Document:

EX-4.2

 Exhibit 4.2 

SERES THERAPEUTICS, INC. 
  

 
 INDENTURE

 Dated as of
                    , 20     
  

 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION 
 Trustee 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
		  	Section 1.1.	  	Definitions.	  	 	1	 
		  	Section 1.2.	  	Other Definitions.	  	 	4	 
		  	Section 1.3.	  	Incorporation by Reference of Trust Indenture Act.	  	 	5	 
		  	Section 1.4.	  	Rules of Construction.	  	 	5	 
		
	ARTICLE II. THE SECURITIES	  	 	5	 
		  	Section 2.1.	  	Issuable in Series.	  	 	5	 
		  	Section 2.2.	  	Establishment of Terms of Series of Securities.	  	 	6	 
		  	Section 2.3.	  	Execution and Authentication.	  	 	8	 
		  	Section 2.4.	  	Registrar and Paying Agent.	  	 	9	 
		  	Section 2.5.	  	Paying Agent to Hold Money in Trust.	  	 	10	 
		  	Section 2.6.	  	Securityholder Lists.	  	 	10	 
		  	Section 2.7.	  	Transfer and Exchange.	  	 	10	 
		  	Section 2.8.	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	 	11	 
		  	Section 2.9.	  	Outstanding Securities.	  	 	12	 
		  	Section 2.10.	  	Treasury Securities.	  	 	12	 
		  	Section 2.11.	  	Temporary Securities.	  	 	12	 
		  	Section 2.12.	  	Cancellation.	  	 	13	 
		  	Section 2.13.	  	Defaulted Interest.	  	 	13	 
		  	Section 2.14.	  	Global Securities.	  	 	13	 
		  	Section 2.15.	  	CUSIP Numbers.	  	 	15	 
		  	Section 2.16.	  	Trustee Not Responsible for Securities Laws.	  	 	15	 
		
	ARTICLE III. REDEMPTION	  	 	15	 
		  	Section 3.1.	  	Notice to Trustee.	  	 	15	 
		  	Section 3.2.	  	Selection of Securities to be Redeemed.	  	 	15	 
		  	Section 3.3.	  	Notice of Redemption.	  	 	16	 
		  	Section 3.4.	  	Effect of Notice of Redemption.	  	 	17	 
		  	Section 3.5.	  	Deposit of Redemption Price.	  	 	17	 
		  	Section 3.6.	  	Securities Redeemed in Part.	  	 	17	 
		
	ARTICLE IV. COVENANTS	  	 	17	 
		  	Section 4.1.	  	Payment of Principal and Interest.	  	 	17	 
		  	Section 4.2.	  	SEC Reports.	  	 	17	 
		  	Section 4.3.	  	Compliance Certificate.	  	 	18	 
		  	Section 4.4.	  	Stay, Extension and Usury Laws.	  	 	18	 
		
	ARTICLE V. SUCCESSORS	  	 	18	 
		  	Section 5.1.	  	When Company May Merge, Etc.	  	 	18	 
		  	Section 5.2.	  	Successor Corporation Substituted.	  	 	19	 

  
 i 

									
		
	ARTICLE VI. DEFAULTS AND REMEDIES	  	 	19	 
		  	Section 6.1.	  	Events of Default.	  	 	19	 
		  	Section 6.2.	  	Acceleration of Maturity; Rescission and Annulment.	  	 	20	 
		  	Section 6.3.	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	21	 
		  	Section 6.4.	  	Trustee May File Proofs of Claim.	  	 	22	 
		  	Section 6.5.	  	Trustee May Enforce Claims Without Possession of Securities.	  	 	22	 
		  	Section 6.6.	  	Application of Money Collected.	  	 	23	 
		  	Section 6.7.	  	Limitation on Suits.	  	 	23	 
		  	Section 6.8.	  	Unconditional Right of Holders to Receive Principal and Interest.	  	 	24	 
		  	Section 6.9.	  	Restoration of Rights and Remedies.	  	 	24	 
		  	Section 6.10.	  	Rights and Remedies Cumulative.	  	 	24	 
		  	Section 6.11.	  	Delay or Omission Not Waiver.	  	 	24	 
		  	Section 6.12.	  	Control by Holders.	  	 	24	 
		  	Section 6.13.	  	Waiver of Past Defaults.	  	 	25	 
		  	Section 6.14.	  	Undertaking for Costs.	  	 	25	 
		
	ARTICLE VII. TRUSTEE	  	 	26	 
		  	Section 7.1.	  	Duties of Trustee.	  	 	26	 
		  	Section 7.2.	  	Rights of Trustee.	  	 	27	 
		  	Section 7.3.	  	Individual Rights of Trustee.	  	 	28	 
		  	Section 7.4.	  	Trustee’s Disclaimer.	  	 	29	 
		  	Section 7.5.	  	Notice of Defaults.	  	 	29	 
		  	Section 7.6.	  	Reports by Trustee to Holders.	  	 	29	 
		  	Section 7.7.	  	Compensation and Indemnity.	  	 	29	 
		  	Section 7.8.	  	Replacement of Trustee.	  	 	30	 
		  	Section 7.9.	  	Successor Trustee by Merger, Etc.	  	 	31	 
		  	Section 7.10.	  	Eligibility; Disqualification.	  	 	31	 
		  	Section 7.11.	  	Preferential Collection of Claims Against Company.	  	 	31	 
		
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	  	 	31	 
		  	Section 8.1.	  	Satisfaction and Discharge of Indenture.	  	 	31	 
		  	Section 8.2.	  	Application of Trust Funds; Indemnification.	  	 	33	 
		  	Section 8.3.	  	Legal Defeasance of Securities of any Series.	  	 	33	 
		  	Section 8.4.	  	Covenant Defeasance.	  	 	35	 
		  	Section 8.5.	  	Repayment to Company.	  	 	36	 
		  	Section 8.6.	  	Reinstatement.	  	 	36	 
		
	ARTICLE IX. AMENDMENTS AND WAIVERS	  	 	36	 
		  	Section 9.1.	  	Without Consent of Holders.	  	 	36	 
		  	Section 9.2.	  	With Consent of Holders.	  	 	37	 
		  	Section 9.3.	  	Limitations.	  	 	38	 
		  	Section 9.4.	  	Compliance with Trust Indenture Act.	  	 	38	 
		  	Section 9.5.	  	Revocation and Effect of Consents.	  	 	38	 
		  	Section 9.6.	  	Notation on or Exchange of Securities.	  	 	39	 
		  	Section 9.7.	  	Trustee Protected.	  	 	39	 

  
 ii 

									
		
	ARTICLE X. MISCELLANEOUS	  	 	39	 
		  	Section 10.1.	  	Trust Indenture Act Controls.	  	 	39	 
		  	Section 10.2.	  	Notices.	  	 	40	 
		  	Section 10.3.	  	Communication by Holders with Other Holders.	  	 	41	 
		  	Section 10.4.	  	Certificate and Opinion as to Conditions Precedent.	  	 	41	 
		  	Section 10.5.	  	Statements Required in Certificate or Opinion.	  	 	41	 
		  	Section 10.6.	  	Rules by Trustee and Agents.	  	 	42	 
		  	Section 10.7.	  	Legal Holidays.	  	 	42	 
		  	Section 10.8.	  	No Recourse Against Others.	  	 	42	 
		  	Section 10.9.	  	Counterparts.	  	 	42	 
		  	Section 10.10.	  	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.	  	 	42	 
		  	Section 10.11.	  	No Adverse Interpretation of Other Agreements.	  	 	43	 
		  	Section 10.12.	  	Successors.	  	 	43	 
		  	Section 10.13.	  	Severability.	  	 	43	 
		  	Section 10.14.	  	Table of Contents, Headings, Etc.	  	 	43	 
		  	Section 10.15.	  	Securities in a Foreign Currency.	  	 	43	 
		  	Section 10.16.	  	Judgment Currency.	  	 	44	 
		  	Section 10.17.	  	Force Majeure.	  	 	44	 
		  	Section 10.18.	  	U.S.A. Patriot Act.	  	 	45	 
		
	ARTICLE XI. SINKING FUNDS	  	 	45	 
		  	Section 11.1.	  	Applicability of Article.	  	 	45	 
		  	Section 11.2.	  	Satisfaction of Sinking Fund Payments with Securities.	  	 	45	 
		  	Section 11.3.	  	Redemption of Securities for Sinking Fund.	  	 	46	 

  
 iii 

 SERES THERAPEUTICS, 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. 

  
 iv 

 Indenture dated as of
                    , 20     between Seres Therapeutics, Inc., a company incorporated under the laws of Delaware
(“Company”), and Wilmington Trust, National Association (“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 any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection
with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of
corporate stock. 
 “Company” means the party named as such above until a successor replaces it and thereafter means the
successor. 
 “Company Order” means a written order signed in the name of the Company by an Officer. 

 “Corporate Trust Office” means the 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 (whether or not designated by any number or numbers or word or words added before or after the title “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. The opinion may contain customary limitations, conditions and exceptions. 

“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, when used with respect to the Trustee, any officer of the Trustee in its Corporate Trust Office
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 and, in each case, who shall have
direct responsibility for the administration of this Indenture. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 
 “Series” or “Series of Securities” means each series of debentures, notes or
other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” when used with
respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

  
 3 

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

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

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

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 
 Section 1.2. 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      	 
	“Specified Courts”	  	 	10.10      	 
	“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” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

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

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

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 
 Section 1.4. 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. 

  
 5 

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

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 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1. the title (which shall distinguish the Securities of
that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2. the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be
issued; 
 2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

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

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

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

  
 6 

 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; 
 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; 

  
 7 

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

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

2.2.23. whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the
terms of subordination, if any, of such guarantees. 
 All Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

Section 2.3. 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 signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8. 

  
 8 

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

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; provided, however, that any appointment of the Trustee as the
Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 

The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from
time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so
specified pursuant to Section 2.2 for Securities of any Series for such purposes. 

  
 9 

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

  
 10 

 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of
business on the day such notice is sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or
being called for redemption in part. 
 Section 2.8. 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. 

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

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

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

  
 11 

 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 (but see Section 2.10 below). 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 
 Section 2.10. 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 date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 

  
 12 

 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 send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful
manner. 
 Section 2.14. 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. 

  
 13 

 2.14.3. Legends. Any Global Security issued hereunder shall bear a legend in
substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as the Depository Trust Company
(“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 

“UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 2.14.4. Acts of Holders. The Depositary, as a
Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

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

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

  
 14 

 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. 

Section 2.16. Trustee Not Responsible for Securities Laws. 

Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining whether
any transfer complies with the registration provisions of or exemptions from the Securities Act of 1933, as amended, applicable state securities laws, or other applicable laws. 

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, the redemption price, 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, unless a shorter period is satisfactory to the Trustee. 

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

  
 15 

 
selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10,
the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for
redemption. 
 Section 3.3. 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 send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed. 
 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. 

  
 16 

 Section 3.4. Effect of Notice of Redemption. 

Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 
 Section 3.5. 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 the
same 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). 

  
 17 

 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). 
 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. 
 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. 
 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. 

  
 18 

 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 

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

(i) commences a voluntary case, 

  
 19 

 (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 2.2.18. 
 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. 
 The Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware
of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2. 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. 

  
 20 

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

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

  
 21 

 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 compensation, reasonable expenses, disbursements and advances
of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 

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

Section 6.5. 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 compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered.

  
 22 

 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:

 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. 

  
 23 

 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. 
 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 

  
 24 

 (a) such direction shall not be in conflict with any rule of law or with
this Indenture, 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, 
 (c) subject to the provisions of Section 7.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

(d) prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity
satisfactory to it against the 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, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of
such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon. 
 Section 6.14. 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). 

  
 25 

 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: 

(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 this Section and Section 7.2. 

  
 26 

 (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. 

(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as
are set forth in 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. 

  
 27 

 (g) The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 
 (h) The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture. 

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

(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. 
 (k) The Trustee is not responsible for monitoring the performance of other persons or
for the failure of others to perform their duties. 
 (l) Any action taken, or omitted to be taken, by the Trustee in
good faith pursuant to this Indenture upon the request or authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders
of Notes and upon Notes executed and delivered in exchange therefor or in place thereof. 
 (m) The Trustee may request
that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by
any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(n) The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers
under this Indenture. 
 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. 

  
 28 

 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 send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as 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 each [        ] commencing
[                    ], [    ], the Trustee shall transmit by mail to all Securityholders, as their names and
addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313. 

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

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 and hold harmless each of the Trustee and any predecessor Trustee (including for the cost of defending itself or enforcing this indemnity) 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 as Trustee or Agent under this Indenture 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 third-party 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

  
 29 

 
Company is materially prejudiced thereby. The Company shall defend any third-party claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel (plus local
counsel, if applicable) 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 resignation or removal of the Trustee and 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: 

(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.

  
 30 

 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, and the Company shall bear all costs associated with such petition. 
 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). 

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 be discharged with respect to the Securities of any Series and cease to be of further effect as to all
Securities of such Series (except 

  
 31 

 
as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when 

(a) either 

(i) all Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost
or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 
 (ii) all such
Securities of such Series not theretofore delivered to the Trustee for cancellation 
 (1) have become due and payable by
reason of sending a notice of redemption or otherwise, or 
 (2) will become due and payable at their Stated Maturity within
one year, or 
 (3) have been called for redemption or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

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

and the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of principal or interest are due; 
 (b) the Company has paid
or caused to be paid all other sums payable hereunder by the Company; and 
 (c) the Company shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with. 

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

  
 32 

 Section 8.2. Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.1, 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations
other than any payable by or on behalf of Holders. 
 (c) The Trustee shall deliver or pay to the Company from time to
time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or
investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign
Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.3. Legal Defeasance of Securities of any Series. 

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

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

  
 33 

 (b) the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and
8.6; and 
 (c) the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in
connection therewith; 
 provided that, the following conditions shall have been satisfied: 

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

(e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default or Event of Default
with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

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

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

  
 34 

 (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 pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect
to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated
as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied: 
 (a) with reference to this Section 8.4, the
Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series
denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified
public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of principal or interest are due; 
 (b) such deposit will not
result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(c) no Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on
the date of such deposit; 
 (d) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that (i) the company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of 

  
 35 

 
execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm, subject
to customary exclusions, that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, covenant defeasance and discharge and will be subject to Federal income
tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, covenant defeasance and discharge had not occurred; 

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

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

Section 8.5. 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 or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders. 

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; 

  
 36 

 (b) to comply with Article V; 

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

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

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

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

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

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

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

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

  
 37 

 
indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver.
Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.3. 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.

  
 38 

 
However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the
supplemental indenture or the date the waiver becomes effective. 
 Any amendment or waiver once effective shall bind every Securityholder
of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to
it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or
take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or not such Persons continue to be Holders after such record date. No such
consent shall be valid or effective for more than 120 days after such record date. 
 Section 9.6. Notation on or Exchange of
Securities. 
 The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series
thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment
or waiver. 
 Section 9.7. 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, duties, liabilities or immunities under this Indenture. 
 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. 

  
 39 

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

Seres Therapeutics, Inc. 
 200
Sidney Street 
 Cambridge, Massachusetts 02139 

Attention: Thomas DesRosier, Chief Legal Officer 

Telephone: 617-945-9626 
 with a copy to: 

Latham & Watkins LLP 

200 Clarendon Street, 27th Floor 

Boston, Massachusetts 02116 

Attention: Peter N. Handrinos 

Telephone: 617-948-6000 
 if to the Trustee:

 Wilmington Trust, N.A. 

Global Capital Markets 
 50
South Sixth Street, Suite 1290 
 Minneapolis, Minnesota 55402 

Attention: Seres Therapeutics Administrator 

Telephone: (612) 217-5651 

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 sent electronically or by first-class mail to his, her or its address shown on
the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series. 
 If a notice or communication is sent or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company sends a notice or communication to
Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 

  
 40 

 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). 

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: 
 (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.

  
 41 

 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. 

A “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment
may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 

Section 10.8. 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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes. 
 Section 10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

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

 Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the “Specified Courts”), and each
party 

  
 42 

 
irrevocably submits to the non exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed
under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders (by their
acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or
claim any such suit, action or other proceeding has been brought in an inconvenient forum. 
 Section 10.11. 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. 

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 in more than one currency, then the principal amount of Securities of such Series which
shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the
purchase of the designated currency 

  
 43 

 
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. 
 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. 

  
 44 

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

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

SINKING FUNDS 
 Section 11.1.
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 

  
 45 

 
and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash
payment required to be released to the Company. 
 Section 11.3. 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 Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

  
 46 

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

			
	SERES THERAPEUTICS, INC.
		
	By:	 	 
		 	Name:
		 	Its:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:
		 	Its:Exhibit 10.1

 

Christopher R. Gruseke Employment Agreement

 

This Employment Agreement (the “Agreement”)
is made and entered into as of June 1, 2016, by and among Christopher Gruseke (the “Executive”) on the one side,
and Bankwell Financial Group, Inc. a Connecticut bank holding company (the “Company”) and its wholly-owned bank
subsidiary, Bankwell Bank (the “Bank”). Unless a distinction is appropriate, the term “Company” in this
Agreement shall include the Bank.

 

WHEREAS, the Executive presently serves as President
and Chief Executive Officer of the Company and Chief Executive Officer of the Bank, pursuant to an Employment Agreement dated February
25, 2015 (the “Old Agreement”).

 

WHEREAS, the Company and Executive wish to replace
the Old Agreement with this Agreement, providing modified terms. This Agreement shall replace and supersede the Old Agreement in
its entirety; and

 

WHEREAS, the Executive desires to be employed
by the Company on such terms and conditions and the Company desires to employ Executive on such terms and conditions.

 

NOW, THEREFORE, in consideration of the mutual
covenants, promises and obligations set forth herein, the parties agree as follows:

 

1.           Term.
The Bank and the Company hereby agree to continue to employ the Executive to serve as the Chief Executive Officer of the Bank and
the Company.  The Executive hereby accepts said employment and agrees to render such administrative and management services
to the Bank and the Company as set forth herein. The Executive’s employment hereunder shall be effective as of the date first written
above (the “Effective Date”) and shall continue until January 5, 2019, unless terminated earlier pursuant to Section
5 of this Agreement or extended in accordance with this Section.

 

Commencing on January 5, 2017, and continuing
on each anniversary thereof, the term of this Agreement shall be extended for one year until such time as the disinterested members
of the Board of Directors of the Company (the “Board”) or the Executive elects not to extend the term of the Agreement
by giving written notice to the other party at least ninety (90) days in advance of January 5, 2017, or any anniversary thereof,
as applicable.

 

The Board will review the Agreement and Executive’s
performance annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be
included in the minutes of the Board’s meeting. The Board shall give notice to the Executive as soon as practicable after such
review as to whether the Agreement is to be extended. The period during which the Executive is employed by the Company hereunder
is hereinafter referred to as the “Employment Term.” The Board shall conduct periodic reviews of the Executive’s
performance at least annually and prior to the 90-day written notice which is required to be provided to the Executive of non-renewal
and may increase, but not decrease, the Executive’s salary, benefits and other compensation hereunder.

 

    	 	 	 

     

    

 

2.            Position
and Duties.

 

2.1.         Position.
During the Employment Term the Executive shall serve as President and Chief Executive Officer of the Company and the Bank and shall
report to the Board of Directors of the Company and the Bank. In such positions, the Executive shall have such duties, authority
and responsibility as shall be determined from time to time by the Board of Directors of the Company and the Bank, which duties,
authority and responsibility are consistent with the Executive’s position. The Executive shall be nominated to serve on the Board
of Directors of the Company during the Employment Term and shall be appointed to and shall serve on the Board of Directors of the
Bank, in all cases in an uncompensated capacity. In addition, if requested, the Executive will also serve as an officer or director
of any other affiliate of the Company for no additional compensation.

 

2.2.         Duties.
During the Employment Term, the Executive shall devote substantially all of his business time and attention (other than during
weekends, holidays, vacation periods, and periods of illness or leaves of absence) to the performance of the Executive’s duties
hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict
or interfere with the performance of such services either directly or indirectly without the prior written consent of the Board.
Notwithstanding the foregoing, the Executive will be permitted to:

 

(a)          with
the prior written consent of the Company’s Chairman of the Compensation Committee, act or serve as a director, trustee, committee
member or advisor of any type of business, civic or charitable organization, and

 

(b)          purchase
or own less than five percent (5%) of the securities or ownership interests of any corporation, partnership or limited liability
company; provided that, such ownership represents a passive investment and that the Executive is not a controlling person of, or
a member of a group that controls, such corporation, partnership or limited liability company; provided further that, the activities
described in clauses (a) and (b) do not interfere with the performance of the Executive’s duties and responsibilities to the Company
as provided hereunder.

 

3.            Place
of Performance. The principal place of the Executive’s employment shall be the Company’s executive office currently located
in New Canaan, Connecticut; provided that, the Executive will be required to travel on Company business during the Employment Term.
The Company shall provide the executive at his principal place of employment with a private office, secretarial services and other
support services and facilities suitable to his positions with the Company and the Bank and necessary or appropriate in connection
with the performance of his assigned duties under this Agreement.

 

4.            Compensation.

 

4.1.         Base
Salary. The Company shall pay the Executive an annual rate of base salary of $550,000 (effective June 1, 2016) in periodic
instalments in accordance with the Company’s customary payroll practices, but no less frequently than monthly. The Executive’s
annual base salary may be increased from time to time by the Board of Directors or a committee thereof, but may not be decreased
without the Executive’s written consent. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred
to as “Base Salary”.

 

4.2.         Annual
Bonus.  The Executive will be included in the Company’s Executive Incentive Plan (“EIP”) for the years
2016 and beyond (the “Annual Bonus”). The EIP currently

 

    	 	2	 

     

    

 

has a target opportunity of 40% of base salary
for the CEO. The Compensation Committee will determine the final form of the EIP and awards under it, but currently expects to
review the EIP for appropriate revisions with consideration given, as applicable, to asset growth, successful capital management,
merger and acquisition accomplishments and the like. The target and maximum incentive opportunities for the Executive and others
in the EIP will be reviewed and adjusted based on consultant recommendations, input from the Executive and final review and determination
by the Compensation Committee.

 

4.3.         Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly
situated executives of the Company.

 

4.4.         Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices
and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent
with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any
Employee Benefit Plan at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

4.5.         Vacation.
During the Employment Term, the Executive shall be entitled to twenty (20) paid vacation days per calendar year (pro-rated for
partial years) in accordance with the Company’s vacation policies, as in effect from time to time.

 

4.6.         Business
Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment
and travel expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder in accordance
with an expense reimbursement policy and procedures approved by the Compensation Committee and the Chief Financial Officer.

 

4.7.         Indemnification.

 

(a)          In
the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by the Executive
or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to
this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was a director or officer
of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member,
employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, the Executive shall be indemnified
and held harmless by the Company to the fullest extent permitted by applicable law from and against any liabilities, costs, claims
and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys’ fees).

 

(b)          During
the Employment Term and for a period of six (6) years thereafter, the Company or any successor to the Company shall purchase and
maintain, at its own expense, directors’ and officers’ liability insurance providing coverage to the Executive on terms that are
no less favorable than the coverage provided to other directors and senior officers of the Company.

 

    	 	3	 

     

    

 

4.8.         Clawback
Provisions. Notwithstanding any other provision in this Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which
is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions
and clawback as shall be required to be made pursuant to such law, government regulation or stock exchange listing requirement
(or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

 

4.9.         Required
Regulatory Provisions. Notwithstanding anything herein contained to the contrary, any payments to the Executive by the Company,
whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the
Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359.

 

5.            Termination
of Employment. Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to
the compensation and benefits described in this Section 5 and shall have no further rights pursuant to this Agreement to
any compensation or any other benefits from the Company, the Bank or any of their affiliates.

 

5.1.         Expiration
of the Term, Termination for Cause or Without Good Reason.

 

(a)          The
Executive’s employment hereunder may be terminated upon the expiration of the Employment Term without extension or during the Employment
Term by the Company for Cause or by the Executive without Good Reason. If the Executive’s employment is so terminated, the Executive
shall be entitled to receive:

 

		(i)	any accrued but unpaid Base Salary and accrued but unused
vacation pay which shall be paid on the pay date immediately following the Termination Date (as defined in Section 5.6
below) in accordance with the Company’s customary payroll procedures;

 

		(ii)	any earned but unpaid Annual Bonus with respect to any
completed calendar year immediately preceding the Termination Date, which shall be paid on the otherwise applicable payment date,
except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement;

 

		(iii)	reimbursement for unreimbursed business expenses properly
incurred by the Executive, which shall be subject to and paid in accordance with the Company’s expense reimbursement policy;
and

 

		(iv)	such employee benefits (including equity compensation),
if any, as to which the Executive may be entitled under the Company’s employee benefit plans or Equity Awards as of the
Termination Date.

 

Items 5.1(a)(i) through 5.1(a)(iv) are referred to herein collectively
as the “Accrued Amounts”.

 

    	 	4	 

     

    

 

(b)          For
purposes of this Agreement, “Cause” shall mean:1

 

		(i)	the Executive’s conviction of any crime involving
fraud, embezzlement, theft or dishonesty, moral turpitude or any similar issue that in the reasonable opinion of the Board of
Directors of the Company would materially and negatively impact the reputation of the Company, the Bank or any of their affiliates
or the Executive’s ability to perform his duties;

 

		(ii)	serious willful misconduct by the Executive, including
a material violation of a material provision of the Company’s Code of Conduct or the Executive’s material personal
dishonesty in connection with the business or customers of the Company or the material breach of fiduciary duty to the Company,
the Bank or their customers for personal profit;

 

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

 

		(iv)	any willful failure by the Executive to follow a reasonable
and lawful directive of the Boards of Directors of the Company as described in Section 2.1(b) above, other than any failure resulting
from the Executive’s incapacity due to physical or mental injury or illness;

 

		(v)	any willful failure to keep confidential material information
of the Company, Bank or their affiliates confidential (except as necessary to the performance of his duties in his reasonable
discretion);

 

		(vi)	the Executive’s arrest for any crime involving fraud,
embezzlement, theft or dishonesty that in the sole opinion of two-thirds or more of the full membership of the Board of Directors
of the Company excluding the Executive has caused a material negative impact the reputation of the Company or the Bank or prevents
the Executive from substantially performing his duties hereunder; or

 

		(vii)	if the regulatory authorities of the Company or the Bank
issue an order removing the Executive from his positions at the Company or the Bank, or if such regulatory authorities inform
the Board of Directors that the continuation of the Executive in his officer positions at the Company or the Bank would constitute
an unsafe and unsound banking practice.

 

The Company cannot terminate the Executive’s
employment for Cause unless it has provided written notice to the Executive of the existence of the circumstances providing grounds
for termination for Cause and the Executive has had thirty (30) days from the date on which such notice is provided to cure such
circumstances, if such grounds are curable (e.g., conviction is not curable). If the Executive remedies the

 

 

1
The definition of “Cause”  “ in Section 2.1 of the 2012 Bankwell Financial Group, Inc. Stock Plan will be
changed to conform to the above definition.

 

    	 	5	 

     

    

 

condition within such thirty (30) day
cure period, then no Cause shall be deemed to exist with respect to such condition. If the Executive does not remedy the curable
condition within such thirty (30) day cure period, then the Company may deliver a notice of termination for Cause at any time following
the expiration of such cure period.

 

For purposes of this Agreement, no
act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests
of the Company and the Bank. Any act or failure to act based upon authority given pursuant to a resolution duly adopted by the
Board of Directors of the Company or the Bank or based upon the written advice of counsel for the Company or the Bank shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company
and the Bank.

 

The Executive’s termination of employment
shall not be deemed to be for Cause unless and until there shall have been delivered to the Executive a copy of a resolution duly
adopted by the affirmative vote of two-thirds or more of the Board of Directors of the Company called and held for such purpose
(after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard
before the Board of Directors) finding that, in the good faith opinion of the Board of Directors, the Company has Cause to terminate
the Executive, and specifying the particulars thereof in detail. To the extent that the Board of Directors wishes to terminate
the Executive for Cause and the action or actions giving rise to Cause may be cured by the Executive, the Board of Directors will
provide the Executive a thirty (30) day period within which he may cure such action or actions.

 

In the event that the Executive is
terminated for Cause based on Section 5.1(b)(i) above and, after the case is fully adjudicated (including all appeals),
the Executive is subsequently found innocent of these charges on the merits of the case by any court of competent jurisdiction
or the appropriate administrative agency, then the Executive will be entitled to receive at that time the amounts payable due to
a termination without Cause. Such amounts will be paid no later than the end of the calendar year in which the Executive is fully
adjudicated to be innocent of the charges.

 

(c)          For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive’s written consent:

 

		(i)	a material reduction in the Executive’s Base Salary;

 

		(ii)	a material reduction in the Executive’s target annual
incentive opportunity under any annual incentive compensation or incentive plan or program;

 

		(iii)	a relocation of the Executive’s principal place of
employment by more than fifty miles;

 

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

 

    	 	6	 

     

    

 

		(v)	the Company’s failure to obtain an agreement from
any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law;

 

		(vi)	a material, adverse change in the Executive’s title,
authority, duties or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as
required by applicable law);

 

		(vii)	the Company’s failure to nominate the Executive for
election to the Board of the Company and the Bank and to use its best efforts to have him elected and re-elected, as applicable;

 

		(viii)	a material adverse change in the reporting structure applicable
to the Executive, including any requirement that the Executive report to a corporate officer or employee of the Company or the
Bank instead of reporting directly to the Board of Directors of the Company and the Bank; or

 

		(ix)	a termination of this Agreement on account of the failure
of the Company to extend the Agreement in accordance with Section 1 hereof.

 

The Executive cannot terminate his employment for Good Reason unless
he has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good
Reason within thirty (30) days of the initial existence of such grounds and the Company has had thirty (30) days from the date
on which such notice is provided to cure such circumstances. If the Company remedies the condition within such thirty (30) day
cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Company does not remedy the condition
within such thirty (30) day cure period, then the Executive may deliver a notice of termination for Good Reason at any time within
sixty (60) days following the expiration of such cure period. If the Executive does not terminate his employment for Good Reason
within sixty (60) days following the expiration of the cure period, then the Executive will be deemed to have waived his right
to terminate for Good Reason with respect to such grounds.

 

5.2.         Without
Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be terminated by the Executive for
Good Reason or by the Company without Cause. In the event of such termination (unless Section 5.4 below is applicable), the Executive
shall be entitled to receive the Accrued Amounts and, subject to the Executive’s compliance with Section 6, Section 7
and Section 8 of this Agreement and his execution of a mutually agreeable release of claims in favor of the Company, the
Bank and their affiliates and their respective officers and directors (a “Release”) and such Release becoming
effective as provided therein (“Release Execution Period”), the Executive shall be entitled to receive the following:

 

(a)          A
lump sum payment equal to the sum of: (i) two times the sum of the Executive’s then current Base Salary and the Annual Bonus and
any other cash compensation earned for the calendar year prior to the calendar year in which the Termination Date occurs; and (ii)
the value of any shares of restricted stock, stock options or other awards issued to Executive

 

    	 	7	 

     

    

 

under the 2012 Bankwell Financial Group, Inc.
Stock Plan or any successor plan that are forfeited as a result of such termination. The payment shall be made sixty (60) business
days following the termination of Executive’s employment with the Company provided the Release shall have become effective prior
to that date.

 

(b)          If
the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”),
the Company shall reimburse the Executive for the difference between the monthly COBRA premium paid by the Executive for himself
and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid
to the Executive on or before the fifteenth (15th) day of the month immediately following the month in which the Executive
timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of:

 

		(i)	the second year anniversary of the Termination Date;

 

		(ii)	the date the Executive is no longer eligible to receive
COBRA continuation coverage; and

 

		(iii)	the date on which the Executive receives/becomes eligible
to receive substantially similar coverage from another employer.

 

Notwithstanding the foregoing, the Company is
not required to pay any amounts pursuant to this Section 5.2(b) if the Company determines, in its sole discretion, that the reimbursement
would result in a violation of the nondiscrimination rules of section 105(h)(2) of the Internal Revenue Code of 1986 (the “Code”)
or any statute or regulation of similar effect (including, but not limited to, the 2010 Patient Protection and Affordable Care
Act, as amended by the 2010 Health Care and Education Reconciliation Act).

 

(c)          A
lump sum payment equal to the pro-rata Annual Bonus, if any, that the Executive would have earned for the EIP year in which the
Termination Date occurs based on the achievement of applicable performance goals for such year, which shall be payable on the date
that annual bonuses are paid to the Company’s similarly situated executives, but in no event later than two-and-a-half (2 1/2)
months following the end of the calendar year in which the Termination Date occurs.

 

5.3.         Death
or Disability.

 

(a)          The
Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term, and the Company
may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b)          If
the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability, the Executive
(or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

		(i)	the Accrued Amounts; and

 

		(ii)	a lump sum payment equal to the pro-rata Annual Bonus,
if any, that the Executive would have earned for the EIP year in which the Termination Date occurs based on the achievement of
applicable performance goals for such year, which shall be payable on the date that annual bonuses are paid to the Company’s
similarly

 

    	 	8	 

     

    

 

situated executives, but in no event later
than two-and-a-half (2 1/2) months following the end of the calendar year in which the Termination Date occurs.

 

(c)          For
purposes of this Agreement, Disability shall mean that the Executive is entitled to receive long-term disability benefits under
the Company’s long-term disability plan, or if there is no such plan, the Executive’s inability, due to physical or mental incapacity,
to substantially perform his essential duties and responsibilities under this Agreement for ninety (90) days out of any three hundred
sixty-five (365) day period; provided however, in the event the Company temporarily replaces the Executive, or transfers the Executive’s
duties or responsibilities to another individual on account of the Executive’s inability to perform such duties due to a mental
or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive’s employment shall not be
deemed terminated by the Company and the Executive shall not be able to resign with Good Reason as a result thereof.

 

Any question as to the existence of the Executive’s
Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician
mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent
physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination
in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for
all purposes of this Agreement.

 

5.4.         Change
in Control Termination.

 

(a)          Notwithstanding
any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason or
by the Company without Cause (other than on account of the Executive’s death or Disability), in each case either concurrently with
or within twenty-four (24) months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts
and, subject to the Executive’s compliance with Section 6, Section 7 and Section 8 of this Agreement and his
execution of a Release which becomes effective as provided therein, for which the Company assigns significant value in agreeing
to this Section 5.4, the Executive shall be entitled to receive the following:

 

		(i)	A lump sum payment upon the effectiveness of the Release
equal to three (3) times his average annual compensation for services rendered that was includible in the Executive’s gross
income (partial years being annualized) for the immediately preceding five (5) taxable years (or such shorter period as the Executive
was employed). The payment shall be made sixty (60) business days following the termination of Executive’s employment with
the Company provided the Release shall have become effective prior to that date.

 

		(ii)	If the Executive timely and properly elects continuation
coverage under COBRA, the Company shall reimburse the Executive for the difference between the monthly COBRA premium paid by the
Executive for himself and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement
shall be paid to the Executive on the fifteenth (15th)

 

    	 	9	 

     

    

 

day of the month immediately following
the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement
until the earliest of:

 

(x) the second year anniversary of the
Termination Date;

 

(y) the date the Executive is no longer
eligible to receive COBRA continuation coverage; and

 

(z) the date on which the Executive
receives/becomes eligible to receive substantially similar coverage from another employer.

 

(b)          The
term “Change in Control” shall mean the occurrence of any one or more of the following:2

 

		(i)	one person (or more than one person acting as a group)
acquires ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than fifty
percent (50% of the total fair market value or total voting power of the stock of the Company; provided that, a Change in Control
shall not occur if any person (or more than one person acting as a group) owns more than fifty percent (50%) of the total fair
market value or total voting power of the Company’s stock and acquires additional stock;

 

		(ii)	one person (or more than one person acting as a group)
acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company’s
stock possessing thirty percent (30%) or more of the total voting power of the stock of the Company;

 

		(iii)	a majority of the members of the Board of Directors of
the Company are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority
of the Board before the date of appointment or election; or

 

		(iv)	the sale of all or substantially all of the Company’s
assets defined as the acquisition of Company assets having a fair market value, without regard to liabilities of 40% or more of
the total gross fair market value of all of the assets of the Company immediately prior to such acquisition.

 

For purposes of this Agreement, the terms “person” and
“acting as a group” shall have the meanings specified in the Code and the regulations thereunder. In no event, however,
shall a Change in Control be deemed to have occurred as a result of any acquisition of securities or

 

 

2
The definition of “Change in Control” in Section 12.3 of the 2012 Bankwell Financial Group, Inc. Stock
Plan will be changed to reflect this language.

 

    	 	10	 

     

    

 

assets of the Company, the Bank, or a subsidiary of either of them,
by the Company, the Bank, or any subsidiary of either of them, or by any employee benefit plan maintained by any of them.

 

5.5.         Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the Employment
Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated by a
written notice of termination (“Notice of Termination”) to the other party hereto in accordance with Section
22. The Notice of Termination shall specify:

 

(a)          the
termination provision of this Agreement relied upon;

 

(b)          to
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under
the provision so indicated; and

 

(c)          the
applicable Termination Date.

 

5.6.         Termination
Date. The Executive’s Termination Date shall be:

 

(a)          If
the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s death;

 

(b)          If
the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined that
the Executive has a Disability;

 

(c)          If
the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to the Executive;

 

(d)          If
the Company terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination, which
shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered; or

 

(e)          If
the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive’s Notice of
Termination, which shall be no less than thirty (30) days following the date on which the Notice of Termination is delivered.

 

Notwithstanding anything contained herein, the Termination Date
shall not occur until the date on which the Executive incurs a “separation from service” within the meaning of Section
409A.

 

5.7.         Mitigation.
In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts
payable to the Executive under any of the provisions of this Agreement and except as provided with respect to COBRA reimbursements,
any amounts payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment
with another employer.

 

5.8.         Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive agrees to resign,
effective on the Termination Date and shall be deemed to have resigned from all positions that the Executive holds as an officer
or member of the board of directors (or a committee thereof) of the Company, the Bank or any of their affiliates.

 

5.9.         Section
280G.

 

(a)          If
any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits
received in connection with a Change in Control or the Executive’s termination of employment, whether pursuant to the terms

 

    	 	11	 

     

    

 

of this Agreement or any other plan, arrangement
or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute
“parachute payments” within the meaning of Section 280G of the Code and will be subject to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), then the Executive shall be entitled to receive an additional payment
(the “Gross-Up Payment”) in an amount such that, after payment by the Executive of all taxes except for those
imposed by Section 409A(b)(5) of the Code, including, without limitation, any income taxes (and any interest and penalties imposed
with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments.

 

(b)          Notwithstanding
the foregoing provisions of Section 5.9(a), if it shall be determined that the Executive is entitled to the Gross-Up Payment under
Section 5.9(a), but that the total parachute payments do not exceed 3.3 times the Executive’s “base amount” within the
meaning of Code Section 280G(b)(3), then no Gross-Up Payment shall be made to the Executive and the amounts payable under this
Agreement shall be reduced so that the parachute payments, in the aggregate, equal 2.99 times the Executive’s “base amount”
within the meaning of Code Section 280G(b)(3). The reduction of the amounts payable hereunder, if applicable, shall be made by
reducing the cash severance reduced first and then any further reductions that may be required to be determined by Tax Counsel
(as defined below) in a manner that minimizes the impact to the Executive. Only amounts payable under this Agreement shall be reduced.

 

(c)          If
the Term of this Agreement is extended beyond December 31, 2019, and the Change in Control has not occurred by that date, Section
5.9(a) will no longer apply. In that case, if the 280G Payments constitute “parachute payments” within the
meaning of Section 280G of the Code and would, but for this Section 5.9, be subject to the excise tax imposed under Section
4999 of the Code (the “Excise Tax”), then such 280G Payments shall be reduced by the minimum amount required so
that no amount payable to the Executive will be subject to the Excise Tax (with the cash severance to be reduced first and with
any further reductions that may be required to be determined by Tax Counsel (as defined below) in a manner that minimizes the impact
to the Executive) OR at the Executive’s option, he can elect to receive the full amount of the 280G Payment and be subject
to and responsible for the payment of all taxes of any kind payable thereon, including the Excise Tax.

 

(d)          All
calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax
counsel appointed by the Company (the “Tax Counsel”) whose determinations shall be conclusive and binding on the
Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section
5.9, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section
280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents
as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.9. The Company shall
bear all costs the Tax Counsel may reasonably incur in connection with its services.

 

(e)          The
Company’s obligations under this Section shall not be conditioned upon the Executive’s termination of employment. By way of example,
in the event of a Change in Control that does not result in Executive’s termination of employment or entitlement to severance benefits
under this Agreement, but which causes the accelerated vesting of any shares of restricted stock, stock options or other awards
issued to the Executive under the 2012 Bankwell Financial Group, Inc. Stock Plan or any successor plan giving rise to an Excise
Tax,

 

    	 	12	 

     

    

 

the Company’s obligations under this Section shall
apply with respect to such accelerated vesting.

 

6.            Cooperation.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive’s
cooperation in the future. Accordingly, following the termination of the Executive’s employment for any reason, to the extent reasonably
requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive’s
service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive’s other
activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation, including
reasonable attorney’s fees, and compensate the Executive at an hourly rate based on the Executive’s Base Salary on the Termination
Date.

 

7.            Confidential
Information. The Executive understands and acknowledges that during the Employment Term, he will have access to and learn about
Confidential Information, as defined below.

 

7.1.         Confidential
Information Defined.

 

(a)          Definition.

 

For purposes of this Agreement, “Confidential
Information” includes, but is not limited to, all information not generally available and known to the public, in spoken,
printed, electronic or any other form or medium, relating directly or indirectly to the Company, the Bank or their affiliates,
or of any other person or entity that has entrusted information to the Company in confidence.

 

The Executive understands and agrees that Confidential
Information includes information developed by him in the course of his employment by the Company as if the Company furnished the
same Confidential Information to the Executive in the first instance. Confidential Information shall not include information that
is generally available to and known by the public at the time of disclosure to the Executive or later; provided that, such disclosure
is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s behalf.

 

Without otherwise limiting the foregoing, the
parties agree that this Agreement and the terms hereof (“Contract Information”) shall constitute Confidential Information
unless and until the Company determines that it or they must or should be disclosed, in whole or in part. The Company intends to
coordinate any such required or desired disclosure of Contract Information with the Executive.

 

(b)          Disclosure
and Use Restrictions.

 

The Executive agrees and covenants: (i) to treat
all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make
available Confidential Information, or allow it to be disclosed, published, communicated or made available, in whole or part, to
any entity or person whatsoever except as needed in the performance of the Executive’s authorized employment duties to the Company;
and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources
containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises
or control of the Company, except as needed in the performance of the Executive’s authorized employment duties to the Company and

 

    	 	13	 

     

    

 

the Bank. Nothing herein shall be construed to
prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order
of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent
of disclosure required by such law, regulation or order.

 

The Executive understands and acknowledges that
his obligations under this Agreement with regard to any particular Confidential Information shall commence immediately upon the
Executive first having access to such Confidential Information (whether before or after he begins employment by the Company) and
shall continue during and after his employment by the Company until such time as such Confidential Information has become public
knowledge other than as a result of the Executive’s breach of this Agreement or breach by those acting in concert with the Executive
or on the Executive’s behalf. Nothing herein shall prevent the Executive from disclosing Contract Information to his personal attorneys,
accountants and other advisors, as necessary for the performance of their duties and on a confidential basis.

 

8.            Restrictive
Covenants.

 

8.1.         Acknowledgment.
The Executive understands that the nature of the Executive’s position gives him access to and knowledge of Confidential Information
and places him in a position of trust and confidence with the Company. The Executive understands and acknowledges that the intellectual
services he provides to the Company are unique, special or extraordinary.

 

The Executive further understands and acknowledges
that the Company’s ability to reserve these services for the exclusive knowledge and use of the Company is of great competitive
importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely to result in unfair
or unlawful competitive activity.

 

8.2.         Non-competition.
Because of the Company’s legitimate business interest as described herein and the good and valuable consideration offered to the
Executive, during the Employment Term and for the term of one (1) year, beginning on the last day of the Executive’s employment
with the Company, for any reason or no reason and whether employment is terminated at the option of the Executive or the Company,
the Executive agrees and covenants not to engage in Prohibited Activity within any county in which the Company, the Bank or any
of their affiliates maintains as of the Termination Date or has pending as of the Termination Date a filing for permission to establish
a branch, loan production office, or mortgage production office (the “Restricted Area”).

 

For purposes of this Section 8.2:

 

(a)          “Prohibited
Activity” is activity in which the Executive, directly or indirectly, solely or jointly with any person or persons, as
an employee, consultant, or advisor (whether or not engaged in business for profit), or as an individual proprietor, partner, shareholder,
director, officer, joint venturer, investor or lender, or in any other capacity: (i) becomes affiliated with any bank or commercial
lender headquartered or with branches in Fairfield or New Haven County, Connecticut; or (ii) becomes affiliated with a different
Community Banking Institution in the Restricted Area;

 

(b)          “become
affiliated” shall mean, without limitation, engaging, participating, or being involved in any respect in the business of banking
(other than as a depositor, borrower

 

    	 	14	 

     

    

 

or other customer), or furnishing any aid, assistance
or service of any kind to any person in connection with the business of the Company, the Bank and any of their affiliates, and
shall include without limitation being employed by any Community Banking Institution which has a branch or other place of business
in the Restricted Area; and

 

(c)          “Community
Banking Institution” shall mean a bank with assets equal to or less than five billion dollars.

 

Nothing herein shall prohibit the Executive
from purchasing or owning less than five percent (5%) of the securities or ownership interests of any corporation, partnership
or limited liability company, provided that such ownership represents a passive investment and that the Executive is not a controlling
person of, or a member of a group that controls, such corporation, partnership or limited liability company.

 

This Section 8 does not, in any way,
restrict or impede the Executive from exercising protected rights to the extent that such rights cannot be waived by agreement
or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation or order. The Executive shall
promptly provide written notice of any such order to the Board of Directors.

 

8.3.         Non-solicitation
of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or recruit,
or induce the termination of employment of any employee of the Company, the Bank or any of their Affiliates for the term of one
(1) year, beginning on the last day of the Executive’s employment with the Company.

 

8.4.         Non-solicitation
of Clients. The Executive understands and acknowledges that because of the Executive’s experience with and relationship to
the Company, he will have access to and learn about much or all of the clients, prospective clients and referral sources of the
Company, the Bank and their affiliates. The Executive understands and acknowledges that loss of these client and referral relationships
and/or goodwill will cause significant and irreparable harm. The Executive agrees and covenants, for a period of one (1) year,
beginning on the last day of the Executive’s employment with the Company, not to directly or indirectly (a) solicit any actual
or prospective client or client-referral source who had a business relationship with the Company, the Bank or any of their affiliates
during the period of time in which the Executive was employed by the Company, it being expressly agreed that soliciting a referral
from a prospective client or client-referral source is included within this prohibition; or (b) encourage any such client or client-referral
source to turn down, terminate or reduce a business relationship with the Company, the Bank or any of their affiliates.

 

8.5.         Non-disparagement.
Executive agrees and covenants that he will not at any time following the termination of his employment with the Company, make,
publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements
concerning the Company, the Bank, any of their affiliates or their respective businesses, or any of their employees, officers,
and existing and prospective clients. Nothing contained in this Section 8.5 shall preclude (i) the Executive from reporting information
to, or participating in any investigation or proceeding conducted by, the Securities and Exchange Commission (“SEC”),
the Federal Deposit Insurance Corporation (“FDIC”), or any federal, state, or local governmental agency or entity; (ii)
either Executive or the Company from making truthful statements or disclosures that are required by applicable law, regulation
or legal process;

 

    	 	15	 

     

    

 

or (ii) either Executive or the Company from enforcing
their respective rights under this Agreement.

 

8.6.         Non-Interference
Covenant. For a period of one (1) year, beginning on the last day of the Executive’s employment with the Company, the Executive
covenants and agrees that he will not, directly or indirectly and for whatever reason, whether for his own account or for the account
of any other person, firm, corporation or other organization:

 

(a)          solicit,
employ, or otherwise interfere with any of the contracts or relationships of the Company, the Bank or any of their affiliates with
any employee, officer, director or any independent contractor who is employed by or associated with the Company, the Bank or any
of their affiliates as of the Termination Date; or

 

(b)          actively
solicit or cause to be solicited, or otherwise actively interfere with, any of the contracts or relationships of the Company, the
Bank or any of their affiliates with any independent contractor, customer, client or supplier of the Company, the Bank or any of
their affiliates.

 

8.7.         Business
Materials and Property Disclosure. All written materials, records, and documents made by the Executive or coming into his possession
concerning the business or affairs of the Company, the Bank or any of their affiliates shall be the sole property of the Company.
Upon termination of his employment with the Company, the Executive shall deliver the same to the Company and shall retain no copies,
including but not limited to copies in paper, electronic, digital or any other format. The Executive shall also return to the Company
all other property in his possession owned by the Company upon the termination of his employment.

 

If a court or arbitration panel concludes that the time period of
the restriction set forth in this Section 8 is not enforceable or that a specific geographical scope must be stated herein,
then the parties agree that such court or arbitration panel may rewrite the time period of this restriction and/or prescribe a
geographical restriction to the maximum enforceable time period and geographical area permitted by law.

 

9.           Acknowledgement.
The Executive acknowledges and agrees that the services to be rendered by his to the Company are of a special and unique character;
that the Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing
strategies by virtue of the Executive’s employment; and that the restrictive covenants and other terms and conditions of this Agreement
are reasonable and reasonably necessary to protect the legitimate business interest of the Company.

 

The Executive further acknowledges that the amount of his compensation
reflects, in part, his obligations and the Company’s rights under Section 7 and Section 8 of this Agreement; that
he has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein in
connection herewith; and that he will not be subject to undue hardship by reason of his full compliance with the terms and conditions
of Section 7 and Section 8 of this Agreement or the Company’s enforcement thereof.

 

10.         Remedies.
In the event of a breach or threatened breach by the Executive of Section 7 or Section 8 of this Agreement, the Executive
hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that money

 

    	 	16	 

     

    

 

damages would not afford an adequate remedy, and
without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in
lieu of, legal remedies, monetary damages or other available forms of relief.

 

11.         Arbitration.
Any dispute whatsoever relating to the Executive’s employment by the Company, or any other dispute arising out of this Agreement
which cannot be resolved by any party upon thirty (30) days’ written notice to the other party, shall be settled by binding arbitration
at a mutually agreed location in Fairfield County, Connecticut in accordance with the then prevailing Employment Dispute Resolution
Rules of the American Arbitration Association by a single arbitrator. The judgment upon the award rendered by the arbitrator may
be entered in any court of competent jurisdiction. It is the purpose of this Agreement, and the intent of the parties hereto, to
make the submission to arbitration of any dispute or controversy arising out of this Agreement, as set forth hereinabove, binding
upon all parties hereto. This Section 11 shall not in any way restrict the right of the Company to obtain injunctive relief
from a court of competent jurisdiction.

 

All arbitration costs and all other costs, including but not limited
to reasonable attorneys’ fees, incurred by the Executive in an arbitration proceeding shall be paid by the Company in the event
the Executive materially or substantively prevails in such arbitration proceeding. All arbitration costs and all other costs, including
but not limited to reasonable attorneys’ fees, incurred by the Company in an arbitration proceeding shall be paid by the Executive
in the event the Company materially or substantively prevails in such arbitration proceeding. As part of the judgment rendered
by the arbitrator in an arbitration proceeding, the arbitrator shall determine which party (if any) has materially or substantively
prevailed in such arbitration proceeding.

 

12.         Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Connecticut
without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement that
is not covered by the Arbitration provision of Section 11 above shall be brought only in a state or federal court located
in the state of Connecticut, county of Fairfield. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such
courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

 

13.         Source
of Payments: No Duplication of Payments. All payments provided in this Agreement shall be timely paid in cash or check from
the general funds of the Company or the Bank. The Company and the Bank shall be jointly and severally liable for any obligations
imposed by this Agreement upon the Company; provided, however, that in no event shall the Executive receive duplicate payments
or benefits from the Company and the Bank.

 

14.         Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between
the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree
that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the
Agreement.

 

15.         Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Executive and by the Chairman of the Board of Directors of the Company. No waiver by either of the parties
of any breach by the other party hereto of any condition or provision of this Agreement to be

 

    	 	17	 

     

    

 

performed by the other party hereto shall be deemed
a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure
of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude
any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

16.         Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any
portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder
of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part
hereof and treated as though originally set forth in this Agreement.

 

The parties further agree that any such court is expressly authorized
to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement
in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional
language to this Agreement or by making such other modifications as it deems warranted to carry out the intent and agreement of
the parties as embodied herein to the maximum extent permitted by law.

 

The parties expressly agree that this Agreement as so modified by
the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this
Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall
not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement
shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein.

 

17.         Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

18.         Counterparts.
This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one and the same instrument.

 

19.         Tolling.
Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the time period for compliance
with such obligations shall be tolled for the full period in which the Executive is in violation of such obligations, with the
tolled period to be added to the period of time remaining following the first date on which the Executive ceases to be in violation
of such obligation.

 

20.         Code
Section 409A. This Agreement is intended to comply with Code Section 409A or an exemption thereunder and shall be construed
and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under
this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments
under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service
or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each
instalment payment provided under this Agreement shall be treated as a separate payment. Notwithstanding any other provision of
this Agreement, in the event any payment is to be made during a specified time period following the expiration of the Release Execution
Period and the time period for such payment begins in one calendar year and

 

    	 	18	 

     

    

 

ends in a second calendar year, then such amount
shall be payable in the second calendar year. Notwithstanding the foregoing, the Company makes no representations that the payments
and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable for all or any
portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance
with Section 409A.

 

Notwithstanding any other provision of this Agreement, if any payment
or benefit provided to the Executive in connection with his termination of employment is determined to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and the Executive is determined to be a “specified employee”
as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following
the six-month anniversary of the Termination Date (the “Specified Employee Payment Date”), unless the payment
otherwise satisfies the short-term deferral exemption or another exemption under Section 409A of the Code. The aggregate of any
payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump
sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with
their original schedule.

 

21.          Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment
by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.

 

22.          Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below
(or such other addresses as specified by the parties by like notice):

 

If to the Company:

 

Chairman

Compensation Committee

Bankwell Financial Group, Inc.

220 Elm Street

New Canaan, CT 06840

 

If to the Executive:

 

Christopher Gruseke

130 Rosebrook Road

New Canaan, CT 06840

 

23.          Representations
of the Executive. The Executive represents and warrants to the Company that:

 

23.1.          The
Executive’s acceptance of employment with the Company and the performance his duties hereunder will not conflict with or result
in a violation of, a breach of, or

 

    	 	19	 

     

    

 

a default under any contract, agreement or understanding
to which he is a party or is otherwise bound.

 

23.2.          The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer.

 

24.          Withholding.
The Company shall have the right to withhold from any amount payable hereunder any federal, state and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

25.          Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive
such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

26.          Acknowledgment
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	20	 

     

    

  

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above.

 

	 	BANKWELL FINANCIAL GROUP, INC.
	 	 	 
	 	By	/s/ Blake Drexler
	 	Name: 	Blake Drexler
	 	Title: 	Chairman of the Board

 

	 	EXECUTIVE	 
	 	 	 	 
	 	Signature: 	/s/ Christopher Gruseke	 
	 	 	 	 
	 	Name: Christopher Gruseke	 

   

    	 	21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]