Document:

EX-4.6

 Exhibit 4.6 

FINANCIAL INSTITUTIONS, INC. 

Issuer 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

Trustee 
 INDENTURE

 Dated as of             ,
20         
 SUBORDINATED DEBT SECURITIES 

 FINANCIAL INSTITUTIONS, INC. 

CERTAIN SECTIONS OF THIS INDENTURE RELATING TO 

SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE 

TRUST INDENTURE ACT OF 1939: 
  

			
	Trust Indenture Act Section	  	Indenture Section
		
	§301(a)(1)	  	609
	(a)(2)	  	609
	(a)(3)	  	Not Applicable
	(a)(4)	  	Not Applicable
	(b)	  	608; 610
	§311(a)	  	613
	(b)	  	613
	§312(a)	  	701; 702
	(b)	  	702
	(c)	  	702
	§313(a)	  	703
	(b)	  	703
	(c)	  	703
	(d)	  	703
	§314(a)	  	704
	(a)(4)	  	1004
	(b)	  	Not Applicable
	(c)(1)	  	102
	(c)(2)	  	102
	(c)(3)	  	Not Applicable
	(d)	  	Not Applicable
	(e)	  	102
	§315(a)	  	601; 603
	(b)	  	601
	(c)	  	601
	(d)	  	601
	(e)	  	514
	§316(a)	  	101
	(a)(1)(A)	  	501; 512
	(a)(1)(B)	  	513
	(a)(2)	  	Not Applicable
	(b)	  	508
	(c)	  	104
	§517(a)(1)	  	503
	(a)(2)	  	504
	(b)	  	1003
	§318(a)	  	107

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

  
 i 

 TABLE OF CONTENTS 

 

									
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
		 	1	  
				
			Section 1.01		 Definitions
		 	1	  
				
			Section 1.02		 Compliance Certificates and Opinions
		 	6	  
				
			Section 1.03		 Form of Documents Delivered to Trustee
		 	7	  
				
			Section 1.04		 Acts of Holders; Record Dates
		 	7	  
				
			Section 1.05		 Notices, Etc., to Trustee and the Company
		 	8	  
				
			Section 1.06		 Notice to Holders; Waiver
		 	8	  
				
			Section 1.07		 Conflict with Trust Indenture Act
		 	9	  
				
			Section 1.08		 Effect of Headings and Table of Contents
		 	9	  
				
			Section 1.09		 Successors and Assigns
		 	9	  
				
			Section 1.10		 Separability Clause
		 	9	  
				
			Section 1.11		 Benefits of Indenture
		 	9	  
				
			Section 1.12		 Governing Law
		 	9	  
				
			Section 1.13		 Legal Holidays
		 	9	  
				
			Section 1.14		 Language of Notices, Etc.
		 	9	  
				
			Section 1.15		 Interest Limitation
		 	10	  
				
			Section 1.16		 No Personal Liability of Officers, Directors, Employees or Shareholders
		 	10	  
				
			Section 1.17		 Applicability of Depositary
		 	10	  
				
			Section 1.18		 Force Majeure
		 	10	  
				
			Section 1.19		 U.S.A. Patriot Act
		 	11	  
		
	 ARTICLE II SECURITY FORMS
		 	11	  
				
			Section 2.01		 Forms Generally
		 	11	  
				
			Section 2.02		 Form of Face of Security
		 	11	  
				
			Section 2.03		 Form of Reverse of Security
		 	15	  
				
			Section 2.04		 Global Securities
		 	18	  
				
			Section 2.05		 Form of Trustee’s Certificate and Authorization
		 	19	  
		
	 ARTICLE III THE SECURITIES
		 	19	  
				
			Section 3.01		 Amount Unlimited; Issuable in Series
		 	19	  
				
			Section 3.02		 Denominations
		 	21	  
				
			Section 3.03		 Execution, Authentication, Delivery and Dating
		 	22	  
				
			Section 3.04		 Temporary Securities
		 	23	  
				
			Section 3.05		 Registration, Registration of Transfer and Exchange
		 	23	  
				
			Section 3.06		 Mutilated, Destroyed, Lost and Stolen Securities
		 	24	  
				
			Section 3.07		 Payment of Interest; Interest Rights Preserved
		 	25	  
				
			Section 3.08		 Persons Deemed Owners
		 	26	  
				
			Section 3.09		 Cancellation
		 	26	  
				
			Section 3.10		 Computation of Interest
		 	26	  
				
			Section 3.11		 CUSIP Numbers
		 	27	  

  
 ii 

									
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
		 	27	  
				
			Section 4.01		 Satisfaction and Discharge of Indenture
		 	27	  
				
			Section 4.02		 Application of Trust Money
		 	28	  
		
	 ARTICLE V REMEDIES
		 	28	  
				
			Section 5.01		 Events of Default
		 	28	  
				
			Section 5.02		 Acceleration of Maturity; Rescission and Annulment
		 	28	  
				
			Section 5.03		 Collection of Indebtedness and Suits for Enforcement by Trustee
		 	29	  
				
			Section 5.04		 Trustee May File Proofs of Claim
		 	30	  
				
			Section 5.05		 Trustee May Enforce Claims Without Possession of Securities
		 	30	  
				
			Section 5.06		 Application of Money Collected
		 	30	  
				
			Section 5.07		 Limitation on Suits
		 	31	  
				
			Section 5.08		 Unconditional Right of Holders to Receive Principal, Premium and Interest
		 	31	  
				
			Section 5.09		 Restoration of Rights and Remedies
		 	31	  
				
			Section 5.10		 Rights and Remedies Cumulative
		 	31	  
				
			Section 5.11		 Delay or Omission Not Waiver
		 	32	  
				
			Section 5.12		 Control by Holders
		 	32	  
				
			Section 5.13		 Waiver of Past Defaults
		 	32	  
				
			Section 5.14		 Undertaking for Costs
		 	32	  
		
	 ARTICLE VI THE TRUSTEE
		 	33	  
				
			Section 6.01		 Certain Duties and Responsibilities
		 	33	  
				
			Section 6.02		 Notice of Defaults
		 	33	  
				
			Section 6.03		 Certain Rights of Trustee
		 	34	  
				
			Section 6.04		 Not Responsible for Recitals or Issuance of Securities
		 	35	  
				
			Section 6.05		 May Hold Securities
		 	35	  
				
			Section 6.06		 Money Held in Trust
		 	35	  
				
			Section 6.07		 Compensation and Reimbursement
		 	35	  
				
			Section 6.08		 Disqualification; Conflicting Interests
		 	36	  
				
			Section 6.09		 Corporate Trustee Required; Eligibility
		 	36	  
				
			Section 6.10		 Resignation and Removal; Appointment of Successor
		 	36	  
				
			Section 6.11		 Acceptance of Appointment by Successor
		 	37	  
				
			Section 6.12		 Merger, Conversion, Consolidation or Succession to Business
		 	38	  
				
			Section 6.13		 Preferential Collection of Claims Against the Company
		 	38	  
				
			Section 6.14		 Appointment of Authenticating Agent
		 	38	  
		
	 ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY
		 	39	  
				
			Section 7.01		 The Company to Furnish Trustee Names and Addresses of Holders
		 	39	  
				
			Section 7.02		 Preservation of Information; Communications to Holders
		 	39	  
				
			Section 7.03		 Reports by Trustee
		 	40	  
				
			Section 7.04		 Reports by the Company
		 	40	  

  
 iii 

									
		
	 ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
		 	40	  
				
			Section 8.01		 The Company May Consolidate, Etc., Only on Certain Terms
		 	40	  
				
			Section 8.02		 Successor Substituted
		 	41	  
		
	ARTICLE IX SUPPLEMENTAL INDENTURES		 	41	  
				
			Section 9.01		 Supplemental Indentures without Consent of Holders
		 	41	  
				
			Section 9.02		 Supplemental Indentures with Consent of Holders
		 	42	  
				
			Section 9.03		 Execution of Supplemental Indentures
		 	42	  
				
			Section 9.04		 Effect of Supplemental Indentures
		 	43	  
				
			Section 9.05		 Conformity with Trust Indenture Act
		 	43	  
				
			Section 9.06		 Reference in Securities to Supplemental Indentures
		 	43	  
		
	ARTICLE X COVENANTS		 	43	  
				
			Section 10.01		 Payment of Principal, Premium (if any) and Interest
		 	43	  
				
			Section 10.02		 Maintenance of Office or Agency
		 	43	  
				
			Section 10.03		 Money for Securities Payments to Be Held in Trust
		 	44	  
				
			Section 10.04		 Statement by Officers as to Default
		 	44	  
				
			Section 10.05		 Waiver of Certain Covenants
		 	45	  
		
	 ARTICLE XI REDEMPTION OF SECURITIES
		 	45	  
				
			Section 11.01		 Applicability of Article
		 	45	  
				
			Section 11.02		 Election to Redeem; Notice to Trustee
		 	45	  
				
			Section 11.03		 Selection by Trustee of Securities to be Redeemed
		 	45	  
				
			Section 11.04		 Notice of Redemption
		 	46	  
				
			Section 11.05		 Deposit of Redemption Price
		 	46	  
				
			Section 11.06		 Securities Payable on Redemption Date
		 	46	  
				
			Section 11.07		 Securities Redeemed in Part
		 	47	  
		
	 ARTICLE XII SINKING FUNDS
		 	47	  
				
			Section 12.01		 Applicability of Article
		 	47	  
				
			Section 12.02		 Satisfaction of Sinking Fund Payments with Securities
		 	47	  
				
			Section 12.03		 Redemption of Securities for Sinking Fund
		 	47	  
		
	 ARTICLE XIII DEFEASANCE
		 	48	  
				
			Section 13.01		 Applicability of Article
		 	48	  
				
			Section 13.02		 Legal Defeasance
		 	48	  
				
			Section 13.03		 Covenant Defeasance
		 	49	  
				
			Section 13.04		 Application by Trustee of Funds Deposited for Payment of Securities
		 	50	  
				
			Section 13.05		 Repayment to the Company
		 	50	  
				
			Section 13.06		 Reinstatement
		 	50	  
		
	 ARTICLE XIV SUBORDINATION OF SECURITIES
		 	51	  
				
			Section 14.01		 Securities Subordinated to Senior Debt
		 	51	  

  
 iv 

 INDENTURE dated as of             ,
2015, between FINANCIAL INSTITUTIONS, INC. a New York corporation (the “Company”), having its principal office at 220 Liberty Street, Warsaw, New York 14569, and Wilmington Trust, National Association, a national banking association (the
“Trustee”), having an office at 1100 North Market Street, Wilmington, Delaware 19890. 
 RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
subordinated debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in this Indenture. 

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

This Indenture is subject to the provisions of the Trust Indenture Act that are required to be a part of this Indenture and, to the extent
applicable, shall be governed by such provisions. 
 WITNESSETH: 

NOW, THEREFORE, THIS INDENTURE 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE I  

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

	Section 1.01	Definitions 

 For all purposes of this Indenture, except as otherwise expressly provided
or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly, or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any
computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation; 

(4) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision; 
 (5) the words “Article” and “Section” refer to
an Article and Section, respectively, of this Indenture; and 
 (6) “or” is not exclusive. 

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.04. 

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

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in the English language or in an
official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in the place in connection with which the term is used or in the
financial community of such place. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the
relief of debtors or the protection of creditors. 
 “Board of Directors” means the board of directors of the Company, or the
executive or any other committee of that board duly authorized to act in respect thereof. 
 “Board Resolution” means a copy of a
resolution certified by the Corporate Secretary of the Company, the principal financial officer of the Company or any other authorized officer of the Company or a Person duly authorized by any of them, to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day”
means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York, New York or the principal Place of Payment are authorized or required by law, regulation or executive order to remain
closed or (iii) a day on which the Corporate Trust Office of the Trustee is closed for business. 
 “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. 
 “Company” means the Person named as the
“Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by the Chairman of
the Board, the Vice Chairman, the President or a Vice President of the Company, and delivered to the Trustee. 
 “Corporate Trust
Office” means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture shall be principally administered, which at the date hereof is 1100 North Market Street, Wilmington, Delaware 19890,
Attention: Financial Institutions Inc. Administrator, or at such other address as to which the Trustee may give notice to the Company from time to time. 

“Corporation” includes corporations, associations, partnerships (general or limited), limited liability companies, joint-stock
companies and business trusts. 
 “Covenant defeasance” has the meaning specified in Section 13.03. 

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

  
 2 

 “Debt” means any debt for money borrowed. 

“Default” means, with respect to a series of Securities, any event which is, or after the giving of notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series. 
 “Defaulted Interest” has the meaning specified in
Section 3.07. 
 “Defeasance” has the meaning specified in Section 13.02. 

“Definitive Security” means a Security other than a Global Security or a temporary Security. 

“Depositary” means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global
Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.01, until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter shall mean or include each Person which is then a Depositary hereunder, and if at any time there is more than one such Person, shall be a collective reference to such Persons. 

“Dollar” or “$” means the coin or currency of the United States of America as at the time of payment is legal tender for
the payment of public and private debts. 
 “Event of Default” has the meaning specified in Section 5.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any statute successor thereto. 

“Fiscal Year” means, with respect to the Company, each 12-month period beginning on January 1 and ending on December 31;
provided, however, that, with respect to a series of Securities, the first fiscal year will begin on the date such series of Securities is authenticated and delivered under this Indenture. The Company will notify the Trustee in writing if its fiscal
year changes. 
 “Global Security” means a Security in global form that evidences all or part of the Securities of any series and
is registered in the name of the Depositary for such Securities or a nominee thereof. 
 “Holder” means a Person in whose name a
Security is registered in the Security Register. 
 “Indenture” means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such supplemental indenture, the provisions of
the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” also shall include the terms of particular series of Securities established as
contemplated by Section 3.01. 
 “Interest”, when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect to
any Security, means the Stated Maturity of an installment of interest on such Security. 
 “Maturity”, when used with respect to
any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or
otherwise. 
 “Notice of Default” means a written notice of the kind specified in Section 5.01(3). 

  
 3 

 “Officers’ Certificate” of a Person means a certificate signed by the Chairman of
the Board, the Vice Chairman, the President or a Vice President of the Person, or if such Person is a partnership, of its general partner, and delivered to the Trustee. The officer or such other Person (as applicable) signing an Officers’
Certificate given pursuant to Section 10.04 shall be the principal executive, financial or accounting officer of the Person, or if such Person is a partnership, of its general partner. 

“Opinion of Counsel” means a written opinion of legal counsel, who may be an employee of or counsel for the Company, which opinion
shall comply with the provisions of Section 1.02 and Section 1.03. Such counsel shall be acceptable to the Trustee, whose acceptance shall not be unreasonably withheld. 

“Original Issue Discount Security” means any Security which provides for an amount less than the stated principal amount thereof to
be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 
 “Outstanding”,
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 

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

(iii) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof that such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company; and 
 (iv) Securities, except to the extent provided in Section 13.02
and Section 13.03, with respect to which the Company has effected defeasance or covenant defeasance as provided in Article XIII; 
 provided, however,
that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to
Section 5.02, (B) the principal amount of a Security denominated in one or more currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of such currencies or currency units, determined in the manner
provided as contemplated by Section 3.01 on the date of original issuance of such Security, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent (as so determined) on the date of original
issuance of such Security, of the amount determined as provided in Clause (A) above) of such Security, and (C) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which
the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in Clause (C) above which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee
the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 

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

  
 4 

 “Periodic Offering” means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated Maturities thereof, the original issue date or
dates thereof, the redemption provisions, if any, with respect thereto, and any other terms specified as contemplated by Section 3.01 with respect thereto, are to be determined by the Company upon the issuance of such Securities. 

“Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any
agency or political subdivision thereof. 
 “Place of Payment”, when used with respect to the Securities of any series, means,
unless otherwise specifically provided for with respect to such series as contemplated by Section 3.01, the office or agency of the Company (which may be an office of the Paying Agent) in the contiguous United States and such other place or
places where, subject to the provisions of Section 10.02, the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.01. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same Debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date”, when used with respect to any
Security to be redeemed, means the date fixed by the Company for such redemption by or pursuant to this Indenture. 
 “Redemption
Price”, when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 3.01. 
 “Responsible Officer” when used with respect to the Trustee, means any
officer in the corporate trust department of the Trustee with direct responsibility for the administration of this Indenture, and also means, with respect to a particular corporate trust matter relating to this Indenture, any other officer of the
Trustee to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated
and delivered under this Indenture. 
 “Security Register” and “Security Registrar” have the respective meanings
specified in Section 3.05. 
 “Senior Debt” means: (i) the principal and any premium or interest for money borrowed or
purchased by the Company (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company, whether or not such claim for post petition interest is allowed in such proceedings);
(ii) the principal and any premium or interest for money borrowed or purchased by another Person and guaranteed by the Company; (iii) any deferred obligation for the payment of the purchase price of property or assets evidenced by a note
or similar agreement; (iv) an obligation arising from direct credit substitutes; and (v) any obligation associated with derivative products such as interest and foreign exchange rate contracts, commodity contracts and similar arrangements;
in each case, whether outstanding on the date this Subordinated Indenture becomes effective, or created, assumed or incurred after that date; provided, however, that Senior Debt excludes (a) any indebtedness, obligation or liability referred to
in clauses (i) through (v) above as to which, in the instrument creating or evidencing that indebtedness, obligation or liability, it is expressly provided that the indebtedness, obligation or liability is junior to, or ranks equally in
right of payment with, the Securities; and (b) [specific items to be discussed]. 
 “Special Record Date” for the payment of
any Defaulted Interest means a date fixed by the Company pursuant to Section 3.07. 

  
 5 

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

“Subsidiary” means, with respect to any Person, any entity of which more than 50% of the total voting power of the equity interests
entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees thereof; or any partnership of which more than 50% of the partners’ equity interests, considering all partners’
equity interests as a single class, is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or combination thereof. 

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

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

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the payment of which
its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States, each of which are not callable or redeemable at the option of the issuer thereof. 
 “Vice
President”, when used with respect to the Company, means any vice president of the Company, or when used with respect to the Trustee, means any vice president of the Trustee. 

 

	Section 1.02	Compliance Certificates and Opinions 

 Upon any application or request by the Company to
the Trustee to take or refrain from taking any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent and covenants,
if any, provided for in this Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. Each such certificate or
opinion shall be given in the form of an Officers’ Certificate, if to be given by officers of the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other
requirements set forth in this Indenture. 
 Every Officers’ Certificate or Opinion of Counsel (except for certificates provided for in
Section 10.04) shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto; 
 (2) 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; 
 (3) a statement that, in the
opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

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

  
 6 

	Section 1.03	Form of Documents Delivered to Trustee 

 In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, stating that the information with respect
to such factual matters is in the possession of the Company, unless such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. 

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

	Section 1.04	Acts of Holders; Record Dates 

 Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile
or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a
Depositary) to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive
in favor of the Trustee and the Company, if made in the manner provided in this Section. 
 Security Holders, may make, give or take, by a
proxy or proxies, duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and a Depositary that is a Holder of a Global
Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security. 
 The fact and date of the
execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient
proof of his authority. The fact and date of the execution of any such instrument or writing or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s
holding the same, shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or
other action of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the 

  
 7 

 
registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether
or not notation of such action is made upon such Security. 
 Without limiting the foregoing, a Holder entitled hereunder to give or take
any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to
all or any different part of such principal amount. 
 The Company may set any day as the record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders of Securities of
such series, but the Company shall have no obligation to do so. With regard to any record date set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and
only such Persons, shall be entitled to give or take the relevant action, whether or not such Holders remain Holders after such record date. 
  

	Section 1.05	Notices, Etc., to Trustee and the Company 

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

(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made in writing and actually received by
the Trustee at its office at 1100 North Market Street, Wilmington, Delaware 19890, Attention: Financial Institutions Inc. Administrator or at any other address previously furnished in writing by the Trustee, or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Company, addressed to it at 220 Liberty Street, Warsaw, New York 14569, to the attention of the Corporate Secretary, or at any other address previously furnished in writing to the Trustee
by the Company. 
  

	Section 1.06	Notice to Holders; Waiver 

 Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid (if international mail, by air mail), to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to
have been received by such Holder, whether or not such Holder actually receives such notice. 
 Notwithstanding any other provision of this
Indenture or any Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given
to the Depositary for such Security (or its designee) pursuant to the standing instructions from the Depositary (or its designee), including by electronic mail in accordance with accepted practices at the Depositary. 

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

  
 8 

 In case of the suspension of regular mail service or by reason of any other cause it shall be
impracticable to give such notice by mail, then such notification as shall be made with the approval of the Company shall constitute a sufficient notification for every purpose hereunder. 

 

	Section 1.07	Conflict with Trust Indenture Act 

 If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or excluded, as the case may be. 
  

	Section 1.08	Effect of Headings and Table of Contents 

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

	Section 1.09	Successors and Assigns 

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

	Section 1.10	Separability Clause 

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

	Section 1.11	Benefits of Indenture 

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

 

	Section 1.12	Governing Law 

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

	Section 1.13	Legal Holidays 

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

 

	Section 1.14	Language of Notices, Etc. 

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

  
 9 

	Section 1.15	Interest Limitation 

 It is the intention of the Company to conform strictly to all
applicable usury laws and any subsequent revisions, repeals or judicial interpretations thereof. Accordingly, if the transactions contemplated hereby would be usurious under any applicable law then, in that event, notwithstanding anything to the
contrary in the Securities or this Indenture, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law with respect to a Security shall under no circumstances exceed the maximum amount
allowed by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall have been paid in full, refunded to the Company), to the extent permitted by applicable law; and
(ii) in the event that the maturity of any Security is accelerated or in the event of any redemption of such Security, then such consideration that constitutes interest under applicable law may never include more than the maximum amount allowed
by applicable law, and any excess shall be credited to the principal amount of such Security (or, if the principal amount of such Security shall be paid in full, refunded to the Company), to the extent permitted by applicable law. All calculations
(as determined by the Company and communicated to the Trustee and the Paying Agent in a Company Order) made to compute the rate of interest with respect to a Security for the purpose of determining whether such rate exceeds the maximum amount
allowed by applicable law shall be made, to the extent permitted by such applicable law, by allocating and spreading during the period of the full stated term of such Security all interest any time contracted for, taken, reserved, charged or
received by such Holder or by the Trustee on behalf of any such Holder in connection therewith so that the amount or rate of interest charged for any and all periods of time during the term of the Security does not exceed the maximum amount or rate
of interest allowed to be charged by law during the relevant period of time. Notwithstanding any of the foregoing, if at any time applicable laws shall be changed so as to permit a higher rate or amount of interest to be charged than that permitted
prior to such change, then unless prohibited by law, references in this Indenture or any Security to “applicable law” when used in the context of determining the maximum interest or rate of interest that can be charged shall be deemed to
refer to such applicable law as so amended to allow the greater amount or rate of interest. Neither the Trustee nor the Paying Agent shall have any duty or responsibility to verify any calculations or determinations of the Company hereunder. 

The right to accelerate maturity of any Security does not include the right to accelerate any interest which has not otherwise accrued to the
date of such acceleration, provided, however, that the foregoing shall not prohibit the continuing accrual after acceleration of interest in accordance with the terms of the Indenture and such Security. 

 

	Section 1.16	No Personal Liability of Officers, Directors, Employees or Shareholders 

 Obligations of
the Company under this Indenture and the Securities hereunder are payable only out of cash flow and assets of the Company. Each Holder of a Security by its acceptance thereof, will be deemed to have agreed in this Indenture that no director,
officer, employee, or shareholder, as such, of the Company, the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Company under this Indenture or such Securities by
reason of his, her or its status. The agreements set forth in this Section are part of the consideration for the issuance of the Securities. 
  

	Section 1.17	Applicability of Depositary 

 Notwithstanding any other provision of this Indenture, so
long as a series of Securities is a Global Security, the parties hereto will be bound at all times by the applicable procedures of the Depositary with respect to such series. 
  

	Section 1.18	Force Majeure 

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

  
 10 

	Section 1.19	U.S.A. Patriot Act 

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

	Section 1.20	Counterpart Originals 

 This Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile, PDF or other electronic
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, PDF or other
electronic means shall be deemed to be their original signatures for all purposes. 
 ARTICLE II 

SECURITY FORMS 
  

	Section 2.01	Forms Generally 

 The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable laws or the rules of any securities
exchange or automated quotation system on which the Securities of such series may be listed or traded or of any Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their
execution of the Securities. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized Person
on behalf of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities. 

The Definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the Officers executing such Securities, as evidenced by their execution of such Securities. 
  

	Section 2.02	Form of Face of Security 

 [Insert any legend required by the United States Internal
Revenue Code and the regulations thereunder.] 
 [If a Global Security, as required by Section 2.04 of this Indenture, insert—THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION
OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.] 

[If applicable, insert—UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY 

  
 11 

 
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE
REGISTERED OWNER HEREOF,[CEDE & CO., HAS AN INTEREST HEREIN.] 

  
 12 

 FINANCIAL INSTITUTIONS, INC. [TITLE OF SECURITY] 

 

			
	NO.		U.S.$            
	[CUSIP No.             ]		

 FINANCIAL INSTITUTIONS, INC. a New York corporation (herein called the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of United States Dollars [state other currency] on                  , 20    , [if the Security is to bear
interest prior to Maturity, insert—, and to pay interest thereon from                  , 20    , or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on and in each year, commencing , at the rate of     % per annum, until the principal hereof is paid or made available for payment [if applicable, insert—,
and at the rate of     % per annum on any overdue principal and premium and on any overdue installment of interest]. [If applicable, insert (The amount of interest payable for any period shall be computed on the basis of twelve
30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event that any date on which interest
is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay) with the
same force and effect as if made on the date the payment was originally payable. A “Business Day” means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in New York or any applicable
Place of Payment are authorized or required by law, regulation or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee is closed for business.)]. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the                      or
                     (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company, notice of which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such
exchange or automated quotation system, all as more fully provided in such Indenture. 
 [If the Security is not to bear interest prior to
Maturity, insert— (The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security
shall bear interest at the rate of     % per annum, which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be
payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of     % per annum, which shall accrue from the date of such demand for payment to the date payment of
such interest has been made or duly provided for, and such interest shall also be payable on demand.)] 
 [If a Global Security,
insert— (Payment of the principal of [(and premium, if any)] and [if applicable, insert—any such] interest on this Security will be made by transfer of immediately available funds to a bank account designated by the Holder in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts [state other currency].] 

[If a Definitive Security, insert— (Payment of the principal of [(and premium, if any)] and [if applicable, insert—any such]
interest on this Security will be made at the office or agency of the Company maintained for that purpose in                     , [in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts] [state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Company (as provided
in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices of                      in
                     and in                     ,
or at such other offices or agencies as the Company may designate, by [United States Dollar] 

  
 13 

 
[state other currency] check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in
                     (so long as the applicable Paying Agent has received proper transfer instructions in writing at least 15 days prior to the
payment date)] [if applicable, insert (; provided, however, that payment of interest may be made at the option of the Company through the Paying Agent by [United States Dollar] [state other currency] check mailed to the addresses of the Persons
entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar] [state other currency] account maintained by the payee with a bank in
                     (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to the
applicable Interest Payment Date)].] 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

									
	Dated:		  
				
				
							FINANCIAL INSTITUTIONS, INC.
					
							By:		  

									Name:
									Title:

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

  

			
	Wilmington Trust, National Association, as Trustee
		
	By:		  

			Authorized Signatory
		
	Dated:		  

  
 14 

	Section 2.03	Form of Reverse of Security 

 This Security is one of a duly authorized issue of
securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture dated as of
                     (the “Indenture”), between the Company and Wilmington Trust, National Association, as Trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture, the Securities may be issued in
one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject
to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is one of the series designated on the face hereof
[if applicable, insert—, limited in aggregate principal amount to U.S.$        ]. 
 [If
applicable, insert—The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, [if applicable, insert—, or while Securities are in global form delivered through the applicable
procedures of the Depositary][if applicable, insert—(1) on in any year commencing with the year 20     and ending with the year 20     through operation of the sinking fund for this series at a Redemption
Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert—on or after                  , 20    ], as a whole or
in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert—on or before
                 , 20    ,     %, and if redeemed] during the 12-month period beginning
                     of the years indicated, 
  

											
	 Year
	  	 Redemption Price
	 	  	 Year
	  	 Redemption Price
	 
		  	 	    	  	  		  	 	     	  
		  	  
	  
	 	  		  	  
	  
	 
									 	    	  
		  	  
	  
	 	  		  	  
	  
	 
									 	    	  
		  	  
	  
	 	  		  	  
	  
	 
									 	    	  
		  	  
	  
	 	  		  	  
	  
	 

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the case of any
such redemption [if applicable, insert—(whether through operation of the sinking fund or otherwise)] with accrued interest to, but excluding, the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice
by mail, (1) on                      in any year commencing with the year 20     and ending with the year
20     through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and
(2) at any time [if applicable, insert—on or after                  , 20    , as a whole or in part, at the election of the Company, at the
Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
                     of the years indicated, 
  

							
	 Year
	  	Redemption Price for
Redemption Through
Operation of the Sinking
Fund	 	  	Redemption Price for Redemption
Otherwise Than Through Operation of
the Sinking Fund
		  	 	    	  	  	
		  	  
	  
	 	  	  

			 	    	  		
		  	  
	  
	 	  	  

			 	    	  		
		  	  
	  
	 	  	  

			 	    	  		
		  	  
	  
	 	  	  

			 	    	  		
		  	  
	  
	 	  	  

  
 15 

 and thereafter at a Redemption Price equal to     % of the principal amount, together in the
case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to, but excluding, the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert—The sinking fund for this series provides for the redemption in each year beginning with the year
20     and ending with the year 20     of [if applicable,—not less than $ (“mandatory sinking fund”) and not more than] $         aggregate principal
amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable,— mandatory] sinking fund payments may be credited against subsequent [if applicable,—mandatory]
sinking fund payments otherwise required to be made [if applicable,—in the inverse order in which they become due].] 
 [If the
Security is subject to redemption in part of any kind, insert—In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof.] 
 [If applicable, insert—The Securities of this series are not redeemable prior to
Stated Maturity.] 
 [If the Security is not an Original Issue Discount Security, insert—If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this series shall
occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to—insert formula for determining the
amount. Upon payment (1) of the amount of principal so declared due and payable, and (2) of interest on any overdue principal and overdue interest, all of the Company’s obligations in respect of the payment of the principal of and
interest, if any, on the Securities of this series shall terminate.] 
 The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of
not less than the Holders of a majority in aggregate principal amount of the Outstanding Securities of all series to be affected (voting as one class). The Indenture also contains provisions permitting the Holders of a majority in aggregate
principal amount of the Outstanding Securities of all affected series (voting as one class), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture. The Indenture
permits, with certain exceptions as therein provided, the Holders of a majority in principal amount of Securities of any series then Outstanding to waive past defaults under the Indenture with respect to such series and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of
this series 

  
 16 

 
at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or [any premium or] interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall, without the consent of the Holder, alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and [any premium and] interest on this Security at the times, place(s) and rate, and in the coin or currency, herein prescribed, except for
Section 1.15 of the Indenture (which limits interest to the maximum amount permissible by law), the provisions of which are incorporated herein by reference. 

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for Definitive Securities of this series except
in the limited circumstances provided in the Indenture. 
 The holders of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Definitive Securities except as described in the Indenture and will not be considered the Holders thereof for any purpose under the Indenture.] 

[If a Definitive Security, insert—As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in [if applicable, insert — any place where the principal of and any premium and interest on
this Security are payable] [if applicable, insert—                     ] [, or, subject to any laws or regulations applicable thereto and to the
right of the Company (limited as provided in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of
                     in                      and
in                      or at such other offices or agencies as the Company may designate]], duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 
 The Securities of
this series are issuable only in registered form without coupons in minimum denominations of U.S. $         [state other currency] and any integral multiple of
                     in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security is subordinated in right of payment to Senior Debt,
to the extent provided in the Indenture. 
 Obligations of the Company under the Indenture and the Securities thereunder, including this
Security, are payable only out of cash flow and assets of the Company. Each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that no director, officer, employee, or shareholder, as such, of the Company,
the Trustee, or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Company under the Indenture or such Securities by reason of his, her or its status. 

The Indenture contains provisions that relieve the Company from the obligation to comply with certain restrictive covenants in the Indenture
and for satisfaction and discharge at any time of the entire indebtedness upon compliance by the Company with certain conditions set forth in the Indenture. 

  
 17 

 This Security shall be governed by and construed in accordance with the laws of the State of New
York. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

[If a Definitive Security, insert as a separate page— 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                     (Please Print or Typewrite Name and Address of Assignee) the within instrument of FINANCIAL INSTITUTIONS, INC., and does hereby
irrevocably constitute and appoint                      Attorney to transfer said instrument on the books of the within-named Company, with full
power of substitution in the premises. 
  

							
	Please Insert Social Security or
	Other Identifying Number of Assignee:
				
	Dated:		  
				  

							(Signature)
			
	Signature Guarantee:				

 (Participant in a Recognized Signature 

Guaranty Medallion Program) 
 NOTICE: The
signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.] 

 

	Section 2.04	Global Securities 

 Every Global Security authenticated and delivered hereunder shall
bear a legend in substantially the following form: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF
AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 If Securities of a series are issuable in whole or in part in
the form of one or more Global Securities, as contemplated by Section 3.01, then, notwithstanding Clause (9) of Section 3.01 and the provisions of Section 3.02, any Global Security shall represent such of the Outstanding
Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented
thereby may from time to time be reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby
shall be made in such manner and upon instructions given by such Person or Persons as shall be specified therein or in a Company Order. Subject to the provisions of Section 3.03, Section 3.04 and Section 3.05, the Trustee shall
deliver and redeliver any Global Security in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order. Any instructions by the Company with respect to endorsement or delivery or redelivery
of a Global Security shall be in a Company Order (which need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel). 

  
 18 

 The provisions of the last sentence of Section 3.03 shall apply to any Security represented
by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with a Company Order (which need not comply with Section 1.02 and need not be accompanied by an
Opinion of Counsel) with regard to the reduction or increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 3.03. 

 

	Section 2.05	Form of Trustee’s Certificate and Authorization 

 The Trustee’s certificates of
authentication shall be in substantially the following form: 
 This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture. 
  

			
	Wilmington Trust, National Association, as Trustee
		
	By:		  

			Authorized Signatory
		
	Date:		  

 ARTICLE III  

THE SECURITIES 
  

	Section 3.01	Amount Unlimited; Issuable in Series 

 The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution (and, subject to Section 3.03, to the extent established pursuant to rather than set forth in a Board Resolution, in an Officers’ Certificate or Company Order setting forth, or determining
the manner of, such establishment) or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(1) the form and title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other
series); 
 (2) the limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered under
this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 3.04, Section 3.05, Section 3.06,
Section 9.06 or Section 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder); 

(3) the date or dates on which the Securities will be issued and on which the principal of, and premium, if any, on the Securities of the
series is payable or the method of determination thereof; 
 (4) the rate or rates (which may be fixed or variable) at which the Securities
of the series shall bear interest, if any, or the method of determination thereof, the date or dates from which such interest shall accrue, or the method of determination thereof, the Interest Payment Dates on which any such interest shall be
payable and the Regular Record Date for any interest payable on any Interest Payment Date; 

  
 19 

 (5) the place or places where, subject to the provisions of Section 10.02, the principal of
and any premium and interest on Securities of the series shall be payable, Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange and notices, and demands to or upon the
Company in respect of the Securities of the series and this Indenture may be served; 
 (6) the period or periods, if any, within which, the
price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company or otherwise, if the Company is to have that option; 

(7) the obligation, if any, and the option, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to any
sinking fund or analogous provisions or upon the happening of a specified event 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, purchased or repaid, in whole or in part, pursuant to such obligation; 
 (8) if other than minimum denominations
of $1,000 and any integral multiple in excess thereof, the denominations in which Securities of the series shall be issuable; 
 (9) whether
payment of principal of and premium, if any, and interest, if any, on the Securities of the series shall be without deduction for taxes, assessments or governmental charges paid by Holders of the series; 

(10) the currency, currencies or currency units in which payment of the principal of and any premium and interest on any Securities of the
series shall be denominated, payable, redeemable or purchasable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the
definition of “Outstanding” in Section 1.01; 
 (11) if the amount of payments of principal of or any premium or interest on
any Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 
 (12) if
the principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities are stated
to be payable, the currency, currencies or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms
and conditions upon which such election is to be made; 
 (13) the right, if any, of the Company to defer payments of interest by extending
the interest payment periods and specify the duration of such extension, the Interest Payment Dates on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred shall be payable; 

(14) if other than the 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 5.02 or provable in bankruptcy pursuant to Section 5.04 or the method of determination thereof; 

(15) if and as applicable, that the Securities of the series shall be issuable in whole or in part in the form of one or more Global
Securities (and whether in temporary or permanent global form) and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 3.05 in which any such
Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered; 

(16) any deletions from, modifications of or additions to the Events of Default set forth in Section 5.01 or the covenants of the Company
set forth in Article X pertaining to the Securities of the series; 

  
 20 

 (17) if and the terms and conditions upon which any Securities of the series may be converted
into or exchanged for securities, which may include, without limitation, capital stock, of any class or series of the Company or any other issuer; 

(18) if the amount of payments of principal of or any premium or interest on any Securities of the series may be determined with reference to
an index, including, but not limited to an index based on a currency or currencies other than that in which the Securities of that series are payable, or any other type of index, the manner in which such amounts shall be determined; 

(19) if other than as provided in Section 13.02 and Section 13.03, the terms and conditions upon which and the manner in which such
series of Securities may be defeased or discharged; 
 (20) if other than the Trustee, the identity of any other trustee, the Security
Registrar, any Paying Agent and any other agent with respect to the Securities of such series; 
 (21) any restrictions or other provisions
with respect to the transfer or exchange of the Securities; and 
 (22) any other terms of the Securities of the series (which terms shall
not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.01(3)). 
 All Securities of any one series
shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution or Officers’ Certificate referred to above or in any such indenture supplemental hereto. 

Any such Board Resolution or Officers’ Certificate referred to above with respect to Securities of any series filed with the Trustee on
or before the initial issuance of the Securities of such series shall be incorporated herein by reference with respect to Securities of such series and shall thereafter be deemed to be a part of the Indenture for all purposes relating to Securities
of such series as fully as if such Board Resolution or Officers’ Certificate were set forth herein in full. 
 All Securities of any
one series need not be issued at the same time and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional
Securities of such series or for the establishment of additional terms with respect to the Securities of such series. 
 If any of the terms
of the series are established by action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized Officer or other authorized person of the Company and delivered to the Trustee at
or prior to the delivery of the Officers’ Certificate setting forth, or providing the manner for determining, the terms of the series. 

With respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide general
terms for Securities of such series and provide either that the specific terms of particular Securities of such series shall be specified in a Company Order or an indenture supplemental thereto, or that such terms shall be determined by the Company,
or one or more of the Company’s agents designated in an Officers’ Certificate, in accordance with a Company Order. 
  

	Section 3.02	Denominations 

 The Securities of each series shall be issuable only in registered form
without coupons in such minimum denominations as shall be specified as contemplated by Section 3.01. In the absence of any such specified minimum denomination with respect to the Securities of any series, the Securities of such series shall be
issuable in minimum denominations of $1,000 and any integral multiple in excess thereof. 

  
 21 

	Section 3.03	Execution, Authentication, Delivery and Dating 

 The Securities shall be executed on
behalf of the Company by the Chairman of the Board, Vice Chairman, Chief Executive Officer, Chief Financial Officer, President or any Vice President of the Company and need not be attested. The signature of any of these officers on the Securities
may be manual or facsimile. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers
of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities.

 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series
executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities;
provided, however, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures acceptable to the Trustee as may be specified by
or pursuant to a Company Order delivered to the Trustee prior to the time of the first authentication of Securities of such series. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board
Resolutions as permitted by Section 2.01 and Section 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, in
addition to any Officers’ Certificate and Opinion of Counsel required to be furnished to the Trustee pursuant to Section 1.02, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating, 

(1) if the form and terms (or the manner of determining the terms) of such Securities have been established by or pursuant to Board Resolution
as permitted by Section 2.01, that such form or forms have been established in conformity with the provisions of this Indenture; 
 (2)
if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established by or pursuant to a Board Resolution as permitted by Section 3.01, that such terms have been, or in the
case of Securities of a series offered in a Periodic Offering, will be, established in conformity with the provisions of this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering, to any conditions specified in
such Opinion of Counsel; 
 (3) that such Securities, when authenticated and delivered by the Trustee upon receipt of a Company Order and
issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles and entitled to the benefits of this Indenture, equally and
ratably with all other Securities, if any, of such series Outstanding; 
 (4) such other matters as the Trustee may request; and 

(5) if the authentication and delivery relates to a new series of Securities created by an indenture supplemental hereto, also stating that
all conditions precedent to the execution of the supplemental indenture with respect to that series of Securities have been complied with, the Company has the power to execute and deliver any such supplemental indenture and has taken all necessary
action for those purposes and any such supplemental indenture has been executed and delivered and constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms (subject, as to enforcement of remedies, to
applicable bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium or other laws and legal principles affecting creditors’ rights generally from time to time in effect and to general equitable principles, whether applied in an
action at law or in equity). 
 If such form or forms or terms have been so established, 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, liabilities or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee. 

  
 22 

 With respect to Securities of a series not to be originally issued at one time, the Trustee may
rely upon the Opinion of Counsel and the other documents delivered pursuant to Section 2.01 and Section 3.01 and this Section, as applicable, in connection with the first authentication of Securities of such series and any subsequent
request by the Company to the Trustee to authenticate Securities of such series upon original issuance shall constitute a representation and warranty by the Company that as of the date of such request, the statements made in the Officers’
Certificate shall be true and correct as if made on such date. 
 Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09 for all purposes of this Indenture, such Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture. 
  

	Section 3.04	Temporary Securities 

 Pending the preparation of Definitive Securities of any series,
the Company may execute, and upon receipt of the documents required by Section 3.03, together with a Company Order, the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities of like series in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the
Officers executing such Securities may determine, as evidenced by their execution of such Securities. 
 If temporary Securities of any
series are issued, the Company will cause Definitive Securities of that series to be prepared without unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable
for Definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company maintained pursuant to Section 10.02 for the purpose of exchanges of Securities of such series, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and the Trustee shall upon receipt of a Company Order authenticate and deliver in exchange therefor one or more
Definitive Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as Definitive Securities of such series and tenor. 
  

	Section 3.05	Registration, Registration of Transfer and Exchange 

 The Company shall cause to be kept
at the Corporate Trust Office of the Trustee a register (the register maintained in such office or in any other office or agency of the Company in a Place of Payment being herein sometimes referred to as the “Security Register”) in which,
subject to such reasonable rules as it may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. The Company shall, prior to the issuance of any Securities hereunder, appoint the Trustee as the
initial “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. The Company may at any time replace such Security Registrar, change such office or agency or act as its own Security
Registrar. The Company will give prompt written notice to the Trustee of any change of the Security Registrar or of the location of such office or agency. At all reasonable times the Security Register shall be available for inspection by the
Trustee. 

  
 23 

 Upon surrender for registration of transfer of any Security of any series at the office or agency
of the Company maintained pursuant to Section 10.02 for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same
series, of any authorized denominations and of a like aggregate principal amount and tenor. 
 At the option of the Holder, Securities of
any series (except a Global Security) may be exchanged for other Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor, upon surrender of the Securities to be exchanged at such office or
agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee upon receipt of a Company Order shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

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

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee or
the Security Registrar, if other than the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly
authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04 or 11.07 not
involving any transfer. 
 Neither the Trustee nor the Company shall be required (1) to issue, register the transfer of or exchange
Securities of any series (or of any series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of delivery of a notice of redemption of Securities of that series selected for
redemption under Section 11.03 and ending at the close of business on the day of such delivery, or (2) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part. 
 Notwithstanding any other provision in this Indenture and except as otherwise specified as
contemplated by Section 3.01, no Global Security may be transferred to, or registered or exchanged for Securities registered in the name of, any Person other than the Depositary for such Global Security or any nominee thereof, and no such
transfer may be registered, except as provided in this paragraph. Every Security authenticated and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Security shall be a Global Security, except as provided in this
paragraph. If (1) (A) the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act, and
(B) a successor Depositary is not appointed by the Company within 90 days, (2) an Event of Default has occurred and is continuing with respect to the Securities of such series and the Security Registrar has received a written request
from the Depositary to issue certificated securities in lieu of all or a portion of the Global Securities of such series (in which case the Company shall deliver certificated securities within 30 days of such request) or (3) the Company
determines in its sole discretion that Securities of a series issued in global form shall no longer be represented by a Global Security, then such Global Security may be exchanged by such Depositary for Definitive Securities of the same series, of
any authorized denomination and of a like aggregate principal amount and tenor, registered in the names of, and the transfer of such Global Security or portion thereof may be registered to, such Persons as such Depositary shall direct. 

 

	Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities 

 If any mutilated Security is
surrendered to the Trustee, together with such security or indemnity bond as may be required by the Company or the Trustee to protect each of them and any agent of either of them harmless, the Company shall execute and upon its request the Trustee
shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. 

  
 24 

 If there shall be delivered to the Company and the Trustee (1) evidence to their
satisfaction of the destruction, loss or theft of any Security and (2) such security or indemnity bond as may be required by them to protect each of them and any agent of either of them harmless, then, in the absence of notice to the Company or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. If, after the delivery of such new Security, a bona fide purchaser of the original Security in lieu of which such new Security was issued presents
for payment or registration such original Security, the Trustee shall be entitled to recover such new Security from the party to whom it was delivered or any party taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon
the security or indemnity bond provided therefor to the extent of any loss, damage, cost or expense incurred by the Company and the Trustee in connection therewith. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. Every new Security of any
series issued pursuant to this Section in exchange for any mutilated Security or in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 

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

	Section 3.07	Payment of Interest; Interest Rights Preserved 

 Except as otherwise provided as
contemplated by Section 3.01 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any interest
on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) after any applicable grace period shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 

The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (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 Security of such series 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 Company shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense of the Company, the
Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent to each Holder of Securities of such series at his address as it appears in the Security Register, not less than
10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

  
 25 

 The Company may make payment of any Defaulted Interest on the Securities of any series in any
other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which such Securities may be listed or traded, 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. 

Subject to the foregoing provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

For each series of Securities, the Company shall, prior to 10:30 a.m. (Eastern time) on each payment date for principal and premium, if any,
and interest, if any, deposit with the Trustee money in immediately available funds sufficient to make cash payments due on the applicable payment date. 
  

	Section 3.08	Persons Deemed Owners 

 Except as otherwise provided as contemplated by Section 3.01
with respect to any series of Securities, prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered in the
Security Register as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 3.05 and Section 3.07) any interest on such Security and for all other purposes whatsoever,
whether or not such Security is overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with
respect to such Global Security, and such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the Company, the Trustee nor any
agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests. 
  

	Section 3.09	Cancellation 

 All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued and sold, in each case accompanied by a Company Order, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in
lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures, and the
Trustee shall thereafter, from time to time upon written request, deliver to the Company a certificate with respect to such disposition. 
  

	Section 3.10	Computation of Interest 

 Except as otherwise specified as contemplated by
Section 3.01 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months and
interest on the Securities of each series for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed
in any partial month. 

  
 26 

	Section 3.11	CUSIP Numbers 

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

ARTICLE IV 
 SATISFACTION
AND DISCHARGE 
  

	Section 4.01	Satisfaction and Discharge of Indenture 

 This Indenture shall upon Company Request cease
to be of further effect with respect to Securities of any series (except as to any surviving rights of registration of transfer or exchange of such Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall
execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture with respect to such Securities, when 

(1) either 
 (A)
all such Securities theretofore authenticated and delivered (other than (i) such Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06, and (ii) such Securities for whose
payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for
cancellation; or 
 (B) all such Securities not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, 

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

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money in the currency or currency units in which such Securities are payable sufficient to pay and discharge
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may be; 
 (2) the Company has paid or caused to be paid all other sums payable hereunder by
the Company with respect to such Securities; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities of any series, (i) the obligations of the
Company to the Trustee under Section 6.07, the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign under Section 6.10 shall survive, and

  
 27 

 
(ii) if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Company and/or the Trustee under
Section 4.02, Section 6.06, Section 7.01 and Section 10.02 and the last paragraph of Section 10.03 shall survive. 
  

	Section 4.02	Application of Trust Money 

 Subject to the provisions of the last paragraph of
Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 

ARTICLE V 
 REMEDIES

  

	Section 5.01	Events of Default 

 “Event of Default”, wherever used herein with respect to
Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any interest upon any
Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days (whether or not such payment is prohibited by the provisions of Article XIV hereof); or 

(2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity (whether or not such
payment is prohibited by the provisions of Article XIV hereof); or 
 (3) default in the performance, or breach, of any term, covenant or
warranty of the Company in this Indenture (other than a term, covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for
the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the
Trustee by Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or 
 (4) the Company pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case,
(B) consents to the entry of any order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (D) makes a general assignment for the
benefit of its creditors; or 
 (5) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is
for relief against the Company in an involuntary case, (B) appoints a Custodian of the Company or for all or substantially all of its property, or (C) orders the liquidation of the Company; and the order or decree remains unstayed and in
effect for 90 days; or 
 (6) any other Event of Default provided as contemplated by Section 3.01 with respect to Securities of that
series. 
  

	Section 5.02	Acceleration of Maturity; Rescission and Annulment 

 If an Event of Default with respect
to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or Holders of not less than 25% in principal amount of the 

  
 28 

 
Outstanding Securities of that series may declare the principal amount of (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount
of such Securities as may be specified in the terms thereof) all of the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and payable. If an Event of Default under Section 5.01(4) or Section 5.01(5) occurs and is continuing then the principal amount of all of the Securities shall be due and
payable immediately. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and
before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Company has paid or deposited with the
Trustee a sum sufficient to pay 
 (A) all overdue interest on all Securities of that series, 

(B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to
the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

(D) all sums paid or advanced by the Trustee hereunder and the compensation and reasonable expenses, disbursements and advances
of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

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

When any Default has occurred and is continuing under this Indenture, the Company shall, within five (5) Business Days after
becoming aware of such Default, deliver to the Trustee an Officers’ Certificate specifying such Default, its status and what actions the Company is taking or proposed to take with respect thereto. 

 

	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee 

 The Company covenants
that if 
 (1) default is made in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 30 days (whether or not such payment is prohibited by the provisions of Article XIV hereof), or 
 (2) default is
made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof (whether or not such payment is prohibited by the provisions of Article XIV hereof), 

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

  
 29 

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

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

	Section 5.04	Trustee May File Proofs of Claim 

 In case of any judicial proceeding relative to the
Company, or any other obligor upon the Securities, their property or their creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to Holders, to pay to the Trustee any amount due it for the compensation and reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.07. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding; provided, however, that the Trustee may, on behalf of Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

 

	Section 5.05	Trustee May Enforce Claims Without Possession of Securities 

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

	Section 5.06	Application of Money Collected 

 Any money or property collected or to be applied by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or any premium or interest, upon presentation of
the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the
payment of all amounts due the Trustee under Section 6.07; 
 SECOND: Subject to Article XIV, to the payment of the amounts then due
and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and any premium and interest, respectively; and 
 THIRD: The balance, if any, to the Company. 

  
 30 

	Section 5.07	Limitation on Suits 

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

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 (2) Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written request
to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or
Holders have offered and, if requested, provided to the Trustee reasonable security or indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 days after its receipt of such notice, request and offer and, if requested, provision of security or indemnity has
failed to institute any such proceeding; and 
 (5) no written direction inconsistent with such written request has been given to the
Trustee during such 60-day period by Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and
intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to
seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

 

	Section 5.08	Unconditional Right of Holders to Receive Principal, Premium and Interest 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 3.05 and Section 3.07) interest on such Security on the respective Stated Maturity expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
  

	Section 5.09	Restoration of Rights and Remedies 

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

	Section 5.10	Rights and Remedies Cumulative 

 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 31 

	Section 5.11	Delay or Omission Not Waiver 

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

	Section 5.12	Control by Holders 

 Subject to the provisions of Section 6.03, Holders of a
majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such series; provided, however, that 
 (1) such direction shall not be in
conflict with any rule of law or with this Indenture; 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction; and 
 (3) the Trustee shall have the right to decline to follow any such direction if the Trustee in good
faith shall determine that the proceeding so directed would involve the Trustee in personal liability or would otherwise be contrary to applicable law. 
  

	Section 5.13	Waiver of Past Defaults 

 Holders of a majority in aggregate principal amount of the
Outstanding Securities of any series may on behalf of Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except 

(1) a continuing default in the payment of the principal of or any premium or interest on any Security of such series, or 

(2) a default in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the
Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

 

	Section 5.14	Undertaking for Costs 

 In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such
party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, however, that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Trustee, in any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series to which the suit relates, or in any
suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security on or after the respective Stated Maturity expressed by such Security (or, in the case of redemption or repayment,
on or after the Redemption Date). 

  
 32 

 ARTICLE VI 

THE TRUSTEE 
  

	Section 6.01	Certain Duties and Responsibilities 

 (a) Except during the continuance of an Event of
Default with respect to any series of Securities, 
 (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture with respect to the Securities of such series, and no implied covenants or obligations shall read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things
enumerated in this Indenture shall not be construed as a duty); and 
 (2) in the absence of bad faith on its part, the Trustee may, with
respect to Securities of such series, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee conforming on their face to the requirements of
this Indenture; but in the case of any such certificates or opinions which 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 only whether or not they
conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

(b) In case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise with
respect to the Securities of such series such rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (c) No provisions 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 
 (1) this Subsection shall not be construed
to limit the effect of Subsection (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good
faith by a responsible officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) 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 or a majority in principal amount of the Outstanding Securities of any series relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

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

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

	Section 6.02	Notice of Defaults 

 If a Default occurs and is continuing with respect to the Securities
of any series, the Trustee shall, within 90 days after it occurs and is actually known to an officer of the Trustee responsible for this Indenture, transmit, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act,
notice of all uncured or unwaived Defaults known to it; provided, however, that, except in the case of a Default in payment on the Securities of any series, the Trustee shall be protected in withholding the notice if and so long as a committee of
Responsible Officers of the Trustee determines in good faith that withholding such notice is in the interests of Holders of Securities of such series. 

  
 33 

 For all purposes of this Indenture (including, without limitation, Section 6.01) and the
securities, the Trustee shall not be deemed to have notice or be charged with knowledge of any Default, except a Default under Section 5.01(1) or Section 5.01(2) herein (provided that, the Trustee is also the Paying Agent), unless the
Trustee shall have received from the Company or from any Holder written notice thereof at its Corporate Trust Office, and such notice references the Securities and this Indenture. In the absence of any such notice, the Trustee may conclusively
assume that no such Default exists. 
  

	Section 6.03	Certain Rights of Trustee 

 Subject to the provisions of Section 6.01: 

(1) the Trustee may rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
 (2) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Company Request
or Company Order (or in the case of a Periodic Offering, as agreed in procedures set forth in a Company Order pursuant to Section 3.03) and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

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

(4) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (5) the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or
indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may, without obligation to do so, make such further
inquiry or investigation into such facts or matters as it may see fit; and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney; 
 (7) 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; 

(8) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded; 

  
 34 

 (9) the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 

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

 

	Section 6.04	Not Responsible for Recitals or Issuance of Securities 

 The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. Neither the Trustee nor
any Authenticating Agent makes any representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of
Securities or the proceeds thereof. 
  

	Section 6.05	May Hold Securities 

 The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Section 6.08 and Section 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

	Section 6.06	Money Held in Trust 

 Money held by the Trustee in trust hereunder 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 money received by it hereunder. 
  

	Section 6.07	Compensation and Reimbursement 

 The Company agrees: 

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

(2) to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in
accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or
willful misconduct; and 
 (3) to indemnify the Trustee, its officers, directors, employees and agents for, and to hold each of them
harmless against, any loss, liability or expense incurred without gross negligence or willful misconduct on any of their parts, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the
costs and expenses of enforcing this Indenture against the Company (including this Section 6.07) and defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

The obligations of the Company under this Section to compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements
and advances shall constitute additional indebtedness hereunder. 
 Without limiting any rights available to the Trustee under applicable
law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(4) or Section 5.01(5), the expenses (including the reasonable charges and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy Law. 

  
 35 

 To secure the Company’s payment obligations in this Section 6.07, the Trustee is hereby
granted a lien prior to the Securities against all money or property held or collected by the Trustee, in its capacity as Trustee. 
 The
provisions of this Section shall survive the satisfaction and discharge of this Indenture and the defeasance of the Securities and the resignation or removal of the Trustee. 
  

	Section 6.08	Disqualification; Conflicting Interests 

 If the Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. 
  

	Section 6.09	Corporate Trustee Required; Eligibility 

 There shall at all times be one or more
Trustees hereunder with respect to the Securities of each series, at least one of which shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus required by the Trust Indenture Act.
If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article. 
  

	Section 6.10	Resignation and Removal; Appointment of Successor 

 No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

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

The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of
the Outstanding Securities of such series, delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of removal, the
removed Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If at any time: 
 (1) the
Trustee shall fail to comply with Section 6.08 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after written request therefor by the Company or
by any such Holder, or 
 (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the
Company, acting pursuant to the authority of a Board Resolution, may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may,
on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

  
 36 

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

The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office. 
  

	Section 6.11	Acceptance of Appointment by Successor 

 (1) In case of the appointment hereunder of a
successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the
Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges and all amounts due to it under Section 6.07, 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. 

(2) 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
(A) 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, (B) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (C) 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 as co-trustees of the same trust and 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 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 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, upon payment of its charges and all amounts due to it under Section 6.07, duly assign, transfer and deliver to such successor Trustee all 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. 

  
 37 

 (3) 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 (1) or (2) of this Section, as the case may be. 

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

	Section 6.12	Merger, Conversion, Consolidation or Succession to Business 

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

	Section 6.13	Preferential Collection of Claims Against the Company 

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

 

	Section 6.14	Appointment of Authenticating Agent 

 The Trustee (upon notice to the Company) may
appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon original issue (in accordance with procedures
acceptable to the Trustee) and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or corporate trust
business of such Authenticating Agent, shall continue to be an Authenticating Agent. 
 An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company. 
 Except with respect to an Authenticating Agent appointed at the request of the Company, the Company agrees to
pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 

  
 38 

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

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

 

			
	Wilmington Trust, National Association, as Trustee
		
	Date:		  

		
	By:		  

			As Authenticating Agent
		
	By:		  

			Authorized Signatory

 ARTICLE VII 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY 
  

	Section 7.01	The Company to Furnish Trustee Names and Addresses of Holders 

 The Company will furnish
or cause to be furnished to the Trustee 
 (1) not later than five (5) Business Days before each Interest Payment Date, a list for each
series of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of the preceding Regular Record Date, and 

(2) 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 if and so long as the
Trustee shall be the Security Registrar for Securities of a series, no such list need be furnished with respect to such series of Securities. 
  

	Section 7.02	Preservation of Information; Communications to Holders 

 The Trustee shall comply with
the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 
 The rights of the Holders to communicate with
other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to the names and addresses of Holders made pursuant to the Trust Indenture Act. 

  
 39 

	Section 7.03	Reports by Trustee 

 As promptly as practicable after each
[                    ] beginning with the
[                    ] following the later of the date of this Indenture and the date of initial issuance of Securities hereunder, the Trustee shall
send to each Holder a brief report dated as of [                    ] that complies with Trust Indenture Act Section 313(a). The Trustee also
shall comply with Trust Indenture Act Section 313(b). Prior to delivery to the Holders, the Trustee shall deliver to the Company a copy of any report it delivers to Holders pursuant to this Section 7.03; provided, however, that no recourse
may be taken against the Trustee for its failure to deliver a copy of such report to the Company prior to its delivery of the report to the Holders. 

A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any
Securities are listed, with the Commission and with the Company. The Company will notify the Trustee in writing when any Securities are listed on any stock exchange. 
  

	Section 7.04	Reports by the Company 

 The Company shall file with the Commission (and send a copy to
the Trustee), and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act;
provided that with respect to any such information, documents and reports filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system, the Company shall notify the Trustee in the manner prescribed
herein of each such filing. The Trustee is hereby authorized and directed to access the EDGAR system for purposes of retrieving the financial information so filed. The Trustee shall have no duty to search for or obtain any electronic or other
filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of reports, information and documents to the Trustee pursuant to this Section 7.04 shall be solely for
purposes of compliance with this Section 7.04 and, if applicable, with Section 314(a) of the Trust Indenture Act, but shall not relieve the Company of the requirement to deliver the Officers’ Certificates referred to below.
The Trustee’s receipt of such reports, information and documents is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive knowledge or notice to it of the content thereof or any
matter determinable from the contents thereof, including the Company’s compliance with any of its covenants hereunder, as to which the Trustee is entitled to rely upon Officers’ Certificates. The Trustee will have no responsibility
whatsoever to monitor whether such filing or posting has occurred or the timeliness of such filing or posting. 
 ARTICLE VIII 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 
  

	Section 8.01	The Company May Consolidate, Etc., Only on Certain Terms 

 The Company shall not
consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to, any Person, unless: 

(1) the Person formed by such consolidation or into which the Company is merged or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as an entirety shall be a corporation, partnership or trust, shall be organized and validly existing under the laws of the United States of America, any State thereof or the
District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or
observance of every other covenant of this Indenture on the part of the Company to be performed or observed; 
 (2) immediately after giving
effect to such transaction and treating any indebtedness which becomes an obligation of the Company or a Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event
of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; 

  
 40 

 (3) if, as a result of any such consolidation or merger or such conveyance, transfer or lease,
properties or assets of the Company would become subject to a mortgage, pledge, lien, security interest or other encumbrance which would not be permitted by this Indenture, the Company or such successor Person, as the case may be, shall take such
steps as shall be necessary effectively to secure the Securities equally and ratably with (or prior to) all indebtedness secured thereby; and 

(4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

 

	Section 8.02	Successor Substituted 

 Upon any consolidation of the Company with, or merger of the
Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been
named as the Company herein and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities and coupons and may liquidate and dissolve. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
  

	Section 9.01	Supplemental Indentures without Consent of Holders 

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

(1) to evidence the succession of another Person to the Company under this Indenture and the Securities and the assumption by such successor
Person of the obligations of the Company hereunder; 
 (2) to add covenants and Events of Default for the benefit of the Holders of all or
any series of such Securities or to surrender any right or power conferred by this Indenture upon the Company or to make any change that does not adversely affect the legal rights hereunder of any Holder in any material respect; 

(3) to add to, change or eliminate any of the provisions of this Indenture, provided that any such addition, change or elimination shall
become effective only after there are no such Securities of any series entitled to the benefit of such provision outstanding; 
 (4) to
establish the forms or terms of the Securities of any series issued hereunder; 
 (5) to cure any ambiguity or correct any defect or
inconsistency in this Indenture; 
 (6) to evidence the acceptance of appointment by a successor Trustee with respect to one or more series
of Securities or otherwise; 
 (7) to qualify this Indenture under the Trust Indenture Act; 

(8) to provide for uncertificated securities in addition to certificated securities; 

(9) to supplement any provisions of this Indenture necessary to permit or facilitate the defeasance and discharge of any series of Securities,
provided that such action does not adversely affect the interests of the Holders of Securities of such series or any other series; and 

(10) to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the Securities may be
listed or traded. 

  
 41 

	Section 9.02	Supplemental Indentures with Consent of Holders 

 With the consent of the Holders of not
less than a majority in aggregate principal amount of all Outstanding Securities affected by such supplemental indenture (voting as one class) (including any consents obtained in connection with a tender offer of the Securities), the Company and the
Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture, or modifying in any manner the rights of Holders of
Securities of such series under this Indenture; provided that the Company and the Trustee may not, without the consent of the Holder of each Outstanding Security affected thereby, 

(1) change the Stated Maturity of the principal of, or any installment of principal of or interest, if any, on, any Security, or reduce the
principal amount thereof or premium, if any, on or the rate of interest thereon or adversely affect any right to convert or exchange any Security into any other security, or alter the method of computation of interest; 

(2) reduce the percentage in principal amount of Securities required for any such supplemental indenture or for any waiver provided for in
this Indenture; 
 (3) change the Company’s obligation to maintain an office or agency for payment of Securities and the other matters
specified herein; 
 (4) impair the right to institute suit for the enforcement of any payment of principal of, premium, if any, or interest
on, any Security; 
 (5) modify the provisions of this Indenture with respect to the subordination of any Security in a manner adverse to
the Holder thereof; or 
 (6) modify any of the provisions of this Indenture relating to the execution of supplemental indentures with the
consent of Holders of Securities which are discussed in this Section or modify any provisions relating to the waiver by Holders of Securities of past defaults and covenants, except to increase any required percentage or to provide that other
provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included
solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of Holders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
  

	Section 9.03	Execution of Supplemental Indentures 

 In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying
upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall enter into any supplemental indenture which does not adversely
affect the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own
rights, duties, liabilities or immunities under this Indenture or otherwise. 

  
 42 

	Section 9.04	Effect of Supplemental Indentures 

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

	Section 9.05	Conformity with Trust Indenture Act 

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

	Section 9.06	Reference in Securities to Supplemental Indentures 

 Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, bear a notation as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series
so modified as to conform, in the opinion of the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. Failure to
make a notation or issue a new Security shall not affect the validity and effect of any amendment, supplement or waiver. 
 ARTICLE X

 COVENANTS 
  

	Section 10.01	Payment of Principal, Premium (if any) and Interest 

 The Company covenants and agrees
for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. An installment of
principal or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 10:30 a.m., New York City time, money sufficient to pay all principal and interest then due and the Trustee or the Paying
Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 
  

	Section 10.02	Maintenance of Office or Agency 

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

 The Company may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency;
provided however, that no service of legal process on the Company may be made at any office of the Trustee. 
 Except as otherwise specified
with respect to a series of Securities as contemplated by Section 3.01, the Company hereby initially designates as the Place of Payment for each series of Securities to be the Corporate Trust Office of the Trustee, and initially appoints the
Trustee as Paying Agent at its office at 1100 North Market Street, Wilmington, Delaware 19890, as the Company’s office or agency for each such purpose in such city. 

  
 43 

	Section 10.03	Money for Securities Payments to Be Held in Trust 

 If the Company or any of its
Subsidiaries shall at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for
the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee in writing of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of
Securities, it will, on or prior to each due date of the principal of or any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust
Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if
any, on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; (2) give the Trustee notice of any default by the Company (or
any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest, if any, on the Securities of that series; and (3) during the continuance of any such default, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that series. If an Event of Default occurs and is continuing under Section 5.01(4) or
Section 5.01(5), the Trustee shall automatically be the Paying Agent. 
 The Company may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Any money deposited with the Trustee or any Paying Agent in trust for the payment of the principal of or any premium or interest on any
Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the state which escheat laws control and the Trustee or any Paying Agent shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the state which escheat laws control for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be paid to the
state whose escheat laws control. 
  

	Section 10.04	Statement by Officers as to Default 

 The Company will deliver to the Trustee, within 120
days after the end of each Fiscal Year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signer or signers thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge. 

  
 44 

	Section 10.05	Waiver of Certain Covenants 

 The Company may omit in any particular instance to comply
with any term, provision or condition set forth in Section 10.02 through Section 10.03 with respect to the Securities of any series if before the time for such compliance Holders of at least a majority in aggregate principal amount of the
Outstanding Securities of all affected series (voting as one class) shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to
or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition
shall remain in full force and effect. 
 A waiver which changes or eliminates any term, provision or condition of this Indenture which has
expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such term, provision or condition, shall be deemed not to affect
the rights under this Indenture of the Holders of Securities of any other series. 
 ARTICLE XI 

REDEMPTION OF SECURITIES 
  

	Section 11.01	Applicability of Article 

 Securities of any series which are redeemable before their
Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 

 

	Section 11.02	Election to Redeem; Notice to Trustee 

 The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, not less than 35 nor more than 60 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee and provided, notice may be given more than 60 days prior to a redemption date if the notice is issued in connection with Article IV or Article XIII), notify the Trustee of
such Redemption Date, of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities (1) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, or (2) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction or condition. 
  

	Section 11.03	Selection by Trustee of Securities to be Redeemed 

 If less than all the Securities of
any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed), the particular Securities to be redeemed shall be selected not more than 35 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series not previously called for redemption, on a pro rata basis, by lot or by any other method which the Trustee deems fair and appropriate and which complies with any securities exchange or other applicable
requirements of any Depositary for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger
than the minimum authorized denomination for Securities of that series. 
 The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption. 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to
the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

  
 45 

	Section 11.04	Notice of Redemption 

 Notice of redemption shall be given by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register, or otherwise in accordance with the applicable procedures of the
Depositary; provided, notice may be given more than 60 days prior to a redemption date if the notice is issued in connection with Article IV or Article XIII. 

All notices of redemption shall state: 

(1) the Redemption Date, 
 (2)
the Redemption Price, 
 (3) if less than all the Outstanding Securities of any series and of a specified tenor are to be redeemed, the
identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed, 

(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and that interest
thereon will cease to accrue on and after said date, 
 (5) the place or places where such Securities are to be surrendered for payment of
the Redemption Price, and 
 (6) that the redemption is for a sinking fund, if such is the case. 

Notice of redemption of Securities to be redeemed shall be given by the Company or, at the Company’s request made in the form of an
Officers’ Certificate (made to the Trustee at least 5 days (or such shorter period as shall be satisfactory to the Trustee) prior to the mailing of such notice), by the Trustee in the name and at the expense of the Company. Any such request
will set forth the information to be stated in such notice, as provided by this Section 11.04. 
  

	Section 11.05	Deposit of Redemption Price 

 On or prior to 10:30 a.m. (Eastern time) on any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price
of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
  

	Section 11.06	Securities Payable on Redemption Date 

 Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to
the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07. 

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

  
 46 

	Section 11.07	Securities Redeemed in Part 

 Any Security which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any
authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE XII 
 SINKING
FUNDS 
  

	Section 12.01	Applicability of Article 

 The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01 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 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series. 
  

	Section 12.02	Satisfaction of Sinking Fund Payments with Securities 

 The Company (1) may deliver
Outstanding Securities of a series (other than any previously called for redemption), and (2) may apply as a credit Securities of a series which 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 12.03	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 Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to
Section 12.02 and stating the basis for such credit and that such Securities have not been previously so credited, and will also 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 11.03 and cause notice of the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 11.05 and Section 11.07. 

  
 47 

 ARTICLE XIII 

DEFEASANCE 
  

	Section 13.01	Applicability of Article 

 The provisions of this Article shall be applicable to each
series of Securities except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 
  

	Section 13.02	Legal Defeasance 

 In addition to discharge of the Indenture pursuant to
Section 4.01, the Company shall be deemed to have paid and discharged the entire indebtedness on all the Securities of such a series on the 91st day after the date of the deposit referred to in Clause (1) below, and the provisions of this
Indenture with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of Securities of such series and the Company’s right of optional redemption, if any,
(ii) substitution of mutilated, destroyed, lost or stolen Securities, (iii) rights of Holders of Securities to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor or on the specified
redemption dates therefor (but not upon acceleration), and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder, and the Company’s
obligations in connection therewith (including, but not limited to, Section 6.07), (v) the rights, if any, to convert or exchange the Securities of such series, (vi) the rights of Holders of Securities of such series as beneficiaries
hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the obligations of the Company under Section 10.02), and the Trustee, at the expense of the Company, shall, upon a Company Request,
execute proper instruments acknowledging the same, if the conditions set forth below are satisfied (hereinafter, “defeasance”): 

(1) The Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for the purposes of making the
following payments, specifically pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any series of Securities the payments on which may only
be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) a combination thereof, certified to be
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 (i) the principal and interest and premium, if any, on all Securities of
such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to Clause (3) below, and (ii) any mandatory sinking fund payments on the dates on which such
payments are due and payable in accordance with the terms of the Indenture and the Securities of such series; 
 (2) The Company has
delivered to the Trustee an Opinion of Counsel based on the fact that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date hereof, there has been a change in the
applicable federal income tax law, in either case to the effect that, and such opinion shall confirm that, Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, defeasance and discharge had not occurred; 

(3) If the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments),
notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; 

(4) No Event of Default or event which with notice or lapse of time or both would become an Event of Default shall have occurred and be
continuing on the date of such deposit; 
 (5) Such defeasance shall not cause the Trustee to have a conflicting interest within the meaning
of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act); 

  
 48 

 (6) Such defeasance shall not result in a breach or violation of, or constitute a default under,
any other agreement or instrument to which the Company is a party or by which it is bound; 
 (7) Such defeasance shall not result in the
trust arising from such deposit constituting an investment company within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and 

(8) The Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this provision have been complied with. 
 For this purpose, such
defeasance means that the Company and any other obligor upon the Securities of such series shall be deemed to have paid and discharged the entire debt represented by the Securities of such series, which shall thereafter be deemed to be
“Outstanding” only for the purposes of Section 13.04 and the rights and obligations referred to in Clauses (i) through (vii), inclusive, of the first paragraph of this Section, and to have satisfied all its other obligations
under the Securities of such series and this Indenture insofar as the Securities of such series are concerned. 
  

	Section 13.03	Covenant Defeasance 

 The Company and any other obligor shall be released on the 91st day after the date of the deposit referred to in Clause (1) below from its obligations under Section 7.04 and Section 8.01 with respect to the Securities of any series on and after
the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”), and the Securities of such series shall thereafter be deemed to be not “Outstanding” for the purposes of any request, demand,
authorization, direction, notice, waiver, consent or declaration or other action or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder.
For this purpose, such covenant defeasance means that, with respect to the Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section,
whether directly or indirectly by reason of any reference elsewhere herein to such Section or by reason of any reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 5.01, but, except as specified above, the remainder of this Indenture and the Securities of such series shall be unaffected thereby. The following shall be the conditions to application of this
Section 13.03: 
 (1) The Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of Holders of the Securities of such series, (A) cash in an amount, or (B) in the case of any series of Securities the
payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash, or (C) 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 (i) the principal and interest and premium, if any,
on all Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to Clause (2) below, and (ii) any mandatory sinking fund payments on the day
on which such payments are due and payable in accordance with the terms of the Indenture and the Securities of such series; 
 (2) If the
Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee shall have been made; 
 (3) No Event of Default or event which with notice or lapse of time or both would become an Event of
Default shall have occurred and be continuing on the date of such deposit; 
 (4) The Company has delivered to the Trustee an Opinion of
Counsel which shall confirm that Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a 

  
 49 

 
result of such deposit and covenant defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same time as would have been the case if such deposit
and covenant defeasance had not occurred; 
 (5) Such covenant defeasance shall not cause the Trustee to have a conflicting interest within
the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act); 
 (6) Such covenant
defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound; 

(7) Such covenant defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of
the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and 

(8) The Company has delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions precedent
provided for relating to the covenant defeasance contemplated by this provision have been complied with. 
  

	Section 13.04	Application by Trustee of Funds Deposited for Payment of Securities 

 Subject to the
provisions of the last paragraph of Section 10.03, all moneys or U.S. Government Obligations deposited with the Trustee pursuant to Section 13.02 or Section 13.03 (and all funds earned on such moneys or U.S. Government Obligations)
shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to Holders of the particular Securities of such series for the payment or redemption of
which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law. Subject to Section 13.02
and Section 13.03, the Trustee shall promptly pay to the Company upon Company Order any moneys held by it at any time, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
delivered to the Trustee, are in excess of the amounts required to effect the defeasance with respect to the Outstanding Securities in question. 
  

	Section 13.05	Repayment to the Company 

 Subject to applicable abandoned property law, the Trustee and
any Paying Agent promptly shall pay or return to the Company upon Company Request any money and U.S. Government Obligations held by them at any time that are not required for the payment of the principal of and any interest on the Securities of any
series for which money or U.S. Government Obligations have been deposited pursuant to Section 13.02 or Section 13.03, which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification delivered to the Trustee, are in excess of the amounts required to effect the defeasance with respect to the Outstanding Securities in question. 

The provisions of the last paragraph of Section 10.03 shall apply to any money held by the Trustee or any Paying Agent under this Article
that remains unclaimed for two years after the Maturity of any series of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 13.02 or Section 13.03. 

 

	Section 13.06	Reinstatement 

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

  
 50 

 ARTICLE XIV 

SUBORDINATION OF SECURITIES 
  

	Section 14.01	Securities Subordinated to Senior Debt 

 The payment by the Company of the principal of,
premium, if any, and interest, if any, on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to such Securities. Notwithstanding anything herein to the contrary, the
provisions of this Article XIV shall not apply to any amounts due to the Trustee under Section 6.07. 
 [Remainder of Page Intentionally
Left Blank] 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed in
multiple counterparts, each of which so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument, all as of the day and year first above written. 

 

			
	FINANCIAL INSTITUTIONS, INC.
		
	By:		  

			Name:
			Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:		  

			Name:
			Title:Exhibit 1013

		
			Exhibit 10.13
		

		
			 
		

		
			CENTURY  CASINOS, INC.
		

		
			AMENDED  AND RESTATED 2005 EQUITY INCENTIVE PLAN
		

		
			 
		

		
			 
		

		
			 
		

		
			WHEREAS, Century Casinos, Inc. sponsors the 2005 Equity Incentive Plan for the  benefit of certain of its officers, employees, directors and/or consultants; and
		

		
			 
		

		
			WHEREAS, the Company wishes to amend the Plan as set forth herein;
		

		
			 
		

		
			NOW THEREFORE, the Plan is hereby amended and restated as follows, effective as of December 26, 2014:
		

		
			 
		

		
			SECTION 1. Purpose; Definitions
		

		
			 
		

		
			The purpose of the Plan is to give the  Company a competitive advantage in attracting, retaining and motivating officers, employees, directors and/or consultants and to provide the Company and its Subsidiaries and Affiliates with a stock  plan providing incentives that are directly linked to the profitability of the  Company’s businesses and increases in Company stockholder value.
		

		
			 
		

		
			For purposes of the Plan, the following terms shall have the respective  meanings  indicated:
		

		
			 
		

		
			(a)“Affiliate” means a corporation or other entity controlled by, controlling or under common control with the Company.
		

		
			 
		

		
			(b)“Award” means a Stock Option, Restricted Stock, Performance Unit, or other stock-based award granted pursuant to the terms of the Plan.
		

		
			 
		

		
			(c)“Award Agreement”  means any written or electronic agreement, contract or other instrument  or  document  evidencing the  grant  of an  Award,  which  may, but is not required to be, signed by a Participant.
		

		
			 
		

		
			(d)“Award Cycle” means a period of consecutive fiscal years or  portions thereof designated by the Plan Administrator  over  which Performance Units are to be earned.
		

		
			 
		

		
			(e)“Board”  means the Board of Directors of the  Company.
		

		
			 
		

		
			(f)“Cause” means, unless otherwise provided by the Plan Administrator in an Award Agreement, (i) “Cause” as defined in any  Individual  Agreement to which the Participant is a party, or (ii) if there is no such Individual  Agreement or if it does not define Cause: (A) conviction of the Participant  for committing a  felony under federal law or the law of the state in which such action occurred, (B) fraud or dishonesty 
		
		
 

		

			1

		

		

			 

		

 

		against the Company or in the course of fulfilling the Participant’s employment  duties, (C) willful and deliberate failure on the  part of the Participant  to perform his or her employment or service-provider duties in any  material respect, (D) illegal drug use or alcohol abuse on Company premises or at a Company sponsored event, (E) conduct by the Participant which in the good faith and reasonable determination  of the Plan Administrator demonstrates gross unfitness to serve, (F) intentional, material violation by the Participant of any contract between the employee and the Company or of any statutory duty of the Participant to the  Company, or (G) prior  to a  Change in Control,  such  other  events  as  shall be determined by the Plan Administrator. The Plan Administrator shall, unless otherwise provided in an  Individual Agreement with the Participant, have the sole  discretion to  determine whether “Cause” exists, and its determination shall be final. The foregoing definition shall  not in any way preclude  or  restrict the right  of the Company to discharge  or dismiss the Participant for any other acts or omissions,  but  such other acts or omissions shall not be deemed, for purposes of the Plan, to constitute grounds for  termination for Cause. For purposes of the foregoing definition, the  term “Company” shall include Century Casinos, Inc. and any of its Subsidiaries or Affiliates.

		
		
			 
		

		
			(g)“Change in Control” shall have the meaning set forth in Section 10(b).
		

		
			 
		

		
			(h)“Code”  means the Internal Revenue Code  of 1986, as amended from time to time, and any successor thereto.
		

		
			 
		

			
	
			
				 (i)
			

			
	
			
			“Common Stock”  means common stock, par value $.01 per share, of the Company.  

		
			 
		

		
			(j)“Company”  means  Century Casinos, Inc., a Delaware corporation.
		

		
			 
		

		
			(k)“Covered Employee”  means a Participant designated prior to the grant of Restricted Stock or Performance Units by the Plan Administrator who is or may be a “covered employee” within the meaning of Section 162(m)(3) of the Code in the year in which Restricted Stock or Performance Units are expected to be taxable to such Participant.
		

		
			 
		

		
			(l)“Disability” means, unless otherwise provided by the Plan Administrator, (i) “Disability” as defined in any Individual Agreement to which the Participant is a party, or (ii) if there is no such Individual Agreement  or it  does not define “Disability,” (y) the inability of the Participant to engage in any substantial gainful activity by reason of any  medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (z) the Participant is, by
		

		
			reason  of any  medically determinable physical or mental impairment which can be expected to result in death  or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and  health plan covering employees of the participant's employer.
		

		

		

		 

		

			2

		

		

			 

		

 

		 
		

		
			(m)“Effective Date”  means the original effective date of the Plan as set forth in Section 15.
		

		
			 
		

		
			(n)“Eligible Individuals”   mean directors, officers, employees and consultants (including advisors) of the Company or any of its Subsidiaries or Affiliates, and prospective employees and consultants who have accepted  offers of employment  or consultancy from the  Company or its Subsidiaries or Affiliates; provided, however, that a consultant shall not be eligible  for the grant of an Award  of a Stock  Option or Restricted Stock if, at the time of grant, a Form S-8 Registration Statement  under the Securities Act (“Form S-8”) is not available to register either the  offer or the sale of the Company’s securities to such consultant  because of the  nature of the services that the consultant is providing to the Company, because the  consultant is not a natural person, or because of any other rule governing the use of Form S-8,  unless the Company determines both (i) that such grant (A) shall be registered in another manner under the Securities Act (e.g., on a Form S-3 Registration Statement) or (B) does not require registration under the Securities Act in  order to comply with the requirements of the Securities Act, if applicable, and (ii) that such grant complies with the securities laws of all other relevant jurisdictions.
		

		
			 
		

		
			(o)“Exchange Act”  means the Securities Exchange Act of 1934, as amended from time to time, and any successor  thereto.
		

		
			 
		

		
			(p)“Fair Market Value” means the fair market value of a share of Common Stock determined as follows, unless otherwise provided by the Plan Administrator:
		

		
			 
		

			
	
			
				 (i)
			If the Common Stock is readily tradable on an established securities market (as determined under Section 409A of the Code and the regulations thereunder), its Fair Market Value will be the closing sales price for a share of Common Stock on the principal securities market on which it trades on the date for which it is being determined, or if no sale of the Common Stock occurred on that date, on the next preceding date on which a sale of shares of Common Stock occurred as reported in The Wall Street Journal or such other source as the Plan Administrator deems reliable; or

		
			 
		

			
	
			
				 (ii)
			If the Common Stock is not readily tradable on an established securities market (as determined under Section 409A of the Code and the regulations thereunder), its Fair Market Value will be determined by the reasonable application of a reasonable valuation method that satisfies the requirements of Treas. Reg. Section 1.409A-1(a)(b)(5)(iv)(B).

		
			 
		

		
			(q)“Incentive  Stock Option” means any Stock Option designated as, and qualified as, an “incentive stock option” within the  meaning of Section 422 of the Code.
		

		
			 
		

		

		

		 

		

			3

		

		

			 

		

 

		(r)“Individual Agreement”  means an employment, consulting or similar written agreement  between a Participant and the  Company  or one of its Subsidiaries or Affiliates.
		

		
			 
		

		
			(s)“NonQualified Stock Option”  means any Stock Option that is not an Incentive Stock Option.
		

		
			 
		

		
			(t)“Option Price” shall have the  meaning set forth in Section  5(d)(i).
		

		
			 
		

		
			(u)“Outside Director” means a director who qualifies as an “independent director” within the meaning of Nasdaq Marketplace Rule 4200(a)(15), as an “outside director” within the meaning of Section 162(m) of the Code, and as a “non-employee director” within the meaning of Rule  16b-3 promulgated under the  Exchange Act.
		

		
			 
		

		
			(v)“Participant” shall mean an Eligible Individual to whom an Award is or has been made in accordance with and pursuant to the Plan or, if applicable, and if permitted in accordance with the terms and provisions of the Plan, such  other person  who holds outstanding Award.
		

		
			 
		

		
			(w)“Performance Goals”  means the performance goals established by the Plan Administrator in connection with the grant of Restricted Stock  or Performance Units. In the case of Qualified Performance-Based Awards, (i) such goals shall be based on the attainment  of specified levels of one or  more of the following  measures with respect to the Company  or such subsidiary, division or department of the Company for  or within which the Participant performs services: specified levels of the Company’s stock price, market share, operating revenue, earnings before interest, taxes, depreciation and amortization, earnings per share, costs, earnings  from operations, marketing-spending efficiency, return on  operating assets, return  on assets, core  non-interest income and/or levels of cost savings and (ii) such Performance Goals shall be set by the Plan Administrator within the time  period prescribed by Section 162(m) of the Code and related regulations.  Such Performance Goals also may be based upon the attaining of specified levels  of Company performance under one  or more of the measures described above relative to the performance of other corporations.
		

		
			 
		

		
			(x)“Permitted Transferee”  means, in the case of a Participant, (i) such Participant’s children or family  members, whether directly or indirectly or  by means of a trust, foundation, partnership or otherwise or (ii) any transferee of all or a portion of such Participant’s Award pursuant to a qualified domestic relations order as defined in the  Code or Title 1 of the Employee Retirement Income  Security Act of 1974, as amended. For purposes of this Plan, unless otherwise determined by the Plan Administrator, “family member” shall have the  meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act, or any successor thereto. 
		

		
			 
		

		
			(y)“Performance Units”  means an Award granted under Section 7.
		

		
			 
		

		
			(z)“Plan”  means Century Casinos, Inc. 2005 Equity Incentive Plan, as set forth  herein and as hereinafter amended from time to time.
		

		

		

		 

		

			4

		

		

			 

		

 

		 
		

		
			(aa)“Plan Administrator”  means the Plan Administrator referred to in Section 2(a).
		

		
			 
		

		
			(bb)“Qualified Performance-Based Award”  means an Award of Restricted Stock or Performance Units designated as such by the Plan Administrator at the time of grant, based  upon a determination that (i) the recipient is or may be a “covered employee” within the meaning of Section 162(m)(3) of the Code in the year in which the Company  would expect to be able to claim a tax  deduction with respect to such Restricted Stock or Performance Units and (ii) the Plan Administrator wishes such Award to qualify for the Section  162(m) Exemption.
		

		
			 
		

		
			(cc)“Restricted Stock” means an Award granted under Section 6.
		

		
			 
		

		
			(dd)“Retirement” means retirement from active  employment with the  Company, a Subsidiary or Affiliate at or after age 65.
		

		
			 
		

		
			(ee)“Rule 16b-3”  means Rule 16b-3, as promulgated by the Securities and Exchange  Commission under Section 16(b)  of the Exchange Act, as amended from time to time.
		

		
			 
		

		
			(ff)“Section 162(m) Exemption”  means the exemption from the limitation on deductibility imposed by Section 162(m)  of the Code that is set forth in Section 162(m)(4)(C) of the  Code.
		

		
			 
		

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

		
			(hh)“Stock Option”  means an Award granted under Section 5.
		

		
			(ii)“Subsidiary”  means, except as otherwise provided herein, any  corporation, partnership, limited liability company, joint  venture or other entity  during any period in which at least a 25% voting or profits interest is owned, directly or indirectly, by the Company or any  successor to the Company.
		

		
			 
		

		
			(jj)“Termination of  Employment” means  the termination  of the Participant’s employment with, or performance of services for, the  Company and any of its Subsidiaries or Affiliates. A change  in the capacity in which the Participant renders service to the Company  or a Subsidiary or Affiliate as a director, officer, employee or consultant or a change  in the entity for which the Participant renders such service, provided that there is no interruption or termination  of the Participant’s service with the  Company or a Subsidiary or Affiliate, shall not constitute a Termination of Employment. For example, a change in status from an employee of the  Company to a consultant  to a Subsidiary or Affiliate shall not constitute a Termination of Employment. A Participant employed by,  or  performing services for, a Subsidiary or an Affiliate shall be deemed to incur a Termination  of Employment if the Subsidiary or Affiliate ceases to be such a Subsidiary or an Affiliate, as the case may 
		
		
 

		

			5

		

		

			 

		

 

		be, and the Participant does not immediately thereafter become an employee of, or service-provider for, the Company or another Subsidiary or Affiliate. The Plan Administrator or the chief executive officer of the  Company, in that party’s sole discretion, may determine whether a Termination of Employment shall be  considered to have occurred (and whether vesting in any outstanding Awards shall continue  or be suspended) in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal leave.

		
		
			 
		

		
			SECTION 2. Administration
		

		
			 
		

		
			(a)The Plan shall be administered by (i) the Board or (ii) one or more committees of the Board to whom the Board has delegated all or part  of its authority under the Plan (the “Plan Administrator”). If administration is delegated to a committee, the committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to  delegate to a subcommittee any of the  administrative powers the committee is authorized to exercise (and references in the Plan to the Plan Administrator shall thereafter be to the subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The  Board  may abolish any committee at any time and revest in the Board the administration  of the Plan.  Any  committee under clause (ii) hereof which  makes grants to “officers” of the Company (as that term is defined in Rule 16a-1(f) promulgated under the Exchange Act) or which makes Awards that are intended to be Qualified Performance-Based Awards shall be composed solely of two or more  Outside Directors unless applicable laws, rules or regulations do not require such composition. For purposes of the preceding provisions, if one or more members of the committee is not an Outside Director, but recuses himself or herself or abstains from voting with respect to a particular action taken by the committee, then the committee, with respect to the action, will be deemed to consist only of the  members of the committee who  have not recused themselves or abstained from voting.
		

		
			 
		

		
			(b)The Plan Administrator shall have plenary authority to grant Awards pursuant to the terms  of the Plan to Participants.
		

		
			 
		

		
			(c)Among other things, the Plan Administrator shall have the authority, subject to the terms of the Plan:
		

		
			 
		

		
			(i)To select the Participants to whom Awards may from time to time be granted;
		

		
			 
		

		
			(ii)To determine whether and to what extent any type  of Award is to be granted hereunder;
		

		
			 
		

		
			(iii)To determine the  number of shares  of Common Stock to be covered by each Award granted  hereunder;
		

		
			 
		

		

		

		 

		

			6

		

		

			 

		

 

		(iv)To determine the terms and conditions  of any  Award granted hereunder (including, but not limited to, the Option Price (subject to Section 5(a)), any vesting condition, restriction or limitation (which may be related to the performance of the Participant, the Company or any Subsidiary or Affiliate) and any vesting acceleration or forfeiture waiver regarding any Award and the shares of Common Stock relating thereto, based on such factors as the Plan Administrator shall determine;
		

		
			 
		

		
			(v)Subject to the terms  of the Plan, including without limitation Section 12, to modify, amend  or adjust the terms and conditions of any Award, at any time  or from time to time, including but not limited to Performance Goals; provided,  however, that the Plan Administrator may not adjust upwards the amount payable to a  Covered Employee with respect to a Qualified Performance-Based Award or waive or alter the Performance Goals associated therewith in a manner that would violate Section  162(m) of the Code;
		

		
			 
		

		
			(vi)To determine under what circumstances an Award may be settled in cash or Common Stock under Section 5(l).
		

		
			 
		

		
			(d)The Plan Administrator shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time  deem advisable, to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto) and to otherwise supervise the  administration of the Plan. The Plan Administrator, in the exercise of this power, may correct any defect, omission or inconsistency  in the Plan or in any  Award  Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.
		

		
			 
		

		
			(e)The Plan Administrator shall act by a majority of its members then in office, unless otherwise expressly provided herein. Except to the extent prohibited  by applicable law or the applicable rules of a stock exchange on which the  Company’s shares are traded, the Plan Administrator  may (i) allocate all or any portion of its responsibilities and powers to any one or more of its members and (ii) delegate all or any part of its responsibilities and powers to any person or persons selected by it, provided that  no such delegation may be made that would cause Awards or other transactions under the Plan to cease to be exempt from Section 16(b) of the  Exchange Act or cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption. Any such allocation or delegation may be revoked by the  Plan Administrator at any time.
		

		
			 
		

		
			(f)Any determination made by the Plan Administrator with respect to any Award shall be  made in the sole discretion of the Plan Administrator at the time of the grant of the  Award or, unless in contravention  of any express term of the Plan, at any time thereafter. All decisions made by the Plan  Administrator  or any  appropriately delegated officer pursuant to the provisions  of the Plan shall be final and binding on all 
		
		
 

		

			7

		

		

			 

		

 

		persons, including the Company, its Affiliates, Subsidiaries, stockholders and Participants.

		
		
			 
		

		
			(g)Any authority granted to the Plan Administrator may also be exercised by the full Board, except to the extent that the grant or exercise of such authority would cause any  Award or transaction to become subject to (or lose an exemption  under) the short-swing profit recovery  provisions of Section 16 of the Exchange Act or cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption. To the extent that any permitted action taken by the Board conflicts  with action taken by the Plan Administrator, the  Board action shall control.
		

		
			 
		

		
			(h)To the maximum extent permitted by law, the  Company shall indemnify each member of the Board who acts as a member of the Plan Administrator, as well as any  other employee of the  Company with duties under the Plan, against expenses and liabilities (including any amount paid in settlement) reasonably incurred by the individual in connection with any claims against the individual by reason of the performance of the individual's  duties under the Plan, unless the losses are due to the  individual's gross negligence or lack of good faith. The Company will have the right  to select counsel and to control the prosecution or  defense of the suit. In the event that more than one person who is entitled to indemnification is subject to the same claim, all such persons shall be represented by a single counsel, unless such counsel advises the Company  in writing that he or she cannot represent all such persons under applicable rules of professional responsibility. The Company will not be required to indemnify any person for any amount incurred through any settlement unless the Company consents in writing to the settlement.
		

		
			 
		

		
			SECTION 3. Common Stock Subject to Plan
		

		
			 
		

		
			(a)The maximum number of shares of Common Stock that may be delivered to Participants and their beneficiaries under the Plan shall be two million (2,000,000). Shares subject to an Award under the Plan may be authorized and unissued shares or may be treasury shares. The  maximum  number of shares of Common Stock that may be issued  pursuant to Stock Options intended to be Incentive Stock Options shall be two million (2,000,000) shares.
		

		
			 
		

		
			(b)If any  Award is  forfeited, or if any Stock Option terminates, expires or lapses  without being exercised, shares of Common Stock subject to such Award shall again be available for distribution in connection with Awards under  the Plan. If the Option Price of any Stock Option is satisfied by delivering shares  of Common Stock to the Company (by either actual delivery or by attestation),  only the number of shares  of Common Stock delivered to the Participant net of the shares  of Common Stock delivered to the Company or attested to shall be deemed delivered for purposes  of determining the maximum numbers of shares of Common Stock available for delivery under the Plan. To the extent any shares of Common Stock subject to an Award are not  delivered to a Participant because such shares are used to satisfy an applicable tax-
		
		
 

		

			8

		

		

			 

		

 

		withholding obligation, such shares shall not be deemed to have been delivered for purposes of determining the maximum number of shares of Common Stock available for delivery under the Plan. If any shares of Common Stock issued to a Participant pursuant to an Award are forfeited back to or repurchased by the Company because of or in connection with the failure to meet a contingency or condition required to  vest such shares in the Participant, the shares of Common Stock forfeited or repurchased under such  Award shall revert to and again become available for issuance under  the Plan.

		
		
			 
		

		
			(c)In the event of any change in corporate capitalization (including, but not limited to, a change in the number of shares of Common Stock outstanding), such as a stock split or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or  other distribution of stock or property of the Company (including  any extraordinary cash or stock dividend), any reorganization (whether or not such reorganization comes within the definition of such term in Section 368 of the Code) or any partial or complete liquidation of the Company, the Plan Administrator or Board may make such substitution or adjustments in the aggregate number and kind of shares reserved for issuance under the Plan, and the maximum limitation upon Stock Options and other Awards to be granted to any Participant, in the number, kind and Option Price of shares subject to outstanding Stock Options, in the number and kind of shares subject to other outstanding Awards granted under the Plan and/or  such other equitable substitution or adjustments as it may determine to be appropriate in its sole discretion (including, without limitation, an amount in cash therefor);  provided, however, that the  number of shares subject to any  Award  shall always be a whole number.
		

		
			 
		

		
			(d)No fractional shares may  be issued under  the Plan. Cash shall be paid in lieu of any fractional share in settlement  of an Award.
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 4. Eligibility
		

		
			 
		

		
			Awards may be granted under the Plan to Eligible Individuals.
		

		
			 
		

		
			 
		

		
			SECTION 5. Stock Options
		

		
			 
		

		
			(a)Stock Options may be granted alone or in addition to  other Awards granted under the Plan and may be of two types: Incentive Stock Options and NonQualified Stock Options. Any Stock Option  granted under the Plan shall be in such form as the Plan Administrator  may from time to time approve.
		

		
			 
		

		
			(b)The Plan Administrator shall have the authority to grant any Participant Incentive Stock Options, NonQualified Stock Options or both types  of Stock Options; provided, however, that grants hereunder are subject to the limits on  grants set forth in Section 3. To the extent  that any Stock Option is not designated as an Incentive Stock  
		
		
 

		

			9

		

		

			 

		

 

		Option  or even if so designated does not  qualify as an Incentive Stock Option on or subsequent to its grant  date, it shall constitute a NonQualified Stock Option.

		
		
			 
		

		
			(c)Stock Options shall  be evidenced by  Award Agreements, the terms and provisions of which may differ. An Award Agreement shall indicate on its face whether it is intended to be an agreement for an Incentive Stock Option or a NonQualified Stock Option. The grant  of a Stock  Option shall occur  on the date the Plan Administrator by resolution  selects a Participant to receive a grant of a Stock Option, determines the number of shares of Common Stock to be subject to such Stock Option to be granted to such Participant and specifies the terms and provisions of the Stock Option. The  Company shall notify a Participant of any grant of a Stock Option, and such Award shall be confirmed by, and subject to the terms  of, an Award Agreement.
		

		
			 
		

		
			(d)Stock Options granted under the Plan shall be subject to the following terms and conditions and shall contain such additional terms and conditions as the Plan Administrator shall deem desirable:
		

		
			 
		

		
			(i)Option Price. The Plan Administrator shall determine the option price per share of Common Stock purchasable under a Stock Option (the “Option  Price”). The Option Price per share  of Common Stock subject to a Stock Option shall not  be less than the Fair Market Value of the Common Stock subject to such Stock Option  on the date  of grant.  Except for adjustments pursuant to Section  3(c), in no event may any Stock Option  granted  under this Plan be amended to decrease the Option Price thereof, cancelled in conjunction with the grant of any new Stock Option with a lower Option Price, or otherwise be subject to any action that would be treated, for accounting purposes, as a “repricing” of such Stock Option, unless such amendment, cancellation, or action is approved by the Company’s shareholders in accordance with applicable law and stock exchange rules.
		

		
			 
		

		
			(ii)Option Term.  The term of each Stock Option shall be fixed by the Plan  Administrator.
		

		
			 
		

		
			(iii)Exercisability. Except as otherwise provided herein, Stock Options  shall be exercisable at such time  or times and subject to such terms and conditions as shall be determined  by the Plan Administrator. If the Plan Administrator provides that any Stock Option is subject to vesting conditions, restrictions or limitations and therefore exercisable only in installments, the Plan Administrator may at any time waive such installment exercise provisions, in whole or in part, based  on such factors as the Plan Administrator  may determine. An Award Agreement may,  but  need  not,  include a provision whereby the Participant may elect at any time before the Participant’s Termination of Employment  to exercise the Stock  Option as to any part or all of the shares of Common Stock subject to the Stock  Option prior to the full vesting  of the Stock  Option.  Any unvested shares  of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Plan 
		
		
 

		

			10

		

		

			 

		

 

		Administrator determines to be appropriate. The  Company will not exercise its repurchase option until at least six (6) months (or such longer or shorter period of time required to avoid a charge to earnings  for financial accounting purposes) have elapsed following exercise of the Stock Option unless the Plan Administrator otherwise specifically provides in the  Stock Option.

		
		
			 
		

		
			(iv)Method of Exercise. Subject to the provisions of this Section 5, Stock Options may be exercised, in whole or in part, at any time  during the option term by  giving written notice of exercise to the Company specifying the number of shares  of Common Stock subject to the Stock Option to be purchased. Such notice shall be accompanied by payment in full of the Option Price by certified or bank check or such other instrument as the  Company may accept. If approved by the Plan Administrator, payment, in full or in part, may also be made in the form of unrestricted Common Stock (by delivery of such shares or by attestation) already owned by the Participant of the same class as the Common Stock subject to the Stock Option (based on the Fair Market Value  of the  Common Stock on the date the Stock Option is exercised); provided, that such already owned shares have been held by the Participant for at least six months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes) at the time of exercise or had been purchased on the open market; and provided, further, that, in the case of an Incentive Stock Option, the right to make a payment in the  form of already owned shares  of Common Stock of the same class as the Common Stock subject to the Stock Option may be authorized only at the time the Stock Option is granted. If approved by the Plan Administrator, to the extent permitted  by applicable law, payment in full or in part may also  be made  by delivering a properly executed exercise notice to the Company, together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the Option Price, and, if requested, the amount of any federal, state, local or foreign withholding taxes. If approved by the Plan Administrator, to the extent permitted by applicable law, payment in full or in part may also be made by an instruction from the Participant to the Company to withhold from the shares of Common Stock issuable upon exercise of the Stock Option shares of the Common Stock in payment of all or any part of the Option Price, which shares shall be valued for this purpose at the Fair Market Value on the date of exercise. To facilitate the foregoing, the  Company  may enter into agreements for coordinated procedures with one  or more brokerage firms. No shares of Common Stock shall be delivered until full payment therefor  has been made. A Participant shall have all of the rights of a stockholder of the Company holding the class  or series of Common Stock that is subject to such Stock  Option (including, if applicable, the right to vote the shares  and the right to receive dividends), when the Participant has given written notice of exercise, has paid in full for such shares and, if requested by the Company, has given the representation described in Section 14(c). 
		

		
			 
		

		

		

		 

		

			11

		

		

			 

		

 

		Special Rules Applicable to  Incentive Stock Options. Notwithstanding the foregoing, the following terms shall be applicable to all Incentive Stock Options.
		

		
			 
		

		
			(A)Incentive Stock Options may only be  granted to employees of the Company and its subsidiaries or parent corporation (within the  meaning of Section 424(f) of the Code).
		

		
			 
		

		
			(B)No Incentive Stock Option shall be exercisable more than 10 years after the  date the Stock Option is granted.
		

		
			 
		

		
			(C)The Option Price shall not  be less than one hundred percent (100%) of the Fair Market Value  of Common Stock on the option  grant date; provided, however, that an Incentive  Stock Option  may be granted with an Option Price lower than that set forth the preceding sentence if such Stock Option is granted pursuant  to an assumption  or substitution for another option in a  manner satisfying the provisions of Section 424(a) of the Code.
		

		
			 
		

		
			(D)The  aggregate Fair Market Value of the shares of Common Stock (determined as of the respective  date or dates of grant) for  which one or more Stock Options  granted to any employee under the Plan (or any other option plan of the Company or any subsidiaries or parent corporation) may for the first time become exercisable as Incentive Stock Options during any one (1) calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000). To the extent an employee holds two (2) or more such Stock Options  which become exercisable for the first time  in the same calendar year, the foregoing limitation  on the exercisability of such Stock Options as Incentive Stock Options shall be applied on the basis of the order in which such Stock Options are granted. Any Stock Options or portions thereof that exceed such limit shall be treated as NonQualified Stock Options, notwithstanding any other provision of an Award Agreement, but only to the extent of such excess.
		

		
			 
		

		
			(E)If any employee to whom an Incentive Stock Option is granted is the owner of stock (as determined under Code Section 424(d)) possessing  more than ten percent (10%) of the  total combined voting power of all classes of stock  of the Company (or any subsidiary  or parent corporation (within the meaning  of Section  424(f) of the Code)), then the option term shall not exceed five (5) years measured from the option grant date and the Option Price shall not  be less than one hundred ten percent  (110%)  of the Fair Market Value  of Common  Stock  on the  option  grant  date.
		

		
			 
		

		
			(F)If an Incentive Stock Option is exercised after the post-termination exercise periods that apply for purposes of Section 422 of the Code, such Stock Option will thereafter be treated as a NonQualified Stock Option.
		

		
			 
		

		
			(e)Nontransferability  of  Stock Options. No Stock Option shall be transferable by the Participant other than (i) by will or by the laws of  descent and distribution or any  other testamentary distribution; or (ii) in the case of a NonQualified 
		
		
 

		

			12

		

		

			 

		

 

		Stock Option, unless otherwise determined by the Plan Administrator, to a Permitted Transferee. All Stock Options shall be exercisable, subject to the terms  of this Plan, only by the Participant, the guardian or legal representative of the Participant, or any person to whom such Stock Option is transferred pursuant to this paragraph, it being  understood that the term “holder”  and “Participant” include such guardian, legal representative and other transferee; provided,  however, that Termination of Employment shall continue to refer to the Termination of Employment  of the original Participant and provided further that any Award held  by transferee shall continue  to  be subject to the same terms and conditions that were applicable to that Award immediately  before the  transfer to the transferee. Notwithstanding the foregoing, a Participant  may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of  death of the Participant, shall thereafter be entitled to exercise the Participant’s Stock Options.

		
		
			 
		

		
			(f)Termination by Death. Unless otherwise determined by the Plan Administrator at the time  of grant, if a Participant incurs a Termination of Employment  by  reason of death, any Stock Option held by such Participant may thereafter be exercised, to the extent then exercisable, or on such accelerated basis as the Plan Administrator may determine, for a period of one year from the Participant  date of death or until the expiration of the stated term of such Stock Option,  whichever period is shorter.
		

		
			 
		

		
			(g)Termination by Reason  of Disability. Unless otherwise determined by the Plan Administrator at the  time  of  grant  or, if a  longer  period  of exercise  is desired, thereafter, if a Participant incurs a Termination of Employment  by reason of Disability, any Stock Option held by such Participant (or the appointed fiduciary of such Participant) may thereafter be exercised by the Participant (or the appointed fiduciary of such Participant), to the extent it was exercisable at the time of termination, or on such accelerated basis as the Plan Administrator may determine, for a  period of one year from the  date of such Termination of Employment  or until the expiration  of the stated term of such Stock  Option, whichever period is shorter.
		

		
			 
		

		
			(h)Termination by Reason of Retirement. Unless otherwise determined by the Plan Administrator at the  time  of  grant  or, if a  longer  period  of exercise  is desired, thereafter, if a Participant incurs a Termination of Employment by reason  of Retirement, any Stock Option held by such Participant  may thereafter be exercised by the Participant, to the extent it was exercisable at the time  of such Retirement, or on such accelerated basis as the Plan Administrator may determine, for a period of one year from the  date of such Termination  of Employment or until the expiration of the stated term of such Stock Option,  whichever period is shorter.
		

		
			 
		

		
			(i)Other Termination. Unless otherwise determined by the Plan Administrator at the time  of grant or, if a longer period of exercise is desired, thereafter: (A) if a Participant incurs a Termination  of Employment for Cause, all Stock Options held  by such Participant shall thereupon terminate; and (B) if a Participant incurs a Termination of Employment for any reason other than death, 
		
		
 

		

			13

		

		

			 

		

 

		Disability, Retirement  or for Cause, any Stock Option held by such Participant, to extent it was then exercisable at the time of termination, or on such accelerated basis as the Plan Administrator may determine, may be exercised for a period of three months from the date of such Termination of Employment  or until the expiration  of the stated term of such Stock Option, whichever period is shorter.

		
		
			 
		

		
			(j)Extension of Termination Date.  An Award Agreement may also  provide that if the exercise of any Stock Option following the termination of the Participant’s Termination of Employment (other than upon the Participant’s death) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Stock Option held by such Participant  may be exercised, in lieu of the periods specified in Section  5(f) through Section  5(i),  during the three month period after the Participant’s Termination of Employment in which the exercise of the Stock Option would not be in violation of such registration requirements or until the expiration of the stated term of such Stock Option, whichever period is shorter.
		

		
			 
		

		
			(k)Change of Control Termination. A Stock Option held  by any Participant who has not suffered a Termination of Employment prior to the effective time of a Change in Control may be subject to additional acceleration of vesting and  exercisability upon or after such event as  may be provided in the Award Agreement for such Stock Option or as may be provided in any  other written agreement between the  Company  or any Subsidiary or Affiliate and the Participant, but in the  absence of such provision, no such acceleration shall occur.
		

		
			 
		

		
			(l)Cashing  Out of Stock Option. On receipt of written notice of exercise, the Plan Administrator may (unless such election would cause a detrimental tax impact to the Participant under Section 409A of the Code  or the Treasury regulations thereunder) elect to cause the Company to cash out all or part of the  portion of the shares of Common Stock for which a  Stock Option is being exercised by paying the Participant an amount, in cash or Common Stock, equal to the excess of the Fair Market Value of the Common Stock over the Option Price times the number of shares of Common Stock for which the  Option is being exercised on the effective date of such cash-out.
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 6. Restricted Stock
		

		
			 
		

		
			(a)         Administration. Shares of Restricted Stock may be awarded either alone or in addition to other Awards granted under the Plan. The Plan Administrator shall determine the Participants to whom and the time  or times at which grants of Restricted Stock will be awarded, the number of shares to be awarded to any Participant, the conditions for vesting, the time  or times within which  such Awards  may be subject to forfeiture and any other terms and conditions of the  Awards, in addition to those contained in Section  6(c).
		

		
			 
		

		

		

		 

		

			14

		

		

			 

		

 

		(b)Awards and Certificates. Shares of Restricted Stock shall be evidenced in such manner as the Plan Administrator may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of shares of Restricted Stock  shall be registered in the  name of such Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such  Award, substantially in the following form:
		

		
			 
		

		
			“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of Century Casinos, Inc. 2005 Equity Incentive Plan and an Award Agreement. Copies of such Plan and Agreement are on file at the offices of Century Casinos, Inc.”
		

		
			 
		

		
			The Plan  Administrator  may require that the certificates evidencing such shares be held in custody by the Company until  the restrictions  thereon  shall  have  lapsed and  that, as a condition of any Award of Restricted Stock, the Participant shall have delivered a stock power, endorsed in blank, relating to the Common Stock covered by such Award.
		

		
			 
		

		
			(c)Terms  and  Conditions. Shares of Restricted Stock shall be subject to the following terms and conditions:
		

		
			 
		

		
			(i)The Plan Administrator  may, prior to or at the time of grant, designate an Award of Restricted Stock as a Qualified Performance-Based Award, in which event it shall condition the grant or vesting, as applicable, of  such Restricted Stock upon the attainment  of Performance Goals. If the Plan Administrator does not  designate an Award of Restricted Stock as a Qualified Performance-Based Award, it may  nonetheless condition the  grant or  vesting thereof upon the attainment  of Performance Goals. Regardless of whether an Award of Restricted Stock is a Qualified Performance-Based Award, the Plan Administrator may also condition the grant or vesting thereof upon the continued service of the Participant. The conditions for grant or vesting and the other provisions of Restricted Stock Awards (including without limitation any applicable Performance Goals) need not be  the same with respect to each recipient. The Plan Administrator may at any time, in its sole discretion, accelerate or waive, in whole or in part, any of the foregoing restrictions; provided,  however, that in the case of Restricted Stock that is a Qualified Performance-Based Award, the applicable Performance Goals have been satisfied.
		

		
			 
		

		
			(ii)Subject  to the provisions  of  the  Plan and the Award Agreement referred to in Section 6(c)(vi),  during the  period,  if any, set by the Plan Administrator, commencing with the date of such Award for which such Participant’s continued service is required (the “Restriction Period”), and until the later of (A) the expiration of the Restriction Period and (B) the  date the applicable Performance Goals (if any) are satisfied, the Participant shall not be permitted to sell, assign, transfer, pledge  or otherwise encumber shares  of Restricted Stock; provided that, to the extent permitted  by applicable law, the foregoing shall not 
		
		
 

		

			15

		

		

			 

		

 

		prevent a Participant from pledging Restricted Stock as security for a loan, the sole purpose of which is to provide funds  to  pay the Option Price for Stock Options.

		
		
			 
		

		
			(iii)Except as provided in this Section 6(c)(iii) and Section  6(c)(i) and Section 6(c)(ii) and the Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock that is the subject of the Restricted Stock, including, if applicable, the right to vote the shares  and the right to receive any cash dividends. If so determined by the Plan Administrator in the applicable Award Agreement and subject to Section  14(g), (A) cash dividends on the class or series of Common Stock that is the subject of the Restricted Stock Award shall be automatically deferred and reinvested in additional Restricted Stock, held subject to the  vesting of the underlying Restricted Stock, or  held subject to meeting Performance Goals, and (B) dividends  payable in Common Stock shall be paid in the form of Restricted Stock of the same class as the Common Stock  with which such dividend was  paid, held subject to the vesting of the underlying Restricted Stock,  or held subject to meeting Performance Goals.
		

		
			 
		

		
			(iv)Except to the extent otherwise provided in the applicable Award Agreement or Section 6(c)(i), Section  6(c)(ii), Section 6(c)(v)  or Section 10(a), upon a Participant’s Termination of Employment for any reason  during the Restriction Period or before the applicable Performance Goals are satisfied, all shares of Restricted Stock still subject to restriction shall be forfeited  by the Participant; provided, however, that the Plan Administrator shall have  the discretion to waive, in whole or in part, any or all remaining restrictions (other than, in the case of Restricted Stock with respect to which a Participant is a Covered Employee, satisfaction of the applicable Performance Goals unless the Participant’s employment is terminated  by reason of  death or Disability, by the Company without Cause or by the Participant for “Good  Reason” (as defined in any  applicable Individual Agreement)) with respect to any or all of such Participant’s shares of Restricted Stock.
		

		
			 
		

		
			(v)If and when any applicable Performance Goals are satisfied and the Restriction Period expires without a prior forfeiture of the Restricted Stock,  unlegended certificates for such shares shall be delivered to the Participant upon surrender of the legended certificates; provided,  however, that such certificates may bear any securities law legends which the Plan Administrator determines are appropriate.
		

		
			 
		

		
			(vi)Each Award shall be confirmed by, and be  subject to, the terms  of an Award Agreement.
		

		
			 
		

		
			SECTION 7. Performance Units
		

		
			 
		

		

		

		 

		

			16

		

		

			 

		

 

		(a)Administration. Performance Units  may be awarded either alone or in addition to other Awards  granted under the Plan. The Plan Administrator shall determine the Participants to whom and the time  or times at which Performance Units shall be awarded, the number of Performance Units to be awarded to any Participant, the  duration of the Award Cycle and any other terms and conditions of the Award, in addition to those contained in Section 7(b).
		

		
			 
		

		
			(b)Terms  and  Conditions. Performance Units Awards shall be subject to the following terms and conditions:
		

		
			 
		

		
			(i)The Plan Administrator  may, prior to or at the time of the grant, designate Performance Units as Qualified Performance-Based Awards, in which event it shall condition the settlement thereof upon the attainment of  Performance Goals. If the Plan Administrator does not designate Performance Units as Qualified Performance-Based Awards, it may nonetheless condition the settlement thereof upon the attainment of Performance Goals. Regardless of whether Performance Units are Qualified Performance-Based Awards, the Plan Administrator may also condition the settlement thereof upon the continued service of the Participant. The provisions of such Awards (including without limitation any applicable Performance Goals) need not be the same with respect to each recipient. Subject to the provisions of the Plan and the Award Agreement referred to in Section 7(b)(iv), Performance Units may not be sold, assigned, transferred, pledged  or otherwise encumbered during the Award Cycle. No more than 200,000 shares of Common Stock may be subject to Qualified Performance Based Awards granted to any Eligible Individual in any fiscal year of the Company.
		

		
			 
		

		
			 
		

		
			(ii)Except to the extent otherwise provided in the applicable Award Agreement  or this Section 7(b)(ii) or Section 10(a), upon a Participant’s Termination of Employment for any reason during the Award Cycle or before any applicable Performance Goals are satisfied, all rights to receive cash or stock in settlement of the Performance Units shall be forfeited by the Participant; provided, however, that the Plan Administrator shall have the discretion to waive, in whole or in part, any or all remaining  payment limitations (other than, in the case of Performance Units that are Qualified Performance-Based  Awards, satisfaction of the applicable Performance Goals unless the Participant’s employment is terminated by reason of  death  or Disability by the Company without Cause or  by the Participant for Good  Reason) with respect to any or all of such Participant’s Performance Units.
		

		
			 
		

		
			(iii)At the expiration of the Award Cycle, the Plan Administrator shall evaluate the Company’s performance in light of any Performance Goals for such Award, shall certify that the Performance Goals have been attained, and shall determine the number of Performance Units granted to the Participant which have been earned, and the Plan Administrator shall then cause to be delivered  (A) a number of shares of Common Stock equal to the  number of 
		
		
 

		

			17

		

		

			 

		

 

		Performance Units determined by the Plan Administrator to have been earned,  or  (B) cash equal to the Fair Market Value of such number of shares  of Common Stock to the Participant, as the Plan Administrator shall elect.

		
		
			 
		

		
			(iv)Each Award shall be confirmed by, and be  subject to, the terms  of an Award Agreement.
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 8. Tax Offset Bonuses
		

		
			 
		

		
			For Awards that are not subject to the provisions of Section 409A of the Code at the time an Award is made hereunder or at any time thereafter, the Plan Administrator may grant to the Participant receiving such Award the right to receive a cash payment in an amount specified by the Plan Administrator, to  be paid at such time  or times (if ever) as the Award results in compensation income to the Participant, for the purpose of assisting the Participant to pay the resulting taxes, all as determined  by the Plan Administrator and on such other terms and conditions as the Plan Administrator shall determine.
		

		
			 
		

		
			For Awards that are subject to the provisions of Section 409A of the Code, at the time an Award is made hereunder or at any time thereafter, the Plan Administrator may grant to the Participant receiving such Award the right to a reimbursement from the Company of all or a designated portion of the federal, state, local or foreign taxes paid by the Participant as a result of compensation income to the Participant resulting from the payment, vesting or exercise of the Award, under terms and conditions determined by the Plan Administrator. This reimbursement shall be made no later than December 31 of the year next following in which the Participant remits the resulting taxes.
		

		
			 
		

		
			 
		

		
			SECTION 9. Other Stock-Based Awards
		

		
			 
		

		
			Other Awards of Common Stock and other Awards that are valued in whole or in part  by reference to, or are otherwise based upon, Common Stock, including (without limitation) dividend equivalents and convertible debentures, may  be granted either alone or in conjunction with  other Awards granted under the Plan provided however, that, in the case of an Option that is subject to the provisions of Section 409A of the Code, a right to a dividend or distribution declared and paid on the number of shares of Common Stock underlying such Option shall not be contingent, directly or indirectly, upon the exercise of such Option.
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 10. Change in Control Provisions
		

		
			 
		

		
			(a)Impact of Event. Notwithstanding any other provision  of the Plan to the contrary,  unless otherwise provided by the Plan Administrator in any Award Agreement, in the event of a Change in Control, then with respect to Awards that are 
		
		
 

		

			18

		

		

			 

		

 

		held by Participants who have not suffered a Termination of Employment prior to the effective time  of the change of control  transaction.

		
		
			 
		

		
			(i)Any  Stock Options  outstanding as of the date of such Change in Control, and  which are not then exercisable and vested,  shall become fully exercisable and vested.
		

		
			 
		

		
			(ii)The restrictions and deferral limitations applicable to any Restricted Stock shall lapse, and such Restricted Stock  shall become free of all restrictions and become fully vested.
		

		
			 
		

		
			(iii)All Performance Awards shall be considered to be earned and payable in full, and any deferral or  other restriction shall lapse and such Performance Awards shall  be settled in cash or Shares, as determined  by the Plan Administrator, as promptly as is practicable.
		

		
			 
		

		
			(iv)All restrictions on other Awards shall lapse and such Awards shall become free of all restrictions  and become fully vested.
		

		
			 
		

		
			The vesting of such Awards  (and, if applicable, the time at which such Awards may be exercised) shall (contingent upon the effectiveness of the Change in Control transaction) be accelerated in full to a date prior  to the effective time  of such Change in Control transaction as the Plan Administrator shall determine (or, if the Plan Administrator shall not determine such a date, to the date that is five (5) days prior to the effective time  of the Change  in Control transaction), the Awards shall terminate if not exercised (if applicable) at or prior to such effective time, and any reacquisition or repurchase rights held  by  the  Company with respect to such Awards held by Participants who  have not suffered a Termination  of Employment shall (contingent upon the effectiveness of the Change  in Control transaction) lapse. With respect to any other Awards outstanding under the Plan, the  vesting of such Awards (and, if applicable, the time at which such Award may be exercised) shall not be accelerated, unless otherwise provided in a written agreement  between the  Company or any Subsidiary or Affiliate  and the  holder of such Award, and such Awards shall  terminate if not exercised (if applicable) prior to the effective time  of the Change  in Control transaction.
		

		
			 
		

		
			(b)Definition  of Change in Control. For purposes  of the Plan, a “Change in Control” shall mean the happening  of  any  of the  following events:
		

		
			 
		

		
			(i)An acquisition by any individual, entity or “group” (within the meaning of Section 13(d)(3)  or  14(d)(2)  of  the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 331⁄3% or more of either (1) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the  combined voting power of the then outstanding voting securities of the  Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); excluding, however, the following: (1) any 
		
		
 

		

			19

		

		

			 

		

 

		acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition  by the Company, (3) any acquisition  by any employee benefit plan (or related trust) sponsored or  maintained by  the  Company  or any entity controlled by the Company, (4) any acquisition pursuant to a transaction which complies with clauses (1), (2) or (3) of this Section 10(b)(i), or (5) any Change in Control triggered  solely because the percentage of Outstanding Company Common Stock or Outstanding Company Voting Securities held by any Person (the “Subject Person”) exceeds the designated percentage threshold thereof as a result of a repurchase or  other acquisition of securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur  (but for the  operation  of this sentence) as a result of the acquisition  of securities by the Company, and after such share acquisition, the Subject Person  becomes the owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the  percentage of the then outstanding voting securities owned by the Subject Person over the designated percentage threshold, then a Change in Control  shall be deemed to occur; or

		
		
			 
		

		
			(ii)A  change  in the  composition  of  the  Board such that  the  individuals who, as of the Effective Date, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, for purposes of this Section  10(b)(ii), that any individual who becomes a member of the  Board subsequent to the  Effective Date, whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided, further, that any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors  or other actual  or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board shall not be so considered as a  member  of  the Incumbent  Board; or
		

		
			 
		

		
			(iii)Consummation of a reorganization, merger or consolidation or sale or  other disposition  of all or substantially all of the assets of the Company (“Corporate Transaction”); excluding, however, such a Corporate Transaction pursuant to which (1) all or substantially all of the  individuals and entities who are the beneficial owners, respectively, of the  Outstanding Company Common Stock and  Outstanding Company Voting Securities immediately prior to such Corporate Transaction  will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the then outstanding voting securities entitled to vote generally in the election  of  directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a  
		
		
 

		

			20

		

		

			 

		

 

		corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one  or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (other than the Company, any employee benefit plan (or related trust) of the Company  or such corporation resulting from such Corporate Transaction) will beneficially own, directly or indirectly, 331⁄3% or more of, respectively, the outstanding shares of common stock  of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding voting securities of such corporation entitled to vote generally in the election  of  directors except  to the extent that such ownership existed prior to the Corporate Transaction, and (3) individuals who were members of the Incumbent Board will constitute at least a majority of the  members of the board of  directors of the corporation resulting from such Corporate Transaction; or

		
		
			 
		

		
			 
		

		
			(iv)The  approval by the stockholders of the Company of a complete liquidation  or  dissolution of the  Company, or a complete dissolution or liquidation of the Company shall otherwise occur.
		

		
			 
		

		
			The term Change in Control shall not include a sale of assets, merger or  other transaction effected exclusively for the purpose  of changing the  domicile of the Company.
		

		
			 
		

		
			Notwithstanding the  foregoing or any other provision  of the Plan, the definition of Change in Control  (or any analogous term) in an Award Agreement between  the  Company or any Subsidiary and the Participant shall  supersede the foregoing definition with respect to Stock Awards subject to such agreement (it being understood,  however, that if  no  definition of Change in Control or any analogous term is set forth in such an Award Agreement, the foregoing definition shall apply).
		

		
			 
		

		
			Furthermore, notwithstanding subclauses (i), (ii), (iii) or (iv), for purposes of Awards hereunder that are subject to the provisions of Section 409A of the Code and that provide for accelerated payment upon Change in Control, no Change in Control shall be deemed to have occurred upon an event described in (i), (ii), (iii) or (iv) unless such event would constitute a “change in control” under Section 409A of the Code (regarding change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation) and related guidance thereunder.
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 11. Forfeiture of Awards
		

		
			 
		

		
			Notwithstanding anything in the Plan to the contrary, the Plan Administrator shall have the authority under the Plan to provide  in any Award Agreement that in the  
		

		 

		

			21

		

		

			 

		

 

		event of serious  misconduct by a Participant (including, without limitation, any  misconduct prejudicial to or in conflict with the  Company or its Subsidiaries or Affiliates, or any Termination  of Employment for Cause), or any activity of a Participant in competition with the business of the Company  or any Subsidiary or Affiliate, any outstanding Award granted to such Participant shall be cancelled, in whole or in part, whether or not vested. The determination of whether a Participant has engaged in a serious breach of conduct or any activity in competition with the business of the  Company  or any Subsidiary or Affiliate shall be  determined  by the Plan Administrator in its sole discretion. This Section 11 shall have no application following a Change  in Control.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 12. Term, Amendment and Termination
		

		
			 
		

		
			The Plan will terminate on the tenth anniversary of the Effective Date. Under  the Plan, Awards outstanding as of such date shall not be affected or impaired by the termination  of the  Plan.
		

		
			 
		

		
			The Board may amend, alter,  or discontinue the Plan,  but  no amendment, alteration or discontinuation shall be made which would impair the rights of a  Participant under a Stock Option or a recipient  of a Restricted Stock Award, Performance Unit Award or other Award theretofore  granted without the Participant’s or recipient’s consent, except such an  amendment made to comply with applicable law, stock  exchange rules or accounting rules. In addition, no such amendment shall be made without the approval of the  Company’s stockholders to the extent such approval is required by applicable law or stock exchange rules.
		

		
			 
		

		
			The Plan Administrator may amend the terms of any Stock Option  or other Award theretofore  granted, prospectively or retroactively, but no such amendment shall cause a Qualified Performance-Based Award to cease to qualify for the Section 162(m) Exemption or impair the rights of any holder without the holder’s consent except such an amendment made to cause the Plan  or Award  to comply with applicable law, stock exchange rules or accounting rules.
		

		
			 
		

		
			Subject to the above provisions, the  Board shall have authority to amend the Plan to take into account changes in law and tax and accounting rules as well as other developments, and to grant Awards which qualify for beneficial treatment under such rules without stockholder approval.
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 13. Unfunded Status of Plan
		

		
			 
		

		
			It is presently intended that the Plan constitute an “unfunded” plan for  incentive and deferred compensation. The Plan Administrator may authorize the creation  of trusts or other arrangements to meet the obligations created under the Plan 
		

		 

		

			22

		

		

			 

		

 

		to deliver Common Stock or make payments; provided, however, that unless the Plan Administrator otherwise determines, the existence of such trusts or  other arrangements is consistent with the “unfunded” status of the Plan.
		

		
			 
		

		
			SECTION 14. General Provisions
		

		
			 
		

		
			(a)Availability of Shares. During the terms  of any Awards under the Plan, the Company shall keep available at all times the number of shares of Common Stock required to satisfy such Awards.
		

		
			 
		

		
			(b)Securities Law  Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant  Awards and to issue and sell shares of Common Stock upon exercise  of the  Awards. Notwithstanding any  other provision  of the  Plan or agreements made pursuant thereto, the Company shall not be required to issue or  deliver any certificate or certificates for shares of Common Stock under the Plan prior to fulfillment  of all of the following conditions:
		

		
			 
		

		
			(i)Listing or approval for listing upon notice of issuance, of such shares on NASDAQ, or such other securities exchange as may at the time  be the principal market for the  Common Stock;
		

		
			 
		

		
			(ii)Any registration or other qualification of such shares of the Company under any state or federal law or regulation, or the maintaining in effect of any such registration or other qualification  which the Plan Administrator shall, in its absolute discretion upon the advice of counsel, deem necessary or advisable; and
		

		
			 
		

		
			(iii)     Obtaining any other consent, approval, or permit from any state or federal governmental agency which the Plan Administrator shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary  or advisable.
		

		
			 
		

		
			(c)Investment Assurances. The  Company  may require a Participant, as a condition of acquiring Common Stock  under any Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in financial and  business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and  experienced in financial and business matters and that he or she is capable of evaluating, alone or together with the  purchaser  representative, the  merits and risks of exercising the Award; and (ii) to give written assurances satisfactory to the  Company stating that the Participant  is acquiring Common Stock subject to the Award for the Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock. The  foregoing requirements, and any assurances given pursuant to such requirements, shall be inoperative  if (1) the issuance of the  shares  of  Common Stock  upon the  exercise  or acquisition of Common Stock  under the Award has been registered under a then currently effective registration statement  under the Securities Act or (2) as to any  
		
		
 

		

			23

		

		

			 

		

 

		particular requirement, a determination is made  by counsel for the Company that such requirement  need not be met in the circumstances under the then applicable securities laws.

		
		
			 
		

		
			The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under  the Plan as such counsel deems  necessary or appropriate in order to comply with applicable securities laws, including,  but not limited to, legends restricting the transfer of the Common Stock.
		

		
			 
		

		
			(d)No  Limit  of Other Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees.
		

		
			 
		

		
			(e)No Contract of Employment. The Plan shall not constitute a contract of employment, and adoption  of the Plan shall not confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the employment  of any employee at any time.
		

		
			 
		

		
			(f)Tax Withholding. No later than the date as of which an amount first becomes includible in the gross income  of the Participant for federal income tax  purposes in the Participant’s or the Permitted Transferee’s tax home country with respect to  any  Award under  the Plan, the Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any  federal, state, local or foreign taxes of any kind required  by law to be withheld with respect to such amount. Unless otherwise determined by the Company, withholding obligations  may be settled with Common Stock, including Common Stock that is part of the Award that gives rise to the withholding  requirement; provided, that not more than the legally required minimum withholding may be settled with Common Stock. The obligations of the Company under the Plan shall be conditional on such payment  or arrangements, and the Company and its Affiliates shall, to the extent permitted  by law, have the right  to deduct any  such taxes from any payment otherwise due to the Participant. The Plan Administrator  may establish such procedures as it deems appropriate, including  making irrevocable elections, for the settlement  of withholding obligations with Common Stock.
		

		
			 
		

		
			(g)Dividends. Reinvestment  of  dividends in additional Restricted Stock at the time of any  dividend payment shall only be permissible if sufficient shares  of Common Stock are available under Section 3 for such reinvestment (taking into account then outstanding Stock  Options  and other Awards).
		

		
			 
		

		
			(h)Death Beneficiary. The Plan Administrator shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event  of the Participant’s death are to be paid or by whom any rights  of the Participant, after the Participant’s death, may be exercised.
		

		
			 
		

		
			(i)Subsidiary Employees. In the case of a grant of an Award to any employee of a  Subsidiary of the Company, the Company may, if the Plan 
		
		
 

		

			24

		

		

			 

		

 

		Administrator so directs, issue or transfer the  shares of Common Stock, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Plan Administrator may specify, upon the condition or understanding that the Subsidiary will transfer the  shares of Common Stock to the employee in accordance with the terms of the Award specified by the Plan Administrator pursuant  to the provisions of the Plan. All shares of Common Stock underlying Awards that are forfeited or canceled should revert to the Company.

		
		
			 
		

		
			(j)Use of Proceeds From Stock.  Proceeds from the sale of Common Stock pursuant to Awards shall constitute general funds of the Company.
		

		
			 
		

		
			(k)Governing Law. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.
		

		
			 
		

		
			(l)Nontransferability. Except as otherwise provided in Section 5(e) or by the Plan Administrator, Awards under the Plan are not transferable except by will or by laws of descent and  distribution.
		

		
			 
		

		
			(m)Modifications Regarding Foreign  Laws. In the event an Award  is granted to a Participant who is  employed or providing services outside  the United States and who is not compensated from a  payroll maintained in the United States, the Plan Administrator  may, in its sole discretion, (i) modify the provisions of the Plan as they pertain to such individual to comply with applicable foreign law and (ii) provide for the  issuance of securities evidencing interests in Common Stock, with such securities reducing the shares available for issuance under the Plan based upon the number of shares of Common Stock underlying (or otherwise evidenced by) such securities.
		

		
			 
		

		
			(n)Compliance with Section 409A of the Code. The following special rules will apply only to an Award that is subject to the provisions of Section 409A of the Code:
		

		
			 
		

			
	
			
				 (i)
			If any amount is payable with respect to any Awards as a result of a Participant’s Termination of Employment, then, notwithstanding any other provision of the Plan or Award Agreement, a Termination of Employment or other service will be deemed to have occurred only at such time as the Participant has experienced a “separation from service” as such term is defined for purposes of Section 409A of the Code.

		
			 
		

			
	
			
				 (ii)
			If any amount is payable with respect to any Awards as a result of a Participant’s Termination of Employment at such time as the Participant is a “specified employee,” as defined for purposes of Section 409A of the Code, then, notwithstanding any other provision of the Plan or an Award Agreement, no payment shall be made, except as permitted under Code Section 409A, prior to the first day of the seventh (7th) calendar month 
		

		 

		

			25

		

		

			 

		

 

			beginning after the Participant’s separation from service (or the date of his or her earlier death). The Company may adopt a specified employee policy that will apply to identify the specified employees for all deferred compensation plans subject to Section 409A of the Code; otherwise, specified employees will be identified using the default standards contained in the regulations under Section 409A of the Code.

		
			 
		

		
			 
		

		
			 
		

		
			SECTION 15. Effective Date of Plan
		

		
			 
		

		
			The Plan shall be effective as June 17, 2005 (the  “Effective Date”), provided that it is approved by the stockholders of the Company in accordance with all applicable laws, regulations and stock exchange rules and listing standards.  The effective  date of this amendment and restatement shall be December 26, 2014.
		

		
			 
		

		 

		

			26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]