution, a supplemental indenture hereto or an Officer's Certificate, if less than all the Securities of a
Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities
are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities are listed on
any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on
which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems
fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements,
subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed
shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of
Securities of the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and
portions of them it 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 2.2.10, the minimum principal denomination for each Series and
the authorized 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.

 

Section 3.3Notice of Redemption. 

 

Unless otherwise indicated for a particular
Series by Board Resolution, a supplemental indenture hereto or an Officer's Certificate, at least 15 days but not more than 60
days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance
with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.

 

    	 	-16-	 

     

    

 

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

 

(a)       the
redemption date;

 

(b)       the
redemption price;

 

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

 

(d)       if
any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after
the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed
portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;

 

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

 

(f)       that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company
defaults in the deposit of the redemption price;

 

(g)       the
CUSIP number, if any; and

 

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

 

At the Company's request, the Trustee
shall give the notice of redemption in the Company's name and at its expense, provided, however, that the Company has delivered
to the Trustee, at least 5 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer's
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section 3.4Effect of Notice of Redemption. 

 

Once notice of redemption is sent as provided
in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer's Certificate for a Series, 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.

 

Section 3.5Deposit of Redemption
Price. 

 

On or before 11:00 a.m, New York City
time, on the redemption date, the Company shall irrevocably deposit with the Paying Agent money sufficient (as determined by the
Company) to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.

 

    	 	-17-	 

     

    

 

Section 3.6Securities Redeemed in
Part. 

 

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

 

ARTICLE
IV

COVENANTS

 

Section 4.1Payment 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. On or before 11:00 a.m, New
York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal
of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.

 

Section 4.2SEC Reports. 

 

To the extent any Securities of a Series
are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the SEC copies of the annual
reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may
by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange
Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with
the SEC via the EDGAR system (or any successor system thereto) will be deemed to be delivered to the Trustee as of the time of
such filing via EDGAR for purposes of this Section 4.2.

 

Delivery of reports, information and documents
to the Trustee under this Section 4.2 are for informational purposes only and the Trustee's receipt of the foregoing shall not
constitute constructive or actual notice of any information contained therein or determinable from information contained therein,
including the Company's compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officer's Certificates).

 

Section 4.3Compliance Certificate. 

 

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

 

    	 	-18-	 

     

    

 

Section 4.4Stay, Extension and Usury
Laws. 

 

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

 

ARTICLE
V

SUCCESSORS

 

Section 5.1When Company May Merge,
Etc. 

 

The Company shall not consolidate with
or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a "successor
person") unless:

 

(a)       the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation organized and validly
existing under the laws of any U.S. domestic jurisdiction and expressly assumes, by a supplemental indenture, executed and delivered
to the Trustee, 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.

 

Where the Company is not the surviving
corporation, the Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer's Certificate
to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with
this Indenture.

 

Notwithstanding the above, any Subsidiary
of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither an Officer's
Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.

 

Section 5.2Successor Corporation
Substituted. 

 

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

 

    	 	-19-	 

     

    

 

ARTICLE
VI

DEFAULTS AND REMEDIES

 

Section 6.1Events 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 Officer's Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(a)       default
in the payment of any interest on any Security of that Series 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 11:00 a.m, New York City time, on the 30th day of such period); or

 

(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 defaults pursuant to paragraphs
(a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series
of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in 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,

 

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

 

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

 

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

 

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

 

(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,

 

    	 	-20-	 

     

    

 

(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 60 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 Officer's Certificate, in accordance with Section 2.2.18.

 

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

 

The Company will provide the Trustee written
notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default,
which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking
or proposes to take in respect thereof.

 

Section 6.2Acceleration 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
6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% 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 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

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

 

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

 

    	 	-21-	 

     

    

 

Section 6.3Collection 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, or

 

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

 

then,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then
due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally
enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
compensation, reasonable 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 6.4Trustee 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,

 

    	 	-22-	 

     

    

 

(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 compensation, reasonable 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 compensation, reasonable expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.

 

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

 

Section 6.5Trustee 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 compensation,
reasonable 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.

 

Section 6.6Application of Money
Collected. 

 

Any money or property 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 or property on account of principal or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

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

 

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

 

Third: To the Company.

 

    	 	-23-	 

     

    

 

Section 6.7Limitation on Suits. 

 

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

 

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

 

(b)       the
Holders of not less than 25% 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 have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by the Trustee 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, intended and expressly
covenanted by the Holder of every Security with every other Holder and the Trustee 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 of the applicable Series.

 

Section 6.8Unconditional 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 Maturity of such Security, including the Stated Maturity 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 6.9Restoration 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.

 

    	 	-24-	 

     

    

 

Section 6.10Rights and Remedies
Cumulative. 

 

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

 

Section 6.11Delay 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 6.12Control by Holders. 

 

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

 

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

 

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

 

(c)       subject
to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability, and

 

(d)       prior
to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against
the losses, costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

 

    	 	-25-	 

     

    

 

Section 6.13Waiver 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,
by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences,
except a Default 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). 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 6.14Undertaking 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 Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the
case of redemption, on the redemption date).

 

ARTICLE
VII

TRUSTEE

 

Section 7.1Duties 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.

 

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

 

    	 	-26-	 

     

    

 

(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
in accordance with Section 6.12.

 

(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 unless it receives indemnity satisfactory to it against the
losses, costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

(f)       The
Trustee shall not be liable for interest or investment 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 expend or 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.

 

(h)       The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in
paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee.

 

Section 7.2Rights of Trustee. 

 

(a)       The
Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (whether in its original
or facsimile form) 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.

 

    	 	-27-	 

     

    

 

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

 

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

 

(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 willful misconduct or negligence, 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 losses, 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, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit.

 

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

 

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

 

(j)       The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty
to do so.

 

    	 	-28-	 

     

    

 

(k)       No
bond or surety shall be required with respect to performance of Trustee's duties and powers.

 

(l)       Under
no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Notes.

 

(m)       Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order and any resolution of the
Board of Directors may be sufficiently evidenced by a Board Resolution.

 

(n)       The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

(o)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder.

 

Section 7.3Individual Rights of
Trustee. 

 

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

 

Section 7.4Trustee'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. The recitals
contained herein and in the Securities, except the Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness.

 

Section 7.5Notice 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 actually known to a Responsible Officer of the Trustee,
the Trustee shall send to each Securityholder 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 Securityholders
of that Series.

 

    	 	-29-	 

     

    

 

Section 7.6Reports by Trustee to
Holders. 

 

Within 60 days after each , commencing
, 20 , the Trustee shall transmit by mail to all Securityholders, as their names and addresses appear on the register kept
by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA §
313.

 

A copy of each report at the time of its
mailing to Securityholders of any Series shall be filed with the SEC and each national securities exchange on which the Securities
of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on
any national securities exchange or delisted from any national securities exchange.

 

Section 7.7Compensation 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 for the cost of defending itself) against any cost, damages, losses, expense or
liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it
except as set forth in the next paragraph in the performance of its duties under this Indenture or in connection with its acceptance
of its obligations hereunder, as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may
seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder, unless
and to the extent that the Company is materially prejudiced thereby. 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 will 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 willful misconduct or negligence, as finally adjudicated by a court of competent jurisdiction.

 

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

 

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

 

    	 	-30-	 

     

    

 

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

 

Section 7.8Replacement 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 in writing at least 30 days prior to such removal. The Company may remove the Trustee
with respect to Securities of one or more Series with at least 30 days written notice if:

 

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

 

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

 

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

 

(d)       the
Trustee becomes incapable of acting.

 

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

 

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

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Promptly after that, the retiring Trustee shall transfer
all property held by it as Trustee to the successor Trustee subject to the claim provided for in Section 7.7, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties
of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee
shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant
to this Section 7.8, the Company's obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee
with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights,
powers and duties under this Indenture prior to such replacement.

 

    	 	-31-	 

     

    

 

Section 7.9Successor Trustee by
Merger, Etc. 

 

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

 

Section 7.10Eligibility; Disqualification. 

 

This Indenture shall always have a Trustee
who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA
§ 310(b).

 

Section 7.11Preferential Collection
of Claims Against Company. 

 

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

 

ARTICLE
VIII

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section 8.1Satisfaction and Discharge
of Indenture. 

 

This Indenture shall upon Company Order
be discharged with respect to the Securities of any Series and cease to be of further effect as to all Securities of such Series
(except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments
acknowledging satisfaction and discharge of this Indenture, when

 

(a)       either

 

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

 

(ii)       all
such Securities of such Series not theretofore delivered to the Trustee for cancellation

 

(1)       have
become due and payable by reason of sending a notice of redemption or otherwise, or

 

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

 

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

 

    	 	-32-	 

     

    

 

(4)       are
deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or
(3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money
or U.S. Government Obligations, which amount shall be sufficient (as determined by the Company) for the purpose of paying and discharging
each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of
such Series on the dates such installments of principal or interest are due;

 

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

 

(c)       the
Company shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.

 

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

 

Section 8.2Application of Trust
Funds; Indemnification. 

 

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

 

(b)       The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received
in respect of such obligations other than any payable by or on behalf of Holders.

 

(c)       The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank 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.

 

    	 	-33-	 

     

    

 

Section 8.3Legal Defeasance of Securities
of any Series. 

 

Unless this Section 8.3 is otherwise specified,
pursuant to Section 2.2, 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, upon receipt of a Company Order, execute instruments
acknowledging the same), except as to:

 

(a)       the
rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph (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 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;

 

(b)       the
provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and

 

(c)       the
rights, powers, trusts and immunities of the Trustee hereunder and the Company's obligations in connection therewith;

 

provided that, the following conditions shall
have been satisfied:

 

(d)       the
Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds 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 or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each
installment of principal of and interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series
on the dates such installments of principal or interest 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;

 

    	 	-34-	 

     

    

 

(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 Officer's 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 amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and
discharge had not occurred;

 

(h)       the
Company shall have delivered to the Trustee an Officer's Certificate stating that the deposit was not made by the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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

 

Section 8.4Covenant Defeasance. 

 

Unless this Section 8.4 is otherwise specified
pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities
of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified
therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or
an Officer's Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute
a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer's Certificate delivered pursuant to Section 2.2.18
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, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied:

 

(a)       with
reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided
in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities (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 or investment bank
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including
mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments
of principal or interest are due;

 

    	 	-35-	 

     

    

 

(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;

 

(d)       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, subject to customary exclusions, 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, covenant defeasance and discharge
and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the
case if such deposit, covenant defeasance and discharge had not occurred;

 

(e)       The
Company shall have delivered to the Trustee an Officer's Certificate stating the deposit was not made by the Company with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; and

 

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

 

Section 8.5Repayment to Company. 

 

Subject to applicable abandoned property
law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal
and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for
payment as general creditors unless an applicable abandoned property law designates another person, and the Trustee shall have
no further liability with respect to such money.

 

Section 8.6Reinstatement. 

 

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 8.1 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 8.1 until such
time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however,
that if the Company has made any payment of principal of or interest on or 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 or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full
to the Holders.

 

    	 	-36-	 

     

    

 

ARTICLE
IX

AMENDMENTS AND WAIVERS

 

Section 9.1Without Consent of Holders. 

 

The Company and the Trustee may amend
or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:

 

(a)       to
cure any ambiguity, defect or inconsistency as evidenced by an Officer Certificate;

 

(b)       to
comply with Article V;

 

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

 

(d)       to
add guarantees with respect to Securities of any Series or secure Securities of any Series;

 

(e)       to
surrender any of the Company's rights or powers under this Indenture;

 

(f)       to
add covenants or events of default for the benefit of the holders of Securities of any Series;

 

(g)       to
comply with the applicable procedures of the applicable depositary;

 

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

 

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

 

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

 

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

 

    	 	-37-	 

     

    

 

Section 9.2With Consent of Holders. 

 

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

 

It shall not be necessary for the consent
of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver,
but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this
section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the
supplemental indenture or waiver. Any failure by the Company to send 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 9.3Limitations. 

 

Without the consent of each Securityholder
affected, an amendment or waiver may not:

 

(a)       reduce
the principal 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;

 

(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;

 

    	 	-38-	 

     

    

 

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

 

(h)       waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company's option.

 

Section 9.4Compliance 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 9.5Revocation and Effect
of Consents. 

 

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

 

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

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described
above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second
immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only
those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether
or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120
days after such record date.

 

Section 9.6Notation on or Exchange
of Securities. 

 

The Company or 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 receipt of a Company Order in accordance with Section
2.3 new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7Trustee Protected. 

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an
Officer's Certificate or an Opinion of Counsel or both complying with Section 10.4 and stating that the supplemental indenture
is authorized or permitted by this Indenture and constitutes a legal valid and binding obligation of the Company, enforceable against
it in accordance with its terms. The Trustee shall sign all supplemental indentures upon delivery of such an Officer's Certificate
or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its rights,
duties, liabilities or immunities under this Indenture.

 

    	 	-39-	 

     

    

 

ARTICLE
X

MISCELLANEOUS

 

Section 10.1Trust Indenture Act
Controls. 

 

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

 

Section 10.2Notices. 

 

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 (registered or certified, return receipt requested), facsimile transmission, email or overnight air
courier guaranteeing next day delivery, to the others' address:

 

if to the Company:

 

Fluidigm Corporation

7000 Shoreline Court, Suite 100

South San Francisco, California
94080

Attention: General Counsel

 

with a copy to:

Wilson Sonsini Goodrich & Rosati,
Professional Corporation

650 Page Mill Road

Palo Alto, CA 94304

Attention: Robert F. Kornegay

 

if to the Trustee:

 

Attention: 

Telephone: 

 

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

 

    	 	-40-	 

     

    

 

Any notice or communication to a Securityholder
shall be sent electronically or by first-class mail to his address shown on the register kept by the Registrar, in accordance with
the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in
it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.

 

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

 

If the Company sends a notice or communication
to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.

 

Notwithstanding any other provision of
this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of
redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary
for such Security (or its designee) pursuant to the customary procedures of such Depositary.

 

Section 10.3Communication by Holders
with Other Holders. 

 

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

 

Section 10.4Certificate 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
Officer's 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 10.5Statements 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 §
314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:

 

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

 

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

 

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

 

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

 

Section 10.6Rules by Trustee and
Agents. 

 

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

 

Section 10.7Legal Holidays. 

 

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 10.8No Recourse Against
Others. 

 

A director, officer, employee or stockholder
(past or present), as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder
by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue
of the Securities.

 

Section 10.9Counterparts. 

 

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 10.10Governing Law; Waiver
of Jury Trial; Consent to Jurisdiction. 

 

THIS INDENTURE AND THE SECURITIES,
INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK. THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY
WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

    	 	-42-	 

     

    

 

Any legal suit, action or proceeding arising
out of or based upon this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United
States of America located in the City of New York or the courts of the State of New York in each case located in the City of New
York (collectively, the "Specified Courts"), and each party irrevocably submits to the non exclusive jurisdiction
of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent
allowed under any applicable statute or rule of court) to such party's address set forth above shall be effective service of process
for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their acceptance
of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or
other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any such suit,
action or other proceeding has been brought in an inconvenient forum.

 

Section 10.11No 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 10.12Successors. 

 

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 10.13Severability. 

 

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 10.14Table 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.

 

    	 	-43-	 

     

    

 

Section 10.15Securities in a Foreign
Currency. 

 

Unless otherwise specified in a Board
Resolution, a supplemental indenture hereto or an Officer's Certificate delivered pursuant to Section 2.2 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 more than one
currency, 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 determined by converting any such other currency into a currency that is designated upon issuance of any particular
Series of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer's Certificate
delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be
at the spot rate for the purchase of the designated currency as published in The Financial Times in the "Currency Rates"
section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times,
such source as may be selected in good faith by the Company) on any date of determination. 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 provided
for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes
and irrevocably binding upon the Trustee and all Holders.

 

Section 10.16Judgment Currency. 

 

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

  

    	 	-44-	 

     

    

 

Section 10.17Force Majeure. 

 

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

 

Section 10.18. U.S.A. Patriot Act.

 

The parties hereto acknowledge that in
accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture
agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.

 

ARTICLE
XI

SINKING FUNDS

 

Section 11.1Applicability of Article. 

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities
pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant
to this Indenture.

 

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

 

    	 	-45-	 

     

    

 

Section 11.2Satisfaction 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 Officer's Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities
for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result
of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities
of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not
call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver
to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

 

Section 11.3Redemption of Securities
for Sinking Fund. 

 

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

 

    	 	-46-	 

     

    

  

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

 

	 	FLUIDIGM CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Its: 
	 	 	 
	 	 	 
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Its:

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