Document:

Exhibit 10.1

 

OPEN
MARKET SALE AGREEMENTSM

 

September
25, 2020

 

JEFFERIES LLC

520 Madison Avenue

New York, New York 10022

 

Ladies and Gentlemen:

 

ImmunoGen,
Inc., a Massachusetts corporation (the “Company”), proposes, subject to the terms and conditions stated herein,
to issue and sell from time to time through Jefferies LLC, as sales agent and/or principal (the “Agent”), shares
of the Company’s common stock, par value $0.01 per share (the “Common Shares”), having an aggregate offering
price of up to $100,000,000 on the terms set forth in this agreement (this “Agreement”).

 

Section
1. DEFINITIONS

 

(a)              
Certain Definitions. For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall
have the following respective meanings:

 

“Affiliate”
of a Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, such first- mentioned Person. The term “control” (including the terms “controlling,”
 “controlled by” and “under common control with”) means the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise.

 

“Agency
Period” means the period commencing on the date of this Agreement and expiring on the earliest to occur of (x) the date
on which the Agent shall have placed the Maximum Program Amount pursuant to this Agreement and (y) the date this Agreement is terminated
pursuant to ‎Section 7.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

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

 

“Floor Price”
means the minimum price set by the Company in the Issuance Notice below which the Agent shall not sell Shares during the applicable
period set forth in the Issuance Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance
Notice by delivering written notice of such change to the Agent and which in no event shall be less than $1.00 without the prior
written consent of the Agent, which may be withheld in the Agent’s sole discretion.

 

 

SM “Open
Market Sale Agreement” is a service mark of Jefferies LLC

 

     

     

    

 

“Issuance
Amount” means the aggregate Sales Price of the Shares to be sold by the Agent pursuant to any Issuance Notice.

 

“Issuance
Notice” means a written notice delivered to the Agent by the Company in accordance with this Agreement in the form attached
hereto as Exhibit A that is executed by its Chief Executive Officer, President
or Chief Financial Officer.

 

“Issuance
Notice Date” means any Trading Day during the Agency Period that an Issuance Notice is delivered
pursuant to ‎Section 3(b)(i).

 

“Issuance
Price” means the Sales Price less the Selling Commission.

 

“Maximum
Program Amount” means Common Shares with an aggregate Sales Price of the lesser of (a) the number or dollar amount of
Common Shares registered under the effective Registration Statement (as defined below) pursuant to which the offering is being
made, (b) the number of authorized but unissued Common Shares (less Common Shares issuable upon exercise, conversion or exchange
of any outstanding securities of the Company or otherwise reserved from the Company’s authorized capital stock), (c) the
number or dollar amount of Common Shares permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if
applicable), or (d) the number or dollar amount of Common Shares for which the Company has filed a Prospectus (as defined below).

 

“Person”
means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated association,
joint venture, joint stock company, governmental authority or other entity of any kind.

 

“Principal
Market” means the Nasdaq Global Select Market or such other national securities exchange on which the Common Shares,
including any Shares, are then listed.

 

“Sales Price”
means the actual sale execution price of each Share placed by the Agent pursuant to this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 

“Selling
Commission” means three percent (3%) of the gross proceeds of Shares sold pursuant to this Agreement, or as otherwise
agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement.

 

“Settlement
Date” means the second business day following each Trading Day during the period set forth in the Issuance Notice
on which Shares are sold pursuant to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on
such Trading Day and the Agent shall deliver to the Company the Issuance Price received on such sales.

 

“Shares”
means the Company’s Common Shares issued or issuable pursuant to this Agreement.

 

“Trading Day”
means any day on which the Principal Market is open for trading.

 

    2

     

    

 

Section
2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents
and warrants to, and agrees with, the Agent that as of (1) the date of this Agreement, (2) each Issuance Notice Date, (3) each
Settlement Date, (4) each Triggering Event Date (as defined below) with respect to which the Company is required to deliver a certificate
pursuant to Section 4(o) and (5) as of each Time of Sale (as defined below) (each of the times referenced above is referred
to herein as a “Representation Date”), except as may be disclosed in the Prospectus (including any documents
incorporated by reference therein and any supplements thereto) on or before a Representation Date:

 

(a)              
Registration Statement. The Company has prepared and filed with the Commission a shelf registration statement on
Form S-3 (File No. 333-223507) that contains a base prospectus. Such registration statement registers the issuance
and sale by the Company of the Shares under the Securities Act. The Company may file one or more additional registration statements
from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with respect
to the Shares. Except where the context otherwise requires, such registration statement(s), including any information deemed to
be a part thereof pursuant to Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto
and all documents incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the Securities
Act as from time to time amended or supplemented, is herein referred to as the “Registration Statement,” and
the prospectus constituting a part of such registration statement(s), together with any prospectus supplement filed with the Commission
pursuant to Rule 424(b) under the Securities Act relating to a particular issuance of the Shares, including all documents incorporated
or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the Securities Act, in each case, as from
time to time amended or supplemented, is referred to herein as the “Prospectus,” except that if any revised
prospectus is provided to the Agent by the Company for use in connection with the offering of the Shares that is not required to
be filed by the Company pursuant to Rule 424(b) under the Securities Act, the term “Prospectus” shall refer
to such revised prospectus from and after the time it is first provided to the Agent for such use. The Registration Statement at
the time it originally became effective is herein called the “Original Registration Statement.” As used in this
Agreement, the terms “amendment” or “supplement” when applied to the Registration Statement or the Prospectus
shall be deemed to include the filing by the Company with the Commission of any document under the Exchange Act after the date
hereof that is or is deemed to be incorporated therein by reference.

 

All references in this
Agreement to financial statements and schedules and other information which is “contained,” “included”
or “stated” in or “part of” the Registration Statement or the Prospectus (and all other references of like
import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed
to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration
Statement or the Prospectus, as the case may be, as of any specified date; and all references in this Agreement to amendments or
supplements to the Registration Statement or the Prospectus shall be deemed to mean and include, without limitation, the filing
of any document under the Exchange Act which is or is deemed to be incorporated by reference in or otherwise deemed under the Securities
Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date.
The Company’s obligations under this Agreement to furnish, provide or deliver or make available copies of any report or statement
shall be deemed satisfied if the same is filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval
system (“EDGAR”).

 

    3

     

    

 

At
the time the Registration Statement became or will become originally effective and at the time the Company’s most recent
annual report on Form 10-K was filed with the Commission, if later, the Company met the then-applicable requirements for use
of Form S-3 under the Securities Act. During the Agency Period, each time the Company files an annual report on Form
10-K the Company will meet the then-applicable requirements for use of Form S-3 under the Securities Act.

 

(b)              
Compliance with Registration Requirements. The Original Registration Statement and any Rule 462(b) Registration
Statement are effective under the Securities Act. The Company has complied to the Commission’s satisfaction with all requests
of the Commission for additional or supplemental information. No stop order suspending the effectiveness of the Registration Statement
or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending
or, to the best knowledge of the Company, are contemplated or threatened by the Commission.

 

The
Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed with the Commission
through EDGAR (except as may be permitted by Regulation S-T under the Securities Act), was identical to the copy thereof delivered
to the Agent for use in connection with the issuance and sale of the Shares. Each of the Registration Statement, any Rule 462(b)
Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective and at each Representation
Date, complied and will comply in all material respects with the Securities Act and did not and will not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading. As of the date of this Agreement, the Prospectus and any Free Writing Prospectus (as defined below) considered together
(collectively, the “Time of Sale Information”) did not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The Prospectus, as amended or supplemented, as of its date and at each Representation Date, did not and will not
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The representations and warranties set forth in the
three immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule 462(b)
Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made
in reliance upon and in conformity with information relating to the Agent furnished to the Company in writing by the Agent expressly
for use therein, it being understood and agreed that the only such information furnished by the Agent to the Company consists of
the information described in ‎Section 6 below defined as Agent Information. There are no contracts or other documents
required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described
or filed as required. The Registration Statement and the offer and sale of the Shares as contemplated hereby meet the requirements
of Rule 415 under the Securities Act and comply in all material respects with said rule.

 

    4

     

    

 

(c)              
Ineligible Issuer Status. The Company is not an “ineligible issuer” in connection with the offering of
the Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Any Free Writing Prospectus that the Company is required
to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the
requirements of the Securities Act. Each Free Writing Prospectus that the Company has filed, or is required to file, pursuant to
Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies or
will comply in all material respects with the requirements of Rule 433 under the Securities Act including timely filing with the
Commission or retention where required and legending, and each such Free Writing Prospectus, as of its issue date and at all subsequent
times through the completion of the issuance and sale of the Shares did not, does not and will not include any information that
conflicted, conflicts with or will conflict with the information contained in the Registration Statement or the Prospectus, including
any document incorporated by reference therein. Except for the Free Writing Prospectuses, if any, and electronic road shows, if
any, furnished to the Agent before first use, the Company has not prepared, used or referred to, and will not, without the Agent’s
prior consent, which consent shall not be unreasonably withheld, conditioned or delayed, prepare, use or refer to, any Free Writing
Prospectus.

 

(d)              
Incorporated Documents. The documents incorporated or deemed to be incorporated by reference in the Registration
Statement and the Prospectus, at the time they were filed with the Commission, complied in all material respects with the requirements
of the Exchange Act, as applicable, and, when read together with the other information in the Prospectus, do not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

(e)              
Exchange Act Compliance. The documents incorporated or deemed to be incorporated by reference in the Prospectus,
at the time they were or hereafter are filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto
complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other
information in the Prospectus, at the time the Registration Statement and any amendments thereto become effective and at each Representation
Date, as the case may be, will not contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

 

(f)               
Financial Statements.  The financial statements (including the related notes thereto) of the Company
and its consolidated subsidiaries included or incorporated by reference in the Registration Statement and the Prospectus comply
in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present
fairly the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their
operations and the changes in their cash flows for the periods specified, it being understood that unaudited interim financial
statements are subject to normal year-end adjustments; such financial statements have been prepared in conformity with generally
accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby, except
as may be otherwise specified therein or to the extent unaudited interim financial statements exclude footnotes or may be condensed
or summary statements, and any supporting schedules included or incorporated by reference in the Registration Statement present
fairly the information required to be stated therein; and the other financial information included or incorporated by reference
in the Registration Statement and the Prospectus has been derived from the accounting records of the Company and its consolidated
subsidiaries and presents fairly the information shown thereby. To the Company’s knowledge, no person who has been suspended
or barred from being associated with a registered public accounting firm, or who has failed to comply with any sanction pursuant
to Rule 5300 promulgated by the PCAOB, has participated in or otherwise aided the preparation of, or audited, the financial statements,
supporting schedules or other financial data filed with the Commission as a part of the Registration Statement and the Prospectus.

 

    5

     

    

 

(g)              
No Material Adverse Change.  Except as otherwise disclosed in the Registration Statement and the Prospectus,
subsequent to the respective dates as of which information is given in the Registration Statement and the Prospectus: (i) 
there has been no material adverse change, or any development that would result in a material adverse change, in (A) the condition,
financial or otherwise, or in the shareholders’ equity, earnings, business, properties, management, operations, operating
results, assets, liabilities or prospects, whether or not arising from transactions in the ordinary course of business, of the
Company and its subsidiaries, considered as one entity or (B) the ability of the Company to consummate the transactions contemplated
by this Agreement or perform its obligations hereunder (any such change being referred to herein as a “Material Adverse
Change”); (ii) there has not been any change in the capital stock (other than the issuance of Stock issued pursuant to
the exercise of stock options or vesting of deferred stock units or restricted stock units under the Company Stock Plans (as defined
below), the issuance of restricted stock under the Company Stock Plans, or the issuance of sock under the Company’s existing
employee stock purchase plan), long-term debt, notes payable or current portion of long-term debt of the Company or any of its
subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class
of capital stock; (iii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that
is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent,
that is material to the Company and its subsidiaries taken as a whole; and (iv) neither the Company nor any of its subsidiaries
has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental
or regulatory authority.

 

(h)              
Organization and Good Standing.  The Company and each of its “subsidiaries” (for purposes
of this Agreement, as defined in Rule 405 under the Securities Act) have been duly organized and are validly existing and in good
standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing
in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires
such qualification, and have the corporate and authority necessary to own or hold their respective properties and to conduct the
businesses in which they are engaged, except where the failure to be so qualified, in good standing or have such power or authority
would not, individually or in the aggregate, result in a Material Adverse Change.  All of the issued and outstanding capital
stock or other equity or ownership interests of each of the Company’s subsidiaries have been duly authorized and validly
issued, are fully paid and nonassessable and are owned by the Company, directly or through subsidiaries, free and clear of any
security interest, mortgage, pledge, lien, encumbrance or adverse claim. None of the outstanding capital stock or equity interest
in any subsidiary was issued in violation of preemptive or similar rights of any security holder of such subsidiary. The constitutive
or organizational documents of each of the subsidiaries comply in all material respects with the requirements of applicable laws
of its jurisdiction of incorporation or organization and are in full force and effect. The Company does not own or control, directly
or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21 to the Company’s
most recent Annual Report on Form 10-K.

 

    6

     

    

 

(i)                
Capitalization.  The Company has an authorized capitalization as set forth in the Registration Statement
and the Prospectus; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued
and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly
contemplated by the Prospectus, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or
options to acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interest in
the Company or any of its subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating
to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or
any such rights, warrants or options; the capital stock of the Company conforms in all material respects to the description thereof
contained in the Registration Statement and the Prospectus; and all the outstanding shares of capital stock or other equity interests
of each subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid
and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security
interest, restriction on voting or transfer or any other claim of any third party. None of the outstanding capital stock or equity
interest in any subsidiary was issued in violation of preemptive or similar rights of any security holder of such subsidiary.

 

(j)                
Stock Options.  With respect to the stock options (the “Stock Options”) granted pursuant
to the stock-based compensation plans of the Company and its subsidiaries (the “Company Stock Plans”), (i) each
grant of a Stock Option was duly authorized no later than the date on which the grant of such Stock Option was by its terms to
be effective (the “Grant Date”) by all necessary corporate action, including, as applicable, approval by the
board of directors of the Company (or a duly constituted and authorized committee thereof) and any required stockholder approval
by the necessary number of votes or written consents, and the award agreement governing such grant (if any) was duly executed and
delivered by each party thereto, (ii) each such grant was, in all material respects, made in accordance with the terms of
the Company Stock Plans, the Exchange Act and all other applicable laws and regulatory rules or requirements, including the
Code, the rules of the Principal Market and any other exchange on which Company securities are traded, and (iii) each
such grant was, in all material respects, properly accounted for in accordance with U.S. generally accepted accounting principles
in the financial statements (including the related notes) of the Company and disclosed in the Company’s filings with the
Commission in accordance with the Exchange Act and all other applicable laws. The Company has not knowingly granted, and there
is no and has been no policy or practice of the Company of granting, Stock Options prior to, or otherwise coordinating the grant
of Stock Options with, the release or other public announcement of material information regarding the Company or its subsidiaries
or their results of operations or prospects. The descriptions of the Company’s stock option, stock bonus and other stock
plans or arrangements, and the options or other rights granted thereunder, set forth in the Registration Statement and the Prospectus
accurately and fairly presents, in all material respects, the information required to be shown with respect to such plans, arrangements,
options and rights.

 

    7

     

    

 

(k)              
Due Authorization.  The Company has full right, power and authority to execute and deliver this Agreement
and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and
delivery by it of this Agreement and the consummation of the transactions contemplated hereby has been duly and validly taken.

 

(l)                
This Agreement.  This Agreement has been duly authorized, executed and delivered by the Company.

 

(m)            
The Shares.  The Shares to be issued and sold by the Company hereunder have been duly authorized by the
Company and, when issued and delivered and paid for as provided herein, will be duly and validly issued and will be fully paid
and nonassessable and will conform to the descriptions thereof in the Registration Statement and the Prospectus; and the issuance
of the Shares is not subject to any preemptive or similar rights, other than those which were complied with by the Company.

 

(n)              
Description of this Agreement.  This Agreement conforms in all material respects to the description thereof
contained in the Registration Statement and the Prospectus.

 

(o)              
No Violation or Default.  Neither the Company nor any of its subsidiaries is (i) in violation of
its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or
lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any
of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company or any of its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order,
rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and
(iii) above, for any such default or violation that would not, individually or in the aggregate, result in a Material Adverse
Change.

 

(p)              
No Conflicts.  The execution, delivery and performance by the Company of this Agreement, the issuance
and sale of the Shares and the consummation of the transactions contemplated by this Agreement or the Prospectus have been duly
authorized by all necessary corporate action and will not (i) conflict with or result in a breach or violation of any of the
terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company
or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject,
(ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company
or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation
of any court or arbitrator or governmental or regulatory authority except, in the case of clauses (i) and (iii) above,
for any such conflict or violation that would not, individually or in the aggregate, result in a Material Adverse Change.

 

    8

     

    

 

(q)              
No Consents Required.  No consent, approval, authorization, order, license, registration or qualification
of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance
by the Company of this Agreement, the issuance and sale of the Shares and the consummation of the transactions contemplated by
this Agreement, except for the registration of the Shares under the Securities Act, as may be required by the Financial Industry
Regulatory Authority, Inc. (“FINRA”) and under applicable state or foreign securities laws in connection
with the purchase and distribution of the Shares.

 

(r)               
Legal Proceedings.  Except as described in the Registration Statement and the Prospectus, there are no
legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any of its subsidiaries
is or may be a party or to which any property of the Company or any of its subsidiaries is or may be the subject that, individually
or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to result
in a Material Adverse Change; to the knowledge of the Company, no such investigations, actions, suits or proceedings are threatened
or contemplated by any governmental or regulatory authority or threatened by others; and (i) there are no current or pending
legal, governmental or regulatory actions, suits or proceedings that are required under the Securities Act to be described in the
Registration Statement or the Prospectus that are not so described in the Registration Statement and the Prospectus and (ii) there
are no statutes, regulations or contracts or other documents that are required under the Securities Act to be filed as exhibits
to the Registration Statement or described in the Registration Statement or the Prospectus that are not so filed as exhibits to
the Registration Statement or described in the Registration Statement and the Prospectus.

 

(s)               
Independent Accountants.  Ernst & Young LLP, who have certified certain financial statements
of the Company and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries
within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States) and as required by the Securities Act.

 

(t)                
Title to Real and Personal Property.  Except as described in the Registration Statement and the Prospectus,
the Company and its subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have valid
rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the
Company and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title
except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company
and its subsidiaries or (ii) would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse
Change.

 

(u)              
Title to Intellectual Property.  Except as described in the Registration Statement and the Prospectus,
the Company and its subsidiaries own, or have obtained valid and enforceable licenses for, or other rights to use, the inventions,
patent applications, patents, trademarks (both registered and unregistered), trade names, copyrights, trade secrets and other proprietary
information (collectively, the “Intellectual Property”) described in the Registration Statement and the Prospectus
as being owned or licensed by them; to the Company’s knowledge and except as described in the Registration Statement and
the Prospectus, the Company and its subsidiaries own, or have obtained valid and enforceable licenses for, or other rights to use,
all Intellectual Property used in, or necessary for the conduct of, their respective businesses as described in the Registration
Statement and the Prospectus, except as would not reasonably be expected to result in a Material Adverse Change; to the Company’s
knowledge, there is no pending or threatened action, suit, proceeding or claim by others that the Company infringes or otherwise
violates any Intellectual Property rights of others, except as would not reasonably be expected to result in a Material Adverse
Change, and the Company is unaware of any facts which could form a reasonable basis for any such claim; and none of the technology
employed by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on
the Company or, to the Company’s knowledge, upon any of its officers, directors or employees. To the Company’s knowledge,
there are no third parties who have or will be able to establish rights to any Intellectual Property described in the Registration
Statement and the Prospectus as exclusively owned or exclusively licensed by the Company, except as would not reasonably be expected
to result in a Material Adverse Change or except for licenses granted in writing by the Company or its subsidiaries to any third-parties
(“Exclusive Intellectual Property”); there is no pending or, to the Company’s knowledge, threatened action,
suit, proceeding or claim by others challenging the Company’s ownership or rights in or to any Exclusive Intellectual Property,
and the Company is unaware of any facts which would form a reasonable basis for any such claim except as could not reasonably be
expected to result in a Material Adverse Change; there is no pending or, to the Company’s knowledge, threatened action, suit,
proceeding or claim by others challenging the validity or scope of any Exclusive Intellectual Property, and the Company is unaware
of any facts which would form a reasonable basis for any such claim except as could not reasonably be expected to result in a Material
Adverse Change; to the Company’s knowledge, there is no patent or patent application that contains claims that interfere
with the issued or pending claims of any of the Intellectual Property except as would not reasonably be expected to result in a
Material Adverse Change; and to the Company’s knowledge, there is no prior art material to any patent or patent application
of the Exclusive Intellectual Property that has not been disclosed to the U.S. Patent and Trademark Office, except as would not
reasonably be expected to result in a Material Adverse Change.

 

    9

     

    

 

(v)              
No Undisclosed Relationships.  No relationship, direct or indirect, exists between or among the Company
or any of its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company or
any of its subsidiaries, on the other, that is required by the Securities Act to be described in the Registration Statement and
the Prospectus and that is not so described in such documents.

 

(w)            
Investment Company Act.  The Company is not and, after giving effect to the offering and sale of the
Shares and the application of the proceeds thereof as described in the Registration Statement and the Prospectus, will not be required
to register as an “investment company” or an entity “controlled” by an “investment company”
within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder
(collectively, the “Investment Company Act”).

 

    10

     

    

 

(x)              
Taxes.  The Company and its subsidiaries have paid all federal, state, local and foreign taxes and filed
all tax returns required to be paid or filed through the date hereof; and except as otherwise disclosed in the Registration Statement
and the Prospectus, there is no tax deficiency that has been, or could reasonably be expected to be, asserted against the Company
or any of its subsidiaries or any of their respective properties or assets; except in each case where such failure to file or such
tax deficiency would not result in a Material Adverse Change.

 

(y)              
Licenses and Permits.  Except as otherwise disclosed Prospectus, the Company and its subsidiaries possess
all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate
federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their
respective properties or the conduct of their respective businesses as described in the Registration Statement and the Prospectus,
except where the failure to possess or make the same would not, individually or in the aggregate, result in a Material Adverse
Change; and except as described in the Registration Statement and the Prospectus, neither the Company nor any of its subsidiaries
has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason
to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course.

 

(z)              
No Labor Disputes.  No labor disturbance by or dispute with employees of the Company or any of its subsidiaries
exists or, to the best knowledge of the Company, is contemplated or threatened and the Company is not aware of any existing or
imminent labor disturbance by, or dispute with, the employees of any of its or its subsidiaries’ principal suppliers, contractors
or customers, except as would not result in a Material Adverse Change.

 

(aa)           
Compliance with and Liability under Environmental Laws; Hazardous Materials. Except, in each case set forth in this
Section 2(aa), as described in the Registration Statement and the Prospectus, or as would not, individually or in the aggregate,
result in a Material Adverse Change, (i) the Company and each of its subsidiaries and their respective properties, assets
and operations are in compliance with Environmental Laws (as defined below), (ii) there are no past or present events, conditions,
circumstances, activities, practices, actions, omissions or plans that could reasonably be expected to give rise to any costs or
liabilities to the Company or any of its subsidiaries under, or to interfere with or prevent compliance by the Company or any of
its subsidiaries with, Environmental Laws, (iii) none of the Company or any of its subsidiaries (A) to the knowledge
of the Company, is the subject of any investigation, (B) has received any notice or claim, (C) is a party to any pending or,
to the Company’s knowledge, threatened action, suit or proceeding, (D) is bound by any judgment, decree or order or
(E) has entered into any agreement, in each case relating to any alleged violation of any Environmental Law or any actual
or alleged release or threatened release or cleanup at any location of any Hazardous Materials (as defined below) (as used herein,
 “Environmental Law” means any federal, state, local or foreign law, statute, ordinance, rule, regulation, order,
decree, judgment, injunction, permit, license, authorization or other binding requirement, or common law, relating to human health
or safety or the protection, cleanup or restoration of the environment or natural resources, including those relating to the distribution,
processing, generation, treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous
Materials, and “Hazardous Materials” means any material (including, without limitation, pollutants, contaminants,
hazardous or toxic substances or wastes) that is regulated by or may give rise to liability under any Environmental Law).

 

    11

     

    

 

(bb)          
Compliance With ERISA.  (i) Each employee benefit plan, within the meaning of Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member
of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within
the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any
liability (each, a “Plan”) has been maintained in material compliance with its terms and the requirements of
any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no prohibited
transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any
Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each Plan that is subject
to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency”
as defined in Section 412 of the Code, whether or not waived, has occurred or is reasonably expected to occur; (iv) either
the fair market value of the assets of each Plan, which is required to be funded under the Code or ERISA, exceeds the present value
of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan) or each such Plan is funded
in accordance with ERISA or the Code; (v) no “reportable event” (within the meaning of Section 4043(c) of
ERISA) has occurred or is reasonably expected to occur; (vi) neither the Company nor any member of the Controlled Group has
incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums
to the PBGC, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within
the meaning of Section 4001(a)(3) of ERISA); and (vii) there is no pending audit or investigation by the Internal
Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental agency or any
foreign regulatory agency with respect to any Plan that could reasonably be expected to result in material liability to the Company
or its subsidiaries.

 

(cc)           
Disclosure Controls.  The Company and its subsidiaries maintain an effective system of “disclosure controls
and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that complies with the requirements of the Exchange
Act and that has been designed to ensure that information required to be disclosed by the Company in reports that it files or submits
under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s
rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated
to the Company’s management as appropriate to allow timely decisions regarding required disclosure.  The Company and
its subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15
of the Exchange Act.

 

(dd)          
Accounting Controls.  The Company and its subsidiaries maintain systems of “internal control over
financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the
Exchange Act and have been designed by, or under the supervision of, the Company’s principal executive and principal financial
officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles,
including, but not limited to internal accounting controls sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset
accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization;
and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.  Except as disclosed in the Registration Statement and the Prospectus, there
are no material weaknesses in the Company’s internal controls.  The Company’s auditors and the Audit Committee
of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in
the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company’s
ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that
involves management or other employees who have a significant role in the Company’s internal controls over financial reporting.

 

    12

     

    

 

(ee)           
Insurance.  The Company and its subsidiaries have insurance covering their respective properties, operations,
personnel and businesses, including business interruption insurance, which insurance is in amounts and insures against such losses
and risks as the Company considers to be in accordance with customary industry practice for companies of comparable size, market
capitalization and stage of business and clinical development to protect the Company and its subsidiaries and their respective
businesses; and neither the Company nor any of its subsidiaries has (i) received notice from any insurer or agent of such
insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance
or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business. Neither
the Company nor any of its subsidiaries has been denied any insurance coverage which it has sought or for which it has applied.

 

(ff)             
No Unlawful Payments.  Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company,
any director, officer, employee, agent or other person associated with or acting on behalf of the Company or any of its subsidiaries
has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political
activity; (ii) made or taken any act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment
or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or
of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing,
or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision
of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”), the UK Bribery Act 2010, or any
other applicable anti-bribery or anti-corruption law; or (iv) made, offered, authorized, requested or taken an act in furtherance
of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback
or other unlawful or improper payment or benefit. The Company and its subsidiaries and, to the knowledge of the Company, the Company’s
Affiliates have conducted their respective businesses in compliance with the FCPA and have instituted, maintain and enforce, and
will continue to maintain and enforce, policies and procedures designed to promote and ensure, and which are reasonably expected
to continue to promote and ensure, compliance with all applicable anti-bribery and anti-corruption laws.

 

    13

     

    

 

(gg)          
Compliance with Money Laundering Laws.  The operations of the Company and its subsidiaries are, and have been
conducted at all times, in compliance with applicable financial recordkeeping and reporting requirements, including those of the
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules
and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or
before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(hh)           Compliance
with Sanctions Laws.  Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company,
after due inquiry, any director, officer, employee, agent, Affiliate or other person associated with or acting on behalf of
the Company or any of its subsidiaries is currently the subject or the target of any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, the United Nations
Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions
authority (collectively, “Sanctions”); nor is the Company or any of its subsidiaries located, organized or
resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Crimea,
Cuba, Iran, North Korea and Syria (each, a “Sanctioned Country”); and the Company will not directly or
indirectly use the proceeds of the offering of the Shares, or lend, contribute or otherwise make available such proceeds to
any subsidiary, or any joint venture partner or other person or entity, for the purpose of financing the activities of or
business with any person, or in any country or territory, that, at the time of such financing, is the subject or the target
of Sanctions or in any other manner that will result in a violation by any person (including any person participating in the
transaction, whether as underwriter, initial purchaser, advisor, investor or otherwise) of Sanctions. For the past five
years, the Company and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or
transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions
or with any Sanctioned Country.

 

(ii)             
Affiliations. To the Company’s knowledge, there are no affiliations
or associations between (i) the Agent and (ii) the Company or any of the Company’s officers, directors or 5% or greater
security holders or any beneficial owner of the Company’s unregistered equity securities that were acquired at any time
on or after the 180th day immediately preceding the date the Registration Statement was initially filed with the Commission, except
as disclosed in the Registration Statement and the Prospectus.

 

(jj)             
No Restrictions on Subsidiaries.  Except as disclosed in the Prospectus, no subsidiary of the Company is currently
prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying
any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the
Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties
or assets to the Company or any other subsidiary of the Company.

 

(kk)          
No Broker’s Fees.  Except as otherwise disclosed in the Prospectus, neither the Company nor any
of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would
give rise to a valid claim against the Company or any of its subsidiaries or the Agent for a brokerage commission, finder’s
fee or like payment in connection with the offering and sale of the Shares.

 

    14

     

    

 

(ll)             
No Registration Rights.  No person has the right to require the Company or any of its subsidiaries to register
any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the
issuance and sale of the Shares.

 

(mm)     
No Stabilization.  The Company has not taken, directly or indirectly, any action designed to or that
could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Common Shares.

 

(nn)          
Business With Cuba.  The Company has complied with all provisions of Section 517.075, Florida Statutes
(Chapter 92-198, Laws of Florida, as amended) relating to doing business with the Government of Cuba or with any person or
affiliate located in Cuba.

 

(oo)          
Margin Rules.  The application of the proceeds received by the Company from the issuance, sale and delivery
of the Shares as described in the Registration Statement and the Prospectus will not violate Regulation T, U or X of the Board
of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

 

(pp)          
Forward-Looking Statements.  No forward-looking statement (within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement or the Prospectus has been
made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

 

(qq)          
Statistical and Market Data.  Nothing has come to the attention of the Company that has caused the Company
to believe that the statistical and market-related data included in the Registration Statement and the Prospectus is not based
on or derived from sources that are reliable and accurate in all material respects. To the extent required, the Company has obtained
the written consent for the use of such data from such sources.

 

(rr)             
Sarbanes-Oxley Act.  There is and has been no failure on the part of the Company or, to the knowledge of the
Company, any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley
Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”),
including Section 402 related to loans and Sections 302 and 906 related to certifications.

 

    15

     

    

 

(ss)            
FDA Compliance.  Except as described in the Registration Statement and the Prospectus, the Company:  (A) is
and at all times has been in material compliance with all statutes, rules or regulations of the U.S. Food and Drug Administration
(“FDA”) and other comparable federal, state, local or foreign governmental or regulatory authority (“Governmental
Authority”) applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution,
marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured
or distributed by the Company (“Applicable Laws”); (B) has not received any FDA Form 483, notice of
adverse finding, warning letter, untitled letter or other correspondence or written notice from the FDA or any Governmental Authority
alleging or asserting material noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations,
permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which
would, individually or in the aggregate, result in a Material Adverse Change; (C) possesses all material Authorizations and
such Authorizations are valid and in full force and effect and the Company is not in material violation of any term of any such
Authorizations; (D) has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from the FDA or any Governmental Authority or third party alleging that any product operation or activity
is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any Governmental Authority
or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) has
not received written notice that the FDA or any Governmental Authority has taken, is taking or intends to take action to limit,
suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any Governmental Authority is considering
such action; and (F) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such
reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete
and correct on the date filed (or were corrected or supplemented by a subsequent submission).

 

(tt)             
Clinical Studies. The nonclinical studies and clinical trials conducted by or, to the Company’s knowledge,
on behalf of the Company were and, if still ongoing, are being conducted in all material respects in accordance with experimental
protocols, procedures and controls pursuant to accepted professional scientific standards and all Applicable Laws and Authorizations,
including, without limitation, the Federal Food, Drug and Cosmetic Act and the rules and regulations promulgated thereunder;
the descriptions of the results of such nonclinical studies and clinical trials contained in the Registration Statement and the
Prospectus are, to the Company’s knowledge, accurate and complete in all material respects and fairly present the data derived
from such nonclinical studies and clinical trials; except to the extent disclosed in the Registration Statement and the Prospectus,
the Company is not aware of any nonclinical studies or clinical trials, the results of which the Company believes reasonably call
into question the study or trial results described or referred to in the Registration Statement and the Prospectus when viewed
in the context in which such results are described and the clinical stage of development; and, except to the extent disclosed in
the Registration Statement or the Prospectus, the Company has not received any written notices or other correspondence from the
FDA or any Governmental Authority requiring the termination, suspension or material modification of any nonclinical studies, clinical
trials conducted by or on behalf of the Company.

 

(uu)          
Compliance with Health Care Laws. The Company is not a party to or has any ongoing reporting obligations pursuant
to any corporate integrity agreements, deferred prosecution agreements, monitoring agreements, consent decrees, settlement orders,
plans of correction or similar agreements with or imposed by any Governmental Authority. Additionally, neither the Company nor
any of its employees, officers or directors has been excluded, suspended or debarred from participation in any government health
care program or human clinical research or, to the knowledge of the Company, is subject to a governmental inquiry, investigation,
proceeding, or other similar action that could reasonably be expected to result in debarment, suspension, or exclusion.

 

    16

     

    

 

(vv)          
eXtensible Business Reporting Language. The interactive data in eXtensible Business Reporting Language included or
incorporated by reference in the Prospectus fairly presents the information called for in all material respects and has been prepared
in accordance with the Commission’s rules and guidelines applicable thereto.

 

(ww)      
Cybersecurity. The Company and its subsidiaries’ information technology assets and equipment, computers, systems,
networks, hardware, software, websites, applications, and databases (collectively, “IT Systems”) are adequate
for, and operate and perform in all material respects as required in connection with the operation of the business of the Company
and its subsidiaries as currently conducted, and to the Company’s knowledge, free and clear of all material bugs, errors,
defects, Trojan horses, time bombs, malware and other corruptants. The Company and its subsidiaries have implemented and maintained
commercially reasonable physical, technical and administrative controls, policies, procedures, and safeguards to maintain and protect
their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and
data, including “Personal Data,” used in connection with their businesses. “Personal Data” means
(i) a natural person’s name, street address, telephone number, e-mail address, photograph, social security number or tax
identification number, driver’s license number, passport number, credit card number, bank information, or customer or account
number; (ii) any information which would qualify as “personally identifying information” under the Federal Trade Commission
Act, as amended; (iii) “personal data” as defined by GDPR (as defined below); (iv) any information which would qualify
as “protected health information” under the Health Insurance Portability and Accountability Act of 1996, as amended
by the Health Information Technology for Economic and Clinical Health Act (collectively, “HIPAA”); and (v) any
other piece of information that allows the identification of such natural person, or his or her family, or permits the collection
or analysis of any data related to an identified person’s health or sexual orientation. There have been no breaches, violations,
outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability
or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company
and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules
and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations
relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data
from unauthorized use, access, misappropriation or modification.

 

(xx)          
Compliance with Data Privacy Laws. The Company and its subsidiaries are, and at all prior times within the last five
years were, in material compliance with all applicable state and federal data privacy and security laws and regulations, including
without limitation HIPAA, and the Company and its subsidiaries have taken commercially reasonable actions to prepare to comply
with, and since May 25, 2018, have been and currently are in material compliance with, the European Union General Data Protection
Regulation (“GDPR”) (EU 2016/679) (collectively, the “Privacy Laws”). To ensure compliance
with the Privacy Laws, the Company and its subsidiaries have in place, comply with, and take appropriate steps reasonably designed
to ensure compliance in all material respects with their policies and procedures relating to data privacy and security and the
collection, storage, use, disclosure, handling, and analysis of Personal Data (the “Policies”). The Company
and its subsidiaries have at all times made all disclosures to users or customers required by applicable laws and regulatory rules
or requirements, and none of such disclosures made or contained in any Policy have, to the knowledge of the Company, been inaccurate
or in violation of any applicable laws and regulatory rules or requirements in any material respect. The Company further certifies
that neither it nor any subsidiary: (i) has received notice of any actual or potential liability under or relating to, or actual
or potential violation of, any of the Privacy Laws, and has no knowledge of any event or condition that would reasonably be expected
to result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation,
or other corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes any
obligation or liability under any Privacy Law.

 

    17

     

    

 

(yy)          
Stock Exchange Listing. The Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange Act and
are listed on the Principal Market, and the Company has taken no action designed to, or likely to have the effect of, terminating
the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the Principal Market, nor has
the Company received any notification that the Commission or the Principal Market is contemplating terminating such registration
or listing. To the Company’s knowledge, it is in compliance with all applicable listing requirements of the Principal Market.

 

(zz)           
FINRA Matters. All of the information provided to the Agent or to counsel for the Agent by the Company, its counsel,
its officers and directors and, to the knowledge of the Company, the holders of any securities (debt or equity) or options to acquire
any securities of the Company in connection with the offering of the Shares is true, complete, correct and compliant with FINRA’s
rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules is true, complete
and correct. The Company meets the requirements for use of Form S-3 under the Securities Act specified in FINRA Rule 5110(b)(7)(C)(i).

 

(aaa)       
Compliance with Laws. The Company and its subsidiaries have been and are in compliance with all applicable laws,
rules and regulations, except where failure to be so in compliance would not, individually or in the aggregate, result in a Material
Adverse Change.

 

(bbb)      
Duties, Transfer Taxes, Etc. No stamp or other issuance or transfer taxes or duties and no capital gains, income,
withholding or other taxes are payable by the Agent in the United States or any political subdivision or taxing authority thereof
or therein in connection with the execution, delivery or performance of this Agreement by the Company or the sale and delivery
by the Company of the Shares.

 

(ccc)       
Other Underwriting Agreements. The Company is not a party to any agreement with an agent or underwriter for any other
 “at the market” or continuous equity transaction.

 

Any certificate signed
by any officer or representative of the Company or any of its subsidiaries and delivered to the Agent or counsel for the Agent
in connection with an issuance of Shares shall be deemed a representation and warranty by the Company to the Agent as to the matters
covered thereby on the date of such certificate.

 

The
Company acknowledges that the Agent and, for purposes of the opinions to be delivered pursuant to ‎Section 4(o)
hereof, counsel to the Company and counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations,
including any officer’s certificate representations, and hereby consents to such reliance.

 

    18

     

    

 

Section
3. ISSUANCE AND SALE OF COMMON SHARES

 

(a)              
Sale of Securities. On the basis of the representations, warranties and agreements herein contained, but subject
to the terms and conditions herein set forth, the Company and the Agent agree that the Company may from time to time seek to sell
Shares through the Agent, acting as sales agent, or directly to the Agent, acting as principal, as follows, with an aggregate Sales
Price of up to the Maximum Program Amount, based on and in accordance with Issuance Notices as the Company may deliver, during
the Agency Period.

 

(b)              
Mechanics of Issuances.

 

(i)
Issuance Notice. Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period
on which the conditions set forth in ‎Section 5(a) and ‎Section 5(b) shall have been satisfied, the
Company may exercise its right to request an issuance of Shares by delivering to the Agent an Issuance Notice; provided, however,
that (A) in no event may the Company deliver an Issuance Notice to the extent that (I) the sum of (x) the aggregate Sales Price
of the requested Issuance Amount, plus (y) the aggregate Sales Price of all Shares issued under all previous Issuance Notices effected
pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the period
set forth for any previous Issuance Notice shall have expired or been terminated. An Issuance Notice shall be considered delivered
on the Trading Day that it is received by e-mail to the persons set forth in Schedule A hereto and confirmed by the Company by
telephone (including a voicemail message to the persons so identified), with the understanding that, with adequate prior written
notice, the Agent may modify the list of such persons from time to time.

 

(ii)       Agent
Efforts. Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice,
the Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares
with respect to which the Agent has agreed to act as sales agent, subject to, and in accordance with the information specified
in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated
in accordance with the terms of this Agreement. For the avoidance of doubt, the parties to this Agreement may modify an Issuance
Notice at any time provided they both agree in writing to any such modification.

 

(iii)       Method
of Offer and Sale. The Shares may be offered and sold (A) in privately negotiated transactions with the consent of the Company;
(B) as block transactions; or (C) by any other method permitted by law deemed to be an “at the market offering” as
defined in Rule 415(a)(4) under the Securities Act, including sales made directly on the Principal Market or sales made into any
other existing trading market of the Common Shares. Nothing in this Agreement shall be deemed to require either party to agree
to the method of offer and sale specified in the preceding sentence, and (except as specified in clauses (A) and (B) above) the
method of placement of any Shares by the Agent shall be at the Agent’s discretion.

 

(iv)       Confirmation
to the Company. If acting as sales agent hereunder, the Agent will provide written confirmation to the Company no later than
the opening of the Trading Day following the Trading Day on which it has placed Shares hereunder setting forth the number of shares
sold on such Trading Day, the corresponding Sales Price and the Issuance Price payable to the Company in respect thereof.

 

    19

     

    

 

(v)       Settlement.
Each issuance of Shares will be settled on the applicable Settlement Date for such issuance of Shares and, subject to the provisions
of ‎Section 5, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Shares being sold by crediting the Agent’s or its designee’s account at The Depository Trust Company through
its Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by the parties
hereto and, upon receipt of such Shares, which in all cases shall be freely tradable, transferable, registered shares in good deliverable
form, the Agent will deliver, by wire transfer of immediately available funds, the related Issuance Price in same day funds delivered
to an account designated by the Company prior to the Settlement Date. The Company may sell Shares to the Agent as principal at
a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a “Time of Sale”).

 

(vi)       Suspension
or Termination of Sales. Consistent with standard market settlement practices, the Company or the Agent may, upon notice to
the other party hereto in writing or by telephone (confirmed immediately by verifiable email), suspend any sale of Shares, and
the period set forth in an Issuance Notice shall immediately terminate; provided, however, that (A) such suspension and
termination shall not affect or impair either party’s obligations with respect to any Shares placed or sold hereunder prior
to the receipt of such notice; (B) if the Company suspends or terminates any sale of Shares after the Agent confirms such sale
to the Company, the Company shall still be obligated to comply with ‎Section 3(b)(v) with respect to such Shares;
and (C) if the Company defaults in its obligation to deliver Shares on a Settlement Date, the Company agrees that it will hold
the Agent harmless against any loss, claim, damage or expense (including, without limitation, penalties, interest and reasonable
legal fees and expenses), as incurred, arising out of or in connection with such default by the Company. The parties hereto acknowledge
and agree that, in performing its obligations under this Agreement, the Agent may borrow Common Shares from stock lenders in the
event that the Company has not delivered Shares to settle sales as required by subsection (v) above, and may use the Shares to
settle or close out such borrowings. The Company agrees that no such notice shall be effective against the Agent unless it is made
to the persons identified in writing by the Agent pursuant to ‎Section 3(b)(i).

 

(vii)       No
Guarantee of Placement, Etc. The Company acknowledges and agrees that (A) there can be no assurance that the Agent will be
successful in placing Shares; (B) the Agent will incur no liability or obligation to the Company or any other Person if it does
not sell Shares; and (C) the Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement,
except as otherwise specifically agreed by the Agent and the Company.

 

(viii)       Material
Non-Public Information. Notwithstanding any other provision of this Agreement, the Company and the Agent agree that the Company
shall not deliver any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period
in which the Company is in possession of material non-public information.

 

(c)              
Fees. As compensation for services rendered, the Company shall pay to the Agent, on the applicable Settlement Date,
the Selling Commission for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant
to Section 3(b)(vi)) by the Agent deducting the Selling Commission from the applicable Issuance Amount.

 

    20

     

    

 

(d)              
Expenses. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance of its
obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all expenses
incident to the issuance and delivery of the Shares (including all printing and engraving costs); (ii) all fees and expenses
of the registrar and transfer agent of the Shares; (iii) all necessary issue, transfer and other stamp taxes in connection
with the issuance and sale of the Shares; (iv) all fees and expenses of the Company’s counsel, independent public or
certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing,
filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents
and certificates of experts), the Prospectus, any Free Writing Prospectus prepared by or on behalf of, used by, or referred to
by the Company, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, attorneys’ fees
and expenses incurred by the Company or the Agent in connection with qualifying or registering (or obtaining exemptions from the
qualification or registration of) all or any part of the Shares for offer and sale under the state securities or blue sky laws
or the provincial securities laws of Canada, and, if requested by the Agent, preparing and printing a “Blue Sky Survey”
or memorandum and a “Canadian wrapper,” and any supplements thereto, advising the Agent of such qualifications, registrations,
determinations and exemptions; (vii) the reasonable and documented fees and disbursements of the Agent’s counsel, including the
reasonable and documented fees and expenses of counsel for the Agent in connection with, FINRA review, if any, and approval of
the Agent’s participation in the offering and distribution of the Shares; (viii) the filing fees incident to FINRA review,
if any; (ix) all fees, expenses and disbursements relating to background checks of the Company’s directors, director nominees
and executive officers; (x) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with
the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics,
fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company,
travel and lodging expenses of the representatives, employees and officers of the Company and of the Agent and any such consultants,
and the cost of any aircraft chartered in connection with the road show; and (xi) the fees and expenses associated with listing
the Shares on the Principal Market. The fees and disbursements of the Agent’s counsel pursuant to subsections (vi) and (vii)
above shall not exceed (A) $50,000 in connection with the entry into this agreement and (B) $15,000 in connection with each Triggering
Event Date (as defined below) on which the Company is required to provide a certificate pursuant to Section 4(o).

 

Section
4. ADDITIONAL COVENANTS

 

The Company covenants
and agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:

 

(a)              
Exchange Act Compliance. During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission
all reports and documents required to be filed under Section 13, 14 or 15 of the Exchange Act (taking into account any extension
available under the Exchange Act) in the manner and within the time periods required by the Exchange Act; and (ii) either (A) include
in its quarterly reports on Form 10-Q and its annual reports on Form 10-K, a summary detailing, for the relevant reporting period,
(1) the number of Shares sold through the Agent pursuant to this Agreement and (2) the net proceeds received by the Company from
such sales or, in the Company’s sole discretion, (B) prepare a prospectus supplement containing, or include in such other
filing permitted by the Securities Act or Exchange Act (each an “Interim Prospectus Supplement”), such summary
information and, at least once a quarter and subject to this Section 4, file such Interim Prospectus Supplement pursuant
to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities
Act); provided, however, that prior notice is given to the Agent of any such filing of an Interim Prospectus Supplement.

 

    21

     

    

 

(b)              
Securities Act Compliance. After the date of this Agreement, the Company shall promptly advise the Agent in writing,
in each case insofar as it relates to the Shares or the transactions contemplated by this Agreement, (i) of the receipt of any
comments of, or requests for additional or supplemental information from, the Commission; (ii) of the time and date of any filing
of any post-effective amendment to the Registration Statement, any Rule 462(b) Registration Statement or any amendment or supplement
to the Prospectus, or any Free Writing Prospectus; (iii) of the time and date that any post-effective amendment to the Registration
Statement or any Rule 462(b) Registration Statement becomes effective; and (iv) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement or any post-effective amendment thereto, any Rule 462(b) Registration
Statement or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing
Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares
from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening
or initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company
will use its reasonable best efforts to obtain the lifting of such order as soon as practicable. Additionally, the Company agrees
that it shall comply with the provisions of Rule 424(b) and Rule 433, as applicable, under the Securities Act and will use its
reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were filed in a timely manner
with the Commission.

 

(c)              
Amendments and Supplements to the Prospectus and Other Securities Act Matters. If any event shall occur or condition
exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances when the Prospectus is delivered to a purchaser, not misleading, or if in the opinion of the Agent or counsel
for the Agent it is otherwise necessary to amend or supplement the Prospectus to comply with applicable law, including the Securities
Act, the Company agrees (subject to Sections 4(d) and 4(f)) to promptly prepare, file with the Commission and
furnish at its own expense to the Agent, such amendments or supplements to the Prospectus so that the statements in the Prospectus
as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered to a purchaser, not
be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law including the Securities Act.
Neither the Agent’s consent to, or delivery of, any such amendment or supplement shall constitute a waiver of any of the
Company’s obligations under Sections 4(d) and 4(f). Notwithstanding the foregoing, the Company shall not be
required to file such amendment or supplement if there is no pending Issuance Notice and the Company believes that it is in its
best interests not to file such amendment or supplement.

 

    22

     

    

 

(d)               
Agent’s Review of Proposed Amendments and Supplements. Prior to amending or supplementing the Registration
Statement (including any registration statement filed under Rule 462(b) under the Securities Act) or the Prospectus (excluding
any amendment or supplement through incorporation of any report filed under the Exchange Act), the Company shall furnish to the
Agent for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each such proposed
amendment or supplement, and the Company shall not file or use any such proposed amendment or supplement without the Agent’s
prior consent, which consent shall not be unreasonably withheld, conditioned or delayed, and to file with the Commission within
the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule;
provided, however, that the Company has no obligation to provide the Agent any advance copy of such filing if the filing does not
name the Agent and does not relate to the Shares or the transactions contemplated by this Agreement.

 

(e)              
Use of Free Writing Prospectus. Neither the Company nor the Agent has prepared, used, referred to or distributed,
or will prepare, use, refer to or distribute, without the other party’s prior written consent, any “written communication”
that constitutes a “free writing prospectus” as such terms are defined
in Rule 405 under the Securities Act with
respect to the offering contemplated by this Agreement (any such free writing prospectus being referred to herein as a
 “Free Writing Prospectus”).

 

(f)               
Free Writing Prospectuses. The Company shall furnish to the Agent for review, a reasonable amount of time prior to
the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement thereto
to be prepared by or on behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed
free writing prospectus or any amendment or supplement thereto without the Agent’s consent, which consent shall not be unreasonably
withheld, conditioned or delayed. The Company shall furnish to the Agent, without charge, as many copies of any free writing prospectus
prepared by or on behalf of, or used by the Company, as the Agent may reasonably request. If at any time when a prospectus is required
by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of
the Shares (but in any event if at any time through and including the date of this Agreement) there occurred or occurs an event
or development as a result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company
conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue
statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement
such free writing prospectus to eliminate or correct such conflict or so that the statements in such free writing prospectus as
so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances prevailing at such subsequent time, not misleading, as
the case may be; provided, however, that prior to amending or supplementing any such free writing prospectus, the Company
shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy
of such proposed amended or supplemented free writing prospectus and the Company shall not file, use or refer to any such amended
or supplemented free writing prospectus without the Agent’s consent, which consent shall not be unreasonably withheld, conditioned
or delayed. Notwithstanding the foregoing, the Company has no obligation to provide the Agent any advance copy of such filing if
the filing does not name the Agent and does not relate to the Shares or the transactions contemplated by this Agreement.

 

    23

     

    

 

(g)              
Filing of Agent Free Writing Prospectuses. The Company shall not take any action that would result in the Agent or
the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus
prepared by or on behalf of the Agent that the Agent otherwise would not have been required to file thereunder.

 

(h)              
Copies of Registration Statement and Prospectus. After the date of this Agreement through the last time that a prospectus
is required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with
sales of the Shares, the Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration Statement
and each amendment thereto, and with copies (which may be electronic copies) of the Prospectus and each amendment or supplement
thereto in the form in which it is filed with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities
Act, both in such quantities as the Agent may reasonably request from time to time; and, if the delivery of a prospectus is required
under the Securities Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable
Settlement Date for any period set forth in an Issuance Notice in connection with the offering or sale of the Shares and if at
such time any event has occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it is necessary during
such same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference
in the Prospectus in order to comply with the Securities Act or the Exchange Act, to notify the Agent and to request that the Agent
suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable); and if the Company
decides to amend or supplement the Registration Statement or the Prospectus as then amended or supplemented, to advise the Agent
promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the Commission an amendment
or supplement to the Registration Statement or the Prospectus as then amended or supplemented that will correct such statement
or omission or effect such compliance; provided, however, that if during such same period the Agent is required to deliver a prospectus
in respect of transactions in the Shares, the Company shall promptly prepare and file with the Commission such an amendment or
supplement.

 

(i)                
Blue Sky Compliance. The Company shall cooperate with the Agent and counsel for the Agent to qualify or register
the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial
securities laws of those jurisdictions designated by the Agent, shall comply with such laws and shall continue such qualifications,
registrations and exemptions in effect so long as required for the distribution of the Shares. The Company shall not be required
to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction
where it is not presently qualified or where it would be subject to taxation as a foreign corporation. The Company will advise
the Agent promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Shares for
offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event
of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its reasonable best
efforts to obtain the withdrawal thereof as soon as practicable.

 

    24

     

    

 

(j)                
Earnings Statement. As soon as practicable, the Company will make generally available to its security holders and
to the Agent an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first
fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 under the Securities Act.

 

(k)              
Listing; Reservation of Shares. (a) The Company will use its reasonable best efforts to maintain the listing of the
Shares on the Principal Market; and (b) the Company will reserve and keep available at all times, free of preemptive rights, Shares
for the purpose of enabling the Company to satisfy its obligations under this Agreement.

 

(l)                
Transfer Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares.

 

(m)            
Due Diligence. During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence
review conducted by the Agent in connection with the transactions contemplated hereby, including, without limitation, providing
information and making available documents and senior corporate officers, during normal business hours and at the Company’s
principal offices, as the Agent may reasonably request from time to time.

 

(n)              
Representations and Warranties. The Company acknowledges that each delivery of an Issuance Notice and each delivery
of Shares on a Settlement Date shall be deemed to be (i) an affirmation to the Agent that the representations and warranties of
the Company contained in or made pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such
Settlement Date, as the case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including
any documents incorporated by reference therein and any supplements thereto); and (ii) an undertaking that the Company will
advise the Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares
relating to such Issuance Notice, as though made at and as of each such date (except that such representations and warranties shall
be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).

 

(o)              
Deliverables at Triggering Event Dates; Certificates. The Company agrees that on or prior to the date of the first
Issuance Notice and, during the term of this Agreement after the date of the first Issuance Notice, upon:

 

(A)       the
filing of the Prospectus or the amendment or supplement of any Registration Statement or Prospectus (other than a prospectus supplement
relating solely to an offering of securities other than the Shares or a prospectus filed pursuant to Section 4(a)(ii)(B)),
by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of documents by reference into
the Registration Statement or Prospectus;

 

    25

     

    

 

(B)       the
filing with the Commission of an annual report on Form 10-K or a quarterly report on Form 10-Q (including any Form 10-K/A or Form
10-Q/A containing amended financial information or a material amendment to the previously filed annual report on Form 10-K or quarterly
report on Form 10-Q), in each case, of the Company; or

 

(C)       the
filing with the Commission of a current report on Form 8-K of the Company containing amended financial information (other than
information “furnished” pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of
Form 8-K relating to reclassification of certain properties as discontinued operations in accordance with Statement of Financial
Accounting Standards No. 144) that is material to the offering of securities of the Company in the Agent’s reasonable discretion;

 

(any
such event, a “Triggering Event Date”), the Company shall furnish the Agent (but in the case of clause (C) above
only if the Agent reasonably determines that the information contained in such current report on Form 8-K of the Company is material)
with a certificate as of the Triggering Event Date, in the form and substance satisfactory to the Agent and its counsel, substantially
similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement
and the Prospectus as amended or supplemented, (A) confirming that the representations and warranties of the Company contained
in this Agreement are true and correct, (B) confirming that the Company has performed all of its obligations hereunder to be performed
on or prior to the date of such certificate and as to the matters set forth in ‎Section 5(a)(iii) hereof, and
(C) containing any other certification that the Agent shall reasonably request. The requirement to provide a certificate under
this Section 4(o) shall be waived for any Triggering Event Date occurring at a time when no Issuance Notice is pending or
a suspension is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers instructions
for the sale of Shares hereunder (which for such calendar quarter shall be considered a Triggering Event Date) and the next occurring
Triggering Event Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Triggering
Event Date when a suspension was in effect and did not provide the Agent with a certificate under this Section 4(o), then
before the Company delivers the instructions for the sale of Shares or the Agent sells any Shares pursuant to such instructions,
the Company shall provide the Agent with a certificate in conformity with this Section 4(o) dated as of the date that the
instructions for the sale of Shares are issued.

 

(p)              
Legal Opinions. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date
with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is
applicable and excluding the date of this Agreement, a negative assurances letter and the written legal opinion of Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C., counsel to the Company, a negative assurances letter of Latham & Watkins LLP, counsel
to the Agent, and the written legal opinion of each of Sterne, Kessler, Goldstein & Fox P.L.L.C. and McCarter & English,
LLP, intellectual property counsel to the Company, each dated the date of delivery, shall be furnished to the Agent, each in form
and substance reasonably satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the
Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented;
provided, however, that the Company shall be required to furnish no more than one of each such opinion and negative assurance letter
of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. hereunder in connection with the filing of each of its annual reports on
Form 10-K or Form 10-K/A and quarterly reports on Form 10-Q or Form 10-Q/A. In lieu of such opinions for subsequent periodic filings,
in the discretion of the Agent, the Company may furnish a reliance letter from such counsel to the Agent, permitting the Agent
to rely on a previously delivered opinion letter, modified as appropriate for any passage of time or Triggering Event Date (except
that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or
supplemented as of such Triggering Event Date).

 

    26

     

    

 

(q)              
Comfort Letter. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date
with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is
applicable and excluding the date of this Agreement, the Company shall cause Ernst & Young LLP, the independent registered
public accounting firm who has audited the financial statements included or incorporated by reference in the Registration Statement,
to furnish the Agent a comfort letter, dated the date of delivery, in form and substance reasonably satisfactory to the Agent and
its counsel, substantially similar to the form previously provided to the Agent and its counsel; provided, however, that any such
comfort letter will only be required on the Triggering Event Date specified to the extent that it contains financial statements
filed with the Commission under the Exchange Act and incorporated or deemed to be incorporated by reference into a Prospectus.
If requested by the Agent, the Company shall also cause a comfort letter to be furnished to the Agent within ten (10) Trading Days
of the date of occurrence of any material transaction or event requiring the filing of a current report on Form 8-K containing
material amended financial information of the Company, including the restatement of the Company’s financial statements. The
Company shall be required to furnish no more than one comfort letter hereunder per annual report on Form 10-K or Form 10-K/A and
quarterly report on Form 10-Q or Form 10-Q/A filed by the Company.

 

(r) Secretary’s
Certificate. On or prior to the date of the first Issuance Notice and on or prior to each Triggering Event Date with respect
to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and
excluding the date of this Agreement, the Company shall furnish the Agent a certificate executed by the Secretary of the Company,
signing in such capacity, dated the date of delivery (i) certifying that attached thereto are true and complete copies of the
resolutions duly adopted by the Board of Directors of the Company authorizing the execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby (including, without limitation, the issuance of the Shares pursuant to
this Agreement), which authorization shall be in full force and effect on and as of the date of such certificate, (ii) certifying
and attesting to the office, incumbency, due authority and specimen signatures of each Person who executed this
Agreement for or on behalf of the Company, and (iii) containing any other certification that the Agent shall reasonably
request.

 

(s)               
Agent’s Own Account; Clients’ Account. The Company consents to the Agent trading, in compliance with
applicable law, in the Common Shares for the Agent’s own account and for the account of its clients at the same time as sales
of the Shares occur pursuant to this Agreement.

 

    27

     

    

 

(t)                
Investment Limitation. The Company shall not invest, or otherwise use the proceeds received by the Company from its
sale of the Shares in such a manner as would require the Company or any of its subsidiaries to register as an investment company
under the Investment Company Act.

 

(u)              
Market Activities. The Company will not take, directly or indirectly, any action designed to or that might be reasonably
expected to cause or result in stabilization or manipulation of the price of the Shares or any other reference security, whether
to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its Affiliates to, comply
with all applicable provisions of Regulation M. If the limitations of Rule 102 of Regulation M (“Rule 102”)
do not apply with respect to the Shares or any other reference security pursuant to any exception set forth in Section (d) of Rule
102, then promptly upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause
each of its Affiliates to, comply with Rule 102 as though such exception were not available but the other provisions of Rule 102
(as interpreted by the Commission) did apply. The Company shall promptly notify the Agent if it no longer meets the requirements
set forth in Section (d) of Rule 102.

 

(v)              
Notice of Other Sale. Without the written consent of the Agent, the Company will not, directly or indirectly, (i)
offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible
into or exchangeable for Common Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares,
during the period beginning on the third Trading Day immediately prior to the date on which any Issuance Notice is delivered to
the Agent hereunder and ending on the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant
to such Issuance Notice; (ii) effect a reverse stock split, recapitalization, share consolidation, reclassification or similar
transaction affecting the outstanding Common Shares; or (iii) enter into any other “at the market” or continuous equity
transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than
the Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares, warrants or any
rights to purchase or acquire, Common Shares prior to the termination of this Agreement; provided, however, that such restrictions
will not be required in connection with the Company’s (i) issuance or sale of Common Shares, options to purchase Common Shares,
Common Share-based awards, including restricted Common Shares, deferred Common Share units, restricted Common Share units, or Common
Shares issuable upon the exercise of options or other equity awards, including restricted Common Shares, deferred Common Share
units, restricted Common Share units, pursuant to any employee or director share option, incentive or benefit plan, share purchase
or ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules or other compensation
plan of the Company or its subsidiaries, as in effect on the date of this Agreement, (ii) issuance or sale of Common Shares issuable
upon exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other equity awards outstanding
at the date of this Agreement, (iii) issuance or sale of Common Shares or securities convertible into or exchangeable for Common
Shares as consideration for mergers, acquisitions or other business combinations, joint ventures, collaborations, licensing arrangements,
strategic alliances, or manufacturing, distribution, marketing, OEM, supply, sponsored research, technology transfer or development,
or third party service arrangements occurring after the date of this Agreement which are not used solely for capital raising purposes;
provided, however, that the aggregate number of Common Shares issued, or issuable pursuant to the conversion or exchange of securities
convertible into or exchangeable for Common Shares, under this subsection (iii) does not exceed 10% of the aggregate number of
Common Shares outstanding immediately prior to giving effect to such issuance or sale, and (iv) modification of any outstanding
options, warrants of any rights to purchase or acquire Common Shares.

 

    28

     

    

 

Section
5. CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT

 

(a)              
Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to Sell
Shares. The right of the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery
of such Issuance Notice, and the obligation of the Agent to use its commercially reasonable efforts to place Shares during the
applicable period set forth in the Issuance Notice is subject to the satisfaction, on each Trading Day during the applicable period
set forth in the Issuance Notice, of each of the following conditions:

 

		(i)	Accuracy of the Company’s Representations
and Warranties; Performance by the Company. The Company shall have delivered the certificate required to be delivered pursuant
to Section 4(o) on or before the date on which delivery of such certificate is required pursuant to Section 4(o).
The Company shall have performed, satisfied and complied with all covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited to, the covenants
contained in ‎Section 4(p), Section 4(q) and Section 4(r).

 

		(ii)	No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction
shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction or any
self-regulatory organization having authority over the matters contemplated hereby that prohibits or directly and materially adversely
affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect
of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement.

 

		(iii)	Material Adverse Changes. Except as disclosed in the Prospectus and the Time of Sale Information,
(a) in the judgment of the Agent there shall not have occurred any Material Adverse Change; and (b) there shall not have occurred
any downgrading, nor shall any public notice have been given of any intended or potential downgrading or of any review for a possible
change that does not indicate the direction of the possible change, in the rating accorded any securities of the Company or any
of its subsidiaries by any “nationally recognized statistical rating organization” as such term is defined for purposes
of Section 3(a)(62) of the Exchange Act.

 

    29

     

    

 

		(iv)	No Suspension of Trading in or Delisting of Common Shares; Other Events. The trading of
the Common Shares (including without limitation the Shares) shall not have been suspended by the Commission, the Principal Market
or FINRA and the Common Shares (including without limitation the Shares) shall have been approved for listing or quotation on and
shall not have been delisted from the Nasdaq Stock Market, the New York Stock Exchange or any of their constituent markets. There
shall not have occurred (and be continuing in the case of occurrences under clauses (i) and (ii) below) any of the following:
(i) trading or quotation in any of the Company’s securities shall have been suspended or limited by the Commission or
by the Principal Market or trading in securities generally on the Principal Market shall have been suspended or limited, or minimum
or maximum prices shall have been generally established on any of such stock exchanges by the Commission or FINRA; (ii) a
general banking moratorium shall have been declared by any of federal or New York, authorities; or (iii) there shall have
occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United
States or international financial markets, or any substantial change or development involving a prospective substantial change
in United States’ or international political, financial or economic conditions, as in the judgment of the Agent is material
and adverse and makes it impracticable to market the Shares in the manner and on the terms described in the Prospectus or to enforce
contracts for the sale of securities.

 

(b)              
Documents Required to be Delivered on each Issuance Notice Date. The Agent’s obligation to use its commercially
reasonable efforts to place Shares hereunder shall additionally be conditioned upon the delivery to the Agent on or before the
Issuance Notice Date of a certificate in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive
Officer, President or Chief Financial Officer of the Company, to the effect
that all conditions to the delivery of such Issuance Notice shall have been satisfied as at the date of such certificate as required
to be delivered pursuant to Section 4(o) (which certificate shall not be required if the foregoing representations shall
be set forth in the Issuance Notice).

 

(c)              
No Misstatement or Material Omission. The Agent shall not have advised the Company that the Registration Statement,
the Prospectus or the Time of Sale Information, or any amendment or supplement thereto, contains an untrue statement of fact that
in the Agent’s reasonable opinion is material, or omits to state a fact that in the Agent’s reasonable opinion is material
and is required to be stated therein or is necessary to make the statements therein not misleading.

 

Section
6. INDEMNIFICATION AND CONTRIBUTION

 

(a)              
Indemnification of the Agent. The Company agrees to indemnify and hold harmless the Agent, its officers and employees,
and each person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act against any loss,
claim, damage, liability or expense, as incurred, to which the Agent or such officer, employee or controlling person may become
subject, under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations
of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise (including in settlement of any litigation),
insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or
is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
or any amendment thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities
Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements
therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free
Writing Prospectus that the Company has used, referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities
Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading,
and to reimburse the Agent and each such officer, employee and controlling person for any and all expenses (including the reasonable
and documented fees and disbursements of counsel chosen by the Agent) as such expenses are reasonably incurred and documented by
the Agent or such officer, employee or controlling person in connection with investigating, defending, settling, compromising or
paying any such loss, claim, damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall
not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon
any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written
information furnished to the Company by the Agent expressly for use in the Registration Statement, any such Free Writing Prospectus
or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the only such information furnished
by the Agent to the Company consists of the information set forth in the first sentence of the ninth paragraph under the caption
 “Plan of Distribution” in the Prospectus (the “Agent Information”). The indemnity agreement set
forth in this ‎Section 6(a) shall be in addition to any liabilities that the Company may otherwise have.

 

    30

     

    

 

(b)              
Indemnification of the Company, its Directors and Officers. The Agent agrees to indemnify and hold harmless the Company,
each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company
within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred,
to which the Company or any such director, officer or controlling person may become subject, under the Securities Act, the Exchange
Act, or other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have
been offered or sold or at common law or otherwise (including in settlement of any litigation), that arises out of or is based
upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment
thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus
that the Company has used, referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus
(or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; but, for each of (i)
and (ii) above, only to the extent arising out of or based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly
for use in the Registration Statement, any such Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto),
it being understood and agreed that the only such information furnished by the Agent to the Company consists of the Agent Information,
and to reimburse the Company and each such director, officer and controlling person for any and all expenses (including the reasonable
and documented fees and disbursements of one counsel chosen by the Company) as such expenses are reasonably incurred and documented
by the Company or such officer, director or controlling person in connection with investigating, defending, settling, compromising
or paying any such loss, claim, damage, liability, expense or action. The indemnity agreement set forth in this Section 6(b)
shall be in addition to any liabilities that the Agent may otherwise have.

 

    31

     

    

 

(c)              
Notifications and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this ‎Section
6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against
an indemnifying party under this ‎Section 6, notify the indemnifying party in writing of the commencement thereof, but
the omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party
for contribution or otherwise than under the indemnity agreement contained in this ‎Section 6 or to the extent it is
not prejudiced as a proximate result of such failure. In case any such action is brought against any indemnified party and such
indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate
in, and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered
to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof
with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include
both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict
may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action
or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to
those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to
assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.
Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election to so
assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to
such indemnified party under this ‎Section 6 for any legal or other expenses subsequently incurred by such indemnified
party in connection with the defense thereof unless (i) the indemnified party shall have employed separate counsel in accordance
with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the
fees and expenses of more than one separate counsel (together with local counsel), representing the indemnified parties who are
parties to such action), which counsel (together with any local counsel) for the indemnified parties shall be selected by the indemnified
party (in the case of counsel for the indemnified parties referred to in ‎Section 6(a) and Section 6(b) above),
(ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized in writing
the employment of counsel for the indemnified party at the expense of the indemnifying party, in each of which cases the fees and
expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred.

 

    32

     

    

 

(d)              
Settlements. The indemnifying party under this ‎Section 6 shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff,
the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason
of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested
an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by ‎Section 6(c)
hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid
request; and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request
prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in
respect of which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder by such
indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such action, suit or proceeding.

 

(e)              
Contribution. If the indemnification provided for in this ‎Section 6 is for any reason held to be unavailable
to or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses
referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified
party, as incurred, as a result of any losses, claims, damages, liabilities or expenses referred to therein (i) in such proportion
as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Agent, on the other hand,
from the offering of the Shares pursuant to this Agreement; or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in
clause (i) above but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, in connection
with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Agent, on the other
hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective proportions
as the total gross proceeds from the offering of the Shares (before deducting expenses) received by the Company bear to the total
commissions received by the Agent. The relative fault of the Company, on the one hand, and the Agent, on the other hand, shall
be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Agent, on
the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

 

The
amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall
be deemed to include, subject to the limitations set forth in ‎Section 6(c), any legal or other fees or expenses
reasonably incurred and documented by such party in connection with investigating or defending any action or claim. The provisions
set forth in ‎Section 6(c) with respect to notice of commencement of any action shall apply if a claim for contribution
is to be made under this ‎Section 6(c); provided, however, that no additional notice shall be required
with respect to any action for which notice has been given under ‎Section 6(c) for purposes of indemnification.

 

    33

     

    

 

The
Company and the Agent agree that it would not be just and equitable if contribution pursuant to this ‎Section 6(e)
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations
referred to in this ‎Section 6(e).

 

Notwithstanding
the provisions of this ‎Section 6(e), the Agent shall not be required to contribute any amount in excess of the
Selling Commission received by the Agent in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. For purposes of this ‎Section 6(d), each officer and employee of the Agent
and each person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act shall have the same
rights to contribution as the Agent, and each director of the Company, each officer of the Company who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning of the Securities Act and the Exchange Act shall
have the same rights to contribution as the Company.

 

Section
7. TERMINATION & SURVIVAL

 

(a)              
Term. Subject to the provisions of this ‎Section 7, the term of this Agreement shall continue from the
date of this Agreement until the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant
to this ‎Section 7.

 

(b)              
Termination; Survival Following Termination.

 

		(i)	Either party may terminate this Agreement
prior to the end of the Agency Period, by giving written notice as required by this Agreement, upon ten (10) Trading Days’
notice to the other party; provided that, (A) if the Company terminates this Agreement after the Agent confirms to the Company
any sale of Shares, the Company shall remain obligated to comply with ‎Section 3(b)(v) with respect
to such Shares and (B) ‎Section 2, ‎Section 6, ‎Section 7 and ‎Section 8 shall survive
termination of this Agreement. If termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall
nevertheless settle in accordance with the terms of this Agreement.

 

(ii)
In addition to the survival provision of ‎Section 7(b)(i), the respective indemnities, agreements, representations,
warranties and other statements of the Company, of its officers and of the Agent set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation made by or on behalf of the Agent or the Company or any of
its or their partners, officers or directors or any controlling person, as the case may be, and, anything herein to the contrary
notwithstanding, will survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.

 

    34

     

    

 

Section
8. MISCELLANEOUS

 

(a)              
Press Releases and Disclosure. The Company may issue a press release describing the material terms of the transactions
contemplated hereby as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report
on Form 8-K, with this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated
hereby, and the Company shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially
reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties
hereto. No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure
required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any of the transactions
contemplated hereby without the prior written approval of the other party hereto, except as may be necessary or appropriate in
the reasonable opinion of the party seeking to make disclosure to comply with the requirements of applicable law or stock exchange
rules. If any such press release or like public statement is so required, the party making such disclosure shall consult with the
other party prior to making such disclosure, and the parties shall use all commercially reasonable efforts, acting in good faith,
to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto.

 

(b)              
No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (i) the transactions contemplated
by this Agreement, including the determination of any fees, are arm’s-length commercial transactions between the Company
and the Agent, (ii) when acting as a principal under this Agreement, the Agent is and has been acting solely as a principal and
is not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) the Agent has
not assumed nor will assume an advisory or fiduciary responsibility in favor of the Company with respect to the transactions contemplated
hereby or the process leading thereto (irrespective of whether the Agent has advised or is currently advising the Company on other
matters) and the Agent does not have any obligation to the Company with respect to the transactions contemplated hereby except
the obligations expressly set forth in this Agreement, (iv) the Agent and its respective Affiliates may be engaged in a broad range
of transactions that involve interests that differ from those of the Company, and (v) the Agent has not provided any legal, accounting,
regulatory or tax advice with respect to the transactions contemplated hereby and the Company has consulted its own legal, accounting,
regulatory and tax advisors to the extent it deemed appropriate.

 

(c)              
Research Analyst Independence. The Company acknowledges that the Agent’s research analysts and research departments
are required to and should be independent from their respective investment banking divisions and are subject to certain regulations
and internal policies, and as such the Agent’s research analysts may hold views and make statements or investment recommendations
and/or publish research reports with respect to the Company or the offering that differ from the views of their respective investment
banking divisions. The Company understands that the Agent is a full service securities firm and as such from time to time, subject
to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short
positions in debt or equity securities of the companies that may be the subject of the transactions contemplated by this Agreement.

 

    35

     

    

 

(d)              
Notices. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed
to the parties hereto as follows:

 

If
to the Agent:

Jefferies LLC

520 Madison Avenue

New York, NY 10022

Facsimile: (646) 619-4437

Attention: General Counsel

 

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

Latham & Watkins LLP

12670 High Bluff Drive

San Diego, CA 92130

Facsimile: (858) 523-5450

Attention: Michael Sullivan.

 

If to the Company:

ImmunoGen, Inc.

830 Winter Street

Waltham, MA 02451

Facsimile: (781) 207-0265

Attention: Joseph Kenny

 

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

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, MA 02111

Facsimile: (617) 542-2241

Attention: Daniel T. Kajunski.

 

Any
party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this
‎Section 8(d).

 

(e)              
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit
of the employees, officers and directors and controlling persons referred to in ‎Section 6, and in each case their respective
successors, and no other person will have any right or obligation hereunder. The term “successors” shall not include
any purchaser of the Shares as such from the Agent merely by reason of such purchase.

 

(f)               
Partial Unenforceability. The invalidity or unenforceability of any Article, Section, paragraph or provision of this
Agreement shall not affect the validity or enforceability of any other Article, Section, paragraph or provision hereof. If any
Article, Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall
be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

    36

     

    

 

(g)              
Governing Law Provisions. This Agreement shall be governed by and construed in accordance with the internal laws
of the State of New York applicable to agreements made and to be performed in such state. Any legal suit, action or proceeding
arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of
the United States of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York
in each case located in the Borough of Manhattan in the City of New York (collectively, the “Specified Courts”),
and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement
of a judgment of any such court, as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding.
Service of any process, summons, notice or document by mail 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 parties 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 in any such court that any such suit, action or other proceeding brought in any such court
has been brought in an inconvenient forum.

 

(h)              
General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject
matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or
by electronic delivery of a portable document format (PDF) file. This Agreement may not be amended or modified unless in writing
by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party
whom the condition is meant to benefit. The Article and Section headings herein are for the convenience of the parties only and
shall not affect the construction or interpretation of this Agreement.

 

[Signature Page Immediately Follows]

 

    37

     

    

 

If the foregoing is
in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon
this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms

 

 

	 	Very truly
    yours,
	 	 
	 	IMMUNOGEN, INC.
	 	 
	 	By:	/s/  Susan Altschuller
	 	 	Name: Susan Altschuller 

	 	 	Title:Chief Financial Officer

 

The foregoing Agreement is hereby confirmed
and accepted by the Agent in New York, New York as of the date first above written.

 

	JEFFERIES
    LLC	 
	 	 
	By:	/s/  Dustin Tyner	 
	 	Name: Dustin Tyner	 
	 	Title:Managing Director	 

 

     

     

    

 

EXHIBIT A

 

ISSUANCE NOTICE

 

[Date]

 

Jefferies LLC

520 Madison Avenue

New York, New York 10022

 

Attn: [__________]

 

Reference is made to the Open Market Sale
Agreement between __________ (the “Company”) and Jefferies LLC (the “Agent”) dated as of
September 25, 2020. The Company confirms that all conditions to the delivery of this Issuance Notice are satisfied as of the date
hereof.

 

Date
of Delivery of Issuance Notice (determined pursuant to ‎Section 3(b)(i)): 

_______________________

 

Issuance Amount (equal to the total Sales Price for such Shares):

 

	 	$	 	 
	 	 	 
	Number of days in selling
    period:	 	 
	 	 	 
	First date of selling period:	 	 
	 	 	 
	Last date of selling period:	 	 
	 	 	 
	Settlement Date(s) if other than standard T+2 settlement:	 
	 	 	 

 

 

 

Floor Price Limitation (in no event less
than $1.00 without the prior written consent of the Agent, which consent may be withheld in the Agent’s sole discretion):
$ ____ per share

 

	Comments:   	 

 

 

	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-1

     

    

 

Schedule A

 

Notice Parties

 

The Company

 

Mark Enyedy (Mark.Enyedy@immunogen.com)

Susan Altschuller (Susan.Altschuller@immunogen.com)

Joseph Kenny (Joseph.Kenny@immunogen.com)

 

The Agent

 

Dustin Tyner (dtyner@jefferies.com)

Donald Lynaugh (dlynaugh@jefferies.com)

Michael Magarro (mmagarro@jefferies.com)

Jack Fabbri (fabbri@jefferies.com)Exhibit 4.1

 

 

YUM!
BRANDS, inc.

 

AND

 

U.S.
BANK NATIONAL ASSOCIATION, as Trustee

 

 

 

INDENTURE

 

 

 

Dated as of September 25, 2020

 

Debt Securities

 

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	 	 	 
	Section 1.1	Definitions	1
	Section 1.2	Compliance Certificates and Opinions	9
	Section 1.3	Form of Documents Delivered to Trustee	9
	Section 1.4	Acts of Holders	10
	Section 1.5	Notices, Etc., to Trustee and Company	11
	Section 1.6	Notice to Holders of Securities; Waiver	11
	Section 1.7	Language of Notices, Etc.	12
	Section 1.8	Conflict with Trust Indenture Act	12
	Section 1.9	Effect of Headings and Table of Contents	12
	Section 1.10	Successors and Assigns	12
	Section 1.11	Separability Clause	12
	Section 1.12	Benefits of Indenture	12
	Section 1.13	Governing Law; Submission to Jurisdiction	13
	Section 1.14	Legal Holidays	13
	Section 1.15	Waiver of Jury Trial	13
	Section 1.16	U.S.A. Patriot Act	13
	 	 	 
	ARTICLE 2 SECURITY FORMS	14
	 	 	 
	Section 2.1	Forms Generally	14
	Section 2.2	Form of Trustee’s Certificate of Authentication	14
	Section 2.3	Securities in Global Form	14
	 	 	 
	ARTICLE 3 THE SECURITIES	16
	 	 	 
	Section 3.1	Amount Unlimited; Issuable in Series	16
	Section 3.2	Denominations	18
	Section 3.3	Execution, Authentication, Delivery and Dating	18
	Section 3.4	Temporary Securities	20
	Section 3.5	Registration, Transfer and Exchange	20
	Section 3.6	Mutilated, Destroyed, Lost and Stolen Securities	23
	Section 3.7	Payment of Interest; Interest Rights Preserved	24
	Section 3.8	Persons Deemed Owners	25
	Section 3.9	Cancellation	25
	Section 3.10	Computation of Interest	25
	Section 3.11	CUSIP and ISIN Numbers	25
	 	 	 
	ARTICLE 4 SATISFACTION AND DISCHARGE	26
	 	 	 
	Section 4.1	Satisfaction and Discharge of Indenture	26
	Section 4.2	Application of Trust Money	27

 

	ARTICLE 5 REMEDIES	27
	 	 	 
	Section 5.1	Events of Default	27

 

    -i-

     

    

 

Table
of Contents

(continued) 

 

	 	 	Page
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	29
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	30
	Section 5.4	Trustee May File Proofs of Claim	31
	Section 5.5	Trustee May Enforce Claims Without Possession of Securities	32
	Section 5.6	Application of Money Collected	32
	Section 5.7	Limitation on Suits	33
	Section 5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest	33
	Section 5.9	Restoration of Rights and Remedies	33
	Section 5.10	Rights and Remedies Cumulative	34
	Section 5.11	Delay or Omission Not Waiver	34
	Section 5.12	Control by Holders of Securities	34
	Section 5.13	Waiver of Past Defaults	35
	Section 5.14	Undertaking for Costs	35
	 	 	 
	ARTICLE 6 THE TRUSTEE	35
	 	 	 
	Section 6.1	Certain Duties and Responsibilities	35
	Section 6.2	Notice of Defaults	37
	Section 6.3	Certain Rights of Trustee	37
	Section 6.4	Not Responsible for Recitals or Issuance of Securities	39
	Section 6.5	May Hold Securities	39
	Section 6.6	Money Held in Trust	39
	Section 6.7	Compensation and Reimbursement	40
	Section 6.8	Disqualifications; Conflicting Interests	41
	Section 6.9	Corporate Trustee Required; Eligibility	41
	Section 6.10	Resignation and Removal; Appointment of Successor	41
	Section 6.11	Acceptance of Appointment by Successor	43
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	44
	Section 6.13	Preferential Collection of Claims Against Company	44
	Section 6.14	Appointment of Authenticating Agent	45
	 	 	 
	ARTICLE 7 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	46
	 	 	 
	Section 7.1	Company To Furnish Trustee Names and Addresses of Holders	46
	Section 7.2	Preservation of Information; Communications to Holders	46
	Section 7.3	Reports by Trustee	47
	Section 7.4	Reports by the Company	48
	 	 	 
	ARTICLE 8 CONSOLIDATION, MERGER OR CONVEYANCE	49
	 	 	 
	Section 8.1	Merger, Amalgamation and Consolidation	49
	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURE	50
	 	 	 
	Section 9.1	Supplemental Indentures without Consent of Holders	50
	Section 9.2	Supplemental Indentures with Consent of Holders	51
	Section 9.3	Execution of Supplemental Indentures	52

 

    -ii-

     

    

 

Table
of Contents

(continued) 

 

	 	 	Page
	Section 9.4	Effect of Supplemental Indentures	52
	Section 9.5	Conformity with Trust Indenture Act	52
	Section 9.6	Reference in Securities to Supplemental Indentures	52
	 	 	 
	ARTICLE 10 COVENANTS	53
	 	 	 
	Section 10.1	Payment of Principal, Premium, if any, and Interest	53
	Section 10.2	Maintenance of Office or Agency	53
	Section 10.3	Money for Securities Payments To Be Held in Trust	54
	Section 10.4	Additional Amounts	55
	Section 10.5	Statement as to Compliance	56
	Section 10.6	Limitation upon Liens	56
	Section 10.7	Limitation upon Sale and Leaseback Transactions	57
	Section 10.8	Waiver of Certain Covenants	57
	 	 	 
	ARTICLE 11 REDEMPTION OF SECURITIES	58
	 	 	 
	Section 11.1	Applicability of Article	58
	Section 11.2	Election to Redeem; Notice to Trustee	58
	Section 11.3	Selection by Trustee of Securities To Be Redeemed	58
	Section 11.4	Notice of Redemption	59
	Section 11.5	Deposit of Redemption Price	60
	Section 11.6	Securities Payable on Redemption Date	60
	Section 11.7	Securities Redeemed in Part	61
	 	 	 
	ARTICLE 12 SINKING FUNDS	61
	 	 	 
	Section 12.1	Applicability of Article	61
	Section 12.2	Satisfaction of Sinking Fund Payments with Securities	61
	Section 12.3	Redemption of Securities for Sinking Fund	62

 

    -iii-

     

    

 

Reconciliation and tie between

Trust Indenture Act of 1939

and Indenture

 

	Trust Indenture Act Section	 	Indenture Section
	§ 310 (a)(1)	 	6.9
	(a)(2)	 	6.9
	(a)(3)	 	Not Applicable
	(a)(4)	 	Not Applicable
	(a)(5)	 	6.9
	(b)	 	6.8, 6.10
	§ 311 (a)	 	6.13
	(b)	 	6.13
	§ 312 (a)	 	7.1, 7.2(a)
	(b)	 	7.2(b)
	(c)	 	7.2(c)
	§ 313 (a)	 	7.3(a)
	(b)(1)	 	Not Applicable
	(b)(2)	 	7.3(a)
	(c)	 	7.3(a)
	(d)	 	7.3(b)
	§ 314 (a)	 	7.4, 10.5
	(b)	 	Not Applicable
	(c)(1)	 	1.2
	(c)(2)	 	1.2
	(c)(3)	 	Not Applicable
	(d)	 	Not Applicable
	(e)	 	1.2
	§ 315 (a)	 	6.1(a)
	(b)	 	6.2
	(c)	 	6.1(b)
	(d)	 	6.1(c)
	(d)(1)	 	6.1(a)(i), (c)(i)
	(d)(2)	 	6.1(c)(ii)
	(d)(3)	 	6.1(c)(iii)
	(e)	 	5.14
	§ 316 (a)	 	1.1
	(a)(1)(A)	 	5.2, 5.12
	(a)(1)(B)	 	5.13
	(a)(2)	 	Not Applicable
	(b)	 	5.8
	(c)	 	1.4(c)
	§ 317 (a)(1)	 	5.3
	(a)(2)	 	5.4
	(b)	 	10.3
	§ 318 (a)	 	1.8

 

 

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

 

    

     

    

 

INDENTURE, dated as of September 25,
2020, between YUM! Brands, Inc., a North Carolina corporation (the “Company”), and U.S. Bank National Association,
a national banking association, as trustee (the “Trustee”).

 

Recitals of The Company

 

WHEREAS, the Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other
evidences of indebtedness (the “Securities”), unlimited as to principal amount, to bear such rates of interest, to
mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter
provided; and

 

WHEREAS, the Company has duly authorized the
execution and delivery of this Indenture and all things necessary to make this Indenture a valid and legally binding agreement
of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:
For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and
agreed, for the benefit of each other and for the equal and proportionate benefit of all Holders of the Securities or of series
thereof, as follows:

 

ARTICLE 1

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1            Definitions.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

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

 

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

 

(c)           all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; and

 

(d)           the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision.

 

“Act” when used with respect
to any Holders has the meaning specified in Section 1.4.

 

“Additional Amounts” means
any additional amounts that are required by a Security or by or pursuant to a Board Resolution, under circumstances specified therein,
to be paid by the Company in respect of certain taxes imposed on certain Holders and that are owing to such Holders.

 

    

     

    

 

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

 

“Agent” means any Security
Registrar, Paying Agent, Securities Custodian or Authenticating Agent.

 

“Applicable Law” shall
have the meaning set forth in Section 6.3.

 

“Applicable Procedures”
means, with respect to any payment, tender, redemption, transfer or exchange of or for beneficial interests in any Security in
global form, the rules and procedures of the Depositary that apply to such payment, tender, redemption, transfer or exchange.

 

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

 

“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 duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day,” except
as may otherwise be provided in the form or terms of Securities of any particular series pursuant to the provisions of this Indenture,
with respect to any Place of Payment means each Monday, Tuesday, Wednesday, Thursday and Friday that is neither a legal holiday
nor a day on which banking institutions or trust companies in that Place of Payment are authorized or obligated by law, regulation
or executive order to close.

 

“Capital Stock” of any
Person means any and all shares of, rights to purchase, warrants, options or depositary receipts for, or other equivalents of or
partnership or other interests in (however designated), equity of such Person.

 

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

 

    2

     

    

 

“Company” means the Person
named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to and in compliance with Article 8 of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” and “Company
Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman of the Board,
the Chief Executive Officer, the President, or any Vice President, and by the Treasurer, the Secretary, an Assistant Treasurer
or an Assistant Secretary of the Company, and delivered to the Trustee.

 

“Consolidated Net Tangible Assets”
means the total amount of assets (less applicable valuation allowances) after deducting (a) all current liabilities (excluding
the amount of liabilities which are by their terms extendable or renewable at the option of the obligor to a date more than 12
months after the date as of which the amount is being determined) and (b) all goodwill, trade names, trademarks, patents,
unamortized debt discount and expense and other like intangible assets, all as set forth on the Company’s most recent consolidated
balance sheet and determined in accordance with GAAP.

 

“Corporate Trust Office”
means the office or agency of the Trustee, at which at any particular time its corporate trust business relating to this Indenture
shall be administered, which office at the date of original execution of this Indenture is located at U.S. Bank National Association,
One Financial Square, Corporate Trust, Louisville, KY 40202, and for purposes of Section 10.2 such office is located at U.S.
Bank, Corporate Trust Services, 111 Filmore Ave. E, St. Paul, MN 55107, or such other address as the Trustee may designate from
time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee.

 

“Debt” means (a) all
obligations represented by notes, bonds, debentures or similar evidences of indebtedness, (b) all indebtedness for borrowed
money or for the deferred purchase price of property or services other than, in the case of any such deferred purchase price, on
normal trade terms, and (c) all rental obligations as lessee under leases which have been or should be, in accordance with
GAAP, recorded as finance leases.

 

“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Defaulted Interest” has
the meaning specified in Section 3.7.

 

“Depositary” means with
respect to the Securities of any series issuable or issued in whole or in part in global form, the Person designated as Depositary
by the Company pursuant to Section 3.1(c) until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary
hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities
of any such series shall mean the “Depositary” with respect to the Securities of that series.

 

“Dollars” or “$”
or any similar reference shall mean currency of the United States, which at the time shall be legal tender for the payment of public
and private debts.

 

    3

     

    

 

“Event of Default” has
the meaning specified in Section 5.1.

 

”GAAP” means generally
accepted accounting principles in the United States of America as in effect from time to time.

 

“Holder” when used with
respect to any Security means the Person in whose name the Security is registered in the Security Register.

 

“Indenture” means this
instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

 

“Interest” when used with
respect to an Original Issue Discount Security that by its terms bears interest only after Maturity means interest payable after
Maturity, and, when used with respect to a Security that provides for the payment of Additional Amounts pursuant to Section 10.4,
includes such Additional Amounts.

 

“Interest Payment Date”
means the Stated Maturity of an installment of interest on the applicable Securities.

 

“Lien” means any mortgage,
pledge, lien, encumbrance, charge or security interest.

 

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

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, the Chief Executive Officer, the President, or any Vice President of the
Company, and by the Treasurer, the Secretary, an Assistant Treasurer or an Assistant Secretary of the Company, and delivered to
the Trustee. Each such certificate shall include the statements provided for in the second paragraph of Section 1.2 and, if
applicable, the first paragraph of Section 1.2.

 

“Opinion of Counsel” means
a written opinion of counsel, who may (except as otherwise expressly provided in this Indenture) be an employee of or other counsel
for the Company, and who shall be acceptable to the Trustee. Each such opinion shall include the statements provided for in the
second paragraph of Section 1.2 and, if applicable, the first paragraph of Section 1.2.

 

“Original Issue Discount Security”
means a Security issued pursuant to this Indenture that provides for declaration of an amount less than the principal thereof to
be due and payable upon acceleration pursuant to Section 5.2.

 

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

 

    4

     

    

 

(i)            Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)           Securities
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
(other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities; provided, that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(iii)          Securities
that have been paid pursuant to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated
and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to
the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are
valid obligations of the Company:

 

provided,
however, that 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 an Original Issue Discount
Security that may be counted in making such determination and that shall be deemed to be outstanding for such purposes shall be
equal to the amount of the principal thereof that could be declared to be due and payable pursuant to the terms of such Original
Issue Discount Security at the time the taking of such action by the Holders of such requisite principal amount is evidenced to
the Trustee as provided in Section 1.4(a), and, provided, further, that Securities owned beneficially by the
Company or any other obligor upon the Securities or any Affiliate (other than officers or directors of the Company) of the Company
or such other obligor, shall be disregarded and deemed not to be outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities that
the Trustee actually knows to be so owned shall be so disregarded. Securities so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or such other obligor. In the case of a dispute as to such right, the advice of counsel shall be full protection in
respect of any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the Company shall furnish
to the Trustee promptly an Officers’ Certificate listing and identifying all securities known by the Company to be owned
or held by or for the account of any of the above-described Persons; and, subject to the terms of this Indenture, the Trustee shall
be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that
all Securities not listed therein are outstanding for the purpose of any such determination.

 

“Paying Agent” means any
Person authorized by the Company to pay the principal of (or premium, if any), or interest on any Securities on behalf of the Company.

 

    5

     

    

 

 

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

 

“Place of Payment” when
used with respect to the Securities of any series means the place or places where, subject to the provisions of Section 10.2,
the principal of (and premium, if any) and interest on the Securities of that series are payable as specified as provided pursuant
to Section 3.1.

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6
in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to evidence the same debt as the
lost, destroyed, mutilated or stolen Security.

 

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

 

“Redemption Price” when
used with respect to any Security to be redeemed means the price at which it is to be redeemed as determined pursuant to the provisions
of this Indenture.

 

“Registered Security” means
any Security in the form established pursuant to Section 2.1 that is registered in the Security Register.

 

“Regular Record Date” for
the interest payable on a Security on any Interest Payment Date means the date, if any, specified in such Security as the “Regular
Record Date.”

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer assigned to the Corporate Trust Division (or any successor division or unit)
of the Trustee located at the Corporate Trust Office of the Trustee, who shall have direct responsibility for the administration
of this Indenture, and for the purposes of Section 6.1(c)(ii) shall also include any other officer of the Trustee to
whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Restricted Property” means
(a) any individual facility or other real property, or portion thereof, owned or leased by the Company or any of its Subsidiaries
and located within the continental United States of America whose gross book value (before deducting accumulated depreciation)
is in excess of 3% of the Company’s Consolidated Net Tangible Assets, other than any such facility, property or portion thereof
which, in the opinion of the Company’s Board of Directors, is not of material importance to the business of the Company and
the Company’s Subsidiaries, taken as a whole, and (b) any shares of Capital Stock or indebtedness of any Subsidiary
of the Company owning any such facility, property or portion thereof.

 

“Sale and Leaseback Transaction”
means any arrangement with any Person pursuant to which the Company or any of the Company’s Subsidiaries leases any Restricted
Property that has been or is to be sold or transferred by the Company or the Subsidiary to such Person, other than (a) leases
for a term, including renewals at the option of the lessee, of not more than three years, (b) leases between the Company and
a Subsidiary of the Company or between Subsidiaries of the Company and (c) leases of Restricted Property executed by the time
of, or within 12 months after the latest of, the acquisition, the completion of construction or improvement, or the commencement
of commercial operation, of such Restricted Property.

 

    6 

     

    

 

“Security” or “Securities”
shall have the meaning stated in the recitals and shall more particularly mean one or more of the Securities duly authenticated
by the Trustee and delivered under this Indenture.

 

“Securities Custodian”
means the custodian with respect to a global Security (as appointed by the Depositary), or any successor Person thereto and shall
initially be the Trustee.

 

“Security Register” and
 “Security Registrar” have the respective meanings specified in Section 3.5.

 

“Special Record Date” for
the payment of any Defaulted Interest on the Securities of any series means a dated fixed by the Trustee pursuant to Section 3.7.

 

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

 

“Subsidiary” means, with
respect to any Person:

 

(a)           any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
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 of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
or

 

(b)           any
partnership, joint venture, limited liability company or similar entity of which:

 

(i)            more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership interests or otherwise;
and

 

(ii)           such
Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 

“Successor Person” has
the meaning specified in Section 8.1.

 

    7 

     

    

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

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“United States” or “U.S.”
means the United States of America (including the states and the District of Columbia), its territories and possessions and other
areas subject to its jurisdiction.

 

“United States Alien” means
any Person who, for United States Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident
alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States
Federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign
estate or trust.

 

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

 

“Value” means, with respect
to any Sale and Leaseback Transaction, an amount equal to the present value of the lease payments (after deducting the amount of
rent to be received under non-cancellable subleases) with respect to the term of the lease remaining on the date as of which the
amount is being determined, without regard to any renewal or extension options contained in the lease, discounted at the weighted
average interest rate on the Securities of all series which are Outstanding as of the effective date of the Sale and Leaseback
Transaction. For purposes of this definition, “lease payments” are the aggregate amount of the rent payable by the
lessee with respect to the applicable period, after excluding amounts required to be paid on account of maintenance and repairs,
insurance, taxes, water rates and similar charges. If and to the extent the amount of any lease payment during any future period
is not definitely determinable under the lease in question, the amount of such lease payment shall be estimated in such reasonable
manner as the Company’s Board of Directors may in good faith determine.

 

    8 

     

    

 

Section 1.2             Compliance
Certificates and Opinions.

 

Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any,
have been complied with, except that in the case of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate
or opinion need be furnished.

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include:

 

(a)           a
statement that each individual signing such certificate or opinion has read such condition or covenant and the definitions herein
relating thereto;

 

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

 

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

 

(d)           a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 1.3             Form of
Documents Delivered to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents. Any certificate or opinion of an
officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous.

 

    9 

     

    

 

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

 

Any certificate, statement or opinion of an
officer of the Company or of counsel may be based insofar as it relates to accounting matters, upon a certificate or opinion of
or representations by a firm of accountants or an accountant in the employ of the Company, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his certificate,
statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous.

 

Any certificate or opinion of any independent
firm of public accountants filed with the Trustee shall contain a statement that such firm is independent.

 

Section 1.4             Acts
of Holders.

 

(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 may be given or taken in connection with the purchase of, or tender or exchange
offer for, the Securities of any series. 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 the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to
Section 6.1) conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the
manner provided in this Section.

 

(b)           The
fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner that the
Trustee deems sufficient and in accordance with such reasonable rules as the Trustee may determine; and the Trustee may in
any instance require further proof with respect to any of the matters referred to in this Section.

 

(c)           The
ownership of Securities and the principal amount and serial numbers of Securities held by any Person, and the date of holding the
same, shall be proved by the Security Register.

 

(d)           If
the Company shall solicit from the Holders of any Securities any request, demand, authorization, direction, notice, consent, waiver
or other Act, the Company may, at its option, by or pursuant to an Officers’ Certificate, fix in advance a record date for
the determination of Holders of Securities 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 Securities
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.

 

    10 

     

    

 

(e)           Any
request, demand, authorization, direction, notice, consent, waiver or other action by 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 or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security.

 

Section 1.5            Notices,
Etc., to Trustee and Company.

 

Any request, demand, authorization, direction,
notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished
to, or filed with,

 

(a)           the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or

 

(b)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Treasurer at 1441 Gardiner
Lane, Louisville, Kentucky 40213 or at any other address previously furnished in writing to the Trustee by the Company.

 

Section 1.6             Notice
to Holders of Securities; Waiver.

 

Except as otherwise expressly provided herein
or in the form of Securities of any particular series pursuant to the provisions of this Indenture, where this Indenture provides
for notice to Holders of Securities of any event, such notice shall be sufficiently given to Holders of Securities if in writing
and mailed, first-class postage prepaid, to each Holder of a Security affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.

 

In any case where notice to Holders of Securities
is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of
a Security shall affect the sufficiency of such notice with respect to other Holders of Securities. In the case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

 

    11 

     

    

 

Where this Indenture provides for notice in
any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

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
or repurchase) to a Holder of a global Security (whether by mail or otherwise), such notice shall be sufficiently given if given
to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic
mail in accordance with Applicable Procedures.

 

Section 1.7            Language
of Notices, Etc.

 

Any request, demand, authorization, direction,
notice, consent, election or waiver required or permitted under this Indenture shall be in the English language, except that, if
the Company so elects, any published notice may be in an official language of the country of publication.

 

Section 1.8            Conflict
with Trust Indenture Act.

 

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

 

Section 1.9            Effect
of Headings and Table of Contents.

 

The Article and Section headings
herein, the Trust Indenture Act reconciliation, and the Table of Contents are for convenience only and shall not affect the construction
hereof.

 

Section 1.10          Successors
and Assigns.

 

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

 

Section 1.11           Separability Clause.

 

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

 

Section 1.12          Benefits
of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating
Agent and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

 

    12 

     

    

 

Section 1.13           Governing
Law; Submission to Jurisdiction.

 

This Indenture and the Securities shall be
governed by and construed in accordance with the laws of the State of New York.

 

The Company agrees that any suit, action or
proceeding against the Company brought by any Holder or the Trustee arising out of or based upon this Indenture or the Securities
may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any
thereof, and the Company irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding.
The Company irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action, or proceeding that may
be brought in connection with this Indenture or the Securities, including such actions, suits or proceedings relating to securities
laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile
or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The Company agrees that final
judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and may
be enforced in any court to the jurisdiction of which the Company is subject by a suit upon such judgment.

 

Section 1.14           Legal
Holidays.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of this Indenture or the Securities other than a provision in the Securities that specifically states that such
provision shall apply in lieu of this Section) payment of interest or any Additional Amounts or principal (and premium, if any)
need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment
with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, and no interest
shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity,
as the case may be.

 

Section 1.15          Waiver
of Jury Trial.

 

EACH OF THE COMPANY AND THE TRUSTEE, AND EACH
HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE SECURITIES.

 

Section 1.16          U.S.A.
Patriot Act.

 

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

 

    13 

     

    

 

ARTICLE 2

 

SECURITY
FORMS

 

Section 2.1            Forms
Generally.

 

The Securities of each series shall be in
such form (including global form) as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental
hereto, shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may, consistently herewith, be determined by the officers of the Company executing such Securities,
as evidenced by their execution of such Securities. If the form of the Securities of any series is established by action taken
pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3
for the authentication and delivery of such Securities.

 

Unless otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, the Securities of each series shall be issuable in registered form
without coupons.

 

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

 

Section 2.2            Form of
Trustee’s Certificate of Authentication.

 

The Trustee’s Certificate of Authentication
shall be in substantially the following form:

 

This is one of the Securities of the series
designated therein referred to in the within mentioned Indenture.

 

	 	U.S. Bank National Association,
    as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

	 	Dated:	 

 

Section 2.3            Securities
in Global Form.

 

If Securities of a series are issuable in
whole or in part in global form, any such Security may provide that it shall represent the aggregate amount of Outstanding Securities
from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby
may from time to time be reduced to reflect exchanges or increased to reflect the issuance of additional Securities. Any endorsement
of a Security in global form to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented
thereby shall be made in such manner and by such Person or Persons, as shall be specified therein or in the Company Order delivered
to the Trustee pursuant to Section 3.3. Neither the Trustee nor any agent of the Company or the Trustee shall have responsibility
for any actions taken or not taken by the Depositary. The Company initially appoints the Trustee to act as the Security Registrar
and Paying Agent and to act as Securities Custodian with respect to the global Securities. The Trustee and each Agent are hereby
authorized to act in accordance with Applicable Procedures as to each global Security and the Depositary.

 

    14 

     

    

 

None of the Company, the Trustee or any Agent
shall have any responsibility or obligation to any beneficial owner of a global Security, a Depositary participant or any other
Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant thereof or Depositary
participant, with respect to any ownership interest in the Securities or with respect to the delivery to any participant, Depositary
participant, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or
offer to purchase) or the payment of any amount or delivery of any Securities (or other security or property) under or with respect
to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders in respect
of the Securities shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case
of a global Security). The rights of beneficial owners in any global Security shall be exercised only through the Depositary subject
to the applicable rules and procedures of the Depositary. The Company, the Trustee and the Agents may rely and shall be fully
protected in relying upon information furnished by the Depositary with respect to its Depositary participants, participants and
any beneficial owners.

 

The Company, the Trustee and the Agents shall be entitled to
deal with the Depositary, and any nominee thereof, that is the registered holder of any global Security for all purposes of this
Indenture relating to such global Security (including the payment of principal, premium, if any, and interest and the giving of
instructions or directions by or to the owner or holder of a beneficial ownership interest in such global Security) as the sole
holder of such global Security and shall have no obligations to the beneficial owners thereof. None of the Company, the Trustee
or the Agents shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such global
Security, for the records of any such Depositary, including records in respect of beneficial ownership interests in respect of
any such global Security, for any transactions between the Depositary and any Depositary participant or between or among the Depositary,
any such Depositary participant and/or any holder or owner of a beneficial interest in such global Security, or for any transfers
of beneficial interests in any such global Security.

 

None of the Trustee or any Agent shall have
any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among
Depositary participants, members or beneficial owners in any global Security) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

    15 

     

    

 

ARTICLE 3

 

THE
SECURITIES

 

Section 3.1            Amount
Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be issued in one or more
series. There shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental hereto prior to the issuance of Securities of any series:

 

(a)           the
title of the Securities and the series in which such Securities shall be included;

 

(b)           the
limit, if any, upon the aggregate principal amount of the Securities of such title and the Securities of such series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7);

 

(c)           whether
Securities of the series may be issued in whole or in part in global form and, if so, the identity of the Depositary for such Securities
in global form, and the terms and conditions, if any, upon which interests in such Securities in global form may be exchanged,
in whole or in part, for the individual Securities represented thereby;

 

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

 

(e)           the
rate or rates at which such Securities shall bear interest, if any, or method by which such rate or rates are determined, the date
or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Regular
Record Date for the interest payable on Registered Securities on any Interest Payment Date, whether and under what circumstances
Additional Amounts on such securities shall be payable in respect of specified taxes, assessments or other governmental charges
withheld or deducted and, if so, whether the Company has the option to redeem the affected Securities rather than pay such Additional
Amounts, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months;

 

(f)            the
place or places where the principal of (and premium, if any) and interest on or Additional Amounts, if any, payable in respect
of such Securities shall be payable, where such Securities may be surrendered for registration of transfer, where such Securities
may be surrendered for exchange and where notice and demands to or upon the Company, in respect of such Securities and this Indenture,
may be served and where notices to Holders pursuant to Section 1.6 will be published;

 

    16 

     

    

 

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

 

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

 

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

 

(j)            if
other than the principal amount thereof, the portion of the principal amount of such Securities that shall be payable upon acceleration
of the Maturity thereof pursuant to Section 5.2;

 

(k)           if
the amount of payments of principal of (and premium, if any) or interest, if any, on, and Additional Amounts in respect of such
Securities may be determined with reference to an index, formula or other method other than that in which the Securities are stated
to be payable, the manner in which such amounts shall be determined;

 

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

 

(m)          any
Events of Default with respect to such Securities, if not otherwise set forth herein; and

 

(n)           any
other terms of such Securities and any other deletions from or modifications or additions to this Indenture in respect of such
Securities.

 

All Securities of any one series shall be
substantially identical except as to denomination and the rate or rates of interest, if any, redemption dates and sinking fund
dates, if any, and Stated Maturity, the date from which interest, if any, shall accrue, the amount that shall be payable upon the
declaration of acceleration and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such
Officers’ Certificate or in any such indenture supplemental hereto. All Securities of any one series need not be issued at
the same time and, unless otherwise provided, a series may be reopened for issuances of additional Securities of such series.

 

If
any of the terms of the Securities of any series were established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to
the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such series. No Officers’
Certificate may affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise with respect to any
series of Securities except as it may agree in writing.

 

    17 

     

    

 

The Company shall be responsible for making
calculations called for under the Securities and this Indenture, including but not limited to determination of interest, Additional
Amounts, Redemption Price, premium, if any, and any other amounts payable on the Securities. The Company will make the calculations
in good faith and, absent manifest error, its calculations will be final and binding on the Holders. The Company will provide a
schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on
the accuracy of the Company’s calculations without independent verification. The Trustee shall forward the Company’s
calculations to any Holder upon the written request of such Holder.

 

Section 3.2            Denominations.

 

Unless other denominations and amounts may
from time to time be fixed by or pursuant to a Board Resolution or in an indenture supplemental hereto, the Registered Securities
of each series, if any, shall be issuable in registered form without coupons in denominations of $1,000 and any integral multiple
thereof.

 

Section 3.3             Execution,
Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, its Chief Executive Officer, its President, any one of its Vice Presidents or its
Treasurer. The signature of any of these officers on the Securities may be manual or facsimile. Typographical and other minor errors
or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated
and delivered by the Trustee.

 

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

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series, executed by the Company, to the Trustee
for authentication, together with the Board Resolution and Officers’ Certificate or supplemental indenture with respect to
such Securities referred to in Section 3.1 and a Company Order for the authentication and delivery of such Securities, and
the Trustee in accordance with the Company Order and subject to the provisions hereof shall authenticate and deliver such Securities.
In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be provided with, and (subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel
stating,

 

(a)           that
the form and terms of such Securities have been established in conformity with the provision of this Indenture; and

 

(b)           that
all conditions precedent set forth in this Indenture to the authentication and delivery of such Securities have been complied with
and that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization
and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity
principles;

 

    18 

     

    

 

provided,
however, that if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver
an Opinion of Counsel at the time of issuance of each Security, but such Opinion of Counsel, with appropriate modifications, may
instead be delivered at or prior to the time of the first issuance of Securities of such series.

 

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

 

If the Company shall establish pursuant to
Section 3.1 that Securities of a series may be issued in whole or in part in global form, then the Company shall execute and
the Trustee shall, in accordance with this Section and the Company Order with respect to such series, authenticate and deliver
one or more Securities in global form that (i) shall represent and shall be denominated in an authorized aggregate amount
equal to the aggregate principal amount of the Outstanding Securities of such series and tenor to be represented by one or more
Securities in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global
form or the nominee of such Depositary, (iii) shall be delivered to such Depositary or pursuant to such Depositary’s
instruction and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in
whole or in part for Notes in certificated form, this Note may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary. Unless this certificate is presented by
an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for
registration of transfer, exchange or payment, and any certificate issued is registered in the name of CEDE & CO. or such
other name as requested by an authorized representative of The Depository Trust Company and any payment is made to CEDE &
CO., any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful since the registered owner
hereof, CEDE & CO., has an interest herein.” Each Depositary designated pursuant to Section 3.1 for a Security
in global form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered
under the Securities Exchange Act of 1934 and any other applicable statute or regulation.

 

Each Security shall be dated the date of its
authentication.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a certificate of authentication
substantially in the form provided for in Section 2.2 or 6.14 executed by or on behalf of the Trustee by manual or PDF or
other electronically-imaged (including, without limitation, DocuSign or Adobe Sign) signature, of one of its authorized signatories,
and such signature upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder.

 

    19 

     

    

 

Section 3.4            Temporary
Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute and deliver to the Trustee, and upon Company Order the Trustee shall authenticate and deliver,
in the manner provided in Section 3.3, temporary Securities of such series that are printed, lithographed, typewritten, mimeographed
or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which
they are issued, in registered form without coupons and with such appropriate insertions, omissions, substitutions and other variations
as the officers of the Company executing such Securities may determine, as evidenced by their execution of such Securities. In
the case of Securities of any series, such temporary Securities may be in global form, representing all of the Outstanding Securities
of such series and tenor.

 

Except in the case of temporary Securities
in global form, which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued,
the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of
definitive Securities, the temporary Securities of such series shall be exchangeable upon request for definitive Securities of
such series containing identical terms and provisions upon surrender of the temporary Securities of such series at an office or
agency of the Company maintained for such purpose pursuant to Section 10.2, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations of the same series
containing identical terms and provisions. Unless otherwise specified as contemplated by Section 3.1 with respect to a temporary
Security in global form, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series.

 

Section 3.5            Registration,
Transfer and Exchange.

 

With respect to the Securities of each series,
the Company shall cause to be kept, at an office or agency of the Company maintained pursuant to Section 10.2, a register
(herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Securities of each series and of transfers of the Securities of
each series. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers
and exchanges of Securities as herein provided; provided, that the Company may, from time to time, designate (or change
any designation of) any other Person or Persons to act as Security Registrar or co-Security Registrars with respect to the Securities
of one or more series, with notice to the Trustee and as provided in Section 1.6 to the Holders. At all reasonable times the
Security Register shall be open for inspection by the Company. In the event that the Trustee shall not be the Security Registrar,
it shall have the right to examine the Security Register at all reasonable times.

 

    20 

     

    

 

Upon surrender for registration of transfer
of any Security of any series at any office or agency of the Company maintained for that series pursuant to Section 10.2,
the Company shall execute, and the Trustee, at the direction of the Company, shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same series of an authorized denomination, of a like aggregate
principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions.

 

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

 

At the option of the Holder, Securities of
any series may be exchanged for other Securities of the same series containing identical terms and provisions, in any authorized
denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any such office or
agency of the Company maintained for that series pursuant to Section 10.2. Whenever any Securities are so surrendered for
exchange, the Company shall execute, and the Trustee, at the direction of the Company, shall authenticate and deliver, the Securities
that the Holder making the exchange is entitled to receive.

 

If at any time the Depositary for the Securities
of a series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or
if at any time the Depositary for the Securities of such series shall no longer be eligible under Section 3.3, the Company,
by Company Order, shall appoint a successor Depositary with respect to the Securities of such series. If a successor Depositary
for the Securities of such series is not appointed by the Company within 90 days after the Company receives such notice or becomes
aware of such ineligibility, the Company’s election pursuant to Section 3.1(c) shall no longer be effective with
respect to the Securities of such series and the Company will execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in
definitive form in an aggregate principal amount and of like terms and tenor equal to the principal amount of the Security or Securities
in global form representing such series in exchange for such Security or Securities in global form.

 

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

 

    21 

     

    

 

If specified by the Company pursuant to Section 3.1
with respect to a series of Securities, the Depositary for such series of Securities may surrender a Security in global form for
such series of Securities in exchange in whole or in part for individual Securities of such series in definitive form and of like
terms and tenor on such terms as are acceptable to the Company, the Trustee and such Depositary. Thereupon, the Company shall execute,
and the Trustee upon receipt of a Company Order for the authentication and delivery of individual definitive Securities of such
series, shall authenticate and deliver, without service charge:

 

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

 

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

 

In any exchange provided for in any of the
preceding three paragraphs, the Company will execute and the Trustee pursuant to a Company Order will authenticate and deliver
individual Securities in definitive registered form in authorized denominations.

 

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

 

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

 

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

 

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

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant
to Section 3.4, 9.6 or 11.7 not involving any transfer.

 

    22 

     

    

 

The Company shall not be required (i) to
issue, register the transfer of or exchange any Securities of any series during a period beginning at the opening of business 15
days before the day of the selection for redemption of Securities of that series under Section 11.3 and ending at the close
of business on the day of such selection, or (ii) to register the transfer of or exchange any Security so selected for redemption
in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed.

 

Section 3.6            Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to
the Trustee, the Company shall execute and the Trustee, at the direction of the Company, shall authenticate and deliver in exchange
therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously
outstanding.

 

If there be delivered to the Company and to
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and
upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such destroyed, lost or stolen Security,
a new Security of the same series containing identical terms and of like 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.

 

    23 

     

    

 

Section 3.7            Payment
of Interest; Interest Rights Preserved.

 

Interest on any Security that is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall, if so provided in such Security, be paid to the
Person in whose name that Security (or one or more Predecessor Securities) is registered as of the close of business on the Regular
Record Date for such interest.

 

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

 

(a)           The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities affected (or their respective
Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class postage prepaid, to each Holder of such Securities at his address as it appears in the Security
Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names such Securities (or their respective Predecessor Securities) are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following clause (b).

 

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

 

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

 

    24 

     

    

 

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

 

Section 3.8            Persons
Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if
any), and (subject to Section 3.7) interest on and Additional Amounts with respect to, such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.

 

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

 

Section 3.9             Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund payment, if surrendered to any Person other than the
Trustee, shall be delivered to the Trustee, and any such Securities and Securities surrendered directly to the Trustee for any
such purpose shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities
so delivered shall be promptly cancelled by the Trustee. No securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held
by the Trustee shall be disposed of by it in its customary manner unless by a Company Order the Company directs their return to
it.

 

Section 3.10           Computation
of Interest.

 

Except as otherwise contemplated by Section 3.1
for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve
30-day months.

 

Section 3.11           CUSIP
and ISIN Numbers.

 

The Company in issuing the Securities may
use “CUSIP”, “ISIN” or other similar numbers (if then generally in use) and, if so, the Trustee shall use
 “CUSIP”, “ISIN” or other similar 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 identification numbers printed
on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee in writing of any change in the “CUSIP”, “ISIN” or other similar numbers.

 

    25 

     

    

 

ARTICLE 4

 

SATISFACTION
AND DISCHARGE

 

Section 4.1            Satisfaction
and Discharge of Indenture.

 

Upon the direction of the Company by a Company
Order, this Indenture shall cease to be of further effect in respect of Securities of any series (except as to any surviving rights
of registration of transfer or exchange of Securities herein expressly provided for, rights, obligations, duties and immunities
of the Trustee set forth in the last paragraph of this Section and any right to receive Additional Amounts, as provided in
Section 10.4), and the Trustee, pursuant to a Company Order and at the expense of the Company, shall execute proper instructions
acknowledging satisfaction and discharge of this Indenture with respect to such series, when:

 

(a)           either:

 

(i)            all
Securities of such series theretofore authenticated and delivered (other than (A) Securities of such series that have been
destroyed, lost or stolen and that have been replaced or paid as provided in Section 3.6, and (B) Securities of such
series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation;
or

 

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

 

(A)          have
become due and payable, or

 

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

 

(C)           if
redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

 

and the Company, in the case of (A), (B) or (C) above,
has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient
to pay and discharge, or U.S. Government Obligations, maturing as to principal and paying interest in such amounts and at such
times as will insure the availability of cash sufficient, without reinvestment, as confirmed by a letter from a nationally recognized
firm of independent public accountants in the form of an agreed-upon procedures letter in its then customary form, to pay and discharge,
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium,
if any) and interest, and any Additional Amounts with respect thereto, to the date of such deposit (in the case of Securities that
have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

    26 

     

    

 

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

 

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

 

In the event there are Securities of two or
more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this
Indenture only if requested to do so by Company Order with respect to Securities of any or all series as to which it is Trustee
and if the other conditions thereto are met. In the event there are two or more Trustees hereunder, then the effectiveness of any
such instrument shall be conditioned upon receipt of such instruments from all Trustees hereunder.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Holders under Section 10.1 (or the obligations of any guarantor or
other obligor with respect to the payment of principal, premium, if any, and interest, as set forth in any supplemental indenture)
and to the Trustee under Section 6.7 and, if money shall have been deposited with the Trustee pursuant to subclause (ii) of
clause (a) of this Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3
shall survive such satisfaction and discharge.

 

Section 4.2            Application
of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 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 premium, if any) and any interest and Additional Amounts for whose payment such money has been deposited with
the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

ARTICLE 5

 

REMEDIES

 

Section 5.1            Events
of Default.

 

“Event of Default,” wherever used
herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any judgment, decree or order of
any court or any order, rule or regulation of any administrative or governmental body):

 

    27 

     

    

 

(a)           default
in the payment of any interest on or any Additional Amounts payable in respect of any of the Securities of such series as and when
such interest or Additional Amounts becomes due and payable, and continuance of such default for a period of 30 days; or

 

(b)           default
in the payment of all or any part of the principal of, or premium, if any, on any of the Securities of such series as and when
the same becomes due and payable at Maturity, or default in the deposit of any sinking fund payment, when and as due and payable
by the terms of any of the Securities of such series; or

 

(c)           default
in the performance, or breach, of any covenant or agreement in this Indenture or any supplemental indenture in respect of the Securities
of such series (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically
dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified
mail, return receipt requested, 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 such series a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(d)           default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness
for money borrowed by the Company (or the payment of which is guaranteed by the Company), which default:

 

(i)            is
caused by a failure to pay principal of such indebtedness, at its stated final maturity (after giving effect to any applicable
grace periods) provided in such indebtedness (a "payment default"), or

 

(ii)           results
in the acceleration of such indebtedness prior to its stated final maturity;

 

and, in each case, the principal amount of any such indebtedness,
together with the principal amount of any other such indebtedness under which there has been a payment default or the maturity
of which has been so accelerated, aggregates $100 million or more;

 

(e)           a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for substantially
all of its property, or ordering the winding-up or liquidation of its affairs, and such decree or order shall remain unstayed and
in effect for a period of 60 consecutive days; or

 

(f)            the
Company shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect or seeking
the appointment of a receiver, liquidator, custodian, trustee, sequestrator or other similar official of it or substantially all
of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary
case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally
to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; or

 

    28 

     

    

 

(g)           any
other Event of Default provided with respect to Securities of that series.

 

Section 5.2            Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to the
Securities of any series at the time Outstanding (other than an Event of Default specified in Section 5.1(e) or (f))
occurs and is continuing, then, and in each and every case, unless the principal of all of the Securities of such series shall
have already become due and payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of such series, by notice in writing to the Company (and to the Trustee if given by such Holders), may declare
the entire principal of all Securities of such series, or such lesser amount as may be provided for in the Securities of such series,
and the interest accrued thereon to be due and payable immediately, and upon any such declaration the same shall become due and
payable immediately.

 

In the event of any Event of Default specified
in Section 5.1(d), such Event of Default and all consequences thereof (including any acceleration of the Securities as a consequence
thereof) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if prior
to or within 30 days after any declaration of acceleration of the Securities resulting from such Event of Default:

 

(a)           (i)            the
indebtedness that gave rise to such Event of Default shall have been discharged in full; or

 

(ii)           the
holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default;
or

 

(iii)          the
default that is the basis for such Event of Default has been remedied or cured; and

 

(b)           (i)            the
annulment of the acceleration of the Securities would not conflict with any judgment or decree of a court of competent jurisdiction;
and

 

(ii)           all
existing Events of Default, except non-payment of principal of and accrued interest on the Securities that became due solely because
of the acceleration of the Securities, have been cured or waived as provided in Section 5.13.

 

If an Event of Default specified in Section 5.1(e) or
(f) occurs and is continuing, then, and in each and every such case, unless the principal of all the Securities shall have
already become due and payable, the entire principal of all the Outstanding Securities, or such lesser amount as may be provided
for in the Securities of any series, and interest accrued thereon shall automatically become due and payable immediately without
any declaration or other act on the part of the Trustee or any Holder.

 

    29 

     

    

 

 

At any time after a declaration of acceleration
(other than resulting from an Event of Default specified in Section 5.1(e) or (f)) with respect to Securities of 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 waive all defaults with respect to such series and rescind and annul such declaration
and its consequences if:

 

(a)         the
Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(i)         all
overdue installments of interest on and any Additional Amounts payable in respect of all Securities of that series,

 

(ii)        the
principal of (and premium, if any, on) any Securities of that series that have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates borne by or provided for in such Securities,

 

(iii)       to
the extent that payment of such interest is lawful, interest upon overdue installments of interest and Additional Amounts at the
rate or rates borne by or provided for in such Securities, and

 

(iv)       all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and

 

(b)         all
Events of Default with respect to the Securities of that series, other than the non-payment of the principal of and accrued interest
on the Securities of that series that has become due solely by such declaration of acceleration, have been cured or waived as provided
in Section 5.13.

 

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

 

Section 5.3     Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if:

 

(a)         default
is made in the payment of any installment of interest on or any Additional Amounts payable in respect of any Security when such
interest or Additional Amounts shall have become due and payable and such default continues for a period of 30 days, or

 

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

 

    30

     

    

  

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 premium,
if any) and interest and Additional Amounts, if any, with interest upon the overdue principal (and premium, if any) and, to the
extent that payment of such interest shall be legally enforceable, upon overdue installments of interest or any Additional Amounts,
at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

 

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

 

If an Event of Default with respect to 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 necessary to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 5.4     Trustee
May File Proofs of Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative
to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal
or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

 

(a)            to
file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of that series, of
principal (and premium, if any) and interest and any Additional Amounts owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders
allowed in such judicial proceeding; and

 

    31

     

    

 

(b)            to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

 

and any receiver, assignee, trustee, liquidator, sequestrator
(or other similar official) in any such judicial proceeding is hereby authorized by each Holder of Securities 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 of Securities,
to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel and any other amounts due the Trustee under Section 6.7. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 6.7 hereof out of the estate in any such proceeding, shall be unpaid for any reason, payment of the same shall
be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties
that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement
or otherwise.

 

Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security 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 of a Security in any such proceeding.

 

Section 5.5     Trustee
May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this
Indenture or any of 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 or judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities in respect of which such judgment has been recovered.

 

Section 5.6     Application
of Money Collected.

 

Any money or other property collected by the
Trustee pursuant to this Article and, after an Event of Default, any money or other property distributable in respect of the
Company’s obligations under this Indenture, shall in each case 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 other property on account of principal (and premium, if any),
interest or any Additional Amounts, 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 (including any predecessor Trustee) under Section 6.7;

 

Second: To the payment of the amounts then
due and unpaid upon the Securities for principal (and premium, if any) and interest and any Additional Amounts payable 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 aggregate amounts due and payable on such Securities for principal (and premium, if any), interest and Additional Amounts,
respectively; and

 

Third: The balance, if any, to the Company
or as a court of competent jurisdiction may direct.

 

    32

     

    

 

Section 5.7     Limitation
on Suits.

 

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

 

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

 

(b)        the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made a 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 security and/or indemnity satisfactory to the Trustee in its sole discretion against
the costs, expenses and liabilities to be incurred in compliance with such request;

 

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

 

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

 

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

 

Section 5.8     Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Sections 3.5 and 3.7) interest on and any Additional Amounts in respect of such Security
on the respective Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such
Holder.

 

Section 5.9     Restoration
of Rights and Remedies.

 

If the Trustee or any Holder of a Security
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 the Company,
the Trustee and the Holders of Securities shall, subject to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding had been instituted.

 

    33

     

    

 

Section 5.10     Rights
and Remedies Cumulative.

 

Except as provided in Section 5.7 and
except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the
last paragraph of Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities
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 prevent the concurrent assertion
or employment of any other appropriate right or remedy.

 

Section 5.11     Delay
or Omission Not Waiver.

 

No delay or omission of the Trustee or of
any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or
by law to the Trustee or to the Holders of Securities may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders of Securities.

 

Section 5.12     Control
by Holders of Securities.

 

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, or involve the Trustee in personal liability;

 

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

 

(c)        such
direction is not unduly prejudicial to the rights of other Holders of Securities of such series (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not any such direction is unduly prejudicial to such Holders).

 

    34

     

    

 

Section 5.13     Waiver
of Past Defaults.

 

Prior to a declaration of acceleration of
the Maturity of the Securities of any series as provided in Section 5.2 (other than resulting from an Event of Default specified
in Section 5.1(e) or (f)), the Holders of not less than a majority in principal amount of Outstanding Securities of any
series may on behalf of the Holders of all the Securities of such series waive any past default or Event of Default with respect
to such series and its consequences, except a default:

 

(a)        in
the payment of the principal of (and premium, if any) or interest on or Additional Amounts payable in respect of any Security of
such series, or

 

(b)        in
respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder
of each Outstanding Security of such series affected.

 

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

 

Section 5.14     Undertaking
for Costs.

 

All parties to this Indenture agree, and each
Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit, other than the Trustee, 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, including the Trustee, having due regard to the merits and good faith of the claims
or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the
Trustee or 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 of any Security for the enforcement of the payment of the principal of (and
premium, if any) or interest on or any Additional Amounts in respect of any Security on or after the respective Stated Maturity
or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date) or interest on any overdue
principal of any Security.

 

ARTICLE 6

 

THE
TRUSTEE

 

Section 6.1     Certain
Duties and Responsibilities.

 

(a)         Except
during the continuance of an Event of Default known to the Trustee,

 

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

 

    35

     

    

 

(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 certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts,
statements, opinions or conclusions stated therein).

  

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

 

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

 

(i)          this
subsection shall not be construed to limit the effect of subsections (a) or (d) of this Section;

 

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

 

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

 

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

 

(e)          Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and shall be afforded to each Agent.

 

    36

     

    

 

Section 6.2     Notice
of Defaults.

 

Within 90 days after the occurrence of any
default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities
of such series notice of such default hereunder known to a Responsible Officer of the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (and
premium, if any) or interest on, or any Additional Amounts with respect to, any Security of such series or in the payment of any
sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if
and so long as the board of directors, the executive committee or a trust committee of directors and responsible officers of the
Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of Securities of such series;
provided, further, that in the case of any default of the character specified in Section 5.1(c) with respect
to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For
the purpose of this Section, the term “default” means any event that is, or after notice or lapse of time or both would
become, an Event of Default, with respect to Securities of such series. The Trustee shall not be deemed to have notice or be charged
with knowledge of a default or Event of Default unless written notice of such default or Event of Default is received by a Responsible
Officer of the Trustee at the Corporate Trust Office of the Trustee, in accordance with this Indenture, from the Company or from
the holders of at least 25% in principal amount of the outstanding Securities of the series to which the default relates sent to
the Trustee in accordance with Section 1.5, and such notice references the Securities and this Indenture.

 

Section 6.3     Certain
Rights of Trustee.

 

Except as otherwise provided in Section 6.1:

 

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

 

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

 

(c)         whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officers’ Certificate, an Opinion of Counsel, or both;

 

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

 

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

 

    37

     

    

 

(f)        the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document or be bound
to ascertain or inquire as to the performance or observance of any covenants, conditions, or agreements on the party of the Company,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation;

 

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

 

(h)       the
permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty;

 

(i)        the
rights, privileges, protections, immunities and benefits given to the Trustee, including, but not limited to, its right to be compensated,
reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, whether
as any agent (including any Agent) or otherwise, and to each agent, custodian and other Person employed to act hereunder;

 

(j)        the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

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

 

(l)        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 or the Securities;

 

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

 

(n)       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, or other unavailability of the
Federal Reserve Bank wire or facsimile or other wire or communication facility; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances;

 

    38

     

    

 

(o)       Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient
if signed by one officer of the Company; and

 

(p)       In
order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated
by competent authorities) in effect from time to time (“Applicable Law”) if a foreign financial institution,
issuer, trustee, paying agent, holder or other institution is or has agreed to be subject to or related to this Indenture, the
Company agrees (i) to provide to the Trustee sufficient information about Holders or other applicable parties and/ or transactions
(including any modification to the terms of such transactions) so the Trustee can determine whether it has tax related obligations
under Applicable Law, (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this
Indenture to the extent necessary to comply with Applicable law for which the Trustee shall not have any liability, and (iii) to
hold harmless the Trustee for any losses it may suffer due to the actions it takes to comply with such Applicable Law.  The
terms of this clause (p) shall survive the termination of this Indenture.

 

Section 6.4     Not
Responsible for Recitals or Issuance of Securities.

 

The recitals and statements contained herein,
in any document issued in connection with the sale of the Securities or in the Securities, except the Trustee’s certificate
of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity, sufficiency or adequacy of this Indenture or of
the Securities. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Securities
or the proceeds thereof.

 

The Trustee shall not be responsible for the
use or application of any money received by any Paying Agent other than the Trustee or any money paid to the Company pursuant to
the terms of this Indenture. The Trustee shall not be responsible to make any calculation with respect to any matter under this
Indenture. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the breach of, or cause
to be performed or observed, any representation, warranty, covenant or agreement of any Person, other than the Trustee, made in
this Indenture.

 

Section 6.5     May Hold
Securities.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

  

    39

     

    

 

Section 6.6     Money
Held in Trust.

 

Money held by the Trustee or any Paying Agent
in trust hereunder need not be segregated from other funds except to the extent required by law. Neither the Trustee nor any Paying
Agent shall be required to invest, or be under any liability for interest on any money received by it hereunder except as otherwise
agreed with in writing with the Company.

 

Section 6.7     Compensation
and Reimbursement.

 

The Company agrees:

 

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

 

(b)        to
reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture, including, but not limited to, costs of collection, costs of preparing reports,
certificates and other documents, costs of preparation and mailing of notices to Holders (including the compensation and the expenses,
disbursements and advances of its agents and counsel and of all Persons not regularly in its employ), except any such expense,
disbursement or advance as shall be determined to have been caused by its own gross negligence or willful misconduct; and

 

(c)        to
fully indemnify the Trustee or any predecessor Trustee and their officers, directors, employees and agents against any and all
fees, loss, liability, damages, claims or expense, including taxes (other than taxes based upon the income of the Trustee) (including
reasonable attorneys’ and agents’ fees and expenses) incurred by it without willful misconduct or gross negligence,
as determined by a court of competent jurisdiction, arising out of or in connection with this Indenture, the Securities, the acceptance
or administration of the trust or trusts hereunder and the performance of its powers or duties hereunder and under the Securities,
including the fees, costs and expenses of enforcing this Indenture (including this Section 6.7) and the Securities and of
defending itself against any claims (whether asserted by any Holder, the Company, any other Person or otherwise).

 

As security for the performance of the obligations
of the Company under this Section, the Trustee shall have a lien prior to the Securities of any series upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium, if any) or interest
on or any Additional Amounts with respect to the Securities.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee incurs fees, expenses or renders services in connection with an Event of
Default specified in Section 5.1(e) or (f), the fees and expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal
or state bankruptcy, insolvency or other similar law.

 

    40

     

    

 

The provisions of this Section, including
the lien provided for herein, shall survive the discharge of this Indenture, the termination for any reason of this Indenture and
the resignation or removal of the Trustee.

 

“Trustee” for the purposes of
this Section 6.7 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent,
custodian and other Person employed to act hereunder; provided, however, that the negligence, willful misconduct or bad faith of
any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

Section 6.8     Disqualifications;
Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of
the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by,
and subject to the provisions of, the Trust Indenture Act and this Indenture.

 

For purposes of Section 310(b)(1) of
the Trust Indenture Act and to the extent permitted thereby, the Trustee, in its capacity as trustee in respect of the Securities
of any series, shall not be deemed to have a conflicting interest arising from its capacity as trustee in respect of the Securities
of any other series issued under this Indenture. Nothing herein shall prevent the Trustee from filing with the Commission the application
referred to in the second paragraph of Section 310(b) of the Trust Indenture Act.

 

Section 6.9     Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder,
which shall be a Person organized and doing business under the laws of the United States of America, any State or the District
of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000
(or, in the case of a Trustee included in a bank holding company system, the related bank holding company shall have) and subject
to supervision or examination by Federal or State authority, and shall not be an Affiliate of the Company. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

 

Section 6.10     Resignation
and Removal; Appointment of Successor.

 

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

 

(b)         The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company.
If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may petition at the expense of the Company
any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series.

 

    41

     

    

 

(c)          The
Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company.

 

(d)          If
at any time:

 

(i)         the
Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder of a Security
who has been a bona fide Holder of a Security for at least six months, or

 

(ii)        the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company
or by any such Holder of a Security, or

 

(iii)       The
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company by a Board Resolution
may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder of a Security who
has been a bona fide Holder of a Security of any series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series
and the appointment of a successor Trustee or Trustees. Such court may thereupon, after such notice, if any, as it may deem proper,
remove the Trustee and appoint a successor Trustee with respect to such Securities.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any
cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee
may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.11.
If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any series shall have been appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by
the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or
the Holders of Securities and accepted appointment in the manner required by Section 6.11, any Holder of a Security who has
been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series. Such court may thereupon, after such notice, if any, as it may deem proper, remove the Trustee and appoint a successor
Trustee with respect to such Securities.

 

    42

     

    

 

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

 

Section 6.11     Acceptance
of Appointment by Successor.

 

(a)            In
case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and all other amounts
payable to it hereunder, at the expense of the Company, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder, subject nevertheless to the lien provided for in Section 6.7.

 

(b)            In
case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and that (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall
be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee and that no Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part
of any other Trustee hereunder, and upon the execution and delivery of such supplemental indenture the resignation or removal of
the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates have no further responsibility for the exercise
of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture other than
as hereinafter expressly set forth, and each such successor Trustee without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture,
the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates.

 

    43

     

    

 

(c)            Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be.

 

(d)            No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.

 

Section 6.12     Merger,
Conversion, Consolidation or Succession to Business.

 

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

 

Section 6.13     Preferential
Collection of Claims Against Company.

 

If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

    44

     

    

 

Section 6.14     Appointment
of Authenticating Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities that shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue or exchange, registration of transfer or partial redemption thereof or pursuant
to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to
the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America,
any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital
and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

 

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

 

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

 

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

 

The provisions of Sections 3.8, 6.4 and 6.5
shall be applicable to each Authenticating Agent.

  

    45

     

    

 

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

 

This is one of the Securities of the series
designated therein referred to in the within mentioned Indenture.

 

	 	U.S. Bank National Association, as Trustee
	 	 
	 	By	 
	 	 	as Authenticating Agent
	 	 
	 	By	 
	 	 	Authorized Signatory

 

	 	Dated:	                                  

 

If all of the Securities of any series may
not be originally issued at one time, and if the Trustee does not have an office capable of authenticating Securities upon original
issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance,
the Trustee, if so requested in writing (which writing need not comply with Section 1.2) by the Company, shall appoint in
accordance with this Section 6.14 an Authenticating Agent having an office in a Place of Payment designated by the Company
with respect to such series of Securities.

 

ARTICLE 7

 

HOLDERS’
LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1     Company
To Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish or cause to be furnished
to the Trustee:

 

(a)         semi-annually,
not later than September 1 and March 1 each year, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of Securities of each series as of the August 15 and the February 15 (whether or not
a Business Day), as the case may be, next preceding such September 1 or March 1, and

 

(b)         at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided,
however, that, so long as the Trustee is the Security Registrar, no such list shall be required to be furnished.

 

Section 7.2     Preservation
of Information; Communications to Holders.

 

(a)         The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities (i) contained
in the most recent list furnished to the Trustee for each series as provided in Section 7.1, and (ii) received by the
Trustee for each series in the capacity of Security Registrar if the Trustee is then acting in such capacity. The Trustee may dispose
of any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

    46

     

    

 

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

 

(i)         afford
such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.2(a), or

 

(ii)        inform
such applicants as to the approximate number of Holders of Securities whose names and addresses appear in the information preserved
at the time by the Trustee in accordance with Section 7.2(a), and as to the approximate cost of mailing to such Holders the
form of proxy or other communication, if any, specified in such application.

 

If the Trustee shall elect not to afford such
applicants access to such information, the Trustee shall, upon written request of such applicants, mail to each Holder of Securities
whose name and address appears in the information preserved at the time by the Trustee in accordance with Section 7.2(a),
a copy of the form of proxy or other communication, which is specified in such request, with reasonable promptness after a tender
to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing,
unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together with
a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would
be contrary to the best interests of the Holders of Securities or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order
sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections
so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders
of Securities with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall
be relieved of any obligation or duty to such applicants respecting their application.

 

(c)          Every
Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any such information
as to the names and addresses of the Holders of Securities in accordance with Section 7.2(b), regardless of the source from
which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section 7.2(b).

 

Section 7.3     Reports
by Trustee.

 

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

 

    47

     

    

 

(b)            A
copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange,
if any, upon which the Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee
in writing when the Securities of a particular series are listed on any stock exchange and of any delisting thereof.

 

Section 7.4     Reports
by the Company.

 

The Company shall:

 

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

 

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

 

(c)            transmit
to Holders within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required
to be filed by the Company pursuant to paragraphs (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission.

 

Any such information, documents or reports
filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) filing
system, or any successor system established by the Commission, that are publicly available shall be deemed to be filed with the
Trustee. The Trustee shall have no obligation to determine whether or not such information, documents or reports have been filed
pursuant to the EDGAR filing system (or any such successor system). Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute actual or constructive knowledge
or notice of any information contained therein or determinable from information contained therein, including the Company's compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).

 

    48

     

    

 

ARTICLE 8

 

CONSOLIDATION,
MERGER OR CONVEYANCE

 

Section 8.1     Merger,
Amalgamation and Consolidation.

 

(a)          The
Company will not consolidate with or merge or amalgamate with or into any Person nor will the Company, in a single transaction
or a series of related transactions, convey, transfer or lease all or substantially all the property and assets of the Company,
to, any Person, unless:

 

(i)         The
resulting, surviving or transferee Person (the “Successor Person”) will be a Person organized and existing under
the laws of the United States of America, any state of the United States or the District of Columbia, and the Successor Person
(if not the Company), by supplement to this Indenture, will expressly assume all the obligations of the Company under the Securities
and this Indenture;

 

(ii)        immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and

 

(iii)       the
Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, amalgamation or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion of Counsel
stating that such supplemental indenture (if any) has been duly authorized, executed and delivered and is a legal, valid and binding
agreement enforceable against the Successor Person, subject to customary exceptions (in each case, in form satisfactory to the
Trustee), provided that in giving an Opinion of Counsel, counsel may rely on an Officers’ Certificate as to any matters
of fact, including as to satisfaction of Section 8.1(a)(ii).

 

(b)          The
Successor Person will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Securities
and this Indenture, and except in the case of a lease, the predecessor company will be released from its obligations under the
Securities and this Indenture.

 

(c)          Notwithstanding
Section 8.1(a)(ii) and (a)(iii) (which do not apply to the transactions referred to in this sentence), the Company
may consolidate or otherwise combine with or merge or amalgamate into an Affiliate of the Company incorporated or organized for
the purpose of changing the legal domicile of the Company, reincorporating the Company in another jurisdiction, or changing the
legal form of the Company.

 

    49

     

    

 

 

ARTICLE 9

 

SUPPLEMENTAL
INDENTURE

 

Section 9.1     Supplemental
Indentures without Consent of Holders.

 

Without the consent of any Holders of Securities,
the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

 

(a)        to
evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
herein and in the Securities contained; or

 

(b)        to
add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are
to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

 

(c)        to
change or eliminate any restrictions on the payment of principal (or premium, if any) on Securities or to permit or facilitate
the issuance of Securities in uncertificated form, provided any such action shall not adversely affect the interests of the Holders
of Securities of any series in any material respect; or

 

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

 

(e)        to
establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; or

 

(f)         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, pursuant to the requirements of Section 6.11(b); or

 

(g)        to
cure any ambiguity, to correct or supplement any provision herein that may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture that shall not adversely
affect the interest of the Holders of Securities of any series in any material respect; or

 

(h)        to
add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of issue,
authentication and delivery of Securities, as herein set forth; or

 

    50

     

    

 

(i)         to
add any additional Events of Default (and if such Events of Default are to be applicable to less than all series of Securities
stating that such Events of Default are expressly being included solely to be applicable to such series); or

 

(j)         to
add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments
to the Trust Indenture Act; provided, that such action shall not adversely affect the interest of the Holders of the Securities
of any series in any material respect; or

 

(k)        to
provide for the guarantee of, or to secure, all or any series of Securities.

 

Section 9.2     Supplemental
Indentures with Consent of Holders.

 

With the consent of the Holders of not less
than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture, or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that no such supplemental Indenture shall, without the consent of the Holder of each Outstanding Security affected
thereby,

 

(a)        change
the Stated Maturity of the principal of, or any installment of interest on, any Security, or reduce the principal amount thereof
or the rate of interest thereon or any Additional Amounts payable in respect thereof, or any premium payable upon the redemption
thereof, or change the obligation of the Company to pay Additional Amounts pursuant to Section 10.4, or reduce the amount
of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Section 5.2, or change any Place of Payment where, or the coin or currency in which, any principal
of, or any premium or the interest on, any such Security is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

 

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

 

(c)        modify
any of the provisions of this Section 9.2, Section 5.13 or Section 10.8, except to increase any such percentage
or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Security affected thereby, or

 

(d)        adversely
affect the right to repayment, if any, of Securities of any series at the option of the Holders thereof.

 

    51

     

    

 

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

 

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

 

After an amendment or supplement under this
Section 9.2 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment or supplement.
The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment
or supplement under this Section 9.2.

 

Section 9.3     Execution
of Supplemental Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trust created
by this Indenture, the Trustee shall be given, and (subject to Section 6.1) shall be fully protected in relying upon, an Officers’
Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and is valid,
binding and enforceable against the Company in accordance with its terms, subject to customary exceptions. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

 

Section 9.4     Effect
of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

 

Section 9.5     Conformity
with Trust Indenture Act.

 

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

 

Section 9.6     Reference
in Securities to Supplemental Indentures.

 

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

 

    52

     

    

 

ARTICLE 10

 

COVENANTS

 

Section 10.1     Payment
of Principal, Premium, if any, 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 premium, if any), interest
on and any Additional Amounts payable in respect of the Securities of that series in accordance with the terms of such series of
Securities and this Indenture. Principal (premium, if any,), interest and any Additional Amounts shall be considered paid on the
date due if by 10:00 a.m. Eastern time on such date the Trustee or the Paying Agent holds in accordance with this Indenture
money sufficient to pay all principal, (premium, if any,), interest and any Additional Amounts then due and the Trustee or the
Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of
this Indenture.

 

Section 10.2     Maintenance
of Office or Agency.

 

The Company will maintain in each Place of
Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment,
where Securities of that 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 that series and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes 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 obligation to maintain an office or agency in each Place of Payment 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 location of any such other office or agency.

 

Unless otherwise set forth in an Officers’
Certificate or indenture supplemental hereto with respect to a series of Securities, the Company hereby designates as the Place
of Payment for each series of Securities the city of St. Paul, Minnesota, and initially appoints the Trustee at its Corporate Trust
Offices as the Company’s office or agency for each of such purposes in such city.

 

    53

     

    

 

Section 10.3     Money
for Securities Payments To Be Held in Trust.

 

If the Company shall at any time act as its
own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium,
if any), or interest on, any of the Securities of that series, segregate and hold in trust for the benefit of the Person entitled
thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act.

 

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

 

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

 

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

 

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

 

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

 

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

 

    54

     

    

 

Except as otherwise provided in the form of
Securities of any particular series pursuant to the provisions of this Indenture, any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Security
of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may at the expense of the Company cause to be mailed to Holders of Securities notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing, any unclaimed balance
of such money then remaining will be repaid to the Company. In the absence of a written request from the Company to return unclaimed
funds to the Company, the Trustee shall from time to time deliver all unclaimed funds to or as directed by applicable escheat authorities,
as determined by the Trustee in its sole discretion, in accordance with the customary practices and procedures of the Trustee.
Any unclaimed funds held by the Trustee pursuant to this section shall be held uninvested and without any liability for interest.

 

Section 10.4     Additional
Amounts.

 

If the Securities of a series provide for
the payment of Additional Amounts, the Company will pay to the Holder of any Security of any series Additional Amounts as provided
therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of (or premium, if any) or
interest on, or in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of Additional
Amounts provided for in the terms of such Security and this Section to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment
of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where such express mention is not made.

 

If the Securities of a series provide for
the payment of Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities
(or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal (and
premium, if any) is made, and at least 10 days prior to each date of payment of principal (and premium, if any) or interest, if
there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate), the Company
will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’
Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal (and premium, if any)
or interest on the Securities of that series shall be made to Holders of Securities of that series who are United States Aliens
without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of that series.
If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required
to be withheld on such payments to such Holders of Securities and the Company will pay to the Trustee or such Paying Agent the
Additional Amounts required by the terms of such Securities and the first paragraph of this Section. The Company covenants to indemnify
the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without
negligence or willful misconduct on their part arising out of or in connection with actions taken or omitted by any of them in
reliance on any Officers’ Certificate furnished pursuant to this Section.

 

    55

     

    

 

Section 10.5     Statement
as to Compliance.

 

The Company will deliver to the Trustee, within
120 days after the end of each fiscal year (beginning with the fiscal year ending on December 31, 2020), a written statement,
which need not comply with Section 1.2, signed by the principal executive officer, the principal financial officer or the
principal accounting officer of the Company, stating that, to the best of his knowledge, (a) the Company has fulfilled all
of its obligations under this Indenture throughout such year, or, if there has been a default in the fulfillment of any such obligation,
specifying each such default known to him and the nature and status thereof, and (b) no event has occurred and is continuing
that is, or after notice or lapse of time or both would become, an Event of Default, or, if such event has occurred and is continuing,
specifying each such event known to him and the nature and status thereof.

 

Section 10.6     Limitation
upon Liens.

 

The Company will not create, assume or suffer
to exist any Lien on any Restricted Property to secure any Debt of the Company or its Subsidiaries or any other Person, or permit
any Subsidiary of the Company to do so, without securing the Securities equally and ratably with (or prior to) such Debt for so
long as such Debt is so secured. This Section 10.6 will not apply to any of the following types of Liens:

 

(a)        With
respect to any series of Securities, Liens existing on the date of the initial issuance of such series;

 

(b)        Liens
on Restricted Property of Persons at the time they become Subsidiaries of the Company;

 

(c)        Liens
existing on Restricted Property when acquired by the Company or any of the Company’s Subsidiaries (including through merger
or consolidation);

 

(d)        Liens
to secure Debt incurred to finance the purchase price, construction, alteration, repair or improvement of Restricted Property;

 

(e)        Liens
securing Debt of a Subsidiary of the Company owing to the Company or another of the Company’s Subsidiaries;

 

(f)         Liens
securing industrial development, pollution control, or similar revenue bonds or in favor of governmental bodies to secure progress,
advance or other payments pursuant to any contract or provision of law;

 

(g)        Liens
(i) to secure the payment of all or any part of the purchase price of any Restricted Property or the cost of construction,
installation, renovation, improvement or development on or of such Restricted Property or (ii) to secure any Debt incurred
prior to, at the time of, or within 360 days after the later of the acquisition, the completion of such construction, installation,
renovation, improvement or development or the commencement of full operation of such Restricted Property for the purpose of financing
all or any part of the purchase price or cost thereof;

 

    56

     

    

 

(h)        Liens
otherwise prohibited by this Section 10.6, securing Debt which, together with the aggregate outstanding principal amount of
all of the other Debt of the Company and the Company‘s Subsidiaries owning Restricted Property which is secured by Liens
that would otherwise be prohibited by this Section 10.6 and the Value of Sale and Leaseback Transactions effected in accordance
with this clause (h), does not exceed 10% of the Company’s Consolidated Net Tangible Assets; and

 

(i)         any
extension, renewal or refunding of any Liens referred to in the foregoing clauses; provided, however, that in the case of
this clause (i), the principal amount of Debt secured thereby will not exceed the principal amount of Debt, plus any premium or
fee payable in connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension,
renewal, replacement or refunding.

 

Section 10.7     Limitation
upon Sale and Leaseback Transactions.

 

The Company will not, and will not permit
any Subsidiary of the Company to, enter into any Sale and Leaseback Transaction, unless:

 

(a)        The
Company or such Subsidiary would be entitled under Section 10.6 to incur Debt in a principal amount equal to the Value of
such Sale and Leaseback Transaction, secured by Liens on the facilities to be leased, without equally and ratably securing the
Securities; or

 

(b)        The
Company or such Subsidiary, during the six months following the effective date of such Sale and Leaseback Transaction, applies
an amount equal to the Value of such Sale and Leaseback Transaction to the acquisition of Restricted Property or to the retirement
of the Securities of any series or other indebtedness of the Company or a Subsidiary of the Company.

 

Section 10.8     Waiver
of Certain Covenants.

 

The Company may omit in any particular instance
to comply with any term, provision or condition set forth in Sections 10.6 or 10.7 with respect to the Securities of any series
(or, if expressly provided pursuant to Section 3.1, any additional covenants applicable to the Securities of such series)
if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of
such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent
so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force and effect.

 

    57

     

    

 

ARTICLE 11

 

REDEMPTION
OF SECURITIES

 

Section 11.1     Applicability
of Article.

 

Securities of any series that are redeemable
at the option of the Company before their Stated Maturity shall be redeemable in accordance with the terms of such Securities and
(except as otherwise specified as contemplated by Section 3.1 for Securities of any series) this Article. Securities of any
series that are redeemable at the option of the Holder before their Stated Maturity shall be redeemable in accordance with the
terms of such Securities and (except as otherwise specified as contemplated by Section 3.1 for Securities of any series) Sections
11.5 and 11.6 of this Article.

 

Section 11.2     Election
to Redeem; Notice to Trustee

 

In case of any redemption at the election
of the Company of the Securities of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company
(or such shorter period as may be agreed to by the Trustee), notify the Trustee of such Redemption Date, the principal amount of
Securities of such series to be redeemed and the relevant terms of the Securities to be redeemed. The election of a Holder to redeem
any Securities shall be evidenced by a writing by a Holder sent to the Trustee and the Company at least 60 days prior to the Redemption
Date fixed by the Holder in such notice (unless a shorter notice period shall be satisfactory to the Trustee). Such notice shall
notify the Trustee and the Company of such Redemption Date, the principal amount of Securities of such series to be redeemed and
any relevant terms of the Securities of such series to be redeemed.

 

Section 11.3     Selection
by Trustee of Securities To Be Redeemed.

 

If less than all the Securities of any series
having the same terms are to be redeemed, and the Securities are global Securities, the particular Securities to be redeemed shall
be selected not more than 45 days prior to the Redemption Date in accordance with Applicable Procedures. If the Securities are
not global Securities, the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption
Date by the Trustee from the Outstanding Securities of such series not previously called for redemption, by such method as the
Trustee shall deem appropriate and that may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities of such series or any integral multiple thereof that is also an authorized denomination) of the principal
amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of such series.

 

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

 

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

 

    58

     

    

 

Section 11.4     Notice
of Redemption.

 

Notice of redemption shall be given in the
manner provided in Section 1.6, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period
is specified in the Securities to be redeemed, to the Holders of Securities to be redeemed (with a copy to the Trustee). Failure
to give notice by mailing or sending in the manner herein provided to the Holder of any Securities designated for redemption as
a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption
of any other Securities or portion thereof. Any notice that is mailed or sent to the Holder of any Securities in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice.

 

All notices of redemption shall state the
series of Securities to be redeemed and the Section of this Indenture or the Securities permitting or requiring such redemption
and:

 

(a)        the
Redemption Date,

 

(b)        the
Redemption Price (or the method of calculating the Redemption Price) and accrued interest, if any,

 

(c)        if
less than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption,
the principal amount) of the particular Securities to be redeemed,

 

(d)        in
case any Security is to be redeemed in part only, the notice that relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of
authorized denominations for the principal amount thereof remaining unredeemed,

 

(e)        that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed, and, if applicable,
that interest thereon shall cease to accrue on and after said date,

 

(f)         the
Place or Places of Payment where such Securities are to be surrendered for payment of the Redemption Price,

 

(g)        that
the redemption is for a sinking fund, if such is the case,

 

(h)        that
no representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers, if any, listed in such notice or printed
on the Securities, and

 

(i)         any
conditions to redemption.

 

A notice of redemption sent as contemplated
by Section 1.6 need not identify particular Securities to be redeemed.

 

    59

     

    

 

Notice of redemption of Securities to be redeemed
at the election of the Company shall be given by the Company or, at the Company’s written request and provision of such request
at least 15 days prior to the notice being sent by the Trustee (or such shorter period as may be agreed to by the Trustee), by
the Trustee in the name and at the expense of the Company.

 

Section 11.5     Deposit
of Redemption Price.

 

On or prior to any Redemption Date, the Company
shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect thereto, all the Securities
or portions thereof that are to be redeemed on that date.

 

Section 11.6     Securities
Payable on Redemption Date.

 

Notice of redemption having been given by
the Holder to the Company and Trustee pursuant to Section 11.2 or to the Holder by the Company or the Trustee pursuant to
Section 11.4, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified subject to the satisfaction of any conditions precedent contained therein, and from and after such date (unless
the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest.
Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at
the Redemption Price, together with accrued interest (and any Additional Amounts) to the Redemption Date; provided, however,
that installments of interest on Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record
Dates according to their terms and the provisions of Section 3.7.

 

Notice of any redemption of the Securities
in connection with a corporate transaction (including any equity offering or an incurrence of indebtedness) may, at the Company’s
discretion, be given prior to the completion thereof and any such redemption or notice may, at the Company’s discretion,
be subject to one or more conditions precedent, including, but not limited to, completion of the related transaction. If such redemption
is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition and, if applicable,
shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions
shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. In addition, the Company may provide
in such notice that payment of the Redemption Price and performance of the Company’s obligations with respect to such redemption
may be performed by another Person.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from
the Redemption Date at the rate prescribed therefor in the Security.

 

    60

     

    

 

Section 11.7     Securities
Redeemed in Part.

 

Any Security that is to be redeemed only in
part shall be surrendered at any office or agency of the Company maintained for that purpose pursuant to Section 10.2 (with,
if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or
Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested by such Holder
in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered.

 

ARTICLE 12

 

SINKING
FUNDS

 

Section 12.1     Applicability
of Article.

 

The provisions of this Article shall
be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by
Section 3.1 for Securities of such series or 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 Securities of any series is herein referred to as a “mandatory sinking fund payment,”
and any payment in excess 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 12.2. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by
the terms of Securities of such series.

 

Section 12.2     Satisfaction
of Sinking Fund Payments with Securities.

 

The Company may, in satisfaction of all or
any part of any sinking fund payment with respect to the Securities of a series to be made pursuant to the terms of such Securities
as provided for by the terms of such series, (1) deliver Outstanding Securities of such series (other than any of such Securities
previously called for redemption) theretofore purchased or receive credit for Securities (not previously so credited) theretofore
purchased by the Company and delivered to the Trustee for cancellation pursuant to Section 3.9, and (2) apply as a credit
Securities of such series that have been redeemed either at the election of the Company pursuant to the terms of such series of
Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities; provided,
that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the
Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly. If, as a result of the delivery or credit of Securities of any series
in lieu of cash payments pursuant to this Section 12.2, 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 Company Request, 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 at the request
of the Company from time to time 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 requested to be released to the Company.

 

    61

     

    

 

Section 12.3     Redemption
of Securities for Sinking Fund.

 

Not less than 60 days prior to each sinking
fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying
the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, that is to be satisfied by payment of cash and the portion thereof, if any, that is to be satisfied by delivering
and crediting of Securities of that series pursuant to Section 12.2, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and will also deliver to the Trustee any Securities to be so credited and not
theretofore delivered. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing
mandatory sinking fund payment, the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30
days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment
date in the manner specified in Section 11.3 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

* * * * *

 

    62

     

    

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. Delivery of an executed counterpart by facsimile or PDF transmission shall be effective as delivery
of a manually executed counterpart thereof. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

    63

     

    

 

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

 

	 	YUM! BRANDS, inc.
	 	 	 
	 	By:	/s/ Keith Siegner
	 	 	Name:	Keith Siegner
	 	 	Title:	Vice President, Investor Relations, M&A and Treasurer

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Amy E. Anders
	 	 	Name:	Amy E. Anders
	 	 	Title:	Vice President

 

[Signature
page to Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]