Document:

Exhibit 4.4

 

SILICON LABORATORIES INC.

2009 EMPLOYEE STOCK PURCHASE PLAN

(as Amended and Restated on April 22, 2021)

 

		I.	PURPOSE
                                            OF THE PLAN

 

This Employee Stock Purchase
Plan is intended to promote the interests of Silicon Laboratories Inc., a Delaware corporation, by providing Eligible Employees with
the opportunity to acquire a proprietary interest in the Corporation through participation in an employee stock purchase plan designed
to qualify under Section 423 of the Code, although the Corporation makes no undertaking nor representation to maintain such qualification.
In addition, this Plan authorizes the grant of rights to purchase Common Stock under a Non-423(b) Plan which do not qualify under
Section 423(b) of the Code, including pursuant to rules, procedures or sub-plans adopted by the Board or Plan Administrator
which are designed to achieve tax, securities law or other of the Corporation’s compliance objectives in particular locations outside
the United States. This Plan shall govern the terms and conditions of grants made under both the Code Section 423(b) Plan component
and the Non-423(b) Plan component.

 

Capitalized terms herein shall
have the meanings assigned to such terms in the attached Appendix.

 

		II.	ADMINISTRATION
                                            OF THE PLAN

 

The Plan Administrator shall
have the sole and plenary authority to administer the Plan, including, without limitation, the full authority to interpret and construe
any provision of the Plan and, for the grant of rights to purchase Common Stock under the Code Section 423(b) Plan, to adopt
such rules and regulations for administering the Plan as it may deem necessary in order to comply with the requirements of Section 423
of the Code. The Plan Administrator may from time to time grant or provide for the grant of rights to purchase Common Stock under the
Non-423(b) Plan. If such grants are intended to be made under the Non-423(b) Plan, they will be designated as such at the time
of grant and such grants may not comply with the requirements set forth under Section 423 of the Code. Decisions of the Plan Administrator
shall be final and binding on all parties having an interest in the Plan. The Plan Administrator may from time to time delegate its authority
to administer the Plan to one or more officers of the Company, unless constrained by applicable law.

 

		III.	STOCK
                                            SUBJECT TO PLAN

 

A.           The
stock purchasable under the Plan shall be shares of authorized but unissued or reacquired Common Stock, including shares of Common Stock
purchased on the open market. Subject to Article III (B) below, the maximum number of shares of Common Stock which may be issued
in the aggregate under the Plan shall be 3,500,000 shares, which reflects an increase of 800,000 in the number of Shares authorized for
issuance under the Plan as of its prior amendment and restatement on April 20, 2017. For avoidance of doubt, up to the maximum number
of shares of Common Stock reserved under this Article III(A) may be used to satisfy purchases of Common Stock under the Code
Section 423(b) Plan component and any remaining portion of such maximum number of shares may be used to satisfy purchases of
Common Stock under the Non-423(b) Plan component.

 

    

     

    

B.            Should
any change be made to the Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares, exchange
of shares or other change affecting the outstanding Common Stock as a class without the Corporation’s receipt of consideration,
appropriate adjustments shall be made to the maximum number and class of securities issuable in the aggregate under the Plan, (ii) the
maximum number and class of securities purchasable per Participant and in the aggregate on any one Purchase Date and (iii) the number
and class of securities and the price per share in effect under each outstanding purchase right in order to prevent the dilution or enlargement
of benefits thereunder.

 

		IV.	MAIN
                                            OFFERINGS

 

A.           Shares
of Common Stock shall be offered for purchase under the Plan through a series of successive Main Offerings, the first of which began
on the last business day in April 2010. Unless prior to the commencement of a Main Offering, the Plan Administrator determines that
a Main Offering shall be of a different duration (not to exceed twenty-seven (27) months), each Main Offering shall be twelve (12) months,
subject to any automatic reset (as described in Article IV(C) hereof). Subsequent Main Offerings shall commence as designated
by the Plan Administrator. The Plan Administrator shall also have the authority to establish additional or alternative sequential or
overlapping Main Offerings, a different duration for one or more offerings or Main Offerings or different commencement dates for such
Main Offerings with respect to future offerings without stockholder approval if such change is announced prior to the scheduled beginning
of the first Main Offering to be affected thereafter, provided that no Main Offering shall have a duration exceeding twenty-seven (27)
months.

 

B.            Each
Main Offering shall be comprised of a series of one or more successive and/or overlapping Sub-Offerings having such durations as may
be established by the Plan Administrator. Unless otherwise provided by the Plan Administrator, Sub-Offerings shall run from the last
business day in April each year to the last business day in October of the same year and from the last business day in October each
year to the last business day in April of the following year.

 

C.            Should
the Fair Market Value per share of Common Stock on any Purchase Date within a Main Offering be less than the Fair Market Value per share
of Common Stock on the start date of that Main Offering, then that Main Offering shall automatically terminate immediately after the
purchase of shares of Common Stock on such Purchase Date, and a new Main Offering shall commence on that day, following such Purchase.

 

D.            Unless
otherwise specified by the Plan Administrator, each offering to Eligible Employees of each Participating Corporation shall be deemed
a separate offering, even if the dates and other terms of the applicable Main Offerings of each such offering are identical and the provisions
of the Plan will separately apply to each offering. To the extent permitted by U.S. Treasury Regulation Section 1.423-2(a)(1), the
terms of each separate offering need not be identical, provided that the terms of the Plan and an offering under the Code Section 423(b) Plan
together satisfy U.S. Treasury Regulation Section 1.423-2(a)(2) and (a)(3).

 

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		V.	ELIGIBILITY

 

A.           Each
individual who is an Eligible Employee on the start date of a Main Offering under the Plan may enter that Main Offering on such start
date or on any subsequent Semi-Annual Entry Date within that Main Offering, provided he or she remains an Eligible Employee.

 

B.            Each
individual who first becomes an Eligible Employee after the start date of a Main Offering may enter that Main Offering on any subsequent
Semi-Annual Entry Date within that Main Offering on which he or she is an Eligible Employee.

 

C.            The
date an individual enters a Main Offering shall be designated his or her Entry Date for purposes of that Main Offering.

 

D.            To
participate in the Plan for a particular Main Offering, the Eligible Employee must complete (either through the Corporation’s online
Plan enrollment process or in paper form) the enrollment forms prescribed by the Plan Administrator (including a stock purchase agreement
and a payroll deduction authorization) and follow any procedures for enrollment in the Plan as may be established by the Corporation
from time to time on or before his or her scheduled Entry Date. Once an Eligible Employee has enrolled in a Main Offering, his or her
enrollment will remain in effect through subsequent Main Offerings on the terms then in effect unless the Eligible Employee withdraws
from the Plan or ceases to be an Eligible Employee.

 

E.            Notwithstanding
the foregoing provisions of this Article V, for rights to purchase Common Stock granted under the Non-423(b) Plan, an Eligible
Employee (or group of Eligible Employees) may be excluded from participation in the Non-423(b) Plan or an offering if the Plan Administrator
determines, in its sole discretion, that participation of such Eligible Employee(s) is not advisable or practicable for any reason.

 

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		VI.	PAYROLL
                                            DEDUCTIONS

 

A.           Except
as otherwise provided by the Plan Administrator prior to the commencement of a Main Offering, the payroll deduction authorized by the
Participant for purposes of acquiring shares of Common Stock during a Main Offering may be any multiple of one percent (1%) of the Participant’s
Base Salary during each Sub-Offering within that Main Offering, up to a maximum equal to the lesser of (i) twenty-five percent
(25%) of the Participant’s Base Salary per pay-period during the applicable Sub-Offering and (ii) one hundred percent (100%)
of the Participant’s Base Salary that remains after subtracting all other amounts that are to be deducted or withheld from the
Participant’s Base Salary during such pay-period in the Sub-Offering, provided, however, that a lesser amount of the Participant’s
remaining Base Salary may be deducted if required to comply with applicable local law. The deduction rate so authorized shall continue
in effect throughout the Main Offering, except to the extent such rate is changed in accordance with the following guidelines:

 

(i)            The
Participant may, at any time during the Main Offering, reduce his or her rate of payroll deduction to become effective as soon as possible
after completing an amended enrollment form (either through the Corporation’s online Plan enrollment process or in paper form).
The Participant may not, however, effect more than one (1) such reduction per Sub-Offering. Further, a Participant’s reduction
of his or her rate of payroll deduction percentage to zero (0%) shall be treated as the Participant’s withdrawal from the Main
Offering, and the Plan, effective immediately, and no further payroll deductions shall be collected from the Participant with respect
to the withdrawal. Provided that the Participant reduces his or her rate of payroll deductions to zero percent (0%) prior to the third
business day preceding the next scheduled Purchase Date in the Main Offering (or within such other period as the Plan Administrator may
determine), the Participant may elect whether any payroll deductions collected during the Sub-Offering in which such reduction occurs
shall be immediately refunded or held for the purchase of shares on the next Purchase Date; if the reduction to zero percent (0%) is
made after the aforementioned deadline, the payroll deductions will be held for the purchase of shares on the next Purchase Date. If
no such permitted election is made at the time of such reduction to zero percent (0%), then the payroll deductions collected with respect
to the terminated right shall be refunded as soon as possible. In accordance with Article VII(F)(ii) of the Plan, the termination
of the Participant's purchase right resulting from the Participant's reduction of his or her rate of payroll deductions to zero percent
(0%) shall be irrevocable, and the Participant may not subsequently rejoin the Main Offering for which the terminated purchase right
was granted.

 

(ii)            The
Participant may, at any time prior to the third business day preceding the commencement of any new Sub-Offering within the Main Offering
(or within such other period as the Plan Administrator may determine), increase the rate of his or her payroll deduction by completing
an amended enrollment form (either through the Corporation’s online Plan enrollment process or in paper form). The new rate (which
may not exceed the twenty-five percent (25%) maximum) shall become effective on the start date of the first Sub-Offering following the
completion of such form (either through the Corporation’s online Plan enrollment process or in paper form).

 

B.            Payroll
deductions shall begin on the first pay day following the Participant’s Entry Date into the Main Offering and shall (unless sooner
terminated by the Participant) continue through the pay day ending with or immediately prior to the last day of that Main Offering. The
amounts so collected shall be credited to the Participant’s book account under the Plan, but no interest shall be paid on the balance
from time to time outstanding in such account, unless payment of interest is required under local law in which case the purchase rights
will be granted under the Non-423(b) Plan, if necessary under applicable laws or regulations. The amounts collected from the Participant
shall not be required to be held in any segregated account, unless otherwise required under local law (in which case, such rights will
be granted under the Non-423(b) Plan if necessary), or trust fund and may be commingled with the general assets of the Corporation
and used for general corporate purposes.

 

C.            Payroll
deductions shall automatically cease upon the termination of the Participant’s purchase right in accordance with the provisions
of the Plan.

 

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D.           The
Participant’s acquisition of Common Stock under the Plan on any Purchase Date shall neither limit nor require the Participant’s
acquisition of Common Stock on any subsequent Purchase Date, whether within the same or a different Main Offering.

 

E.            For
rights to purchase Common Stock granted under the Non-423(b) Plan, if payroll deductions are not permitted under local law, as determined
by the Corporation, Participants may be permitted to contribute to the Plan by an alternative method, as determined by the Corporation.
Alternate methods of contribution may be permitted for purchase rights granted under the Code Section 423(b) Plan to the extent
permissible under Code Section 423.

 

		VII.	PURCHASE
                                            RIGHTS

 

A.           Grant
of Purchase Right. A Participant shall be granted a separate purchase right for each Main Offering in which he or she participates.
The purchase right shall be granted on the Participant’s Entry Date into the Main Offering and shall provide the Participant with
the right to purchase shares of Common Stock, in a series of successive installments over the remainder of such Main Offering, upon the
terms set forth below. The Participant shall execute a stock purchase agreement embodying such terms and such other provisions (not inconsistent
with the Plan) as the Plan Administrator may deem advisable.

 

Under no circumstances shall
purchase rights be granted under the Plan to any Eligible Employee if such individual would, immediately after the grant, own (within
the meaning of Code Section 424(d)) or hold outstanding options or other rights to purchase, stock possessing five percent (5%)
or more of the total combined voting power or value of all classes of stock of the Corporation or any Corporate Affiliate.

 

B.            Exercise
of the Purchase Right and Delivery of Shares. Each purchase right shall be automatically exercised in installments on each successive
Purchase Date within the Main Offering, and shares of Common Stock shall accordingly be purchased on behalf of each Participant (other
than Participants whose payroll deductions have previously been refunded pursuant to the Termination of Purchase Right provisions below
or as a result of a Participant's reduction of his or her rate of payroll deductions to zero percent (0%), as described in Article VI(A)(i) above)
on each such Purchase Date. The purchase shall be effected by applying the Participant’s payroll deductions for the Sub-Offering
ending on such Purchase Date to the purchase of whole shares of Common Stock at the purchase price in effect for the Participant for
that Purchase Date. As soon as reasonably practicable after each Purchase Date on which a purchase of shares of Common Stock occurs,
the Company will arrange the delivery to each Participant of the shares purchased upon exercise of his or her purchase rights in a form
determined by the Plan Administrator (in its sole discretion) and pursuant to rules established by the Plan Administrator. The Company
may permit or require that shares of Common Stock be deposited directly with a broker designated by the Company or to a designated agent
of the Company, and the Company may utilize electronic or automated methods of share transfer. The Company may require that shares of
Common Stock be retained with such broker or agent for a designated period of time, and/or may establish procedures to permit tracking
of dispositions of shares.

 

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C.            Purchase
Price. The purchase price per share at which Common Stock will be purchased on the Participant’s behalf on each Purchase
Date within the Main Offering shall be established by the Plan Administrator; provided however, that such purchase price shall not be
less than eighty-five percent (85%) of the lower of (i) the Fair Market Value per share of Common Stock on the Participant’s
Entry Date into that Main Offering or (ii) the Fair Market Value per share of Common Stock on that Purchase Date. Subject to adjustment
as provided in Article III (B) or Article X below, the purchase price per share at which Common Stock will be purchased
on the Participant’s behalf on each Purchase Date within the Main Offering shall be equal to eighty-five percent (85%) of the lower
of (i) the Fair Market Value per share of Common Stock on the Participant’s Entry Date into that Main Offering or (ii) the
Fair Market Value per share of Common Stock on that Purchase Date.

 

D.           Number
of Purchasable Shares. The number of shares of Common Stock purchasable by a Participant on each Purchase Date during the Main
Offering shall be the number of whole shares obtained by dividing the amount collected from the Participant through payroll deductions
during the Sub-Offering ending with that Purchase Date by the purchase price in effect for the Participant for that Purchase Date. However,
except as otherwise provided by the Plan Administrator prior to the commencement of a Main Offering, the maximum number of shares of
Common Stock purchasable per Participant on any one Purchase Date during such Main Offering shall not exceed Four Hundred (400) shares,
subject to periodic adjustments in the event of certain changes in the Corporation’s capitalization. In addition, the maximum number
of shares of Common Stock purchasable in the aggregate by all Participants on any one Purchase Date under the Plan shall not exceed Three
Hundred Thousand (300,000) shares (or such other number designated by the Plan Administrator), subject to periodic adjustments in the
event of certain changes in the Corporation’s capitalization.

 

E.            Excess
Payroll Deductions. Any payroll deductions not applied to the purchase of shares of Common Stock on any Purchase Date because
they are not sufficient to purchase a whole share of Common Stock may be held for the purchase of Common Stock on the next following
Purchase Date or promptly refunded following the instant Purchase Date. However, any payroll deductions not applied to the purchase of
Common Stock by reason of the limitation on the maximum number of shares purchasable on the Purchase Date or for any reason other than
as described in the foregoing sentence shall be promptly refunded following such Purchase Date.

 

F.            Termination
of Purchase Right. The following provisions shall govern the termination of outstanding purchase rights:

 

(i)            A
Participant may, at any time prior to the third business day preceding the next scheduled Purchase Date in the Main Offering (or within
such other period as the Plan Administrator may determine), withdraw from participation in the Plan by completing and filing the appropriate
form with the Plan Administrator (or its designate) and by following any other procedures for withdrawing from the Plan as may be established
by the Corporation from time to time, and no further payroll deductions shall be collected from the Participant with respect to the withdrawal.
Any payroll deductions collected during the Sub-Offering in which such withdrawal occurs shall, at the Participant’s election,
be immediately refunded or held for the purchase of shares on the next Purchase Date. If no such election is made at the time of such
withdrawal, then the payroll deductions collected with respect to the terminated right shall be refunded as soon as possible.

 

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(ii)           The
termination of such purchase right shall be irrevocable, and the Participant may not subsequently rejoin the Main Offering for which
the terminated purchase right was granted. In order to resume participation in any subsequent Main Offering, such individual must re-enroll
in the Plan (by timely completing the prescribed enrollment forms) on or before his or her scheduled Entry Date into that Main Offering.

 

(iii)          Should
the Participant cease to remain an Eligible Employee for any reason (including death, disability or change in status) while his or her
purchase right remains outstanding, then that purchase right shall immediately terminate, and all of the Participant’s payroll
deductions for the Sub-Offering in which the purchase right so terminates shall be immediately refunded. However, should the Participant
cease to remain in active service by reason of an approved unpaid leave of absence, then the Participant shall have the right, exercisable
up until the date that is three (3) business days prior to the Purchase Date of the Sub-Offering in which such leave commences (or
such other cut-off date as shall be established by the Plan Administrator), to (a) withdraw all the payroll deductions collected
to date on his or her behalf for that Sub-Offering or (b) have such funds held for the purchase of shares on his or her behalf on
the next scheduled Purchase Date, provided the Participant remains an Eligible Employee on such Purchase Date. In no event, however,
shall any further payroll deductions be collected on the Participant’s behalf during such leave, unless continuation of payroll
deductions or other authorized contributions is required under local law, in which case the purchase rights will be granted under the
Non-423(b) Plan, if necessary under applicable laws or regulations. Upon the Participant’s return to active service (i) within
ninety (90) days following the commencement of such leave or, (ii) prior to the expiration of any longer period for which such Participant’s
right to reemployment with the Corporation or Corporate Affiliate is guaranteed by either statute or contract, his or her payroll deductions
under the Plan shall automatically resume at the rate in effect at the time the leave began. However, should the Participant’s
leave of absence exceed ninety (90) days and his or her re-employment rights not be guaranteed by either statute or contract, then the
Participant’s status as an Eligible Employee will be deemed to terminate on the ninety-first (91st) day of that leave, and such
Participant’s purchase right for the Main Offering in which that leave began shall thereupon terminate. An individual who returns
to active employment following such a leave as described in the foregoing sentence shall be treated as a new Eligible Employee for purposes
of Article V of the Plan and must, in order to resume participation in the Plan, re-enroll in the Plan (by timely completing the
prescribed enrollment forms (either through the Corporation’s online Plan enrollment process or in paper form)) on or before his
or her scheduled Entry Date into the Main Offering or any Sub-Offering thereunder, unless a re-enrollment requirement would be contrary
to local law, in which case the purchase rights will be granted under the Non-423(b) Plan, if necessary under applicable laws or
regulations. For avoidance of doubt, if a Participant ceases to remain in active service by reason of an approved paid leave of absence,
such Participant’s participation in the Plan shall continue for as long as the Participant is on such paid leave and, if the leave
exceeds ninety (90) days, has re-employment rights guaranteed by either statute or contract; should either of these conditions cease
to be met, the Participant’s participation in the Plan will be governed by the foregoing provisions of this Article VII(F)(iii).

 

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G.            Change
of Control. Each outstanding purchase right shall automatically be exercised, prior to the effective date of any Change of Control
on a date determined by the Plan Administrator, by applying the payroll deductions of each Participant for the Sub-Offering in which
such Change of Control occurs to the purchase of whole shares of Common Stock at the purchase price per share in effect for the Participant
on that Purchase Date, treating as the Purchase Date for this purpose the date on which shares are purchased prior to the effective date
of such Change of Control The applicable limitation on the number of shares of Common Stock purchasable by all Participants in the aggregate
shall not apply to any such purchase.

 

The Corporation shall use its
best efforts to provide at least ten (10) days prior written notice of the occurrence of any Change of Control, and Participants
shall, following the receipt of such notice, have the right to terminate their outstanding purchase rights prior to the effective date
of the Change of Control.

 

H.            Proration
of Purchase Rights. Should the total number of shares of Common Stock to be purchased pursuant to outstanding purchase rights
on any particular date exceed the number of shares then available for issuance under the Plan or the maximum number of share purchasable
by all Participants on a Purchase Date in accordance with Article VII(D), the Plan Administrator shall make a pro-rata allocation
of the available shares on a uniform and nondiscriminatory basis, and the payroll deductions of each Participant, to the extent in excess
of the aggregate purchase price payable for the Common Stock pro-rated to such individual, shall be refunded.

 

I.             Assignability.
The purchase right shall be exercisable only by the Participant and shall not be assignable or transferable by the Participant.

 

J.            Stockholder
Rights. A Participant shall have no stockholder rights with respect to the shares subject to his or her outstanding purchase
right until the shares are purchased on the Participant’s behalf in accordance with the provisions of the Plan and the Participant
has become a holder of record of the purchased shares.

 

K.            Tax
Withholding. At the time a Participant’s purchase right is exercised, in whole or in part, or at the time a Participant
disposes of some or all of the shares of Common Stock he or she acquires under the Plan, the Participant shall make adequate provision
for the U.S. federal, state, local and foreign tax withholding obligations, if any, of the Corporation and/or Corporate Affiliate which
arise upon exercise of the purchase right or upon such disposition of shares, respectively. The Corporation and/or the Corporate Affiliate
may, but shall not be obligated to, withhold from the Participant’s compensation or any other payments due the Participant the
amount necessary to meet such withholding obligations or withhold from the proceeds of the sale of shares of Common Stock or any other
method of withholding the Corporation and/or the Corporate Affiliate deems appropriate. The Corporation and/or the Corporate Affiliate
shall have the right to take such other action as may be necessary in the opinion of the Corporation or a Corporate Affiliate to satisfy
withholding obligations for such taxes.

 

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L.            Transfer
of Employment. For purposes of the Plan, the Participant’s employment relationship shall be treated as continuing intact
upon a transfer between locations of a Participating Corporation or upon a transfer of employment from one Participating Corporation
to another Participating Corporation that are each participating in the Code Section 423(b) Plan or that are each participating
in the Non-423(b) Plan. The Plan Administrator may establish other rules to govern transfers of employment between Participating
Corporations and between a Participating Corporation in the Code Section 423(b) Plan and a Participating Corporation in the
Non-423(b) Plan (or vice versa), consistent with the requirements of Section 423 of the Code, as amended, and the terms of
the Plan.

 

		VIII.	ACCRUAL
                                            LIMITATIONS

 

A.           No
Participant shall be entitled to accrue rights to acquire Common Stock pursuant to any purchase right outstanding under this Plan if
and to the extent such accrual, when aggregated with (i) rights to purchase Common Stock accrued under any other purchase right
granted under this Plan and (ii) similar rights accrued under other employee stock purchase plans (within the meaning of Code Section 423)
of the Corporation or any Corporate Affiliate, would otherwise permit such Participant to purchase more than Twenty-Five Thousand Dollars
($25,000) worth of stock of the Corporation or any Corporate Affiliate (determined on the basis of the Fair Market Value per share on
the date or dates such rights are granted) for each calendar year such rights are at any time outstanding. The requirements set forth
under this provision will be interpreted and applied to comply with current requirements under Code Section 423.

 

B.            If
by reason of such accrual limitations, any purchase right of a Participant does not accrue for a particular Sub-Offering, then the payroll
deductions shall automatically be discontinued and shall resume at the beginning of the first Main Offering in the next calendar year
(if the Participant is then an Eligible Employee).

 

C.            In
the event there is any conflict between the provisions of this Article and one or more provisions of the Plan or any instrument
issued thereunder, the provisions of this Article shall be controlling.

 

		IX.	EFFECTIVE
                                            DATE, TERM OF THE PLAN and compliance with laws

 

A.            The
Plan was initially approved by the stockholders of the Corporation on April 23, 2009 and became effective on April 30, 2010.
The Plan was amended and restated, effective as of April 15, 2014, and subsequently amended and restated, effective as of April 20,
2017, October 22, 2020 and April 22, 2021.

 

B.            The
inability of the Corporation to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Corporation’s
legal counsel to be necessary for the lawful issuance and sale of any shares under the Plan shall relieve the Corporation of any liability
in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a condition
to the exercise of a purchase right, the Corporation may require the Participant to satisfy any qualifications that may be necessary
or appropriate, to evidence compliance with any applicable law or regulation, and to make any representation or warranty with respect
thereto as may be requested by the Corporation.

 

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C.            Unless
sooner terminated by the Board, in its sole discretion, the Plan shall terminate upon the earlier of (i) the date on which
all shares available for issuance under the Plan shall have been sold pursuant to purchase rights exercised under the Plan or (ii) the
date on which all purchase rights are exercised in connection with a Change of Control. No further purchase rights shall be granted or
exercised, and no further payroll deductions shall be collected, under the Plan following such termination.

 

		X.	AMENDMENT/TERMINATION
                                            OF THE PLAN

 

A.            The
Board may alter, amend, suspend or terminate the Plan at any time to become effective immediately following the close of any Sub-Offering.
However, the Plan may be amended or terminated immediately upon Board action, if and to the extent necessary the Board or the Plan Administrator,
as applicable, determines that such amendment or termination of the Plan is in the best interests of the Corporation and its stockholders.
Such actions by the Board may include, without limitation, (i) termination of the Plan or any Main Offering or Sub-Offering, (ii) acceleration
of the Purchase Date of any Sub-Offering, (iii) reduction of the discount or change in the method of determining the purchase price
in any Sub-Offering or Main Offering (e.g., by determining the purchase price solely on the basis of the Fair Market Value on the Purchase
Date), (iv) reduction in the maximum number of shares that may be purchased by any Participant or in the aggregate by all Participants
on any Purchase Date or (v) any combination of the foregoing actions.

 

B.            To
the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law,
regulation or stock exchange rule), the Corporation shall obtain shareholder approval for such amendment or termination in such a manner
and to such a degree as required.

 

		XI.	Rules for
                                            Foreign Jurisdictions.

 

A.           The
Board or Plan Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate
the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Board or Plan Administrator
is specifically authorized to adopt rules and procedures regarding handling of payroll deductions, payment of interest, conversion
of local currency, payroll tax, withholding procedures and handling of stock certificates which vary with local requirements.

 

B.            The
Board or Plan Administrator may also adopt rules, procedures or sub-plans applicable to particular Participating Corporations or locations
under the Plan. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Article III
(A), but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan.

 

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C.            An
Eligible Employee who works for a Participating Corporation and is a citizen or resident of a jurisdiction other than the United States
(without regard to whether such individual also is a citizen or resident of the United States or is a resident alien within the meaning
of Section 7701(b)(1)(A) of the Code) may be excluded from participation in the Plan or a separate offering thereunder if the
participation of such Eligible Employee is prohibited under the laws of the applicable jurisdiction or if complying with the laws of
the applicable jurisdiction would cause the Plan or a separate offering thereunder to violate Section 423 of the Code.

 

		XII.	GENERAL
                                            PROVISIONS

 

A.           Nothing
in the Plan shall confer upon the Participant any right to continue in the employ of the Corporation or any Corporate Affiliate for any
period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Corporate Affiliate
employing such person) or of the Participant, which rights are hereby expressly reserved by each, to terminate such person’s employment
at any time for any reason, with or without cause.

 

B.            The
Code Section 423(b) Plan is exempt from the application of Section 409A. The Non-423(b) Plan is intended to be exempt
from the application of Section 409A of the Code under the short-term deferral exception and any ambiguities shall be construed
and interpreted in accordance with such intent. Except as provided in Article XII (C) hereof, in the case of a Participant
who would otherwise be subject to Section 409A of the Code, to the extent the Plan Administrator determines that a purchase right
or the exercise, payment, settlement or deferral thereof is subject to Section 409A of the Code, the purchase right shall be granted,
exercised, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including Department of Treasury
regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that
may be issued after the date the Plan became effective. Anything in the foregoing to the contrary notwithstanding, the Corporation shall
have no liability to a Participant or any other party if the purchase right that is intended to be exempt from, or compliant with, Section 409A
of the Code is not so exempt or compliant or for any action taken by the Committee with respect thereto.

 

C.            Although
the Corporation may endeavor to (1) qualify a purchase right for favorable tax treatment under the laws of the United States or
jurisdictions outside of the United States or (2) avoid adverse tax treatment (e.g., under Section 409A of the Code),
the Corporation makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable
tax treatment, anything to the contrary in this Plan, including Article XII (B) hereof, notwithstanding. The Corporation shall
be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the Plan.

 

D.            All
costs and expenses incurred in the administration of the Plan shall be paid by the Corporation; however, each Plan Participant shall
bear all costs and expenses incurred by such individual in the sale or other disposition of any shares purchased under the Plan.

 

E.            The
provisions of the Plan shall be governed by the laws of the State of Texas without regard to that State’s conflict-of-laws rules.

 

    11

     

    

Schedule A

 

Participating Corporations under the

2009 Employee Stock Purchase Plan

 

I.            Code
Section 423(b) Plan Participating Corporations

 

Silicon Laboratories Inc.

 

II.            Non-423(b) Plan
Participating Corporations

 

Silicon Laboratories UK Limited

 

Silicon Laboratories International Pte. Ltd.

 

Silicon Laboratories Norway A.S.

 

Silicon Laboratories Finland Oy

 

Silicon Laboratories Hungary Korlátolt
Felelősségű Társaság

 

Silicon Laboratories Canada ULC

 

Silicon Laboratories Asia Pacific, Limited (Taiwan
Branch)

 

    12

     

    

APPENDIX

 

The following definitions shall
be in effect under the Plan:

 

A.           Base
Salary shall mean the regular base salary or wages, overtime payments and shift premiums paid to a Participant by one or more
Participating Corporations during such individual’s period of participation in one or more Main Offerings under the Plan and shall
be calculated before deduction of (i) any income or employment tax withholdings or (ii) any contributions made by the Participant
to any Code Section 401(k) salary deferral plan or any Code Section 125 cafeteria benefit program now or hereafter established
by the Corporation or any Corporate Affiliate. Base Salary shall not include (i) any bonuses, commissions, profit-sharing
distributions or other incentive-type payments, (ii) any contributions made by the Corporation or any Corporate Affiliate on the
Participant’s behalf to any employee benefit or welfare plan now or hereafter established (other than Code Section 401(k) or
Code Section 125 contributions deducted from such Base Salary) or (iii) 13th/14th month payments or similar concepts under
local law or any other similar compensation.

 

B.            Board
shall mean the Corporation’s Board of Directors.

 

C.            Change
of Control shall mean and includes each of the following:

 

(i)            A
transaction or series of transactions (other than an offering of the Common Stock to the general public through a registration statement
filed with the Securities and Exchange Commission) whereby any “person” or related “group” of “persons”
(as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Corporation, any of its subsidiaries,
an employee benefit plan maintained by the Corporation or any of its subsidiaries or a “person” that, prior to such transaction,
directly or indirectly controls, is controlled by, or is under common control with, the Corporation) directly or indirectly acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Corporation possessing more
than 50% of the total combined voting power of the Corporation’s securities outstanding immediately after such acquisition; or

 

(ii)           During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other
than a director designated by a person who shall have entered into an agreement with the Corporation to effect a transaction described
in Section C (i) or Section C (iii) hereof) whose election by the Board or nomination for election by the Corporation’s
stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning
of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a
majority thereof; or

 

    A-1

     

    

(iii)          The
consummation by the Corporation (whether directly involving the Corporation or indirectly involving the Corporation through one or more
intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition
of all or substantially all of the Corporation’s assets in any single transaction or series of related transactions or (z) the
acquisition of assets or stock of another entity, in each case other than a transaction:

 

		a.	Which results in the Corporation’s
                                            voting securities outstanding immediately before the transaction continuing to represent
                                            (either by remaining outstanding or by being converted into voting securities of the Corporation
                                            or the person that, as a result of the transaction, controls, directly or indirectly, the
                                            Corporation or owns, directly or indirectly, all or substantially all of the Corporation’s
                                            assets or otherwise succeeds to the business of the Corporation (the Corporation or such
                                            person, the “Successor Entity”)) directly or indirectly, at least a majority
                                            of the combined voting power of the Successor Entity’s outstanding voting securities
                                            immediately after the transaction, and

 

		b.	After which no person or group beneficially
                                            owns voting securities representing 50% or more of the combined voting power of the Successor
                                            Entity; provided, however, that no person or group shall be treated for purposes of
                                            this Section C (iii) (b) as beneficially owning 50% or more of combined voting
                                            power of the Successor Entity solely as a result of the voting power held in the Corporation
                                            prior to the consummation of the transaction; or

 

(iv)          The
Corporation’s stockholders approve a liquidation or dissolution of the Corporation.

 

Notwithstanding anything to
the contrary in the foregoing, a transaction shall not constitute a Change of Control if it is effected for the purpose of changing the
place of incorporation or form of organization of the ultimate parent entity (including where the Corporation is succeeded by an issuer
incorporated under the laws of another state, country or foreign government for such purpose and whether or not the Corporation remains
in existence following such transaction) where all or substantially all of the persons or group that beneficially own all or substantially
all of the combined voting power of the Corporation’s voting securities immediately prior to the transaction beneficially own all
or substantially all of the combined voting power of the Corporation or the ultimate parent entity in substantially the same proportions
of their ownership after the transaction.

 

The Board shall have full
and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change of Control of the Corporation
has occurred pursuant to the above definition, and the date of the occurrence of such Change of Control and any incidental matters relating
thereto.

 

    A-2

     

    

D.           Code
shall mean the U.S. Internal Revenue Code of 1986, as amended.

 

E.            Code
Section 423(b) Plan shall mean an employee stock purchase plan which is designed to meet the requirements set forth
in Section 423(b) of the Code, as amended. The provisions of the Code Section 423(b) Plan shall be construed, administered
and enforced in accordance with Section 423(b).

 

F.            Common
Stock shall mean the Corporation’s common stock.

 

G.            Corporate
Affiliate shall mean any parent or subsidiary corporation of the Corporation (as determined in accordance with Code Section 424),
whether now existing or subsequently established.

 

H.           Corporation
shall mean Silicon Laboratories Inc., a Delaware corporation, and any corporate successor to all or substantially all of the
assets or voting stock of Silicon Laboratories Inc. which shall by appropriate action adopt the Plan.

 

I.             Exchange
Act means the U.S. Securities Exchange Act of 1934, as amended.

 

J.             Eligible
Employee shall mean any person who is employed by a Participating Corporation on a basis under which he or she is regularly expected
to render more than twenty (20) hours of service per week for more than five (5) months per calendar year. For rights to purchase
Common Stock granted under the Non-423(b) Plan or under a separate offering under the Code Section 423(b) Plan, Eligible
Employee shall also mean any other employee of a Participating Corporation to the extent that local law requires participation in the
Plan to be extended to such employee, as determined by the Corporation. Notwithstanding the foregoing, the Plan Administrator, in its
discretion, from time to time may, prior to a Main Offering for all purchase rights to be granted in one or more separate offerings,
determine on a uniform and nondiscriminatory basis that the definition of Eligible Employee will not include an individual if he or she:
(i) has not completed at least two years of service since his or her last hire date (or such lesser period of time as may be determined
by the Plan Administrator in its discretion), (ii) is a highly compensated employee within the meaning of Section 414(q) of
the Code, or (iii) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation
above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided
the exclusion is applied with respect to each separate offering in an identical manner to all highly compensated individuals of the Participating
Company whose Eligible Employees are participating in that offering.

 

K.           Entry
Date shall mean the date an Eligible Employee first commences participation in the Main Offering in effect under the Plan.

 

L.            Fair
Market Value per share of Common Stock on any relevant date shall be determined as of the “Applicable Date” (as defined
below) in accordance with the following provisions:

 

    A-3

     

    

(i)            If
the Common Stock is at the time listed on any Stock Exchange, then the Fair Market Value shall be the closing selling price per share
of Common Stock on the Applicable Date on the Stock Exchange determined by the Plan Administrator to be the primary market for the Common
Stock, as such price is officially quoted in the composite tape of transactions on such exchange. If there is no closing selling price
for the Common Stock on the Applicable Date, then the Fair Market Value shall be the closing selling price on the last preceding date
for which such quotation exists.

 

(ii)           In
the absence of an established market for the shares of Common Stock, the Fair Market Value established by the Plan Administrator acting
in good faith.

 

For the purposes of this
provision, the “Applicable Date” shall be (a) with respect to any Entry Date, such Entry Date and (b) with respect
to any Purchase Date, such Purchase Date; provided, however, that the Plan Administrator may establish before the commencement of a Main
Offering that the Applicable Date with respect to each Entry Date and each Purchase Date during such Main Offering shall be the last
Stock Exchange trading day immediately preceding such Entry Date or such Purchase Date, as applicable.

 

M.          Main
Offering shall mean the period established in accordance with Article IV, consisting of one or more Sub-Offerings, during
which purchase rights may be granted pursuant to the Plan and may be exercised on one or more Purchase Dates. The duration and timing
of Main Offerings may be changed pursuant to Articles IV and X.

 

N.           1933
Act shall mean the U.S. Securities Act of 1933, as amended.

 

O.           Non-423(b) Plan
shall mean an employee stock purchase plan which is not required to meet the requirements set forth in Section 423(b) of
the Code, as amended.

 

P.            Participant
shall mean any Eligible Employee of a Participating Corporation who is participating in the Plan.

 

Q.           Participating
Corporations shall mean the Corporation and such Corporate Affiliates as may be authorized from time to time by the Board to
participate in the Plan. The Board may determine that some Participating Corporations shall be designated to participate in the Non-423(b) Plan.
The Participating Corporations in the Code Section 423(b) Plan and in the Non-423(b) Plan are listed in attached Schedule A.

 

R.            Plan
shall mean the Corporation’s 2009 Employee Stock Purchase Plan, as set forth in this document, as amended from time to
time, which includes a Code Section 423(b) Plan and a Non-423(b) Plan component.

 

S.            Plan
Administrator shall mean the committee of two (2) or more Board members appointed by the Board to administer the Plan or
any officer or officers to whom authority to administer the Plan has been delegated pursuant to Article II.

 

T.            Purchase
Date shall mean the last business day of each Sub-Offering.

 

    A-4

     

    

U.           Semi-Annual
Entry Date shall mean the last business day in April and October each year (or such other days as may be established
by the Plan Administrator) on which an Eligible Employee may first enter a Main Offering or may rejoin a Main Offering following an approved
leave of absence pursuant to Article VII(F)(iii) of the Plan.

 

V.            Sub-Offering
shall mean each successive and/or overlapping period within the Main Offering at the end of which there shall be purchased shares
of Common Stock on behalf of each Participant.

 

W.          Stock
Exchange shall mean NASDAQ or the New York Stock Exchange.

 

    A-5

     

    

PLAN HISTORY

 

	January 29, 2009	Board adopts Plan with a reserve of 1,250,000 shares.
	 	 
	April 23, 2009	Stockholders approve Plan.
	 	 
	January 23, 2014	Board adopts Amended and Restated Plan, increasing the share reserve to 1,700,000 shares.
	 	 
	April 15, 2014	Stockholders approve Amended and Restated Plan.
	 	 
	July 21, 2016	Board adopts Amended and Restated Plan, reflecting a clarifying amendment.
	 	 
	February 22, 2017	Board adopts second Amended and Restated Plan, increasing the share reserve to 2,700,000 shares, effective upon its approval by the stockholders
	 	 
	April 20, 2017	Stockholders approve second Amended and Restated Plan, increasing the share reserve to 2,700,000 shares.
	 	 
	October 17, 2019	Board adopts Amended and Restated Plan, reflecting the addition of Silicon Laboratories Hungary Korlátolt Felelősségű Társaság as a participating corporation.
	 	 
	October 22, 2020	Board adopts Amended and Restated Plan, reflecting the addition of Silicon Laboratories Canada ULC and Silicon Laboratories Asia Pacific, Limited (Taiwan Branch) as participating corporations.
	 	 
	February 24, 2021	Board adopts Amended and Restated Plan, increasing the share reserve to 3,500,000 shares, effective upon its approval by the stockholders
	 	 
	April 22, 2021	Stockholders approve Amended and Restated Plan, increasing the share reserve to 3,500,000 shares.Exhibit
4.10

 

DESCRIPTION
OF SECURITIES

 

As
of February 28, 2021, Saratoga Investment Corp (“we,” “our,” “us,” or the “Company”)
has three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”): (i) its common stock, par value $0.001 per share (“common stock”); (ii) its 6.25% Notes due 2025 (the “6.25%
2025 Notes”); and (iii) its 7.25% Notes due 2025 (the “7.25% 2025 Notes,” together with the 6.25% 2025 Notes, the “Notes”).

 

The
following descriptions of the Company’s common stock and the Notes are as of February 28, 2021 and based on, as applicable,
the relevant portions of the Maryland General Corporation Law (“MGCL”), the Company’s articles of amendment (“charter”),
our third amended and restated bylaws (“bylaws”), the first supplemental indenture, dated May 10, 2013 (the “First
Supplemental Indenture), the second supplemental indenture, dated December 21, 2016 (the “Second Supplemental Indenture), the third
supplemental indenture, dated August 28, 2018 (the “Third Supplemental Indenture”), the fourth supplemental indenture, dated
June 24, 2020 (the “Fourth Supplemental Indenture”), the fifth supplemental indenture, dated July 9, 2020 (the “Fifth
Supplemental Indenture”), the sixth supplemental indenture, dated December 29, 2020 (the “Sixth Supplemental Indenture”),
the seventh supplemental indenture, dated January 28, 2021 (the “Seventh Supplemental Indenture”), the eighth supplemental
indenture, dated March 10, 2021 (the “Eighth Supplemental Indenture”) and the indenture, dated May 10, 2013 (the “Base
Indenture” together with the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture,
the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture
and the Eighth Supplemental Indenture, the “Indenture”), by and between the Company and U.S. Bank National Association, as
trustee (the “Trustee”). This summary is a description of the material terms of, and is qualified in its entirety by, the
charter, the bylaws and the Indenture, each of which is incorporated by reference as an exhibit to this Annual Report on Form 10-K. As
a result, this summary may not contain all of the information that is important to you. We refer you to the MGCL, the charter, the bylaws,
and the Indenture for a more detailed description of the provisions summarized below. Capitalized terms used but not defined herein shall
have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is an
exhibit.

 

		A.	Common
                                            Stock, $0.001 par value per share

 

The
authorized stock of Saratoga Investment Corp (the “Company,” “we,” “our” or “us”) consists
of 100,000,000 shares of common stock, par value $0.001 per share, of which 11,199,995 were outstanding as of February 28, 2021. Our
common stock trades under the symbol “SAR” on the New York Stock Exchange (the “NYSE”). There are no outstanding
options or warrants to purchase our common stock. No shares of common stock have been authorized for issuance under any equity compensation
plans. Under Maryland law, our stockholders generally are not personally liable for our debts or obligations.

 

Under
our governing documents, our board of directors is authorized to create new classes or series of shares of stock and to authorize the
issuance of shares of stock without obtaining stockholder approval. Our charter provides that the board of directors, without any action
by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number
of shares of stock of any class or series that we have authority to issue.

 

Each
share of our common stock has equal rights as to earnings, assets, dividends and voting and all of our outstanding shares of common stock
are duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as
and when authorized by our board of directors and declared by us out of funds legally available therefor. Shares of our common stock
have no preemptive, exchange, conversion or redemption rights. In the event of our liquidation, dissolution or winding up, each share
of common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all
debts and other liabilities and subject to any preferential rights of holders of shares of our preferred stock, if any are outstanding
at such time. Each share of our common stock entitles its holder to cast one vote on all matters submitted to a vote of stockholders,
including the election and removal of directors.

  

Provisions
of Our Governing Documents and the Maryland General Corporation Law

 

Our
governing documents and the Maryland General Corporation Law contain provisions that could make it more difficult for a potential acquiror
to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover
practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our board of
directors. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition
proposals because, among other things, the negotiation of such proposals may improve their terms.

 

     

     

    

 

Classified
Board of Directors

 

Our
board of directors is divided into three classes of directors serving staggered three-year terms. Directors of each class are elected
to serve for three-year terms and until their successors are duly elected and qualify, and each year one class of directors is elected
by the stockholders. A classified board may render a change in control of us or removal of our incumbent management more difficult. We
believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure the continuity
and stability of our management and policies.

 

Number
of Directors; Vacancies; Removal

 

Our
governing documents provide that the number of directors will be set only by our board of directors in accordance with our bylaws. Our
bylaws provide that a majority of our entire board of directors may at any time increase or decrease the number of directors. However,
unless our bylaws are amended, the number of directors may never be less than three nor more than eleven. Our charter provides that,
except as may be provided by the board of directors in setting the terms of any class or series of shares of stock, so long as we have
a class of securities registered under the Exchange Act and at least three independent directors, any and all vacancies on the board
of directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors
do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship
in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.
If there are no directors then in office, vacancies may be filled by stockholders at a special meeting called for such purpose. Our charter
provides that a director may be removed only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally
in the election of directors.

 

Election
of Directors

 

Our
charter and bylaws provide that a plurality of the votes cast at a meeting of our stockholders duly called and at which a quorum
is present will be required to elect a director to our board of directors. Pursuant to our charter and bylaws, our board of directors
may amend the bylaws to alter the vote required to elect directors.

 

Action
by Stockholders

 

All
of our outstanding shares of common stock will generally be able to vote on any matter that is a proper subject for action by the stockholders
of a Maryland corporation, including in respect of the election or removal of directors as well as other extraordinary matters. Under
the Maryland General Corporation Law, stockholder action can be taken only at an annual or special meeting of stockholders or by written
or electronically-transmitted unanimous consent in lieu of a meeting. These provisions, combined with the requirements of our
governing documents regarding the calling of a stockholder-requested special meeting of stockholder discussed below, may have
the effect of delaying consideration of a stockholder proposal until the next annual meeting.

 

Advance
Notice Provisions for Stockholder Nominations and Stockholder Proposals

 

Our
bylaws provide that, with respect to an annual meeting of our stockholders, nominations of individuals for election to the board of directors
and the proposal of business to be considered by stockholders may be made only (1) pursuant to our notice of the meeting, (2) by
or at the direction of the board of directors, (3) by any stockholder who is a stockholder of record both at the time of giving
notice by the stockholder and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with the
advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business specified in our notice
of the meeting may be brought before the meeting. Nominations of individuals for election to the board of directors at a special meeting
may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of the board of directors, (3) provided
that the board of directors has determined that directors will be elected at the meeting, by a stockholder who is a stockholder of record
both at the time of giving notice by the stockholder and at the time of the special meeting and who is entitled to vote at the meeting
and who has complied with the advance notice provisions of our bylaws or (4) by a stockholder who is entitled to vote at the meeting
in circumstances in which a special meeting of stockholders is called for the purpose of electing directors when no directors remain
in office.

 

    2

     

    

 

The
purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our board of directors a meaningful
opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent
deemed necessary or desirable by our board of directors, to inform stockholders and make recommendations about such qualifications or
business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our
board of directors any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action,
they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper
procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own
slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful
or beneficial to us and our stockholders.

 

Calling
of Special Meetings of Stockholders

 

Our
bylaws provide that special meetings of our stockholders may be called by our board of directors and certain of our officers. Additionally,
our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting
the meeting, a special meeting of our stockholders will be called by our secretary upon the written request of stockholders entitled
to cast not less than a majority of all the votes entitled to be cast at such meeting, except that, if no directors remain in office,
a special meeting of our stockholders shall be called to elect directors by the secretary upon the written request of holders entitled
to cast at least 10% of the votes entitled to be cast generally in the election of directors.

 

Amendment
of Governing Documents

 

Under
Maryland law, a Maryland corporation generally cannot dissolve or amend its charter unless the corporation’s board of directors
declares the dissolution or amendment to be advisable and the dissolution or amendment is approved by the affirmative vote of stockholders
entitled to cast at least two-thirds of the votes entitled to be cast on the matter. A Maryland corporation may provide in its charter
for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter.
Our charter generally provides for approval of amendments to our charter by the stockholders entitled to cast at least a majority of
the votes entitled to be cast on the matter. However, our charter also provides that certain charter amendments and proposals for our
liquidation, dissolution or conversion, whether by merger or otherwise, from a closed-end company to an open-end company require the
approval of the stockholders entitled to cast at least two-thirds percent of the votes entitled to be cast on such matter. If such amendment
or proposal is approved by at least two-thirds of our continuing directors (in addition to approval by our board of directors), such
amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The “continuing directors”
are, as defined in our charter, our current directors as well as those directors whose nomination for election by the stockholders or
whose election by the directors to fill vacancies is approved by a majority of the continuing directors then on the board of directors.

 

Our
governing documents provide that the board of directors has the exclusive power to adopt, alter or repeal any provision of our bylaws
and to make new bylaws.

 

Approval
of Extraordinary Actions

 

Under
Maryland law, a Maryland corporation generally cannot amend its charter, merge, sell all or substantially all of its assets, engage in
a share exchange or engage in similar transactions outside the ordinary course of business, unless the corporation’s board of directors
declares action or transaction to be advisable and the action or transaction is approved by the affirmative vote of stockholders entitled
to cast at least two-thirds of the votes entitled to be cast on the matter. A Maryland corporation may provide in its charter for approval
of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter.

 

Except
for a merger that would result in our conversion to an open-end company, which requires the approval described above, our charter provides
that we may merge, sell all or substantially all of our assets, engage in a consolidation or share exchange or engage in similar transactions,
if such transaction is declared advisable by our board of directors and approved by a majority of all of the votes entitled to be cast
on the matter.

 

    3

     

    

 

No
Appraisal Rights

 

Except
with respect to appraisal rights arising in connection with the Maryland Control Share Acquisition Act discussed below, as permitted
by the Maryland General Corporation Law, our governing documents provide that our stockholders will not be entitled to exercise appraisal
rights unless a majority of our board of directors determines that such rights will apply with respect to all or any classes or series
of stock, to one or more transactions occurring after the date of such determination in connection with which holders of such shares
would otherwise be entitled to exercise appraisal rights.

 

Control
Share Acquisitions

 

The
Control Share Acquisition Act provides that control shares of a Maryland corporation acquired in a control share acquisition have no
voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the
acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control
shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the
acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the
acquiror to exercise voting power in electing directors within one of the following ranges of voting power:

 

		●	one-tenth
                                            or more but less than one-third;

 

		●	one-third
                                            or more but less than a majority; or

 

		●	a
                                            majority or more of all voting power.

 

The
requisite stockholder approval must be obtained each time an acquiror crosses one of the thresholds of voting power set forth above.
Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder
approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

 

A
person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special
meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling
of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting.
If no request for a meeting is made, the corporation may itself present the question at any stockholder meeting.

 

If
voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by
the statute, then the corporation may repurchase for fair value any or all of the control shares, except those for which voting rights
have previously been approved. The right of the corporation to repurchase control shares is subject to certain conditions and limitations,
including, as provided in our bylaws, compliance with the 1940 Act, which will prohibit any such repurchase other than in limited circumstances.
Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share
acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares are considered and not approved.
If voting rights for control shares are approved at a stockholder meeting and the acquiror becomes entitled to vote a majority of the
shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes
of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.

 

The
Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation
is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.

 

Our
bylaws contain a provision exempting from the Control Share Acquisition Act any and all acquisitions by any person of our common stock.
Such provision could also be amended or eliminated at any time in the future. However, we will amend our bylaws to be subject to the
Control Share Acquisition Act only if the board of directors determines that it would be in our best interests and if the SEC does not
object to our determination that our being subject to the Control Share Acquisition Act does not conflict with the 1940 Act.

 

    4

     

    

 

Business
Combinations

 

Under
Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an
interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested
stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute,
an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

 

	 	●	any
    person who beneficially owns 10% or more of the voting power of the corporation’s stock; or

 

	 	●	an
    affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial
    owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.

 

A
person is not an interested stockholder under this statute if the board of directors approved in advance the transaction by which he
otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its
approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

 

After
the five-year prohibition, any business combination between the corporation and an interested stockholder generally must be recommended
by the board of directors of the corporation and approved by the affirmative vote of at least:

 

	 	●	80%
    of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

 

	 	●	two-thirds
    of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder
    with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested
    stockholder.

 

These super-majority vote
requirements do not apply if the corporation’s stockholders receive a minimum price, as defined under Maryland law, for their shares
in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

 

The
statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before
the time that the interested stockholder becomes an interested stockholder. Our board of directors has adopted a resolution exempting
from the provisions of the Maryland Business Combination Act any business combination between us and any other person. If our board of
directors adopts resolutions causing us to be subject to the provisions of the Business Combination Act, these provisions may discourage
others from trying to acquire control of us and increase the difficulty of consummating any offer.

 

Conflict
with 1940 Act

 

Our
bylaws provide that, if and to the extent that any provision of the Maryland General Corporation Law, including the Control Share Acquisition
Act or the Business Combination Act (if we amend our bylaws to be subject to such Acts), or any provision of our charter or bylaws conflicts
with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

 

		B.	Debt
                                            Securities

 

Unless
otherwise specifically stated, the summary below relates to both the 6.25% 2025 Notes and the 7.25% 2025 Notes, and therefore, references
to the “Notes” below refer to both the 6.25% 2025 Notes and the 7.25% 2025 Notes.

 

    5

     

    

 

The
6.25% 2025 Notes

 

On
August 28, 2018, the Company issued $40.0 million in aggregate principal amount of the 6.25% 2025 Notes for net proceeds of $38.7 million
after deducting underwriting commissions of approximately $1.3 million. Offering costs incurred were approximately $0.3 million. The
issuance included the full exercise of the underwriters’ option to purchase an additional $5.0 million aggregate principal
amount of the 6.25% 2025 Notes within 30 days. Interest on the 6.25% 2025 Notes is paid quarterly in arrears on February 28, May 31,
August 31 and November 30, at a rate of 6.25% per year, beginning November 30, 2018. The 6.25% 2025 Notes mature on August 31,
2025 and commencing August 31, 2021, may be redeemed in whole or in part at any time or from time to time at our option. The net
proceeds from the offering were used for general corporate purposes in accordance with our investment objective and strategies. Financing
costs of $1.6 million related to the 6.25% 2025 Notes have been capitalized and are being amortized over the term of the 6.25% 2025
Notes.

 

On
February 5, 2019, the Company completed a re-opening and up-sizing of its existing 6.25% 2025 Notes by issuing
an additional $20.0 million in aggregate principal amount for net proceeds of $19.2 million after deducting underwriting commissions
of approximately $0.6 million and discount of $0.2 million. Offering costs incurred were approximately $0.2 million. The
issuance included the full exercise of the underwriters’ option to purchase an additional $2.5 million aggregate principal
amount of the 6.25% 2025 Notes within 30 days. Interest rate, interest payment dates and maturity remain unchanged from the existing
6.25% 2025 Notes issued in August 2018. The net proceeds from this offering were used for general corporate purposes in accordance with
our investment objective and strategies. The financing costs and discount of $1.0 million related to the 6.25% 2025 Notes have been
capitalized and are being amortized over the term of the 6.25% 2025 Notes. At February 28, 2021, the total 6.25% 2025 Notes outstanding
was $60.0 million. The 6.25% 2025 Notes are listed on the NYSE under the trading symbol “SAF” with a par value of $25.00
per share.

 

The
6.25% 2025 Notes were issued under the Base Indenture, as supplemented by the Third Supplemental Indenture.

 

The
7.25% 2025 Notes

 

On
June 24, 2020, the Company issued $37.5 million in aggregate principal amount of the 7.25% 2025 Notes for net proceeds of $36.3 million
after deducting underwriting commissions of approximately $1.2 million. Offering costs incurred were approximately $0.3 million. On July
6, 2020, the underwriters exercised their option in full to purchase an additional $5.625 million in aggregate principal amount of its
7.25% unsecured notes due 2025. Net proceeds to the Company were $5.4 million after deducting underwriting commissions of approximately
$0.2 million. Interest on the 7.25% 2025 Notes is paid quarterly in arrears on February 28, May 31, August 31 and November 30, at a rate
of 7.25% per year, beginning August 31, 2020. The 7.25% 2025 Notes mature on June 30, 2025 and commencing June 24, 2022, may be redeemed
in whole or in part at any time or from time to time at our option. The net proceeds from the offering were used for general corporate
purposes in accordance with our investment objective and strategies. Financing costs of $1.6 million related to the 7.25% 2025 Notes
have been capitalized and are being amortized over the term of the 7.25% 2025 Notes. The Company has received an investment grade private
rating of “BBB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. As of February 28, 2021, the
total 7.25% 2025 Notes outstanding was $43.1 million. The 7.25% 2025 Notes are listed on the NYSE under the trading symbol “SAK”
with a par value of $25.00 per share.

 

The
7.25% 2025 Notes were issued under the Base Indenture, as supplemented by the Fourth Supplemental Indenture.

 

General

 

For
purposes of this description, any reference to the payment of principal of, or premium or interest, if any, on the Notes will include
additional amounts if required by the terms of such Notes.

 

As
required by federal law for all bonds and notes of companies that are publicly offered, the debt securities are governed by a document
called an “indenture.” An indenture is a contract between us and the financial institution acting as trustee on your behalf,
and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can
enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, described
in the second paragraph under “Events of Default—Remedies if an Event of Default Occurs.” Second, the trustee performs
certain administrative duties for us with respect to our debt securities.

 

    6

     

    

 

The
Indenture provides that any debt securities may be issued under the Indenture in one or more series. The Indenture does not limit the
amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the Indenture, when a single
trustee is acting for all debt securities issued under the Indenture, are called the “indenture securities.” The Indenture
also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities.
See “Resignation of Trustee” below. At a time when two or more trustees are acting under the Indenture, each with respect
to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which
each respective trustee is acting. In the event that there is more than one trustee under the Indenture, the powers and trust obligations
of each trustee will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are
acting under the Indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate
indentures.

 

The
Indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by
another entity.

 

We
have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without
the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities
of that series unless the reopening was restricted when that series was created.

 

Optional
Redemption

 

The
Notes may be redeemed in whole or in part at any time or from time to time at our option on or after August 31, 2021 upon not less than
30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price
of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon
for the then-current quarterly interest period accrued to the date fixed for redemption.

 

You
may be prevented from exchanging or transferring the Notes when they are subject to redemption. In case any Notes are to be redeemed
in part only, the redemption notice will provide that, upon surrender of such 2025 Note, you will receive, without a charge, a new Note
or Notes of authorized denominations representing the principal amount of your remaining unredeemed Notes. Any exercise of our option
to redeem the Notes will be done in compliance with the 1940 Act.

 

If
we redeem only some of the Notes, the Trustee will determine the method for selection of the particular Notes to be redeemed, in accordance
with the Indenture and the 1940 Act and in accordance with the rules of any national securities exchange or quotation system on which
the Notes are listed. Unless we default in payment of the redemption price, on and after the date of redemption, interest will cease
to accrue on the Notes called for redemption.

 

Ranking
of Notes

 

The
Notes will be our direct unsecured obligations and will rank:

 

		●	pari
                                            passu with, which means equal to, all outstanding and future unsecured unsubordinated
                                            indebtedness;

 

		●	senior
                                            to any of our future indebtedness that expressly provides it is subordinated to the Notes;

 

		●	effectively
                                            subordinated to all of our existing and future secured indebtedness (including indebtedness
                                            that is initially unsecured to which we subsequently grant security), to the extent of the
                                            value of the assets securing such indebtedness; and

 

		●	structurally
                                            subordinated to all existing and future indebtedness and other obligations of any of the
                                            Company’s subsidiaries and financing vehicles since the Notes are obligations exclusively
                                            of Saratoga Investment Corp. and not of any of our subsidiaries. Structural subordination
                                            means that creditors of a parent entity are subordinate to creditors of a subsidiary entity
                                            with respect to the subsidiary’s assets.

 

    7

     

    

 

Denominations

 

The
Notes are issued in denominations of $25 and integral multiples of $25 in excess thereof.

 

Sinking
Fund

 

The
Notes will not be subject to any sinking fund (i.e., no amounts will be set aside by us to ensure repayment of the Notes at maturity).
As a result, our ability to repay the Notes at maturity will depend on our financial condition on the date that we are required to repay
the Notes.

 

Book-Entry
Holders

 

The
Notes were issued as registered securities in book-entry form only. We will issue registered debt securities in book-entry form
only, unless we specify otherwise in the applicable prospectus supplement. This means debt securities will be represented by one or more
global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in
the depositary’s book-entry system. These participating institutions, in turn, hold beneficial interests in the debt
securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

 

Under
the Indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently,
for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and
we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its
participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants
do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the
debt securities.

 

As
a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through
a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest
through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders,
and not holders, of the debt securities.

 

Global
Securities

 

As
noted above, the Notes will be issued in book-entry form and represented by a global security that we deposit with and register in the
name of The Depository Trust Company, New York, New York, known as DTC, or its nominee. A global security may not be transferred to or
registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. As a result of
these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all the Notes represented by a global
security, and investors will be permitted to own only beneficial interests in a global security.

 

Termination
of a Global Security

 

If
a global security is terminated for any reason, interests in it will be exchanged for certificates in non-book-entry form (certificated
securities). After that exchange, the choice of whether to hold the certificated Notes directly or in street name will be up to the investor.
Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination
to their own names, so that they will be holders.

 

Payment
and Paying Agents

 

We
will pay interest to the person listed in the Trustee’s records as the owner of the Notes at the close of business on a particular
day in advance of each due date for interest, even if that person no longer owns the 2025 Note on the interest due date. That day, usually
about two weeks in advance of the interest due date, is called the “record date.” Because we will pay all the interest for
an interest period to the holders on the record date, holders buying and selling the Notes must work out between themselves the appropriate
purchase price. The most common manner is to adjust the sales price of the Notes to prorate interest fairly between buyer and seller
based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued
interest.”

 

    8

     

    

 

Payments
on Global Securities

 

We
will make payments on the Notes so long as they are represented by a global security in accordance with the applicable policies of the
depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and
not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will
be governed by the rules and practices of the depositary and its participants.

 

Payment
When Offices Are Closed

 

If
any payment is due on the Notes on a day that is not a business day, we will make the payment on the next day that is a business day.
Payments made on the next business day in this situation will be treated under the Indenture as if they were made on the original due
date. Such payment will not result in a default under the Notes or the Indenture, and no interest will accrue on the payment amount from
the original due date to the next day that is a business day.

 

Events
of Default

 

You
will have rights if an Event of Default occurs in respect of the Notes, as described later in this subsection.

 

The
term “Event of Default” in respect of the Notes means any of the following:

 

		●	we
                                            do not pay the principal (or premium, if any) of any 2025 Note when due;

 

		●	we
                                            do not pay interest on any 2025 Note when due, and such default is not cured within 30 days;

 

		●	we
                                            remain in breach of a covenant in respect of the Notes for 60 days after we receive
                                            a written notice of default stating we are in breach (the notice must be sent by either the
                                            Trustee or holders of at least 25% of the principal amount of the Notes);

 

		●	we
                                            file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur
                                            and in the case of certain orders or decrees entered against us under bankruptcy law, such
                                            order or decree remains undischarged or unstayed for a period of 60 days; or

 

		●	on
                                            the last business day of each of twenty-four consecutive calendar months, the Notes have
                                            the asset coverage, as defined in the 1940 Act, of less than 100% after giving effect to
                                            any exemptive relief granted to us by the SEC.

 

An
Event of Default for the Notes does not necessarily constitute an Event of Default for any other series of debt securities issued under
the same or any other indenture. The Trustee may withhold notice to the holders of the Notes of any default, except in the payment of
principal or interest, if it in good faith considers the withholding of notice to be in the best interests of the holders.

 

Remedies
if an Event of Default Occurs

 

If
an Event of Default has occurred and is continuing, the Trustee or the holders of not less than 25% in principal amount of the Notes
may declare the entire principal amount of all the Notes to be due and immediately payable. This is called a declaration of acceleration
of maturity. In certain circumstances, a declaration of acceleration of maturity may be canceled by the holders of a majority in principal
amount of the Notes if (1) we have deposited with the Trustee all amounts due and owing with respect to the Notes (other than principal
that has become due solely by reason of such acceleration) and certain other amounts, and (2) any other Events of Default have been
cured or waived.

 

Except
in cases of default, where the Trustee has some special duties, the Trustee is not required to take any action under the Indenture at
the request of any holders unless the holders offer the Trustee reasonable protection from expenses and liability (called an “indemnity”).
If reasonable indemnity is provided, the holders of a majority in principal amount of the Notes may direct the time, method and place
of conducting any lawsuit or other formal legal action seeking any remedy available to the Trustee. The Trustee may refuse to follow
those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that
right, remedy or Event of Default.

 

    9

     

    

 

Before
you are allowed to bypass the Trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights
or protect your interests relating to the Notes, the following must occur:

 

		●	you
                                            must give the Trustee written notice that an Event of Default has occurred and remains uncured;

 

		●	the
                                            holders of at least 25% in principal amount of all the Notes must make a written request
                                            that the Trustee take action because of the default and must offer reasonable indemnity and/or
                                            security to the Trustee against the cost and other liabilities of taking that action;

  

		●	the
                                            Trustee must not have taken action for 60 days after receipt of the above notice and
                                            offer of indemnity and/or security; and

 

		●	the
                                            holders of a majority in principal amount of the Notes must not have given the Trustee a
                                            direction inconsistent with the above notice during that 60-day period.

 

However,
you are entitled at any time to bring a lawsuit for the payment of money due on your Notes on or after the due date.

 

Book-entry
and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request
of the Trustee and how to declare or cancel an acceleration of maturity.

 

Each
year, we will furnish to the Trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance
with the Indenture and the Notes, or else specifying any default.

 

Waiver
of Default

 

The
holders of a majority in principal amount of the Notes may waive any past defaults other than other than:

 

		●	the
                                            payment of principal or interest; or

 

		●	in
                                            respect of a covenant that cannot be modified or amended without the consent of each holder.

 

Merger
or Consolidation

 

Under
the terms of the Indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all
or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions
are met:

 

		●	where
                                            we merge out of existence or convey or transfer our assets substantially as an entirety,
                                            the resulting entity must agree to be legally responsible for our obligations under the Notes;

 

		●	the
                                            merger or sale of assets must not cause a default on the Notes and we must not already be
                                            in default (unless the merger or sale would cure the default). For purposes of this no-default
                                            test, a default would include an Event of Default that has occurred and has not been cured,
                                            as described under “Events of Default” above. A default for this purpose would
                                            also include any event that would be an Event of Default if the requirements for giving us
                                            a notice of default or our default having to exist for a specific period of time were disregarded;
                                            and

 

		●	we
                                            must deliver certain certificates and documents to the Trustee.

 

Modification
or Waiver

 

There
are three types of changes we can make to the Indenture and the Notes issued thereunder.

 

    10

     

    

 

Changes
Requiring Your Approval

 

First,
there are changes that we cannot make to your Notes without your specific approval. The following is a list of those types of changes:

 

		●	change
                                            the stated maturity of the principal of or interest on the Notes;

 

		●	reduce
                                            any amounts due on the Notes;

 

		●	reduce
                                            the amount of principal payable upon acceleration of the maturity of a 2025 Note following
                                            a default;

 

		●	change
                                            the place or currency of payment on a 2025 Note;

 

		●	impair
                                            your right to sue for payment;

 

		●	reduce
                                            the percentage of holders of Notes whose consent is needed to modify or amend the Indenture;
                                            and

 

		●	reduce
                                            the percentage of holders of Notes whose consent is needed to waive compliance with certain
                                            provisions of the Indenture or to waive certain defaults.

  

Changes
Not Requiring Approval

 

The
second type of change does not require any vote by the holders of the Notes. This type is limited to clarifications and certain other
changes that would not adversely affect holders of the Notes in any material respect.

 

Changes
Requiring Majority Approval

 

Any
other change to the Indenture and the Notes would require the following approval:

 

		●	if
                                            the change affects only the Notes, it must be approved by the holders of a majority in principal
                                            amount of the Notes; and

 

		●	if
                                            the change affects more than one series of debt securities issued under the same indenture,
                                            it must be approved by the holders of a majority in principal amount of all of the series
                                            affected by the change, with all affected series voting together as one class for this purpose.

 

In
each case, the required approval must be given by written consent.

 

The
holders of a majority in principal amount of all of the series of debt securities issued under an indenture, voting together as one class
for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment
default or of any of the matters covered by the bullet points included above under “Changes Requiring Your Approval.”

 

Further
Details Concerning Voting

 

When
taking a vote, we will use the following rules to decide how much principal to attribute to the Notes:

 

The
Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their
payment or redemption. The Notes will also not be eligible to vote if they have been fully defeased as described later under “Defeasance—Full
Defeasance.”

 

We
will generally be entitled to set any day as a record date for the purpose of determining the holders of the Notes that are entitled
to vote or take other action under the Indenture. However, the record date may not be more than 30 days before the date of the first
solicitation of holders to vote on or take such action. If we set a record date for a vote or other action to be taken by holders of
the Notes, that vote or action may be taken only by persons who are holders of the Notes on the record date and must be taken within
eleven months following the record date.

 

    11

     

    

 

Book-entry
and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek
to change the Indenture or the Notes or request a waiver.

 

Defeasance

 

The
following defeasance provisions will be applicable to the Notes. “Defeasance” means that, by depositing with a Trustee an
amount of cash and/or government securities sufficient to pay all principal and interest, if any, on the Notes when due and satisfying
any additional conditions noted below, we will be deemed to have been discharged from our obligations under the Notes. In the event of
a “covenant defeasance,” upon depositing such funds and satisfying similar conditions discussed below we would be released
from the restrictive covenants under the Indenture relating to the Notes.

 

Covenant
Defeasance

 

Under
current U.S. federal tax law and the Indenture, we can make the deposit described below and be released from some of the restrictive
covenants in the Indenture under which the Notes were issued. This is called “covenant defeasance.” In that event, you would
lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside
in trust to repay your Notes. If we achieve covenant defeasance and your Notes were subordinated, such subordination would not prevent
the Trustee under the Indenture from applying the funds available to it from the deposit described in the first bullet to the payment
of amounts due in respect of such debt securities for the benefit of the subordinated debtholders. In order to achieve covenant defeasance,
we must do the following:

 

		●	Since
                                            the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all
                                            holders of the Notes a combination of cash and U.S. government or U.S. government agency
                                            notes or bonds that will generate enough cash to make interest, principal and any other payments
                                            on the Notes on their various due dates;

  

		●	we
                                            must deliver to the Trustee a legal opinion of our counsel confirming that, under current
                                            U.S. federal income tax law, we may make the above deposit without causing you to be taxed
                                            on the Notes any differently than if we did not make the deposit;

 

		●	we
                                            must deliver to the Trustee a legal opinion of our counsel stating that the above deposit
                                            does not require registration by us under the 1940 Act, and a legal opinion and officers’
                                            certificate stating that all conditions precedent to covenant defeasance have been complied
                                            with;

 

		●	defeasance
                                            must not result in a breach or violation of, or result in a default under, the Indenture
                                            or any of our other material agreements or instruments; and

 

		●	no
                                            default or event of default with respect to the Notes shall have occurred and be continuing
                                            and no defaults or events of default related to bankruptcy, insolvency or reorganization
                                            shall occur during the next 90 days.

 

If
we accomplish covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit
or the Trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy)
and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not
be able to obtain payment of the shortfall.

 

Full
Defeasance

 

If
there is a change in U.S. federal tax law, as described below, we can legally release ourselves from all payment and other obligations
on the Notes (called “full defeasance”) if we put in place the following other arrangements for you to be repaid:

 

		●	Since
                                            the Notes are denominated in U.S. dollars, we must deposit in trust for the benefit of all
                                            holders of the Notes a combination of money and U.S. government or U.S. government agency
                                            notes or bonds that will generate enough cash to make interest, principal and any other payments
                                            on the Notes on their various due dates;

 

    12

     

    

 

		●	we
                                            must deliver to the Trustee a legal opinion confirming that there has been a change in current
                                            U.S. federal tax law or an IRS ruling that allows us to make the above deposit without causing
                                            you to be taxed on the Notes any differently than if we did not make the deposit. Under current
                                            U.S. federal tax law the deposit and our legal release from the Notes would be treated as
                                            though we paid you your share of the cash and notes or bonds at the time the cash and notes
                                            or bonds were deposited in trust in exchange for your Notes and you would recognize gain
                                            or loss on the Notes at the time of the deposit;

 

		●	we
                                            must deliver to the Trustee a legal opinion of our counsel stating that the above deposit
                                            does not require registration by us under the 1940 Act, and a legal opinion and officers’
                                            certificate stating that all conditions precedent to defeasance have been complied with;

 

		●	defeasance
                                            must not result in a breach or violation of, or constitute a default under, of the Indenture
                                            or any of our other material agreements or instruments; and

 

		●	no
                                            default or event of default with respect to the Notes shall have occurred and be continuing
                                            and no defaults or events of default related to bankruptcy, insolvency or reorganization
                                            shall occur during the next 90 days.

 

If
we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes.
You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected
from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If your Notes were subordinated, such subordination
would not prevent the Trustee under the Indenture from applying the funds available to it from the deposit referred to in the first bullet
of the preceding paragraph to the payment of amounts due in respect of such Notes for the benefit of the subordinated debtholders.

 

Form,
Exchange and Transfer of Certificated Registered Securities

 

If
registered Notes cease to be issued in book-entry form, they will be issued:

 

		●	only
                                            in fully registered certificated form;

 

		●	without
                                            interest coupons; and

 

		●	unless
                                            we indicate otherwise, in denominations of $25 and amounts that are multiples of $25.

 

Holders
may exchange their certificated securities for Notes of smaller denominations or combined into fewer Notes of larger denominations, as
long as the total principal amount is not changed and as long as the denomination is equal to or greater than $25.

 

Holders
may exchange or transfer their certificated securities at the office of the Trustee. We have appointed the Trustee to act as our agent
for registering Notes in the names of holders transferring Notes. We may appoint another entity to perform these functions or perform
them ourselves.

 

Holders
will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any
tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer
agent is satisfied with the holder’s proof of legal ownership.

 

We
may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the
office through which any transfer agent acts.

 

If
any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we
may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice
of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse
to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers
and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

 

If
a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security
as described in this subsection, since it will be the sole holder of the debt security.

 

    13

     

    

 

Resignation
of Trustee

 

The
Trustee may resign or be removed with respect to the Notes provided that a successor trustee is appointed to act with respect to the
Notes. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the
Indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

 

Indenture
Provisions—Subordination

 

Upon
any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and
premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated
to the extent provided in the Indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below),
but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities
will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any,
may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and
premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money’s worth.

 

In
the event that, notwithstanding the foregoing, any payment by us is received by the Trustee in respect of subordinated debt securities
or by the holders of any of such subordinated debt securities, upon our dissolution, winding up, liquidation or reorganization before
all Senior Indebtedness is paid in full, the payment or distribution received by the Trustee in respect of such subordinated debt securities
or by the holders of any of such subordinated debt securities must be paid over to the holders of the Senior Indebtedness or on their
behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid
in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment
in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated
to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out
of the distributive share of such subordinated debt securities.

  

By
reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover
more, ratably, than holders of any subordinated debt securities or the holders of any indenture securities that are not Senior Indebtedness.
The Indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance
provisions of the Indenture.

 

Senior
Indebtedness is defined in the Indenture as the principal of (and premium, if any) and unpaid interest on:

 

		●	our
                                            indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred,
                                            assumed or guaranteed, for money borrowed, that we have designated as “Senior Indebtedness”
                                            for purposes of the Indenture and in accordance with the terms of the Indenture (including
                                            any indenture securities designated as Senior Indebtedness), and

 

		●	renewals,
                                            extensions, modifications and refinancings of any of this indebtedness.

 

The
Trustee under the Indenture

 

U.S.
Bank National Association serves as the Trustee under the Indenture.

 

    14

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