Document:

EXCLUSIVE OPTION AGREEMENT

 

This Exclusive Option Agreement (this
"Agreement") is executed by and amongthe following Parties as of February 6, 2012 in Shenzhen, the People's Republicof
China ("China" or the "PRC"):

 

PARTY A: Greenpower International Group Limited a wholly
foreign owned enterprise, organized and existing under the laws of British Virgin Island, with its address at Room 701-702, Ghanghong
Science and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province,
China;

 

PARTY B:                     , a Chinese citizen with Chinese Identification
No.:                             ; and

 

PARTY C: Shenzhen Guoning New Energy Investment Co. LTD.
a limited liability company organized and existing under the laws of the PRC, with its address at Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

In this Agreement, each of Party A,
Party B and Party C shall be referredto as a "Party" respectively, and they shall be collectively referred to as the"Parties".

 

Whereas:

 

1. Party B became a shareholder of Party
C and holds an equityinterest in Party C;

 

2. Party A, Party B and other related
parties executed a Loan Agreement on February 6, 2012 (the "Loan Agreement").

 

Now therefore, upon mutual discussion
and negotiation, the Parties have reached the following agreement:

 

1. SALE AND PURCHASE OF EQUITY INTEREST

 

1.1 Option Granted

 

In consideration of the payment of RMB
10 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B hereby irrevocably grants Party A an
irrevocable and exclusive right to purchase, or designate one or more persons (each, a "Designee") to purchase the equity
interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A's sole and absolute
discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the "Equity
Interest Purchase Option"). Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest
Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B
of the Equity Interest Purchase Option to Party A. The term "person" as used herein shall refer to individuals, corporations,
partnerships, partners, enterprises, trusts or non-corporate organizations.

 

    	 

    	 

    

 

1.2 Steps for Exercise of Equity Interest Purchase Option

 

Subject to the provisions of the laws
and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written notice to Party B (the
"Equity Interest Purchase Option Notice"), specifying: (a) Party A's decision to exercise the Equity Interest Purchase
Option; (b) the portion of equity interests to be purchased from Party B (the "Optioned Interests"); and (c) the date
for purchasing the Optioned Interests and/or the date for transfer of the Optioned Interests.

 

1.3 Equity Interest Purchase Price

 

Unless an appraisal is required by the
laws of China applicable to the Equity Interest Purchase Option when exercised by Party A, the purchase price of the Optioned Interests
(the "Equity Interest Purchase Price") shall be RMB1.00 or lowest price allowed by relevant laws and regulations. If
appraisal is required by the laws of China when Party A exercises the Equity Interest Purchase Option, the Parties shall negotiate
in good faith and based on the appraisal result make necessary adjustment to the Equity Interest Purchase Price so that it complies
with any and all then applicable laws of China.

 

1.4 Transfer of Optioned Interests

 

For each exercise of the Equity Interest
Purchase Option:

 

1.4.1Party B shall cause Party C to
promptly convene a shareholders' meeting, at which a resolution shall be adopted approving Party B's transfer of the Optioned Interests
to Party A and/or the Designee(s);

 

1.4.2Party B shall obtain written statements
from the other shareholders of Party C giving consent to the transfer of the equity interest to Party A and/or the Designee(s)
and waiving any right of first refusal related thereto.

 

1.4.3Party B shall execute a share transfer
contract with respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions
of this Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests;

 

    	 

    	 

    

 

1.4.4The relevant Parties shall execute
all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary
actions to transfer valid ownership of the Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests,
and cause Party A and/or the Designee(s) to become the registered owner(s) of the Optioned Interests. For the purpose of this Section
and this Agreement, "security interests" shall include securities, mortgages, third party's rights or interests, any
stock options, acquisition right, right of first refusal, right to offset, ownership retention or other security arrangements,
but shall be deemed to exclude any security interest created by this Agreement and Party B's Share Pledge Agreement. "Party
B's Share Pledge Agreement" as used in this Section and this Agreement shall refer to the Share Pledge Agreement ("Share
Pledge Agreement") executed by and among Party A, Party B and Party C as of the date hereof, whereby Party B pledges all of
its equity interests in Party C to Party A, inorder to guarantee Party C's performance of its obligations under the Exclusive Business
Corporation Agreement executed by and between Party C and Party A.

 

1.5 Payment of the Equity Interest Purchase Price

 

The Parties have agreed in the Loan
Agreement that any proceeds obtained by Party B through the transfer of its equity interests in Party C shall be used for repayment
of the loan provided by Party A in accordance with the Loan Agreement. Accordingly, upon exercise of the Equity Interest Purchase
Option, Party A may elect to make payment of the Equity Interest Purchase Price through cancellation of the outstanding amount
of the loan owed by Party B to Party A, in which case Party A shall not be required to pay any additional Equity Interest Purchase
Price to Party B.

 

2. COVENANTS

 

2.1 Covenants regarding Party C

 

Party B (as the shareholders of Party
C) and Party C hereby covenant as follows:

 

2.1.1Without the prior written consent
of Party A, they shall not in any manner supplement, change or amend the articles of association and bylaws of Party C, increase
or decrease its registered capital, or change its structure of registered capital in other manners;

 

2.1.2They shall maintain Party C's corporate
existence in accordance with good financial and business standards and practices by prudently and effectively operating its business
and handling its affairs;

 

2.1.3Without the prior written consent
of Party A, they shall not at any time following the date hereof, sell, transfer, mortgage or dispose of in any manner any assets
of Party C or legal or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security
interest;

 

2.1.4Without the prior written consent
of Party A, they shall not incur, inherit, guarantee or suffer the existence of any debt, except for (i) debts incurred in the
ordinary course of business other than through loans; and (ii) debts disclosed to Party A for which Party A's written consent has
been obtained;

 

    	 

    	 

    

 

2.1.5They shall always operate all of
Party C's businesses during the ordinary course of business to maintain the asset value of Party C andrefrain from any action/omission
that may affect Party C's operating status and asset value;

 

2.1.6Without the prior written consent
of Party A, they shall not cause Party C to execute any major contract, except the contracts in the ordinary course of business
(for purpose of this subsection, a contract with a value exceeding RMB 100,000 shall be deemed a major contract);

 

2.1.7Without the prior written consent
of Party A, they shall not cause Party C to provide any person with any loan or credit;

 

2.1.8They shall provide Party A with
information on Party C's business operations and financial condition at Party A's request;

 

2.1.9Without the prior written consent
of Party A, they shall not cause orpermit Party C to merge, consolidate with, acquire or invest in any person;

 

2.1.10 They shall immediately notify
Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party
C's assets, business or revenue;

 

2.1.11 To maintain the ownership by
Party C of all of its assets, they shall execute all necessary or appropriate documents, take all necessary or appropriate actions
and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

 

2.1.12 Without the prior written consent
of Party A, they shall ensure that Party C shall not in any manner distribute dividends to its shareholders, provided that upon
Party A's written request, Party C shall immediately distribute all distributable profits to its shareholders; and

 

2.1.13 At the request of Party A, they
shall appoint any persons designated by Party A as the executive director of Party C.

 

2.2 Covenants of Party B

 

Party B hereby covenants as follows:

 

2.2.1Without the prior written consent
of Party A, Party B shall not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the
equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed
on these equity interests in accordance with Party B's Share Pledge Agreement;

 

    	 

    	 

    

 

2.2.2Party B shall cause the shareholders'
meeting and/or the executive director of Party C not to approve the sale, transfer, mortgage or disposition in any other manner
of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any
security interest, without the prior written consent of Party A, except for the pledge placed on these equity interests in accordance
with Party B's Share Pledge Agreement;

 

2.2.3Party B shall cause the shareholders'
meeting or the executive director of Party C not to approve the merger or consolidation with any person, or the acquisition of
or investment in any person, without the prior written consent of Party A;

 

2.2.4Party B shall immediately notify
Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the equity
interests in Party C held by Party B;

 

2.2.5Party B shall cause the shareholders'
meeting or the executive director of Party C to vote their approval of the transfer of the Optioned Interests as set forth in this
Agreement and to take any and all other actions that may be requested by Party A;

 

2.2.6To the extent necessary to maintain
Party B's ownership in Party C,Party B shall execute all necessary or appropriate documents, take all necessary or appropriate
actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims;

 

2.2.7Party B shall appoint any designee
of Party A as the executive director of Party C, at the request of Party A;

 

2.2.8At the request of Party A at any
time, Party B shall promptly and unconditionally transfer its equity interests in Party C to Party A's Designee(s) in accordance
with the Equity Interest Purchase Option under this Agreement, and Party B hereby waives its right of first refusal to the respective
share transfer by the other existing shareholder of Party C (if any); and

 

2.2.9Party B shall strictly abide by
the provisions of this Agreement and other contracts jointly or separately executed by and among Party B. Party C and Party A,
perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability
thereof. To the extent that Party B has any remaining rights with respect to the equity interests subject to this Agreement hereunder
or under the Share Pledge Agreement among the same parties hereto or under the Power of Attorney granted in favor of Party A, Party
B shall not exercise such rights except in accordance with the written instructions of Party A.

 

    	 

    	 

    

 

3. REPRESENTATIONS AND WARRANTIES

 

Party B and Party C hereby represent
and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests,
that:

 

3.1 They have the authority to execute and deliver this Agreement
and any share transfer contracts to which they are parties concerning the Optioned Interests to be transferred thereunder (each,
a "Transfer Contracts"), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and
Party C agree to enter into Transfer Contracts consistent with the terms of this Agreement upon Party A's exercise of the Equity
Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their
legal, validand binding obligations and shall be enforceable against them in accordance with the provisions thereof;

 

3.2 The execution and delivery of this Agreement or any Transfer
Contracts and the obligations under this Agreement or any Transfer Contracts shall not: (i) cause any violation of any applicable
laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Party C; (iii)
cause the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach
under any contracts or instruments to whichthey are a party or which are binding on them; (iv) cause any violation of any condition
for the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or
revocation of or imposition of additional conditions to any licenses or permits issued to either of them;

 

3.3 Party B has a good and merchantable title to the equity
interests in Party C he holds. Except for Party B's Share Pledge Agreement, Party B has not placed any security interest on such
equity interests;

 

3.4 Party C has a good and merchantable title to all of its
assets, and has not placed any Security interest on the aforementioned assets;

 

3.5 Party C does not have any outstanding debts, except for
(i) debt incurred in the ordinary course of business; and (ii) debts disclosed to Party A for which Party A's written consent has
been obtained.

 

3.6 Party C has complied with all laws and regulations of
China applicable to asset acquisitions; and

 

3.7 There are no pending or threatened litigation, arbitration
or administrative proceedings relating to the equity interests in Party C, assets of Party C or Party C.

 

4. EFFECTIVE DATE

 

This Agreement shall become effective upon the date hereof,
and remain effective for a term of 10 years, and may be renewed at Party A's election.

 

    	 

    	 

    

 

5. GOVERNING LAW AND RESOLUTION OF DISPUTES

 

5.1 Governing law

 

The execution, effectiveness, construction,
performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the formally
published and publicly available laws of China. Matters not covered by formally published and publicly available laws of China
shall be governed by international legal principles and practices.

 

5.2 Methods of Resolution of Disputes

 

In the event of any dispute with respect
to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations.
In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party's request to the other Parties
for resolution of the dispute through negotiations, either Party may submit the relevant dispute to the China International Economic
and Trade Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted
in Beijing, and the language used in arbitration shall be Chinese. The arbitration award shallbe final and binding on all Parties.

 

6. TAXES AND FEES

 

Each Party shall pay any and all transfer
and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the laws of China in connection with
the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated
under this Agreement and the Transfer Contracts.

 

7. NOTICES

 

7.1 All notices and other communications required or permitted
to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall
also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

7.1.1Notices given by personal delivery,
by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal
at the address specified for notices.

 

7.1.2Notices given by facsimile transmission
shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation
of transmission).

 

    	 

    	 

    

 

7.2 For the purpose of notices, the addresses of the Parties
are as follows:

 

PARTY A: GreenpowerInternational GroupLImited

 

Address: Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

Facsimile: 86-755-82193930

 

Party B:

 

Address:

 

Facsimile: None

 

PARTY C: Shenzhen Guoning New Energy
Investment Co. LTD.

 

Address: Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

Facsimile: 86-755-82193930

 

7.3 Any Party may at any time change its address for notices
by a notice delivered to the other Parties in accordance with the terms hereof.

 

8. CONFIDENTIALITY

 

The Parties acknowledge that the existence
and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation
and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such
confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential
information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the
receiving Party's unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations,
rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any
Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided
that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligations similar
to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party
shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for breach of this
Agreement. This Section shall survive the termination of this Agreement for any reason.

 

    	 

    	 

    

 

9. FURTHER WARRANTIES

 

The Parties agree to promptly execute
documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement
and take further actions that are reasonably required for or are conducive to the implementation of the provisions andpurposes
of this Agreement.

 

10. MISCELLANEOUS

 

10.1 Amendment, change and supplement Any amendment, change
and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

 

10.2 Entire agreement

 

Except for the amendments, supplements
or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached
by and among the Parties hereto with respect to the subject matter hereof, and shall supercede all prior oral and written consultations,
representations and contracts reached with respect to the subject matter of this Agreement.

 

10.3 Headings

 

The headings of this Agreement are for
convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement.

 

10.4 Language

 

This Agreement is written in both the
Chinese and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict
between a Chinese version and the English version, the Chinese version shall prevail.

 

10.5 Severability

 

In the event that one or several of
the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or
regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised
in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective
provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of
such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

10.6 Successors

 

This Agreement shall be binding on and shall inure to the
interest of the respective successors of the Parties and the permitted assigns of such Parties.

 

    	 

    	 

    

 

10.8 Survival

 

10.8.1 Any obligations that occur or
that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration
or early termination thereof.

 

10.8.2 The provisions of Sections 5,
7, 8 and this Section 10.8 shallsurvive the termination of this Agreement.

 

10.9 Waivers

 

Any Party may waive the terms and conditions
of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No
waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party
with respect to any similar breach in other circumstances.

 

10.10 Indemnification

 

10.10.1 Each Party agrees and acknowledges
that any material breach or material non-performance of any section by a shareholder of the Company (the "Breaching Party")
under this Agreement shall constitute a breach of contract under this Agreement (the "Breach"), and Party A shall be
entitled to request the Breaching Party to cure such Breach or adopt remedial steps within reasonable period. In the event the
Breaching Party fails to cure or to adopt remedial steps within thereasonable period or within ten (10) days after written notice
of Breach to the Breaching Party by Party A, then Party A shall be entitled to exercise any of the following remedial methods:
(i) to terminate this Agreement and request all liquidated damages; or (ii) to enforce the Breaching Party to perform his obligations
under this Agreement and request all liquidated damages as well; or (iii) to convert, auction or sell the pledged equity interests
in accordance with the share pledge agreement, and to be compensated on a preferential basis with the conversion, auction or sales
price of the pledged equity interests, in addition to request the Breaching Party to bear liquidated damages in connection with
the Breach.

 

10.10.2 Both Parties agree and acknowledge
that under no circumstances shall the shareholders of the Company be entitled to terminate this Agreement by any reasons.

 

10.10.3 Any right and remedy under this
Agreement is cumulative and shall not restrict other rights and remedies under the law.

 

10.10.4 Notwithstanding other provisions
under this Agreement, this Section shall survive the suspension or termination of this Agreement.

 

10.11 Replacement

 

This Agreement constitutes the entire
agreement between the Parties hereto, and supersedes all prior discussions, negotiations and agreements among them, with respect
to the subject matter of this Agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused their authorizedrepresentatives
to execute this Exclusive Option Agreement as of the date firstabove written.

 

	Party A:Greenpower International Group Limited
	 
	By:	 
	Name: Jiong Zhang
	Title: Legal Representative
	 
	Party B:
	 
	By:	 
	Party C: Shenzhen Guoning New Energy Investment Co. LTD.
	 
	By:  	 
	Name:  Xiaoping Liu
	Title: CEO

 

    	 

    	 

    

 

 

LOAN AGREEMENT

 

This Loan Agreement (this "Agreement")
is made and entered into by and between the parties below as of February 6, 2012 in Shenzhen, the People's Republic of China ("China"):

 

(1) Greenpower International Group Limited (“Lender”)
a wholly foreign owned enterprise, organized and existing under the laws of the PRC, with its address at Room 701-702, Ghanghong
Science and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province,
China.;

 

(2) ("Borrower"), a citizen of China, with his
Chinese identification No.:.

 

Each of Lender and Borrower shall be hereinafter referred
to as a "Party"respectively, and as the "Parties" collectively.

 

 WHEREAS, Lender intends to provide Borrower
with a loan to be used for thepurpose set forth under this Agreement. After friendly consultation, the Partiesagree as follows:

 

1. LOAN

 

1.1 In accordance with the terms and conditions of this Agreement,
Lender agrees to provide a loan equivalent to the amount of RMB 1,000 (the "Loan") to Borrower, and the Loan will be
provided according to the amount specified in the written notice from the Borrower. The term of the Loan shall be ten (10) years
from the date of this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the Loan
or the extended term of the Loan, Borrower shall immediately repay the full amount of the Loan in the event any one or more of
the following circumstances occur:

 

		1.1.  	130 days elapse after Borrower receives written notice from Lender requesting repayment
of the Loan;

 

1.1.2 Borrower's death, lack or limitation
of civil capacity;

 

1.1.3Borrower ceases to be a shareholder
of Borrower Company (as defined below);

 

1.1.4Borrower engages in criminal act
or is involved in criminal activities;

 

1.1.5Any third party filed a claim against
Borrower that exceeds RMB100,000; or

 

1.1.6The Lender decides to exercise
the exclusive option under the Exclusive Option Agreement (the "Exclusive Option Agreement") described in Sections 4.1.1
and 4.2.5 of this Agreement.

 

    	 

    	 

    

 

1.2 Lender agrees to remit the total amount under the Loan
to the accountdesignated by Borrower within 20 days after receiving a written notification from the Borrower regarding the same,
provided that all the conditions precedent in Section 2 are fulfilled. Borrower shall provide Lender with a written receipt for
the Loan upon receiving the Loan. The Loan provided by Lender under this Agreement shall inure to Borrower's benefit only and not
to Borrower's successors or assigns.

 

1.3 Borrower agrees to accept the aforementioned Loan provided
by Lender, and hereby agrees and warrants using the Loan to increase the registered capital of Shenzhen Guoning New Energy Investment
Co. LTD.. ("Borrower Company"), and Borrower shall remain a Borrower Company's shareholder who shall own an equity interests
in Borrower Company (such equity interests, hereinafter referred to as the "Borrower Equity Interest"). Without Lender's
prior written consent, Borrower shall not use the Loan for any purpose other than as set forth herein.

 

1.4 Lender and Borrower hereby agree and acknowledge that
Borrower's method of repayment shall be at the sole discretion of Lender, (1) at Lender's option take the form of Borrower's transfer
the Borrower Equity Interest in whole to Lender or Lender's designated persons (legal or natural persons) pursuant to the Lender's
exercise of its right to acquire the Borrower Equity Interest under the Exclusive Option Agreement; and (2) in case of liquidation,
the Borrower shall repay all the residuary estate of the Borrower Compay distributed after liquidation to Lender or the designees
of the Lender.

 

1.5 Lender and Borrower hereby agree and acknowledge that
any proceeds from the transfer of the Borrower Equity Interest (to the extent permissible) shall be used to repay the Loan to Lender,
in accordance with this Agreement and in the manner designated by Lender.

 

1.6 Lender and Borrower hereby agree and acknowledge that
to the extent permitted by applicable laws, Lender shall have the right but not the obligation to purchase or designate other persons
(legal or natural persons) to purchase Borrower Equity Interest in part or in whole at any time, at the price stipulated in the
Exclusive Option Agreement.

 

1.7 Borrower also undertakes to execute an irrevocable Power
of Attorney (the "Power of Attorney", referred to in Section 4.2.4), which authorizes the Lender or a legal or natural
person designated by Lender to exercise all of Borrower's rights as a shareholder of Borrower Company.

 

1.8 When Borrower transfers Borrower Equity Interest to Lender
or Lender's designated person(s), in the event that the transfer price of such equity interest equals or is lower than the principal
of the Loan under this Agreement, the Loan under this Agreement shall be deemed an interest-free loan. In the event that the transfer
price of such equity interest exceeds the principal of the Loan under this Agreement, the excess over the principal shall be deemed
the interest of the Loan under this Agreement payable by Borrower to Lender, subject to applicable laws and regulations.

 

    	 

    	 

    

 

2. CONDITIONS PRECEDENT

 

The obligation of Lender to provide
the Loan to Borrower contemplated in Section 1.1 shall be subject to the satisfaction of the following conditions, unless waived
in writing by Lender.

 

2.1 Lender receives the written notification for drawdown
under the Loan sent by Borrower according to Section 1.2.

 

2.2 All the representations and warranties by Borrower in
Section 3.2 are true, complete, correct and not misleading.

 

2.3 Borrower has not violated the covenants in Section 4
of this Agreement, and no event which may affect Borrower's performance of its obligations under this Agreement has occurred or
is expected to occur.

 

3. REPRESENTATIONS AND WARRANTIES

 

3.1 Between the date of this Agreement and the date of termination
of this Agreement, Lender hereby makes the following representations and warranties to Borrower:

 

3.1.1Lender is a company duly organized
and legally existing in accordance with the laws of China;

 

3.1.2Lender has the legal capacity to
execute and perform this Agreement.

 

The execution and performance by Lender
of this Agreement is consistent with Lender's scope of business and the provisions of Lender's corporate bylaws and other organizational
documents, and Lender has obtained all necessary and proper approvals and authorizations for the execution and performance of this
Agreement; and

 

3.1.3This Agreement constitutes Lender's
legal, valid and binding obligations, enforceable in accordance with its terms.

 

3.2 Between the date of this Agreement and the date of termination
of this Agreement, Borrower hereby makes the following representations and warranties:

 

3.2.1Borrower has the legal capacity
to execute and perform this Agreement. Borrower has obtained all necessary and proper approvals and authorizations for the execution
and performance of this Agreement;

 

3.2.2This Agreement constitutes Borrower's
legal, valid and binding obligations enforceable in accordance with its terms; and

 

3.2.3There are no disputes, litigations,
arbitrations, administrative proceedings or any other legal proceedings relating to Borrower, nor are there any potential disputes,
litigations, arbitrations, administrative proceedings or any other legal proceedings relating to Borrower.

 

    	 

    	 

    

 

4. BORROWER'S COVENANTS

 

4.1 For so long as Borrower remains a shareholder of Borrower
Company, he covenants irrevocably that during the term of this Agreement, he shall cause Borrower Company:

 

4.1.1 To execute the Exclusive Option
Agreement with Borrower and Lender, under which Borrower shall irrevocably grant Lender an exclusive option to purchase all of
the Borrower Equity Interest; to execute the Exclusive Business Cooperation Agreement entered into by Lender and Borrower Company
(the "Exclusive Business Cooperation Agreement"), under which the Lender, as an exclusive service provider, will provide
Borrower Company with technical service and business consulting service; to execute the Equity Interest Pledge Agreement with the
Lender and Borrower (the "Equity Interest Pledge Agreement"), under which the parties will agree on the pledge of the
Borrower Equity Interest to the Lender; to enter into the Exclusive Option Agreement and the Equity Interest Pledge Agreement on
the date hereof, and to complete all the related governmental approvals, registrations or fillings (as applicable);

 

4.1.2 To strictly abide by the provisions
of the Exclusive Option Agreement, Equity Interest Pledge Agreement and the Exclusive Business Cooperation Agreement, and to refrain
from any action/omission that may affect the effectiveness and enforceability of the Exclusive Option Agreement, Equity Interest
Pledge Agreement and the Exclusive Business Cooperation Agreement;

 

4.1.3 At the request of Lender (or a
party designated by Lender), to execute contracts/agreements on business cooperation with Lender (or a party designated by Lender),
and to strictly abide by such contracts/agreements;

 

4.1.4 To provide Lender with all of
the information on its business operations and financial condition at Lender's request;

 

4.1.5 To immediately notify Lender of
the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to its assets, business
or income;

 

4.1.6 At the request of Lender, to appoint
any persons designated by Lender as executive director of Borrower Company;

 

4.1.7 Without Lender's prior written
consent, not to supplement, change or amend its articles of association in any manner, increase or decrease its registered capital
or change its share capital structure in any manner;

 

4.1.8 To maintain its corporate existence
in accordance with good financial and business standards and practices by prudently and effectively operating its business and
handling its affairs;

 

    	 

    	 

    

 

4.1.9 Without Lender's prior written
consent, not to sell, transfer, mortgage or dispose of in any other manner its legal or beneficial interest in any of its assets,
business or revenue at any time from the date of this Agreement, or permit the encumbrance of any other security interest thereon;

 

4.1.10 Without Lender's prior written
consent, not to incur, inherit, guarantee or otherwise allow for the existence of any debt, except for (i) debt incurred in the
ordinary course of business other than through any loans; and (ii) debt already disclosed to Lender for which Lender's written
consent has been obtained;

 

4.1.11 To operate its businesses in
the ordinary course and to maintain the value of its assets;

 

4.1.12 Without the prior written consent
of Lender, not to execute any major contract, except for contracts in the ordinary course of business (for purpose of this subsection,
a contract with a value exceeding RMB100,000 shall be deemed a major contract);

 

4.1.13 Without the prior written consent
of Lender, not to provide any person with any loan or credit;

 

4.1.14 Without the prior written consent
of Lender, not to merge, consolidate with, acquire, or invest in any person;

 

4.1.15 To maintain the ownership of
all of its assets, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary
or appropriate complaints or raise necessary and appropriate defenses against all claims; and

 

4.1.16 Without the prior written consent
of Lender, not to distribute dividends to shareholders, provided that upon Lender's written request, to distribute the distributable
profits in whole or in part to its shareholders.

 

4.2 Borrower covenants that during the term of this Agreement,
he shall:

 

4.2.1 Ensure that Borrower Company shall
be a limited liability company without foreign investment, and Borrower shall hold an equity interest of Borrower Company;

 

4.2.2Contribute the registed capital
in full corresponding to the Borrower Equity Interest in accordance with the laws of China, and provide Lender with a capital contribution
verification report regarding paid-in capital issued by a qualified accounting firm;

 

4.2.3 Endeavor to cause Borrower Company
to engage in its current business;

 

4.2.4 Execute an irrevocable Power of
Attorney, which authorizes a legal or natural person designated by Lender to exercise all of Borrower's rights as a shareholder
in Borrower company, and refrain from exercising any such shareholder rights except to the extent required under this Agreement
or the Equity Interest Pledge Agreement (hereinafter Section 4.2.6) or as requested by Lender;

 

    	 

    	 

    

 

4.2.5 Execute the Exclusive Option Agreement
with Lender and Borrower Company, under which Borrower shall irrevocably grant to Lender an exclusive option to purchase all of
the Borrower Equity Interest;

 

4.2.6 Execute an Equity Interest Pledge
Agreement with the Lender and Borrower Company, under which Borrower shall pledge the Borrower Equity Interest to the Lender;

 

4.2.7 Enter into the aforementioned
Power of Attorney, Exclusive Option Agreement and Equity Interest Pledge Agreement on the date hereof, and complete all the related
governmental approvals, registrations or fillings (as applicable);

 

4.2.8 Abide by the provisions of this
Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement, perform his obligations
under this Agreement, the Power of Attorney, the Equity Interest Pledge Agreement and the Exclusive Option Agreement, and refrain
from any action/omission that may affect the effectiveness and enforceability of this Agreement, the Power of Attorney, the Equity
Interest Pledge Agreement and the Exclusive Option Agreement;

 

4.2.9 Not sell, transfer, mortgage or
dispose of in any other manner the legal or beneficial interest in Borrower Equity Interest, or allow the encumbrance thereon of
any security interest or the encumbrance, except in accordance with the Equity Interest Pledge Agreement;

 

4.2.10 Cause any shareholders' meeting
and/or executive director of Party C not to approve the sale, transfer, mortgage or disposition in any other manner of any legal
or beneficial interest in Borrower Equity Interest, or allow the encumbrance thereon of any security interest, without the prior
written consent of Lender, except to Lender or Lender's designated person;

 

4.2.11 Cause any shareholders' meeting
and/or executive director of the Borrower Company not to approve the merger or consolidation of Borrower Company with any person,
or its acquisition of or investment in any person, without the prior written consent of Lender;

 

4.2.12 Immediately notify Lender of
the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Borrower Equity
Interest;

 

4.2.13 To the extent necessary to maintain
his ownership of the Borrower Equity Interest, execute all necessary or appropriate documents, take all necessary or appropriate
actions and file all necessary or appropriate complaints or raise necessary and appropriate defense against all claims;

 

4.2.14 Without the prior written consent
of Lender, refrain from any action/omission that may have a material impact on the assets, business and liabilities of Borrower
Company;

 

    	 

    	 

    

 

4.2.15 Appoint any designee of Lender
as executive director of Borrower Company, at the request of Lender;

 

4.2.16 To the extent permitted by the
laws of China, at the request of Lender at any time, promptly and unconditionally transfer all of Borrower Equity Interest to Lender
or Lender's designated representative(s) at any time, and cause the other shareholders of Borrower Company to waive their right
of first refusal with respect to the share transfer described in this Section;

 

4.2.17 To the extent permitted by the laws of China, at the
request of Lender at any time, cause the other shareholders of Borrower Company to promptly and unconditionally transfer all of
their equity interest to Lender or Lender's designated representative(s) at any time, and Borrower hereby waives his right of first
refusal (if any) with respect to the share transfer described in this Section;

 

4.2.18 in the event that Lender purchases
Borrower Equity Interest from Borrower in accordance with the provisions of the Exclusive Option Agreement, use such purchase price
obtained thereby to repay the Loan to Lender; and

 

4.2.19 Without the prior written consent
of Lender, not to cause Borrower Company to supplement, change, or amend its articles of association in any manner, increase or
decreases its registered capital or change its share capital structure in any manner.

 

5. LIABILITY FOR DEFAULT

 

5.1 In the event either Party breaches this Agreement or
otherwise causes the non-performance of this Agreement in part or in whole, the Party shall be liable for such breach and shall
compensate all damages (includinglitigation and attorneys fees) resulting therefrom. In the event that bothParties breach this
Agreement, each Party shall be liable for itsrespective breach.

 

5.2 In the event that Borrower fails to perform the repayment
obligations setforth in this Agreement, Borrower shall pay overdue interest of 0.01% perday for the outstanding payment, until
the day Borrower repays the full principal of the Loan, overdue interests and other payable amounts.

 

6. NOTICES

 

6.1 All notices and other communications required or permitted
to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall
also be sent by email. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

    	 

    	 

    

 

6.1.1Notices given by personal delivery,
by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal
at the address specified for notices.

 

6.1.2Notices given by facsimile transmission
shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation
of transmission).

 

6.2 For the purpose of notices, the addresses of the Parties
are as follows:

 

LENDER: Greenpower International Group
Limited

 

Address: : Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

Facsimile:

 

BORROWER:

 

Address:

 

Facsimile: None

 

6.3 Any Party may at any time change
its address for notices by a notice delivered to the other Party in accordance with the terms hereof.

 

7. CONFIDENTIALITY

 

The Parties acknowledge that any oral or written information
exchanged among them with respect to this Agreement is confidential information. The Parties shall maintain the confidentiality
of all such information, and without the written consent of other Party, either Party shall not disclose any relevant information
to any third party, except in the following circumstances: (a) such information is or will be in the public domain (provided that
this is not the result of a public disclosure by the receiving party); (b) information disclosed as required by applicable laws
or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or
financial advisorregarding the transaction contemplated hereunder, and such legal counsel or financial advisor are also bound
by confidentiality duties similar to the duties in this section. Disclosure of any confidential information by the staff members
or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall
be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason.

 

    	 

    	 

    

 

8. GOVERNING LAW AND RESOLUTION OF DISPUTES

 

8.1 The execution, effectiveness, construction, performance,
amendment and termination of this Agreement and the resolution of disputes shall be governed by the laws of China.

 

8.2 In the event of any dispute with respect to the construction
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the
Parties fail to reach an agreement on the dispute within 30 days after either Party's written request to the other Party for resolution
of the dispute through negotiations, either Party may submit the relevant dispute to the China International Economic and Trade
Arbitration Commission for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted
in Beijing, and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all parties.

 

8.3 Upon the occurrence of any disputes arising from the
construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute,
the parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective
obligations under this Agreement.

 

9. MISCELLANEOUS

 

9.1 This Agreement shall become effective on the date thereof,
and shall expire upon the date of full performance by the Parties of their respective obligations under this Agreement.

 

9.2 This Agreement shall be written in both Chinese and English
language in two copies, each Party having one copy with equal legal validity. In case there is any conflict between the Chinese
version and the English version, the Chinese version shall prevail.

 

9.3 This Agreement may be amended or supplemented through
written agreement by and between the Parties. Such written amendment agreement and/or supplementary agreement executed by and between
the Parties are an integral part of this Agreement, and shall have the same legal validity as this Agreement.

 

9.4 In the event that one or several of the provisions of
this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the
validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any
respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions
that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective
provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

9.5 The attachments (if any) to this Agreement shall be an
integral part of this Agreement and shall have the same legal validity as this Agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have executed, or caused
their authorizedrepresentatives to execute, this Loan Agreement as of the date first above written.

 

	Lender: Greenpower International Group Limited
	 
	By:	 
	Name: Jiong Zhang
	Title: Legal Representative
	 
	Borrower:  Fan, Lili
	 
	By:  	 

 

    	 

    	 

    

 

 

POWER OF ATTORNEY

 

I, __________________, a Chinese citizen
with Chinese Identification Card No.:

 

, and a shareholder of an equity interest (Hereafter referred
to as “My Shareholding”) in Shenzhen Guoning New Energy Investment Co. LTD(Hereafter referred to as “Guoning”).
I, hereby irrevocably authorize Greenpower International Group Limited ("WFOE") to exercise the following rights relating
to MyShareholding during the term of this Power of Attorney:

 

WFOE is hereby authorized to act on
behalf of myself as my exclusive agentand attorney with respect to all matters concerning My Shareholding, includingwithout limitation
to: 1) attend shareholders' meetings ofGuoning ; 2)exercise all the shareholder's rights and shareholder's voting rights I amentitled
to under the laws of China and Guoning’s Articles of Association,including but not limited to the sale or transfer or pledge
or disposition of MyShareholding in part or in whole; and 3) designate and appoint on behalf ofmyself the legal representative,
the executive director, supervisor, the chiefexecutive officer and other senior management members of Guoning.

 

Without limiting the generality of the
powers granted hereunder, WFOE shallhave the power and authority under this Power of Attorney to execute theTransfer Contracts
stipulated in Exclusive Option Agreement, to which I amrequired to be a party, on behalf of myself, and to effect the terms of
theShare Pledge Agreement and Exclusive Option Agreement, both dated the datehereof, to which I am a party.

 

All the actions associated with My Shareholding
conducted by WFOE shall bedeemed as my own actions, and all the documents related to My Shareholdingexecuted by WFOE shall be deemed
to be executed by me. I hereby acknowledge andratify those actions and/or documents by WFOE.

 

WFOE is entitled to re-authorize or
assign its rights related to theaforesaid matters to any other person or entity at its own discretion andwithout giving prior notice
to me or obtaining my consent.

 

This Power of Attorney is coupled with
an interest and shall be irrevocableand continuously valid from the date of execution of this Power of Attorney, solong as I am
a shareholder of Guoning.

 

During the term of this Power of Attorney,
I hereby waive all the rightsassociated with My Shareholding, which have been authorized to WFOE through thisPower of Attorney,
and shall not exercise such rights by myself.

 

    	 

    	 

    
 

This Power of Attorney is written in
Chinese and English; in case there isany conflict between the Chinese version and the English version, the Chineseversion shall
prevail.

 

	By:  	 

 

    	 

    	 

    

 

 

SHARE PLEDGE AGREEMENT

 

This Share Pledge Agreement (this "Agreement")
has been executed by andamong the following parties on February 6, 2012 in Shenzhen, the People'sRepublic of China ("China"
or the "PRC"):

 

PARTY A:Greenpower International Group Limited a wholly foreign
owned enterprise, organized and existing under the laws of British Virgin Island, with its address at Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China;

 

PARTY B:,(Hereafter “Pledger”) a Chinese citizen
with Chinese Identification No:    ; and

 

PARTY C: Shenzhen Guoning New Energy Investment Co. LTD.
a limited liability company organized and existing under the laws of the PRC, with its address at Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

In this Agreement, each of Pledgee,
Pledgor and Party C shall be referredto as a "Party" respectively, and they shall be collectively referred to as the"Parties".

 

WHEREAS:

 

1.       Pledgor is a citizen of China, who became a shareholder
of Party C holds an equity interest in Party C. Party C is a limited liability company registered in Shenzhen, China engaging in
the business of energy performance sharing via replacing customers’ current illumination equipment with energy efficient
LED lights and charges based on agreed percentage ofmonthly utility bills saved and by selling LED lights directly to commercial
customers (collectively, the "Principal Business"). Party C acknowledges the respective rights and obligations of Pledgor
and Pledgee under this Agreement, and intends to provide any necessary assistance in registering the Pledge;

 

2.       Pledgee is a wholly foreign-owned enterprise registered
in China. Pledgee and Party C partially owned by Pledgor have executed an Exclusive Business Cooperation Agreement on February
6, 2012 and Pledgee and Pledgor haveexecuted a Loan Agreement onFebruary 6, 2012;

 

3.       To ensure that Party C fully performs its obligations
under the Exclusive Business Cooperation Agreement and pay the consulting and service fees thereunder to the Pledgee when the same
becomes due, and Pledgorfully performs its obligations under the Loan Agreement and repay the loan thereunder according to the
Loan Agreement, Pledgor hereby pledges to thePledgee all of the equity interest he holds in Party C as security for payment of
the consulting and service fees by Party C under the Business Cooperation Agreement.

 

To perform the provisions of the Business
Cooperation Agreement, the Parties have mutually agreed to execute this Agreement upon the followingterms.

 

    	 

    	 

    

 

1. DEFINITIONS

 

Unless otherwise provided herein, the
terms below shall have the followingmeanings:

 

1.1     Pledge: shall refer to the security interest granted
by Pledgor to Pledgee pursuant to Article 2 of this Agreement, i.e., the right of Pledgee to becompensated on a preferential basis
with the conversion, auction or salesprice of the Equity Interest.

 

1.2     Equity Interest: shall refer to all of the equity interest
lawfully nowheld and hereafter acquired by Pledgor in Party C.

 

1.3     Term of Pledge: shall refer to the term set forth in
Section 3.2 of this Agreement.

 

1.4     Business Cooperation Agreement: shall refer to the Exclusive
Business Cooperation Agreement executed by and between Party C and Pledgee on February 6, 2012.

 

1.5     Loan Agreement: shall refer to the loan agreement executed
by and betweenthe Pledgor and Pledgee on February 6, 2012.

 

1.6     Event of Default: shall refer to any of the circumstances
set forth in Article 7 of this Agreement.

 

1.7     Notice of Default: shall refer to the notice issued by
Pledgee in accordance with this Agreement declaring an Event of Default.

 

2. THE PLEDGE

 

As collateral security for the prompt
and complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of anyor all the payments
due by Party C, including without limitation theconsulting and services fees payable to the Pledgee under the BusinessCooperation
Agreement, as well as the repayment obligation of Pledgor underthe Loan Agreement, Pledgor hereby pledges to Pledgee a first security
interest in all of Pledgor's right, title and interest, whether now owned or hereafter acquired by Pledgor, in the Equity Interest
of Party C.

 

3. TERM OF PLEDGE

 

3.1     The Pledge shall become effective on such date when the
pledge of the Equity Interest contemplated herein has been registered with relevant administration for industry and commerce (the
"AIC"). The Pledge shall be continuously valid until all payments due under the Business Cooperation Agreement and the
loan under the Loan Agreement have been fulfilled or repaid by Party C or its subsidiaries. Pledgor and Party C shall (1) register
the Pledge in the shareholders' register of Party C within 3 business days following the execution of this Agreement, and (2) submit
this Agreement or other form of the Agreement as required by the AIC to the AIC for application of the registration of the Pledge
of the Equity Interest contemplated herein within 10 business days following theexecution of this Agreement. Pledgor and Party
C shall submit all necessary documents and complete all necessary procedures, as required by the PRC laws and regulations and the
relevant AIC, to ensure that the Pledge of theEquity Interest shall be registered with the AIC as soon as possible after filing.

 

    	 

    	 

    

 

3.2     During the Term of Pledge, in the event Party C fails
to pay the exclusiveconsulting or service fees in accordance with the Business Cooperation Agreement or fails to repay the loan
under the Loan Agreement, Pledgee shall have the right, but not the obligation, to dispose of the Pledge in accordance with the
provisions of this Agreement.

 

4.   CUSTODY OF RECORDS FOR EQUITY INTEREST SUBJECT TO PLEDGE

 

4.1     During the Term of Pledge set forth in this Agreement,
Pledgor shall deliver to Pledgee's custody the capital contribution certificate for the Equity Interest and the shareholders' register
containing the Pledge within one week from the execution of this Agreement. Pledgee shall have custody of such items during the
entire Term of Pledge set forth in this Agreement.

 

4.2     Pledgee shall have the right to collect dividends generated
by the Equity Interest during the Term of Pledge.

 

5.   REPRESENTATIONS AND WARRANTIES OF PLEDGOR

 

5.1     Pledgor is the sole legal and beneficial owner of the
Equity Interest.

 

5.2     Pledgee shall have the right to dispose of and transfer
the Equity Interest in accordance with the provisions set forth in this Agreement.

 

5.3     Except for the Pledge, Pledgor has not placed any security
interest or other encumbrance on the Equity Interest.

 

6.   COVENANTS AND FURTHER AGREEMENTS OF PLEDGOR

 

6.1     Pledgor hereby covenants to the Pledgee, that during
the term of this Agreement, Pledgor shall:

 

6.1.1not transfer the Equity Interest,
place or permit the existence of anysecurity interest or other encumbrance on the Equity Interest, withoutthe prior written consent
of Pledgee, except for the performance ofthe Exclusive Option Agreement executed by Pledgor, Pledgee and Party C;

 

6.1.2comply with the provisions of all
laws and regulations applicable to the pledge of rights, and within 5 days of receipt of any notice,order or recommendation issued
or prepared by relevant competent authorities regarding the Pledge, shall present the aforementionednotice, order or recommendation
to Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections and representations with
respect to the aforementioned matters uponPledgee's reasonable request or upon consent of Pledgee;

 

    	 

    	 

    

 

6.1.3promptly notify Pledgee of any event
or notice received by Pledgorthat may have an impact on Pledgee's rights to the Equity Interest or any portion thereof, as well
as any event or notice received by Pledgor that may have an impact on any guarantees and other obligations of Pledgor arising out
of this Agreement.

 

6.2     Pledgor agrees that the rights acquired by Pledgee in
accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed by Pledgor or any heirs or representatives
of Pledgor or any other personsthrough any legal proceedings.

 

6.3     To protect or perfect the security interest granted by
this Agreement for payment of the consulting and service fees under the Business Cooperation Agreement, Pledgor hereby undertakes
to execute in good faith and to cause other parties who have an interest in the Pledge to execute all certificates, agreements,
deeds and/or covenants required by Pledgee. Pledgor also undertakes to perform and to cause other parties who have aninterest in
the Pledge to perform actions required by Pledgee, to facilitate the exercise by Pledgee of its rights and authority granted thereto
by this Agreement, and to enter into all relevant documents regarding ownership of Equity Interest with Pledgee or designee(s)
of

Pledgee (natural persons/legal persons). Pledgor undertakes
to provide Pledgee within a reasonable time with all notices, orders and decisions regarding the Pledge that are required by Pledgee.

 

6.4     Pledgor hereby undertakes to comply with and perform
all guarantees, promises, agreements, representations and conditions under this Agreement.

  

In the event of failure or partial performance
of its guarantees, promises,agreements, representations and conditions, Pledgor shall indemnify Pledgee for all losses resulting
therefrom.

 

7.   EVENT OF BREACH

 

7.1     The following circumstances shall be deemed Event of
Default:

 

7.1.1Party C fails to pay in full any
of the consulting and service fees payable under the Business Cooperation Agreement or breaches any otherobligations of Party C
thereunder;

 

7.1.2Anyrepresentation or warranty by
Pledgor in Article 5 of this Agreement contains material misrepresentations or errors, and/or Pledgor violates any of the warranties
in Article 5 of this Agreement;

 

7.1.3Pledgor and Party C fail to register
the Pledge in the shareholders'register of Party C or to complete Pledge registration stipulated in Section 3.1;

 

7.1.4 Pledgor or Party C breach any provisions
of this Agreement;

 

7.1.5Except as expressly stipulated in
Section 6.1.1, Pledgor transfers or purports to transfer or abandons the Equity Interest pledged orassigns the Equity Interest
pledged without the written consent ofPledgee;

 

    	 

    	 

    

 

7.1.6Any of Pledgor's own loans, guarantees,
indemnifications, promises or other debt liabilities to any third party or parties (1) become subject to a demand of early repayment
or performance due to default on the part of Pledgor; or (2) become due but are not capable of being repaid or performed in a timely
manner;

 

7.1.7Any approval, license, permit or
authorization of government agencies that makes this Agreement enforceable, legal and effective iswithdrawn, terminated, invalidated
or substantively changed;

 

7.1.8The promulgation of applicable laws
renders this Agreement illegal or renders it impossible for Pledgor to continue to perform its obligations under this Agreement;

 

7.1.9Adverse changes in properties owned
by Pledgor, which lead Pledgee to believe that that Pledgor's ability to perform its obligations under this Agreement has been
affected;

 

7.1.10 The successor or custodian of
Party C is capable of only partiallyperform or refuses to perform the payment obligations under theBusiness Cooperation Agreement;

 

7.1.11 Pledgor fails to repay the loan
according to the Loan Agreement orbreaches any other obligations of Pledgor thereunder; and

 

7.1.12 Any other circumstances occur
where Pledgee is or may become unable to exercise its right with respect to the Pledge in accordance with the relevant laws and
regulations.

 

7.2     Upon notice or discovery of the occurrence of any circumstances
or event that may lead to the aforementioned circumstances described in Section 7.1, Pledgor shall immediately notify Pledgee in
writing accordingly.

 

7.3     Unless an Event of Default set forth in this Section
7.1 has been successfully resolved to Pledgee's satisfaction, Pledgee may issue a Notice of Default to Pledgor in writing upon
the occurrence of the Event of Default or at any time thereafter and demand that Pledgor immediately pay all outstanding payments
due under the Business Cooperation Agreement and all other payments due to Pledgee, and/or dispose of the Pledge in accordance
with the provisions of Article 8 of this Agreement.

 

8.   EXERCISE OF PLEDGE

 

8.1     Prior to the full payment of the consulting and service
fees described in the Business Cooperation Agreement and the loan described in the Loan Agreement, without the Pledgee's written
consent, Pledgor shall not assign the Pledge or the Equity Interest in Party C.

 

8.2     Pledgee may issue a Notice of Default to Pledgor when
exercising the Pledge.

 

    	 

    	 

    

 

8.3     Subject to the provisions of Section 7.3, Pledgee may
exercise the right to enforce the Pledge concurrently with the issuance of the Notice of Defaultin accordance with Section 8.2
or at any time after the issuance of the Notice of Default. Once Pledgee elects to enforce the Pledge, Pledgor shall cease to be
entitled to any rights or interests associated with the Equity Interest.

 

8.4     In the event of default, Pledgee is entitled to dispose
of the Equity Interest pledged, to the extent permitted and in accordance with applicable laws, without obligation to account to
Pledgor for proceeds of dispositionand Pledgor hereby waives any rights it may have to demand any suchaccounting from Pledgee.
Likewise, in such circumstance Pledgor shall have no obligation to Pledgee for any deficiency remaining after suchdisposition of
the Equity Interest pledged.

 

8.5     When Pledgee disposes of the Pledge in accordance with
this Agreement, Pledgor and Party C shall provide necessary assistance to enable Pledgee toenforce the Pledge in accordance with
this Agreement.

 

9.   ASSIGNMENT

 

9.1     Without Pledgee's prior written consent, Pledgor shall
not have the right to assign or delegate its rights and obligations under this Agreement.

 

9.2     This Agreement shall be binding on Pledgor and its successors
and permitted assigns, and shall be valid with respect to Pledgee and each of its successors and assigns.

 

9.3     At any time, Pledgee may assign any and all of its rights
and obligations under the Business Cooperation Agreement and/or Loan Agreement to its designee(s) (natural/legal persons), in which
case the assigns shall have the rights and obligations of Pledgee under this Agreement, as if it were the original party to this
Agreement. When the Pledgee assigns the rights and obligations under the Business Cooperation Agreement, upon Pledgee'srequest,
Pledgor shall execute relevant agreements or other documents relating to such assignment.

 

9.4     In the event of a change in Pledgee due to an assignment,
Pledgor shall, at the request of Pledgee, execute a new pledge agreement with the new pledgeeon the same terms and conditions as
this Agreement.

 

9.5     Pledgor shall strictly abide by the provisions of this
Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Exclusive Option
Agreement and the Power of Attorney granted to Pledgee, perform the obligations hereunder and thereunder, and refrain from any
action/omission that may affect the effectiveness and enforceability thereof. Any remaining rights of Pledgor with respect to the
Equity Interest pledged hereunder shall not be exercised by Pledgor exceptin accordance with the written instructions of Pledgee.

 

    	 

    	 

    

 

10.   TERMINATION

 

Upon the full payment of the consulting
and service fees under the Business Cooperation Agreement and loan under the Loan Agreement, and upon termination of Party C's
obligations under the Business Cooperation Agreement and the Loan Agreement, this Agreement shall be terminated, and Pledgee shall
then cancel or terminate this Agreement as soon as reasonably practicable.

 

11.   HANDLING FEES AND OTHER EXPENSES

 

All fees and out of pocket expenses relating
to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees, shall
be borne by Party C.

 

12.   CONFIDENTIALITY

 

The Parties acknowledge that the existence
and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation
and performance this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such
confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential
information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the
receiving Party's unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations,
rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any
Party to its shareholders, investors, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided
that such shareholders, investors, legal counsels or financial advisors shall be bound by the confidentiality obligationssimilar
to those set forth in this Section. Disclosure of any confidential information by the staff members or agencies hired by any Party
shall be deemed disclosure of such confidential information by such Party, whichParty shall be held liable for breach of this Agreement.
This Section shallsurvive the termination of this Agreement for any reason.

 

13.   GOVERNING LAW AND RESOLUTION OF DISPUTES

 

13.1    The execution, effectiveness, construction, performance,
amendment and termination of this Agreement and the resolution of disputes hereundershall be governed by the laws of China.

 

13.2    In the event of any dispute with respect to the construction
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the
Parties fail to reach anagreement on the dispute within 30 days after either Party's request to the other Parties for resolution
of the dispute through negotiations, eitherParty may submit the relevant dispute to the China International Economicand Trade Arbitration
Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Beijing, and thelanguage
used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

13.3    Upon the occurrence of any disputes arising from the
construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute,
the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective
obligations under this Agreement.

 

    	 

    	 

    

 

14. NOTICES

 

14.1    All notices and other communications required or permitted
to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
courier service or by facsimile transmission to the address of such party set forth below. A confirmation copy of each notice shall
also be sent by E-mail. The dates on which notices shall be deemed to have been effectively given shall be determined as follows:

 

14.1.1Notices given by personal delivery, by courier service
or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal at the address specified
for notices.

 

14.1.2Notices given by facsimile transmission
shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation
of transmission).

 

14.2 For the purpose of notices, the addresses of the Parties
are as follows:

 

PARTY A: Greenpower International Group Limited

Address: Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

Facsimile: 86-755-82193930

 

Party B:

Address:

Facsimile:None

 

PARTY C: Shenzhen Guoning New Energy
Investment Co. LTD.

Address: Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

Facsimile: 86-755-82193930

 

14.3   Any Party may at any time change its address for notices
by a notice delivered to the other Parties in accordance with the terms hereof.

 

15.   SEVERABILITY

 

In the event that one or several of the
provisions of this Contract are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations,
the validity, legality or enforceability of the remaining provisions of this Contract shall not be affected or compromised in any
respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions
that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective
provisions shall be as close as possible to the economic effect of thoseinvalid, illegal or unenforceable provisions.

 

    	 

    	 

    

 

16.   ATTACHMENTS

 

The attachments, if any, set forth herein shall be an integral
part of this Agreement.

 

17.   EFFECTIVENESS

 

17.1    Any amendments, changes and supplements to this Agreement
shall be in writing and shall become effective upon completion of the governmental filing procedures (if applicable) after the
affixation of the signatures or seals of the Parties.

 

17.2    This Agreement is written in Chinese and English in
three copies. Pledgor, Pledgee and Party C shall hold one copy respectively. Each copy of this Agreement shall have equal validity.
In case there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

17.3    This Agreement constitutes the entire agreement between
the Parties hereto, and supersedes all prior discussions, negotiations and agreements among them, with respect to the subject matter
of this Agreement.

 

IN WITNESS WHEREOF, the Parties have caused their authorizedrepresentatives
to execute this Share Pledge Agreement as of the date first

above written.

 

Party A: Greeponwer International Group Limited

	By:  	 
	Name: Jiong Zhang
	Title: Legal Representative

 

Party B: Fan, Lili

 

	By:  	 

 

Party C: Shenzhen Guoning New Energy Investment Co. LTD

 

	By:	
	Name:  	Xiaoping Liu
	Title:  	CEO

 

    	 

    	 

    

 

 

EXCLUSIVE BUSINESS COOPERATION AGREEMENT

 

This Exclusive Business Cooperation
Agreement (this "Agreement") is madeand entered into by and between the following parties on February 6, 2012in Shenzhen,
the People's Republic of China ("China" or the "PRC").

 

PARTY A: Greenpower International Group Limited

 

Address: Room 701-702, Ghanghong Science and Technology Building,
Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

PARTY B: Shenzhen Guoning New Energy Investment Co. LTD.

 

Address: Room 701-702, Ghanghong Science and Technology Building,
Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

Each of Party A and Party B shall be
hereinafter eferred to as a "Party"respectively, and as he "Parties" collectively.

 

WHEREAS:

 

1.     Party A is a wholly foreign owned enterprise established
in China, and has the necessary resources to provide technical and consulting services;

 

2.     Party B is a limited liability company registered in China,
whose registered capital is RMB 5,000,000. As approved by the relevant governmental authorities, Party B is engaging in the business
of on energy performance sharing via replacing customers’ current illumination equipment with energy efficient LED lights
and charges based on agreed percentage ofmonthly utility bills saved and by selling LED lights directly to commercial customers
(collectively, the "Principal Business").

 

3.     Party A is willing to provide Party B with technical support,
consulting services and other commercial services on exclusive basis in relation to the Principal Business during the term of this
Agreement, utilizing its advantages in technology, human resources, and information, and Party B is willing to accept such services
provided by Party A or Party A's designee(s), each on the terms set forth herein.

 

Now, therefore, through mutual discussion,
the Parties have reached the following agreements:

 

    	 

    	 

    

 

1. SERVICES PROVIDED BY PARTY A

 

1.1   Party B hereby appoints Party A as Party B's exclusive
services provider to provide Party B with complete technical support, business support and related consulting services during the
term of this Agreement, in accordance with the terms and conditions of this Agreement, which may include all necessary services
related to the Principal Business of Party B as may be determined from time to time by Party A according to Party A's business
scope, including but not limited to:

 

(1) Provision of plan of operation and
solution related to information technology and management necessary to Party B's Principal Business;

 

(2) Training of relevant person of Party
B;

 

(3) Assistance in collection of LED
technology information or industry research;

 

(4) Consultancy services related to
marketing and management of assets (including but not limited to tangible assets and intangible assets such as trademarks, technology,
goodwill and public relation);

 

(5) Consultancy services related to
management of human resource and internal administration;

 

(6) Provision of consultancy services
and other business and operation related to consultancy services; and

 

(7) Other services provided from time
to time as required by Party B.

 

1.2   Party B agrees to accept all the consultations and services
provided by Party A. Party B further agrees that unless with Party A's prior written consent, during the term of this Agreement,
Party B shall not directly or indirectly accept the same or any similar consultations and/or services provided by any third party
and shall not establish similar corporation relationship with any third party regarding the matters contemplated by this Agreement.
Party A may appoint other parties, who may enter into certain agreements described in Section 1.3 with Party B, to provide Party
B with the consultations and/or services under this Agreement.

 

1.3   Service Providing Methodology

 

1.3.1Party A and Party B agree that
during the term of this Agreement, where necessary, Party B may enter into further technical service agreements or consulting service
agreements with Party A or any other party designated by Party A, which shall provide the specific contents, manner, personnel,
and fees for the specific technical services and consulting services.

 

    	 

    	 

    

 

1.3.2To fulfill this Agreement, Party
A and Party B agree that Party A can provide relevant equipment to Party B for Party B's use for the purpose of providing services
to Party B.

 

2.     THE CALCULATION AND PAYMENT OF THE SERVICE FEES

 

Both Parties agree that, in consideration
of the services provided by Party A, Party B shall pay Party A fees (the "Service Fees") equal to 100% of the net income
of Party B, which equals the balance of the gross income less the costs of Party B acceptable to the Parties (the "Net Income").
The Service Fees shall be due and payable on a monthly basis. Within 30 days after the end of each month, Party B shall (a) deliver
to Party A the management accounts and operating statistics of Party B for such month, including the Net Income of Party B during
such month (the "Monthly Net Income"), and (b) pay 100% of such Monthly Net Income to Party A (each such payment, a "Monthly
Payment"). Within ninety (90) days after the end of each fiscal year, Party B shall (a) deliver to Party A audited financial
statements of Party B for such fiscal year, which shall be audited and certified by an independent certified public accountant
approved by Party A, and (b) pay an amount to Party A equal to the shortfall, if any, of the aggregate net income of Party B for
such fiscal year, as shown in such audited financial statements, as compared to the aggregate amount of the Monthly Payments paid
by Party B to Party A in such fiscal year. Party A and Party B further agree that, according to the actual cooperation between
Party A and Party B and the revenue and expenditure situation of Party B, the Parties can reasonably adjust the calculation ratio
of the Service Fees provided herein, and Party A is entitled to determine, as its sole discretion, whether to permit Party B to
defer the payment of part of Service Fees under certain particular circumstances.

 

3. INTELLECTUAL PROPERTY RIGHTS AND CONFIDENTIALITY CLAUSES

 

3.1 Party A shall have exclusive and proprietary rights and
interests in all rights, ownership, interests and intellectual properties arising out of or created during the performance of this
Agreement, including but not limited to copyrights, patents, patent applications, software, technical secrets, trade secrets and
others. Party B shall execute all appropriate documents, take all appropriate actions, submit all filings and/or applications,
render all appropriate assistance and otherwise conduct whatever is necessary as deemed by Party A in its sole discretion for the
purposes of vesting any ownership, right or interest of any such intellectual property rights in Party A, and/or perfecting the
protections for any such intellectual property rights in Party A.

 

    	 

    	 

    

 

3.2 The Parties acknowledge that the existence and the terms
of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance
this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information,
and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any
third parties, except for the information that: (a) is in the public domain (other than through the receiving Party's unauthorized
disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange,
or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, investors,
legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, investors,
legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section.
Disclosure of any confidential information by the staff members or agencies hired by any Party shall be deemed disclosure of such
confidential information by such Party, which Party shall be held liable for breach of this Agreement. This Section shall survive
the termination of this Agreement for any reason.

 

3.3 The Parties agree that this Section shall survive changes
to, and rescission or termination of, this Agreement.

 

4. REPRESENTATIONS AND WARRANTIES

 

4.1 Party A hereby represents and warrants as follows:

 

4.1.1Party A is a wholly owned foreign
enterprise legally registered and validly existing in accordance with the laws of China.

 

4.1.2Party A has taken all necessary
corporate actions, obtained all necessary authorization and the consent and approval from third parties and government agencies
(if any) for the execution, delivery and performance of this Agreement. Party A's execution, delivery and performance of this Agreement
do not violate any explicit requirements under any law or regulation binding on Party A.

 

4.1.3This Agreement constitutes Party A's legal, valid and
binding obligations, enforceable in accordance with its terms.

 

4.2 Party B hereby represents and warrants as follows:

 

4.2.1Party B is a company legally registered
and validly existing in accordance with the laws of China and has obtained the relevant permit and license for engaging in the
Principal Business in a timely manner;

 

4.2.2Party B has taken all necessary
corporate actions, obtained all necessary authorization and the consent and approval from third parties and government agencies
(if any) for the execution, delivery and performance of this Agreement. Party B's execution, delivery and performance of this Agreement
do not violate any explicit requirements under any law or regulation binding on Party A.

 

    	 

    	 

    

 

4.2.3This Agreement constitutes Party B's legal, valid and
binding obligations, and shall be enforceable against it.

 

5. EFFECTIVENESS AND TERM

 

5.1 This Agreement is executed on the date first above written
and shall take effect as of such date. Unless earlier terminated in accordance with the provisions of this Agreement or relevant
agreements separately executed between the Parties, the term of this Agreement shall be 10 years. After the execution of this Agreement,
both Parties shall review this Agreement every 3 months to determine whether to amend or supplement the provisions in this Agreement
based on the actual circumstances at that time.

 

5.2 The term of this Agreement may be extended if confirmed
in writing by PartyA prior to the expiration thereof. The extended term shall be determined by Party A, and Party B shall accept
such extended term unconditionally.

 

6. TERMINATION

 

6.1 Unless renewed in accordance with the relevant terms
of this Agreement, this Agreement shall be terminated upon the date of expiration hereof.

 

6.2 During the term of this Agreement, unless Party A commits
gross negligence, or a fraudulent act, against Party B, Party B shall not terminate this Agreement prior to its expiration date.
Nevertheless, Party A shall have the right to terminate this Agreement upon giving 30 days' prior written notice to Party B at
any time.

 

6.3 The rights and obligations of the Parties under Articles
3, 7 and 8 shall survive the termination of this Agreement.

 

7. GOVERNING LAW AND RESOLUTION OF DISPUTES

 

7.1 The execution, effectiveness, construction, performance,
amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

 

7.2 In the event of any dispute with respect to the construction
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the
Parties fail to reach an agreement on the dispute within 30 days after either Party's request to the other Parties for resolution
of the dispute through negotiations, either Party may submit the relevant dispute to the China International Economic and Trade
Arbitration Commission for arbitration, in accordance with its Arbitration Rules. The arbitration shall be conducted in Beijing,
and the language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties.

 

    	 

    	 

    

 

7.3 Upon the occurrence of any disputes arising from the
construction and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute,
the Parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective
obligations under this Agreement.

 

8. INDEMNIFICATION

 

Party B shall indemnify and hold harmless
Party A from any losses, injuries, obligations or expenses caused by any lawsuit, claims or other demands against Party A arising
from or caused by the consultations and services provided by Party A to Party B pursuant this Agreement, except where such losses,
injuries, obligations or expenses arise from the gross negligence or willful misconduct of Party A.

 

9. NOTICES

 

9.1 All notices and other communications required or permitted
to be given pursuant to this Agreement shall be delivered personally or sent by registered mail, postage prepaid, by a commercial
courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall
also be sent by email. The dates on which notices shall be deemed to have been effectively given shall bedetermined as follows:

 

9.1.1Notices given by personal delivery,
by courier service or by registered mail, postage prepaid, shall be deemed effectively given on the date of receipt or refusal
at the address specified for receiving notices in this Article 9.

 

9.1.2Notices given by facsimile transmission
shall be deemed effectively given on the date of successful transmission (as evidenced by an automatically generated confirmation
of transmission).

 

9.2 For the purpose of notices, the addresses of the Parties
are as follows:

 

PARTY A: Greenpower International Group Limited

 

Address: Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

Facsimile: 86-755-82193930

 

PARTY B: Shenzhen Guoning New Energy
Investment Co. LTD.

 

Address: Room 701-702, Ghanghong Science
and Technology Building, Southern District of High-Tech Industrial Park, Nanshan District, Shenzhen, Guangdong Province, China.

 

Facsimile: 86-755-82193930

 

    	 

    	 

    

 

9.3 Any Party may at any time change its address for notices
by a notice delivered to the other Party in accordance with the terms hereof.

 

10. ASSIGNMENT

 

10.1 Without Party A's prior written consent, Party B shall
not assign itsrights and obligations under this Agreement to any third party.

 

10.2 Party B agrees that Party A may assign its obligations
and rights under this Agreement to any third party upon a prior written notice to Party B but without the consent of Party B.

 

11. SEVERABILITY

 

In the event that one or several of
the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance with any laws or
regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised
in any aspect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective
provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of
such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

 

12. AMENDMENTS AND SUPPLEMENTS

 

Any amendments and supplements to this
Agreement shall be in writing. The amendment agreements and supplementary agreements that have been signed by the Parties and that
relate to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement.

 

13. LANGUAGE AND COUNTERPARTS

 

This Agreement is written in both the
Chinese and English language in three copies, each Party having one copy with equal legal validity; in case there is any conflict
between a Chinese version and the English version, the Chinese version shall prevail.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Parties have caused their authorized
representatives to execute this Exclusive Business Cooperation Agreement as of the date first abovewritten.

 

Party A:Greenpower International Group Limited

 

	By:  	
	Name: Jiong Zhang
	Title: Legal Representative

 

Party B: Shenzhen Guoning New Energy Investment Co. LTD.

 

	By:  	 
	Name: Xiaoping Liu
	Title:  CEOExhibit 4.1

 

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

 

 

FORM OF

INDENTURE

 

Dated as of
__________, 20__

 

  

 

 

[Name of Trustee]

 

Trustee

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I.	DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.1.	Definitions.	1
	 	 	 
	Section 1.2.	Other Definitions.	4
	 	 	 
	Section 1.3.	Incorporation by Reference of Trust Indenture Act.	5
	 	 	 
	Section 1.4.	Rules of Construction.	5
	 	 	 
	ARTICLE II.	THE SECURITIES	5
	 	 	 
	Section 2.1.	Issuable in Series.	5
	 	 	 
	Section 2.2.	Establishment of Terms of Series of Securities.	6
	 	 	 
	Section 2.3.	Execution and Authentication.	8
	 	 	 
	Section 2.4.	Registrar and Paying Agent.	9
	 	 	 
	Section 2.5.	Paying Agent to Hold Money in Trust.	9
	 	 	 
	Section 2.6.	Securityholder Lists.	10
	 	 	 
	Section 2.7.	Transfer and Exchange.	10
	 	 	 
	Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities.	10
	 	 	 
	Section 2.9.	Outstanding Securities.	11
	 	 	 
	Section 2.10.	Treasury Securities.	12
	 	 	 
	Section 2.11.	Temporary Securities.	12
	 	 	 
	Section 2.12.	Cancellation.	12
	 	 	 
	Section 2.13.	Defaulted Interest.	12
	 	 	 
	Section 2.14.	Global Securities.	13
	 	 	 
	Section 2.15.	CUSIP Numbers.	14
	 	 	 
	ARTICLE III.	REDEMPTION	14
	 	 	 
	Section 3.1.	Notice to Trustee.	14
	 	 	 
	Section 3.2.	Selection of Securities to be Redeemed.	14
	 	 	 
	Section 3.3.	Notice of Redemption.	15
	 	 	 
	Section 3.4.	Effect of Notice of Redemption.	15
	 	 	 
	Section 3.5.	Deposit of Redemption Price.	16
	 	 	 
	Section 3.6.	Securities Redeemed in Part.	16

 

    	i

    	 

    

 

	ARTICLE IV.	COVENANTS	16
	 	 	 
	Section 4.1.	Payment of Principal and Interest.	16
	 	 	 
	Section 4.2.	SEC Reports.	16
	 	 	 
	Section 4.3.	Compliance Certificate.	16
	 	 	 
	Section 4.4.	Stay, Extension and Usury Laws.	17
	 	 	 
	Section 4.5.	Corporate Existence.	17
	 	 	 
	ARTICLE V.	SUCCESSORS	17
	 	 	 
	Section 5.1.	When Company May Merge, Etc.	17
	 	 	 
	Section 5.2.	Successor Corporation Substituted.	18
	 	 	 
	ARTICLE VI.	DEFAULTS AND REMEDIES	18
	 	 	 
	Section 6.1.	Events of Default.	18
	 	 	 
	Section 6.2.	Acceleration of Maturity; Rescission and Annulment.	19
	 	 	 
	Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee.	20
	 	 	 
	Section 6.4.	Trustee May File Proofs of Claim.	21
	 	 	 
	Section 6.5.	Trustee May Enforce Claims Without Possession of Securities.	21
	 	 	 
	Section 6.6.	Application of Money Collected.	21
	 	 	 
	Section 6.7.	Limitation on Suits.	22
	 	 	 
	Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest.	22
	 	 	 
	Section 6.9.	Restoration of Rights and Remedies.	23
	 	 	 
	Section 6.10.	Rights and Remedies Cumulative.	23
	 	 	 
	Section 6.11.	Delay or Omission Not Waiver.	23
	 	 	 
	Section 6.12.	Control by Holders.	23
	 	 	 
	Section 6.13.	Waiver of Past Defaults.	24
	 	 	 
	Section 6.14.	Undertaking for Costs.	24
	 	 	 
	ARTICLE VII.	TRUSTEE	24
	 	 	 
	Section 7.1.	Duties of Trustee.	24
	 	 	 
	Section 7.2.	Rights of Trustee.	26
	 	 	 
	Section 7.3.	Individual Rights of Trustee.	27
	 	 	 
	Section 7.4.	Trustee’s Disclaimer.	27
	 	 	 
	Section 7.5.	Notice of Defaults.	27

 

    	ii

    	 

    

 

	Section 7.6.	Reports by Trustee to Holders.	27
	 	 	 
	Section 7.7.	Compensation and Indemnity.	28
	 	 	 
	Section 7.8.	Replacement of Trustee.	28
	 	 	 
	Section 7.9.	Successor Trustee by Merger, Etc.	29
	 	 	 
	Section 7.10.	Eligibility; Disqualification.	29
	 	 	 
	Section 7.11.	Preferential Collection of Claims Against Company.	30
	 	 	 
	ARTICLE VIII.	SATISFACTION AND DISCHARGE; DEFEASANCE	30
	 	 	 
	Section 8.1.	Satisfaction and Discharge of Indenture.	30
	 	 	 
	Section 8.2.	Application of Trust Funds; Indemnification.	31
	 	 	 
	Section 8.3.	Legal Defeasance of Securities of any Series.	31
	 	 	 
	Section 8.4.	Covenant Defeasance.	33
	 	 	 
	Section 8.5.	Repayment to Company.	34
	 	 	 
	Section 8.6.	Reinstatement.	34
	 	 	 
	ARTICLE IX.	AMENDMENTS AND WAIVERS	35
	 	 	 
	Section 9.1.	Without Consent of Holders.	35
	 	 	 
	Section 9.2.	With Consent of Holders.	35
	 	 	 
	Section 9.3.	Limitations.	36
	 	 	 
	Section 9.4.	Compliance with Trust Indenture Act.	36
	 	 	 
	Section 9.5.	Revocation and Effect of Consents.	36
	 	 	 
	Section 9.6.	Notation on or Exchange of Securities.	37
	 	 	 
	Section 9.7.	Trustee Protected.	37
	 	 	 
	ARTICLE X.	MISCELLANEOUS	37
	 	 	 
	Section 10.1.	Trust Indenture Act Controls.	37
	 	 	 
	Section 10.2.	Notices.	37
	 	 	 
	Section 10.3.	Communication by Holders with Other Holders.	38
	 	 	 
	Section 10.4.	Certificate and Opinion as to Conditions Precedent.	39
	 	 	 
	Section 10.5.	Statements Required in Certificate or Opinion.	39
	 	 	 
	Section 10.6.	Rules by Trustee and Agents.	39
	 	 	 
	Section 10.7.	Legal Holidays.	39
	 	 	 
	Section 10.8.	No Recourse Against Others.	40
	 	 	 
	Section 10.9.	Counterparts.	40

 

    	iii

    	 

    

 

	Section 10.10.	Governing Laws.	40
	 	 	 
	Section 10.11.	No Adverse Interpretation of Other Agreements.	40
	 	 	 
	Section 10.12.	Successors.	40
	 	 	 
	Section 10.13.	Severability.	40
	 	 	 
	Section 10.14.	Table of Contents, Headings, Etc.	40
	 	 	 
	Section 10.15.	Securities in a Foreign Currency.	41
	 	 	 
	Section 10.16.	Judgment Currency.	41
	 	 	 
	Section 10.17.	Force Majeure.	42
	 	 	 
	ARTICLE XI.	SINKING FUNDS	42
	 	 	 
	Section 11.1.	Applicability of Article.	42
	 	 	 
	Section 11.2.	Satisfaction of Sinking Fund Payments with Securities.	42
	 	 	 
	Section 11.3.	Redemption of Securities for Sinking Fund.	43

 

    	iv

    	 

    

 

Overseas
Shipholding Group, Inc. 

 

Reconciliation
and tie between Trust Indenture Act of 1939 and

Indenture,
dated as of __________, 20__

 

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

  

 

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

 

    	v

    	 

    

 

Indenture dated as of __________, 20__ between
Overseas Shipholding Group, Inc., a company incorporated under the laws of Delaware (“Company”), and [___________]
(“Trustee”).

 

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

 

ARTICLE I.

DEFINITIONS AND INCORPORATION
BY REFERENCE

 

Section
1.1.          Definitions.

 

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

 

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

 

“Agent” means any
Registrar, Paying Agent or Notice Agent.

 

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

 

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

 

“Business Day” means,
unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series,
any day except a Saturday, Sunday or a legal holiday in The City of New York (or in connection with any payment, the place of payment)
on which banking institutions are authorized or required by law, regulation or executive order to close.

 

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

 

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

 

    	 

    	 

    

 

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

 

“Corporate Trust Office”
means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall
be principally administered.

 

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

 

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

 

“Discount Security” means
any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of
acceleration of the Maturity thereof pursuant to Section 6.2.

 

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

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

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

 

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

 

“Officer’s Certificate”
means a certificate signed by any Officer.

 

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

 

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

 

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

 

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

 

“SEC” means the Securities
and Exchange Commission.

 

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

 

“Series” or “Series
of Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections
2.1 and 2.2 hereof.

 

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

 

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

 

    	3

    	 

    

 

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

 

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

 

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

 

Section
1.2.          Other Definitions.

 

	TERM	 	
        DEFINED IN

        SECTION

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

  

    	4

    	 

    

 

Section
1.3.          Incorporation by Reference of Trust Indenture Act.

 

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

 

“Commission” means
the SEC.

 

“indenture securities”
mean the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

Section
1.4.          Rules of Construction.

 

Unless the context otherwise requires:

 

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

 

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

 

(c)          “or”
is not exclusive;

 

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

 

(e)          provisions
apply to successive events and transactions.

 

ARTICLE II.

THE SECURITIES

 

Section
2.1.          Issuable in Series.

 

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

 

    	5

    	 

    

 

Section
2.2.          Establishment of Terms of Series of Securities.

 

At or prior to the issuance of any Securities
within a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as
to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.22) by or pursuant
to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture hereto
or Officer’s Certificate:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	6

    	 

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	7

    	 

    

 

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

 

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

 

All Securities of any one Series need not be
issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or
pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above.

 

Section
2.3.          Execution and Authentication.

 

An Officer shall sign the Securities for the
Company by manual or facsimile signature.

 

If an Officer whose signature is on a Security
no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated
by the manual or facsimile signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that
the Security has been authenticated under this Indenture.

 

The Trustee shall at any time, and from time
to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture
hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of
its authentication.

 

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

 

Prior to the issuance of Securities of any Series,
the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities
within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate
complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.

 

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

 

    	8

    	 

    

 

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

 

Section
2.4.          Registrar and Paying Agent.

 

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

 

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

 

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

 

Section
2.5.          Paying Agent to Hold Money in Trust.

 

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

 

    	9

    	 

    

 

Section
2.6.          Securityholder Lists.

 

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

 

Section
2.7.          Transfer and Exchange.

 

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

 

Neither the Company nor the Registrar shall
be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening
of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for
redemption and ending at the close of business on the day of such mailing, or (b) to register the transfer of or exchange Securities
of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

 

Section
2.8.          Mutilated, Destroyed, Lost and Stolen Securities.

 

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

 

    	10

    	 

    

 

If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity
bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the
Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

Section
2.9.          Outstanding Securities.

 

The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions
in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this
Section as not outstanding.

 

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

 

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

 

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

 

    	11

    	 

    

 

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

 

Section
2.10.         Treasury Securities.

 

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

 

Section
2.11.         Temporary Securities.

 

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

 

Section
2.12.         Cancellation.

 

The Company at any time may deliver Securities
to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to
them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of
the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company.
The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.

 

Section
2.13.         Defaulted Interest.

 

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

 

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Section
2.14.         Global Securities.

 

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

 

2.14.2. 
   Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section
2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the
Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only
if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security
or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the
Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such
event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global
Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal
amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided in this Section 2.14.2, a
Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of
such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such a successor Depositary.

 

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

 

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

 

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

 

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

 

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

 

Section
2.15.         CUSIP Numbers.

 

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

 

ARTICLE
III.

REDEMPTION

 

Section
3.1.          Notice to Trustee.

 

The Company may, with respect to any Series
of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities
or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If
a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or
part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption
date and the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 15 days before
the redemption date.

 

Section
3.2.          Selection of Securities to be Redeemed.

 

Unless otherwise indicated for a particular
Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if less than all the Securities
of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that the Trustee
deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements,
subject, in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Trustee shall make the
selection from Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities of the Series that have denominations larger than $1,000. Securities of the Series and
portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series
issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized
integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply
to portions of Securities of that Series called for redemption.

 

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Section
3.3.          Notice of Redemption.

 

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

 

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

 

(a)          the
redemption date;

 

(b)          the
redemption price;

 

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

 

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

 

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

 

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

 

(g)          the
CUSIP number, if any; and

 

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

 

At the Company’s request, the Trustee
shall give the notice of redemption in the Company’s name and at its expense, provided, however, that the Company has delivered
to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice.

 

Section
3.4.          Effect of Notice of Redemption.

 

Once notice of redemption is mailed as provided
in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption
price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series,
a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption
price plus accrued interest to the redemption date.

 

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Section
3.5.          Deposit of Redemption Price.

 

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

 

Section
3.6.          Securities Redeemed in Part.

 

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

 

ARTICLE
IV.

COVENANTS

 

Section
4.1.          Payment of Principal and Interest.

 

The Company covenants and agrees for the benefit
of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the
Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York
City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal
of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.

 

Section
4.2.          SEC Reports.

 

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

 

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

 

Section
4.3.          Compliance Certificate.

 

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

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The Company will, so long as any of the Securities
are outstanding, deliver to the Trustee, promptly upon becoming aware of any Default or Event of Default, an Officer’s Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

Section
4.4.          Stay, Extension and Usury Laws.

 

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

 

Section
4.5.          Corporate Existence.

 

Subject to Article V, the Company will do or
cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and rights (charter
and statutory); provided, however, that the Company shall not be required to preserve any such right if the Board
of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

ARTICLE
V.

SUCCESSORS

 

Section
5.1.          When Company May Merge, Etc.

 

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

 

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

 

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

 

    	17

    	 

    

 

 

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

 

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

 

Section
5.2.          Successor Corporation Substituted.

 

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

 

ARTICLE
VI.

DEFAULTS AND REMEDIES

 

Section
6.1.          Events of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution,
supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event
of Default:

 

(a)          default
in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default
for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying
Agent prior to 11:00 a.m., New York City time, on the 30th day of such period); or

 

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

 

(c)          default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs
(a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of Series
of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

 

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

 

(i)          commences
a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)        orders
the liquidation of the Company, and the order or decree remains unstayed and in effect for 60 days; or

 

(f)          any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.

 

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

 

Section
6.2.          Acceleration of Maturity; Rescission and Annulment.

 

If an Event of Default with respect to Securities
of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or
(e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities
of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of
the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of
the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any,
shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

    	19

    	 

    

 

 

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

 

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

 

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

 

The Company covenants that if

 

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

 

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

 

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

 

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

 

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

 

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

 

    	20

    	 

    

 

Section
6.4.          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 of principal and interest owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceeding, and

 

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

 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.7.

 

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

 

Section
6.5.          Trustee May Enforce Claims Without Possession of Securities.

 

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

 

Section
6.6.          Application of Money Collected.

 

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

 

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

 

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

 

Third: To the Company.

 

Section
6.7.          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 written request to
the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

Section
6.8.          Unconditional Right of Holders to Receive Principal and
Interest.

 

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

 

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Section
6.9.          Restoration of Rights and Remedies.

 

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

 

Section
6.10.         Rights and Remedies Cumulative.

 

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

 

Section
6.11.         Delay or Omission Not Waiver.

 

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

 

Section
6.12.         Control by Holders.

 

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

 

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

 

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

 

(c)          subject
to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal
liability, and

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

 

Section
6.13.         Waiver of Past Defaults.

 

The Holders of not less than a majority in principal
amount of the outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series waive any
past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or
interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of
the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default
that resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent
or other Default or impair any right consequent thereon.

 

Section
6.14.         Undertaking for Costs.

 

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

 

ARTICLE
VII.

TRUSTEE

 

Section
7.1.          Duties of Trustee.

 

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

 

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

 

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(i)          The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.

 

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

 

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

 

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

 

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

 

(iii)        The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities
of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding
Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series
in accordance with Section 6.12.

 

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

 

(e)          The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.

 

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

 

(g)          No
provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured
to the Trustee in its satisfaction.

 

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

 

Section
7.2.          Rights of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)          The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit.

 

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

 

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

 

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

 

Section
7.3.          Individual Rights of Trustee.

 

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

 

Section
7.4.          Trustee’s Disclaimer.

 

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

 

Section
7.5.          Notice of Defaults.

 

If a Default or Event of Default occurs and
is continuing with respect to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee
shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after
it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in
the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may
withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of Securityholders of that Series.

 

Section
7.6.          Reports by Trustee to Holders.

 

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

 

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

 

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Section
7.7.       Compensation and Indemnity.

 

The Company shall pay to the Trustee from time
to time compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the
Trustee upon request for all reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation
and expenses of the Trustee’s agents and counsel.

 

The Company shall indemnify each of the Trustee
and any predecessor Trustee (including the cost of defending itself) against any cost, expense or liability, including taxes (other
than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph
in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any
claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations
hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the
Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees
and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably
withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.

 

The Company need not reimburse any expense or
indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of
the Trustee through willful misconduct or negligence.

 

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

 

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

 

The provisions of this Section shall survive
the termination of this Indenture.

 

Section
7.8.       Replacement of Trustee.

 

A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section.

 

The Trustee may resign with respect to the Securities
of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of
a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying
the Trustee and the Company. The Company may remove the Trustee with respect to Securities of one or more Series if:

 

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

 

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

 

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

 

(d)       the
Trustee becomes incapable of acting.

 

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

 

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

 

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

 

Section
7.9.       Successor Trustee by Merger, Etc.

 

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

 

Section
7.10.       Eligibility; Disqualification.

 

This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus
of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA
§ 310(b).

 

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Section
7.11.       Preferential Collection of Claims Against Company.

 

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

 

ARTICLE
VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section
8.1.       Satisfaction and Discharge of Indenture.

 

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

 

(a)
        either

 

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

 

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

 

(1)
      have become due and payable, or

 

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

 

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

 

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

 

and the Company, in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and
discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal
and interest to the date of such deposit (in the case of Securities which have become due and payable on or prior to the date of
such deposit) or to the Stated Maturity or redemption date, as the case may be;

 

(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 Officer’s 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.

 

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

 

Section
8.2.       Application of Trust Funds; Indemnification.

 

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

 

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

 

(c)       The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale
by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section
8.3.       Legal Defeasance of Securities of any Series.

 

Unless this Section 8.3 is otherwise specified,
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this
Indenture, to be inapplicable to a particular Series of Securities, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in
subparagraph (d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall
no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments
acknowledging the same), except as to:

 

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

 

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

 

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

 

provided that, the following conditions shall have been satisfied:

 

(d)       the
Company shall have deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds in trust for the purpose of making the following payments, specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion
of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking
fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such
sinking fund payments are due;

 

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

 

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

 

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

 

    	32

    	 

    

 

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

 

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

 

Section
8.4.       Covenant Defeasance.

 

Unless this Section 8.4 is otherwise specified,
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this
Indenture with respect to a particular Series of Securities, to be inapplicable to such Series of Securities, the Company may omit
to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3,
4.4, 4.5, and 5.1 as well as any additional covenants specified in a Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities (and the failure
to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section
6.1) and the occurrence of any event specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate
delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder,
with respect to the Securities of such Series, provided that the following conditions shall have been satisfied:

 

(a)       With
reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated
in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment
of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount
in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments
of interest or principal and such sinking fund payments are due;

 

    	33

    	 

    

 

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

 

(c)       No
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of
such deposit;

 

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

 

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

 

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

 

Section
8.5.       Repayment to Company.

 

Subject to applicable abandoned property law,
the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal and
interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment
as general creditors unless an applicable abandoned property law designates another person.

 

Section
8.6.       Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money deposited with respect to Securities of any Series in accordance with Section 8.1 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the obligations of the Company under this Indenture with respect to the Securities of such Series and under the Securities
of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the
Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however,
that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities
to receive such payment from the money held by the Trustee or Paying Agent.

 

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ARTICLE IX.

AMENDMENTS AND WAIVERS

 

Section
9.1.       Without Consent of Holders.

 

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

 

(a)       to
cure any ambiguity, defect or inconsistency;

 

(b)       to
comply with Article V;

 

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

 

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

 

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

 

(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; or

 

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

 

Section
9.2.       With Consent of Holders.

 

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

 

It shall not be necessary for the consent of
the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or
waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under
this Section becomes effective, the Company shall mail to the Holders of Securities affected thereby, a notice briefly describing
the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver.

 

    	35

    	 

    

 

Section
9.3.       Limitations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
9.4.       Compliance with Trust Indenture Act.

 

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

 

Section
9.5.       Revocation and Effect of Consents.

 

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

 

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

 

Section
9.6.       Notation on or Exchange of Securities.

 

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

 

Section
9.7.       Trustee Protected.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s
Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee shall sign all supplemental indentures upon
delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights.

 

ARTICLE X.

MISCELLANEOUS

 

Section
10.1.       Trust Indenture Act Controls.

 

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

 

Section
10.2.       Notices.

 

Any notice or communication by the Company or
the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in writing and delivered in person or
mailed by first-class mail:

 

if to the Company:

 

Overseas Shipholding Group, Inc.

666 Third Avenue

New York, New York 10017

Attention: Chief Financial Officer

Telephone: (212) 953-4100

 

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with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Frank J. Lopez, Esq.

Telephone: (212) 969-3000

 

if to the Trustee:

 

[_______]

Attention: [_______]

Telephone: [_______]

 

with a copy to:

 

[_______]

Attention: [_______]

Telephone: [_______]

 

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

 

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

 

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

 

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

 

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

 

Section
10.3.       Communication by Holders with Other Holders.

 

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

 

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Section
10.4.       Certificate and Opinion as to Conditions Precedent.

 

Upon any request or application by the Company
to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee pursuant to TIA § 314(c):

 

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

 

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

 

Section
10.5.       Statements Required in Certificate or Opinion.

 

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

 

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

 

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

 

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

 

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

 

Section
10.6.       Rules by Trustee and Agents.

 

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

 

Section
10.7.       Legal Holidays.

 

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

 

    	39

    	 

    

 

Section
10.8.       No Recourse Against Others.

 

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

 

Section
10.9.       Counterparts.

 

This Indenture may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

Section
10.10.       Governing Laws.

 

THIS INDENTURE AND THE SECURITIES, INCLUDING
ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF
THE STATE OF NEW YORK

 

Section
10.11.       No Adverse Interpretation of Other Agreements.

 

This Indenture may not be used to interpret
another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

 

Section
10.12.       Successors.

 

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

 

Section
10.13.       Severability.

 

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

 

Section
10.14.       Table of Contents, Headings, Etc.

 

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

 

    	40

    	 

    

 

Section
10.15.       Securities in a Foreign Currency.

 

Unless otherwise specified in a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect
to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified
percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time
outstanding and, at such time, there are outstanding Securities of any Series which are denominated more than one currency, then
the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action
shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series
of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate
delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be
at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates”
section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times,
such source as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall
apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.

 

All decisions and determinations provided for
in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes
and irrevocably binding upon the Trustee and all Holders.

 

Section
10.16.       Judgment Currency.

 

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

 

    	41

    	 

    

 

Section
10.17.       Force Majeure.

 

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

 

ARTICLE XI.

SINKING FUNDS

 

Section
11.1.       Applicability of Article.

 

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

 

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

 

Section
11.2.       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 any Series to be made pursuant to the terms of such Securities
(1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such
Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which
such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the
Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that
such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s
Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as
a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of
Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such
cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver
to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

 

    	42

    	 

    

 

Section
11.3.       Redemption of Securities for Sinking Fund.

 

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

 

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

 

	OVERSEAS SHIPHOLDING GROUP, INC.
	 	 
	By:	 
	 	Name:
	 	Its:
	 	 
	[_______], as Trustee
	 	 
	By:	 
	 	Name:
	 	Its:
	 	 

    	43

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