Document:

Exhibit 4.3

 

GTY TECHNOLOGY
HOLDINGS INC.,

Issuer

 

AND

 

[TRUSTEE],

Trustee

 

 

SUBORDINATED
INDENTURE

 

Dated as of [•],
20[•]

 

 

     

     

    

 

Table of Contents

 

	 	 	 	Page
	ARTICLE 1        
    DEFINITIONS	1
	 	 	 
	Section 1.01	 	Definitions
    of Terms	1
	 	 
	ARTICLE 2        
    ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	4
	 	 	 
	Section 2.01	 	Designation
    and Terms of Securities	4
	Section 2.02	 	Form of
    Securities and Trustee’s Certificate	6
	Section 2.03	 	Denominations:
    Provisions for Payment	7
	Section 2.04	 	Execution
    and Authentications	8
	Section 2.05	 	Registration
    of Transfer and Exchange	8
	Section 2.06	 	Temporary
    Securities	9
	Section 2.07	 	Mutilated,
    Destroyed, Lost or Stolen Securities	9
	Section 2.08	 	Cancellation	10
	Section 2.09	 	Benefits
    of Indenture	10
	Section 2.10	 	Authenticating
    Agent	10
	Section 2.11	 	Global
    Securities	11
	 	 
	ARTICLE 3        REDEMPTION
    OF SECURITIES AND SINKING FUND PROVISIONS	11
	 	 	 
	Section 3.01	 	Redemption	11
	Section 3.02	 	Notice
    of Redemption	11
	Section 3.03	 	Payment
    Upon Redemption	12
	Section 3.04	 	Sinking
    Fund	13
	Section 3.05	 	Satisfaction
    of Sinking Fund Payments with Securities	13
	Section 3.06	 	Redemption
    of Securities for Sinking Fund	13
	 	 
	ARTICLE 4        COVENANTS	13
	 	 	 
	Section 4.01	 	Payment
    of Principal, Premium and Interest	13
	Section 4.02	 	Maintenance
    of Office or Agency	14
	Section 4.03	 	Paying
    Agents	14
	Section 4.04	 	Appointment
    to Fill Vacancy in Office of Trustee	15
	Section 4.05	 	Compliance
    with Consolidation Provisions	15
	 	 
	ARTICLE 5        SECURITYHOLDERS’
    LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	15
	 	 	 
	Section 5.01	 	Company
    to Furnish Trustee Names and Addresses of Securityholders	15
	Section 5.02	 	Preservation
    Of Information; Communications With Securityholders	15
	Section 5.03	 	Reports
    by the Company	15
	Section 5.04	 	Reports
    by the Trustee	16
	 	 
	ARTICLE 6        REMEDIES
    OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	16
	 	 	 
	Section 6.01	 	Events
    of Default	16
	Section 6.02	 	Collection
    of Indebtedness and Suits for Enforcement by Trustee	17
	Section 6.03	 	Application
    of Moneys Collected	18
	Section 6.04	 	Limitation
    on Suits	19
	Section 6.05	 	Rights
    and Remedies Cumulative; Delay or Omission Not Waiver	19
	Section 6.06	 	Control
    by Securityholders	19
	Section 6.07	 	Undertaking
    to Pay Costs	20

 

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 	 	 	 	Page

 

	ARTICLE 7        CONCERNING
    THE TRUSTEE	20
	 	 	 
	Section 7.01	 	Certain
    Duties and Responsibilities of Trustee	20
	Section 7.02	 	Certain
    Rights of Trustee	21
	Section 7.03	 	Trustee
    Not Responsible for Recitals, Indenture or Securities	22
	Section 7.04	 	May Hold
    Securities	22
	Section 7.05	 	Moneys
    Held in Trust	23
	Section 7.06	 	Compensation
    and Reimbursement	23
	Section 7.07	 	Reliance
    on Officer’s Certificate	23
	Section 7.08	 	Disqualification;
    Conflicting Interests	23
	Section 7.09	 	Corporate
    Trustee Required; Eligibility	23
	Section 7.10	 	Resignation
    and Removal; Appointment of Successor	24
	Section 7.11	 	Acceptance
    of Appointment By Successor	25
	Section 7.12	 	Merger,
    Conversion, Consolidation or Succession to Business	25
	Section 7.13	 	Preferential
    Collection of Claims Against the Company	26
	Section 7.14	 	Notice
    of Default	26
	 	 
	ARTICLE 8        CONCERNING
    THE SECURITYHOLDERS	26
	 	 	 
	Section 8.01	 	Evidence
    of Action by Securityholders	26
	Section 8.02	 	Proof
    of Execution by Securityholders	27
	Section 8.03	 	Who
    May be Deemed Owners	27
	Section 8.04	 	Certain
    Securities Owned by Company Disregarded	27
	Section 8.05	 	Actions
    Binding on Future Securityholders	27
	 	 
	ARTICLE 9        SUPPLEMENTAL
    INDENTURES	28
	 	 	 
	Section 9.01	 	Supplemental
    Indentures Without the Consent of Securityholders	28
	Section 9.02	 	Supplemental
    Indentures With Consent of Securityholders	28
	Section 9.03	 	Effect
    of Supplemental Indentures	29
	Section 9.04	 	Securities
    Affected by Supplemental Indentures	29
	Section 9.05	 	Execution
    of Supplemental Indentures	29
	 	 
	ARTICLE 10        SUCCESSOR
    ENTITY	30
	 	 	 
	Section 10.01	 	Company
    May Consolidate, Etc.	30
	Section 10.02	 	Successor
    Entity Substituted	30
	 	 
	ARTICLE 11        SATISFACTION
    AND DISCHARGE	30
	 	 	 
	Section 11.01	 	Satisfaction
    and Discharge of Indenture	30
	Section 11.02	 	Discharge
    of Obligations	31
	Section 11.03	 	Deposited
    Moneys to be Held in Trust	31
	Section 11.04	 	Payment
    of Moneys Held by Paying Agents	31
	Section 11.05	 	Repayment
    to Company	31
	 	 
	ARTICLE 12        IMMUNITY
    OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	32
	 	 	 
	Section 12.01	 	No
    Recourse	32
	 	 	 	 
	ARTICLE 13         SUBORDINATION
    OF SECURITIES	32
	 	 
	Section 13.01	 	Subordination	32

 

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	 	 	 	Page

 

	Section 13.02	 	Priority
    of Senior Debt	32
	Section 13.03	 	Payments
    upon Bankruptcy	33
	Section 13.04	 	Subrogation,
    Rights not Impaired	34
	Section 13.05	 	Authorization
    of Trustee	34
	Section 13.06	 	Notice
    of the Trustee	34
	Section 13.07	 	Holders
    of Senior Debt, Trustee’s Obligations	35
	Section 13.08	 	Actions
    by Holders of Senior Debt	35
	Section 13.09	 	Paying
    Agent	36
	Section 13.10	 	Monies
    Held in Trust	36
	 	 	 	 
	ARTICLE 14        MISCELLANEOUS
    PROVISIONS	36
	 	 	 
	Section 14.01	 	Effect
    on Successors and Assigns	36
	Section 14.02	 	Actions
    by Successor	36
	Section 14.03	 	Surrender
    of Company Powers	36
	Section 14.04	 	Notices	36
	Section 14.05	 	Governing
    Law	36
	Section 14.06	 	Treatment
    of Securities as Debt	37
	Section 14.07	 	Certificates
    and Opinions as to Conditions Precedent	37
	Section 14.08	 	Payments
    on Business Days	37
	Section 14.09	 	Conflict
    with Trust Indenture Act	37
	Section 14.10	 	Counterparts	37
	Section 14.11	 	Separability	37
	Section 14.12	 	Compliance
    Certificates	37

 

	(1)	This Table of Contents does not
    constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions.

 

    iii

     

    

 

SUBORDINATED
INDENTURE

 

SUBORDINATED
INDENTURE, dated as of [•], 20[•], among GTY TECHNOLOGY HOLDINGS INC., a Massachusetts corporation (the
 “Company”), and [ TRUSTEE ], as trustee (the “Trustee”):

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance
of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued
from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated
by the certificate of the Trustee;

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE,
in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows
for the equal and ratable benefit of the holders of Securities:

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.01
Definitions of Terms.

 

The terms defined
in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified
in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in
the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except
as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the
meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this
instrument.

 

“Authenticating
Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized
committee of such Board.

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions
in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated
by law, executive order or regulation to close.

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.

 

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

 

    1

     

    

 

“Company”
means GTY Technology Holdings Inc. duly organized and existing under the laws of the State of Massachusetts and, subject to the provisions
of Article Ten, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at .

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

  

“Debt” means,
with respect to any Person at any date of determination (without duplication), (i) all indebtedness of such Person for borrowed
money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations
incurred in connection with the acquisition of property, assets or businesses, (iii) all obligations of such Person in respect of
letters of credit or bankers’ acceptances or other similar instruments (or reimbursement obligations thereto) issued on the account
of such Person, (iv) all obligations of such Person to pay the deferred purchase price of property or services, except trade payables,
(v) all obligations of such Person as lessee under capitalized leases, (vi) all Debt of others secured by a lien on any asset
of such Person, whether or not such Debt is assumed by such Person; provided that, for purposes of determining the amount of any Debt
of the type described in this clause (vi), if recourse with respect to such Debt is limited to such asset, the amount of such Debt shall
be limited to the lesser of the fair market value of such asset or the amount of such Debt, (vii) all Debt and dividends of others
Guaranteed by such Person to the extent such Debt and dividends are Guaranteed by such Person, and (viii) to the extent not otherwise
included in this definition, all obligations of such Person for claims in respect of derivative products, including interest rate, foreign
exchange rate and commodity prices, forward contracts, options, swaps, collars and similar arrangements.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange
Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01
or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued
for the period of time, if any, therein designated.

 

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

 

“Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company
and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance
with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

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

 

    2

     

    

 

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

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as
contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date
specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date
on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president, a chief financial
officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any
assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for
in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or
counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements
provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time,
all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities
theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have
previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations
in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall
have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that
if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have
been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and
(c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to
the terms of Section 2.07.

 

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

 

“Predecessor
Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07
in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible
Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer its
corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any supplemental
indenture hereto).

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

    3

     

    

 

“Securityholder”,
 “holder of Securities”, “registered holder”, or other similar term, means the Person
or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with
the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Senior
Debt” means the principal of (and premium, if any) and interest on all Debt of the Company or any Subsidiary Guarantor, whether
created, incurred or assumed before, on or after the date of this Indenture; provided that such Senior Debt shall not include any Debt
of the Company or any Subsidiary Guarantor, which by the terms of the instrument creating or evidencing the same such Debt is specifically
designated as being subordinated to or pari passu with the Securities.

 

“Subsidiary”
means, with respect to any Person:

 

(1) any corporation
or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination,
directly or indirectly, owned by such Person (a “subsidiary”), by one or more subsidiaries of such Person or by such Person
and one or more subsidiaries of such Person;

 

(2) a partnership
in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or

 

(3) any partnership,
limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries
of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest or (y) the
power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a
majority of the directors or other governing body of such Person.

 

“Trustee”
means                     , and,
subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than
one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used
with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

ARTICLE 2

 

ISSUE, DESCRIPTION,
TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.01
Designation and Terms of Securities.

 

(a) The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may
be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or
pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities
of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental hereto:

 

(1) the
title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2) any
limit upon the aggregate principal amount of the Securities of that series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of that series);

 

(3) the
date or dates on which the principal of the Securities of the series is payable;

 

    4

     

    

 

(4) if
the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price other
than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity
thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security or the method
by which any such portion shall be determined;

 

(5) the
rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(6) the
date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner
of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to
whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(7) the
right, if any, to extend the interest payment periods and the duration of such extension;

 

(8) the
period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be
redeemed, converted or exchanged, in whole or in part;

 

(9) the
obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of
the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(10) the
form of the Securities of the series including the form of the certificate of authentication for such series;

 

(11) if
other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities
of the series shall be issuable;

 

(12) any
and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series
and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not
be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required
by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(13) whether
the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions,
if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary
for such Global Security or Securities;

 

(14) whether
the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities of the Company
or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the
Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period;

 

(15) if
other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

(16) any
additional or alternative events of default;

 

(17) additional
or alternative covenants (which may include, among other restrictions, restrictions on the Company’s ability or the ability of
the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make
distributions in respect of the capital stock of the Company or the Company’s Subsidiaries; redeem capital stock; place
restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions or transfer assets; make
investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in
transactions with stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or
merger) or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and
its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios)
provided for with respect to the Securities of the series;

 

    5

     

    

 

(18) the
currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest, if any,
on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified shall
be the currency of the United States of America as at the time of payment is legal tender for payment of public or private debts;

 

(19) if
the principal of (and premium, if any) or interest, if any, on such Securities is to be payable, at the election of the Company or any
Holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods within
which, and the terms and conditions upon which, such election may be made;

 

(20) whether
interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the terms and
conditions upon which the election may be made;

 

(21) the
terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal
amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(22) additional
or alternative provisions, if any, related to defeasance and discharge of the offered Securities;

 

(23) the
applicability of any guarantees;

 

(24) any
restrictions on transfer, sale or assignment of the Securities of the series; and

 

(25) any
other terms of the series.

 

All Securities
of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or
in any indentures supplemental hereto.

 

If any of the terms
of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such
action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery
of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities of any
particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable,
with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on
which such interest may be payable and with different redemption dates.

 

Section 2.02
Form of Securities and Trustee’s Certificate.

 

The Securities
of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor
and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s
Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

 

    6

     

    

 

Section 2.03
Denominations: Provisions for Payment.

 

The Securities
shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.01(a)(11). The Securities of a particular series shall bear interest payable on the dates and at the rate specified
with respect to that series. Subject to Section 2.01(a)(18), the principal of and the interest on the Securities of any series,
as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United
States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for
that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis
of a 360-day year composed of twelve 30-day months.

 

The interest installment
on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series
shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business
on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is
called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior
to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in
Section 3.03.

 

Any interest on
any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same
series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant
regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election,
as provided in clause (1) or clause (2) below:

 

(1) The
Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall
be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be
paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date
for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment
and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his
or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date.
Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered
on such special record date.

 

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

 

Unless otherwise
set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant
to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities
and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which
an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date
is the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to
Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business
Day.

 

    7

     

    

 

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

 

Section 2.04
Execution and Authentications.

 

The Securities
shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The Company may
use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities shall
be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may
contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the
date of its authentication by the Trustee.

 

A Security shall
not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall
be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is
entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order
of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such
written order shall authenticate and deliver such Securities.

 

In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall
be entitled to receive, if requested, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel
stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

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

 

Section 2.05
Registration of Transfer and Exchange.

 

(a) Securities
of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to
cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered
for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor
the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers
not contemporaneously outstanding.

 

(b) The
Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register
the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection
by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed
as authorized by Board Resolution (the “Security Registrar”).

 

Upon surrender
for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities
of the same series as the Security presented for a like aggregate principal amount.

 

All Securities
presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required
by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or
the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in
writing.

 

    8

     

    

 

(c) Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and
Section 9.04 not involving any transfer.

 

(d) The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the
same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any
Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed
in part. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary
participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Section 2.06
Temporary Securities.

 

Pending the preparation
of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of
the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate
for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company
and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive
Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and
thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at
the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver
in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company
advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company.
Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive
Securities of such series authenticated and delivered hereunder.

 

Section 2.07
Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary
or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security
of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in
lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall
furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of
the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such
substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance
of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

    9

     

    

 

In case any Security
that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a
substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security)
if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save
them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction,
loss or theft of such Security and of the ownership thereof.

 

Every replacement
Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company
whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly
issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any
and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.08
Cancellation.

 

All Securities
surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any
paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities
shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the
Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence
of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of
disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee
for cancellation.

 

Section 2.09
Benefits of Indenture.

 

Nothing in this
Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and
the holders of the Securities, and holders of Senior Debt, where so specified, any legal or equitable right, remedy or claim under or
in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions
being for the sole benefit of the parties hereto and of the holders of the Securities.

 

Section 2.10
Authenticating Agent.

 

So long as any
of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which
the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All
references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating
Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital
and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized
or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to
be eligible in accordance with these provisions, it shall resign immediately.

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee
may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of
its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

    10

     

    

 

Section 2.11
Global Securities.

 

(a) If
the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security
that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered
by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to
the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in
whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(b) Notwithstanding
the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided
in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected
or approved by the Company or to a nominee of such successor Depositary.

 

(c) If
at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer
be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition,
the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that
the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute
and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company,
will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations,
and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global
Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations,
the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE 3

 

REDEMPTION OF
SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.01
Redemption.

 

The Company may
redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series
pursuant to Section 2.01 hereof.

 

Section 3.02 Notice
of Redemption.

 

(a) In
case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or
shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing,
first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for
redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter
period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such
notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall
not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the
case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such
Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing
compliance with any such restriction.

 

    11

     

    

 

Each such notice
of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company,
upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified
in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is
the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be
redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security
is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be
redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such
series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b) If
less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless
a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount
of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate
and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000)
or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to
be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or
in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct
the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of
redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such
paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the
Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such
paying agent to give any notice by mail that may be required under the provisions of this Section.

 

Section 3.03
Payment Upon Redemption.

 

(a) If
the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series
to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities
shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption
price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on
or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at
the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the
date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(b) Upon
presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the
Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the
Security so presented.

 

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Section 3.04
Sinking Fund.

 

The provisions
of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
specified as contemplated by Section 2.01 for Securities of such series.

 

The minimum amount
of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein
referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount
of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.05
Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may
deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either
at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series,
provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by
the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly.

 

Section 3.06
Redemption of Securities for Sinking Fund.

 

Not less than 45
days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment
for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate,
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause
notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03.

 

ARTICLE 4

 

COVENANTS

 

Section 4.01
Payment of Principal, Premium and Interest.

 

The Company will
duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the
time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities
may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the
address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to,
a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the
relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to
such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the
Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions
in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.

 

    13

     

    

 

Section 4.02
Maintenance of Office or Agency.

 

So long as any
series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and
at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series
may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer
and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture
may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice
signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or
agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and
demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities.

 

Section 4.03 Paying
Agents.

 

(a) If
the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will
cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section:

 

(1) that
it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit
of the Persons entitled thereto;

 

(2) that
it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the
principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3) that
it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4) that
it will perform all other duties of paying agent as set forth in this Indenture.

 

(b) If
the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the
principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of
that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one
or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest
on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest
so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless
such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

(c) Notwithstanding
anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject
to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by
the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums
were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company
or such paying agent shall be released from all further liability with respect to such money.

 

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Section 4.04
Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee,
so that there shall at all times be a Trustee hereunder.

 

Section 4.05
Compliance with Consolidation Provisions.

 

The Company will
not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company
is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions
of Article Ten hereof are complied with.

 

ARTICLE 5

 

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.01
Company to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will
furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03)
a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as
of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that
the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other
times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no
such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section 5.02 Preservation
Of Information; Communications With Securityholders.

 

(a) The
Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of
holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b) The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(c) Securityholders
may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights
under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust
Indenture Act.

 

Section 5.03
Reports by the Company.

 

(a) The
Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company
files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the
Company shall not be required to deliver to the Trustee any materials for which the Company has sought and received confidential treatment
by the Commission; and provided further, that so long as such filings by the Company are available on the Commission’s Electronic
Data Gathering, Analysis and Retrieval System (EDGAR), or Interactive Data Electronic Applications (IDEA), or any successor system, such
filings shall be deemed to have been filed with the Trustee for purposes hereof without any further action required by the Company. For
the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the SEC within the time period
prescribed thereof by the Commission shall not be deemed a breach of this Section 5.03.

 

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(b) Delivery
of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information and
the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable
from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee
is entitled to rely exclusively on an Officer’s Certificate).

 

Section 5.04
Reports by the Trustee.

 

(a) If
required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall
transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register,
a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(b) The
Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c) A
copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each
securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the
Trustee when any Securities become listed on any securities exchange.

 

ARTICLE 6

 

REMEDIES OF THE
TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

 

Section 6.01
Events of Default.

 

(a) Whenever
used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
events that has occurred and is continuing:

 

(1) the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall
become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;

 

(2) the
Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same
shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking
or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities
in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium,
if any;

 

(3) the
Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified
mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time
Outstanding;

 

(4) the
Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry
of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

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(5) a
court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation
of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b) In
each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25%
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest
on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall
be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of
and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration
or other act on the part of the Trustee or the holders of the Securities.

 

(c) At
any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit)
and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect
to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of
that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No such rescission
and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(d) In
case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings
shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee
shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and
the Trustee shall continue as though no such proceedings had been taken.

 

Section 6.02
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a) The
Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a
series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall
have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in
the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable,
whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee,
the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall
have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be,
with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under
applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.06.

 

(b) If
the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so
due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to
be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that
series, wherever situated.

 

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(c) In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of
claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of
Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution
of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and
receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the
amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee
shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06.

 

(d) All
rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that
series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06,
be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event
of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or
in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture
or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee
by this Indenture or by law.

 

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

 

Section 6.03
Application of Moneys Collected.

 

Any moneys collected
by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order,
at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any)
or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon
surrender thereof if fully paid:

 

FIRST: Subject
to the provisions of Article Thirteen, to the payment of reasonable costs and expenses of collection and of all amounts payable
to the Trustee under Section 7.06;

 

SECOND: Subject
to the provisions of Articles Thirteen, to the payment of the amounts then due and unpaid upon Securities of such series for principal
(and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest,
respectively; and

 

THIRD: To the payment
of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

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Section 6.04 Limitation
on Suits.

 

No holder of any
Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action
or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of
Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore
provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding
shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such
holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities
to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity,
shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority
in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due
dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of
any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such
holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security
of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall
have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the
rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all
holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 6.05
Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a) Except
as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(b) No
delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such
default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or
by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Securityholders.

 

Section 6.06
Control by Securityholders.

 

The holders of
a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such
direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to
personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so
directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or
might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal
amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.04,
may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the
covenants contained herein or established pursuant to Section 2.01 with respect to such series and its consequences, except a
default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the
same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in
accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all
purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

 

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Section 6.07 Undertaking
to Pay Costs.

 

All parties to
this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that
any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities
of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if
any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant
to this Indenture.

 

ARTICLE 7

 

CONCERNING THE
TRUSTEE

 

Section 7.01
Certain Duties and Responsibilities of Trustee.

 

(a) The
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events
of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has
not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

 

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

 

(i) prior
to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events
of Default with respect to that series that may have occurred:

 

(A) the
duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

(B) in
the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture;

 

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

 

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

 

(iv) none
of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for
believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate
indemnity against such risk is not reasonably assured to it.

 

Section 7.02 Certain
Rights of Trustee.

 

Except as otherwise
provided in Section 7.01:

 

(a) The
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties;

 

(b) Any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically
prescribed herein);

 

(c) The
Trustee may consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d) The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered
to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs;

 

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

 

(f) The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless
requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the
particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding.
The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the
Company upon demand;

 

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

 

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

 

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

 

(j) The
Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent
to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely
manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party
providing such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

In addition, the
Trustee shall not be deemed to have knowledge of any Default or Event of Default until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section 7.03
Trustee Not Responsible for Recitals, Indenture or Securities.

 

(a) The
recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(b) The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c) The
Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities,
or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.04 May Hold
Securities.

 

The Trustee or
any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the
same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

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Section 7.05
Moneys Held in Trust.

 

Subject to the
provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The
Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company
to pay thereon.

 

Section 7.06
Compensation and Reimbursement.

 

(a) The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may
from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements
of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its
negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration
of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.

 

(b) The
obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured
by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in
trust for the benefit of the holders of particular Securities.

 

Section 7.07
Reliance on Officer’s Certificate.

 

Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith
on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee
and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for
any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08
Disqualification; Conflicting Interests.

 

If the Trustee
has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section 7.09
Corporate Trustee Required; Eligibility.

 

There shall at
all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation
or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority.

 

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If such corporation
or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company may not,
nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In
case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately
in the manner and with the effect specified in Section 7.10.

 

Section 7.10
Resignation and Removal; Appointment of Successor.

 

(a) The
Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written
notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders
of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such
notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee
with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities
for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b) In
case at any time any one of the following shall occur:

 

(i) the
Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

(ii) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

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

 

then, in any such
case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to
the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may,
on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

 

(c) The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the
Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with
the consent of the Company.

 

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any
of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in
Section 7.11.

 

(e) Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all
of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

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Section 7.11
Acceptance of Appointment By Successor.

 

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

 

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

 

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

 

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

 

(e) Upon
acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of
such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the
successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section 7.12
Merger, Conversion, Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate
trust business of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the
Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under
the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

 

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Section 7.13
Preferential Collection of Claims Against the Company.

 

The Trustee shall
comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of
the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture
Act to the extent included therein.

 

Section 7.14
Notice of Default.

 

If any Event of
Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail
to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the
Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee
or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the
case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected
in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.

 

ARTICLE 8

 

CONCERNING THE
SECURITYHOLDERS

 

Section 8.01
Evidence of Action by Securityholders.

 

Whenever in this
Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a
particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or
the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such
holders of Securities of that series in person or by agent or proxy appointed in writing.

 

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

 

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Section 8.02
Proof of Execution by Securityholders.

 

Subject to the
provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a) The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b) The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require such additional
proof of any matter referred to in this Section as it shall deem necessary.

 

Section 8.03 Who
May be Deemed Owners.

 

Prior to the due
presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem
and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than
the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03)
interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar
shall be affected by any notice to the contrary.

 

Section 8.04
Certain Securities Owned by Company Disregarded.

 

In determining
whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction,
consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities
of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other
obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination,
except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver,
only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have
been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute
as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

Section 8.05
Actions Binding on Future Securityholders.

 

At any time prior
to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders
of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02,
revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be
conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made
upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of
a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee
and the holders of all the Securities of that series.

 

    27

     

    

 

ARTICLE 9

 

SUPPLEMENTAL
INDENTURES

 

Section 9.01
Supplemental Indentures Without the Consent of Securityholders.

 

In addition to
any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a) to
cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b) to
comply with Article Ten;

 

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

 

(d) to
add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series
of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities,
stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series),
to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions
or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

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

 

(f) to
make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(g) to
provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01,
to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(h) to
evidence and provide for the acceptance of appointment hereunder by a successor trustee;

 

(i) Modify
any provision of Article Thirteen in a manner adverse to the Holders in any material respect; or

 

(j) to
comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust
Indenture Act.

 

The Trustee is
hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental
indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the
holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section 9.02
Supplemental Indentures With Consent of Securityholders.

 

With the
consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when
authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then
Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption
thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such
supplemental indenture.

 

    28

     

    

 

It shall not be
necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form
of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.03
Effect of Supplemental Indentures.

 

Upon the execution
of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with respect
to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected
thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of
this Indenture for any and all purposes.

 

Section 9.04
Securities Affected by Supplemental Indentures.

 

Securities of any
series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant
to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form
meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of
Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated
by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section 9.05
Execution of Supplemental Indentures.

 

Upon the request
of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing
with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with
the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to
enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s
Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is
authorized or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental indenture
have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection
with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

 

Promptly after
the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall
(or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance
of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security
Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

 

    29

     

    

 

ARTICLE 10

 

SUCCESSOR ENTITY

 

Section 10.01
Company May Consolidate, Etc.

 

Nothing contained
in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with
the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties,
or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as
an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or
successors) authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon
any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or
other disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series
in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the
covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01
to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of
the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such
property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares
of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders
of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities
or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion
or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation,
merger, sale, conveyance, transfer or other disposition.

 

Section 10.02
Successor Entity Substituted.

 

(a) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth
under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted
for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Securities.

 

(b) In
case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not
in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c) Nothing
contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the
Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or
any part of the property of any other Person (whether or not affiliated with the Company).

 

ARTICLE 11

 

SATISFACTION
AND DISCHARGE

 

Section 11.01
Satisfaction and Discharge of Indenture.

 

If at any
time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations
have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not
theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and
payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire
amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon
redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and
premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if
the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this
Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03,
2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and
Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost
and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with
respect to such series.

 

    30

     

    

 

Section 11.02
Discharge of Obligations.

 

If at any time
all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable
as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys
or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore
delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be,
are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further
effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until
such Securities shall mature and be paid.

 

Thereafter, Sections
7.06 and 11.05 shall survive.

 

Section 11.03
Deposited Moneys to be Held in Trust.

 

All moneys or Governmental
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment
as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular
series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.04
Payment of Moneys Held by Paying Agents.

 

In connection with
the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions
of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all
further liability with respect to such moneys or Governmental Obligations.

 

Section 11.05
Repayment to Company.

 

Any moneys or
Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of
principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest
on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request
or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be
released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities
entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment
thereof.

 

    31

     

    

 

ARTICLE 12

 

IMMUNITY OF INCORPORATORS,
STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.01
No Recourse.

 

No recourse under
or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect
thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or
of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no
such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors
as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director
as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

ARTICLE THIRTEEN

 

SUBORDINATION
OF SECURITIES

 

Section 13.01
Subordination.

 

The Company covenants
and agrees, and each Holder of a Security issued hereunder by his acceptance of a Security likewise covenants and agrees (except as otherwise
provided or contemplated by Section 301), that all Securities shall be issued subject to the provisions of this Article Thirteen;
and each Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof accepts and agrees
to be bound by such provisions.

 

The payment by
the Company of the principal of, premium, if any and interest on all Securities issued hereunder shall, to the extent and in the manner
hereinafter set forth, be subordinated and junior in right of payment to all Senior Debt, whether outstanding at the date of this Indenture
or thereafter incurred.

 

No provision of
this Article Thirteen shall prevent the occurrence of any Event of Default hereunder or any event which with the giving of notice
or the passage of time or both would constitute an Event of Default.

 

Section 13.02
Priority of Senior Debt.

 

In the event and
during the continuation of any default by the Company in the payment of principal, premium, interest or any other payment due on any
Senior Debt, or in the event that the maturity of any Senior Debt has been accelerated because of a default, then, in either case, no
payment shall be made by the Company with respect to the principal (including redemption payments) of or premium, if any, or interest
on the Securities until such default shall have been cured or waived in writing or shall have ceased to exist or such Senior Debt shall
have been discharged or paid in full.

 

In the event
of the acceleration of the maturity of the Securities, then no payment shall be made by the Company with respect to the principal
(including redemption payments) of or premium, if any, or interest on the Securities until the holders of all Senior Debt
outstanding at the time of such acceleration shall receive payment in full of such Senior Debt (including any amounts due upon
acceleration).

 

    32

     

    

 

In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee or any Holder when such payment is prohibited by the preceding
paragraphs of this Section 1802, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to,
the holders of Senior Debt or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any
of such Senior Debt may have been issued, as their respective interests may appear.

 

Section 13.03
Payments upon Bankruptcy.

 

Upon any payment
by the Company or distribution of assets of the Company of any kind or character, whether in cash property or securities, to creditors
upon any liquidation, dissolution, winding up, receivership, reorganization, assignment for the benefit of creditors, marshaling of assets
and liabilities or any bankruptcy, insolvency or similar proceedings of the Company, all amounts due or to become due upon all Senior
Debt shall first be paid in full, in cash or cash equivalents, or payment thereof provided for in accordance with its terms, before any
payment is made on account of the principal of, premium, if any, or interest on the indebtedness evidenced by the Securities, and upon
any such liquidation, dissolution, winding up, receivership, reorganization, assignment, marshaling or proceeding, any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders or the Trustee under
this Indenture would be entitled except for the provisions of this Article Thirteen, shall be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, directly to the holders of Senior
Debt (pro rata to such holders on the basis of the respective amounts of Senior Debt held by such holders) or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt may have been
issued, as their respective interests may appear, to the extent necessary to pay all Senior Debt in full (including except to the extent,
if any, prohibited by mandatory provisions of law, post-petition interest, in any such proceedings), after giving effect to any concurrent
payment or distribution to or for the holders of Senior Debt, before any payment or distribution is made to the Holders of the indebtedness
evidenced by the Securities or to the Trustee under this Indenture.

 

In the event that,
notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property
or securities, prohibited by the foregoing, shall be received by the Trustee under this Indenture or the Holders of the Securities before
all Senior Debt is paid in full or provision is made for such payment in accordance with its terms, such payment or distribution shall
be held in trust for the benefit of and shall be paid over or delivered to the holders of such Senior Debt or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of such Senior Debt may have been
issued, as their respective interests may appear, for application to the payment of all Senior Debt remaining unpaid until all such Senior
Debt shall have been paid in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for
the holders of such Senior Debt.

 

For purposes of
this Article Thirteen, the words “cash, property or securities” shall not be deemed to include shares of stock of the
Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of arrangement, reorganization
or readjustment, the payment of which is subordinated (at least to the extent provided in this Article Thirteen with respect to
the Securities) to the payment of all Senior Debt which may at the time be outstanding; provided, that (i) the Senior Debt is assumed
by the new corporation, if any, resulting from any such arrangement, reorganization or readjustment, and (ii) the rights of the
holders of the Senior Debt are not, without the consent of such holders, altered by such arrangement, reorganization or readjustment.
The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the
Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation
upon the terms and conditions provided in Article Eight shall not be deemed a dissolution, winding-up, liquidation or reorganization
for the purposes of this Section if such other Person shall, as a part of such consolidation, merger, conveyance or transfer, comply
with the conditions stated in Article Eight. Nothing in Section 1802 or this Section 1803 shall apply to claims of, or
payments to, the Trustee under or pursuant to Article Six. This Section shall be subject to the further provisions of Section 1806.

 

    33

     

    

 

Section 13.04
Subrogation; Rights not Impaired.

 

Subject to the
payment in full of all Senior Debt, the rights of the Holders of the Securities shall be subrogated to the rights of the holders of Senior
Debt to receive payments or distributions of cash, property or securities of the Company applicable to the Senior Debt until the principal
of, premium, if any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the Trustee
on their behalf would be entitled except for the provisions of this Article Thirteen and no payment over pursuant to the provisions
of this Article Thirteen to the holders of Senior Debt by Holders of the Securities or the Trustee on their behalf shall, as between
the Company, its creditors other than holders of Senior Debt and the Holders of the Securities, be deemed to be a payment by the Company
to or on account of the Senior Debt; and no payments or distributions of cash, property or securities to or for the benefit of the Holders
pursuant to the subrogation provisions of this Article, which would otherwise have been paid to the holders of Senior Debt shall be deemed
to be a payment by the Company to or for the account of the Securities. It is understood that the provisions of this Article Thirteen
are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the
holders of the Senior Debt, on the other hand.

 

Nothing contained
in this Article Thirteen or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company,
its creditors other than the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is absolute
and unconditional, to pay to the Holders of the Securities the principal, premium, if any, and interest on the Securities as and when
the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders
of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein prevent
the Holder of any Security or the Trustee on his or her behalf from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture, subject to the rights, if any, under this Article Thirteen of the holders of Senior Debt in respect
of cash, property or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment
or distribution of assets of the Company referred to in this Article Thirteen, the Trustee, subject to the provisions of Article Six,
and the Holders of the Securities shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which
such liquidation, dissolution, winding up, receivership, reorganization, assignment or marshaling proceedings are pending, or a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, delivered to
the Trustee or to the Holders of the Securities, for the purpose of ascertaining the persons entitled to participate in such distribution,
the holders of the Senior Debt and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article Thirteen.

 

Section 13.05
Authorization of Trustee.

 

Each Holder of
a Security by his or her acceptance thereof authorizes and directs the Trustee in his or her behalf to take such action as may be necessary
or appropriate to effectuate the subordination provided in this Article Thirteen and appoints the Trustee his or her attorney-in-fact
for any and all such purposes.

 

Section 13.06
Notice of the Trustee.

 

The Company
shall give prompt written notice to the Trustee and to any Paying Agent of any fact known to the Company which would prohibit the
making of any payment of moneys to or by the Trustee or any Paying Agent in respect of the Securities pursuant to the provisions of
this Article Thirteen. Regardless of anything to the contrary contained in this Article Thirteen or elsewhere in this
Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Debt or of any default or event of default
with respect to any Senior Debt or of any other facts which would prohibit the making of any payment of moneys to or by the Trustee,
unless and until a Responsible Officer of the Trustee shall have received notice in writing at its principal Corporate Trust Office
to that effect signed by an officer of the Company, or by a holder or agent of a holder of Senior Debt who shall have been certified
by the Company or otherwise established to the reasonable satisfaction of the Trustee to be such holder or agent, or by the trustee
under any indenture pursuant to which Senior Debt shall be outstanding, and, prior to the receipt of any such written notice, the
Trustee shall, subject to the provisions of Article Six, be entitled to assume that no such facts exist; provided, however,
that if on a date at least three Business Days prior to the date upon which by the terms hereof any such moneys shall become payable
for any purpose (including the payment of the principal of, or interest on any Security) the Trustee shall not have received with
respect to such moneys the notice provided for in this Section 1806, then, regardless of anything herein to the contrary, the
Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior
date.

 

    34

     

    

 

The Trustee shall
be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Debt (or a trustee or agent on behalf of such holder) to establish that such notice has been given by a holder of Senior Debt or a trustee
or agent on behalf of any such holder. In the event that the Trustee determines in good faith that further evidence is required with
respect to the right of any Person as a holder of Senior Debt to participate in any payment or distribution pursuant to this Article Thirteen,
the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt
held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent
to the rights of such Person under this Article Thirteen, and if such evidence is not furnished the Trustee may defer any payment
to such Person pending judicial determination as to the right of such Person to receive such payment.

 

Section 13.07
Holders of Senior Debt; Trustee’s Obligations.

 

The Trustee and
any agent of the Company or the Trustee shall be entitled to all the rights set forth in this Article Thirteen with respect to any
Senior Debt which may at any time be held by it in its individual or any other capacity to the same extent as any other holder of Senior
Debt and nothing in this Indenture shall deprive the Trustee or any such agent, of any of its rights as such holder. Nothing in this
Article Thirteen shall apply to claims of, or payments to, the Trustee under or pursuant to Article Six.

 

With respect to
the holders of Senior Debt, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Article Thirteen, and no implied covenants or obligations with respect to the holders of Senior Debt shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt
and, subject to the provisions of Article Six, the Trustee shall not be liable to any holder of Senior Debt if it shall pay over
or deliver to holders of Securities, the Company, the Subsidiary Guarantors or any other Person moneys or assets to which any holder
of Senior Debt shall be entitled by virtue of this Article Thirteen or otherwise.

 

Section 13.08
Actions by Holders of Senior Debt.

 

No right of any
present or future holder of any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof
which any such holder may have or otherwise be charged with.

 

Without in any
way limiting the generality of the foregoing paragraph, the holders of Senior Debt may, at any time and from time to time, without the
consent of or notice to the Trustee or the Holders, without incurring responsibility to the Holders and without impairing or releasing
the subordination provided in this Article Thirteen or the obligations hereunder of the Holders of the Securities to the holders
of such Senior Debt, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of
payment of, or renew or alter, such Senior Debt, or otherwise amend or supplement in any manner such Senior Debt or any instrument evidencing
the same or any agreement under which such Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property
pledged, mortgaged or otherwise securing such Senior Debt; (iii) release any Person liable in any manner for the collection of such
Senior Debt; and (iv) exercise or refrain from exercising any rights against the Company, as the case may be, and any other Person.

 

    35

     

    

 

Section 13.09
Paying Agent.

 

In case at any
time any paying agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee”
as used in this Article Thirteen n shall in such case (unless the context otherwise requires) be construed as extending to and including
such paying agent within its meaning as fully for all intents and purposes as if such paying agent were named in this Article Thirteen
in addition to or in place of the Trustee; provided that Sections 1806 and 1807 shall not apply to the Company, any Subsidiary Guarantor,
or any Affiliate of the Company or such Subsidiary Guarantor, if acting as a Paying Agent.

 

Section 13.10
Monies Held in Trust.

 

Notwithstanding
anything contained herein to the contrary, payments from money or the proceeds of U.S. Government Obligations held in trust under Sections
401 or 1604 of this Indenture by the Trustee for the payment of principal of, premium, if any, and interest on the Securities shall not
be subordinated to the prior payment of any Senior Debt or subject to the restrictions set forth in this Article Thirteen, and none
of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior Debt or any other creditor of the
Company.

 

ARTICLE 14

 

MISCELLANEOUS
PROVISIONS

 

Section 14.01
Effect on Successors and Assigns.

 

All the covenants,
stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether
so expressed or not.

 

Section 14.02
Actions by Successor.

 

Any act or proceeding
by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall
and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall
at the time be the lawful successor of the Company.

 

Section 14.03
Surrender of Company Powers.

 

The Company by
instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 14.04
Notices.

 

Except as otherwise
expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given,
made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company
may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing
by the Company with the Trustee), as follows: GTY Technology Holdings Inc., 1180 North Town Center Drive, Suite 100, Las Vegas,
Nevada 89144, Attention: Chief Financial Officer. Any notice, election, request or demand by the Company or any Securityholder or by
any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes,
if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section 14.05
Governing Law.

 

This Indenture
and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall
be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

    36

     

    

 

Section 14.06 Treatment
of Securities as Debt.

 

It is intended
that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture
shall be interpreted to further this intention.

 

Section 14.07
Certificates and Opinions as to Conditions Precedent.

 

(a) Upon
any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if
requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except
that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

(b) Each
certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition;
(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or
investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition
has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has
been complied with.

 

Section 14.08
Payments on Business Days.

 

Except as provided
pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one
or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or
the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be
made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and
no interest shall accrue for the period after such nominal date.

 

Section 14.09
Conflict with Trust Indenture Act.

 

If and to the extent
that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the
Trust Indenture Act, such imposed duties shall control.

 

Section 14.10
Counterparts.

 

This Indenture
may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but
one and the same instrument.

 

Section 14.11
Separability.

 

In case any one
or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this
Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

 

Section 14.12
Compliance Certificates.

 

The Company
shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were
outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during
such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer
or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the
Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has knowledge of such an
Event of Default, the certificate shall describe any such Event of Default and its status.

 

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

 

	GTY TECHNOLOGY HOLDINGS INC.
	 	 
	By:	        	 
	Name:	 	 
	Title:	 	 
	 
	[TRUSTEE], as Trustee
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

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CROSS-REFERENCE TABLE (1)

 

	Section of Trust Indenture
    Act of 1939, as Amended	 	Section of Indenture
	310(a)	 	7.09
	310(b)	 	 

    7.08

     

    7.10

	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	 

    5.01

     

    5.02(a)

	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	 

    5.04(a)

     

    5.04(b)

	313(d)	 	5.04(c)
	314(a)	 	 

    5.03

     

    13.12

	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	 

    7.01(a)

     

    7.01(b)

	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	 

    6.06

     

    8.04

	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	14.09

 

	(1)	This
Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms
or provisions.

 

    39Exhibit 10.1

 

Executive Separation and Release Agreement

 

This Executive Separation and Release Agreement
(the “Agreement”) is entered into by and between Ekso Bionics Holdings, Inc. (the “Company”)
and Jack Peurach (“Executive”) (collectively, “Parties”).

 

RECITALS

 

WHEREAS, the Company and Executive intend by this
Agreement to settle all legal rights and obligations arising out of or resulting from their employment relationship and its termination
and part amicably;

 

WHEREAS, the Company and Executive have determined
that Executive’s last day of employment with the Company will be January 21, 2022 (the “Date of Termination”)
in accordance with the terms of the Employment Agreement by and between Executive and the Company, dated August 7, 2018 (the “Employment
Agreement”);

 

WHEREAS, Executive acknowledges that, except as
set forth in this Agreement, pursuant to Section 4.1 of the Employment Agreement, the Company shall have no obligation to make payments
to the Executive under any terms of the Employment Agreement other than for Executive’s Base Salary earned, but unpaid, through
the date of the Executive’s separation, any accrued but unused vacation, and reimbursement of Executives valid business expenses;

 

WHEREAS, the Company wishes to assist Executive
in the transition to other employment and has offered to provide Executive with severance benefits described below in exchange for the
release of claims and continuing obligations contained in this Agreement; and

 

WHEREAS, capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Employment Agreement.

 

ACCORDINGLY, the Parties agree as follows:

 

1.            Separation.
Executive’s employment with the Company and any other position held with the Company or any Affiliate shall cease effective as of
the Date of Termination. “Affiliate” means any entity that directly or indirectly controls, is controlled by, or is
under common control with the Company.

 

In addition, this Agreement shall constitute notice
to the Company of Executive’s resignation from the Company’s Board of Directors effective as of the Date of Termination in
accordance with Section 1 of Article III of the Company’s By-Laws. Executive confirms his resignation from the Company’s
Board of Directors is not because of any disagreement with the Company on any matter relating to the Company’s operations, policies,
or practices.

 

    	 	1 of 10	 

     

    

 

2.             Accrued
Obligations and Severance.

 

a.    Accrued
Obligations. Executive will receive (i) any unpaid salary earned through the Date of Termination, including any accrued but unused
vacation, and (ii) reimbursement for any unreimbursed business expenses properly incurred by Executive through the Date of Termination,
in accordance with the Company’s expense reimbursement policy.

 

b.    Severance
Pay and Benefits. In consideration for, and subject to, Executive’s compliance with Sections 5, 6, 7, 9 and 10 of the Employment
Agreement and execution, non-revocation, and compliance with this Agreement, including without limitation the Continuing Obligations set
forth in Section 9 below, the Company will provide Executive with the following (collectively, the “Severance Benefits”):

 

i.             an
amount equal to nine (9) months of Executive’s current Base Salary (i.e., $350,000 per year), payable in equal installments
on the Company’s regular payroll dates, and paid less all applicable deductions and withholdings, provided that the first such payment
will not be paid until the Company’s first payroll date after the Effective Date (as defined below) and such first payment will
include any Base Salary that would have been paid on any payroll dates between the Date of Termination and such first payroll date;

 

ii.            if
Executive timely elects under COBRA continued healthcare coverage for Executive and/or Executive’s covered dependents under the
Company’s group health plans, the Company will continue to pay the employer portion of the COBRA premium costs of medical, prescription,
dental and vision coverage, as applicable, under the Company’ group health plans (as in effect from time to time) for Executive
and covered dependents, in the monthly amount of the employer portion of the group health coverage of active Company employees (for the
avoidance of doubt, the Executive will be responsible for paying the employee portion of such coverage) until the earliest of: (1) October 21,
2022; (2) the date Executive becomes eligible for health insurance coverage from a new employer; or (3) the date Executive is
no longer eligible to continue coverage under COBRA (the “COBRA Subsidy Period”); provided, that, if at any time the
Company determines that its payment of COBRA premiums on behalf of Executive would violate the nondiscrimination rules of Section 105(h)(2) of
the Internal Revenue Code of 1986, as amended (the “Code”), or any statute or regulation of similar effect (including
but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation
Act), then instead of paying the COBRA premiums, the Company will pay to Executive, on the last day of each remaining month of the COBRA
Subsidy Period, a taxable cash payment equal to the employer portion of the COBRA premium, subject to applicable tax withholding for the
remainder of the COBRA Subsidy Period; provided, further that if Executive becomes eligible for coverage under another employer’s
health insurance, Executive must immediately notify of the Company of such event;

 

iii.           in
respect of Executive’s potentially earned, but unpaid, Annual Bonus for 2021, Executive’s prior performance with the Company
and other factors, a lump sum payment in the amount of $187,250, less applicable deductions and withholdings, which will be paid on the
first payroll date after the Effective Date; and

 

    	 	2 of 10	 

     

    

 

iv.            (A) the
1/3rd tranche (15,241 restricted stock units) of the restricted stock unit award granted March 3, 2021, which was scheduled
to vest on March 3, 2022, will not be forfeited on the Date of Termination and will instead vest on the Effective Date (as defined
below) and will be settled within 30 days thereafter; (B) 1/6th (12,500 restricted stock units) of the restricted stock
unit award granted August 31, 2021 will not be forfeited on the Date of Termination and will instead vest on the Effective Date (as
defined below) and will be settled within 30 days thereafter; and (C) the 1/3rd tranche of the performance unit award
granted March 3, 2021 that would vest upon achievement of performance at the “target” level (15,241 performance units),
which was scheduled to vest when the Company’s compensation committee certifies performance results, will not be forfeited on the
Date of Termination and will instead vest on the Effective Date (regardless of whether the actual level of performance determined by the
Company’s compensation committee is greater than or less than the “target” level) and will be settled within 30 days
thereafter. All of Executive’s other unvested equity awards (including any other unvested portions of the awards described above)
shall be forfeited on the Date of Termination.

 

c.     Consideration.
Executive acknowledges that the Severance Benefits and the Company’s other promises in this Agreement constitute adequate consideration
for Executive’s promises and obligations under this Agreement.

 

d.    Discontinuation
and Return of Paid Severance. If at any time Executive fails to comply with any of Executive’s promises and obligations under
this Agreement, including any confidentiality obligations, which failure is material, the Company’s obligation to provide any and
all Severance Benefits to Executive shall immediately cease and Executive shall be obligated to repay any Severance Benefits previously
provided by the Company.

 

e.     Taxes
and Withholding. The Company shall withhold from the Severance Benefits any amount required to satisfy applicable withholding requirements;
and shall report the provision of the Severance Benefits to the appropriate taxing authorities, all as required by applicable federal,
state or local law, regulation or ordinance. Executive agree that Executive is responsible for and will pay all taxes Executive owes on
the Severance Benefits. The Company makes no representations regarding the taxability of the Severance Benefits. Executive shall indemnify
and hold harmless and shall repay the Company for the full amount of any taxes, assessments, interest, penalties, attorneys’ fees
and costs the Company incurs as a result of Executive’s failure to pay all taxes (including interest and penalties) owed by Executive
on the Severance Benefits.

 

f.      Section 409A.
The payments made under this Agreement are intended to be exempt from section 409A of the Code and applicable guidance issued thereunder
(“Section 409A“) or, to the extent not so exempt, to comply with Section 409A; however, the Company, the
Company's Affiliates, and their respective employees, officers, directors, agents and representatives (including, without limitation,
legal counsel) will not have any liability to Executive with respect to any taxes, penalties, interest or other costs or expenses that
Executive or any related party may incur with respect to or as a result of Section 409A or for damages for failing to comply with
Section 409A. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate and distinct
payment for purposes of Section 409A. Any reimbursements or in-kind benefits provided to or for Executive’s benefit that constitute
deferred compensation for purposes of Section 409A shall be provided in a manner that complies with Treasury Regulation Section 1.409A-3(i)(1)(iv).
Accordingly, (i) all such reimbursements will be made not later than the last day of the calendar year after the calendar year in
which the expenses were incurred, (ii) any right to such reimbursements or in-kind benefits will not be subject to liquidation or
exchange for another benefit, and (iii) the amount of the expenses eligible for reimbursement, or the amount of any in-kind benefit
provided, during any taxable year will not affect the amount of expenses eligible for reimbursement, or the in-kind benefits provided,
in any other taxable year.

 

    	 	3 of 10	 

     

    

 

g.     Other
Compensation or Benefits. Executive acknowledges that, except as expressly provided in this Agreement, Executive is not entitled to
and will not receive any additional compensation or benefits from the Company after the Date of Termination. Executive specifically acknowledges
and agrees that Executive is not entitled to any benefits pursuant to Sections 4.2 or 4.3 of the Employment Agreement.

 

3.            General
Release by Executive. Executive and Executive’s representatives, heirs, successors, and assigns do hereby completely release
and forever discharge the Company, any Affiliate, and its and their present and former shareholders, officers, directors, agents, employees,
attorneys, successors, and assigns (collectively, “Company Released Parties”) from all claims, rights, demands, actions,
obligations, liabilities, and causes of action of every kind and character, known or unknown, which Executive may have now or in the future
arising from any act or omission or condition occurring on or prior to the Effective Date of this Agreement (including, without limitation,
the future effects of such acts, omissions, or conditions), whether based on tort, contract (express or implied), or any federal, state,
or local law, statute, or regulation (collectively, the “Executive Released Claims”). By way of example and not in
limitation of the foregoing, Executive Released Claims shall include any claims arising under the Fair Labor Standards Act, the National
Labor Relations Act, the Family and Medical Leave Act, Executive Retirement Income Security Act of 1974, the Americans with Disabilities
Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the California Fair Employment and Housing Act,
and the California Family Rights Act, the California Labor Code, all as amended, along with their implementing regulations, as well as
any claims asserting wrongful termination, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional
infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective
economic advantage, defamation, invasion of privacy, and claims related to disability. Executive Released Claims shall also include, but
not be limited to, any claims for severance pay, bonuses, sick leave, vacation pay, life or health insurance, or any other benefit, including
but not limited, to any claims for payments or other benefits related to the Employment Agreement. Executive likewise releases the Released
Parties from any and all obligations for attorneys’ fees incurred in regard to the above claims or otherwise. Notwithstanding the
foregoing, Released Claims shall not include: (i) any claims that arise or occur after the Effective Date of this Agreement; (ii) breach
of any obligations created by or reaffirmed in this Agreement; (ii) any vested retirement benefits or vested equity; or (iii) any
claims which by law cannot be released, including without limitation unemployment compensation claims and workers’ compensation
claims (the settlement of which would require approval by the California Workers’ Compensation Appeals Board); (iv) any claim
for indemnification under California Labor Code § 2802, the Employment Agreement, the Company’s bylaws or certificate of incorporation,
or any agreement providing for indemnification of Executive; (v) any claims for coverage under any D&O or other similar insurance
policy; or (vi) as set forth in Section 8 below. The Company agrees that it will not modify any D&O or similar insurance
policy or the Company’s Bylaws in such a way as to eliminate or reduce the protection of Executive in a manner different from the
Company’s other similarly situated current or former executive officers or directors with respect of any matter occurring or any
action or proceeding accruing or arising or that, but for this clause, would accrue or arise, prior to such amendment, repeal or adoption
of such provision.

 

    	 	4 of 10	 

     

    

 

4.            General
Release by the Company. The Company on its own behalf and on behalf of each of the Released Parties hereby completely releases and
forever discharges Executive from all from all claims, rights, demands, actions, obligations, liabilities, and causes of action of every
kind and character, known or unknown, which such person may have now or in the future arising from any act or omission or condition occurring
on or prior to the Effective Date of this Agreement (including, without limitation, the future effects of such acts, omissions, or conditions),
whether based on tort, contract (express or implied), or any federal, state, or local law, statute, or regulation related in any way to
his employment or other relationship with the Company (the “Company Released Claims” and collectively with the Executive
Released Claims, the “Released Claims”) . Notwithstanding the foregoing, the Company’s Released Claims shall
not include: (i) any claims that arise or occur after the Effective Date of this Agreement; (ii) breach of any obligations created
by or reaffirmed in this Agreement, or (ii) breach of any nondisclosure or invention assignment obligations under the Employment
Agreement, Executive’s Employee Invention Assignment and Confidentiality Agreement (the “Proprietary Information Agreement”),
or any other written agreement between Executive and the Company.

 

5.            Section 1542
Waiver. The Parties understand and agree that the Released Claims include not only claims presently known to them, but also include
all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character
that would otherwise come within the scope of the Released Claims as described in Sections 3 and 4, above. The Parties understands that
the Parties may hereafter discover facts different from what the Parties now believes to be true, which if known, could have materially
affected this Agreement, but the Parties nevertheless waive any claims or rights based on different or additional facts. The Parties knowingly
and voluntarily waive any and all rights or benefits that the Parties may now have, or in the future may have, under the terms of Section 1542
of the California Civil Code, which provides as follows:

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN
BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

    	 	5 of 10	 

     

    

 

6.            Covenant
Not to Sue. Neither the Company nor Executive shall bring a civil action in any court (or file an arbitration claim) against the other
or any other Released Party asserting claims pertaining in any manner to the Released Claims. Executive understands that this Section 6
does not prevent Executive from filing a charge with or participating in an investigation by a governmental administrative agency; provided,
that, except for awards made pursuant to a government-administered whistleblower award program as set forth in Section 8 below, Executive
hereby waives any right to receive any monetary award resulting from such a charge or investigation.

 

7.            Age
Discrimination Claims. Executive understands and agrees that, by entering into this Agreement, Executive: (i) is waiving any
rights or claims Executive might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection
Act; (ii) has received consideration beyond that to which Executive was previously entitled; (iii) has been advised to consult
with an attorney before signing this Agreement; and (iv) has been offered the opportunity to evaluate the terms of this Agreement
for not less than twenty-one (21) days prior to execution of the Agreement. Executive may revoke this Agreement (by written notice
to the Chair of the Company’s Board of Directors at the Company’s notice address set forth in the Employment Agreement) for
a period of seven (7) days after execution of the Agreement, and it shall become enforceable only upon the expiration of this revocation
period without prior revocation by Executive. Executive understands and agrees that any notice of revocation must be delivered in a manner
such that it is received by the Chair of the Company’s Board of Directors by the end of the seventh (7th) day after Executive
executes this Agreement; and, further, if any modifications are made to this Agreement before Executive executes it, the twenty-one (21)
day consideration period will not restart on account of those modifications. Executive understands that if Executive revokes this Agreement,
Executive will not be eligible to receive any of the Severance Benefits or other consideration under this Agreement.

 

8.            Protected
Rights; Defend Trade Secrets Act Notification.

 

a.            Executive
is advised and understands that nothing in this Agreement prevents Executive from filing a charge with, or participating in an investigation,
by or reporting an alleged violation of law to a governmental administrative agency such as the U.S. Equal Employment Opportunity Commission,
the U.S. National Labor Relations Board, or the U.S. Securities and Exchange Commission; provided, that Executive waives any
right to receive any monetary award resulting from such a report, charge or investigation, except pursuant to a government administered
whistleblower award program. Further, nothing in this Agreement will in any way restrict or impede
Executive from disclosing the underlying facts or circumstances regarding an alleged instances of discrimination, sexual harassment, assault,
or abuse.

 

b.            The
Company hereby provides Executive with notice that 18 U.S.C. § 1833(b) states as follows:

 

“An individual shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to
a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose
of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal.”

 

    	 	6 of 10	 

     

    

 

c.            Accordingly,
notwithstanding anything to the contrary in this Agreement or in the Company’s Proprietary Information Agreement, Executive understands
that Executive has the right to disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney,
for the sole purpose of reporting or investigating a suspected violation of law. Executive understands that Executive also has the right
to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected
from public disclosure. Executive understands and acknowledges that nothing in this Agreement nor in the Company’s Proprietary Information
Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly
allowed by 18 U.S.C. § 1833(b).

 

9.            Continuing
Obligations.

 

a.    Confidentiality/Return
of Property. Executive agrees that Executive has complied with and remains bound by Executive’s promises and obligations under
the Proprietary Information Agreement and Sections 5, 6, and 7 of the Employment Agreement. In accordance with Sections 9 and 10 of the
Proprietary Information Agreement, Executive represents and warrants that Executive has returned to the Company—and has not retained
any copies of—all Company property, including, without limitation, all documents and data in whatever form maintained, Confidential
Information, computer hardware or software, files, papers, memoranda, correspondence, client lists, employee information, financial records
and information, credit cards, keys, access cards, tape recordings, pictures and any other items of any nature which were or are the property
of the Company. Executive acknowledges and agrees that the Company’s obligation to provide the Severance Benefits is subject to
Executive’s continued compliance with Executive’s obligations in this Section.

 

b.    Transition
of Duties. For nine (9) months immediately following the Date of Termination, Executive agrees to cooperate with transitioning
Executive’s responsibilities to the Company. Executive will not be eligible to any remuneration or fees for any such cooperation
beyond the Severance Benefits so long as such cooperation does not require Executive to provide services to the Company more than ten
(10) hours per month.

 

c.    Litigation
and Regulatory Cooperation. Executive agrees to comply with Executive’s ongoing obligations under Section 10 of the Employment
Agreement to cooperate in any pending or future litigation and/or administrative investigation in which the Company is a party and/or
is the subject of an administrative investigation.

 

10.          Mutual
Non-Disparagement. Executive agrees and covenants that Executive shall not at any time make, publish, or communicate to any person
or entity or in any public forum any defamatory, maliciously false, or disparaging remarks, comments, or statements concerning the Company
or its Affiliates, or any of their employees, officers, directors, and other associated third parties, now or in the future. The Company
agrees and covenants that the Company and its executive officers and directors (while they are employed or engaged by the Company) shall
not at any time make, publish, or communicate to any person or entity or in any public forum any defamatory, maliciously false, or disparaging
remarks, comments, or statements concerning Executive. Nothing in this Agreement shall preclude Executive, the Company, of any of the
Company’s executive officers or directors from testifying truthfully pursuant to a lawfully issued subpoena or from truthfully responding
to or participating in any government inquiry.

 

    	 	7 of 10	 

     

    

 

11.            Non-admission.
The Parties understand and agree that the furnishing of the consideration for this Agreement and the waiver of claims shall not be deemed
or construed at any time or for any purpose as an admission of liability by the Company or Executive. The liability for any and all claims
is expressly denied by the Company and Executive.

 

12.            Entire
Agreement. This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement among the Parties hereto
with regard to the subject matter hereof. This Agreement is entered into without reliance on any promise or representation, written
or oral, other than those expressly contained or referenced herein and supersedes any prior agreements between the Parties regarding the
subjects described herein; provided, however, that Executive’s obligations under the Proprietary Information Agreement, Sections
5, 6, 7, 9, and 10 of the Employment Agreement, and any other written agreement between Executive and the Company whereby Executive has
obligations to protection of the Company’s intellectual property, confidential information, proprietary information, and/or trade
secrets shall remain in full force and effect and are not modified or superseded by this Agreement.

 

13.            Amendments;
Waivers. This Agreement may not be amended except by an instrument in writing, signed by each of the Parties. No failure to exercise
and no delay in exercising any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the exercise of
any other right, remedy, or power provided herein or by law or in equity.

 

14.            Successors
and Assigns. Each of Executive and Company represents that such party has not previously assigned or transferred any claims or rights
released by Executive pursuant to this Agreement. This Agreement shall be binding upon and shall inure to the benefit of the Parties and
their respective heirs, successors, attorneys, and permitted assigns. This Agreement shall also inure to the benefit of any Released Party.

 

15.            Governing
Law. This Agreement shall be governed by and construed in accordance with the law of the State of California, without regard to conflict
of laws provisions. Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced
only in a court of the County of Contra Costa, State of California (or, if appropriate, a federal court located within California and
having jurisdiction of the area including Contra Costa Country), and the Company and Executive each consents to the jurisdiction of such
a court. The Company and Executive each hereby irrevocably waive any right to a trial by jury in any action, suit or other legal proceeding
arising under or relating to any provision of this Agreement.

 

    	 	8 of 10	 

     

    

 

16.            Interpretation.
This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any Party. By way of example
and not in limitation, this Agreement shall not be construed in favor of the Party receiving a benefit nor against the Party responsible
for any particular language in this Agreement. Captions are used for reference purposes only and should be ignored in the interpretation
of the Agreement.

 

17.            Representation
by Counsel. The Parties acknowledge that (i) they have had the opportunity to consult counsel in regard to this Agreement (and
in fact have consulted with counsel of their choice); (ii) they have read and understand the Agreement and they are fully aware of
its legal effect; and (iii) they are entering into this Agreement freely and voluntarily, and based on each Party’s own judgment
and not on any representations or promises made by the other Party, other than those contained in this Agreement.

 

18.            Counterparts.
This Agreement may be executed in counterparts. True copies of such executed counterparts may be used in lieu of an original for any purpose.

 

19.            Effective
Date. Other than Section 1, which shall become effective immediately on the date of this Agreement, this Agreement shall become
effective on the eighth (8th) day after the date executed by Executive (the “Effective Date”), but only
if the Agreement is not revoked as provided in Section 7. If the Agreement is revoked, it shall be null and void, except Executive
shall be deemed to have been terminated by the Company without cause effective January 21, 2022, and the second paragraph of Section 1
of this Agreement shall remain effective.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	9 of 10	 

     

    

 

The Parties have duly executed this Executive
Separation and Release Agreement as of the dates noted below.

  

	Jack Peurach	 
	 	 
	/s/ Jack Peurach	 
	 	 	 
	Date:	January 19, 2022	 
	 	 	 
	Ekso Bionics Holdings, Inc.	 
	 	 	 
	By:	/s/ Steven Sherman	 
	 	 	 
	Name:	Steven Sherman	 
	 	 	 
	Title:	Chair of the Board of Directors, as authorized by the
    Board of Directors	 
	 	 	 
	Date:	January 20, 2022	 

 

    	 	10 of 10

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