Document:

Exhibit 4.1

 

	 
	

 

[Marti
Technologies Inc.]

 

and

 

[TRUSTEE]

 

as Trustee

 

 

 

INDENTURE*

 

Dated as of [closing date]

 

 

 

12.00% Convertible Senior Notes due [maturity
year]

 

	 

 

 

* NTD: Subject to review by Trustee.

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article 1.        Definitions; Rules of Construction	5
	 	 	 
	Section 1.01.	Definitions	5
	Section 1.02.	Other Definitions	25
	Section 1.03.	Rules of Construction	26
	 	 	 
	Article 2.        The Notes	26
	 	 	 
	Section 2.01.	Form, Dating and Denominations	26
	Section 2.02.	Execution, Authentication and Delivery	27
	Section 2.03.	Initial Notes and Additional Notes	28
	Section 2.04.	Method of Payment	28
	Section 2.05.	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	29
	Section 2.06.	Registrar, Paying Agent and Conversion Agent	30
	Section 2.07.	Paying Agent and Conversion Agent to Hold Property in Trust	31
	Section 2.08.	Holder Lists	32
	Section 2.09.	Legends	32
	Section 2.10.	Transfers and Exchanges; Certain Transfer Restrictions	33
	Section 2.11.	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	39
	Section 2.12.	[Reserved.]	39
	Section 2.13.	Replacement Notes	40
	Section 2.14.	Registered Holders; Certain Rights with Respect to Global Notes	40
	Section 2.15.	Cancellation	40
	Section 2.16.	Notes Held by the Company or its Affiliates	40
	Section 2.17.	Temporary Notes	41
	Section 2.18.	Outstanding Notes	41
	Section 2.19.	Repurchases by the Company	42
	Section 2.20.	CUSIP and ISIN Numbers	42
	 	 	 
	Article 3.        Covenants	42
	 	 	 
	Section 3.01.	Payment on Notes	42
	Section 3.02.	Exchange Act Reports	43
	Section 3.03.	Rule 144A Information	43
	Section 3.04.	Additional Interest	43
	Section 3.05.	Compliance and Default Certificates	44
	Section 3.06.	Stay, Extension and Usury Laws	44
	Section 3.07.	Acquisition of Notes by the Company and its Affiliates	45
	Section 3.08.	Existence	45
	Section 3.09.	Incurrence of Senior Indebtedness	45

 

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	Section 3.10.	Limitation on Liens	45
	Section 3.11.	Collateral and Security	45
	Section 3.12.	[Reserved]	48
	Section 3.13.	Limitation on Restricted Payments	48
	Section 3.14.	Asset Sales	49
	 	 	 
	Article 4.        Repurchase and Redemption	50
	 	 	 
	Section 4.01.	No Sinking Fund	50
	Section 4.02.	Right of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change	50
	Section 4.03.	Right of the Company to Redeem the Notes	55
	 	 	 
	Article 5.        Conversion	57
	 	 	 
	Section 5.01.	Right to Convert	57
	Section 5.02.	Conversion Procedures	58
	Section 5.03.	Settlement Upon Conversion	59
	Section 5.04.	Reserve and Status of Common Stock Issued Upon Conversion	60
	Section 5.05.	Adjustments to the Conversion Rate	61
	Section 5.06.	Voluntary Adjustments	71
	Section 5.07.	Adjustments to the Conversion Rate in Connection with a Make-Whole Fundamental Change	71
	Section 5.08.	Exchange in Lieu of Conversion	73
	Section 5.09.	Effect of Common Stock Change Event	73
	 	 	 
	Article 6.        Successors	75
	 	 	 
	Section 6.01.	When the Company May Merge, Etc.	75
	Section 6.02.	Successor Corporation Substituted	76
	Section 6.03.	Exclusion for Certain Asset Transfers	76
	 	 	 
	Article 7.        Defaults and
    Remedies	76
	 	 	 
	Section 7.01.	Events of Default	76
	Section 7.02.	Acceleration	78
	Section 7.03.	Sole Remedy for a Failure to Report	79
	Section 7.04.	Other Remedies	80
	Section 7.05.	Waiver of Past Defaults	80
	Section 7.06.	Control by Majority	80
	Section 7.07.	Limitation on Suits	80
	Section 7.08.	Absolute Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration	81
	Section 7.09.	Collection Suit by Trustee	81
	Section 7.10.	Trustee May File Proofs of Claim	82
	Section 7.11.	Priorities	82
	Section 7.12.	Undertaking for Costs	82

 

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	Article 8.        Amendments, Supplements and Waivers	83
	 	 	 
	Section 8.01.	Without the Consent of Holders	83
	Section 8.02.	With the Consent of Holders	84
	Section 8.03.	Notice of Amendments, Supplements and Waivers	85
	Section 8.04.	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	85
	Section 8.05.	Notations and Exchanges	86
	Section 8.06.	Trustee to Execute Supplemental Indentures	86
	Section 8.07.	Determinations by Affiliates of the Company	86
	 	 	
	Article 9.        Satisfaction and Discharge	86
	 	 	 
	Section 9.01.	Termination of Company’s Obligations	86
	Section 9.02.	Repayment to Company	87
	Section 9.03.	Reinstatement	87
	 	 	 
	Article 10.        Trustee	88
	 	 	 
	Section 10.01.	Duties of the Trustee	88
	Section 10.02.	Rights of the Trustee	89
	Section 10.03.	Individual Rights of the Trustee	90
	Section 10.04.	Trustee’s Disclaimer	90
	Section 10.05.	Notice of Defaults	90
	Section 10.06.	Compensation and Indemnity	90
	Section 10.07.	Replacement of the Trustee	91
	Section 10.08.	Successor Trustee by Merger, Etc.	92
	Section 10.09.	Eligibility; Disqualification	92
	 	 	 
	Article 11.        Miscellaneous	93
	 	 	 
	Section 11.01.	Notices.	93
	Section 11.02.	Delivery of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent	94
	Section 11.03.	Statements Required in Officer’s Certificate and Opinion of Counsel	94
	Section 11.04.	Rules by the Trustee, the Registrar, the Paying Agent and Conversion Agent	95
	Section 11.05.	No Personal Liability of Directors, Officers, Employees and Stockholders	95
	Section 11.06.	Governing Law; Waiver of Jury Trial	95
	Section 11.07.	Submission to Jurisdiction	95
	Section 11.08.	No Adverse Interpretation of Other Agreements	96
	Section 11.09.	Successors	96
	Section 11.10.	Force Majeure	96
	Section 11.11.	U.S.A. PATRIOT Act	96
	Section 11.12.	Calculations	96

 

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	Section 11.13.	Severability	96
	Section 11.14.	Counterparts	97
	Section 11.15.	Table of Contents, Headings, Etc.	97
	Section 11.16.	Withholding Taxes	97

 

Exhibits

 

	Exhibit A: Form of Note	A-2
	Exhibit B-1: Form of Restricted Note Legend	B1-1
	Exhibit B-2: Form of Global Note Legend	B2-1
	Exhibit C: Form of Transfer Certificate from Transferor	C-1
	Exhibit D: Form of Transfer Certificate from Transferee	D-1
	Exhibit E: Form of Issue Date Security Agreement	E-1
	Exhibit F: Form of Springing Lien Security Agreement	F-1
	Exhibit G: Form of Issue Date Guarantee	G-1

 

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INDENTURE, dated as
of [closing date], between [Marti Technologies Inc.], a Cayman Islands exempted company, as issuer (the “Company”),
and [Trustee], as trustee (the “Trustee”).

 

Each party to this Indenture
(as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined
below) of the Company’s 12.00% Convertible Senior Notes due [maturity year].

 

Article 1.         Definitions;
Rules of Construction

 

Section 1.01.       Definitions.

 

“Additional Interest”
means any interest that accrues on any Note pursuant to Section 3.04.

 

“Affiliate”
has the meaning set forth in Rule 144 as in effect on the Issue Date.

 

“Authorized Denomination”
means, with respect to a Note, a principal amount thereof equal to a minimum of $1,000 or any integral multiple of $1,000 in excess thereof.

 

“Bankruptcy Law”
means Title 11, United States Code, or any similar U.S. federal or state or non-U.S. law for the relief of debtors, as now or hereafter
in effect, or any successor statute.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board.

 

“Business Day”
means any day other than a Saturday, a Sunday or any day on which the Federal Reserve Bank of New York is authorized or required by law
or executive order to close or be closed.

 

“Capital Stock”
of any Person means any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents
of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into or exchangeable for
such equity, whether or not such debt securities include any right of participation with such equity.

 

“Capitalized Lease
Obligation” means any obligation under any lease of (or other arrangement conveying the right to use) real or personal property,
or a combination thereof, which, under GAAP, is or will be required to be capitalized on the books of the lessee, and, for purposes of
this Indenture, the amount of any such obligation at any time shall be the capitalized amount thereof at such time determined in accordance
with GAAP.

 

“Cash Equivalents”
means: (a) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case, maturing within six months from the date of acquisition
thereof; (b) commercial paper maturing not more than 270 days after the date of issue rated P 1 by Moody’s or A 1 by Standard &
Poor’s; (c) certificates of deposit, maturing not more than 270 days after the date of issue, issued by commercial banking
institutions and money market or demand deposit accounts maintained at commercial banking institutions, each of which is a member of
the Federal Reserve System and has a combined capital and surplus and undivided profits of not less than $500,000,000; (d) repurchase
agreements having maturities of not more than 90 days from the date of acquisition which are entered into with major money center banks
included in the commercial banking institutions described in clause (c) above and which are secured by readily marketable direct
obligations of the United States Government or any agency thereof; (e) money market accounts maintained with mutual funds having
assets in excess of $2,500,000,000, which assets are primarily comprised of Cash Equivalents described in another clause of this definition;
(f) marketable tax exempt securities rated A or higher by Moody’s or A+ or higher by Standard & Poor’s, in
each case, maturing within 270 days from the date of acquisition thereof; and (g) in the case of any Subsidiary organized under
Turkish law, instruments equivalent to those referred to in clauses (a) through (f) above denominated in Turkish lira and customarily
used by corporations for cash management purposes in Turkey to the extent reasonably required in connection with any business conducted
by such Subsidiary in Turkey.

 

    	 	- 5 -	 

     

    

 

“Close of Business”
means 5:00 p.m., New York City time.

 

“Collateral”
means the Issue Date Collateral, the Turkish Post-Closing Collateral and, to the extent applicable, the Springing Lien Collateral, in
each case other than Excluded Assets.

 

“Collateral Agreements”
means the Security Agreements and the other security agreements, pledge agreements, collateral assignments, deposit account control agreements,
securities account control agreements, deeds of trust and similar and related agreements, including, without limitation, the Turkish
Security Instruments, creating the security interest in the applicable Collateral, in each case, as amended, restated, amended and restated,
supplemented, modified or replaced, in whole or in part, from time to time, in accordance with its terms.

 

“Committed Equity
Facility” means an equity facility pursuant to which a financial institution with an Investment Grade Rating commits, subject
to the terms and conditions set forth therein, to purchase Common Stock of the Company at the Company’s request from time to time
after the closing of the business combination contemplated by the Business Combination Agreement, dated as of July [29], 2022, between
Marti Technologies Inc., a Delaware corporation, and Galata Acquisition Corp., a Cayman Islands exempted company.

 

“Common Equity”
of any Person means Capital Stock of such Person that is generally entitled (i) to vote in the election of directors of such Person
or (ii) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners,
managers or others that will control the management or policies of such Person.

 

“Common Stock”
means the Class A ordinary shares, $0.0001 par value per share, of the Company, subject to Section 5.09.

 

“Company”
means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns.

 

“Company Order”
means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee.

 

“Consolidated Total
Assets” means the total assets of the Company and the Subsidiaries on a consolidated basis, as shown on the most recent consolidated
balance sheet of the Company.

 

    	 	- 6 -	 

     

    

 

“Conversion Date”
means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert
such Note are satisfied.

 

“Conversion Premium
Threshold” means, initially, one hundred and seventy percent (170%) of the Conversion Price; provided that the Conversion
Premium Threshold will decrease by five (5) percentage points per each six (6)-month period following the Issue Date.

 

“Conversion Price”
means, as of any time, an amount per share of Common Stock equal to (A) one thousand dollars ($1,000) divided by (B) the
Conversion Rate in effect at such time.

 

“Conversion Rate”
initially means 86.9565 (the “Initial Conversion Rate”) shares of Common Stock per $1,000 principal amount of Notes;
provided, however, that the Conversion Rate is subject to adjustment pursuant to Article 5; provided,
further, that whenever this Indenture refers to the Conversion Rate as of a particular date without setting forth a particular
time on such date, such reference will be deemed to be to the Conversion Rate immediately after the Close of Business on such date.

 

“Conversion Share”
means any share of Common Stock issued or issuable upon conversion of any Note.

 

“Custodian”
means the Trustee, as custodian for the Depositary, with respect to the Global Notes, or any successor entity thereto.

 

“Daily VWAP”
means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg
VWAP” on Bloomberg page “[ticker symbol] <EQUITY> AQR” (or, if such page is not available, its
equivalent successor page) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary
trading session on such VWAP Trading Day (or, if such volume-weighted average price is unavailable, the market value of one share of
Common Stock on such VWAP Trading Day, determined, using a volume-weighted average price method, by a nationally recognized independent
investment banking firm selected by the Company). The Daily VWAP will be determined without regard to after-hours trading or any other
trading outside of the regular trading session.

 

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

 

“Default Rate”
means, at any time, the rate borne by the Notes at such time plus 2.00% per annum.

 

“Depositary”
means The Depository Trust Company or its successor.

 

“Depositary Participant”
means any member of, or participant in, the Depositary.

 

“Depositary Procedures”
means, with respect to any conversion, transfer, exchange or other transaction involving a Global Note or any beneficial interest therein,
the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction.

 

    	 	- 7 -	 

     

    

 

“Designated Non-Cash
Consideration” means the fair market value of non-cash consideration received by the Company or any of its Subsidiaries in
connection with an asset sale permitted by Section 3.14 that is designated as Designated Non-Cash Consideration in an Officer’s
Certificate setting forth the basis of such valuation (which amount will be reduced by the amount of cash or Cash Equivalents received
in connection with a subsequent sale or conversion of such Designated Non-Cash Consideration to cash or Cash Equivalents).

 

“Dispose”
means the sale, transfer, license, lease or other disposition (in one transaction or in a series of transactions and whether effected
pursuant to a plan of division, an issuance of Capital Stock, or otherwise) of any property by any Person (including any sale and leaseback
transaction), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable
or any rights and claims associated therewith.

 

“Effective date”,
in relation to a stock split or stock combination, means the first date on which the shares of Common Stock trade on the relevant stock
exchange, regular way, reflecting the relevant stock split or stock combination, as applicable.

 

“Ex-Dividend Date”
means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution
(including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative
trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number
will not be considered “regular way” for this purpose.

 

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

 

    	 	- 8 -	 

     

    

 

“Excluded Assets”
means (a) any “intent to use” trademark applications prior to the filing of a “Statement of Use” or “Amendment
to Allege Use” with respect thereto and acceptance thereof by the United States Patent and Trademark Office, to the extent that,
and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability
of such “intent to use” trademark applications or any registration that may issue therefrom under applicable federal law,
(b) any document, contract, license, franchise, agreement, instrument or chattel paper to which the Company or any Subsidiary is
a party or any of its rights or interests thereunder (including, without limitation, rights of an obligor in any asset leased, licensed
or otherwise acquired thereunder), if and for so long as the grant of such security interest or the assignment thereof shall either (1) constitute
or result in a breach or right of termination in favor of any party pursuant to the terms of, or a default under, or is otherwise prohibited
by the terms of any such document, contract, license, franchise, agreement, instrument or chattel paper due to an enforceable provision
containing a restriction on assignment, transfer, pledge, hypothecation or the grant of a security interest thereunder or any other applicable
law (including Bankruptcy Law or principles of equity) or (2) require governmental consent, approval, license or authorization,
in each case other than to the extent (x) such restriction is incurred in contemplation of this Indenture or (y) such prohibition
or limitation on possessing a security interest therein is rendered ineffective under the UCC or other applicable requirements of law
notwithstanding such prohibition or limitation; provided that the foregoing exclusion shall not apply if such prohibition has
been waived by the other party to such document, contract, license, franchise, agreement, instrument or chattel paper or the other party
to such document, contract, license, franchise, agreement, instrument or chattel paper has otherwise consented to the creation hereunder
of a security interest in such document, contract, license, franchise, agreement, instrument or chattel paper; provided, further,
that immediately upon the ineffectiveness or lapse or termination of any such provision, the Collateral shall include, and the Company
shall be deemed to have granted a security interest in, all its rights, title and interests in and to such document, contract, license,
franchise, agreement, instrument or chattel paper as if such provision had never been in effect; and provided, further, that the foregoing
exclusion shall in no way be construed so as to limit, impair or otherwise affect Trustee’s unconditional continuing security interest
in and to all rights, title and interests of the Company in or to any accounts, payment obligations or other rights to receive monies
due or to become due under any such document, contract, license, franchise, agreement, instrument or chattel paper and in any such monies
and other proceeds of such document, contract, license, franchise, agreement, instrument or chattel paper; (c) equipment and other
assets that are subject to a Lien securing a Capitalized Lease Obligation, Purchase Money Obligation or Qualified Asset Financing Facilities
but only if the underlying contract or other agreement prohibits or restricts the creation of any other Lien on such equipment or other
assets (including any requirement to obtain the consent of a third party) (unless such consent has been obtained) or the granting of
a Lien on such assets to secure the Notes would trigger the termination (or a right of termination) of any such Capitalized Lease Obligation,
Purchase Money Obligation or Qualified Asset Financing Facilities, except to the extent such prohibition or restriction is ineffective
under applicable law or was entered into in contemplation of this Indenture; (d) any fee owned real property and any leasehold rights
and interest in real property; (e) commercial tort claims where the amount of damages claimed is less than $5,000,000, except to
the extent a security interest therein can be perfected by the filing of a UCC financing statement (or equivalent filing in any jurisdiction);
(f) any property or assets to the extent the creation or perfection of pledges thereof, or security interests therein, could reasonably
be expected to result in material adverse tax consequences or material adverse regulatory consequences to the Company or any of its Subsidiaries
as reasonably determined by the Company with the consent of the Lead Investor (such consent not to be unreasonably withheld); (g) any
other property of the Company and its Subsidiaries (other than the Turkish Post-Closing Collateral) located in Turkey to the extent agreed
in writing (including by email), on or prior to the date that is 120 days after the Issue Date (or such later date as the Lead Investor
may agree in its sole discretion), by the Lead Investor and the Company acting reasonably and in good faith and (h) any property
or assets securing the PFG Debt as of the date hereof; provided, however, that Excluded Assets shall not include any proceeds,
substitutions or replacements of any Excluded Assets referred to in clauses (a) through (h) (unless such proceeds, substitutions
or replacements would independently constitute Excluded Assets referred to in clauses (a) through (h)).

 

“Exempted Fundamental
Change” means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does
not offer to repurchase any Notes.

 

“Freely Tradable”
means, with respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred
pursuant to Rule 144 if held by a person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, without any requirements as to volume, manner of sale, availability of current
public information or notice under the Securities Act (except that any such requirement as to the availability of current public information
will be disregarded if the same is satisfied at that time).

 

    	 	- 9 -	 

     

    

 

“Fundamental Change”
means any of the following events:

 

(A)          a
 “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company
or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person
or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the Common Stock representing
more than thirty-five percent (35%) of the voting power of all of the Common Stock.

 

(B)           the
consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all
of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the Company’s
Wholly Owned Subsidiaries that has provided a guarantee of the Company’s obligations in respect of this Indenture and the Notes;
or (ii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share
exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Common Stock is exchanged
for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property; provided,
however, that any merger, consolidation, share exchange or combination of the Company pursuant to which the Persons that directly
or indirectly “beneficially owned” (as defined below) all classes of the Company’s Common Equity immediately before
such transaction directly or indirectly “beneficially own,” immediately after such transaction, more than fifty percent (50%)
of all classes of Common Equity of the surviving, continuing or acquiring company or other transferee, as applicable, or the parent thereof,
in substantially the same proportions vis-à-vis each other as immediately before such transaction will be deemed not to be a Fundamental
Change pursuant to this clause (B);

 

(C)           the
Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or

 

(D)           the
Common Stock (or other successor common stock underlying the Notes) ceases to be listed on any of The New York Stock Exchange, The Nasdaq
Global Market or The Nasdaq Global Select Market (or any of their respective successors);

 

provided, however, that a transaction
or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent
(90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or
pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock listed (or depositary
receipts representing shares of common stock, which depositary receipts are listed) on any of The New York Stock Exchange, The Nasdaq
Global Market or The Nasdaq Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged
in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose Reference Property
consists of such consideration.

 

    	 	- 10 -	 

     

    

 

If any transaction in which
the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change
Conversion Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but
for the proviso to the immediately preceding paragraph, following the effective date of such transaction), references to the Company
for purposes of this definition of “Fundamental Change” shall instead be references to such other entity.

 

For the purposes of this
definition, (x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above
(without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject
to such proviso); and (y) whether a Person is a “beneficial owner,” whether shares are “beneficially
owned,” and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act.

 

“Fundamental Change
Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental
Change.

 

“Fundamental Change
Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change Repurchase
Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth
in Section 4.02(F)(i) and Section 4.02(F)(ii).

 

“Fundamental Change
Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change,
calculated pursuant to Section 4.02(D).

 

“Global Note”
means a Note that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name
of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Custodian.

 

“Global Note Legend”
means a legend substantially in the form set forth in Exhibit B-2.

 

“Guarantees”
means, collectively, the Issue Date Guarantees and the Turkish Guarantees.

 

“Guarantor”
means each Person that is or becomes party to a Guarantee in accordance with the provisions of this Indenture and its respective successors
and assigns.

 

“Holder”
means a person in whose name a Note is registered on the Registrar’s books.

 

“Indebtedness”
of any Person, means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments or upon which interest payments are customarily made, (c) all
obligations of such Person for the deferred purchase price of property or services already received, (d) all guarantee obligations
by such Person of Indebtedness of others, (e) all obligations of the type referred to in this definition of another Person secured
by a Lien on any property or asset owned by such Person (whether or not such obligation is assumed by such Person); provided,
however, that the amount of such Indebtedness will be the lesser of: (i) the fair market value of such property or asset
at the applicable date of determination and (ii) the amount of such obligation so secured, (f) all Capitalized Lease Obligations
of such Person, (g) the principal component of all obligations, contingent or otherwise, of such Person (i) as an account party
in respect of letters of credit and (ii) in respect of bankers’ acceptances, surety bonds or similar facilities to the extent
drawn and (h) obligations under hedging arrangements of such Person. The Indebtedness of any Person shall include the Indebtedness
of any partnership in which such Person is a general partner, other than to the extent that the instrument or agreement evidencing such
Indebtedness expressly limits the liability of such Person in respect thereof (or provides for reimbursement to such Person).

 

    	 	- 11 -	 

     

    

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Interest Payment
Date” means, with respect to a Note, each [Interest Payment Date #1] and [Interest Payment Date #2] of each year,
commencing on [the 15th of the month 6 months following the Issue Date] (or commencing on such other date specified
in the certificate representing such Note). For the avoidance of doubt, the Maturity Date is an Interest Payment Date.

 

“Internal Revenue
Code” means the United States Internal Revenue Code of 1986, as amended.

 

“Investment Grade
Rating” means a rating equal to or higher than (x) in the case of Moody’s, Baa3 (or the equivalent), (y) in
the case of S&P, BBB- (or the equivalent) and (z) in the case of any other Rating Agency, the equivalent rating by such Rating
Agency to the ratings described in clause (x) and (y).

 

“Issue Date”
means [closing date].

 

“Issue Date Collateral”
means all of the following property, in each case, wherever located (other than Turkey) and now owned or at any time hereafter acquired
by the Company or any of its Subsidiaries or in which the Company or any of its Subsidiaries now has or at any time in the future may
acquire any right, title or interest:

 

(A)          all
Documents (as defined in the Issue Date Security Agreement);

 

(B)           all
General Intangibles (as defined in the Issue Date Security Agreement);

 

(C)           all
Intellectual Property (as defined in the Issue Date Security Agreement);

 

(D)          all
Investment Property (as defined in the Issue Date Security Agreement); and

 

(E)           all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software,
computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any
time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof
or realization thereupon; in each case other than any Excluded Assets.

 

“Issue Date Guarantees”
means, collectively, the guarantees provided by any Subsidiary of the Company on the Issue Date.

 

    	 	- 12 -	 

     

    

 

“Last Original Issue
Date” means (A) with respect to any Notes issued pursuant to this Indenture, and any Notes issued in exchange therefor
or in substitution thereof, the Issue Date; and (B) with respect to any Notes issued pursuant to Section 2.03(B), and
any Notes issued in exchange therefor or in substitution thereof, either (i) the date such Notes are originally issued; or (ii) such
other date as is specified in an Officer’s Certificate delivered to the Trustee before the original issuance of such Notes.

 

“Last Reported Sale
Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported,
the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last
bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite transactions for the
principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on
a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price
per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization.
If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the
last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment
banking firm selected by the Company. Neither the Trustee nor the Conversion Agent will have any duty to determine the Last Reported
Sale Price.

 

“Lead Investor”
means the Holder identified by the Issuer to the Trustee in writing prior to the Issue Date.

 

“Lien”
means, with respect to any asset or right, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation,
encumbrance, collateral assignment, charge or security interest in, on or of such asset or right and (b) the interest of a vendor
or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially
the same economic effect as any of the foregoing) relating to such asset or right.

 

“Liquidity”
means, as of any date of determination, (x) the sum of (a) the aggregate amount of unrestricted cash and Cash Equivalents of
the Company and any of its Subsidiaries who have provided a guarantee of the Company’s obligations in respect of this Indenture
and the Notes at such date and (b) the aggregate amount of any available unused commitments under any Committed Equity Facility
less (y) the aggregate amount of principal and interest payments required to be made within 12 months of such date in respect
of any Indebtedness of the Company or any of its Subsidiaries.

 

The “Liquidity Conditions”
with respect to the Redemption of any Notes will be satisfied if each of the following has been satisfied as of the Redemption Notice
Date for such Redemption and is reasonably expected to continue to be satisfied through at least the thirtieth (30th) calendar day after
the Redemption Date for such Redemption: (A) the Company has satisfied the reporting conditions (including, for the avoidance of
doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities
Act; and (B) the shares of Common Stock issued or issuable upon conversion of the Notes are Freely Tradable.

 

    	 	- 13 -	 

     

    

 

“Make-Whole Fundamental
Change” means (A) a Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of
the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending
of a Redemption Notice pursuant to Section 4.03(G); provided, however, that, subject to Section 4.03(J),
the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Provisional
Redemption pursuant to such Redemption Notice and not with respect to any other Notes.

 

“Make-Whole Fundamental
Change Conversion Period” has the following meaning:

 

(A)          in
the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and including,
the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading
Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental
Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and

 

(B)           in
the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including,
the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date;

 

provided, however, that if the
Conversion Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.03(J), to be called)
for Redemption occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant
to clause (A) of the definition of “Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting
from such Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07,
solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental
Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the
Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred.

 

“Make-Whole Fundamental
Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of
the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to
a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date.

 

“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock
is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding
limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating
to the Common Stock.

 

    	 	- 14 -	 

     

    

 

“Maturity Date”
means [maturity date]1.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.

 

“Non-Recourse Debt”
means (i) any non-recourse indebtedness for borrowed money (it being understood and agreed that limited recourse provisions in respect
of the applicable financing assets, transaction structure or that otherwise are customary in transactions in which the primary recourse
is to financing assets shall not cause indebtedness that is otherwise non-recourse indebtedness to constitute recourse indebtedness)
or (ii) indebtedness of the Company’s Subsidiaries if such Subsidiaries are special purpose entities that serve as a vehicle
to obtain financing that is otherwise non-recourse to the Company and the Company’s other non-special purpose entity Subsidiaries
(it being understood and agreed that limited recourse provisions in respect of the applicable financing assets, transaction structure
or that otherwise are customary in transactions in which the primary recourse is to financing assets shall not cause indebtedness that
is otherwise non-recourse indebtedness to constitute recourse indebtedness).

 

“Note Agent”
means any Registrar, Paying Agent or Conversion Agent.

 

“Notes”
means the 12.00% Convertible Senior Notes due [maturity year] issued by the Company pursuant to this Indenture.

 

“Officer”
means the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant
Treasurer, the Controller, the General Counsel, the Secretary, any assistant Secretary or any Vice President of the Company.

 

“Officer’s
Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the
requirements of Section 11.03.

 

“Open of Business”
means 9:00 a.m., New York City time.

 

“Opinion of Counsel”
means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable
to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions.

 

“Optional Redemption
Trigger” means the lesser of (A) the Stock Price Threshold and (B) the Conversion Premium Threshold; provided
that in no event will the Optional Redemption Trigger be less than the Optional Redemption Trigger Floor.

 

“Optional Redemption
Trigger Floor” means the greater of (a) $15.25 and (b) one hundred and fifty-five percent (155%) of the Conversion
Price.

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division
or series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture.

 

 

1 NTD: 5 years from Issue Date.

 

    	 	- 15 -	 

     

    

 

“Permitted Liens”
means the following types of Liens:

 

(A)          Liens
on, and pledges of, the equity interests of any Subsidiary of the Company or any joint venture owned by the Company or any Subsidiary
of the Company, in each case, to the extent securing Non-Recourse Debt of such Subsidiary or joint venture that is expressly permitted
pursuant to Section 3.09 of this Indenture;

 

(B)           Liens
securing Capitalized Lease Obligations, Purchase Money Obligations and Qualified Asset Financing Facilities of the Company or any Subsidiary
of the Company, in each case, to the extent expressly permitted pursuant to Section 3.09 of this Indenture; provided
that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) other
than in the case of Qualified Asset Financing Facilities, the Indebtedness secured thereby does not exceed, at any time, the lesser of
the cost or fair market value of the property secured by such Lien;

 

(C)           Liens
securing the obligations in respect of this Indenture and the Notes;

 

(D)           Liens
in existence on the Issue Date and listed on Schedule 3.09, and any Lien granted as a replacement or substitute therefor; provided
that any such replacement or substitute Lien (i) does not secure an aggregate amount of Indebtedness or other obligations, if
any, greater than that secured on the Issue Date (minus the aggregate amount of any permanent repayments and prepayments thereof since
the Issue Date but only to the extent that such repayments and prepayments by their terms cannot be reborrowed or redrawn and do not
occur in connection with a refinancing of all or a portion of such Indebtedness) and (ii) does not encumber any property other than
the property subject thereto on the Issue Date (plus improvements and accessions to such property);

 

(E)           Liens
for taxes not yet due or that are being contested in good faith by appropriate proceedings diligently conducted; provided that
adequate reserves with respect thereto are maintained on the books of the Company or the applicable Subsidiary, in conformity with GAAP;

 

(F)           statutory
or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction contractors or other like Liens
arising in the ordinary course of business that secure amounts not overdue for a period of more than 30 days (or, if more than 30 days
overdue, that are unfiled and no other action has been taken to enforce such Lien) or that are being contested in good faith by appropriate
proceedings diligently conducted; provided that adequate reserves with respect thereto are maintained on the books of the Company
or the applicable Subsidiary, in conformity with GAAP;

 

(G)           pledges
or deposits in the ordinary course of business (i) in connection with workers’ compensation, unemployment insurance and other
social security legislation and (ii) securing liability for reimbursement or indemnification obligations of (including obligations
in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance
to the Company or any of its Subsidiaries;

 

    	 	- 16 -	 

     

    

 

(H)          deposits
and other Liens to secure the performance of bids, trade contracts, governmental contracts and other similar contracts (other than Indebtedness
for borrowed money), leases (other than capital leases), subleases, statutory obligations, surety, stay, judgment and appeal bonds, performance
bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(I)            Liens
arising by law or contract on insurance policies and proceeds thereof securing premiums thereunder;

 

(J)            any
interest or title of a lessor, sublessor, licensor or sublicensor under any lease, sublease, license or sublicense entered into by the
Company or any of its Subsidiaries in the ordinary course of its business which do not materially interfere with the ordinary conduct
of the business of the Company or such Subsidiary and covering only the assets so leased or licensed;

 

(K)           Liens
on equipment arising from precautionary UCC financing statements regarding operating leases of equipment;

 

(L)           Liens
(i) in favor of customs and revenue authorities arising as a matter of law to secure the payment of customs duties in connection
with the importation of goods in the ordinary course of business and (ii) on specific items of inventory or other goods and proceeds
thereof of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or
created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the ordinary
course of business;

 

(M)         Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company
and its Subsidiaries in the ordinary course of business permitted by this Indenture;

 

(N)          (i) Liens
that are contractual or common law rights of set-off relating to (A) the establishment of depository relations in the ordinary course
of business with banks not given in connection with the issuance or incurrence of Indebtedness or (B) pooled deposit or sweep accounts
of the Company and any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of the Company and its Subsidiaries and (ii) other Liens securing cash management obligations (that do not constitute Indebtedness)
in the ordinary course of business;

 

(O)          Liens
of a collection bank arising under Section 4-208 or Section 4-210 of the UCC on items in the course of collection;

 

(P)            judgment
Liens in respect of judgments not constituting an Event of Default under Section 7.01(A)(ix) so long as such Liens are
adequately bonded and any appropriate legal proceedings that may have been initiated for the review of such judgments, decrees or orders
shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; and

 

(Q)          Liens
securing PFG Debt.

 

    	 	- 17 -	 

     

    

 

“PFG Debt”
means Indebtedness incurred pursuant to that certain Loan and Security Agreement, dated as of January 20, 2021, by and among the Marti
Technologies Inc., a Delaware corporation, Mobilite İsletme LLC, a Delaware limited liability company, Martı İleri Teknoloji
A.Ş and Partners for Growth VI, L.P., a Delaware limited partnership, as may be amended, restated, amended and restated or otherwise
modified in accordance with its terms from time to time.

 

“Physical Note”
means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A,
registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee.

 

“PIK Interest”
means payment of interest through the issuance of PIK Notes (rounded up to the nearest $1.00).2

 

“Provisional Redemption”
means the repurchase of any Note by the Company pursuant to Section 4.03(B).

 

“Purchase Money
Obligation” shall mean, for any Person, the obligations of such Person in respect of Indebtedness (including Capitalized Lease
Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets or the cost of
installation, construction or improvement of any fixed or capital assets, in each case, within 180 days of such acquisition, installation,
construction or improvement.

 

“Qualified Assets”
means scooters, ebikes, mopeds, ecars or other vehicles and proceeds thereof.

 

“Qualified Asset
Financing Facility” means any transaction or series of transactions entered into by the Company or any Qualified Asset Financing
Subsidiary pursuant to which the Company or such Subsidiary, as the case may be, grants a Lien in such Qualified Assets and which finances
the acquisition of such Qualified Assets that complies with the following criteria:

 

		(i)	such Qualified Asset Financing Facility
                                            (including financing terms, covenants, termination events and other provisions) is in the
                                            aggregate fair and reasonable to the Company and the related Qualified Asset Financing Subsidiary;

 

		(ii)	the principal amount of Indebtedness
                                            at any time outstanding under such Qualified Asset Financing Facility shall not exceed 104%
                                            of the depreciated cost of the Qualified Assets subject to such Qualified Asset Financing
                                            Facility; and

 

		(iii)	the financing terms, covenants, termination
                                            events and other provisions shall be market terms.

 

 

2 NTD: Subject to review by Trustee.

 

    	 	- 18 -	 

     

    

 

“Qualified Asset
Financing Subsidiary” shall mean a Subsidiary of the Company that (i) engages in no other activities other than the purchase
or acquisition of Qualified Assets for the limited purpose of effecting one or more Qualified Asset Financing Facility and related activities,
(ii) does not have any Indebtedness that is guaranteed by or otherwise recourse to the Company or any other Subsidiary or any of
their respective assets or properties, (iii) is not party to any contracts, agreements, arrangements or understanding with the Company
or any of its Subsidiaries other than on terms that are no less favorable to the Company or such Subsidiary than those that might be
obtained by the Company or such Subsidiary from a Person that is not an Affiliate of the Company, and (iv) with respect to which
none of the Company or any of its Subsidiaries has any obligation to maintain such Person’s financial condition or cause such entity
to achieve any specified level of operating results.

 

“Rating Agency”
means Moody’s, S&P or any other “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act.

 

“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable
security) have the right to receive any cash, securities or other property or in which Common Stock (or such other security) is exchanged
for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock
(or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors,
statute, contract or otherwise).

 

“Redemption”
means a Provisional Redemption.

 

“Redemption Date”
means the date fixed, pursuant to Section 4.03(E), for the settlement of the repurchase of any Notes by the Company pursuant
to a Redemption.

 

“Redemption Notice
Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant
to Section 4.03(G).

 

“Redemption Price”
means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(F).

 

“Reset Date”
means the one-year anniversary of the Issue Date.

 

“Reset Conversion
Rate” means 1,000 divided by the product of (A) Reset Price and (B) 1.15.

 

“Reset Price”
means, as of the Reset Date, the greater of (x) $5.00 and (y) the average of the Daily VWAPs over the twenty (20) consecutive
Trading Day period beginning on, and including, the first Trading Day following the Reset Date; provided, however, that
in no event will the Reset Price be more than $10.00.

 

“Regular Record
Date” has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on
[Interest Payment Date #1], the immediately preceding [the 1st of the same month as Interest Payment Date #1]
(whether or not a Business Day); and (B) if such Interest Payment Date occurs on [Interest Payment Date #2], the immediately
preceding [the 1st of the same month as Interest Payment Date #2] (whether or not a Business Day).

 

    	 	- 19 -	 

     

    

 

[“Regulation S”
means Regulation S under the Securities Act or any successor to such regulation, as the same may be amended from time to time.]3

 

“Regulation S Global
Note” means a Global Note that is a Regulation S Note.

 

“Regulation S Note”
means (A) each Note that, on the original issue date thereof, was issued and sold in reliance on Regulation S, and each Note issued
in exchange therefor or substitution thereof; and (B) each Regulation S Note issued pursuant to Section 2.10(F) in
exchange for, or upon the transfer of, another Note, and each Note issued in exchange therefor or substitution thereof; provided,
however, that a Note will cease to be a Regulation S Note when such Note is transferred to, or exchanged for, a Note that does
not bear the Restricted Note Legend or that is a Rule 144A Note.

 

“Regulation S Physical
Note” means a Physical Note that is a Regulation S Note.

 

“Repurchase Upon
Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 4.02.

 

“Responsible Officer”
means (A) any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer
of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular
corporate trust matter relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge
of, and familiarity with, the particular subject.

 

“Restricted Note
Legend” means a legend substantially in the form set forth in Exhibit B-1.

 

“Restricted Stock
Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion
Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except
pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements
of the Securities Act.

 

“Rule 144”
means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

“Rule 144A”
means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

“Rule 144A
Global Note” means a Global Note that is a Rule 144A Note.

 

“Rule 144A
Note” means (A) each Note that, on the original issue date thereof, was issued and sold in reliance upon Rule 144A
and not Regulation S, and each Note issued in exchange therefor or substitution thereof; and (B) each Rule 144A Note issued
pursuant to Section 2.10(F) in exchange for, or upon the transfer of, another Note, and each Note issued in exchange
therefor or substitution thereof; provided, however, that a Note will cease to be a Rule 144A Note when such Note
is transferred to, or exchanged for, a Note that does not bear the Restricted Note Legend or that is a Regulation S Note.

 

 

3 NTD: Assumes Reg S Category 2 is available.

 

    	 	- 20 -	 

     

    

 

“Rule 144A
Physical Note” means a Physical Note that is a Rule 144A Note.

 

“S&P”
means S&P Global Ratings, and any successor to its rating agency business.

 

“Scheduled Trading
Day” means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange on
which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, then “Scheduled
Trading Day” means a Business Day.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

“Security”
means any Note or Conversion Share.

 

“Security Agreements”
means (a) that certain Pledge and Security Agreement, dated as of the Issue Date, by and among the Company and each of its Subsidiaries
party thereto from time to time and the Trustee in the form of Exhibit E hereto (the “Issue Date Security Agreement”)
and (b) that certain Pledge and Security Agreement, dated as of the Springing Lien Trigger Date, by and among the Company and each
of its Subsidiaries party thereto from time to time and the Trustee in substantially the form of Exhibit F hereto with such
changes as may be agreed by the Company and the Lead Investor acting reasonably and in good faith (the “Springing Lien Security
Agreement”), in each case as amended, restated, amended and restated, supplemented, modified or replaced, in whole or in part,
from time to time, in accordance with its terms.

 

“Significant Subsidiary”
of any Person means any Subsidiary of that Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of
Regulation S-X under the Exchange Act) of that Person.

 

“Special Interest”
means any interest that accrues on any Note pursuant to Section 7.03.

 

“Springing Lien
Collateral” means all property of the Company and its Subsidiaries, other than the Issue Date Collateral, the Turkish Post-Closing
Collateral and the Excluded Assets.

 

“Springing Lien
Trigger Date” means the earliest date on which a Springing Lien Trigger Event has occurred.

 

    	 	- 21 -	 

     

    

 

“Springing Lien
Trigger Event” means (a) an Event of Default has occurred and is continuing and has not been waived by the Holders of
a majority in aggregate principal amount of the Notes then outstanding or cured, to the extent that the Event of Default may, by its
terms, be cured, (b) Liquidity at any time is less than $25,000,000, provided that, in the event that any Notes are redeemed
or repurchased by the Company prior to the Maturity Date, the threshold set forth in this clause (b) shall be reduced on a pro rata
basis, (c) on each Trading Day for 180 consecutive Trading Days, the product of (i) the Last Reported Sale Price per share
of Common Stock (or other successor common stock underlying the Notes) multiplied by (ii) the number of shares of Common Stock (or
other successor common stock underlying the Notes) outstanding is less than $75,000,000.00, (d) either (i) the Company’s
Common Stock (or other successor common stock underlying the Notes) have been delisted from trading on any of The New York Stock Exchange,
The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) or (ii) the Company has received
notice that its Common Stock (or other successor common stock underlying the Notes) will be delisted from trading on any of The New York
Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) within 90 days of
its receipt of such notice, (e) the Company has not filed any report that the Company is required to file with the SEC pursuant
to Section 13(a) or 15(d) of the Exchange Act within ninety (90) calendar days after the date that the Company is required
to file the same (after giving effect to all applicable grace periods under the Exchange Act); and (f) consolidated stockholders’
equity of the Company and its Subsidiaries (excluding any accumulated other comprehensive income and loss and, without duplication, any
non-cash effects resulting from the application of Accounting Standards Codification 715), at any time is less than $10,000,000 at any
time that Liquidity at any time is less than $50,000,000.

 

“Stock Price”
has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration
for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause
(B) of the definition of “Fundamental Change,” then the Stock Price is the amount of cash paid per share of Common
Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale
Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately
before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change.

 

“Stock Price Threshold”
means, initially, $17.50, subject to the same adjustments to the Conversion Rate pursuant to Article 5; provided that
the Stock Price Threshold will decrease by $0.75 per each six (6)-month period following the Issue Date.

 

“Subordinated Indebtedness”
means Indebtedness of the Company that is subordinated in right of payment to the obligations with respect to the Indenture and the Notes;
provided that such Indebtedness shall (a) not provide for any scheduled amortization or mandatory prepayment of principal
prior to the Stated Maturity thereof, (b) contain usual and customary subordination terms, and (c) specifically designate this
Indenture and all obligations in respect of this Indenture and the Notes as “designated senior indebtedness” or similar term
so that the subordination terms referred to in clause (b) of this definition specifically refer to such Indebtedness as being subordinated
to the obligations in respect of this Indenture and the Notes pursuant to such subordination terms.

 

“Subsidiary”
means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited
liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to
the occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or
other business entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person; and (B) any partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts,
distribution rights, equity and voting interests, or of the general and limited partnership interests, as applicable, of such partnership
or limited liability company are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of such Person, whether in the form of membership, general, special or limited partnership or limited liability company interests or
otherwise; and (ii) such Person or any one or more of the other Subsidiaries of such Person is a controlling general partner of,
or otherwise controls, such partnership or limited liability company.

 

    	 	- 22 -	 

     

    

 

“Trading Day”
means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange
on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common
Stock is not so listed or traded, then “Trading Day” means a Business Day.

 

“Transfer-Restricted
Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided,
however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events:

 

(A)          such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration
statement that was effective under the Securities Act at the time of such sale or transfer;

 

(B)           such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available
exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to,
the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security”
(as defined in Rule 144); and

 

(C)           such
Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner
of sale, availability of current public information or notice.

 

The Trustee is under no obligation
to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with
respect thereto.

 

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

 

“Turkish Guarantees”
means, collectively, the guaranties provided by any Subsidiary of the Company organized in the country of Turkey.

 

“Turkish Post-Closing
Collateral” means all of the following property, in each case, located in Turkey and now owned or at any time hereafter acquired
by the Company or any of its Subsidiaries or in which the Company or any of its Subsidiaries now has or at any time in the future may
acquire any right, title or interest:

 

    	 	- 23 -	 

     

    

 

(A)           all
Documents (as defined in the Issue Date Security Agreement or the equivalent thereof under Turkish law);

 

(B)           all
General Intangibles (as defined in the Issue Date Security Agreement or the equivalent thereof under Turkish law);

 

(C)          all
Intellectual Property (as defined in the Issue Date Security Agreement or the equivalent thereof under Turkish law);

 

(D)          all
Investment Property (as defined in the Issue Date Security Agreement or the equivalent thereof under Turkish law); and

 

(E)           all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software,
computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any
time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof
or realization thereupon; in each case other than (i) any Excluded Assets and (ii) any books, records, ledger cards, files
and correspondence that, pursuant to applicable laws, are required to be maintained by any Subsidiary of the Company in Turkey.

 

“Turkish Security
Instruments” means those documents, instruments, filings, registrations and other means necessary under Turkish law to create
and/or perfect a valid and perfected first priority Lien, subject only to Permitted Liens, in respect of the Turkish Post-Closing Collateral
(and, if applicable, any Springing Lien Collateral located in Turkey) and any other Turkish law document entered into by the Company
or any of its Subsidiaries creating a Lien over all or any part of its assets that constitute Turkish Post-Closing Collateral (and, if
applicable, any Springing Lien Collateral located in Turkey) to secure the obligations of the Company under this Indenture and the Notes.

 

“Trustee”
means the Person named as such in the first paragraph of this Indenture until a successor replaces it in accordance with the provisions
of this Indenture and, thereafter, means such successor.

 

“Uniform Commercial
Code” or “UCC” shall mean the Uniform Commercial Code, as in effect from time to time in any applicable
jurisdiction.

 

“United States Government”
means the federal government of the United States of America.

 

“VWAP Market Disruption
Event” means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange
on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date;
or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed
on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or
in any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any
time before 1:00 p.m., New York City time, on such date.

 

    	 	- 24 -	 

     

    

 

“VWAP Trading Day”
means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on
the principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then
listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If
the Common Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day.

 

“Wholly Owned Subsidiary”
of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person.

 

Section 1.02.         Other
Definitions.

 

	Term	 	Defined in 
 Section
	“Additional Shares”	 	5.07(A)
	“Business Combination Event”	 	6.01(A)
	“Cash Interest”	 	2.05(A)
	“Common Stock Change Event”	 	5.09(A)
	“Conversion Agent”	 	2.06(A)
	“Conversion Consideration”	 	5.03(A)
	“Default Interest”	 	2.05(B)
	“Defaulted Amount”	 	2.05(B)
	“Event of Default”	 	7.01(A)
	“Expiration Date”	 	5.05(B)(v)
	“Expiration Time”	 	5.05(B)(v)
	“Fundamental Change Notice”	 	4.02(E)
	“Fundamental Change Repurchase Right”	 	4.02(A)
	“Initial Notes”	 	2.03(A)
	“Partial Redemption Limitation”	 	4.03(C)
	“Paying Agent”	 	2.06(A)
	“PIK Notes”	 	2.05(B)
	“PIK Payment”	 	2.05(B)
	“Redemption Notice”	 	4.03(G)
	“Reference Property”	 	5.09(A)
	“Reference Property Unit”	 	5.09(A)
	“Register”	 	2.06(B)
	“Registrar”	 	2.06(A)
	“Registration Statement”	 	3.04
	“Reporting Event of Default”	 	7.03(A)
	“Specified Courts”	 	11.07
	“Spin-Off”	 	5.05(B)(iii)(2)
	“Spin-Off Valuation Period”	 	5.05(B)(iii)(2)
	“Stated Interest”	 	2.05(A)
	“Successor Corporation”	 	6.01(A)
	“Successor Person”	 	5.09(A)
	“Tender/Exchange Offer Valuation Period”	 	5.05(B)(v)

 

    	 	- 25 -	 

     

    

 

Section 1.03.       Rules of
Construction.

 

For purposes of this Indenture:

 

(A)           “or”
is not exclusive;

 

(B)           “including”
means “including without limitation”;

 

(C)           “will”
expresses a command;

 

(D)           the
 “average” of a set of numerical values refers to the arithmetic average of such numerical values;

 

(E)           a
merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any
division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding
of any such division or allocation;

 

(F)           words
in the singular include the plural and in the plural include the singular, unless the context requires otherwise;

 

(G)           “herein,”
 “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision of this Indenture, unless the context requires otherwise;

 

(H)           references
to currency mean the lawful currency of the United States of America, unless the context requires otherwise;

 

(I)            the
exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and

 

(J)            the
term “interest,” when used with respect to a Note, includes any Default Interest, Cash Interest, PIK Interest, Additional
Interest and Special Interest, unless the context requires otherwise.

 

Article 2.       The
Notes

 

Section 2.01.        Form,
Dating and Denominations.

 

The Notes and the Trustee’s
certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will bear the legends required
by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the
Depositary. Each Note will be dated as of the date of its authentication.

 

Except to the extent otherwise
provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the Notes will be issued
initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged
for Global Notes, only as provided in Section 2.10.

 

    	 	- 26 -	 

     

    

 

The Notes will be issuable
only in registered form without interest coupons and only in Authorized Denominations.

 

Each certificate representing
a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note.

 

The terms contained in the
Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery
of this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision
of any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture
and such Note.

 

Section 2.02.       Execution,
Authentication and Delivery.1

 

(A)            Due
Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic
or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to
hold, at the time such Note is authenticated, the same or any other office at the Company.

 

(B)            Authentication
by the Trustee and Delivery.

 

(i)            At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company
to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in
accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder. Each
Company Order will specify the amount of Notes to be authenticated, the date on which the Notes are to be authenticated, whether the
securities are to be PIK Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and will further
specify the amount of such Notes to be issued as Global Notes. Such Notes will initially be the form of one or more Global Notes, which
(i) will represent, and will be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued, (ii) will
be registered in the name of the Depositary or its nominee and (iii) will be held by the Custodian.

 

(ii)            No
Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory
of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note.

 

(iii)            The
Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate
of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company
in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests
the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note
is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then
the Trustee will promptly deliver such Note in accordance with such Company Order.

 

 

1 NTD: Subject to review by Trustee.

 

    	 	- 27 -	 

     

    

 

(iv)           The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may
authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such
an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent
will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating
agent was validly appointed to undertake.

 

Section 2.03.         Initial
Notes and Additional Notes.

 

(A)          Initial
Notes. On the Issue Date, there will be originally issued [aggregate principal amount to be issued on Issue Date] dollars
($[aggregate principal amount to be issued on Issue Date]) aggregate principal amount of Notes, subject to the provisions of this
Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A), and any Notes issued in exchange
therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.”

 

(B)           Additional
Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02),
originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date
as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of
such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank
equally and ratably with all other, Notes issued under this Indenture; provided, however, that any such additional Notes
(and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) that are
not fungible with other Notes issued under this Indenture for purposes of federal income tax or federal securities laws or, if applicable,
the Depositary Procedures, will be identified by a separate CUSIP number or by no CUSIP number.

 

Section 2.04.       Method
of Payment.

 

(A)           Global
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, Cash Interest on, and any cash Conversion
Consideration for, any Global Note to the Depositary by wire transfer of immediately available funds no later than the time the same
is due as provided in this Indenture.

 

(B)           Physical
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, Cash Interest on, and any cash Conversion
Consideration for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the
principal amount of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose
in its sole and absolute discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent
or the Trustee, no later than the time set forth in the immediately following sentence, a written request that the Company make such
payment by wire transfer to an account of such Holder within the United States, by wire transfer of immediately available funds to such
account; and (ii) in all other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment
as set forth in the Register. To be timely, such written request must be so delivered no later than the Close of Business on the following
date: (x) with respect to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record
Date; (y) with respect to any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other
payment, the date that is fifteen (15) calendar days immediately before the date such payment is due.

 

    	 	- 28 -	 

     

    

 

Section 2.05.    
    Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business
Day.

 

(A)           Accrual
of Interest. Each Note will accrue interest at the rate of twelve percent (12.00%) per annum (“Stated Interest”);
provided that interest shall be payable (a) at a rate per annum equal to eight percent (8.00%) with respect to interest paid
in cash (“Cash Interest”) and (b) at a rate per annum equal to four percent (4.00%) with respect to PIK Interest,
plus any Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated
Interest on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided
for (or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such
Note as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of
payment of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(F) and 5.02(D) (but
without duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first
Interest Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on
the immediately preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the
Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

(B)           The
Company will pay PIK Interest by issuing Notes (“PIK Notes”) (rounded up to the nearest $1.00) under this Indenture,
having the same terms and conditions as the Notes (in each case, a “PIK Payment”).

 

(C)           2PIK
Interest on the Notes will be payable (x) with respect to Notes represented by one or more Global Notes registered in the name of,
or held by, the Custodian or its nominee on the relevant Record Date, by issuing PIK Notes in the form of Global Notes in an aggregate
principal amount equal to the amount of PIK Interest for the applicable period (rounded up to the nearest $1.00) and (y) with respect
to Notes represented by Physical Notes, by issuing PIK Notes in certificated form in an aggregate principal amount equal to the amount
of PIK Interest for the applicable period (rounded up to the nearest $1.00), and the Trustee will, at the written request of the Company,
authenticate and deliver on the applicable Interest Payment Date such PIK Notes for original issuance to the Holders of record on the
relevant Record Date, as shown by the records of the register of Holders. Any PIK Notes issued will be distributed to Holders, will be
dated as of the applicable Interest Payment Date and will bear interest from and after such date. All Notes issued pursuant to a PIK
Payment will mature on the Maturity Date and will be governed by, and subject to the terms, provisions and conditions of this Indenture
and the applicable Notes and will have the same rights and benefits as the Notes issued on the Issue Date. Any PIK Notes will be issued
with the description “PIK” on the face of such PIK Note, and references to the “principal” or “principal
amount” of the PIK Notes will include any increase in the principal amount of the outstanding Notes as a result of any PIK Payment.
Any PIK Notes will be considered to be part of the same series of, and rank equally and ratably with all other, Notes issued under this
Indenture.

 

 

2 NTD: Subject to confirmation by the Trustee whether this
can be accommodated with the DTC procedures.

 

    	 	- 29 -	 

     

    

 

(D)           PIK
Interest will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date.
The calculation of PIK Interest will be made by the Company or on behalf of the Company by such Person as the Company will designate,
and such calculation and the correctness thereof will not be a duty or obligation of the Trustee. PIK Interest on the Notes will be paid
in the denominations specified in Section 2.01.

 

(E)           Defaulted
Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on a Note on or before the due
date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such
Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent
lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the Default
Rate, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such
Defaulted Amount and Default Interest will be paid in cash on a payment date selected by the Company to the Holder of such Note as of
the Close of Business on a special record date selected by the Company, provided that such special record date must be no more
than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days
before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such
payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date.

 

(F)            Delay
of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not
a Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately
following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately
preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be
closed will be deemed not to be a “Business Day.”

 

Section 2.06.         Registrar,
Paying Agent and Conversion Agent.

 

(A)          Generally.
The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration
of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where
Notes may be presented for payment (the “Paying Agent”); and (iii) an office or agency in the continental United
States where Notes may be presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar,
Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries
may act as Registrar, Paying Agent or Conversion Agent.

 

    	 	- 30 -	 

     

    

 

(B)           Duties
of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the Holders,
the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the
entries in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in
the Register as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written
form reasonably promptly.

 

(C)           Co-Agents;
Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars,
co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable,
under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent
(including appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder. The Company will notify
the Trustee (and, upon request, any Holder) of the name and address of each Note Agent, if any, not a party to this Indenture and will
enter into an appropriate agency agreement with each such Note Agent, which agreement will implement the provisions of this Indenture
that relate to such Note Agent.

 

(D)           Initial
Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent.

 

Section 2.07.       Paying
Agent and Conversion Agent to Hold Property in Trust.

 

The Company will require
each Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for
the benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes;
and (B) notify the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may,
and the Trustee, while any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money
and other property held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or
any of its Subsidiaries) will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as
Paying Agent or Conversion Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or
the Trustee all money and other property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or
the Notes to the Paying Agent or Conversion Agent holding cash or other property, or to the delivery of cash or other property to the
Paying Agent or Conversion Agent, in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will
be deemed to refer to cash or other property so segregated and held separately, or to the segregation and separate holding of such cash
or other property, respectively. Upon the occurrence of any event pursuant to clause (viii) or (ix) of Section 7.01(A) with
respect to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will
serve as the Paying Agent or Conversion Agent, as applicable, for the Notes.

 

    	 	- 31 -	 

     

    

 

Section 2.08.       Holder
Lists.

 

If the Trustee is not the
Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest Payment Date,
and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require,
of the names and addresses of the Holders.

 

Section 2.09.       Legends.

 

(A)            Global
Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required
by the Depositary for such Global Note).

 

(B)           Restricted
Note Legend. Subject to the other provisions of this Indenture,

 

(i)            Each
Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and

 

(ii)            If
a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred
to as the “old Note” for purposes of this Section 2.09(B)(ii)), including pursuant to Section 2.10(B),
2.10(C), 2.11 or 2.13, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted
Note Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable;
provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted
Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable.

 

(C)           Other
Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or
by any securities exchange or automated quotation system on which such Note is traded or quoted.

 

(D)           Acknowledgment
and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09
will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend.

 

(E)           Restricted
Stock Legend.

 

(i)            Each
Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued was
(or would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided,
however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion,
that such Conversion Share need not bear the Restricted Stock Legend.

 

(ii)            Notwithstanding
anything to the contrary in this Section 2.09(E), a Conversion Share need not bear a Restricted Stock Legend if such Conversion
Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including
the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions
referred to in the Restricted Stock Legend.

 

    	 	- 32 -	 

     

    

 

Section 2.10.       Transfers
and Exchanges; Certain Transfer Restrictions.

 

(A)            Provisions
Applicable to All Transfers and Exchanges.

 

(i)            Generally.
Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from
time to time and the Registrar will record each such transfer or exchange in the Register.

 

(ii)            Transferred
and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange of any other Note (such other
Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance
with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits
under this Indenture, as such old Note or portion thereof, as applicable.

 

(iii)            No
Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service charge on any Holder for
any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment
of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange
or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.17 or 8.05 not involving any transfer.

 

(iv)            Transfers
and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note
may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination.

 

(v)            Trustee’s
Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions
imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates
or other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance
as to form with the requirements of this Indenture.

 

(vi)            Legends.
Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09.

 

(vii)            Settlement
of Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note,
the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second
(2nd) Business Day after the date of such satisfaction.

 

    	 	- 33 -	 

     

    

 

(viii)            Interpretation.
For the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an “exchange”
of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend
affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted”
CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted”
CUSIP number.

 

(B)            Transfers
and Exchanges of Global Notes.

 

(i)            Certain
Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by
the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No
Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that
a Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if:

 

(1)            (x) the
Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note
or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in
each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation;

 

(2)            an
Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the
Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable,
for one or more Physical Notes; or

 

(3)            the
Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at
the request of the owner of such beneficial interest.

 

(ii)            Effecting
Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note
(or any portion thereof):

 

(1)            the
Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges
of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal
amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.15);

 

(2)            if
required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other
Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global
Note;

 

    	 	- 34 -	 

     

    

 

(3)            if
required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in
each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09;
and

 

(4)            if
such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then
the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise
determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09.

 

(iii)           Compliance
with Depositary Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with
the Depositary Procedures.

 

(C)            Transfers
and Exchanges of Physical Notes.

 

(i)            Requirements
for Transfers and Exchanges. Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical
Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or
any portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate
principal amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if
then permitted by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange
for a beneficial interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange,
such Holder must:

 

(1)            surrender
such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments
reasonably required by the Company, the Trustee or the Registrar; and

 

(2)            deliver
such certificates, documentation or evidence as may be required pursuant to Section 2.10(D).

 

(ii)            Effecting
Transfers and Exchanges. Upon the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical
Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii))
of a Holder (or any portion of such old Physical Note in an Authorized Denomination):

 

    	 	- 35 -	 

     

    

 

(1)            such
old Physical Note will be promptly cancelled pursuant to Section 2.15;

 

(2)            if
such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized
Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred
or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09;

 

(3)            in
the case of a transfer:

 

(a)            to
the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred
in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global
Notes by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note(s), which
increase(s) are in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear
each legend, if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected
by notation on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09
then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate
principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate,
in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and
have an aggregate principal amount equal to the principal amount that is to be so transferred but that is not effected by notation as
provided above; and (y) bear each legend, if any, required by Section 2.09; and

 

(b)            to
a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one
or more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with
Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount
equal to the principal amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend,
if any, required by Section 2.09; and

 

(4)            in
the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with
Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount
equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was
registered; and (z) bear each legend, if any, required by Section 2.09.

 

    	 	- 36 -	 

     

    

 

(D)           Requirement
to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a “restricted” CUSIP number
or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to:

 

(i)            cause
such Note to be identified by an “unrestricted” CUSIP number;

 

(ii)            remove
such Restricted Note Legend; or

 

(iii)           register
the transfer of such Note to the name of another Person,

 

then the Company, the Trustee and the Registrar
may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company, the Trustee and
the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may reasonably require
to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and other applicable securities
laws.

 

(E)           Certain
De-Legending Procedures. If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or an owner of a beneficial
interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers
such Note or share in compliance with Rule 144 and delivers to the Company a written request, certifying that it is not, and has
not been at any time during the preceding three (3) months, an Affiliate of the Company, to reissue such Note or share without a
Restricted Note Legend or Restricted Stock Legend, as applicable, then the Company will cause the same to occur (and, if applicable,
cause such Note or share to thereafter be represented by an “unrestricted” CUSIP or ISIN number in the facilities of the
related depositary), and will use its commercially reasonable efforts to cause such occurrence within two (2) Trading Days of such
request.

 

(F)           Restrictions
Applicable to Transfers Between Rule 144A Notes and Regulation S Notes.

 

(i)            Transfers
to Which Restrictions Apply. None of the following transfers will be effected unless the requirements set forth in Section 2.10(F)(ii) are
satisfied with respect to such transfer:

 

(1)            the
transfer of a Rule 144A Physical Note, or a beneficial interest in a Rule 144A Global Note, to a Person who takes delivery
thereof in the form of a Physical Note, or a beneficial interest in a Global Note, which, in each case, is a Regulation S Note; and

 

(2)            a
transfer of a Regulation S Physical Note, or a beneficial interest in a Regulation S Global Note, to a Person who takes delivery thereof
in the form of a Physical Note, or a beneficial interest in a Global Note, which, in each case, is a Rule 144A Note (such Note of
which such Person referred to in preceding clause (1) or (2), as applicable, is to take delivery being referred to
as the “transferee Note” for purposes of this Section 2.10(F)).

 

    	 	- 37 -	 

     

    

 

(ii)            Requirements
Applicable to Transfers. A transfer described in Section 2.10(F)(i) will not be effected unless:

 

(1)            in
the case the transferee Person referred to in Section 2.10(F)(i) is to take delivery of the transferee Note in the form
of a beneficial interest in a Global Note, the transferor delivers to the Registrar (1) a written order from a Depositary Participant
or an indirect Depositary Participant given to the Depositary in accordance with the Depositary Procedures directing the Depositary to
credit or cause to be credited a beneficial interest in such Global Note in an amount equal to the interest to be transferred; and (2) instructions
given in accordance with the Depositary Procedures containing information regarding the Depositary Participant account to be so credited,
or, in lieu of the foregoing, such other instructions or documentation as the Registrar may reasonably require in order to comply with
the Depositary Procedures in connection with such transfer;

 

(2)            without
limiting the generality of Section 2.10(D), such transferor delivers to the Registrar a certificate substantially in the
form set forth in Exhibit C hereto, including the certification set forth in Item 3 thereof (if the transferee Note is a
Rule 144A Note) or Item 4 thereof (if the transferee Note is a Regulation S Note), or, in lieu thereof, such other certifications
or documentation substantially to the same effect (or, with respect to any Global Note, such other electronic or other documentation
or instructions as may be permitted or required by the Depositary Procedures) as may be reasonably acceptable to the Company; and

 

(G)          without
limiting the generality of Section 2.10(D), such transferee Person delivers to the Registrar, if reasonably requested by
the Company, a certificate substantially in the form set forth in Exhibit C hereto, including the certification set forth
in Item 1(a) thereof (if the transferee Note is a Rule 144A Note) or Item 1(b) thereof (if the transferee Note is a Regulation
S Note), or, in lieu thereof, such other certifications or documentation substantially to the same effect (or, with respect to any Global
Note, such other electronic or other documentation or instructions as may be permitted or required by the Depositary Procedures) as may
be reasonably acceptable to the Company.

 

(H)          Transfers
of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes,
the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been
surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to
a Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent
that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase
Price when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion
of such Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due.

 

    	 	- 38 -	 

     

    

 

Section 2.11.         Exchange
and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption.

 

(A)           Partial
Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption.
If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase
Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion
or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C),
for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to
such Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased,
as applicable, which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided,
however, that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal
amount subject to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.18.

 

(B)           Cancellation
of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption.

 

(i)            Physical
Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A))
of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption,
then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.18
and the time such Physical Note is surrendered for such conversion or repurchase, as applicable, (1) such Physical Note will
be cancelled pursuant to Section 2.15; and (2) in the case of a partial conversion or repurchase, as applicable, the
Company will issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such
Holder; and (z) bear each legend, if any, required by Section 2.09.

 

(ii)           Global
Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant to
a Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be
outstanding pursuant to Section 2.18, the Trustee will reflect a decrease of the principal amount of such Global Note in
an amount equal to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the “Schedule
of Exchanges of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note
is zero following such notation, cancel such Global Note pursuant to Section 2.15).

 

Section 2.12.       [Reserved.]

 

    	 	- 39 -	 

     

    

 

 

Section 2.13.        Replacement
Notes.

 

If a Holder of any Note claims
that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such
mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the
Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder
thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee
from any loss that any of them may suffer if such Note is replaced.

 

Every replacement Note issued
pursuant to this Section 2.13 will be an additional obligation of the Company and will be entitled to all of the benefits
of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully
taken Note will at any time be enforceable by anyone.

 

Section 2.14.        Registered
Holders; Certain Rights with Respect to Global Notes.

 

Only the Holder of a Note
will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants
will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee,
or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary
as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any
Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in
Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under
this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification,
proxy or other authorization furnished by the Depositary.

 

Section 2.15.        Cancellation.

 

The Company may at any time
deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each
Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered
to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not
originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion.

 

Section 2.16.        Notes
Held by the Company or its Affiliates.

 

Without limiting the generality
of Section 2.18, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in
any direction, waiver, consent or other action under this Indenture, Notes owned by the Company or any of its Affiliates will be deemed
not to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying
on any such direction, waiver, consent or other action, only Notes that a Responsible Officer of the Trustee knows are so owned will be
so disregarded.

 

    	 	- 40 -	 

     

    

 

Section 2.17.        Temporary
Notes.

 

Until definitive Notes are
ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in
each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary
Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes.

 

Section 2.18.        Outstanding
Notes.

 

(A)          Generally.
The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated
(giving effect to, and as increased by, any payment of PIK Interest made thereon by issuing additional Notes by an amount equal to the
PIK Interest payable, rounded up to the nearest $1.00), excluding those Notes (or portions thereof) that have theretofore been (i) cancelled
by the Trustee or delivered to the Trustee for cancellation in accordance with Section 2.15; (ii) assigned a principal
amount of zero by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of any a Global Note
representing such Note; (iii) paid in full (including upon conversion) in accordance with this Indenture; or (iv) deemed to
cease to be outstanding to the extent provided in, and subject to, clause (B), (C) or (D) of this Section 2.18.

 

(B)           Replaced
Notes. If a Note is replaced pursuant to Section 2.13, then such Note will cease to be outstanding at the time of its
replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona
fide purchaser” under applicable law.

 

(C)           Maturing
Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date or
the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price
or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there
occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature,
on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D),
4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will
terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change
Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in
each case as provided in this Indenture.

 

(D)          Notes
to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note
(or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(A) or
Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or
Section 5.08.

 

    	 	- 41 -	 

     

    

 

(E)           Cessation
of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(F) or 5.02(D), interest will cease
to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.18, to cease to
be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note.

 

Section 2.19.         Repurchases
by the Company.

 

Without limiting the generality
of Section 2.15, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions
without delivering prior notice to Holders.

 

Section 2.20.        CUSIP
and ISIN Numbers.

 

The Company may use one or
more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in
notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy
of any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission
of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying
any Notes.

 

Article 3.       Covenants

 

Section 3.01.        Payment
on Notes.

 

(A)          Generally.
The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price and Redemption Price for, interest
on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture.

 

(B)           Deposit
of Funds. Before 12:00 P.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment
Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause
there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due
on the applicable Notes on such date, and issue PIK Notes in the form of Global Notes or certificated form, as applicable, to pay any
PIK Interest pursuant to a certificate of authentication with respect to the PIK Interest to be issued on the applicable Interest Payment
Date, when so becoming due and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any
failure to take such action. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose.

 

(C)           PIK
Interest. PIK Interest will be considered paid on the date due if on such date the Trustee has received a written request to authenticate
and deliver PIK Notes in an aggregate principal amount equal to the amount of such PIK Interest for original issuance to the Holders of
record on the relevant Record Date.

 

    	 	- 42 -	 

     

    

 

Section 3.02.         Exchange
Act Reports.

 

(A)          Generally.
The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or
15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after
giving effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send
to the Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment
by the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent
to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Upon the request of any Holder, the Trustee
will provide to such Holder a copy of any report that the Company has sent the Trustee pursuant to this Section 3.02(A),
other than a report that is deemed to be sent to the Trustee pursuant to the preceding sentence.

 

(B)            Trustee’s
Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The
sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the
Trustee of any information contained, or determinable from information contained, therein, including the Company’s compliance with
any of its covenants under this Indenture.

 

Section 3.03.        Rule 144A
Information.

 

If the Company is not subject
to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Conversion Shares are outstanding and constitute “restricted
securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written
request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A. The
Company (or its successor) will take such further action as any Holder or beneficial owner of such Notes or shares may reasonably request
to enable such Holder or beneficial owner to sell such Notes or shares pursuant to Rule 144A.

 

Section 3.04.        Additional
Interest.

 

(A)          If
(i) on any day occurring on or after the date that is eighteen (18) weeks after the Last Original Issue Date of any Note, either
(1) the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or (2) the
Company (or its successor) does not promptly provide, to the Trustee and, upon written request, to any Holder, beneficial owner or prospective
purchaser of such Notes or shares, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act to facilitate the resale of such Notes or shares pursuant to Rule 144A or (ii) the registration statement registering the
resale of the Conversion Shares (if any) (the “Registration Statement”) is not declared effective by the date that
is eighteen (18) weeks after the Last Original Issue Date of any Note, then Additional Interest will accrue on such Note for each day
during such period which such failure is continuing or until such time the Registration Statement is declared effective, as applicable.

 

(B)           Amount
and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will
be payable on the same dates and in the same manner as the PIK Interest on such Note and will accrue at a rate per quarter equal to one
percent (1.00%) of the principal amount thereof; provided, however, that in no event will Additional Interest that may
accrue as a result of the Company’s failure to timely file any document or report that it is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports on Form 8-K) pursuant to Section 3.04(A),
together with any Special Interest that accrues as a result of the Company’s failure to comply with its reporting obligations as
set forth in Section 7.03, accrue on any day on a Note at a combined rate per quarter that exceeds one percent (1.00%). For
the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition to the Stated Interest that accrues on such
Note and, subject to the proviso of the immediately preceding sentence, in addition to any Special Interest that accrues on such Note.

 

    	 	- 43 -	 

     

    

 

(C)           Notice
of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and to the
Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional
Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to
be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company
is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that
is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount
thereof.

 

(D)           Exclusive
Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes to become
Freely Tradable.

 

Section 3.05.        Compliance
and Default Certificates.

 

(A)          Annual
Compliance Certificate. Within ninety (90) days after [ l ]3
and each fiscal year of the Company ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating
(i) that the signatory thereto has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year
with a view towards determining whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s
knowledge, a Default or Event of Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default
and what action the Company is taking or proposes to take with respect thereto).

 

(B)           Default
Certificate. If a Default or Event of Default occurs, then the Company will as soon as practicable, but in any event within thirty
(30) days after its first occurrence, deliver an Officer’s Certificate to the Trustee describing the same and what action the Company
is taking or proposes to take with respect thereto.

 

Section 3.06.        Stay,
Extension and Usury Laws.

 

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

 

 

3 NTD: Insert the last day of the current fiscal year of
the Company as of the Issue Date. However, if the insertion of such date will result in the first compliance certificate being delivered
more than 365 days after the Issue Date, then insert an earlier date (typically, the last day of the prior fiscal year).

 

    	 	- 44 -	 

     

    

 

Section 3.07.       Acquisition
of Notes by the Company and its Affiliates.

 

Without limiting the generality
of Section 2.18, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to
remain outstanding (except to the extent provided in Section 2.16) until such time as such Notes are delivered to the Trustee
for cancellation.

 

Section 3.08.        Existence.

 

Subject to Article 6,
the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

Section 3.09.         Incurrence
of Senior Indebtedness.

 

The Company and each of its
Subsidiaries will not incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with
respect to any Indebtedness that is or purports to be by its terms (or by the terms of any agreement governing such Indebtedness) senior
in right of payment or security to the Notes, other than (A) Non-Recourse Debt in an aggregate principal amount not to exceed $5,000,000
at any time outstanding, (B) Capitalized Lease Obligations and/or Purchase Money Obligations in an aggregate principal amount not
to exceed $5,000,000 at any time outstanding, (C) Qualified Asset Financing Facilities and (D) PFG Debt in an aggregate principal
amount not to exceed $18,000,000 at any time outstanding; provided that, in each case of clauses (A), (B), (C) and (D), such
Indebtedness is provided by a non-Affiliate of the Company.

 

Section 3.10.         Limitation
on Liens.

 

The Company will not, nor
will the Company permit any of its Subsidiaries to, create, assume or suffer to exist any Lien of any kind on any property or assets now
owned or hereafter acquired by the Company or any of its Subsidiaries except (other than in the case of any books, records, ledger cards,
files and correspondence that, pursuant to applicable laws, are required to be maintained by any Subsidiary of the Company in Turkey)
for Permitted Liens.

 

Section 3.11.         Collateral
and Security.

 

(A)          Security
Documents. The due and punctual payment of the principal of, premium, if any, and interest on the Notes when and as the same shall
be due and payable shall be secured (in the case of the Turkish Post-Closing Collateral, subject to the post-closing time period specified
in clause (B) below) by a valid and perfected first priority security interest, subject only to Permitted Liens, in the Collateral
as provided in the Collateral Agreements.

 

    	 	- 45 -	 

     

    

 

(B)           Turkish
Guarantees and Collateral. No later than the date that is 120 days after the Issue Date (or such later date as the Lead Investor
may agree in its sole discretion), the Trustee shall have received (i) Turkish Guarantees and the Notes from each Subsidiary of
the Company organized under Turkish law and (ii) all Turkish Security Instruments in respect of the Turkish Post-Closing Collateral,
in each case of clauses (i) and (ii), in form and substance reasonably acceptable to the Lead Investor.

 

(C)            Springing
Lien. Immediately upon the occurrence of the Springing Lien Trigger Date, (i) the Company and each of its Subsidiaries hereby
agrees that it will automatically be deemed to have granted to the Trustee, on the date of such occurrence and without further action
of any party or other Person, as security for the Notes, a lien on and security interest in (the “Springing Lien”)
the Springing Lien Collateral and (ii) the Company and its Subsidiaries shall execute and deliver the Springing Lien Security Agreement
and such other Collateral Agreements, each in form and substance reasonably acceptable to the Lead Investor, and take or cause to be taken
such other actions, in each case, as shall be reasonably requested by the Lead Investor and necessary or desirable to vest in the Trustee
for the benefit of the Holders a valid and perfected first priority security interest, subject only to Permitted Liens, in the Springing
Lien Collateral covered thereby to secure the Notes.

 

(D)           Future
Guarantees and Collateral. If, after the Issue Date, the Company forms or acquires any new Subsidiary, or any Subsidiary that is
not then a Guarantor guarantees or incurs any other Indebtedness, then, in each case, no later than thirty (30) days thereafter the Company
shall cause such Subsidiary to execute and deliver to the Trustee (i) a joinder to the applicable Guarantee pursuant to which such
Subsidiary shall become a Guarantor on the same terms and conditions as the other Guarantors and (ii) any and all Collateral Agreements
as may be necessary to cause its Issue Date Collateral or Springing Lien Collateral, as applicable, to be added to the Collateral, and
thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and assets to the
same extent and with the same force and effect. A Guarantee’s validity will not be affected by the failure of any officer of a
Guarantor executing any such joinder on such Guarantor’s behalf to hold, at the time any Note is authenticated, the same or any
other office at such Guarantor, and each Guarantee will be valid and enforceable even if no notation, certificate or other instrument
is set upon or attached to, or otherwise executed and delivered to the Holder of, any Note.

 

(E)           Further
Assurances. Promptly following written request by the Trustee which is received by the Company or any of its Subsidiaries, the Company
and any its Subsidiaries will (1) correct any material defect or error that may be discovered in any Collateral Agreement or Guarantee
or in the execution, acknowledgment, filing or recordation thereof, and (2) subject to any post-closing periods provided herein
or therein, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts,
deeds, certificates, assurances and other instruments as the Trustee may reasonably require from time to time in order to (i) carry
out more effectively the purposes of the Collateral Agreements and the Guarantees, (ii) maintain the validity and effectiveness
of the Collateral Agreements, the Guarantees and the Liens, including the perfection thereof, intended to be created thereunder and (iii) assure,
convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Trustee, for the benefit of the Holders, the
principle rights granted or now or hereafter intended to be granted to the Trustee, for the benefit of the Holders, under any Collateral
Agreement to which the Company or any of its Subsidiaries is or is to be a party, in each case, with respect to such actions that the
Trustee determines are reasonable in order to achieve or maintain the benefit intended to be conferred by such Collateral in relation
to the costs and other resources reasonably associated with such actions.

 

    	 	- 46 -	 

     

    

 

(F)           Release
of Collateral. Subject to the foregoing, Collateral may be released from the Liens created by the Collateral Agreements at any time
or from time to time in accordance with the provisions of the Collateral Agreements or as provided herein. No certificate shall be required
in connection with any sale, transfer or other disposition of Collateral if such sale, transfer or other disposition is otherwise expressly
permitted by the terms of any Collateral Agreement and such Collateral Agreement does not require delivery of such certificate and no
instrument of release or other action of the Trustee is required in connection with such release.

 

(G)           Release
upon Satisfaction or Defeasance of all Secured Obligations. The Liens on all Collateral that secure the Notes shall be automatically
terminated and released without the need for further action by any Person:

 

(i)            upon
satisfaction and discharge of this Indenture as described under Section 9.01; or

 

(ii)           upon
payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid interest on the Notes (other
than inchoate or contingent indemnification obligations for which no claim has been asserted).

 

Upon receipt of an Officer’s
Certificate and Opinion of Counsel confirming that all conditions precedent hereunder and under the Collateral Agreements have been satisfied
and any necessary or proper instruments of termination, satisfaction or release prepared by the Company, the Trustee, without the consent
of any Holder and at the expense of the Company, shall execute, deliver or acknowledge such instruments or releases to evidence the release
from the Liens created by the Collateral Agreements of any Collateral permitted to be released pursuant to this Indenture and the Collateral
Agreements.

 

(H)           Purchaser
Protected. No purchaser or grantee of any property or rights purported to have been released from the Lien of the Collateral Agreements
shall be bound to ascertain the authority of the Trustee to execute the release or to inquire as to the existence of any conditions herein
prescribed for the exercise of such authority; nor shall any purchaser or grantee of any property or rights permitted by this Indenture
to be sold or otherwise disposed of by the Company or any Subsidiary be under any obligation to ascertain or inquire into the authority
of the Company or such Subsidiary to make such sale or other disposition.

 

(I)            Authorization
of Actions to be Taken by Trustee under the Collateral Agreements. Each Holder, by its acceptance of the Notes, consents to the terms
of, directs and agrees that the Trustee shall execute and deliver the Collateral Agreements to which it is a party, and all agreements,
documents and instruments incidental thereto, and act in accordance with the terms thereof.

 

(J)            Authorization
of Receipt of Funds by the Trustee under the Collateral Agreements. The Trustee is authorized to receive any funds for the benefit
of itself and the Holders distributed under the Collateral Agreements and, to the extent distributed in accordance with the terms of the
Collateral Agreements, to make further distributions of such funds (to which the Holders are entitled under the Collateral Agreements)
to the Holders in accordance with the Indenture. Such funds may be held on deposit by the Trustee without investment prior to such distribution
and the Trustee will have no liability for interest or other compensation thereon. Without any limitation to any other rights or remedies
of whatever kind or nature the Trustee may have (whether under the Collateral Agreements, at law, in equity or otherwise), and notwithstanding
anything herein to the contrary, the Trustee may foreclose or otherwise enforce the Lien on the Collateral (or any portion thereof).

 

    	 	- 47 -	 

     

    

 

Section 3.12.         [Reserved].

 

Section 3.13.         Limitation
on Restricted Payments.

 

(A)          Without
the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, the Company will not, and will
not permit any of its Subsidiaries to, directly or indirectly:

 

(i)            declare
or pay any dividend or make any other payment, distribution or return of capital on account of the Company’s or such Subsidiaries’
Capital Stock (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any
of its Subsidiaries) or to the holders of the Company’s or such Subsidiaries’ Capital Stock in their capacity as such (other
than dividends or distributions payable in Capital Stock of the Company); or

 

(ii)            purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving
the Company or such Subsidiaries) any Subordinated Indebtedness (it being understood that payments of regularly scheduled principal and
interest shall be permitted) or Capital Stock of the Company or such Subsidiaries.

 

The payments and other actions set forth in the
foregoing clauses (i) and (ii) are collectively referred to as “Restricted Payments”.

 

(B)           The
preceding provisions shall not prohibit:

 

(i)            so
long as no Default or Event of Default has occurred and is continuing, the repurchase, redemption or other acquisition or retirement for
value of Capital Stock of the Company held by any present or former employee, director, officer or consultant  (or the estate, heirs,
family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Company pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement (and any successor plans
and arrangements thereto) (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Company
in connection with any such repurchase, retirement or other acquisition), or any stock subscription or shareholder agreement; provided
that (1) Restricted Payments made to any present employee and any present or former director, officer or consultant (or the estate,
heirs, family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Company shall
be permitted solely to the extent (A) such Restricted Payment is offered to all shareholders of the Company on a pro rata basis and
(B) there shall be a corresponding adjustment to the Conversion Price pursuant to Section 5.05; and (2) the aggregate
amount of Restricted Payments made under this clause (i) shall not exceed in any calendar year $3,000,000 in the aggregate and, with
respect to Restricted Payments made to any one of the foregoing persons in any calendar year, $500,000 individually; provided,
further, that such amount in any calendar year shall be increased by an amount not to exceed (A) the cash proceeds from the
sale of Capital Stock of the Company to current or former employees, directors or consultants of the Company or any of the Company’s
Subsidiaries that occurs after the Issue Date plus (B) the cash proceeds of key man life insurance policies received by the Company
or any of its Subsidiaries after the Issue Date less (C) the amount of any Restricted Payments made in any prior calendar year pursuant
to clauses (A) and (B) of this clause (i);

 

    	 	- 48 -	 

     

    

 

(ii)            payments
to holders of Capital Stock (or to the holders of Indebtedness that is convertible into or exchangeable for Capital Stock upon such conversion
or exchange) in lieu of the issuance of fractional shares;

 

(iii)           repurchases
of Capital Stock deemed to occur in connection with the exercise (including by cashless exercise) or vesting of stock options or similar
instruments, including to the extent necessary to pay withholding or similar taxes related to such exercise or vesting of stock options
or similar instruments;

 

(iv)          Restricted
Payments paid solely in Capital Stock of the Company;

 

(v)           the
acquisition, redemption or retirement of Capital Stock in exchange for, or out of the proceeds of the substantially concurrent issuance
of, Capital Stock of the Company; or

 

(vi)          the
redemption of any warrants of the Company pursuant to Article 6 of the Warrant Agreement, dated July 8, 2021, by and between
Galata Acquisition Corp., a Cayman Islands exempted company, and Continental Stock Transfer & Trust Company.

 

The amount of all Restricted Payments
(other than cash) shall be the fair market value (determined, for purposes of this Section 3.13, by the Company in good faith
or, in the case of any asset(s) valued in excess of $5.0 million with respect to Restricted Payments, by the Board of Directors of
the Company) on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company
or such Subsidiary, as the case may be, pursuant to the Restricted Payment.

 

Notwithstanding anything in this Indenture
to the contrary, the Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, make any Restricted Payment
(including payment of dividends, distributions or other payments) with respect to preferred stock of the Company or any of its Subsidiaries.

 

Section 3.14.        Asset
Sales.

 

The Company and each of its
Subsidiaries will not Dispose of any asset, including any Capital Stock owned by it (other than to the Company or any Wholly Owned Subsidiary),
unless (i) the Company and/or such Subsidiary, as the case may be, receives consideration at the time of such asset sale at least
equal to the fair market value of the assets and property subject to such asset sale (such fair market value to be determined on the date
of contractually agreeing to effect such asset sale) and (ii) at least 75% of the consideration paid to the Company and/or such Subsidiary
from such asset sale is in the form of cash or Cash Equivalents; provided that the amount of any Designated Non-Cash Consideration
received by the Company and/or such Subsidiary in such asset sale having an aggregate fair market value, taken together with all other
Designated Non-Cash Consideration received pursuant to this Section 3.14 that is at that time outstanding, not to exceed the
greater of (x) seven million and five hundred thousand dollars ($7,500,000) and (y) an amount equal to 2.5% of Consolidated
Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with the fair market value of each item of Designated
Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to
be cash for this purpose.

 

    	 	- 49 -	 

     

    

 

Article 4.       Repurchase
and Redemption

 

Section 4.01.        No
Sinking Fund.

 

No sinking fund is required
to be provided for the Notes.

 

Section 4.02.        Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change.

 

(A)          Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02,
if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to
require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental
Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price.

 

(B)           Repurchase
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been
rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment
of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.02(D),
on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02;
and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the
Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee
or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures).

 

(C)           Fundamental
Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s
choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related
Fundamental Change Notice pursuant to Section 4.02(E).

 

    	 	- 50 -	 

     

    

 

(D)           Fundamental
Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental
Change following a Fundamental Change is an amount in cash equal to 101% of the principal amount of such Note, plus 101% of the accrued
and unpaid PIK Interest thereon, if any, to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change, plus accrued
and unpaid Cash Interest on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided,
however, that if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment
Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such
Repurchase Upon Fundamental Change, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid
Cash Interest that would have accrued on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes,
that such Note remained outstanding through such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest
Payment Date); and (ii) the Fundamental Change Repurchase Price will not include accrued and unpaid Cash Interest on such Note to,
but excluding, such Fundamental Change Repurchase Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day
within the meaning of Section 2.05(F) and such Fundamental Change Repurchase Date occurs on the Business Day immediately
after such Interest Payment Date, then (x) accrued and unpaid Cash Interest on Notes to, but excluding, such Interest Payment Date
will be paid, in accordance with Section 2.05(F), on the next Business Day to Holders as of the Close of Business on the immediately
preceding Regular Record Date; and (y) the Fundamental Change Repurchase Price will include Cash Interest on Notes to be repurchased
from, and including, such Interest Payment Date.

 

(E)           Fundamental
Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company will
send to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”).

 

Such Fundamental Change Notice
must state:

 

(i)            briefly,
the events causing such Fundamental Change;

 

(ii)           the
effective date of such Fundamental Change;

 

(iii)          the
procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.02, including
the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change
Repurchase Notice;

 

(iv)          the
Fundamental Change Repurchase Date for such Fundamental Change;

 

(v)           the
Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such Fundamental Change
Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the
interest payment payable pursuant to the proviso to the first sentence of Section 4.02(D));

 

(vi)          the
name and address of the Paying Agent and the Conversion Agent;

 

    	 	- 51 -	 

     

    

 

(vii)         the
Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any adjustments to the
Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07);

 

(viii)        that
Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying
Agent for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price;

 

(ix)           that
Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered may be converted
only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and

 

(x)            the
CUSIP and ISIN numbers, if any, of the Notes.

 

Neither the failure to deliver
a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder
or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change.

 

(F)           Procedures
to Exercise the Fundamental Change Repurchase Right.

 

(i)            Delivery
of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change Repurchase Right for a Note
following a Fundamental Change, the Holder thereof must deliver to the Paying Agent:

 

(1)            before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may
be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and

 

(2)            such
Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note).

 

The Paying Agent will promptly deliver
to the Company a copy of each Fundamental Change Repurchase Notice that it receives.

 

(ii)            Contents
of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state:

 

(1)            if
such Note is a Physical Note, the certificate number of such Note;

 

(2)            the
principal amount of such Note to be repurchased, which must be an Authorized Denomination; and

 

(3)            that
such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note;

 

    	 	- 52 -	 

     

    

 

provided, however, that
if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such
Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements
of this Section 4.02(F)).

 

(iii)          Withdrawal
of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note
may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may
be required by law). Such withdrawal notice must state:

 

(1)            if
such Note is a Physical Note, the certificate number of such Note;

 

(2)            the
principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and

 

(3)            the
principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized
Denomination;

 

provided, however, that
if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice
delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)).

 

Upon receipt of any such withdrawal
notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice
to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with
Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal
notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel
any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such
Note in accordance with the Depositary Procedures).

 

(G)           Payment
of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to deposit the Fundamental Change Repurchase
Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a
Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before
the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the
Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the
Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note).
For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any
Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such
Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G).

 

    	 	- 53 -	 

     

    

 

(H)           Third
Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.02,
the Company will be deemed to satisfy its obligations under this Section 4.02 if one or more third parties conduct any Repurchase
Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a manner that would
have satisfied the requirements of this Section 4.02 if conducted directly by the Company, including with respect to price.

 

(I)            No
Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an Amount
of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02,
the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or
repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause
(B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change occurring pursuant to clause (B)(ii))
of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists
entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and,
if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal
amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated
assuming that the same includes the maximum amount of accrued interest payable as part of the related Fundamental Change Repurchase Price);
and (iii) the Company timely sends the notice relating to such Common Stock Change Event required pursuant to Section 5.09(B) and
includes, in such notice, the information set forth in clauses (i), (ii), (vi), (vii) and (x) of
Section 4.02(E) and a statement that the Company is relying on this Section 4.02(I).

 

(J)            Compliance
with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and
state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under
the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental
Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations
pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the
Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such obligations.

 

(K)           Repurchase
in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental
Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note
in whole will equally apply to the repurchase of a permitted portion of a Note.

 

    	 	- 54 -	 

     

    

 

Section 4.03.        Right
of the Company to Redeem the Notes.

 

(A)          No
Right to Redeem Before [Redemption trigger date]4.
The Company may not redeem the Notes at its option at any time before [Redemption trigger date].

 

(B)           Right
to Redeem the Notes on or After [Redemption trigger date]. Subject to the terms of this Section 4.03, the Company has
the right, at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation described in Section 4.03(C))
in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after [Redemption trigger
date], for a cash purchase price equal to the Redemption Price, but only if (1) the Last Reported Sale Price per share of Common
Stock exceeds the Optional Redemption Trigger, in each case, on (x) each of at least twenty (20) Trading Days (whether or not consecutive)
during the thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date
for such Redemption; and (y) the Trading Day immediately before such Redemption Notice Date and (2) the Liquidity Conditions
have been satisfied. For the avoidance of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change
with respect to such Notes pursuant to clause (B) of the definition thereof.

 

(C)           Partial
Redemption Limitation. If the Company elects to redeem fewer than all of the outstanding Notes, at least fifty million dollars ($50,000,000)
aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the Redemption Notice Date for such Redemption
(such requirement, the “Partial Redemption Limitation”).

 

(D)           Redemption
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been
rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest
pursuant to the proviso to the first sentence of Section 4.03(F), on such Redemption Date), then (i) the Company may
not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause
any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global
Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests
in such Notes in accordance with the Depositary Procedures).

 

(E)           Redemption
Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more sixty (60), nor
less than thirty (30), calendar days, Scheduled Trading Days after the Redemption Notice Date for such Redemption.

 

(F)           Redemption
Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus
accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however, that if such
Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder of such Note
at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or, at the Company’s
election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding, such Interest
Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date, if such Redemption
Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid interest on such Note
to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning
of Section 2.05(F) and such Redemption Date occurs on the Business Day immediately after such Interest Payment Date,
then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(F),
on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Redemption
Price will include interest on Notes to be redeemed from, and including, such Interest Payment Date.

 

 

4 NTD: To be 3 years + 20 Business Days from the Issue
Date.

 

    	 	- 55 -	 

     

    

 

(G)           Redemption
Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a
written notice of such Redemption (a “Redemption Notice”).

 

Such Redemption Notice must
state:

 

(i)            that
such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this Indenture;

 

(ii)           the
Redemption Date for such Redemption;

 

(iii)          the
Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record Date
and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso
to the first sentence of Section 4.03(F));

 

(iv)          the
name and address of the Paying Agent and the Conversion Agent;

 

(v)           that
Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately before the Redemption
Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company
pays such Redemption Price in full);

 

(vi)          the
Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments to
the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07); and

 

(vii)         the
CUSIP and ISIN numbers, if any, of the Notes.

 

On or before the Redemption
Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent.

 

(H)          Selection
and Conversion of Notes to Be Redeemed in Part.

 

(i)            If
less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected as follows: (1) in
the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or
by such other method the Company considers fair and appropriate.

 

    	 	- 56 -	 

     

    

 

(ii)            If
only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be
deemed to be from the portion of such Note that was subject to Redemption.

 

(I)            Payment
of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by
Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid
to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso
to the first sentence of Section 4.03(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant
to such proviso.

 

(J)            Special
Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03,
and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the
Close of Business on the tenth (10th) calendar day immediately before the Redemption Date for such Redemption, whether such Note or beneficial
interest, as applicable, is to be redeemed pursuant to such Redemption, then any conversion of such Note with a Conversion Date occurring
on or before Business Day immediately before such Redemption Date will be deemed to be of a Note called for Provisional Redemption for
purposes of this Section 4.03 and Section 5.07, and the definition of “Make-Whole Fundamental Change.”

 

Article 5.       Conversion

 

Section 5.01.        Right
to Convert.

 

(A)          Generally.
Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into Conversion
Consideration.

 

(B)           Conversions
in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations. Provisions
of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of
a Note.

 

(C)           When
Notes May Be Converted.

 

(i)            Generally.
A Holder may convert its Notes at any time until the Close of Business on the second (2nd) Scheduled Trading Day immediately before the
Maturity Date[; provided that if a Holder elects to convert its Notes in an aggregate principal amount of less than five hundred
thousand dollars ($500,000), then the Conversion Date for such Notes shall be the last Business Day of the calendar month in which the
requirements set forth in Section 5.02(A) to convert such Notes are satisfied]5.

 

(ii)            Limitations
and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes:

 

 

5 NTD: Conversion timing limitation subject to confirmation
by Trustee.

 

    	 	- 57 -	 

     

    

 

(1)            Notes
may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day;

 

(2)            in
no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity
Date;

 

(3)            if
the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note
after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails
to pay the Redemption Price for such Note in accordance with this Indenture; and

 

(4)            if
a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then
such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn
in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such
Note in accordance with this Indenture (or a third party fails to make such payment in lieu of the Company in accordance with the provisions
described in Section 4.02(H)).

 

Section 5.02.        Conversion
Procedures.

 

(A)          Generally.

 

(i)            Global
Notes. To convert a beneficial interest in a Global Note, the owner of such beneficial interest must (1) comply with the Depositary
Procedures for converting such beneficial interest (at which time such conversion will become irrevocable); and (2) pay any amounts
due pursuant to Section 5.02(D) or Section 5.02(E).

 

(ii)           Physical
Notes. To convert all or a portion of a Physical Note, the Holder of such Note must (1) complete, manually sign and deliver
to the Conversion Agent the conversion notice attached to such Physical Note or a facsimile of such conversion notice; (2) deliver
such Physical Note to the Conversion Agent (at which time such conversion will become irrevocable); (3) furnish any endorsements
and transfer documents that the Company or the Conversion Agent may require; and (4) pay any amounts due pursuant to Section 5.02(D) or
Section 5.02(E).

 

(B)           Effect
of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted, such Note
(or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(A) or
5.02(D), upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed
to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided
in Section 5.02(D).

 

(C)           Holder
of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be
deemed to become the holder of record of such share as of the Close of Business on the Conversion Date for such conversion.

 

    	 	- 58 -	 

     

    

 

(D)           Interest
Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the
next Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled,
notwithstanding such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence),
to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on
such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through
such Interest Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at
the time of such surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided,
however, that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified
a Redemption Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date;
(w) if such Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has
specified a Fundamental Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after
such Interest Payment Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For
the avoidance of doubt, as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion
Date that is after the Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest
that would have accrued on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note
to be converted is on an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately
before such Interest Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on
such Note to, but excluding, such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any
cash amount pursuant to the first sentence of this Section 5.02(D).

 

(E)            Taxes
and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due
on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty
is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such Holder will
pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any
such shares to be issued in a name other than that of such Holder.

 

(F)            Conversion
Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives
any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the date the
Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information
reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note.

 

Section 5.03.        Settlement
Upon Conversion.

 

(A)          Conversion
Consideration.

 

    	 	- 59 -	 

     

    

 

(i)            Generally.
Subject to Sections 5.03(A)(ii) and 5.03(A)(iii), the type and amount of consideration (the “Conversion Consideration”)
due in respect of each $1,000 principal amount of a Note to be converted will be a number of shares of Common Stock equal to the Conversion
Rate in effect on the Conversion Date for such conversion:

 

(ii)           Cash
in Lieu of Fractional Shares. If the number of shares of Common Stock deliverable pursuant to Section 5.03(A)(i) upon
conversion of any Note is not a whole number, then such number will be rounded down to the nearest whole number and the Company will deliver,
in addition to the other consideration due upon such conversion, cash in lieu of the related fractional share in an amount equal to the
product of (1) such fraction and (2) the Last Reported Sale Price per share of Common Stock on the Conversion Date for such
conversion (or, if such Conversion Date is not a Trading Day, the immediately preceding Trading Day).

 

(iii)           Conversion
of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion
Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under,
the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder.

 

(B)           Delivery
of the Conversion Consideration. Except as set forth in Sections 5.05(E) and 5.09, the Company will pay or deliver,
as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on the second (2nd) Business Day immediately
after the Conversion Date for such conversion.

 

(C)           Deemed
Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the
Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D),
the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge
the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the
Conversion Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note
will be deemed to be paid in full rather than cancelled, extinguished or forfeited.

 

Section 5.04.        Reserve
and Status of Common Stock Issued Upon Conversion.

 

(A)          Stock
Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding shares of
Common Stock that are not reserved for other purposes) 120% of a number of shares of Common Stock as may from time to time be issuable
upon conversion of the Notes in accordance with its terms and conditions, assuming the Conversion Rate is increased by the maximum amount
pursuant to which the Conversion Rate may be increased pursuant to Section 5.07. To the extent the Company delivers shares
of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or the Notes to the
issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis.

 

    	 	- 60 -	 

     

    

 

(B)           Status
of Conversion Shares; Listing. Each Conversion Share delivered upon conversion of any Note will be a newly issued or treasury share
(except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not be a newly
issued or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights and free
of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder of such
Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange, or
quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each Conversion Share,
when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system.

 

Section 5.05.        Adjustments
to the Conversion Rate.

 

(A)          On
the Reset Date, the Conversion Price will be reset to the Reset Conversion Rate.

 

(B)           Events
Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows:

 

(i)            Stock
Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially
all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding
an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then the Conversion Rate
will be adjusted based on the following formula:

 

 

where:

 

		CR0	=  	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution, or immediately
before the Open of Business on the effective date of such stock split or stock combination, as applicable;

 

		CR1	=  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date or the Open of Business on such effective
date, as applicable;

 

		OS0	=	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date or effective
date, as applicable, without giving effect to such dividend, distribution, stock split or stock combination; and

 

		OS1	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock
split or stock combination.

 

    	 	- 61 -	 

     

    

 

If any dividend, distribution, stock
split or stock combination of the type described in this Section 5.05(B)(i) is declared or announced, but not so paid
or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend
or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend,
distribution, stock split or stock combination not been declared or announced.

 

(ii)            Rights,
Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants
(other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(B)(iii)(1) and
5.05(G) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the date such distribution
is announced, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported
Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately
before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:

 

 

where:

 

		CR0	= 	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;

 

		CR1	= 	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;

 

		OS	=	the number of shares of Common Stock outstanding immediately before the Open of Business on such Ex-Dividend Date;

 

		X	= 	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

 

		Y	= 	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options
or warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading
Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 

To the extent such rights, options or
warrants are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase
to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed.
In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including
as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that
would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number
of shares of Common Stock actually delivered upon exercise of such rights, option or warrants.

 

    	 	- 62 -	 

     

    

 

For purposes of this Section 5.05(B)(ii),
in determining whether any rights, options or warrants entitle holders of Common Stock to subscribe for or purchase shares of Common Stock
at a price per share that is less than the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive
Trading Days ending on, and including, the Trading Day immediately before the date the distribution of such rights, options or warrants
is announced, and in determining the aggregate price payable to exercise such rights, options or warrants, there will be taken into account
any consideration the Company receives for such rights, options or warrants and any amount payable on exercise thereof, with the value
of such consideration, if not cash, to be determined by the Board of Directors.

 

(iii)          Spin-Offs
and Other Distributed Property.

 

(1)            Distributions
Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property
of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all
holders of the Common Stock, excluding:

 

(u)            dividends,
distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard
to Section 5.05(D)) pursuant to Section 5.05(B)(i) or 5.05(B)(ii);

 

(v)            dividends
or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without regard
to Section 5.05(D)) pursuant to Section 5.05(B)(iv);

 

(w)            rights
issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(G);

 

(x)            Spin-Offs
for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(D)) pursuant
to Section 5.05(B)(iii)(2);

 

(y)            a
distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(B)(v) will
apply; and

 

    	 	- 63 -	 

     

    

 

(z)            a
distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply,

 

then the Conversion
Rate will be increased based on the following formula:

 

 

 

where:

 

		CR0	= 	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such distribution;

 

		CR1	=  	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;

 

		SP	=	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending
on, and including, the Trading Day immediately before such Ex-Dividend Date; and

 

		FMV	= 	the fair market value (as determined by the Board of Directors), as of such Ex-Dividend Date, of the shares of Capital Stock,
evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common Stock pursuant to such distribution;

 

provided, however, that
if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will
receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such distribution, at the same time and
on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of shares of Capital Stock,
evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned,
on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect on such Record Date.

 

To the extent such distribution is not
so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made
on the basis of only the distribution, if any, actually made or paid.

 

For purposes of this Section 5.05(B)(iii)(1) (and
subject to Section 5.05(G)), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling
them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain
circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”):
(x) are deemed to be transferred with such Common Stock; (y) are not exercisable; and (z) are also issued in respect of
future issuances of Common Stock, will be deemed not to have been distributed for purposes of this Section 5.05(B)(iii)(1) (and
no adjustment to the Conversion Rate under this Section 5.05(B)(iii)(1) will be required) until the occurrence of the
earliest Trigger Event, whereupon such rights, options or warrants will be deemed to have been distributed and an appropriate adjustment
(if any is required) to the Conversion Rate will be made pursuant to this Section 5.05(B)(iii)(1). If any such right, option
or warrant, including any such existing rights, options or warrants distributed before the Issue Date, are subject to events, upon the
occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or
other assets, then the date of the occurrence of any and each such event will be deemed to be the date of distribution and Ex-Dividend
Date with respect to new rights, options or warrants with such rights (in which case, the existing rights, options or warrants will be
deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution
(or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately
preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to
the Conversion Rate pursuant to this Section 5.05(B)(iii)(1) was made, (x) in the case of any such rights, options
or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase
(I) the Conversion Rate will be readjusted as if such rights, options or warrants had not been issued; and (II) the Conversion
Rate will then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though
it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with
respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders
of Common Stock as of the date of such redemption or purchase; and (y) in the case of such rights, options or warrants that have
expired or been terminated without exercise by any holders thereof, the Conversion Rate will be readjusted as if such rights, options
and warrants had not been issued.

 

    	 	- 64 -	 

     

    

 

(2)            Spin-Offs.
If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating to
an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely
pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange
offer for shares of Common Stock, as to which Section 5.05(B)(v) will apply), and such Capital Stock or equity interests
are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a
 “Spin-Off”), then the Conversion Rate will be increased based on the following formula:

 

 

 where:

 

		CR0	= 	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period
for such Spin-Off;

 

		CR1	=  	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;

 

		FMV	=	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests
distributed in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off Valuation Period”)
beginning on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in
the definitions of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or
equity interests); and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common
Stock in such Spin-Off; and

 

    	 	- 65 -	 

     

    

 

		SP	= 	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 

Notwithstanding anything to the contrary
in this Section 5.05(B)(iii)(2), if the Conversion Date for a Note to be converted occurs during the Spin-Off Valuation Period
for such Spin-Off, then, solely for purposes of determining the Conversion Consideration for such conversion, such Spin-Off Valuation
Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Ex-Dividend Date for such Spin-Off
to, and including, such Conversion Date.

 

To the extent any dividend or distribution
of the type set forth in this Section 5.05(B)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted
to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if
any, actually made or paid.

 

(iv)            Cash
Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock, then
the Conversion Rate will be increased based on the following formula:

 

 

where:

 

		CR0	= 	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution;

 

		CR1	=	the Conversion Rate in effect immediately after the Open of Business on such Ex-Dividend Date;

 

		SP	=	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and

 

		D	=	the cash amount distributed per share of Common Stock in such dividend or distribution;

 

provided, however, that
if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will
receive, for each $1,000 principal amount of Notes held by such Holder on the Record Date for such dividend or distribution, at the same
time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash that such Holder would
have received if such Holder had owned, on such Record Date, a number of shares of Common Stock equal to the Conversion Rate in effect
on such Record Date.

 

    	 	- 66 -	 

     

    

 

To the extent such dividend or distribution
is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment
been made on the basis of only the dividend or distribution, if any, actually made or paid.

 

(v)            Tender
Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer
for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange
Act), and the value (determined as of the Expiration Time by the Board of Directors) of the cash and other consideration paid per share
of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per share of Common Stock on the Trading Day immediately
after the last date (the “Expiration Date”) on which tenders or exchanges may be made pursuant to such tender or exchange
offer (as it may be amended), then the Conversion Rate will be increased based on the following formula:

 

 

where:

 

		CR0	= 	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation
Period for such tender or exchange offer;

 

		CR1	=	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer
Valuation Period;

 

		AC	=	the aggregate value (determined as of the time (the “Expiration Time”) such tender
or exchange offer expires by the Board of Directors) of all cash and other consideration paid or payable for shares of Common Stock purchased
or exchanged in such tender or exchange offer;

 

		OS0	=	the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common
Stock accepted for purchase or exchange in such tender or exchange offer);

 

		OS1	=  	the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted
for purchase or exchange in such tender or exchange offer); and

 

		SP	= 	the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the
 “Tender/Exchange Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the Expiration
Date;

 

    	 	- 67 -	 

     

    

 

provided, however, that
the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(B)(v), except to the extent provided in
the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(B)(v), if the Conversion
Date for a Note to be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange offer, then, solely
for purposes of determining the Conversion Consideration for such conversion, such Tender/Exchange Offer Valuation Period will be deemed
to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately after the Expiration Date to,
and including, such Conversion Date.

 

To the extent such tender or exchange
offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange
offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the
Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only
the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer.

 

(C)            No
Adjustments in Certain Cases.

 

(i)            Where
Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A),
the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment
pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(B)(i) or
a tender or exchange offer of the type set forth in Section 5.05(B)(v)) if each Holder participates, at the same time and
on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having
to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the
Conversion Rate in effect on the related Record Date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held
by such Holder on such date.

 

(ii)            Certain
Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07.
Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of:

 

(1)            except
as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the market
price per share of Common Stock or less than the Conversion Price;

 

(2)            the
issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or interest
payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan;

 

(3)            the
issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock pursuant to any present or future employee,
director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries;

 

    	 	- 68 -	 

     

    

 

(4)            the
issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding
as of the Issue Date;

 

(5)            solely
a change in the par value of the Common Stock; or

 

(6)            accrued
and unpaid interest on the Notes.

 

(D)           If
an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less than one percent
(1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company may, at its election,
defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest of the following:
(i) when all such deferred adjustments would result in an aggregate change of at least one percent (1%) to the Conversion Rate; (ii) the
Conversion Date of any Note; (iii) the effective date of a Fundamental Change or a Make-Whole Fundamental Change Effective Date and
(iv) the date the Company calls any Notes for Redemption.

 

(E)           Adjustments
Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if:

 

(i)            a
Note is to be converted;

 

(ii)           the
Record Date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has
occurred on or before the Conversion Date for such conversion, but an adjustment to the Conversion Rate for such event has not yet become
effective as of such Conversion Date;

 

(iii)          the
Conversion Consideration due upon such conversion includes any whole shares of Common Stock; and

 

(iv)          such
shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise),

 

then, solely for purposes of such conversion,
the Company will, without duplication, give effect to such adjustment on such Conversion Date. In such case, if the date on which the
Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such
adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after
such first date.

 

(F)            Conversion
Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary in
this Indenture or the Notes, if:

 

(i)            a
Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A);

 

    	 	- 69 -	 

     

    

 

(ii)            a
Note is to be converted;

 

(iii)          the
Conversion Date for such conversion occurs on or after such Ex-Dividend Date and on or before the related Record Date;

 

(iv)          the
Conversion Consideration due upon such conversion includes any whole shares of Common Stock based on a Conversion Rate that is adjusted
for such dividend or distribution; and

 

(v)           such
shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)),

 

then (x) such Conversion Rate adjustment
will not be given effect for such conversion; (y) the shares of Common Stock issuable upon such conversion based on such unadjusted
Conversion Rate will not be entitled to participate in such dividend or distribution; and (z) there will be added, to the Conversion
Consideration otherwise due upon such conversion, the same kind and amount of consideration that would have been delivered in such dividend
or distribution with respect to such shares of Common Stock had such shares been entitled to participate in such dividend or distribution.

 

(G)           Stockholder
Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion, the
Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently
with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in
such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case,
the Conversion Rate will be adjusted pursuant to Section 5.05(B)(iii)(1) on account of such separation as if, at the
time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common
Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(B)(iii)(1).

 

(H)           Limitation
on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event
that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount
that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock.

 

(I)            Equitable
Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices or
the Daily VWAPs, over a span of multiple days (including to calculate the Stock Price or an adjustment to the Conversion Rate), the Company
will make appropriate adjustments to such calculations to account for any adjustment to the Conversion Rate that becomes effective, or
any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date or Expiration Date, as applicable,
of such event occurs, at any time during the period when the Last Reported Sale Prices or the Daily VWAPs are to be calculated.

 

(J)            Calculation
of Number of Outstanding Shares of Common Stock. For purposes of Section 5.05(A), the number of shares of Common Stock
outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of
Common Stock; and (ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend
or makes any distribution on shares of Common Stock held in its treasury).

 

    	 	- 70 -	 

     

    

 

(K)          Calculations.
All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common
Stock (with 5/100,000ths rounded upward).

 

(L)           Notice
of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A),
the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of
the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after
such adjustment; and (iii) the effective time of such adjustment.

 

Section 5.06.        Voluntary
Adjustments.

 

(A)          Generally.
To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) increase
the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest
of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common
Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such
increase is in effect for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period.

 

(B)           Notice
of Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A),
then, at least fifteen (15) Business Days before such increase, the Company will send notice to each Holder, the Trustee and the Conversion
Agent of such increase, the amount thereof and the period during which such increase will be in effect.

 

Section 5.07.        Adjustments
to the Conversion Rate in Connection with a Make-Whole Fundamental Change.

 

(A)          Generally.
If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole Fundamental
Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased
by a number of shares (the “Additional Shares”) set forth in the table below corresponding (after interpolation as
provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole
Fundamental Change:

 

	 	 	Stock Price	 
	Make-Whole 

Fundamental 

Change Effective

 Date	 	$10.00	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[closing date]  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[ l ]  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[ l ]  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[ l ]  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[ l ]  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[maturity date]  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	- 71 -	 

     

    

 

If such Make-Whole Fundamental
Change Effective Date or Stock Price is not set forth in the table above, then:

 

(i)            if
such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between two dates
in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional
Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates in the table above, based on
a 365- or 366-day year, as applicable; and

 

(ii)            if
the Stock Price is greater than $[maximum Stock Price in make-whole table] (subject to adjustment in the same manner as the Stock
Prices set forth in the column headings of the table above are adjusted pursuant to Section 5.07(B)), or less than $10.00
(subject to adjustment in the same manner), per share, then no Additional Shares will be added to the Conversion Rate.

 

Notwithstanding anything to
the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds [initial maximum
Conversion Rate] shares of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner
as, and at the same time and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A).

 

For the avoidance of doubt,
but subject to Section 4.03(J), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change
only with respect to the Notes called for Provisional Redemption pursuant to such Redemption Notice, and not with respect to any other
Notes; and (y) the Conversion Rate applicable to the Notes not so called for Provisional Redemption will not be subject to increase
pursuant to this Section 5.07 on account of such Redemption Notice.

 

(B)            Adjustment
of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the table
set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for
which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares
in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same
events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A).

 

(C)            Notice
of the Occurrence of a Make-Whole Fundamental Change. If a Make-Whole Fundamental Change occurs pursuant to clause (A) of
the definition thereof, then, promptly and in no event later than the Business Day immediately after the Make-Whole Fundamental Change
Effective Date of such Make-Whole Fundamental Change, the Company will notify the Holders of the occurrence of such Make-Whole Fundamental
Change and of such Make-Whole Fundamental Change Effective Date, briefly stating the circumstances under which the Conversion Rate will
be increased pursuant to this Section 5.07 in connection with such Make-Whole Fundamental Change. The Company will notify
the Holders, the Trustee and the Conversion Agent of each Make-Whole Fundamental Change occurring pursuant to clause (B) of
the definition thereof in accordance with Section 4.03(G).

 

    	 	- 72 -	 

     

    

 

Section 5.08.       Exchange
in Lieu of Conversion.

 

Notwithstanding anything to
the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted for conversion,
the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company.
To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and the Conversion Agent
before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such
election, then:

 

(A)          no
later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to deliver)
such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions,
if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion Consideration in the manner
and at the time the Company would have had to deliver the same pursuant to this Article 5;

 

(B)           if
such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to
the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder’s
custodian with the Depositary to confirm receipt of the same; and

 

(C)           such
Note will not cease to be outstanding by reason of such exchange in lieu of conversion;

 

provided, however, that if such
financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible
for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had
not elected to make an exchange in lieu of conversion.

 

Section 5.09.         Effect
of Common Stock Change Event.

 

(A)          Generally.
If there occurs any:

 

(i)            recapitalization,
reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the
Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits
and stock combinations that do not involve the issuance of any other series or class of securities);

 

    	 	- 73 -	 

     

    

 

(ii)            consolidation,
merger, combination or binding or statutory share exchange involving the Company;

 

(iii)            sale,
lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person,
other than transfers to, from, between or among the Company and/or one or more Wholly Owned Subsidiaries that has provided a guarantee
of the Company’s obligations in respect of this Indenture and the Notes; or

 

(iv)          other
similar event,

 

and, as a result of which, the Common Stock is
converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination
of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference
Property,” and the amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled
to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional
portion of any security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary
in this Indenture or the Notes,

 

(1)            from
and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note,
will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 5 (or in
any related definitions) were instead a reference to the same number of Reference Property Units; (II) for purposes of Section 4.03(B),
each reference to any number of shares of Common Stock in such Section (or in any related definitions) will instead be deemed to
be a reference to the same number of Reference Property Units; (III) for purposes of the definition of “Record Date,”
the term “Common Stock” will be deemed to refer to any class of securities forming part of such Reference Property; and (IV) for
purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common
Stock” and the Company’s “Common Equity” will be deemed to refer to the Common Equity (including depositary receipts
representing Common Equity), if any, forming part of such Reference Property;

 

(2)            if
such Reference Property Unit consists entirely of cash, then the Company will pay the cash due in respect of all conversions whose Conversion
Date occurs on or after the effective date of such Common Stock Change Event no later than the second (2nd) Business Day after
the relevant Conversion Date; and

 

(3)            for
these purposes, the Last Reported Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities
will be the fair value of such Reference Property Unit or portion thereof, as applicable, determined in good faith and in a commercially
reasonable manner by the Board of Directors of the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof).

 

    	 	- 74 -	 

     

    

 

If the Reference Property
consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition
of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received,
per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent of such
weighted average as soon as practicable after such determination is made.

 

At or before the effective
time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common
Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant
to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set
forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in
a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company reasonably
determines are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A).
If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor
Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional
provisions, if any, that the Company reasonably determines are appropriate to protect the interests of the Holders.

 

(B)           Notice
of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event to Holders, the Trustee and the Conversion
Agent no later than the second (2nd) Business Day after the effective date of such Common Stock Change Event.

 

(C)           Compliance
Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09.

 

Article 6.       Successors

 

Section 6.01.        When
the Company May Merge, Etc.

 

(A)          Generally.
The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell,
lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of the
Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination Event”), unless:

 

(i)            the
resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a corporation (the “Successor
Corporation”) duly organized and existing under the laws of the United States of America, any State thereof or the District
of Columbia that expressly assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination
Event, a supplemental indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and
the Notes; and

 

(ii)            immediately
after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing.

 

    	 	- 75 -	 

     

    

 

(B)            Delivery
of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination Event,
the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business
Combination Event (and, if applicable, the related supplemental indenture) complies with Section 6.01(A); and (ii) all
conditions precedent to such Business Combination Event provided in this Indenture have been satisfied.

 

Section 6.02.        Successor
Corporation Substituted.

 

At the effective time of any
Business Combination Event that complies with Section 6.01, the Successor Corporation will succeed to, and may exercise every
right and power of, the Company under this Indenture and the Notes with the same effect as if such Successor Corporation had been named
as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company will be discharged from its
obligations under this Indenture and the Notes.

 

Section 6.03.         Exclusion
for Certain Asset Transfers.

 

Notwithstanding anything to
the contrary in this Article 6, this Article 6 will not apply to any transfer of assets between or among the Company
and any one or more of its Wholly Owned Subsidiaries that has provided a guarantee of the Company’s obligations in respect of this
Indenture and the Notes and that is not effected by merger or consolidation.

 

Article 7.       Defaults
and Remedies

 

Section 7.01.        Events
of Default.

 

(A)           Definition
of Events of Default. “Event of Default” means the occurrence of any of the following:

 

(i)            a
default in the payment when due (whether at maturity, upon Redemption or upon Repurchase Upon Fundamental Change or otherwise) of the
principal of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note;

 

(ii)           a
default for thirty (30) consecutive days in (x) the payment of interest and/or (y) the issuance of PIK Notes when due on any
Note;

 

(iii)          the
Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.07(C),
if such failure is not cured within three (3) Business Days after its occurrence;

 

(iv)          a
default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion
right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence;

 

(v)           a
default in the Company’s obligations under Article 6;

 

    	 	- 76 -	 

     

    

 

(vi)          a
default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default set forth in clause
(i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default is not
cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders of at
least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default, demand
that it be remedied and state that such notice is a “Notice of Default”;

 

(vii)         a
default by the Company or any of the Company’s Subsidiaries with respect to any one or more mortgages, agreements or other instruments
under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed (other than Non-Recourse
Debt) of at least one million dollars ($1,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of the
Company’s Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default:

 

(1)            constitutes
a failure to pay the principal of or interest on such indebtedness when due and payable at its stated maturity or payment date, as applicable,
upon required repurchase, upon declaration of acceleration or otherwise, in each case after the expiration of any applicable grace period;
or

 

(2)            results
in such indebtedness becoming or being declared due and payable before its stated maturity,

 

(3)            in
each case where such default is not cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company
and the Trustee by Holders of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding;

 

(viii)         the
Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either:

 

(1)            commences
a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company or any such Significant
Subsidiary;

 

(2)            consents
to the entry of an order for any such relief under clause (1) above against it in an involuntary case or proceeding;

 

(3)            consents
to the appointment of a custodian of it or for any substantial part of its property in such case or proceeding described under clause
(1) or clause (2) above;

 

(4)            makes
a general assignment for the benefit of its creditors;

 

(5)            takes
any comparable action to clauses (1) to (4) above under any applicable foreign Bankruptcy Law; or

 

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(6)            generally
is not paying its debts as they become due; or

 

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

 

(1)            is
for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding seeking liquidation, reorganization
or other relief with respect to the Company or any such Significant Subsidiary;

 

(2)            appoints
a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the Company or any of
its Significant Subsidiaries;

 

(3)            orders
the winding up or liquidation of the Company or any of its Significant Subsidiaries; or

 

(4)            grants
any similar relief under any foreign Bankruptcy Law,

 

and, in each case under this Section 7.01(A)(ix),
such order or decree remains unstayed and in effect for at least sixty (60) days.

 

(B)            Cause
Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the
cause thereof or whether voluntary or involuntary or 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.

 

Section 7.02.       Acceleration.

 

(A)            Automatic
Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) occurs
with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and
all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action
or notice by any Person.

 

(B)            Optional
Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or
7.01(A)(ix) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and
is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal
amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid
interest on, all of the Notes then outstanding to become due and payable immediately.

 

(C)            Rescission
of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal
amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration
of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction;
and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely
because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent
thereto.

 

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Section 7.03.        Sole
Remedy for a Failure to Report.

 

(A)          Generally.
Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event of
Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s
failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting
Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company
has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of
the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day on which
a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when
due; and (ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty first (181st)
calendar day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)).

 

(B)           Amount
and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be
payable on the same dates and in the same manner as the PIK Interest on such Note and will accrue at a rate per annum equal to one half
of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest payable
at the Company’s election for its failure to comply with its reporting obligations as set forth in Section 3.02(A),
together with any Additional Interest that may accrue as a result of the Company’s failure to timely file any document or report
that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (other than reports
on Form 8-K) pursuant to Section 3.04(A), accrue on any day on a Note at a combined rate per quarter that exceeds one
percent (1.00%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the Stated Interest that
accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any Additional Interest that accrues
on such Note.

 

(C)           Notice
of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders and the Trustee before
the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the report(s) that the Company
failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such Reporting Event of Default consist
of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate at which Special Interest will
accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting Event of Default.

 

(D)           Notice
to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business
Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee
and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and
(ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether
any Special Interest is payable or the amount thereof.

 

    	 	- 79 -	 

     

    

 

(E)           No
Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default
will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event
of Default.

 

Section 7.04.        Other
Remedies.

 

(A)          Trustee
May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to
collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or
the Notes.

 

(B)           Procedural
Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not
impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the
extent permitted by law.

 

Section 7.05.        Waiver
of Past Defaults.

 

An Event of Default pursuant
to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause
(vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and
a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default
or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then
outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be
cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or
other Default or Event of Default or impair any right arising therefrom.

 

Section 7.06.        Control
by Majority.

 

Holders of a majority in aggregate
principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial
to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction.

 

Section 7.07.        Limitation
on Suits.

 

No Holder may pursue any remedy
with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price
or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes
pursuant to Article 5), unless:

 

    	 	- 80 -	 

     

    

 

(A)          such
Holder has previously delivered to the Trustee notice that an Event of Default is continuing;

 

(B)              Holders
of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee
to pursue such remedy;

 

(C)            such
Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any loss,
liability or expense to the Trustee that may result from the Trustee’s following such request;

 

(D)            the
Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security
or indemnity; and

 

(E)            during
such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver
to the Trustee a direction that is inconsistent with such request.

 

A Holder of a Note may not
use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will
have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence.

 

Section 7.08.         Absolute
Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration.

 

Notwithstanding anything to
the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring
suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental Change
Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such
Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without
the consent of such Holder.

 

Section 7.09.       Collection
Suit by Trustee.

 

The Trustee will have the
right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of
Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total
unpaid or undelivered principal of, or Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration
due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on
any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided
for in Section 10.06.

 

    	 	- 81 -	 

     

    

 

Section 7.10.       Trustee
May File Proofs of Claim.

 

The Trustee has the right
to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors
or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder
authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements
and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06.
To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such
proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive
in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture
will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

Section 7.11.       Priorities.

 

The Trustee will pay or deliver
in the following order any money or other property that it collects pursuant to this Article 7:

 

First: to
the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to
Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price or Fundamental Change
Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference
or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and

 

Third: to
the Company or such other Person as a court of competent jurisdiction directs.

 

The Trustee may fix a record
date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case the Trustee
will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder
and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable.

 

Section 7.12.       Undertaking
for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as Trustee,
a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such
suit; and (B) assess reasonable costs (including reasonable attorneys’ fees) against any litigant party in such suit, having
due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this
Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit
by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding.

 

    	 	- 82 -	 

     

    

  

Article 8.     Amendments,
Supplements and Waivers

 

Section 8.01.       Without
the Consent of Holders.

 

Notwithstanding anything to
the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without the
consent of any Holder to:

 

(A)          cure
any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes as set forth in an officer’s certificate;
provided, that any such cure and/or correction is not adverse to any Holder;

 

(B)           add
guarantees with respect to the Company’s obligations under this Indenture or the Notes;

 

(C)           secure
the Notes;

 

(D)          add
to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the
Company;

 

(E)           provide
for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6;

 

(F)           enter
into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event;

 

(G)           evidence
or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee;

 

(H)          [reserved];

 

(I)            provide
for or confirm the issuance of additional Notes pursuant to Section 2.03(B);

 

(J)            comply
with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture
Act, as then in effect; or

 

(K)          make
any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely
affect the rights of the Holders, as such, in any respect.

 

    	 	- 83 -	 

     

    

 

Section 8.02.       With
the Consent of Holders.

 

(A)            Generally.
Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may,
with the consent of all the Holders (in respect of clauses (i), (ii) and (iii) below) and otherwise of Holders of 75% in aggregate
principal amount of the Notes then outstanding (excluding any Notes held by the Company or an Affiliate thereof), amend or supplement
this Indenture or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to the contrary
in the foregoing sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement
to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may:

 

(i)            reduce
the principal, or change the stated maturity, of any Note;

 

(ii)           reduce
the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times at which, or the circumstances under which,
the Notes may or will be redeemed or repurchased by the Company;

 

(iii)          reduce
the rate, or extend the time for the payment, of interest on any Note;

 

(iv)         make
any change that adversely affects the conversion rights of any Note;

 

(v)          impair
the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date);

 

(vi)         (1) subordinate
any of the Notes owed to the Holders in right of payment or (2) subordinate any of the Liens securing the Notes owed to the Holders;

 

(vii)         make
any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note;

 

(viii)        reduce
the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification;

 

(ix)          release
all or substantially all of the Collateral under the Collateral Agreements or a release of all or substantially all of the value of the
Guarantees (except as expressly permitted by this Indenture); or

 

(x)           make
any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires
the consent of each affected Holder.

 

For the avoidance of doubt,
pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment
or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type
of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity
Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable,
without the consent of each affected Holder.

 

(B)            Holders
Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need
approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver.

 

(C)            Consent
Fees. The Company will not pay or provide, cause to be paid or provided, any consideration to or for the benefit of any Holder for
or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration
is offered to be paid or provided and is paid or provided (or, in the case of an opportunity, such opportunity is provided) to all Holders
that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment.
The Company acknowledges that a Holder from which the Company seeks any consent, waiver or amendment of any of the terms or provisions
of this Indenture or the Notes may condition such consent, waiver or amendment on the reimbursement by the Company of reasonable and documented
out-of-pocket expenses of the Holder in connection therewith.

 

    	 	- 84 -	 

     

    

 

Section 8.03.        Notice
of Amendments, Supplements and Waivers.

 

As soon as reasonably practicable
after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02 becomes effective, the Company will send
to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail
and (B) states the effective date thereof; provided, however, that the Company will not be required to provide such
notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within
four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair
or affect the validity of such amendment, supplement or waiver.

 

Section 8.04.         Revocation,
Effect and Solicitation of Consents; Special Record Dates; Etc.

 

(A)            Revocation
and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent
of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s
Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent
with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes
effective.

 

(B)            Special
Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent
or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date
is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record
date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such
action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such
consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date.

 

(C)            Solicitation
of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to
include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes.

 

(D)            Effectiveness
and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance
with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of
such Note (or such portion).

 

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Section 8.05.         Notations
and Exchanges.

 

If any amendment, supplement
or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder of such Note to deliver
such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note
to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to
make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of
such amendment, supplement or waiver.

 

Section 8.06.         Trustee
to Execute Supplemental Indentures.

 

The Trustee will execute and
deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that
the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that
the Trustee concludes adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental
indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in
relying on, an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment
or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment
or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms.

 

Section 8.07.         Determinations
by Affiliates of the Company.

 

Notwithstanding anything to
the contrary in this Indenture, for purposes of this Indenture (including, for the avoidance of doubt, Section 7.02(C) and
this Article 8) should any Notes (or beneficial interests therein) be owned by the Company or any of its Affiliates, then
any vote, consent or notice participated in or sent by Holders shall exclude, and any determination of the “majority” in aggregate
principal amount of the Notes then outstanding shall exclude, the vote, consent or notice relating to each such Person; provided
that if such Persons own all of the Notes (or beneficial interests therein), then such Persons shall not be excluded from any such vote,
consent, notice or determination.

 

Article 9.     Satisfaction
and Discharge

 

Section 9.01.         Termination
of Company’s Obligations.

 

This Indenture will be discharged,
and will cease to be of further effect as to all Notes issued under this Indenture, when:

 

(A)            all
Notes then outstanding (other than Notes replaced pursuant to Section 2.13) have (i) been delivered to the Trustee for
cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date,
upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed;

 

    	 	- 86 -	 

     

    

 

(B)            the
Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration,
the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash
(or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes
then outstanding (other than Notes replaced pursuant to Section 2.13);

 

(C)            the
Company has paid all other amounts payable by it under this Indenture; and

 

(D)            the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions precedent
to the discharge of this Indenture have been satisfied;

 

provided, however, that Article 10
and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.15 and the obligations
of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them will survive such
discharge.

 

At the Company’s request,
the Trustee will acknowledge the satisfaction and discharge of this Indenture.

 

Section 9.02.         Repayment
to Company.

 

Subject to applicable unclaimed
property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company’s
request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery
on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to
the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such
cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration
or other property must look to the Company for payment as a general creditor of the Company.

 

Section 9.03.         Reinstatement.

 

If the Trustee, the Paying
Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because
of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits
such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however,
that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will
be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the
Trustee, the Paying Agent or the Conversion Agent, as applicable.

 

    	 	- 87 -	 

     

    

 

Article 10.     Trustee

 

Section 10.01.       Duties
of the Trustee.

 

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

 

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

 

(i)            the
duties of the Trustee will be determined solely by the express provisions of this Indenture, and the Trustee need perform only those duties
that are specifically set forth in this Indenture and no others, and no implied covenants or obligations will be read into this Indenture
against the Trustee; and

 

(ii)            in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee
and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether
or not they conform to the requirements of this Indenture.

 

(C)            The
Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that:

 

(i)            this
paragraph will not limit the effect of Section 10.01(B);

 

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

 

(iii)          the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 7.06.

 

(D)            Each
provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of
this Section 10.01, regardless of whether such provision so expressly provides.

 

(E)            No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.

 

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

 

(G)            Whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection
to, the Trustee will be subject to the provisions of this Section 10.01.

 

(H)            The
permissive rights of the Trustee enumerated herein will not be construed as duties.

 

    	 	- 88 -	 

     

    

 

(I)            The
Trustee will not be required to give any bond or surety in respect of the execution of this Indenture or otherwise.

  

(J)            Unless
a Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company
has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is
payable.

 

(K)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to,
and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent.

 

(L)            The
Trustee will not be charged with knowledge of any document or agreement other than this Indenture and the Notes.

 

Section 10.02.       Rights
of the Trustee.

 

(A)            The
Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the Trustee
need not investigate any fact or matter stated in such document.

 

(B)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.
The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete
authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability.

 

(C)            The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any such agent appointed
with due care.

 

(D)            The
Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the
rights or powers vested in it by this Indenture.

 

(E)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed
by an Officer of the Company.

 

(F)            The
Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder
has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in
complying with such request or direction.

 

(G)            The
Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage (including lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

    	 	- 89 -	 

     

    

 

Section 10.03.       Individual
Rights of the Trustee.

 

The Trustee, in its individual
or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with
the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting
interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within
ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03.

 

Section 10.04.       Trustee’s
Disclaimer.

 

The Trustee will not be (A) responsible
for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company’s
use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this
Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible
for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other
than the Trustee’s certificate of authentication.

 

Section 10.05.       Notice
of Defaults.

 

If a Default or Event of Default
occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send Holders a notice of such Default
or Event of Default within ninety (90) days after it occurs or, if it is not known to the Trustee at such time, promptly (and in any event
within ten (10) Business Days) after it becomes known to a Responsible Officer thereof; provided, however, that, except
in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, or a default in the payment
or delivery of the Conversion Consideration due upon conversion, the Trustee may withhold such notice if and for so long as it in good
faith determines that withholding such notice is in the interests of the Holders. The Trustee will not be deemed to have notice or be
charged with knowledge of any Default or Event of Default unless written notice thereof has been received by a Responsible Officer thereof,
and such notice references the Notes and this Indenture and states on its face that a Default or Event of Default has occurred.

 

Section 10.06.       Compensation
and Indemnity.

 

(A)            The
Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this
Indenture, as separately agreed by the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation
of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the
reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

(B)            The
Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 10.06) and defending itself against any claim (whether asserted by the Company,
any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties under this
Indenture, except to the extent any such loss, liability or expense is attributable to its negligence, bad faith or willful misconduct,
as determined by a final decision of a court of competent jurisdiction. The Trustee will promptly notify the Company of any claim for
which it may seek indemnity, but the Trustee’s failure to so notify the Company will not relieve the Company of its obligations
under this Section 10.06(B), except to the extent the Company is materially prejudiced by such failure. The Company will defend
such claim, and the Trustee will cooperate in such defense. If the Trustee is advised by counsel that it may have defenses available to
it that are in conflict with the defenses available to the Company, or that there is an actual or potential conflict of interest, then
the Trustee may retain separate counsel, and the Company will pay the reasonable fees and expenses of such counsel (including the reasonable
fees and expenses of counsel to the Trustee incurred in evaluating whether such a conflict exists). The Company need not pay for any settlement
of any such claim made without its consent, which consent will not be unreasonably withheld.

 

    	 	- 90 -	 

     

    

 

(C)            The
obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge
of this Indenture.

 

(D)            To
secure the Company’s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all
money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which
lien will survive the discharge of this Indenture.

 

(E)            If
the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (viii) or (ix) of
Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of
its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 10.07.       Replacement
of the Trustee.

 

(A)            Notwithstanding
anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor
Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07.

 

(B)            The
Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of
a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company
in writing. The Company may remove the Trustee if:

 

(i)            the
Trustee fails to comply with Section 10.09;

 

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

 

(iii)            a
custodian or public officer takes charge of the Trustee or its property; or

 

(iv)            the
Trustee becomes incapable of acting.

 

    	 	- 91 -	 

     

    

 

(C)            If
the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will
promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the
Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor
Trustee appointed by the Company.

  

(D)            If
a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee,
the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

(E)            If
the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

(F)            A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the
resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon
payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee,
which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D).

 

Section 10.08.       Successor
Trustee by Merger, Etc.

 

If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, then such corporation
will become the successor Trustee without any further act.

 

Section 10.09.       Eligibility;
Disqualification.

 

There will at all times be
a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent
published annual report of condition.

 

    	 	- 92 -	 

     

    

 

Article 11.     Miscellaneous

 

Section 11.01.       Notices.

 

Any notice or communication
by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in person or by first class
mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured
electronic communication or overnight air courier guaranteeing next day delivery, or to the other’s address, which initially is
as follows:

 

If to the Company:

 

Marti Technologies Inc.

Maslak Noramin Is Merkezi

Buyukdere Caddesi No 237

Maslak/İstanbul, Turkey

Attention: Alper Öktem, CEO

Email: Alper@marti.tech

 

If to the Trustee:

 

[Trustee]

[ l ]

 

The Company or the Trustee,
by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent
notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered;
(B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged,
if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

The Trustee shall not have
any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail,
facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed
by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and
digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be
deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic
methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication,
and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole
discretion require that an original document bearing a manual signature the Trustee in lieu of, or in addition to, any such electronic
communication.

 

All notices or communications
required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing
if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery,
to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note shall
instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given in writing).
The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect its sufficiency
with respect to any other Holder.

 

    	 	- 93 -	 

     

    

 

If the Trustee is then acting
as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause
any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request
is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before
the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate
or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant
to any such Company Order.

 

If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the
addressee receives it.

 

Notwithstanding anything to
the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another
party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever
any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same
Person acting in different capacities, then only one such notice need be sent to such Person.

 

Section 11.02.       Delivery
of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of Notes under this Indenture),
the Company will furnish to the Trustee:

 

(A)            an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03
and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture
relating to such action have been satisfied; and

 

(B)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states
that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied.

 

Section 11.03.       Statements
Required in Officer’s Certificate and Opinion of Counsel.

 

Each Officer’s Certificate
(other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with
a covenant or condition provided for in this Indenture will include:

 

(A)            a
statement that the signatory thereto has read such covenant or condition;

 

(B)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein
are based;

 

    	 	- 94 -	 

     

    

 

(C)            a
statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is necessary to enable him,
her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(D)            a
statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied.

 

Section 11.04.       Rules by
the Trustee, the Registrar, the Paying Agent and Conversion Agent.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and
set reasonable requirements for its functions.

 

Section 11.05.       No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No past, present or future
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company
under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting
any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of
the Notes.

 

Section 11.06.       Governing
Law; Waiver of Jury Trial.

 

THIS INDENTURE AND THE NOTES,
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED BY THIS INDENTURE OR THE NOTES.

 

Section 11.07.       Submission
to Jurisdiction.

 

Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal
courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in
the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01
will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the Trustee
and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit,
action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such
suit, action or other proceeding has been brought in an inconvenient forum.

 

    	 	- 95 -	 

     

    

 

Section 11.08.       No
Adverse Interpretation of Other Agreements.

 

Neither this Indenture nor
the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other
Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes.

 

Section 11.09.       Successors.

 

All agreements of the Company
in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors.

 

Section 11.10.       Force
Majeure.

 

The Trustee and each Note
Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility under this Indenture
or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation
or governmental authority, act of God or war, civil unrest, local or national disturbance or disaster, act of terrorism or unavailability
of the Federal Reserve Bank wire or facsimile or other wire or communication facility).

 

Section 11.11.       U.S.A.
PATRIOT Act.

 

The Company acknowledges that,
in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, 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. The Company agrees to provide the Trustee with such information
as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act.

 

Section 11.12.       Calculations.

 

Except as otherwise provided
in this Indenture, the Company will be responsible for making all calculations called for under this Indenture or the Notes, including
determinations of the Last Reported Sale Price, accrued interest on the Notes, any Additional Interest or Special Interest on the Notes
and the Conversion Rate. The Trustee shall not be responsible for verifying such calculations.

 

The Company will make all
calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide
a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively
on the accuracy of the Company’s calculations without independent verification. The Trustee will promptly forward a copy of each
such schedule to a Holder upon its written request therefor, at the cost and expense of the Company.

 

Section 11.13.       Severability.

 

If any provision of this Indenture
or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions of this
Indenture or the Notes will not in any way be affected or impaired thereby.

 

    	 	- 96 -	 

     

    

 

Section 11.14.       Counterparts.

 

The parties may sign any number
of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same agreement. Delivery of
an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective
as delivery of a manually executed counterpart.

 

Section 11.15.       Table
of Contents, Headings, Etc.

 

The table of contents and
the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture.

 

Section 11.16.       Withholding
Taxes.

 

Each Holder of a Note agrees,
and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to agree, that if the Company
or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or a beneficial owner as a
result of an adjustment or the non-occurrence of an adjustment to the Conversion Rate, then the Company or such withholding agent, as
applicable, may, at its option, set off such payments against payments of cash or the delivery of other Conversion Consideration on such
Note, any payments on the Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial owner
of such Note.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

    	 	- 97 -	 

     

    

 

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

 

	 	[Marti
    Technologies Inc.]
	 	 
	 	By:	                     
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	[TRUSTEE]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Indenture]

 

     

     

    

 

Exhibit A

 

FORM OF NOTE

 

[Insert Global Note Legend, if applicable]

 

[Insert Restricted Note Legend, if applicable]

 

[Marti
Technologies Inc.]

 

12.00% Convertible Senior Note due [maturity
year]

 

	CUSIP No.:	[___]	 	Certificate No. [___]

 

	ISIN No.:	[___]	 	 

 

[Marti Technologies Inc.],
a Cayman Islands exempted company, for value received, promises to pay to [Cede & Co.], or its registered assigns, the principal
sum of [___] dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)]*
on [maturity date] and to pay interest thereon, as provided in the Indenture referred to below, until the principal and all accrued
and unpaid interest are paid or duly provided for.

 

	Interest Payment Dates:	[Interest Payment Date #1] and [Interest Payment Date
#2] of each year (or, if such day is not a Business Day, the next succeeding Business Day), commencing on [the 15th
of the month 6 months following the Issue Date].

 

	Regular Record Dates:	[the 1st of the same month as Interest Payment
Date #1] and [the 1st of the same month as Interest Payment Date #2] (whether or not a Business Day).

 

Additional provisions of this
Note are set forth on the other side of this Note.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

 

 * Insert bracketed language
for Global Notes only.

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF, [Marti Technologies
Inc.] has caused this instrument to be duly executed as of the date set forth below.

 

	 	 	 	[Marti
    Technologies Inc.]
	 	 	 	 
	Date:	 	 	By:	 
	 	 	 	 	Name:
	 	 	 	 	Title:

 

    	 	A-3	 

     

    

  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

[Trustee], as Trustee, certifies that this
is one of the Notes referred to in the within-mentioned Indenture.

	 	 	 
	Date:	 	 	By:	 
		 	Authorized Signatory

 

    	 	A-4	 

     

    

 

[Marti
Technologies Inc.]

 

12.00% Convertible Senior Note due [maturity
year]

 

THE FOLLOWING INFORMATION IS PROVIDED PURSUANT
TO TREAS. REG. SECTION 1.1275-3: THIS DEBT INSTRUMENT IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE CHIEF FINANCIAL OFFICER OF THE
ISSUER, AS A REPRESENTATIVE OF THE ISSUER, WILL MAKE AVAILABLE ON REQUEST TO THE HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: ISSUE
PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, AND YIELD. THE ADDRESS OF THE CHIEF FINANCIAL OFFICER OF THE ISSUER IS MASLAK
MAH. BÜYÜKDERE CAD. NORAMIN İŞ MERKEZI 237/5 SARIYER, ISTANBUL, TURKEY.

 

This Note is one of a duly
authorized issue of notes of [Marti Technologies Inc.], a Cayman Islands exempted company (the “Company”), designated
as its 12.00% Convertible Senior Notes due [maturity year] (the “Notes”), all issued or to be issued pursuant
to an indenture, dated as of [closing date] (as the same may be amended from time to time, the “Indenture”),
between the Company and [Trustee], as trustee. Capitalized terms used in this Note without definition have the respective meanings
ascribed to them in the Indenture.

 

The Indenture sets forth the
rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding anything to the contrary
in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture
will control.

 

1.            Interest.
This Note will accrue interest at a rate and in the manner set forth in Section 2.05 of the Indenture. Stated Interest on this Note
will begin to accrue from, and including, [date].

 

2.            Maturity.
This Note will mature on [maturity date], unless earlier repurchased, redeemed or converted.

 

3.            Method
of Payment. Cash amounts due on this Note will be paid in the manner set forth in Section 2.04 of the Indenture.

 

4.            Persons
Deemed Owners. The Holder of this Note will be treated as the owner of this Note for all purposes.

 

5.            Denominations;
Transfers and Exchanges. All Notes will be in registered form, without coupons, in principal amounts equal to any Authorized Denominations.
Subject to the terms of the Indenture, the Holder of this Note may transfer or exchange this Note by presenting it to the Registrar and
delivering any required documentation or other materials.

 

6.            Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. If a Fundamental Change occurs, then each Holder
will have the right to require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination)
for cash in the manner, and subject to the terms, set forth in Section 4.02 of the Indenture.

 

    	 	A-5	 

     

    

 

7.            Right
of the Company to Redeem the Notes. The Company will have the right to redeem the Notes for cash in the manner, and subject to the
terms, set forth in Section 4.03 of the Indenture.

 

8.            Conversion.
The Holder of this Note may convert this Note into Conversion Consideration in the manner, and subject to the terms, set forth in Article 5
of the Indenture.

 

9.            When
the Company May Merge, Etc. Article 6 of the Indenture places limited restrictions on the Company’s ability to be
a party to a Business Combination Event.

 

10.            Defaults
and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes
then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms,
set forth in Article 7 of the Indenture.

 

11.            Amendments,
Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any
provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of
the Indenture.

 

12.            No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator
or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or
for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives
and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.

 

13.            Authentication.
No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized
signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note.

 

14.            Abbreviations.
Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by
the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform
Gift to Minors Act).

 

15.            Governing
Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

* * *

 

    	 	A-6	 

     

    

 

To request a copy of the Indenture,
which the Company will provide to any Holder at no charge, please send a written request to the following address:

 

[Marti Technologies Inc.]

Maslak Noramin Is Merkezi

Buyukdere Caddesi No 237

Maslak/İstanbul, Turkey

Attention: Alper Öktem, CEO

Email: Alper@marti.tech

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE*

 

INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]

 

The following exchanges, transfers or cancellations
of this Global Note have been made:

 

	Date	 	 	Amount of Increase
 (Decrease) in 
 Principal Amount of 
 this Global Note	 	 	Principal Amount of 
 this Global Note
 After Such Increase 
 (Decrease)	 	 	Signature of 
 Authorized 
 Signatory of Trustee	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

		*	Insert for Global Notes only.

 

    	 	A-7	 

     

    

 

CONVERSION NOTICE

 

[Marti
Technologies Inc.]

 

12.00% Convertible Senior Notes due [maturity
year]

 

Subject to the terms of the Indenture, by executing
and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to convert (check one):

 

	 ̈	the entire principal amount of

 

	 ̈	$                     *aggregate
                                            principal amount of

 

the Note identified by CUSIP No.                      
and Certificate No.                      .

 

The undersigned acknowledges that if the Conversion
Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered
for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on
such Note to, but excluding, such Interest Payment Date.

 

	Date:	 	 	 
	 	 	 	 	(Legal Name of Holder)

 

	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	 	Signature Guaranteed:
	 	 	 
	 	 	Participant in a Recognized Signature
	 	 	Guarantee Medallion Program

 

	 	 	By:	 
	 	 	 	Authorized Signatory

 

 

 

	*	Must be an Authorized Denomination.

 

    	 	A-8	 

     

    

 

FUNDAMENTAL CHANGE REPURCHASE NOTICE

 

[Marti
Technologies Inc.]

 

12.00% Convertible Senior Notes due [maturity year]

 

Subject to the terms of the Indenture, by executing
and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Fundamental
Change Repurchase Right with respect to (check one):

 

	 ̈	the entire principal amount of

 

	 ̈	$                     *
                                            aggregate principal amount of

 

the Note identified by CUSIP No.                      
and Certificate No.                      .

 

The undersigned acknowledges that this Note, duly
endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid.

 

	Date:	 	 	 
	 	 	 	 	(Legal Name of Holder)

 

	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	 	Signature Guaranteed:
	 	 	 
	 	 	Participant in a Recognized Signature
	 	 	Guarantee Medallion Program

 

	 	 	By:	 
	 	 	 	Authorized Signatory

 

 

*   Must be an Authorized Denomination.

 

    	 	A-9	 

     

    

 

ASSIGNMENT FORM

 

[Marti
Technologies Inc.]

 

12.00% Convertible Senior Notes due [maturity year]

 

Subject to the terms of the Indenture, the undersigned
Holder of the Notes identified below assigns (check one):

 

	 ̈	the entire principal amount of

 

	 ̈	$                     
                                            *aggregate principal amount of

 

the Notes identified by CUSIP No.                      
and Certificate No.                      ,
and all rights thereunder, to:

 

		Name:	 

 

		Address:	 

 

		Social security or tax id. #:	 

 

	and irrevocably appoints:	 

 

as agent to transfer the within Note on the books
of the Company. The agent may substitute another to act for him/her.

 

	Date:	 	 	 
	 	 	 	 	(Legal Name of Holder)

 

	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	 	Signature Guaranteed:
	 	 	 
	 	 	Participant in a Recognized Signature
	 	 	Guarantee Medallion Program

 

	 	 	By:	 
	 	 	 	Authorized Signatory

 

 

 

	*	Must be an Authorized Denomination.

 

    	 	A-10	 

     

    

 

TRANSFEROR ACKNOWLEDGMENT

 

If the within Note bears a Restricted Note Legend,
the undersigned further certifies that (check one):

 

	1.	 ̈	Such Transfer is being made to the Company or a Subsidiary of the Company.

 

	2.	 ̈	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act
at the time of the Transfer.

 

	3.	 ̈	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned
further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is purchasing the within
Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute
the acknowledgment contained on the next page.

 

	4.	 ̈	Such Transfer is being made pursuant to, and in accordance with, Rule 904 of Regulation S under the Securities Act.

 

	5.	 ̈	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of
the Securities Act (including, if available, the exemption provided by Rule 144 under the Securities Act).

 

	Dated:	 	 

 

	 	 
	(Legal Name of Holder)	 

 

	By:	                      	 
	 	Name:	 
	 	Title:	 

 

	Signature Guaranteed:	 
	 	 
	 	 
	(Participant in a Recognized
    Signature	 
	Guarantee Medallion Program)	 

 

	By:	 	 
	 	Authorized Signatory	 

 

    	 	A-11	 

     

    

 

TRANSFEREE ACKNOWLEDGMENT

 

The undersigned represents that it is purchasing
the within Note for its own account, or for one or more accounts with respect to which the undersigned exercises sole investment discretion,
and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act. The undersigned acknowledges that the transferor is relying, in transferring the within Note on the exemption
from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that
the undersigned has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A.

 

	Dated:	 	 

 

	 	 
	(Name of Transferee)	 

 

	By:	                      	 
	 	Name:	 
	 	Title:	 

 

    	 	A-12	 

     

    

 

Exhibit B-1

 

FORM OF RESTRICTED NOTE LEGEND

 

THE OFFER AND SALE OF THIS NOTE AND THE SHARES
OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY
ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

	(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS (A) A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT
TO EACH SUCH ACCOUNT OR (B) LOCATED OUTSIDE THE UNITED STATES AND IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER
THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT; AND

 

	(2)	AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE OR
ANY BENEFICIAL INTEREST HEREIN, EXCEPT ONLY:

 

		(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF;

 

		(B)	PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;

 

		(C)	TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT;

 

		(D)	TO A NON-U.S. PERSON OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT;

 

		(E)	PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR

 

		(F)	PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

 

BEFORE THE REGISTRATION OF ANY SALE OR TRANSFER
IN ACCORDANCE WITH (2)(D) OR (E) ABOVE, THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT THE PROPOSED SALE
OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

THE FOLLOWING INFORMATION IS PROVIDED PURSUANT TO TREAS. REG.
SECTION 1.1275-3: THIS DEBT INSTRUMENT IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE CHIEF FINANCIAL OFFICER OF THE ISSUER, AS A REPRESENTATIVE
OF THE ISSUER, WILL MAKE AVAILABLE ON REQUEST TO THE HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE
DISCOUNT, ISSUE DATE, AND YIELD. THE ADDRESS OF THE CHIEF FINANCIAL OFFICER OF THE ISSUER IS MASLAK MAH. BÜYÜKDERE CAD.
NORAMIN İŞ MERKEZI 237/5 SARIYER, ISTANBUL, TURKEY.

 

    	 	B1-1	 

     

    

  

Exhibit B-2

 

FORM OF GLOBAL NOTE LEGEND

 

THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED
BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE
INDENTURE HEREINAFTER REFERRED TO.

 

THE FOLLOWING INFORMATION IS PROVIDED PURSUANT
TO TREAS. REG. SECTION 1.1275-3: THIS DEBT INSTRUMENT IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE CHIEF FINANCIAL OFFICER OF THE
ISSUER, AS A REPRESENTATIVE OF THE ISSUER, WILL MAKE AVAILABLE ON REQUEST TO THE HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: ISSUE
PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE, AND YIELD. THE ADDRESS OF THE CHIEF FINANCIAL OFFICER OF THE ISSUER IS MASLAK
MAH. BÜYÜKDERE CAD. NORAMIN İŞ MERKEZI 237/5 SARIYER, ISTANBUL, TURKEY.

 

    	 	B2-1	 

     

    

 

Exhibit C

 

FORM OF TRANSFER CERTIFICATE FROM TRANSFEROR

 

[Marti Technologies Inc.]

Maslak Noramin Is Merkezi

Buyukdere Caddesi No 237

Maslak/İstanbul, Turkey

Attention: Alper Öktem, CEO

Email: Alper@marti.tech

 

[Trustee]

[Trustee’s Address]

 

		Re:	12.00% Convertible Senior Notes
due [maturity year]

 

Ladies and Gentlemen:

 

Reference is made to that certain Indenture (as
the same may be amended from time to time, the “Indenture”), dated as of [closing date], between [Marti Technologies
Inc.], as issuer (the “Company”), and [Trustee], as trustee. Capitalized terms used but not defined in this
certificate have the respective meanings given to them in the Indenture.

 

The undersigned (the “Transferor”)
owns and proposes to transfer (the “Transfer”) the following principal amount of the Transferor’s [beneficial
interests in the Global Note][Physical Note] identified in Annex A hereto:

 

$                                                                                                   *

 

to:

 

                                                                                               (the
 “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor certifies that (check one):

 

	1.	o	Such Transfer is being made to the Company or a Subsidiary of the Company.

 

	2.	o	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act
at the time of the Transfer.

 

	3.	o	Such Transfer is being made pursuant to, and in accordance with, Rule 144A, and, accordingly, the Transferor further certifies that
such [beneficial interest][Physical Note] is being transferred to a Person that the Transferor reasonably believes is purchasing such
[beneficial interest][Physical Note] for its own account, or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A.

 

 

 

		*	Must be an Authorized Denomination.

 

    	 	C-1	 

     

    

 

	4.	o	Such Transfer is being made pursuant to, and in accordance with, Rule 904 of Regulation S, and the Transferor makes the representations
set forth in Annex B hereto.

 

	5.	o	Such Transfer is being made pursuant to, and in accordance with, any other available exemption from the registration requirements of
the Securities Act (including, if available, the exemption provided by Rule 144).

 

	Dated:	 	 

 

	 	 
	(Name of Transferee)	 

 

	By:	                      	 
	 	Name:	 
	 	Title:	 

 

	Signature Guaranteed:	 
	 	 
	 	 
	(Participant in a Recognized
    Signature	 
	Guarantee Medallion Program)	 

 

	By:	 	 
	 	(Authorized Signatory)	 

 

    	 	C-2	 

     

    

  

ANNEX A TO CERTIFICATE OF TRANSFER

 

	1.	The Transferor owns and proposes to transfer the following (check one):

 

		a.	o	A beneficial interest in a Rule 144A Global Note identified by:

CUSIP No.                                

 

		b.	o	A Rule 144A Physical Note identified by:

CUSIP No.                                
and Certificate No.                                

 

		c.	o	A beneficial interest in a Regulation S Global Note identified by:

CUSIP No.                                

 

		d.	o	A Regulation S Physical Note identified by:

CUSIP No.                      
and Certificate No.                                

 

	2.	After the Transfer, the Transferee will hold the following (check one):

 

		a.	o	A beneficial interest in an “unrestricted” Global Note identified by:

CUSIP No.                                

 

		b.	o	An “unrestricted” Physical Note identified by:

CUSIP No.                                

 

		c.	o	A beneficial interest in a Rule 144A Global Note identified by:

CUSIP No.                               

 

		d.	o	A Rule 144A Physical Note identified by:

CUSIP No.                                

 

		e.	o	A beneficial interest in a Regulation S Global Note identified by:

CUSIP No.                                

 

		f.	o	A Regulation S Physical Note identified by:

CUSIP No.                                

 

    	 	C-3	 

     

    

 

ANNEX B TO CERTIFICATE OF TRANSFER

 

If the Transfer is being made pursuant to, and
in accordance with, Rule 904 of Regulation S, then the Transferor makes the following representations:

 

	1.	The Transferor is not (a) a “distributor” (as defined in Regulation S) with respect to
the Notes; (b) an affiliate of the Company or such a distributor (other than any officer or director who is an affiliate solely by
virtue of holding such position); or (c) a Person acting on behalf the Company or any Person specified in clause (a) or (b) above.

 

	2.	The Transfer is being made in an “offshore transaction” (as defined in Regulation S) by virtue
of satisfying the requirements of either clause (a), (b) or (c) below:

 

		a.	(A) the Transfer is not made to any Person in the United States; and (B) either (x) at
the time the buy order is originated, the Transferee is outside the United States, or the Transferor and any Person acting on its behalf
reasonably believe that the Transferee is outside the United States; or (y) the Transfer is executed in, on or through the facilities
of a “designated offshore securities market” (as defined in Regulation S), and neither the Transferor nor any Person acting
on its behalf knows that the Transfer has been pre-arranged with a buyer in the United States; or

 

		b.	the Transferee is a Person specified in Rule 902(k)(2)(vi) of Regulation S; or

 

		c.	the Transfer is to a Person holding an account of the type specified in Rule 902(k)(2)(i) of
Regulation S, solely in such Person’s capacity as a holder of such account.

 

	3.	The Transfer does not involve any offer or sale of securities specifically targeted at identifiable groups
of U.S. citizens abroad, such as members of the U.S. armed forces serving overseas.

 

	4.	No “directed selling efforts” (as defined in Regulation S) have been or will be made in the
United States by the Transferor, an affiliate of the Transferor or any Person acting on behalf of the Transferor or such an affiliate.

 

	5.	If the Transferor is an affiliate of the Company or a distributor solely by virtue of being an officer
or director of the Company or a distributor, no selling concession, fee or other remuneration will be paid in connection with the Transfer,
other than the usual and customary broker’s commission that would be received by a Person executing such Transfer as agent.

 

	6.	The Transfer is not part of a plan or scheme to evade the registration requirements of the Securities
Act.

  

	7.	If the Transferor is a dealer or a Person receiving a selling concession, fee or other remuneration in
respect of the Notes and the Transfer is to be effected during the “distribution compliance period” (as defined in Regulation
S), then (a) neither the Transferor nor any Person acting on its behalf knows that the Transferee is a “U.S. person”
(as defined in Regulation S); and (b) if the Transferor or any Person acting on its behalf knows that the Transferee is a dealer
or is a Person receiving a selling concession, fee or other remuneration in respect of the Notes, then the Transferor or a Person acting
on its behalf will send to the Transferee a confirmation or other notice stating that the Notes may be offered and sold during the distribution
compliance period only in accordance with Regulation S, pursuant to registration under the Securities Act or pursuant to an available
exemption from the registration requirements of the Securities Act.

 

    	 	C-4	 

     

    

 

Exhibit D

 

FORM OF TRANSFER CERTIFICATE FROM TRANSFEROR

 

[Marti Technologies Inc.]

Maslak Noramin Is Merkezi

Buyukdere Caddesi No 237

Maslak/İstanbul, Turkey

Attention: Alper Öktem, CEO

Email: Alper@marti.tech

 

[Trustee]

[Trustee’s Address]

 

		Re:	12.00% Convertible Senior Notes
due [maturity year]

 

Ladies and Gentlemen:

 

Reference is made to that certain Indenture (as
the same may be amended from time to time, the “Indenture”), dated as of [closing date], between [Marti Technologies
Inc.], as issuer (the “Company”), and [Trustee], as trustee. Capitalized terms used but not defined in this
certificate have the respective meanings given to them in the Indenture.

 

The undersigned (the “Transferee”)
certifies, in connection with its proposed acquisition (the “Acquisition”) of:

 

$                                                       *
aggregate principal amount of Notes certifies as follows:

 

		1.	Either (check one):

 

		a.	o	Rule 144A Transaction. The Transferee is acquiring the Notes for the Transferee’s own account or for an account with
respect to which the Transferee exercises sole investment discretion, and the Transferee and such account are a “qualified institutional
buyer” (as defined under Rule 144A); or

 

		b.	o	Regulation S Transaction. The Transferee acknowledges that the Acquisition is being made pursuant to Regulation S.

 

	2.	The Transferee acknowledges that the offer and sale of such Notes (and any shares of Common Stock issuable
upon conversion thereof) have not been registered under the Securities Act or the securities laws of any other jurisdiction and that such
Notes (and any such shares) may not be offered, sold, pledged or otherwise transferred except as set forth below.

 

 

		*	Must be an Authorized Denomination.

 

     

     

    

 

	3.	The Transferee will not resell or otherwise transfer any of such Notes (or any shares of Common Stock
issuable upon conversion of such Notes), except:

 

		a.	to the Company or one of its Subsidiaries;

 

		b.	under, and in accordance with, a registration statement that is effective under the Securities Act at
the time of such transfer;

 

		c.	to a Person that the Transferee reasonably believes to be a “qualified institutional buyer”
in compliance with Rule 144A under the Securities Act (if available);

 

		d.	pursuant to, and in accordance with, Rule 904 of Regulation S under the Securities Act; or

 

		e.	under any other available exemption from the registration requirements of the Securities Act (including,
if available, the exemption provided by Rule 144 under the Securities Act).

 

	4.	With respect to any transfer made pursuant to paragraph 3(e) above, the Transferee will deliver to
the Company and the Trustee (with respect to a transfer of such Notes) or the transfer agent (with respect to a transfer of any shares
of Common Stock issued upon the conversion of such Notes) such certificates, legal opinions and other information as the Company or they
may reasonably require and may rely upon to confirm that the transfer by the Transferee complies with the foregoing restrictions. The
Transferee will, and each subsequent holder is required to, notify anyone who purchases such Notes or any such shares from it of the above
resale restrictions.

 

	5.	The Transferee is not an “affiliate” (within the meaning of Rule 144 under the Securities
Act) of the Company and the Transferee understands that such Notes will bear a legend substantially to the following effect:

 

NO AFFILIATE (AS DEFINED IN RULE 144
UNDER THE SECURITIES ACT OF 1933, AS AMENDED) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN.

 

	Dated:	 	 

 

	 	 
	(Name of Transferee)	 

 

	By:	                      	 
	 	Name:	 
	 	Title:	 

  

     

     

    

 

Exhibit E

 

FORM OF ISSUE DATE SECURITY AGREEMENT 

 

    

    

    

 

 

 

PLEDGE AND SECURITY AGREEMENT

 

among

 

[Marti Technologies Inc.],

 

certain of its Subsidiaries

 

and

 

[ l ],

as Trustee

 

Dated as of [ l ], 2022

 

 

 

    

    

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1.	DEFINED TERMS	1
	1.1	Definitions	1
	1.2	Other Definitional Provisions	7
	 	 	 
	Section 2.	GRANT OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL	8
	 	 	 
	Section 3.	REPRESENTATIONS AND WARRANTIES	9
	3.1	Representations in Indenture	9
	3.2	Title; No Other Liens	9
	3.3	Valid, Perfected First Priority Liens	9
	3.4	Name; Jurisdiction of Organization, Etc.	10
	3.5	[Reserved]	10
	3.6	[Reserved]	10
	3.7	Investment Property	10
	3.8	[Reserved]	11
	3.9	Intellectual Property	11
	 	 	 
	Section 4.	COVENANTS	13
	4.1	Covenants in Indenture	13
	4.2	Delivery and Control of Investment Property	13
	4.3	Maintenance of Insurance	14
	4.4	Maintenance of Perfected Security Interest; Further Documentation	14
	4.5	Changes in Locations, Name, Jurisdiction of Incorporation, Etc.	15
	4.6	Notices	15
	4.7	Investment Property	16
	4.8	Voting and Other Rights with Respect to Pledged Securities	17
	4.9	[Reserved]	17
	4.10	Intellectual Property	17
	 	 	 
	Section 5.	REMEDIAL PROVISIONS	18
	5.1	[Reserved]	18
	5.2	[Reserved]	18
	5.3	[Reserved]	18
	5.4	Application of Proceeds	18
	5.5	Code and Other Remedies	20
	5.6	Effect of Securities Laws	21
	5.7	Deficiency	21
	 	 	 
	Section 6.	POWER OF ATTORNEY AND FURTHER ASSURANCES	22
	6.1	Trustee’s Appointment as Attorney-in-Fact, Etc.	22
	6.2	Authorization of Financing Statements	23
	6.3	Further Assurances	24

 

    i

    

    

 

	 	 	Page
	 	 	 
	Section 7.	Lien absolute; waiver of suretyship defenses	24
	7.1	Lien Absolute, Waivers	24
	 	 	 
	Section 8.	the collateral Trustee	26
	8.1	Authority of Trustee	26
	8.2	Duty of Trustee	27
	8.3	Exculpation of the Trustee	27
	8.4	No Individual Foreclosure, Etc.	28
	 	 	 
	Section 9.	MISCELLANEOUS	28
	9.1	Amendments in Writing	28
	9.2	Notices	28
	9.3	No Waiver by Course of Conduct; Cumulative Remedies	29
	9.4	Enforcement Expenses; Indemnification	29
	9.5	Successors and Assigns	29
	9.6	Set-Off	29
	9.7	Counterparts	30
	9.8	Severability	30
	9.9	Section Headings	30
	9.10	Integration/Conflict	30
	9.11	GOVERNING LAW	30
	9.12	Submission to Jurisdiction; Waivers	31
	9.13	Acknowledgments	31
	9.14	Additional Grantors	31
	9.15	Releases	31
	9.16	WAIVER OF JURY TRIAL	32

 

	SCHEDULE 1	Notice Addresses of Grantors	1-1 
	SCHEDULE 2	Description of Pledged Investment Property	2-1 
	SCHEDULE 3	Filings and Other Actions Required to Perfect Security Interests	3-1 
	SCHEDULE 4	Exact Legal Name, Location of Jurisdiction of Organization and Chief Executive Office	4-1 
	SCHEDULE 5	Copyrights; Patents; Trademarks; Intellectual Property Licenses; Other Intellectual Property	5-1 
	EXHIBIT A	Insert to LLC/Partnership Agreement	A-1 
	EXHIBIT B	Form of Uncertificated Securities Control Agreement	B-1 
	EXHIBIT C-1	Form of Copyright Security Agreement	EXHIBIT C-1 
	EXHIBIT C-2	Form of Patent Security Agreement	EXHIBIT C-2 
	EXHIBIT C-3	Form of Trademark Security Agreement	EXHIBIT C-3 
	ANNEX 1	Assumption Agreement	ANNEX 1-1

 

    ii

    

    

 

PLEDGE AND SECURITY AGREEMENT,
dated as of [ l ], 2022 and effective for all purposes as of the Issue Date, among each of the signatories hereto designated
as a Grantor on the signature pages hereto (together with any other entity that may become a party hereto as a Grantor as provided
herein, each a “Grantor” and collectively, the “Grantors”), and [ l ], as Trustee
(in such capacity and together with its successors and assigns in such capacity, the “Trustee”) for (i) the Holders
from time to time parties to the Indenture, dated as of [ l ], 2022 (as amended, supplemented or otherwise modified or
replaced from time to time, the “Indenture”), between [Marti Technologies Inc.], a Cayman Islands exempted company
(the “Issuer”), and [ l ], as trustee (the “Trustee”), and (ii) the other
Secured Parties (as hereinafter defined).

 

W I  T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the Indenture,
the Issuer has issued its 12.0% Convertible Senior Notes due [ l ] (the “Notes”) upon the terms and
subject to the conditions set forth therein;

 

WHEREAS, the Issuer is a member
of an affiliated group of companies that includes each other Grantor;

 

WHEREAS, the proceeds of the
Notes under the Indenture will be used in part to enable the Issuer to make valuable transfers to one or more of the other Grantors in
connection with the operation of their respective businesses;

 

WHEREAS, the Issuer and the
other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the issuance
of the Notes pursuant to the Indenture; and

 

WHEREAS, pursuant to Section 3.11
of the Indenture, the Grantors are required to execute and deliver this Agreement to the Trustee for the benefit of the Secured Parties.

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Grantor
hereby agrees with the Trustee, for the benefit of the Secured Parties, as follows:

 

Section 1.   DEFINED
TERMS

 

1.1           Definitions.
(a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to them in the
Indenture, and the following terms which are defined in the UCC are used herein as so defined (and if defined in more than one article
of the UCC shall have the meaning specified in Article 9 thereof): Certificated Security, Commodity Account, Commodity Contract,
Commodity Intermediary, Documents, Entitlement Order, Financial Asset, Payment Intangibles, Securities Account, Securities Intermediary,
Security, Security Entitlement, Supporting Obligations, and Uncertificated Security.

 

(b)           The
following terms shall have the following meanings:

 

“Agreement”
shall mean this Pledge and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

    

    

    

 

“After-Acquired Intellectual
Property” shall have the meaning set forth in Section 4.10(c).

 

“Collateral”
shall have the meaning set forth in Section 2.

 

“Copyright Licenses”
shall mean all agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any Copyright or
otherwise providing for a covenant not to sue for infringement or other violation of any Copyright (including, without limitation, those
listed on Schedule 5).

 

“Copyrights”
shall mean, with respect to any Grantor, all of such Grantor’s right, title and interest in and to all works of authorship and all
intellectual property rights therein, all United States and foreign copyrights (whether or not the underlying works of authorship have
been published), including but not limited to copyrights in software and databases, all designs (including but not limited to all industrial
designs, “Protected Designs” within the meaning of 17 U.S.C. 1301 et. Seq. and Community designs), and all “Mask Works”
(as defined in 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and with respect to any and all of the foregoing:
(i) all registrations and applications for registration thereof including, without limitation, the registrations and applications
listed on Schedule 5, (ii) all extensions, renewals, and restorations thereof, (iii) all rights to sue or otherwise
recover for any past, present and future infringement or other violation thereof, (iv) all Proceeds of the foregoing, including,
without limitation, license fees, royalties, income, payments, claims, damages and proceeds of suit now or hereafter due and/or payable
with respect thereto, and (v) all other rights of any kind accruing thereunder or pertaining thereto throughout the world.

 

“Discharge of the Secured
Obligations” shall mean and shall have occurred when all Secured Obligations shall have been paid in full in cash and all other
obligations under the Note Documents shall have been performed (other than (a) those expressly stated to survive termination, and
(b) contingent obligations as to which no claim has been asserted).

 

“Equity Interests”
(i) shall mean, with respect to any Person, any and all shares, interests, rights to purchase, warrants, options, participations
or other equivalents, including membership interests (however designated, whether voting or non-voting) of the equity of such Person,
including, if such person is a partnership, partnership interests (whether general or limited), if such Person is a limited liability
company, membership interests, and, if such Person is a trust, all beneficial interests therein, and shall also include any other interest
or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of,
such corporation, exempted company, partnership, exempted limited partnership, limited liability company or trust, whether outstanding
on the date hereof or issued on or after the date hereof and (ii) shall include, without limitation, all Pledged Stock, Pledged Partnership
Interests and Pledged LLC Interests.

 

“Equity Issuers”
shall mean the collective reference to each issuer of Pledged Equity Interests.

 

“Excluded Assets”
has the same meaning set forth in the Indenture.

 

    	 	2 	 

     

    

 

“Foreign Security Documents”
shall mean the collective reference to the security agreements, debentures, pledge agreements, charges and other similar documents and
agreements pursuant to which any Grantor purports to pledge or grant a security interest in any property or assets located outside of
the United States (including any Pledged Equity Interests of any Issuer organized under a jurisdiction other than the United States or
any state or locality thereof securing the Secured Obligations).

 

“General Intangibles”
shall mean all “general intangibles” as such term is defined in Section 9-102(a)(42) of the UCC and, in any event, shall
include, without limitation, with respect to any Grantor, all rights of such Grantor to receive any tax refunds, all hedge agreements,
contracts, agreements, instruments and indentures and all licenses, permits, concessions, franchises and authorizations issued by governmental
authorities in any form, and portions thereof, to which such Grantor is a party or under which such Grantor has any right, title or interest
or to which such Grantor or any property of such Grantor is subject, as the same may from time to time be amended, supplemented, replaced
or otherwise modified, including, without limitation, (i) all rights of such Grantor to receive moneys due and to become due to it
thereunder or in connection therewith, (ii) all rights of such Grantor to receive proceeds of any insurance, indemnity, warranty
or guaranty with respect thereto, (iii) all rights of such Grantor to damages arising thereunder, and (iv) all rights of such
Grantor to terminate and to perform, compel performance and to exercise all remedies thereunder.

 

“Indenture”
shall have the meaning set forth in the preamble hereto.

 

“Insurance”
shall mean all insurance policies covering any or all of the Collateral (regardless of whether the Trustee is the loss payee thereof).

 

“Intellectual Property”
shall mean, with respect to any Grantor, the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, Copyrights, Copyright
Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses, Trade Secrets and Trade Secret Licenses, and all rights to sue or
otherwise recover for any past, present and future infringement, dilution, misappropriation, or other violation or impairment thereof,
including the right to receive all Proceeds therefrom, including without limitation license fees, royalties, income payments, claims,
damages and proceeds of suit, now or hereafter due and/or payable with respect thereto.

 

“Intellectual Property
Security Agreements” shall mean, collectively, the Copyright Security Agreement substantially the form of Exhibit C-1,
the Patent Security Agreement substantially in the form of Exhibit C-2, and the Trademark Security Agreement substantially
in the form of Exhibit C-3.

 

“Intercompany Note”
shall mean any promissory note evidencing loans made by any Grantor to the Issuer or any of its Subsidiaries.

 

    	 	3 	 

     

    

 

“Investment Property”
shall mean the collective reference to (i) all “investment property” as such term is defined in Section 9-102(a)(49)
of the UCC including, without limitation, all Certificated Securities and Uncertificated Securities, all Security Entitlements, all Securities
Accounts, all Commodity Contracts and all Commodity Accounts, (ii) all security entitlements, in the case of any United States Treasury
book-entry securities, as defined in 31 C.F.R. section 357.2, or, in the case of any United States federal agency book-entry securities,
as defined in the corresponding United States federal regulations governing such book-entry securities, and (iii) whether or not
constituting “investment property” as so defined, all Pledged Notes, all Pledged Equity Interests, all Pledged Security Entitlements
and all Pledged Commodity Contracts.

 

“Issue Date”
means [Indenture closing date].

 

“Majority Holders”
shall have the meaning set forth in Section 8.1(b).

 

“Material Intellectual
Property” shall mean any Intellectual Property included in the Collateral that is material to the business of any Grantor or
is otherwise of material value.

 

“Note Documents”
shall mean the Indenture, the Notes, the Collateral Agreements and the Guarantees.

 

“Patent Licenses”
shall mean all agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any Patent or otherwise
providing for a covenant not to sue for infringement or other violation of any Patent (including, without limitation, those listed on
Schedule 5).

 

“Patents”
shall mean, with respect to any Grantor, all of such Grantor’s right, title and interest in and to all patentable inventions and
designs, all United States, foreign, and multinational patents, certificates of invention, and similar industrial property rights, and
applications for any of the foregoing, including, without limitation, (i) each patent and patent application listed on Schedule 5,
(ii) all reissues, substitutes, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof,
(iii) all inventions and improvements described and claimed therein, (iv) all rights to sue or otherwise recover for any past,
present and future infringement or other violation thereof, (v) all Proceeds of the foregoing, including, without limitation, license
fees, royalties, income, payments, claims, damages, proceeds of suit and other payments now or hereafter due and/or payable with respect
thereto, and (vi) all other rights accruing thereunder or pertaining thereto throughout the world.

 

“Pledged Commodity
Contracts” shall mean all Commodity Contracts listed on Schedule 2 and all other Commodity Contracts to which any
Grantor is party from time to time.

 

“Pledged Debt Securities”
shall mean all debt securities now owned or hereafter acquired by any Grantor, including, without limitation, the debt securities listed
on Schedule 2, together with any other certificates, options, rights or security entitlements of any nature whatsoever in
respect of the debt securities of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect.

 

“Pledged Equity Interests”
shall mean all Equity Interests, and shall include Pledged LLC Interests, Pledged Partnership Interests and Pledged Stock.

 

    	 	4 	 

     

    

 

“Pledged LLC Interests”
shall mean all membership interests and other interests now owned or hereafter acquired by any Grantor in any limited liability company
including, without limitation, all limited liability company interests listed on Schedule 2 hereto under the heading “Pledged
LLC Interests” and the certificates, if any, representing such limited liability company interests and any interest of such Grantor
on the books and records of such limited liability company and any securities entitlements relating thereto and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such limited liability company interests and any other warrant, right or option
or other agreement to acquire any of the foregoing, all management rights, all voting rights, any interest in any capital account of a
member in such limited liability company, all rights as and to become a member of the limited liability company, all rights of the Grantor
under any shareholder or voting trust agreement or similar agreement in respect of such limited liability company, all of the Grantor’s
right, title and interest as a member to any and all assets or properties of such limited liability company, and all other rights, powers,
privileges, interests, claims and other property in any manner arising out of or relating to any of the foregoing.

 

“Pledged Notes”
shall mean all promissory notes now owned or hereafter acquired by any Grantor including, without limitation, those listed on Schedule 2
and all the Intercompany Notes.

 

“Pledged Partnership
Interests” shall mean all partnership interests and other interests now owned or hereafter acquired by any Grantor in any general
partnership, limited partnership, limited liability partnership or other partnership including, without limitation, all partnership interests
listed on Schedule 2 hereto under the heading “Pledged Partnership Interests” and the certificates, if any, representing
such partnership interests, and any interest of such Grantor on the books and records of such partnership and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such partnership interests and any other warrant, right or option to acquire
any of the foregoing, all management rights, all voting rights, any interest in any capital account of a partner in such partnership,
all rights as and to become a partner of such partnership, all of the Grantor’s rights, title and interest as a partner to any and
all assets or properties of such partnership, and all other rights, powers, privileges, interests, claims and other property in any manner
arising out of or relating to any of the foregoing.

 

“Pledged Stock”
shall mean all shares of capital stock now owned or hereafter acquired by such Grantor, including, without limitation, all shares of capital
stock described on Schedule 2 hereto under the heading “Pledged Stock”, and the certificates, if any, representing
such shares and any interest of such Grantor in the entries on the books of the issuer of such shares and all dividends, distributions,
cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such shares and any other warrant, right or option to acquire any of the foregoing.

 

“Pledged Securities”
shall mean the collective reference to the Pledged Debt Securities, the Pledged Notes and the Pledged Equity Interests regardless of whether
constituting Securities under the UCC.

 

    	 	5 	 

     

    

 

“Pledged Security Entitlements”
shall mean all security entitlements with respect to the financial assets listed on Schedule 2 and all other security entitlements
of any Grantor.

 

“Proceeds”
shall mean all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC and, in any event, shall include,
without limitation, all dividends or other income from the Pledged Securities, collections thereon and distributions or payments with
respect thereto.

 

“Secured Obligations”
shall mean the unpaid principal of and interest on (including, without limitation, interest accruing after the filing of any petition
in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Issuer or any other Grantor, whether
or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other obligations and liabilities of the
Issuer or any other Grantor to the Trustee or any Holder which may arise under or in connection with the Indenture or any other Note Document.

 

“Secured Parties”
shall mean collectively, the Trustee and the Holders.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Specified Courts”
shall have the meaning set forth in Section 9.12.

 

“Subsidiary Grantors”
shall mean, collectively, the Subsidiaries of the Issuer that are Grantors.

 

“Trademark Licenses”
shall mean all agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any Trademark or
otherwise providing for a covenant not to sue for infringement, dilution, or other violation of any Trademark or permitting co-existence
with respect to a Trademark (including, without limitation, those listed on Schedule 5).

 

“Trademarks”
shall mean, with respect to any Grantor, all of such Grantor’s right, title and interest in and to all domestic, foreign and multinational
trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade dress, trade
styles, logos, Internet domain names, other indicia of origin or source identification, and general intangibles of a like nature,
whether registered or unregistered, and, with respect to any and all of the foregoing, (i) all registrations and applications for
registration thereof including, without limitation, the registrations and applications listed on Schedule 5, (ii) all
extensions and renewals thereof, (iii) all of the goodwill of the business connected with the use of and symbolized by any of the
foregoing, (iv) all rights to sue or otherwise recover for any past, present and future infringement, dilution, or other violation
thereof, (iv) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages,
proceeds of suit and other payments now or hereafter due and/or payable with respect thereto, and (v) all other rights of any kind
accruing thereunder or pertaining thereto throughout the world.

 

    	 	6 	 

     

    

 

“Trade Secrets”
shall mean, with respect to any Grantor, all of such Grantor’s right, title and interest in and to (i) all trade secrets and
all confidential and proprietary information, including know-how, manufacturing and production processes and techniques, inventions, research
and development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing
plans, and customer and supplier lists and information, and with respect to any and all of the foregoing (i) all rights to sue or
otherwise recover for any past, present and future misappropriation or other violation thereof, (ii) all Proceeds of the foregoing,
including, without limitation, license fees, royalties, income, payments, claims, damages, proceeds of suit and other payments now or
hereafter due and/or payable with respect thereto, and (iii) all other rights of any kind accruing thereunder or pertaining thereto
throughout the world.

 

“Trade Secret Licenses”
shall mean all agreements, licenses and covenants providing for the grant to or from a Grantor of any right in or to any Trade Secret
or otherwise providing for a covenant not to sue for misappropriation or other violation of a Trade Secret.

 

“UCC” shall
mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that in the
event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral
is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “UCC”
shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof
relating to such perfection, priority or remedies.

 

“UETA” shall
have the meaning set forth in Section 3.3.

 

1.2           Other
Definitional Provisions. (a) The words “hereof”, “herein”, “hereto” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and Section, Schedule, Exhibit and Annex references, are to this Agreement unless otherwise specified. References
to any Schedule, Exhibit or Annex shall mean such Schedule, Exhibit or Annex as amended or supplemented from time to time in
accordance with this Agreement.

 

(b)           The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

(c)           Where
the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s
Collateral or the relevant part thereof.

 

(d)           The
expressions “payment in full,” “paid in full” and any other similar terms or phrases when used herein shall mean
payment in cash in immediately available funds.

 

(e)           The
use herein of the word “include” or “including”, when following any general statement, term or matter, shall not
be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to”
or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall
within the broadest possible scope of such general statement, term or matter.

 

    	 	7 	 

     

    

 

(f)           All
references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of
the UCC.

 

Section 2.       GRANT
OF SECURITY INTEREST; 

CONTINUING LIABILITY UNDER COLLATERAL

 

(a)           Each
Grantor hereby assigns and transfers to the Trustee, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security
interest in, all of the following property, in each case, wherever located and now owned or at any time hereafter acquired by such Grantor
or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”),
as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Secured Obligations:

 

(i)            all
Documents;

 

(ii)           all
General Intangibles;

 

(iii)          all
Intellectual Property;

 

(iv)          all
Investment Property;

 

(v)           all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software,
computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any
time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof
or realization thereupon; and

 

(vi)           to
the extent not otherwise included, all other property of such Grantor and all Proceeds, products, accessions, rents and profits of any
and all of the foregoing and all collateral security, Supporting Obligations and guarantees given by any Person with respect to any of
the foregoing.

 

Notwithstanding anything to
the contrary in this Agreement, none of the Excluded Assets shall constitute Collateral.

 

(b)           Notwithstanding
anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained
herein is intended or shall be a delegation of duties to the Trustee or any Secured Party, and (ii) each Grantor shall remain liable
under each of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership
Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant
to the terms and provisions thereof and neither the Trustee nor any Secured Party shall have any obligation or liability under any of
such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Trustee or any Secured
Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to
take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements
relating to any Pledged Partnership Interests or Pledged LLC Interests.

 

    	 	8 	 

     

    

 

Section 3.     REPRESENTATIONS
AND WARRANTIES

 

Each Grantor hereby represents
and warrants to the Secured Parties on the date hereof that:

 

3.1           Representations
in Indenture. The representations and warranties set forth in Section 3 of that certain Convertible Note Subscription Agreement,
dated as of July [29], 2022, by and between Galata Acquisition Corp. and the Subscriber (as defined therein) as they relate to such
Grantor or to the Note Documents to which such Grantor is a party, each of which is hereby incorporated herein by reference, are true
and correct, in all material respects, except for representations and warranties that are qualified as to “materiality”, “material
adverse effect” or similar language, in which case such representations and warranties shall be true and correct (after giving effect
to any such qualification therein) in all respects as of such date, in each case unless expressly stated to relate to a specific earlier
date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, and
the Secured Parties shall be entitled to rely on each of such representations and warranties as if they were fully set forth herein, provided
that each reference in each such representation and warranty to any Issuer’s knowledge shall, for the purposes of this Section 3.1,
be deemed to be a reference to such Grantor’s knowledge.

 

3.2           Title;
No Other Liens. Such Grantor owns each item of the Collateral free and clear of any and all Liens or claims, except for Permitted
Liens. No financing statement, mortgage or other public notice with respect to all or any part of the Collateral is on file or of record
in any public office, except such as have been filed in favor of the Trustee, for the benefit of the Secured Parties, pursuant to this
Agreement or as are permitted by the Indenture.

 

3.3           Valid,
Perfected First Priority Liens. The security interests granted pursuant to this Agreement constitute a legal and valid security interest
in favor of the Trustee, for the benefit of the Secured Parties, securing the payment and performance of each Grantor’s Secured
Obligations and upon completion of the filings and other actions specified on Schedule 3 (all of which, in the case of all
filings and other documents referred to on said Schedule, have been delivered to the Trustee in duly completed and duly executed form,
as applicable, and may be filed by the Trustee at any time) and payment of all filing fees, will constitute fully perfected security interests
in all of the Collateral, prior to all other Liens on the Collateral except for Permitted Liens. Without limiting the foregoing, each
Grantor has taken all actions necessary or desirable, including without limitation those specified in Section 4.2 to: (i) establish
the Trustee’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the
Investment Property constituting Certificated Securities, Uncertificated Securities, Securities Accounts, Securities Entitlements or Commodity
Accounts, and (ii) establish the Trustee’s “control” (within the meaning of Section 16 of the Uniform Electronic
Transactions Act as in effect in the applicable jurisdiction (the “UETA”)) over all “transferable records”
(as defined in UETA).

 

    	 	9 	 

     

    

 

3.4           Name;
Jurisdiction of Organization, Etc. Such Grantor’s exact legal name (as indicated on the public record of such Grantor’s
jurisdiction of formation or organization), jurisdiction of organization, organizational identification number, if any, and the location
of such Grantor’s chief executive office or sole place of business are specified on Schedule 4. Each Grantor is organized
solely under the law of the jurisdiction so specified and has not filed any certificates of domestication, transfer or continuance in
any other jurisdiction. Except as otherwise indicated on Schedule 4, the jurisdiction of each such Grantor’s organization
of formation is required to maintain a public record showing the Grantor to have been organized or formed. Except as specified on Schedule 4,
it has not changed its name, jurisdiction of organization, chief executive office or sole place of business (if applicable) or its corporate
structure in any way (e.g. by merger, consolidation, change in corporate form or otherwise) within the past five years and has not within
the last five years become bound (whether as a result of merger or otherwise) as Grantor under a security agreement entered into by another
Person, which has not heretofore been terminated.

 

3.5           [Reserved].

 

3.6           [Reserved].

 

3.7           Investment
Property. (a) Schedule 2 hereto sets forth under the headings “Pledged Stock”, “Pledged LLC Interests”
and “Pledged Partnership Interests”, respectively, all of the Pledged Stock, Pledged LLC Interests and Pledged Partnership
Interests owned by any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock,
percentage of membership interests or percentage of partnership interests of the respective issuers thereof indicated on such Schedule.
Schedule 2 hereto sets forth under the heading “Pledged Debt Securities” or “Pledged Notes” all of
the Pledged Debt Securities and Pledged Notes owned by any Grantor, and all of such Pledged Debt Securities and Pledged Notes, have been,
in the case of those issued by Affiliates of such Grantor, or, in the case of those issued by Persons that are not Affiliates of such
Grantor, to the knowledge of such Grantor have been, duly authorized, authenticated, issued, and delivered and are the legal, valid and
binding obligation of the issuers thereof enforceable in accordance with their terms and are not in default and, in the case of those
issued by Affiliates of such Grantor, constitute all of the issued and outstanding inter-company indebtedness owed by such Affiliates
to such Grantor evidenced by an instrument or certificated security of the respective issuers thereof. Schedule 2 hereto sets
forth under the headings “Securities Accounts” and “Commodities Accounts,” respectively, all of the Securities
Accounts and Commodities Accounts in which each Grantor has an interest. Each Grantor is the sole entitlement holder or customer of each
such account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Trustee pursuant hereto)
having “control” (within the meanings of Sections 8-106, 9-106 and 9-104 of the UCC) over, or any other interest in,
any such Securities Account, Commodity Account or any securities, commodities or other property credited thereto.

 

(b)           The
shares of Pledged Stock pledged by such Grantor hereunder constitute all of the issued and outstanding shares of all classes of the Equity
Interests of each Issuer owned by such Grantor or Excluded Assets

 

(c)           All
the shares of the Pledged Equity Interests have been duly and validly issued and are fully paid and nonassessable. No Grantor is in default
of its obligations under any organizational document of any Issuer of Pledged Equity Interests.

 

    	 	10 	 

     

    

 

(d)           None
of the Pledged LLC Interests or Pledged Partnership Interests are, or represent interests in entities that (a) are registered as
investment companies, (b) are dealt in or traded on securities exchanges or markets or (c) have opted to be treated as securities
under the Uniform Commercial Code (or other applicable law) of any jurisdiction.

 

(e)           No
consent, approval or authorization of any Person is required for the pledge by such Grantor of the Pledged Equity Interests pursuant to
this Agreement or for the execution, delivery or performance of this Agreement by such Grantor, whether under the organizational documents
of any Issuer of Pledged Equity Interests or otherwise, except such as have been obtained and are in full force and effect.

 

(f)            Such
Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder,
free of any and all Liens or options in favor of, or claims of, any other Person, except for, in the case of any of the foregoing Collateral
other than Pledged Equity Interests, Permitted Liens and, in the case of Pledged Equity Interests, Permitted Liens arising pursuant to
a requirement of law, and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar
agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any Pledged Equity
Interests.

 

(g)           Each
Grantor has caused the organizational document of each Issuer of Pledged Partnership Interests or Pledged LLC Interests to include language
substantially the same as the provisions set forth in Exhibit A hereto.

 

3.8           [Reserved].

 

3.9           Intellectual
Property.     (a) Schedule 5 lists all of the following
Intellectual Property, to the extent owned by such Grantor in its own name: (i) issued Patents and pending Patent applications, (ii) registered
Trademarks and applications for the registration of Trademarks, and (iii) registered Copyrights, and applications to register Copyrights.
All such Intellectual Property is recorded in the name of such Grantor. Except as set forth on Schedule 5, such Grantor is
the sole and exclusive owner of the entire and unencumbered right, title and interest in and to such Intellectual Property, as well as
any other Material Intellectual Property owned by such Grantor, in each case free and clear of all Liens, claims and licenses, except
for Permitted Liens and the licenses set forth on Schedule 5.

 

(b)           Except
for those matters which both (i) are disclosed on Schedule 5 and (ii) could not reasonably be expected to have a
material adverse effect, all Intellectual Property of such Grantor is subsisting and has not been adjudged invalid or unenforceable, in
whole or in part, nor, in the case of Patents, is any of such Intellectual Property the subject of a reexamination proceeding, and such
Grantor has performed all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration
and application of Copyrights, Patents and Trademarks of such Grantor in full force and effect.

 

    	 	11 	 

     

    

 

(c)           Except
for those matters which both (i) are disclosed on Schedule 5 and (ii) could not reasonably be expected to have a
material adverse effect, no action or proceeding is pending, or, to the knowledge of such Grantor, threatened, alleging that such Grantor,
or the conduct of such Grantor’s business, infringes, misappropriates, dilutes, or otherwise violates the intellectual property
of any other Person. Except as set forth on Schedule 5, to the knowledge of such Grantor, no Person is engaging in any activity
that infringes, misappropriates, dilutes or violates any Material Intellectual Property of such Grantor. Except for those matters which
both (i) are disclosed on Schedule 5 and (ii) could not reasonably be expected to have a material adverse effect, the
operation of the business of such Grantor, does not infringe, misappropriate, dilute, or otherwise violate the intellectual property of
any other Person.

 

(d)           Schedule 5
lists all Copyright Licenses, Patent Licenses and Trademark Licenses held by such Grantor that constitute Material Intellectual Property.
With respect to each Copyright License, Trademark License and Patent License held by such Grantor that constitutes Material Intellectual
Property: (i) such license is valid and binding and in full force and effect and represents the entire agreement between the respective
licensor and licensee with respect to the subject matter of such license; (ii) such license will not cease to be valid and binding
and in full force and effect on terms identical to those currently in effect as a result of the rights and interests granted herein, nor
will the grant of such rights and interests constitute a breach or default under such license or otherwise give the licensor or licensee
a right to terminate such license; (iii) such Grantor has not received any notice of termination or cancellation under such license;
(iv) such Grantor has not received any notice of a breach or default under such license, which breach or default has not been cured;
(v) such Grantor has not granted to any other third party any rights, adverse or otherwise, under such license; and (vi) such
Grantor is not in breach or default in any material respect, and no event has occurred that, with notice and/or lapse of time, would constitute
such a breach or default or permit termination, modification or acceleration of or under such license.

 

(e)           All
Copyrights owned by such Grantor that constitute Material Intellectual Property have been registered with the United States Copyright
Office or, where appropriate, any foreign counterpart.

 

(f)           Such
Grantor controls the nature and quality of all products sold and all services rendered under or in connection with all Trademarks of such
Grantor constituting Material Intellectual Property, in each case consistent with industry standards, and has taken all action necessary
to insure that all licensees of all such Trademarks comply with such Grantor’s standards of quality.

 

(g)           Such
Grantor has been using appropriate statutory notice of registration in connection with its use of registered Trademarks constituting Material
Intellectual Property, appropriate notice of its trademark rights in common law Trademarks constituting Material Intellectual Property,
proper marking practices in connection with its Patents constituting Material Intellectual Property, and appropriate notice of copyright
in connection with the publication of its Copyrights constituting Material Intellectual Property.

 

(h)           Except
as set forth on Schedule 5, such Grantor has not made a previous assignment, sale, transfer, exclusive license, or similar
arrangement constituting a present or future assignment, sale, transfer, exclusive license or similar arrangement of any property that
currently constitutes Material Intellectual Property that has not been terminated or released.

 

    	 	12 	 

     

    

 

(i)           Except
for those matters which both (i) are disclosed on Schedule 5 and (ii) could not reasonably be expected to have a
material adverse effect, no holding, decision, ruling, or judgment has been rendered in any action or proceeding before any court or administrative
authority challenging the validity, enforceability, or scope of, or such Grantor’s right to register, own or use, any Intellectual
Property of such Grantor or such Grantor’s ownership interest therein, and no such action or proceeding is pending or, to the best
of such Grantor’s knowledge, threatened.

 

(j)            Except
for those matters which both (i) are disclosed on Schedule 5 and (ii) could not reasonably be expected to have a
material adverse effect, no settlements or consents, covenants not to sue, coexistence agreements, non-assertion assurances, or releases
have been entered into by such Grantor or bind such Grantor in any manner that impacts such Grantor’s rights to own, license or
use any Intellectual Property. The consummation of the transactions contemplated by this Agreement will not result in the termination,
limitation or other impairment of any of such Grantor’s rights in its Material Intellectual Property.

 

(k)           Such
Grantor has taken commercially reasonable steps to protect the confidentiality of its Trade Secrets constituting Material Intellectual
Property in accordance with industry standards. Except as could not reasonably be expected to have a material adverse effect, (i) none
of the Trade Secrets of such Grantor has been used, divulged, disclosed or misappropriated to the detriment of such Grantor for the benefit
of any other Person, (ii) no employee, independent contractor or agent of such Grantor has misappropriated any trade secrets of any
other Person in the course of the performance of his or her duties as an employee, independent contractor or agent of such Grantor and
(iii) no employee, independent contractor or agent of such Grantor is in default or breach of any term of any employment agreement,
non-disclosure agreement, assignment of inventions agreement or similar agreement or contract relating in any way to the protection, ownership,
development, use or transfer of such Grantor’s Intellectual Property.

 

Section 4.     COVENANTS

 

Each Grantor covenants and
agrees with the Secured Parties that, from and after the date of this Agreement until the Discharge of the Secured Obligations:

 

4.1           Covenants
in Indenture. Each Grantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken
or not taken, as the case may be, so that no default or Event of Default is caused by the failure to take such action or to refrain from
taking such action by such Grantor or any of its Subsidiaries.

 

4.2           Delivery
and Control of Investment Property. (a) If any of the Collateral is or shall become evidenced or represented by any Certificated
Security, such Certificated Security shall be immediately delivered to the Trustee, duly endorsed in a manner satisfactory to the Trustee,
to be held as Collateral pursuant to this Agreement.

 

(b)           If
any of the Collateral is or shall become evidenced or represented by an Uncertificated Security, such Grantor shall cause the Issuer thereof
either (i) to register the Trustee as the registered owner of such Uncertificated Security, upon original issue or registration of
transfer or (ii) to agree in writing with such Grantor and the Trustee that such Issuer will comply with instructions with respect
to such Uncertificated Security originated by the Trustee without further consent of such Grantor, such agreement to be in substantially
the form of Exhibit B or in form and substance reasonably satisfactory to the Trustee.

 

    	 	13 	 

     

    

 

(c)           Each
Grantor shall maintain Securities Entitlements and Securities Accounts only with financial institutions that have agreed to comply with
entitlement orders and instructions issued or originated by the Trustee without further consent of such Grantor, such agreement to be
in form and substance reasonably satisfactory to the Trustee.

 

(d)           If
any of the Collateral with a value in excess of $5,000,000 is or shall become evidenced or represented by a Commodity Contract, such Grantor
shall cause the Commodity Intermediary with respect to such Commodity Contract to agree in writing with such Grantor and the Trustee that
such Commodity Intermediary will apply any value distributed on account of such Commodity Contract as directed by the Trustee without
further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory to the Trustee.

 

(e)           In
addition to and not in lieu of the foregoing, if any Issuer of any Investment Property is organized under the law of, or has its chief
executive office in, a jurisdiction outside of the United States, each Grantor shall take such additional actions, including, without
limitation, causing the issuer to register the pledge on its books and records, as may be necessary or advisable or as may be reasonably
requested by the Trustee, under the laws of such jurisdiction to insure the validity, perfection and first priority nature of the security
interest of the Trustee.

 

4.3           Maintenance
of Insurance. (a) Such Grantor shall maintain, with financially sound and reputable insurance companies, insurance on all its
property in at least such amounts and against at least such risks as are usually insured against in the same general area by companies
engaged in the same or a similar business, and shall furnish to the Trustee, upon written request, full information as to the insurance
carried.

 

(b)           Such
Grantor shall deliver to the Trustee on behalf of the Secured Parties, (i) on the date hereof, a certificate dated such date showing
the amount and types of insurance coverage as of such date, (ii) upon request of any Secured Party from time to time, full information
as to the insurance carried, (iii) promptly following receipt of notice from any insurer, a copy of any notice of cancellation or
material change in coverage from that existing on the date hereof, (iv) forthwith, notice of any cancellation or nonrenewal of coverage
by such Grantor, and (v) promptly after such information is available to such Grantor, full information as to any claim for an amount
in excess of $5,000,000 with respect to any property and casualty insurance policy maintained by such Grantor. The Trustee shall be named
as additional insured on all such liability insurance policies of such Grantor and the Trustee shall be named as loss payee on all property
and casualty insurance policies of such Grantor.

 

4.4           Maintenance
of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this
Agreement as a perfected security interest having at least the priority described in Section 3.3 and shall defend such security interest
against the claims and demands of all Persons whomsoever.

 

    	 	14 	 

     

    

 

(b)           Such
Grantor shall furnish to the Trustee from time to time statements and schedules further identifying and describing the Collateral and
such other reports in connection with the assets and property of such Grantor as the Trustee may reasonably request, all in reasonable
detail.

 

(c)           At
any time and from time to time, upon the written request of the Trustee, and at the sole expense of such Grantor, such Grantor shall promptly
and duly authorize, execute and deliver, and have recorded, such further instruments and documents and take such further actions as the
Trustee may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers
herein granted, including, without limitation, (i) the filing of any financing or continuation statements under the Uniform Commercial
Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the
case of Investment Property and any other relevant Collateral, taking any actions necessary to enable the Trustee to obtain “control”
(within the meaning of the applicable Uniform Commercial Code) with respect thereto to the extent required hereunder, including without
limitation, executing and delivering and causing the relevant securities intermediary to execute and deliver a control agreement in form
and substance reasonably satisfactory to the Trustee.

 

4.5           Changes
in Locations, Name, Jurisdiction of Incorporation, Etc. Such Grantor will not, except upon fifteen (15) days’ prior written
notice to the Trustee and delivery to the Trustee of duly authorized and, where required, executed copies of all additional financing
statements and other documents reasonably requested by the Trustee to maintain the validity, perfection and priority of the security interests
provided for herein and:

 

(i)             without
limiting the prohibitions on mergers involving the Grantors contained in the Indenture, change its legal name, jurisdiction of organization
or the location of its chief executive office or sole place of business, if applicable, from that referred to in Section 3.4; or

 

(ii)           change
its legal name, identity or structure to such an extent that any financing statement filed by the Trustee in connection with this Agreement
would become misleading.

 

4.6           Notices.
Such Grantor will advise the Trustee promptly, in reasonable detail, of:

 

(a)           any
Lien (other than any Permitted Lien) on any of the Collateral which would adversely affect the ability of the Trustee to exercise any
of its remedies hereunder; and

 

(b)           the
occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral
or on the security interests created hereby.

 

    	 	15 	 

     

    

 

4.7           Investment
Property. (a) If such Grantor shall become entitled to receive or shall receive any stock or other ownership certificate (including,
without limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase
or reduction of capital or any certificate issued in connection with any reorganization), or option or rights in respect of the capital
stock or other Pledged Equity Interest of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for,
any shares of or other ownership interests in the Pledged Equity Interests, or otherwise in respect thereof, such Grantor shall accept
the same as the agent of the Secured Parties, hold the same in trust for the Secured Parties and deliver the same forthwith to the Trustee
in the exact form received, duly endorsed by such Grantor to the Trustee, if required, together with an undated stock power covering such
certificate duly executed in blank by such Grantor and with, if the Trustee so requests, signature guaranteed, to be held by the Trustee,
subject to the terms hereof, as additional collateral security for the Secured Obligations. If an Event of Default shall have occurred
and be continuing, any sums paid upon or in respect of the Pledged Equity Interests upon the liquidation or dissolution of any Issuer
shall be paid over to the Trustee to be held by it hereunder as additional collateral security for the Secured Obligations, and in case
any distribution of capital shall be made on or in respect of the Pledged Equity Interests or any property shall be distributed upon or
with respect to the Pledged Equity Interests pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant
to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of
the Trustee, be delivered to the Trustee to be held by it hereunder as additional collateral security for the Secured Obligations. If
an Event of Default shall have occurred and be continuing and any sums of money or property so paid or distributed in respect of the Pledged
Equity Interests shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Trustee,
hold such money or property in trust for the Secured Parties, segregated from other funds of such Grantor, as additional collateral security
for the Secured Obligations.

 

(b)           Without
the prior written consent of the Trustee, such Grantor will not (i) vote to enable, or take any other action to permit, any Issuer
to amend its organizational documents in any manner that materially changes the rights of such Grantor with respect to any Pledged Equity
Interests or adversely affects the validity, perfection or priority of the Trustee’s security interest therein, (ii) enter
into any agreement or undertaking restricting the right or ability of such Grantor or the Trustee to sell, assign or transfer any of the
Investment Property or Proceeds thereof or any interest therein or (iii) cause or permit any Equity Issuer of any Pledged Partnership
Interests or Pledged LLC Interests which are not securities (for purposes of the UCC) on the date hereof to elect or otherwise take any
action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC.

 

(c)           Each
Grantor which is an Equity Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Equity
Interests issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Trustee
promptly in writing of the occurrence of any of the events described in Section 4.7(a) with respect to the Pledged Equity
Interests issued by it and (iii) the terms of Sections 4.8(c) shall apply to it, mutatis mutandis, with respect
to all actions that may be required of it pursuant to Section 4.8(c) with respect to the Pledged Equity Interests issued by
it. In addition, each Grantor which is either an Equity Issuer or an owner of any Pledged Equity Interests hereby consents to the grant
by each other Grantor of the security interest hereunder in favor of the Trustee and to the transfer of any Pledged Equity Interest to
the Trustee or its nominee following an Event of Default and to the substitution of the Trustee or its nominee as a partner, member or
shareholder or other equity holder of the Equity Issuer of the related Pledged Equity Interest.

 

    	 	16 	 

     

    

 

4.8           Voting
and Other Rights with Respect to Pledged Securities. (a) Unless an Event of Default shall have occurred and be continuing, each
Grantor shall be permitted to receive all cash dividends paid in respect of the Pledged Equity Interests and all payments made in respect
of the Pledged Notes or Pledged Debt Securities, in each case paid in the normal course of business of the relevant Issuer, to the extent
permitted by the Indenture, and to exercise all voting and corporate rights with respect to the Pledged Equity Interests; provided,
however, that no vote shall be cast or corporate or other ownership right exercised or other action taken which, in the Trustee’s
reasonable judgment, would impair the Collateral or which would be inconsistent with or result in any violation of any provision of the
Indenture, this Agreement or any other Note Document.

 

(b)           If
an Event of Default shall occur and be continuing: (i) all rights of each Grantor to exercise or refrain from exercising the voting
and other consensual rights with respect to Pledged Securities which it would otherwise be entitled to exercise shall cease and all such
rights shall thereupon become vested in the Trustee who shall thereupon have the sole right, but shall be under no obligation, to exercise
or refrain from exercising such voting and other consensual rights and (ii) the Trustee shall have the right, without notice to any
Grantor, to transfer all or any portion of the Pledged Securities to its name or the name of its nominee or agent. In addition, the Trustee
shall have the right at any time, without notice to any Grantor, to exchange any certificates or instruments representing any Pledged
Securities for certificates or instruments of smaller or larger denominations. In order to permit the Trustee to exercise the voting and
other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which
it may be entitled to receive hereunder each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the
Trustee all proxies, dividend payment orders and other instruments as the Trustee may from time to time reasonably request and each Grantor
acknowledges that the Trustee may utilize the power of attorney set forth herein.

 

(c)           Each
Grantor hereby authorizes and instructs each Equity Issuer of any Pledged Securities pledged by such Grantor hereunder to (i) comply
with any instruction received by it from the Trustee in writing that (x) states that an Event of Default has occurred and is continuing
and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor,
and each Grantor agrees that each Equity Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted
hereby, pay any dividends or other payments with respect to the Pledged Securities directly to the Trustee.

 

4.9           [Reserved].

 

4.10         Intellectual
Property. (a) Such Grantor (either itself or through licensees) will not, without the prior written consent of the Trustee, discontinue
use of any Material Intellectual Property, or do any act or omit to do any act whereby any Material Intellectual Property may lapse, become
abandoned, cancelled, dedicated to the public, forfeited, or otherwise impaired, or abandon any application or any right to file an application
for a Copyright, Patent, or Trademark constituting Material Intellectual Property.

 

(b)           Such
Grantor shall take all reasonable steps, including in any proceeding before the United States Patent and Trademark Office, the United
States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any application and maintain any registration
or issuance of each Trademark, Patent, and Copyright owned by or exclusively licensed to such Grantor and constituting Material Intellectual
Property, including, but not limited to, those applications and registrations listed on Schedule 5.

 

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(c)           Such
Grantor agrees that, should it hereafter (i) obtain an ownership interest in any item of Intellectual Property, (ii) obtain
an exclusive license to any Copyrights, (iii) (either by itself or through any agent, employee, licensee, or designee) file any application
for the registration or issuance of any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright
Office, or any similar office or agency in any other country or in any political subdivision of any of the foregoing, or (iv) should
it file a Statement of Use or an Amendment to Allege Use with respect to any “intent-to-use” Trademark application (the items
in clauses (i), (ii) (iii) and (iv), collectively, the “After-Acquired Intellectual Property”), then the
provisions of Section 2 shall automatically apply thereto, and any such After-Acquired Intellectual Property shall automatically
become part of the Collateral, and such Grantor shall give prompt (and, in any event within five (5) Business Days after the last
day of the fiscal quarter in which such Grantor acquires such ownership interest) written notice thereof to the Trustee in accordance
herewith, and shall provide the Trustee promptly (and, in any event within five (5) Business Days after the last day of the fiscal
quarter in which such Grantor acquires such ownership interest) with an amended Schedule 5 hereto and promptly take the actions
specified in Section 4.10(d) with respect thereto.

 

(d)           Such
Grantor shall execute Intellectual Property Security Agreements with respect to the Intellectual Property included in the Collateral as
of the date hereof, as well as any After-Acquired Intellectual Property, in substantially the form of Exhibits C-1, C-2 or
C-3, as applicable, in order to record the security interest granted herein to the Trustee for the benefit of the Secured Parties
with the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and such Grantor shall promptly
execute and deliver, and have recorded, any and all other agreements, instruments, documents, and papers as the Trustee may reasonably
request to evidence the Secured Parties’ security interest in any such Intellectual Property with any other applicable offices,
agencies, or governmental authorities.

 

(e)           Such
Grantor shall take all steps reasonably necessary to protect the secrecy of all Trade Secrets constituting Material Intellectual Property,
including, without limitation, entering into confidentiality agreements with employees and consultants and labeling and restricting access
to secret information and documents.

 

Section 5.     REMEDIAL
PROVISIONS

 

5.1           [Reserved].

 

5.2           [Reserved].

 

5.3           [Reserved].

 

5.4           Application
of Proceeds. At such intervals as may be agreed upon by the Issuer and the Trustee (acting with the consent of the Holders), or, if
an Event of Default shall have occurred and be continuing, at any time at the Trustee’s election, the Trustee may (and, if directed
by the Holders, shall), apply all or any part of the Collateral and/or net Proceeds thereof (after deducting fees and expenses as provided
in Section 5.5) realized through the exercise by the Trustee of its remedies hereunder in payment of the Secured Obligations. The
Trustee shall apply any such Collateral or Proceeds to be applied in the following order:

 

First, to the Trustee
to pay incurred and unpaid fees and expenses under the Note Documents;

 

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Second, to the Trustee in respect
of Secured Obligations then due and owing and remaining unpaid for application by the Trustee in accordance with the terms of the Indenture;

 

Third, to the Trustee in respect
of all Secured Obligations (other than those under clause second above) for prepayment of such Secured Obligations in accordance with
the terms of the Indenture; and

 

Fourth, any balance of such Proceeds
remaining after a Discharge of the Secured Obligations shall be paid over to the Issuer or to whomsoever may be lawfully entitled to receive
the same and any Collateral remaining after a Discharge of Secured Obligations shall be returned to the applicable Grantor or to whomsoever
may be lawfully entitled to receive the same.

 

Any Proceeds not applied shall
be held by the Trustee as Collateral.

 

In addition, with respect
to any proceeds of Insurance received by the Trustee, (x) if no Event of Default shall have occurred and be continuing, (i) such
Insurance Proceeds shall be returned to the Grantors if permitted or required by the Indenture or (ii) if not so permitted or required
by the Indenture, then such Insurance Proceeds shall be applied in accordance with this Section 5.4 and (y) if an Event of Default
shall have occurred and be continuing, then such Insurance Proceeds shall be applied in accordance with this Section 5.4.

 

    	 	19 	 

     

    

 

5.5           Code
and Other Remedies. (a) If an Event of Default shall occur and be continuing, the Trustee, on behalf of the Secured Parties,
may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC (whether or not
the UCC applies to the affected Collateral) and all rights under any other applicable law or in equity. Without limiting the generality
of the foregoing, the Trustee, without demand of performance or other demand, defense, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands,
presentments, protests, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, license, assign, give option or options
to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or
more parcels at public or private sale or sales, at any exchange, broker’s board or office of any Secured Party, on the internet
or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or
for future delivery without assumption of any credit risk. The Trustee may store, repair or recondition any Collateral or otherwise prepare
any Collateral for disposal in the manner and to the extent that the Trustee deems appropriate. Each Secured Party shall have the right
upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or
any part of the Collateral so sold or to become the licensor of all or any such Collateral, free of any right or equity of redemption
in any Grantor, which right or equity is hereby waived and released. For purposes of bidding and making settlement or payment of the purchase
price for all or a portion of the Collateral sold at any such sale made in accordance with the UCC or other applicable laws, including,
without limitation, the Bankruptcy Code, the Trustee, as trustee for and representative of the Secured Parties (but not any Secured Party
or Secured Parties in its or their respective individual capacities unless the Majority Holders shall otherwise agree in writing), shall
be entitled to credit bid and use and apply the Secured Obligations (or any portion thereof) as a credit on account of the purchase price
for any Collateral payable by the Trustee at such sale, such amount to be apportioned ratably to the Secured Obligations of the Secured
Parties in accordance with their pro rata share of such Secured Obligations. Each purchaser at any such sale shall hold the property sold
absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable
law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law
or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least
ten (10) days notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made
shall constitute reasonable notification. The Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale
having been given. The Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Trustee may sell the Collateral
without giving any warranties as to the Collateral. The Trustee may specifically disclaim or modify any warranties of title or the like.
The foregoing will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. Each Grantor agrees
that it would not be commercially unreasonable for the Trustee to dispose of the Collateral or any portion thereof by using Internet sites
that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or
that match buyers and sellers of assets. Each Grantor hereby waives any claims against the Trustee arising by reason of the fact that
the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at
a public sale, even if the Trustee accepts the first offer received and does not offer such Collateral to more than one offeree. Each
Grantor further agrees, at the Trustee’s request, to assemble the Collateral and make it available to the Trustee at places which
the Trustee shall reasonably select, whether at such Grantor’s premises or elsewhere. The Trustee shall have the right to enter
onto the property where any Collateral is located without any obligation to pay rent and take possession thereof with or without judicial
process. The Trustee shall have no obligation to marshal any of the Collateral.

 

(b)           The
Trustee shall deduct from such Proceeds all reasonable costs and expenses of every kind incurred in connection with the exercise of its
rights and remedies against the Collateral or incidental to the care or safekeeping of any of the Collateral or in any way relating to
the Collateral or the rights of the Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements.
Any net Proceeds remaining after such deductions shall be applied or retained by the Trustee in accordance with Section 5.4. Only
after such application and after the payment by the Trustee of any other amount required by any provision of law, including, without limitation,
Section 9-615(a) of the UCC, need the Trustee account for the surplus, if any, to any Grantor. If the Trustee sells any of the
Collateral upon credit, the Grantor will be credited only with payments actually made by the purchaser and received by the Trustee. In
the event the purchaser fails to pay for the Collateral, the Trustee may resell the Collateral and the applicable Grantor shall be credited
with proceeds of the sale. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire
against any Secured Party arising out of the exercise by it or them of any rights hereunder.

 

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(c)           In
the event of any Disposition of any of the Intellectual Property, the goodwill of the business connected with and symbolized by any Trademarks
subject to such Disposition shall be included, and the applicable Grantor shall supply the Trustee or its designee with such Grantor’s
know-how and expertise, and with documents and things embodying the same, relating to the exploitation of such Intellectual Property,
including the manufacture, distribution, advertising and sale of products or the provision of services under such Intellectual Property,
and such Grantor’s customer lists and other records and documents relating to such Intellectual Property and to the manufacture,
distribution, advertising and sale of such products and services.

 

(d)           For
the purpose of enabling the Trustee to exercise rights and remedies under this Section 5.5 (including in order to take possession
of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, license out, convey, transfer or grant options
to purchase any Collateral) at such time as the Trustee shall be lawfully entitled to exercise such rights and remedies, each Grantor
hereby grants to the Trustee, for the benefit of the Secured Parties, (i) an irrevocable, nonexclusive, and assignable license (exercisable
without payment of royalty or other compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality
control and inspection in favor of such Grantor to avoid the risk of invalidation of such Trademarks, to use, practice, license, sublicense,
and otherwise exploit any and all Intellectual Property now owned or held or hereafter acquired or held by such Grantor (which license
shall include access to all media in which any of the licensed items may be recorded or stored and to all software and programs used for
the compilation or printout thereof) and (ii) an irrevocable license (without payment of rent or other compensation to such Grantor)
to use, operate and occupy all real property owned, operated, leased, subleased, or otherwise occupied by such Grantor.

 

5.6           Effect
of Securities Laws. Each Grantor recognizes that the Trustee may be unable to effect a public sale of any or all of the Pledged Equity
Interests or the Pledged Debt Securities by reason of certain prohibitions contained in the Securities Act and applicable state securities
laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will
be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution
or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable
than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have
been made in a commercially reasonable manner. The Trustee shall be under no obligation to delay a sale of any of the Pledged Equity Interests
or the Pledged Debt Securities for the period of time necessary to permit the Equity Issuer thereof to register such securities for public
sale under the Securities Act, or under applicable state securities laws, even if such Equity Issuer would agree to do so.

 

5.7           Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient
to pay its Secured Obligations and the fees and disbursements of any attorneys employed by any Secured Party to collect such deficiency.

 

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Section 6.     POWER
OF ATTORNEY AND FURTHER ASSURANCES

 

6.1           Trustee’s
Appointment as Attorney-in-Fact, Etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Trustee and any officer
or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this
Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable
to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby gives the Trustee
the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following:

 

(i)            in
the name of such Grantor or its own name, or otherwise, take possession of and endorse and collect any checks, drafts, notes, acceptances
or other instruments for the payment of moneys due with respect to any Collateral and file any claim or take any other action or proceeding
in any court of law or equity or otherwise deemed appropriate by the Trustee for the purpose of collecting any and all such moneys due
with respect to any Collateral whenever payable;

 

(ii)           in
the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers
as the Trustee may request to evidence the Secured Parties’ security interest in such Intellectual Property and the goodwill and
general intangibles of such Grantor relating thereto or represented thereby;

 

(iii)           pay
or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or purchase any insurance called
for by the terms of the Note Documents and pay all or any part of the premiums therefor and the costs thereof;

 

(iv)           execute,
in connection with any sale provided for in Section 5.5 or 5.6, any endorsements, assignments or other instruments of conveyance
or transfer with respect to the Collateral; and

 

(v)           (1) direct
any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly
to the Trustee or as the Trustee shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all
moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and endorse
any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications,
notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings
at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right
in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral;
(6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases
as the Trustee may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which
any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner,
as the Trustee shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect
to or otherwise deal with any of the Collateral as fully and completely as though the Trustee were the absolute owner thereof for all
purposes, and do, at the Trustee’s option and such Grantor’s expense, at any time, or from time to time, all acts and things
which the Trustee deems necessary to protect, preserve or realize upon the Collateral and the Secured Parties’ security interests
therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

 

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Anything in this Section 6.1(a) to
the contrary notwithstanding, the Trustee agrees that, except as provided in Section 6.1(b), it will not exercise any rights under
the power of attorney provided for in this Section 6.1(a) unless an Event of Default shall have occurred and be continuing.

 

(b)           If
any Grantor fails to perform or comply with any of its agreements contained herein, the Trustee, at its option, but without any obligation
so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement; provided, however, that
unless an Event of Default has occurred and is continuing or time is of the essence, the Trustee shall not exercise this power without
first making demand on the Grantor and the Grantor failing to promptly comply therewith.

 

(c)           The
expenses of the Trustee incurred in connection with actions undertaken as provided in this Section 6.1, together with interest thereon
at a rate per annum equal to the Default Rate under the Indenture, from the date of payment by the Trustee to the date reimbursed by the
relevant Grantor, shall be payable by such Grantor to the Trustee on demand.

 

(d)           Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are irrevocable until a Discharge of the Secured Obligations.

 

6.2           Authorization
of Financing Statements. Each Grantor acknowledges that pursuant to Section 9-509(b) of the UCC and any other applicable
law, the Trustee is authorized to file or record financing or continuation statements, and amendments thereto, and other filing or recording
documents or instruments with respect to the Collateral in such form and in such offices as the Trustee reasonably determines appropriate
to perfect or maintain the perfection of the security interests of the Trustee under this Agreement. Each Grantor agrees that such financing
statements may describe the collateral in the same manner as described in the Collateral Documents or as “all assets” or “all
personal property” of the such Grantor, whether now owned or hereafter existing or acquired by the such Grantor or such other description
as the Trustee, in its sole judgment, determines is necessary or advisable. A photographic or other reproduction of this Agreement shall
be sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction.

 

    	 	23 	 

     

    

 

6.3           Further
Assurances. Each Grantor agrees that from time to time, at the expense of such Grantor, it shall promptly execute and deliver all
further instruments and documents and take all further action that may be necessary or desirable, or that the Trustee may reasonably request,
in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be
granted hereby or to enable the Trustee to exercise and enforce its rights and remedies hereunder in respect of any Collateral. Without
limiting the generality of the foregoing, each Grantor shall:

 

(i)            file
such financing or continuation statements, or amendments thereto, record security interests in Intellectual Property and execute and deliver
such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary or desirable, or as the Trustee may
reasonably request, in order to effect, reflect, perfect and preserve the security interests granted or purported to be granted hereby;

 

(ii)           take
all actions necessary to ensure the recordation of appropriate evidence of the liens and security interest granted hereunder in any Intellectual
Property with any intellectual property registry in which said Intellectual Property is registered or issued or in which an application
for registration or issuance is pending, including, without limitation, the United States Patent and Trademark Office, the United States
Copyright Office, the various Secretaries of State, and the foreign counterparts of any of the foregoing;

 

(iii)           at
any reasonable time, upon request by the Trustee, assemble the Collateral and allow inspection of the Collateral by the Trustee or persons
designated by the Trustee;

 

(iv)           at
the Trustee’s request, appear in and defend any action or proceeding that may affect such Grantor’s title to or the Trustee’s
interest in all or any part of the Collateral; and

 

(v)           furnish
the Trustee with such information regarding the Collateral, including, without limitation, the location thereof, as the Trustee may reasonably
request from time to time.

 

Section 7.     Lien
absolute; waiver of suretyship defenses

 

7.1           Lien
Absolute, Waivers. (a) All rights of Trustee hereunder, and all obligations of Grantors hereunder, shall be absolute and unconditional
irrespective of, shall not be affected by, and shall remain in full force and effect without regard to, and hereby waives all, rights,
claims or defenses that it might otherwise have (now or in the future) with respect to, in each case, each of the following (whether or
not such Grantor has knowledge thereof):

 

(i)            the
validity or enforceability of the Indenture or any other Note Document, any of the Secured Obligations or any guarantee or right of offset
with respect thereto at any time or from time to time held by any Secured Party;

 

    	 	24 	 

     

    

 

(ii)           any
renewal, extension or acceleration of, or any increase in the amount of the Secured Obligations, or any amendment, supplement, modification
or waiver of, or any consent to departure from, the Note Documents;

 

(iii)           any
failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or the stay or enjoining,
by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy
(whether arising under any Note Documents, at law, in equity or otherwise) with respect to the Secured Obligations or any agreement relating
thereto, or with respect to any other guaranty of or security for the payment of the Secured Obligations;

 

(iv)           any
change, reorganization or termination of the corporate structure or existence of Issuer or any other Grantor or any of their Subsidiaries
and any corresponding restructuring of the Secured Obligations;

 

(v)           any
settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with respect to, or
any substitutions for, the Secured Obligations or any subordination of the Secured Obligations to any other obligations;

 

(vi)           the
validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien, the release of any
or all collateral securing, or purporting to secure, the Secured Obligations or any other impairment of such collateral;

 

(vii)           any
exercise of remedies with respect to any security for the Secured Obligations (including, without limitation, any collateral, including
the Collateral securing or purporting to secure any of the Secured Obligations) at such time and in such order and in such manner as the
Trustee and the Secured Parties may decide and whether or not every aspect thereof is commercially reasonable and whether or not such
action constitutes an election of remedies and even if such action operates to impair or extinguish any right of reimbursement or subrogation
or other right or remedy that any Grantor would otherwise have and without limiting the generality of the foregoing or any other provisions
hereof, each Grantor hereby expressly waives any and all benefits which might otherwise be available to such Grantor under applicable
law; and

 

(viii)           any
other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Grantor as an obligor in respect
of the Secured Obligations or which constitutes, or might be construed to constitute, an equitable or legal discharge of the Issuer or
any other Grantor for the Secured Obligations, or of any security interest granted by any Grantor, whether in a bankruptcy proceeding
or in any other instance.

 

(b)           In
addition each Grantor further waives any and all other defenses, set- offs or counterclaims (other than a defense of payment or performance
in full hereunder) which may at any time be available to or be asserted by it, the Issuer or any other Grantor or Person against any Secured
Party, including, without limitation, failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord
and satisfaction and usury.

 

    	 	25 	 

     

    

 

(c)           Each
Grantor waives diligence, presentment, protest, marshaling, demand for payment, notice of dishonor, notice of default and notice of nonpayment
to or upon the Issuer or any of the other Grantors with respect to the Secured Obligations. Except for notices provided for herein, each
Grantor hereby waives notice (to the extent permitted by applicable law) of any kind in connection with this Agreement or any collateral
securing the Secured Obligations, including, without limitation, the Collateral. When making any demand hereunder or otherwise pursuing
its rights and remedies hereunder against any Grantor, Trustee may, but shall be under no obligation to, make a similar demand on or otherwise
pursue such rights and remedies as it may have against Issuer, any other Grantor or any other Person or against any collateral security
or guarantee for the Secured Obligations or any right of offset with respect thereto, and any failure by Trustee to make any such demand,
to pursue such other rights or remedies or to collect any payments from Issuer, any other Grantor or any other Person or to realize upon
any such collateral security or guarantee or to exercise any such right of offset, or any release of Issuer, any other Grantor or any
other Person or any such collateral security, guarantee or right of offset, shall not relieve any Grantor of any obligation or liability
hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of Secured
Party against any Grantor. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

Section 8.       the
collateral Trustee

 

8.1           Authority
of Trustee. (a) Each Grantor acknowledges that the rights and responsibilities of the Trustee under this Agreement with respect
to any action taken by the Trustee or the exercise or non-exercise by the Trustee of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Trustee and the other Secured
Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but,
as between the Trustee and the Grantors, the Trustee shall be conclusively presumed to be acting as trustee for the Secured Parties with
full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry
respecting such authority.

 

(b)           The
Trustee has been appointed to act as Trustee hereunder by the Holders. The Trustee shall be obligated, and shall have the right hereunder,
to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including,
without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Indenture; provided
that the Trustee shall, after the payment in full of all Secured Obligations (other than contingent indemnification obligations as to
which no claim has been asserted) (the “Discharge of the Secured Obligations”), exercise, or refrain from exercising,
any remedies provided for herein and otherwise act in accordance with the instructions of the holders of a majority (the “Majority
Holders”). The provisions of the Indenture relating to the Trustee, including without limitation, the provisions relating to
resignation or removal of the Trustee and the powers and duties and immunities of the Trustee, are incorporated herein by this reference
and shall survive any termination of the Indenture.

 

    	 	26 	 

     

    

 

8.2           Duty
of Trustee. The Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in
its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Trustee deals with
similar property for its own account. Neither the Trustee nor any other Secured Party nor any of their respective officers, directors,
partners, employees, agents, attorneys or other advisors, attorneys-in-fact or affiliates shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or
any part thereof. The powers conferred on the Secured Parties hereunder are solely to protect the Secured Parties’ interests in
the Collateral and shall not impose any duty upon any Secured Party to exercise any such powers. The Secured Parties shall be accountable
only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors,
partners, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates shall be responsible to any Grantor for any
act or failure to act hereunder, except to the extent that any such act or failure to act is found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted solely and proximately from their own gross negligence or willful misconduct in
breach of a duty owed to such Grantor.

 

8.3           Exculpation
of the Trustee. (a) The Trustee shall not be responsible to any Secured Party for the execution, effectiveness, genuineness,
validity, enforceability, collectability or sufficiency hereof or of any Collateral Document or the validity or perfection of any security
interest or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements
or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by the Trustee
to the Secured Parties or by or on behalf of any Secured Party to the Trustee or any Secured Party in connection with this Agreement and
the transactions contemplated thereby or for the financial condition or business affairs of any party to the Indenture or any other Person
liable for the payment of any Secured Obligations, nor shall the Trustee be required to ascertain or inquire as to the performance or
observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Collateral Documents or as to
the existence or possible existence of any Event of Default or default or to make any disclosures with respect to the foregoing.

 

(b)           Neither
the Trustee nor any of its officers, partners, directors, employees or agents shall be liable to the Secured Parties for any action taken
or omitted by the Trustee under or in connection with any of the Collateral Documents except to the extent caused solely and proximately
by the Trustee’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent
jurisdiction. The Trustee shall be entitled to refrain from any act or the taking of any action in connection herewith or any of the Collateral
Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until the Trustee
shall have been instructed in respect thereof by the Majority Holders and, upon such instruction, the Trustee shall be entitled to act
or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such written instructions.
Without prejudice to the generality of the foregoing, (i) the Trustee shall be entitled to rely, and shall be fully protected in
relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the
proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who
may be attorneys for the Grantors and their Subsidiaries), accountants, experts and other professional advisors selected by it; and (ii) no
Secured Party shall have any right of action whatsoever against the Trustee as a result of the Trustee acting or refraining from acting
hereunder or under any of the Collateral Documents in accordance with the Indenture or, in the limited circumstances specified in Section 8.1(b) hereof,
the instructions of the Majority Holders.

 

    	 	27 	 

     

    

 

(c)           Without
limiting the indemnification provisions of the Indenture, each of the Secured Parties not party to the Indenture severally agrees to indemnify
the Trustee, to the extent that the Trustee shall not have been reimbursed by any Credit Party, for and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Trustee in exercising its powers, rights
and remedies or performing its duties hereunder or under the Collateral Documents or otherwise in its capacity as the Trustee in any way
relating to or arising out of this Agreement or any of the Collateral Documents; provided, no such Secured Party shall be liable
for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting solely and proximately from the Trustee’s gross negligence or willful misconduct, as determined by a final, non-appealable
judgment of a court of competent jurisdiction. If any indemnity furnished to the Trustee for any purpose shall, in the opinion of the
Trustee, be insufficient or become impaired, the Trustee may call for additional indemnity and cease, or not commence, to do the acts
insufficiently indemnified against until such additional indemnity is furnished.

 

(d)           No
direction given to the Trustee which imposes, or purports to impose, upon the Trustee any obligation not set forth in or arising under
this Agreement or any Collateral Document accepted or entered into by the Trustee shall be binding upon the Trustee.

 

8.4           No
Individual Foreclosure, Etc.. No Secured Party shall have any right individually to realize upon any of the Collateral except to the
extent expressly contemplated by this Agreement or the other Note Documents, it being understood and agreed that all powers, rights and
remedies under the Note Documents may be exercised solely by the Trustee on behalf of the Secured Parties in accordance with the terms
thereof. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral provided
hereunder and under any other Note Documents, to have agreed to the foregoing provisions and the other provisions of this Agreement. Without
limiting the generality of the foregoing, each Secured Party authorizes the Trustee to credit bid all or any part of the Secured Obligations
held by it.

 

Section 9.     MISCELLANEOUS

 

9.1           Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by
a written instrument executed by each affected Grantor and the Trustee. After the Discharge of the Secured Obligations, the provisions
of this Agreement may be waived, amended, supplemented or otherwise modified by a written instrument executed by each Grantor and the
Majority Holders.

 

9.2           Notices.
All notices, requests and demands to or upon the Trustee or any Grantor hereunder shall be effected in the manner provided for in Section 11.01
of the Indenture; provided that any such notice, request or demand to or upon any Grantor shall be addressed to such Grantor at
its notice address set forth on Schedule 1.

 

    	 	28 	 

     

    

 

9.3           No
Waiver by Course of Conduct; Cumulative Remedies. No Secured Party shall by any act (except by a written instrument pursuant to Section 9.1),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or
Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Secured Party would otherwise have
on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive
of any other rights or remedies provided by law.

 

9.4           Enforcement
Expenses; Indemnification. (a) Each Grantor agrees to pay or reimburse each Secured Party for all its costs and expenses incurred
in enforcing or preserving any rights under this Agreement and the other Note Documents to which such Grantor is a party, including, without
limitation, the fees and disbursements of counsel to each Secured Party and of counsel to the Trustee.

 

(b)           Each
Grantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting from any delay
in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the
Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c)           The
agreements in this Section shall survive repayment of the Secured Obligations and all other amounts payable under the Indenture and
the other Note Documents.

 

9.5           Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the
Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the Trustee and any such assignment, transfer or delegation without
such consent shall be null and void.

 

9.6           Set-Off.
Each Grantor hereby irrevocably authorizes each Secured Party at any time and from time to time while an Event of Default shall have occurred
and be continuing, without notice to such Grantor or any other Grantor, any such notice being expressly waived by each Grantor, to set-off
and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other
credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured,
at any time held or owing by such party to or for the credit or the account of such Grantor, or any part thereof in such amounts as such
Secured Party may elect, against and on account of the obligations and liabilities of such Grantor to such Secured Party hereunder and
claims of every nature and description of such Secured Party against such Grantor, in any currency, whether arising hereunder, under the
Indenture, any other Note Document or otherwise, as such Secured Party may elect, whether or not any Secured Party has made any demand
for payment and although such obligations, liabilities and claims may be contingent or unmatured. Each Secured Party exercising any right
of set-off shall notify such Grantor promptly of any such set-off and the application made by such Secured Party of the proceeds thereof,
provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each
Secured Party under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off)
which such Secured Party may have.

 

    	 	29 	 

     

    

 

9.7           Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile
or other electronic imaging means), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g. “pdf” or
 “tif” format) shall be effective as delivery of a manually executed counterpart hereof.

 

9.8           Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties
hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

9.9          Section Headings.
The Section headings and Table of Contents used in this Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

9.10         Integration/Conflict.
This Agreement and the other Note Documents represent the entire agreement of the Grantors, the Trustee and the other Secured Parties
with respect to the subject matter hereof and thereof, and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof and thereof. There are no promises, undertakings, representations or warranties by the Trustee or
any other Secured Party relative to the subject matter hereof and thereof not expressly set forth or referred to herein or therein. In
the case of any Collateral “located” outside the United States (including any Equity Interests of an Equity Issuer organized
under a jurisdiction other than the United States of any state or other locality thereof), in the event of any conflict or inconsistency
between the provisions of this Agreement and the provisions of any applicable Foreign Security Document which cannot be resolved by both
provisions being complied with, the provisions contained in such Foreign Security Document shall govern to the extent of such conflict
with respect to such Collateral.

 

9.11         GOVERNING
LAW. THIS AGREEMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT,
TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE
UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS).

 

    	 	30 	 

     

    

 

9.12         Submission
to Jurisdiction; Waivers. Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated
by this Indenture may be instituted in the federal courts of the United States of America located in the City of New York or the courts
of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and
each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any
process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s
address set forth in Section 11.01 of the Indenture will be effective service of process for any such suit, action or proceeding
brought in any such court. Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally
waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

 

9.13         Acknowledgments.
Each Grantor hereby acknowledges that:

 

(a)           it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Note Documents to which it is a
party;

 

(b)           no
Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of
the other Note Documents, and the relationship between the Grantors, on the one hand, and the Secured Parties, on the other hand, in connection
herewith or therewith is solely that of debtor and creditor; and

 

(c)           no
joint venture is created hereby or by the other Note Documents or otherwise exists by virtue of the transactions contemplated hereby among
the Secured Parties or among the Grantors and the Secured Parties.

 

9.14           Additional
Grantors. Each Subsidiary of the Issuer that is required to become a party to this Agreement pursuant to Section 3.11(D) the
Indenture shall become a Grantor as required by the Indenture for all purposes of this Agreement upon execution and delivery by such Subsidiary
of an Assumption Agreement in the form of Annex 1 hereto.

 

9.15           Releases.
(a) At such time as there has been a Discharge of the Secured Obligations, the Collateral shall be released from the Liens created
hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each
Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the
Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Trustee shall
deliver to such Grantor any Collateral held by the Trustee hereunder, and execute and deliver to such Grantor such documents as such Grantor
shall reasonably request to evidence such termination.

 

    	 	31 	 

     

    

 

(b)           If
any of the Collateral shall be Disposed of by any Grantor in a transaction permitted by the Indenture, then, the Trustee, at the
request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably
necessary or desirable for the release of the Liens created hereby on such Collateral provided that the Grantor shall have
delivered to the Trustee, at least ten (10) Business Days prior to the date of the proposed release, a written request for
release identifying the relevant Grantor and Collateral to be released, together with a certification by the Issuer stating that
such transaction is in compliance with the Indenture and the other Note Documents and that the Proceeds of such Disposition will be
applied in accordance therewith. At the request and sole expense of the Issuer, a Subsidiary Grantor shall be released from its
obligations hereunder in the event that all the Equity Interests of such Subsidiary Grantor shall be Disposed of in a transaction
permitted by the Indenture; provided that the Issuer shall have delivered to the Trustee, at least ten (10) Business
Days prior to the date of the proposed release, a written request for release identifying the relevant Subsidiary Grantor, together
with a certification by the Issuer stating that such transaction is in compliance with the Indenture and the other Note Documents
and that the Proceeds of such Disposition will be applied in accordance therewith.

 

(c)           Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any
financing statement originally filed in connection herewith without the prior written consent of the Trustee, subject to such Grantor’s
rights under Section 9-509(d)(2) of the UCC.

 

9.16           WAIVER
OF JURY TRIAL. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR THE NOTES, WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES.

 

    	 	32 	 

     

    

 

IN WITNESS WHEREOF, each of
the undersigned has caused this Pledge and Security Agreement to be duly executed and delivered as of the date first above written.

 

	 	GRANTORS:
	 	 
	 	[MARTI TECHNOLOGIES INC.]
	 	 
	 	By:	         
	 	 	Name:
	 	 	Title:
	 	 
	 	[MOBILITE İŞLETMELERI LLC]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	TRUSTEE:
	 	 
	 	[NAME OF TRUSTEE],
	 	as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	33 	 

     

    

 

Schedule 11

 

NOTICE ADDRESSES OF GRANTORS

 

 

1 NTD: All schedules to be completed prior to the Issue
Date as may be reasonably acceptable to the Lead Investor.

 

    1-1

    

    

 

Schedule 2

 

DESCRIPTION OF PLEDGED INVESTMENT PROPERTY

 

Pledged Stock:

 

	Grantor	 	Issuer	 	Issuer’s Jurisdiction
 Under New York
 UCC Section 9-305(a)(2)	 	Class of 
 Stock	 	Stock 
 Certificate No.	 	Percentage of
 Shares	 	No. of Shares
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

Pledged Notes:

 

	Grantor	 	Issuer	 	Payee	 	Principal Amount
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    2-1

    

    

 

Pledged Debt Securities:

 

	Grantor	 	Issuer	 	Issuer’s Jurisdiction
 Under New York UCC
 Section 9-305(a)(2)	 	Payee	 	Principal Amount
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Pledged Security Entitlements:

 

	Grantor	 	Issuer of
 Financial Asset	 	Description of
 Financial Asset	 	Securities
 Intermediary
 (Name and 
 Address)	 	Securities Account
 (Number and 
 Location)	 	Securities Intermediary’s
 Jurisdiction Under New York 
 UCC Section 9-305(a)(3)
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    2-2

    

    

 

Pledged Commodity Contracts:

 

	Grantor	 	Description of
 Commodity Contract	 	Commodity

 Intermediary
 (Name and Address)	 	Commodity Account
 (Number and Location)	 	Commodity

 Intermediary’s

 Jurisdiction Under New

 York UCC Section 9-

305(a)(4)
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

Pledged Partnership Interests:

 

	Grantor	 	Issuer	 	Type of
 Partnership Interest 

(e.g., General or

 Limited)	 	Certificated
 (Y/N)	 	Certificate No.
 (if any)	 	% of Outstanding

 Partnership Interests of the

 Partnership
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

Pledged LLC Interests:

 

	Grantor	 	Issuer	 	Certificated
 (Y/N)	 	Certificate No.
 (if any)	 	No. of
 Pledged Units	 	% of Outstanding LLC

 Interests of the Issuer
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    2-3

    

    

 

Other Pledged Equity Interests:

 

	Grantor	 	Issuer	 	Class of Equity
 Interests	 	Certificated
 (Y/N)	 	Certificate No.
 (if any)	 	% of Outstanding Equity 

Interests of the Issuer
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    2-4

    

    

 

Schedule 3

 

FILINGS AND OTHER ACTIONS

REQUIRED TO PERFECT SECURITY INTERESTS

 

Uniform Commercial Code Filings

 

[Delaware

 

Turkey]

 

Copyright, Patent and Trademark Filings

 

[ · ]

 

Actions with respect to Investment Property

 

[Describe all actions required to obtain “control”
of Investment Property]

 

Other Actions

 

[Describe other actions to be taken]

 

    	 	3-1	 

     

    

 

Schedule 4

 

EXACT LEGAL NAME, LOCATION OF JURISDICTION OF
ORGANIZATION AND CHIEF EXECUTIVE OFFICE

 

	Exact
    Legal Name	Jurisdiction
    of Organization	Organizational
    I.D.	Chief
    Executive Office or Sole Place of Business
	 	 	 	 
	 	 	 	 

 

    	 	4-1	 

     

    

 

Schedule 5

 

Intellectual Property

 

	Application
    Number 	Filing
    Date	Date
    of

 Issuance	Expiration

Date	Registrar	Mark	Owner
	 	 	 	 	 	 	 

 

    	 	5-1	 

     

    

 

Exhibit A
to

Pledge and Security Agreement

 

INSERT
TO LLC/PARTNERSHIP AGREEMENT

 

Section ______. Pledgee’s Rights;.

 

Subdivision 1. Notwithstanding anything contained
herein to the contrary, each [Member/Partner] shall be permitted to pledge or hypothecate any or all of its [Units/Partnership Interests],
including all Interests, economic rights, control rights and status rights as a [Member/Partner], to any holder to the Company or an
affiliate of the Company or any agent acting on such holder’s behalf, and any transfer of such [Units/Partnership Interests] pursuant
to any such holder’s (or agent’s) exercise of remedies in connection with any such pledge or hypothecation shall be permitted
under this Agreement with no further action or approval required hereunder. Notwithstanding anything contained herein to the contrary,
upon a default under the financing giving rise to any pledge or hypothecation of [Units/Partnership Interests], the holder (or agent)
shall have the right, as set forth in the applicable pledge or hypothecation agreement, and without further approval of any [Member/Partner]
and without becoming a [Member/Partner], to exercise the membership/partnership voting rights of the [Member/Partner] granting such pledge
or hypothecation. Notwithstanding anything contained herein to the contrary, and without complying with any other procedures set forth
in this Agreement, upon the exercise of remedies in connection with a pledge or hypothecation, (a) the holder (or agent) or transferee
of such holder (or agent), as the case may be, shall become a [Member/Partner] under this Agreement and shall succeed to all of the rights
and powers, including the right to participate in the management of the business and affairs of the [Company/Partnership], and shall
be bound by all of the obligations, of a [Member/Partner] under this Agreement without taking any further action on the part of such
holder (or agent) or transferee, as the case may be, and (b) following such exercise of remedies, the pledging [Member/Partner]
shall cease to be a [Member/Partner] and shall have no further rights or powers under this Agreement. The execution and delivery of this
Agreement by a [Member/Partner] shall constitute any necessary approval of such [Member/Partner] under the Act to the foregoing provisions
of this Section ______. This Section ______ may not be amended or modified so long as any of the [Units/Partnership Interests]
is subject to a pledge or hypothecation without the pledgee’s (or the Transferee of such pledgee’s) prior written consent.
Each recipient of a pledge or hypothecation of the [Units/Partnership Interests] shall be a third party beneficiary of the provisions
of this Section ______.

 

    	 	A-1	 

     

    

 

Exhibit B
to

Pledge and Security Agreement

 

FORM OF
UNCERTIFICATED SECURITIES CONTROL AGREEMENT

 

This CONTROL AGREEMENT (as
amended, supplemented or otherwise modified from time to time, the “Control Agreement”) dated as of [ · ],
is made by and between [NAME OF GRANTOR] (the “Grantor”), [NAME OF TRUSTEE], as trustee (in such capacity, the “Trustee”)
for the Secured Parties (as defined in the Pledge and Security Agreement referred to below), and [NAME OF ISSUER] (the “Issuer”).

 

WHEREAS, the Grantor has
granted to the Trustee for the benefit of the Secured Parties a security interest in the uncertificated securities of the Issuer owned
by the Grantor from time to time (collectively, the “Pledged Securities”), and all additions thereto and substitutions
and proceeds thereof (collectively, with the Pledged Securities, the “Collateral”) pursuant to a Pledge and Security
Agreement, dated as of [ · ], 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the
 “Pledge and Security Agreement”), among the Grantor and the other persons party thereto as grantors in favor of the
Trustee.

 

WHEREAS, the following terms
which are defined in Articles 8 and 9 of the Uniform Commercial Code in effect in the State of New York on the date hereof (the “UCC”)
are used herein as so defined: Adverse Claim, Control, Instruction, Proceeds and Uncertificated Security.

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.          Notice
of Security Interest. The Grantor, the Trustee and the Issuer are entering into this Control Agreement to perfect, and to
confirm the priority of, the Trustee’s security interest in the Collateral. The Issuer acknowledges that this Control Agreement
constitutes written notification to the Issuer of the Trustee’s security interest in the Collateral. The Issuer agrees to promptly
make all necessary entries or notations in its books and records to reflect the Trustee’s security interest in the Collateral and,
upon request by the Trustee, to register the Trustee as the registered owner of any or all of the Pledged Securities. The Issuer acknowledges
that the Trustee has control over the Collateral.

 

Section 2.          Collateral.
The Issuer hereby represents and warrants to, and agrees with the Grantor and the Trustee that (i) the terms of any limited liability
company interests or partnership interests included in the Collateral from time to time shall expressly provide that they are securities
governed by Article 8 of the Uniform Commercial Code in effect from time to time in the State of New York, (ii) the Pledged
Securities are uncertificated securities, (iii) the issuer’s jurisdiction is, and during the term of this Control Agreement
shall remain, the State of New York, (iv) Schedule 2 contains a true and complete description of the Pledged Securities
as of the date hereof and (v) except for the claims and interests of the Trustee and the Grantor in the Collateral, the Issuer does
not know of any claim to or security interest or other interest in the Collateral.

 

Section 3.          Control.
The Issuer hereby agrees, upon written direction from the Trustee and without further consent from the Grantor, (a) to comply with
all instructions and directions of any kind originated by the Trustee concerning the Collateral, to liquidate or otherwise dispose of
the Collateral as and to the extent directed by the Trustee and to pay over to the Trustee all proceeds without any set-off or deduction,
and (b) except as otherwise directed by the Trustee, not to comply with the instructions or directions of any kind originated by
the Grantor or any other person.

 

    	 	B-1	 

     

    

 

Section 4.          Other
Agreements. The Issuer shall notify promptly the Trustee and the Grantor if any other person asserts any lien, encumbrance,
claim (including any adverse claim) or security interest in or against any of the Collateral. In the event of any conflict between the
provisions of this Control Agreement and any other agreement governing the Pledged Securities or the Collateral, the provisions of this
Control Agreement shall control.

 

Section 5.          Protection
of Issuer. The Issuer may rely and shall be protected in acting upon any notice, instruction or other communication that it
reasonably believes to be genuine and authorized.

 

Section 6.          Termination.
This Control Agreement shall terminate automatically upon receipt by the Issuer of written notice executed by the Trustee that (i) the
Discharge of the Secured Obligations has occurred, or (ii) all of the Collateral has been released, whichever is sooner, and the
Issuer shall thereafter be relieved of all duties and obligations hereunder.

 

Section 7.          Notices.
All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy),
and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) days
after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received, to the Grantor’s and the
Trustee’s addresses as set forth in the Pledge and Security Agreement, and to the Issuer’s address as set forth below, or
to such other address as any party may give to the others in writing for such purpose:

 

		[Name of Issuer]

[Address of Issuer]

Attention:                              

Telephone: ( ) -                    

Telecopy: ( ) -__________	 

 

Section 8.          Amendments
in Writing. None of the terms or provisions of this Control Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by the parties hereto.

 

Section 9.          Entire
Agreement. This Control Agreement and the Pledge and Security Agreement constitute the entire agreement and supersede all
other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.

 

Section 10.        Execution
in Counterparts. This Control Agreement may be executed in any number of counterparts by one or more parties to this Control
Agreement and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Control Agreement by facsimile or other electronic transmission (e.g., “pdf”, or “tif”
format) shall be effective as delivery of a manually executed counterpart hereof.

 

    	 	B-2	 

     

    

 

Section 11.        Successors
and Assigns. This Control Agreement shall be binding upon the successors and assigns of each of the parties hereto and shall
inure to the benefit of the parties hereto and their respective successors and assigns, provided that neither the Grantor nor the Issuer
may assign, transfer or delegate any of its rights or obligations under this Control Agreement without the prior written consent of the
Trustee and any such assignment, transfer or delegation without such consent shall be null and void.

 

Section 12.        Severability.
In the event any one or more of the provisions contained in this Control Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction
shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as
close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section 13.        Section Headings.
The Section headings used in this Control Agreement are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

 

Section 14.        Submission
to Jurisdiction; Waivers. Each of the Grantor and the Issuer hereby irrevocably and unconditionally:

 

(a)          submits
for itself and its property in any legal action or proceeding relating to this Control Agreement, or for recognition and enforcement
of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough
of Manhattan, the courts of the United States for the Southern District of New York sitting in the Borough of Manhattan, and appellate
courts from any thereof;

 

(b)          agrees
that all claims in respect of any such action or proceeding shall be heard and determined in such New York state court or, to the fullest
extent permitted by applicable law, in such federal court;

 

(c)          agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law and that nothing in this Control Agreement shall affect any right that any Secured Party
may otherwise have to bring any action or proceeding relating to this Control Agreement or any other Note Document against the Grantor
or any of its assets in the courts of any jurisdiction;

 

(d)          consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees
not to plead or claim the same;

 

    	 	B-3	 

     

    

 

(e)          agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to the Grantor at its address referred to in Section 7 of this Control
Agreement or at such other address of which the Trustee shall have been notified pursuant thereto;

 

(f)           agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law; and

 

(g)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover any special, exemplary, punitive or consequential
damages.

 

Section 15.          GOVERNING
LAW AND JURISDICTION. THIS CONTROL AGREEMENT HAS BEEN DELIVERED TO AND ACCEPTED BY THE TRUSTEE AND WILL BE DEEMED TO BE MADE IN
THE STATE OF NEW YORK. THIS CONTROL AGREEMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS CONTROL AGREEMENT
(WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN
ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW OF GOVERNING PERFECTION AND EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY
INTERESTS).

 

Section 16.          WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS CONTROL AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT, BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, TRUSTEE OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE
THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE, THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS CONTROL AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

    	 	B-4	 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused this Control Agreement to be duly executed and delivered as of the date first above written.

 

	 	[NAME OF GRANTOR], as Grantor
	 	 	 
		By:	
	 	 	
                                            Name:

                                            Title:

 

	 	[NAME OF ISSUER], as Issuer
	 	 	 
		By:	
	 	 	
                                            Name:

                                            Title:

 

	 	[NAME OF TRUSTEE], as Trustee
	 	 	 
		By:	
	 	 	
                                            Name:

                                            Title:

 

    	 	B-5	 

     

    

 

Exhibit C-1

TO PLEDGE AND SECURITY AGREEMENT

 

FORM OF
COPYRIGHT SECURITY AGREEMENT

 

This COPYRIGHT SECURITY
AGREEMENT, dated as of [ · ], 2022 (this “Agreement”), is made by each of the signatories hereto
indicated as a “Grantor” (each a “Grantor” and collectively, the “Grantors”) in favor
of [TRUSTEE], as trustee for the Secured Parties (in such capacity and together with its successors and assigns in such capacity, the
 “Trustee”).

 

WHEREAS, pursuant
to that certain Indenture dated as of [ · ], 2022 by and among [Marti Technologies Inc.] as Issuer and [Trustee], as
trustee, and the other parties from time to time party thereto (as the same may hereafter be amended, supplemented or otherwise modified
from time to time, the “Indenture”), Issuer has issued its 12.00% Convertible Senior Notes due [ · ]
(the “Notes”) upon the terms and subject to the conditions set forth therein; and

 

WHEREAS, the Grantors
entered into a Pledge and Security Agreement dated as of [ · ], 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Pledge and Security Agreement”) between each of the Grantors and the Trustee, pursuant
to which each of the Grantors assigned, transferred and granted to the Trustee, for the benefit of the Secured Parties, a security interest
in the Copyright Collateral (as defined below);

 

WHEREAS, pursuant
to the Pledge and Security Agreement, each Grantor agreed to execute and this Agreement, in order to record the security interest granted
to the Trustee for the benefit of the Secured parties with the United States Copyright Office.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Grantors hereby agree with the Trustee as follows:

 

Section 1.          Defined
Terms

 

Capitalized terms used but
not defined herein shall have the respective meanings given thereto in the Pledge and Security Agreement, and if not defined therein,
shall have the respective meanings given thereto in the Indenture.

 

Section 2.          Grant
of Security Interest

 

Each Grantor hereby assigns
and transfers to the Trustee, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in, all of
the following property, in each case, wherever located and now owned or at any time hereafter acquired by such Grantor or in which such
Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Copyright Collateral”)
as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) of such Grantor’s Secured Obligations:

 

    	 	C-1-1	 

     

    

 

(a)          all
works of authorship and all intellectual property rights therein, all United States and foreign copyrights (whether or not the underlying
works of authorship have been published), including but not limited to copyrights in software and databases, all designs (including but
not limited to all industrial designs, “Protected Designs” within the meaning of 17 U.S.C. 1301 et. Seq. and Community designs),
and all “Mask Works” (as defined in 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and with
respect to any and all of the foregoing: (i) all registrations and applications for registration thereof including, without limitation,
the registrations and applications listed in Schedule A attached hereto, (ii) all extensions, renewals, and restorations
thereof, (iii) all rights to sue or otherwise recover for any past, present and future infringement or other violation thereof,
(iv) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages and
proceeds of suit now or hereafter due and/or payable with respect thereto, and (v) all other rights of any kind accruing thereunder
or pertaining thereto throughout the world (collectively “Copyrights”); and

 

(b)          all
agreements, licenses and covenants pursuant to which such Grantor has been granted exclusive rights in any registered Copyrights or has
otherwise been granted or has granted a covenant not to sue for infringement or other violation of any registered Copyrights, including,
without limitation, each agreement listed in Schedule A attached hereto.

 

Section 3.          Security
Agreement

 

The security interest granted
pursuant to this Agreement is granted in conjunction with the security interest granted to the Trustee for the Secured Parties pursuant
to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies of the Trustee with
respect to the security interest in the Copyright Collateral made and granted hereby are more fully set forth in the Pledge and Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Agreement is deemed to conflict with the Pledge and Security Agreement, the provisions of the Pledge and Security Agreement
shall control.

 

Section 4.          Governing
Law

 

THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT
WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING
PERFECTION AND EFFECT OF PERFECTION OF THE SECURITY INTERESTS).

 

Section 5.          Counterparts

 

This Agreement may be executed
in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall
be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

    	 	C-1-2	 

     

    

 

[Remainder of page intentionally left
blank]

 

    	 	C-1-3	 

     

    

 

IN WITNESS WHEREOF, each Grantor has caused
this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

  

		[NAME OF GRANTOR(S)],
	 	as Grantor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	STATE OF                     	)	 	 
	 	)	          ss.	 
	COUNTY OF                    )	 	 

 

On this ____ day of ____________, ____ before
me personally appeared ___________________, proved to me on the basis of satisfactory evidence to be the person who executed the foregoing
Copyright Security Agreement on behalf of ____________________, who being by me duly sworn did depose and say that he/she is an authorized
officer of said corporation, that the said instrument was signed on behalf of said corporation as authorized by its Board of Directors
and that he/she acknowledged said instrument to be the free act and deed of said corporation.

 

		 	 
	 	 	Notary Public

 

 

Accepted and Agreed:

 

[______________________________],

as Trustee

 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	C-1-4	 

     

    

 

SCHEDULE A

to

COPYRIGHT SECURITY AGREEMENT

 

COPYRIGHT REGISTRATIONS

 

	Title	Registration
    No.	Registration

    Date
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

COPYRIGHT APPLICATIONS

 

	Title	Application
    /

 Case No.	Filing
    Date
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

EXCLUSIVE COPYRIGHT LICENSES

 

	Description of
    Copyright 

License	Name
    of Licensor	Registration
    Number of

 underlying Copyright
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	C-1-5	 

     

    

 

EXHIBIT C-2

TO PLEDGE AND SECURITY AGREEMENT

 

FORM OF PATENT SECURITY AGREEMENT

 

This PATENT SECURITY AGREEMENT,
dated as of [ · ], 2022 (this “Agreement”), is made by each of the signatories hereto indicated as
a Grantor (each a “Grantor” and collectively, the “Grantors”) in favor of [TRUSTEE], as trustee
for the Secured Parties (in such capacity and together with its successors and assigns in such capacity, the “Trustee”).

 

WHEREAS, pursuant
to that certain Indenture dated as of [ · ], 2022, by and among [Marti Technologies Inc.], as Issuer, and [Trustee],
as trustee, and the other parties from time to time party thereto (as the same may hereafter be amended, supplemented or otherwise modified
from time to time, the “Indenture”), the Issuer has issued its 12.00% Convertible Senior Notes due [ · ]
(the “Notes”) upon the terms and subject to the conditions set forth therein; and

 

WHEREAS, the Grantors
entered into a Pledge and Security Agreement dated as of [ · ], 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Pledge and Security Agreement”) between each of the Grantors and the Trustee, pursuant
to which each of the Grantors assigned, transferred and granted to the Trustee, for the benefit of the Secured Parties, a security interest
in the Patent Collateral (as defined below);

 

WHEREAS, pursuant
to the Pledge and Security Agreement, each Grantor agreed to execute and this Agreement, in order to record the security interest granted
to the Trustee for the benefit of the Secured parties with the United States Patent and Trademark Office.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Grantors hereby agree with the Trustee as follows:

 

Section 1.          Defined
Terms

 

Capitalized terms used but
not defined herein shall have the respective meanings given thereto in the Pledge and Security Agreement, and if not defined therein,
shall have the respective meanings given thereto in the Indenture.

 

    	 	C-2-1	 

     

    

 

Section 2.          Grant
of Security Interest

 

Each Grantor hereby assigns
and transfers to the Trustee, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security interest in, all of
the following property, in each case, wherever located and now owned or at any time hereafter acquired by such Grantor or in which such
Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Patent Collateral”)
as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) of such Grantor’s Secured Obligations:

 

all patentable inventions and designs,
all United States, foreign, and multinational patents, certificates of invention, and similar industrial property rights, and applications
for any of the foregoing, including without limitation: (i) each patent and patent application listed in Schedule A
attached hereto (ii) all reissues, substitutes, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations
thereof, (iii) all inventions and improvements described and claimed therein, (iv) all rights to sue or otherwise recover for
any past, present and future infringement or other violation thereof, (v) all Proceeds of the foregoing, including, without limitation,
license fees, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto,
income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto, and (vi) all other rights
of any accruing thereunder or pertaining thereto throughout the world.

 

Section 3.          Security
Agreement

 

The security interest granted
pursuant to this Agreement is granted in conjunction with the security interest granted to the Trustee for the Secured Parties pursuant
to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies of the Trustee with
respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Pledge and Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any
provision of this Agreement is deemed to conflict with the Pledge and Security Agreement, the provisions of the Pledge and Security Agreement
shall control.

 

Section 4.          Governing
Law

 

THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT
WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING
PERFECTION AND EFFECT OF PERFECTION OF THE SECURITY INTERESTS).

 

Section 5.          Counterparts

 

This Agreement may be executed
in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall
be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

    	 	C-2-2	 

     

    

 

[Remainder of page intentionally left blank]

 

    	 	C-2-3	 

     

    

 

IN WITNESS WHEREOF,
each Grantor has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

		[NAME OF GRANTOR],
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	STATE OF                     	)	 	 
	 	)	          ss.	 
	COUNTY OF                    )	 	 

 

On this ____ day of ____________,
____ before me personally appeared ___________________, proved to me on the basis of satisfactory evidence to be the person who executed
the foregoing Patent Security Agreement on behalf of ____________________, who being by me duly sworn did depose and say that he/she
is an authorized officer of said corporation, that the said instrument was signed on behalf of said corporation as authorized by its
Board of Directors and that he/she acknowledged said instrument to be the free act and deed of said corporation.

 

    	 	C-2-4	 

     

    

 

Accepted and Agreed:

 

[______________________________],

as Trustee

 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	C-2-5	 

     

    

 

SCHEDULE A

to

PATENT SECURITY AGREEMENT

 

PATENTS AND PATENT APPLICATIONS

 

	Title	Application
    No.	Filing
    Date	Patent
    No.	Issue
    Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 	C-2-6	 

     

    

 

EXHIBIT C-3

TO PLEDGE AND SECURITY AGREEMENT

 

FORM OF TRADEMARK SECURITY AGREEMENT

 

This TRADEMARK SECURITY
AGREEMENT, dated as of [ · ], 2022 (this “Agreement”), is made by each of the signatories hereto
indicated as a Grantor (each a “Grantor” and collectively, the “Grantors”) in favor of [TRUSTEE],
as trustee for the Secured Parties (in such capacity and together with its successors and assigns in such capacity, the “Trustee”).

 

WHEREAS, pursuant
to that certain Indenture dated as of [ · ], 2022 by and among [Marti Technologies Inc.], as Issuer, and [Trustee],
as trustee, and the other parties from time to time party thereto (as the same may hereafter be amended, supplemented or otherwise modified
from time to time, the “Indenture”), the Issuer has issued its 12.00% Convertible Senior Notes due [ · ]
(the “Notes”) upon the terms and subject to the conditions set forth therein; and

 

WHEREAS, the Grantors
entered into a Pledge and Security Agreement dated as of [ · ], 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Pledge and Security Agreement”) between each of the Grantors and the Trustee, pursuant
to which each of the Grantors assigned, transferred and granted to the Trustee, for the benefit of the Secured Parties, a security interest
in the Trademark Collateral (as defined below);

 

WHEREAS, pursuant
to the Pledge and Security Agreement, each Grantor agreed to execute and this Agreement, in order to record the security interest granted
to the Trustee for the benefit of the Secured parties with the United States Patent and Trademark Office.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the Grantors hereby agree with the Trustee as follows:

 

Section 1.          Defined
Terms

 

Capitalized terms used but
not defined herein shall have the respective meanings given thereto in the Pledge and Security Agreement, and if not defined therein,
shall have the respective meanings given thereto in the Indenture.

 

    	 	C-3-1	 

     

    

 

Section 2.          Grant
of Security Interest in Trademark Collateral

 

(h)          Grant
of Security. Each Grantor hereby assigns and transfers to the Trustee, and hereby grants to the Trustee, for the benefit of the Secured
Parties, a security interest in, all of the following property, in each case, wherever located and now owned or at any time hereafter
acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively,
the “Trademark Collateral”) as collateral security for the prompt and complete payment and performance when due (whether
at the stated maturity, by acceleration or otherwise) of such Grantor’s Secured Obligations:

 

all domestic, foreign and multinational
trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade dress, trade
styles, logos, Internet domain names, other indicia of origin or source identification, and general intangibles of a like nature,
whether registered or unregistered, and with respect to any and all of the foregoing: (i) all registrations and applications for
registration thereof including, without limitation, the registrations and applications listed in Schedule A attached hereto, (ii) all
extension and renewals thereof, (iii) all of the goodwill of the business connected with the use of and symbolized by any of the
foregoing, (iv) all rights to sue or otherwise recover for any past, present and future infringement, dilution, or other violation
thereof, (iv) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages
and proceeds of suit now or hereafter due and/or payable with respect thereto, and (v) all other rights of any kind accruing thereunder
or pertaining thereto throughout the world.

 

(i)          Certain
Limited Exclusions. Notwithstanding anything herein to the contrary, in no event shall the Trademark Collateral include or the security
interest granted under Section 2.1 hereof attach to any “intent-to-use” application for registration of a Trademark
filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of
Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of
the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of
a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application
under applicable federal law.

 

Section 3.          Security
Agreement

 

The security interest granted
pursuant to this Agreement is granted in conjunction with the security interest granted to the Trustee for the Secured Parties pursuant
to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights
and remedies of the Trustee with respect to the security interest in the Trademark Collateral made and granted hereby are more fully
set forth in the Pledge and Security Agreement, the terms and provisions of which are incorporated
by reference herein as if fully set forth herein. In the event that any provision of this Agreement is deemed to conflict with the Pledge
and Security Agreement, the provisions of the Pledge and Security Agreement shall control.

 

Section 4.          Governing
Law

 

THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT
WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING
PERFECTION AND EFFECT OF PERFECTION OF THE SECURITY INTERESTS).

 

    	 	C-3-2	 

     

    

 

Section 5.          Counterparts

 

This Agreement may be executed
in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall
be deemed an original, but all such counterparts together shall constitute but one and the same instrument.

 

[Remainder of page intentionally left blank]

 

    	 	C-3-3	 

     

    

 

IN WITNESS WHEREOF,
each Grantor has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.

 

		[NAME OF GRANTOR],
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	STATE OF                     	)	 	 
	 	)	          ss.	 
	COUNTY OF                    )	 	 

 

On this ____ day of ____________,
____ before me personally appeared ___________________, proved to me on the basis of satisfactory evidence to be the person who executed
the foregoing Trademark Security Agreement on behalf of ____________________, who being by me duly sworn did depose and say that he/she
is an authorized officer of said corporation, that the said instrument was signed on behalf of said corporation as authorized by its
Board of Directors and that he/she acknowledged said instrument to be the free act and deed of said corporation.

 

		 	 
	 	 	Notary Public

 

    	 	C-3-4	 

     

    

 Accepted and Agreed:

 

[______________________________],

as Trustee

 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	C-3-5	 

     

    

 

SCHEDULE A

to

TRADEMARK SECURITY AGREEMENT

 

TRADEMARK REGISTRATIONS AND APPLICATIONS

 

	Mark	Serial
    No.	Filing
    Date	Registration
    No.	Registration
    

Date
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 	C-3-6	 

     

    

 

Annex 1
to

Pledge and Security Agreement

 

ASSUMPTION AGREEMENT, dated
as of ____________, ____, made by ______________________, a _______________ corporation (the “Additional Grantor”),
in favor of [NAME OF TRUSTEE], as trustee (in such capacity, the “Trustee”) for (i) the Holders (as defined in
the Indenture), and (ii) the other Secured Parties (as defined in the Pledge and Security Agreement (as hereinafter defined)). All
capitalized terms not defined herein shall have the meaning ascribed to them in such Indenture.

 

W I T N E S S E T H:

 

WHEREAS, [Marti Technologies
Inc.] (the “Issuer”) and the Trustee have entered into a Indenture, dated as of [ · ], 2022 (as amended,
supplemented, replaced or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, in connection with
the Indenture, the Issuer and certain of its Affiliates (other than the Additional Grantor) have entered into the Pledge and Security
Agreement, dated as of [ · ], 2022 (as amended, supplemented or otherwise modified from time to time, the “Pledge
and Security Agreement”) in favor of the Trustee for the benefit of the Secured Parties;

 

WHEREAS, the Indenture requires
the Additional Grantor to become a party to the Pledge and Security Agreement; and

 

WHEREAS, the Additional Grantor
has agreed to execute and deliver this Assumption Agreement in order to become a party to the Pledge and Security Agreement;

 

NOW, THEREFORE, IT
IS AGREED:

 

1.          Pledge
and Security Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 9.14
of the Pledge and Security Agreement, hereby becomes a party to the Pledge and Security Agreement as a Grantor thereunder with the same
force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the
information set forth in Schedules 1 through 4, 6 and 10 to the Pledge and Security Agreement. The Additional
Grantor hereby represents and warrants that each of the representations and warranties contained in Section 3 of the Pledge and
Security Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and
as of such date.

 

2.          GOVERNING
LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

 

3.          Successors
and Assigns. This Assumption Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns, except that the Additional Grantor may not assign, transfer or delegate any of its rights or obligations under this Assumption
Agreement without the prior written consent of the Trustee and any such assignment, transfer or delegation without such consent shall
be null and void.

 

    	 	Annex 1-1	 

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

		[ADDITIONAL GRANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Annex 1-2	 

     

    

 

Annex 1-A

 

    	 	Annex 1-1	 

     

    

 

Exhibit F

 

FORM OF SPRINGING LIEN SECURITY AGREEMENT

 

    	 

     

    

 

 

 

PLEDGE AND SECURITY AGREEMENT

 

among

 

[Marti Technologies Inc.],

 

certain of its Subsidiaries

 

and

 

[ · ],

as Trustee

 

Dated as of [ · ]

 

 

 

    	 

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	 	Page
	 	 	 	 	 	 
	Section 1.	 	DEFINED TERMS	 	1
	 	1.1	 	Definitions	 	1
	 	1.2	 	Other Definitional Provisions	 	3
	 	 	 	 	 	 
	Section 2.	 	GRANT OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL	 	4
	 	 	 	 	 	 
	Section 3.	 	REPRESENTATIONS AND WARRANTIES	 	5
	 	3.1	 	Representations in Indenture	 	5
	 	3.2	 	Title; No Other Liens	 	5
	 	3.3	 	Valid, Perfected First Priority Liens	 	6
	 	3.4	 	Name; Jurisdiction of Organization, Etc.	 	6
	 	3.5	 	Inventory and Equipment	 	6
	 	3.6	 	[Reserved]	 	6
	 	3.7	 	Deposit Accounts	 	6
	 	3.8	 	Receivables	 	7
	 	3.9	 	[Reserved]	 	7
	 	3.10	 	Vehicles	 	7
	 	3.11	 	Letter of Credit Rights	 	7
	 	3.12	 	Commercial Tort Claims	 	7
	 	 	 	 	 	 
	Section 4.	 	COVENANTS	 	7
	 	4.1	 	Covenants in Indenture	 	7
	 	4.2	 	Delivery and Control of Instruments, Chattel Paper, Negotiable Documents and Deposit Accounts	 	7
	 	4.3	 	Maintenance of Insurance	 	8
	 	4.4	 	Maintenance of Perfected Security Interest; Further Documentation	 	8
	 	4.5	 	Changes in Locations, Name, Jurisdiction of Incorporation, Etc.	 	9
	 	4.6	 	Notices	 	9
	 	4.7	 	[Reserved]	 	10
	 	4.8	 	[Reserved]	 	10
	 	4.9	 	Receivables	 	10
	 	4.10	 	[Reserved]	 	10
	 	4.11	 	Vehicles	 	10
	 	4.12	 	Government Receivables	 	10
	 	4.13	 	Letter of Credit Rights	 	10
	 	4.14	 	Commercial Tort Claims	 	10
	 	 	 	 	 	 
	Section 5.	 	REMEDIAL PROVISIONS	 	10
	 	5.1	 	Certain Matters Relating to Receivables	 	10
	 	5.2	 	Communications with Obligors	 	11
	 	5.3	 	Proceeds to be Turned Over To Trustee	 	11
	 	5.4	 	Application of Proceeds	 	11

 

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	 	 	 	 	 	Page
	 	 	 	 	 	 
	 	5.5	 	Code and Other Remedies	 	12
	 	5.6	 	[Reserved]	 	14
	 	5.7	 	Deficiency	 	14
	 	 	 	 	 	 
	Section 6.	 	POWER OF ATTORNEY AND FURTHER ASSURANCES	 	14
	 	6.1	 	Trustee’s Appointment as Attorney-in-Fact, Etc.	 	14
	 	6.2	 	Authorization of Financing Statements	 	15
	 	6.3	 	Further Assurances	 	16
	 	 	 	 	 	 
	Section 7.	 	Lien absolute; waiver of suretyship defenses	 	16
	 	7.1	 	Lien Absolute, Waivers	 	16
	 	 	 	 	 	 
	Section 8.	 	the collateral Trustee	 	18
	 	8.1	 	Authority of Trustee	 	18
	 	8.2	 	Duty of Trustee	 	19
	 	8.3	 	Exculpation of the Trustee	 	19
	 	8.4	 	No Individual Foreclosure, Etc.	 	20
	 	 	 	 	 	 
	Section 9.	 	MISCELLANEOUS	 	20
	 	9.1	 	Amendments in Writing	 	20
	 	9.2	 	Notices	 	20
	 	9.3	 	No Waiver by Course of Conduct; Cumulative Remedies	 	21
	 	9.4	 	Enforcement Expenses; Indemnification	 	21
	 	9.5	 	Successors and Assigns	 	21
	 	9.6	 	Set-Off	 	21
	 	9.7	 	Counterparts	 	22
	 	9.8	 	Severability	 	22
	 	9.9	 	Section Headings	 	22
	 	9.10	 	Integration/Conflict	 	22
	 	9.11	 	GOVERNING LAW	 	22
	 	9.12	 	Submission to Jurisdiction; Waivers	 	22
	 	9.13	 	Acknowledgments	 	23
	 	9.14	 	Additional Grantors	 	23
	 	9.15	 	Releases	 	23
	 	9.16	 	WAIVER OF JURY TRIAL	 	24

 

	SCHEDULE 1    	Notice Addresses of Grantors  	        1-1
	SCHEDULE 2    	Deposit Accounts	2-1
	SCHEDULE 3   	Filings and Other Actions Required to Perfect Security Interests    	      3-1
	SCHEDULE 4	Exact Legal Name, Location of Jurisdiction of Organization and Chief Executive Office	4-1
	SCHEDULE 5	Location of Inventory and Equipment	5-1
	SCHEDULE 6    	Government Receivables       	   6-1
	SCHEDULE 7    	Vehicles    	      7-1
	SCHEDULE 8     	Letter of Credit Rights      	    8-1

 

    	 	ii	 

     

    

  

	 	 	Page
	 	 	 
	SCHEDULE 9   Commercial Tort Claims       	   9-1
	ANNEX 1 Assumption Agreement	ANNEX
1-1

 

    	 	iii	 

     

    

 

PLEDGE AND SECURITY AGREEMENT,
dated as of [ · ], among each of the signatories hereto designated as a Grantor on the signature pages hereto (together
with any other entity that may become a party hereto as a Grantor as provided herein, each a “Grantor” and collectively,
the “Grantors”), and [ · ], as Trustee (in such capacity and together with its successors and assigns
in such capacity, the “Trustee”) for (i) the Holders from time to time parties to the Indenture, dated as of
[ · ], 2022 (as amended, supplemented or otherwise modified or replaced from time to time, the “Indenture”),
between [Marti Technologies Inc.], a Cayman Islands exempted company (the “Issuer”) and [ · ], as
trustee (the “Trustee”), and (ii) the other Secured Parties (as hereinafter defined).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Indenture,
the Issuer has issued its 12.0% Convertible Senior Notes due [ · ] (the “Notes”) upon the terms and
subject to the conditions set forth therein;

 

WHEREAS, the Issuer is a member
of an affiliated group of companies that includes each other Grantor;

 

WHEREAS, the proceeds of the
Notes under the Indenture will be used in part to enable the Issuer to make valuable transfers to one or more of the other Grantors in
connection with the operation of their respective businesses;

 

WHEREAS, the Issuer and the
other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the issuance
of the Notes pursuant to the Indenture; and

 

WHEREAS, pursuant to Section 3.11
of the Indenture, the Grantors are required to execute and deliver this Agreement to the Trustee for the benefit of the Secured Parties.

 

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Grantor
hereby agrees with the Trustee, for the benefit of the Secured Parties, as follows:

 

Section 1.          DEFINED
TERMS

 

1.1          Definitions.
(a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to them in the
Indenture, and the following terms which are defined in the UCC are used herein as so defined (and if defined in more than one article
of the UCC shall have the meaning specified in Article 9 thereof): Accounts, Account Debtor, Authenticate, Chattel Paper, Electronic
Chattel Paper, Equipment, Fixtures, Goods, Instruments, Inventory, Letter of Credit Rights, Money and Tangible Chattel Paper.

 

(b)          The
following terms shall have the following meanings:

 

“Agreement”
shall mean this Pledge and Security Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to
time.

 

“Collateral”
shall have the meaning set forth in Section 2.

 

    	 		 

     

    

 

“Deposit
Account” shall mean all “deposit accounts” as defined in Article 9 of the UCC and all other accounts maintained
with any financial institution, and shall include, without limitation, all of the accounts listed on Schedule 2 hereto under the
heading “Deposit Accounts” together, in each case, with all funds held therein and all certificates or instruments representing
any of the foregoing.

 

“Discharge
of the Secured Obligations” shall mean and shall have occurred when all Secured Obligations shall have been paid in full in
cash and all other obligations under the Note Documents shall have been performed (other than (a) those expressly stated to survive
termination, and (b) contingent obligations as to which no claim has been asserted).

 

“Excluded
Assets” has the same meaning set forth in the Indenture.

 

“Foreign
Security Documents” shall mean the collective reference to the security agreements, debentures, pledge agreements, charges
and other similar documents and agreements pursuant to which any Grantor purports to pledge or grant a security interest in any property
or assets located outside of the United States.

 

“Indenture” shall
have the meaning set forth in the preamble hereto.

 

“Insurance”
shall mean all insurance policies covering any or all of the Collateral (regardless of whether the Trustee is the loss payee thereof).

 

“Majority
Holders” shall have the meaning set forth in Section 8.1(b).

 

“Note
Documents” shall mean the Indenture, the Notes, the Collateral Agreements and the Guarantees.

 

“Proceeds”
shall mean all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC.

 

“Receivable”
shall mean all Accounts and any other any right to payment for goods or other property sold, leased, licensed or otherwise disposed of
or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper or classified as a Payment Intangible
and whether or not it has been earned by performance. References herein to Receivables shall include any Supporting Obligation or collateral
securing such Receivable.

 

“Secured
Obligations” shall mean the unpaid principal of and interest on (including, without limitation, interest accruing after the
filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Issuer
or any other Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other obligations
and liabilities of the Issuer or any other Grantor to the Trustee or any Holder which may arise under or in connection with the Indenture
or any other Note Document.

 

“Secured
Parties” shall mean collectively, the Trustee and the Holders.

 

    	 	2 	 

     

    

 

“Specified
Courts” shall have the meaning set forth in Section 9.12.

 

“Subsidiary
Grantors” shall mean, collectively, the Subsidiaries of the Issuer that are Grantors.

 

“UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that
in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to,
any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York,
the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes
of the provisions hereof relating to such perfection, priority or remedies.

 

“UETA”
shall have the meaning set forth in Section 3.3.

 

“Vehicles”
shall mean all cars, trucks, trailers, construction and earth moving equipment and other Equipment of any nature covered by a certificate
of title under the law of any jurisdiction and includes, without limitation, the vehicles listed on Schedule 7, and all tires
and other appurtenances to any of the foregoing.

 

1.2          Other
Definitional Provisions. (a) The words “hereof”, “herein”, “hereto” and “hereunder”
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement, and Section, Schedule and Annex references, are to this Agreement unless otherwise specified. References to any Schedule
or Annex shall mean such Schedule or Annex as amended or supplemented from time to time in accordance with this Agreement.

 

(b)          The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

(c)          Where
the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s
Collateral or the relevant part thereof.

 

(d)          The
expressions “payment in full,” “paid in full” and any other similar terms or phrases when used herein shall mean
payment in cash in immediately available funds.

 

(e)          The
use herein of the word “include” or “including”, when following any general statement, term or matter, shall
not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or
to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited
to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters
that fall within the broadest possible scope of such general statement, term or matter.

 

(f)          All
references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of
the UCC.

 

    	 	3 	 

     

    

 

Section 2.          GRANT
OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL

 

(a)          Each
Grantor hereby assigns and transfers to the Trustee, and hereby grants to the Trustee, for the benefit of the Secured Parties, a security
interest in, all of the following property, in each case, wherever located and now owned or at any time hereafter acquired by such Grantor
or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”),
as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration
or otherwise) of the Secured Obligations:

 

(i)            all
Accounts, including all Receivables;

 

(ii)           all
Chattel Paper;

 

(iii)          all
Deposit Accounts;

 

(iv)         all
Equipment;

 

(v)           all
Instruments;

 

(vi)          all
Insurance;

 

(vii)         all
Inventory;

 

(viii)        all
Letter of Credit Rights;

 

(ix)          all
Money;

 

(x)           all
Vehicles;

 

(xi)          all
Goods not otherwise described above;

 

(xii)         all
books, records, ledger cards, files, correspondence, customer lists, blueprints, technical specifications, manuals, computer software,
computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any
time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof
or realization thereupon;

 

(xiii)          all
commercial tort claims now or hereinafter described on Schedule 9; and

 

(xiv)          to
the extent not otherwise included, all other property of such Grantor and all Proceeds, products, accessions, rents and profits of any
and all of the foregoing and all collateral security, Supporting Obligations and guarantees given by any Person with respect to any of
the foregoing.

 

    	 	4 	 

     

    

 

Notwithstanding anything to
the contrary in this Agreement, none of the Excluded Assets shall constitute Collateral.

 

(b)          Notwithstanding
anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained
herein is intended or shall be a delegation of duties to the Trustee or any Secured Party, and (ii) each Grantor shall remain liable
under each of the agreements included in the Collateral, including, without limitation, any Receivables, to perform all of the obligations
undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Trustee nor any Secured
Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other
document related thereto nor shall the Trustee or any Secured Party have any obligation to make any inquiry as to the nature or sufficiency
of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included
in the Collateral, including, without limitation, any agreements relating to any Receivables.

 

Section 3.          REPRESENTATIONS
AND WARRANTIES

 

Each Grantor hereby represents
and warrants to the Secured Parties on the date hereof that:

 

3.1          Representations
in Indenture. The representations and warranties set forth in Section 3 of that certain Convertible Note Subscription Agreement,
dated as of July [29], 2022, by and between Galata Acquisition Corp. and the Subscriber (as defined therein) as they relate to such
Grantor or to the Note Documents to which such Grantor is a party, each of which is hereby incorporated herein by reference, are true
and correct, in all material respects, except for representations and warranties that are qualified as to “materiality”,
 “material adverse effect” or similar language, in which case such representations and warranties shall be true and correct
(after giving effect to any such qualification therein) in all respects as of such date, in each case unless expressly stated to relate
to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of
such earlier date, and the Secured Parties shall be entitled to rely on each of such representations and warranties as if they were fully
set forth herein, provided that each reference in each such representation and warranty to any Issuer’s knowledge shall, for the
purposes of this Section 3.1, be deemed to be a reference to such Grantor’s knowledge.

 

3.2          Title;
No Other Liens. Such Grantor owns each item of the Collateral free and clear of any and all Liens or claims, except for Permitted
Liens. No financing statement, mortgage or other public notice with respect to all or any part of the Collateral is on file or of record
in any public office, except such as have been filed in favor of the Trustee, for the benefit of the Secured Parties, pursuant to this
Agreement or as are permitted by the Indenture.

 

    	 	5 	 

     

    

 

3.3          Valid,
Perfected First Priority Liens. The security interests granted pursuant to this Agreement constitute a legal and valid security interest
in favor of the Trustee, for the benefit of the Secured Parties, securing the payment and performance of each Grantor’s Secured
Obligations and upon completion of the filings and other actions specified on Schedule 3 (all of which, in the case of all filings
and other documents referred to on said Schedule, have been delivered to the Trustee in duly completed and duly executed form, as applicable,
and may be filed by the Trustee at any time) and payment of all filing fees, will constitute fully perfected security interests in all
of the Collateral, prior to all other Liens on the Collateral except for Permitted Liens. Without limiting the foregoing, each Grantor
has taken all actions necessary or desirable, including without limitation those specified in Section 4.2 to: (i) establish
the Trustee’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit Accounts, (ii) establish
the Trustee’s “control” (within the meaning of Section 9-107 of the UCC) over all Letter of Credit Rights, (iii) establish
the Trustee’s control (within the meaning of Section 9-105 of the UCC) over all Electronic Chattel Paper and (iv) establish
the Trustee’s “control” (within the meaning of Section 16 of the Uniform Electronic Transactions Act as in effect
in the applicable jurisdiction (the “UETA”)) over all “transferable records” (as defined in UETA).

 

3.4          Name;
Jurisdiction of Organization, Etc. Such Grantor’s exact legal name (as indicated on the public record of such Grantor’s
jurisdiction of formation or organization), jurisdiction of organization, organizational identification number, if any, and the location
of such Grantor’s chief executive office or sole place of business are specified on Schedule 4. Each Grantor is organized
solely under the law of the jurisdiction so specified and has not filed any certificates of domestication, transfer or continuance in
any other jurisdiction. Except as otherwise indicated on Schedule 4, the jurisdiction of each such Grantor’s organization
of formation is required to maintain a public record showing the Grantor to have been organized or formed. Except as specified on Schedule
4, it has not changed its name, jurisdiction of organization, chief executive office or sole place of business (if applicable) or
its corporate structure in any way (e.g. by merger, consolidation, change in corporate form or otherwise) within the past five years
and has not within the last five years become bound (whether as a result of merger or otherwise) as Grantor under a security agreement
entered into by another Person, which has not heretofore been terminated.

 

3.5          Inventory
and Equipment. (a) The Inventory and the Equipment (other than Inventory and Equipment in transit) are kept at the locations
listed on Schedule 5.

 

(b)          Any
Inventory now or hereafter produced by any Grantor included in the Collateral has been and will be produced in compliance with the requirements
of the Fair Labor Standards Act, as amended, to the extent applicable.

 

(c)          None
of the Inventory or Equipment is in the possession of an issuer of a negotiable document (as defined in Section 7-104 of the UCC)
therefor or is otherwise in the possession of any bailee or warehouseman.

 

3.6          [Reserved]

 

3.7          Deposit
Accounts. Schedule 2 hereto sets forth under the heading “Deposit Accounts,” all of the Deposit Accounts in which
each Grantor has an interest. Each Grantor is the sole entitlement holder or customer of each such account, and such Grantor has not
consented to, and is not otherwise aware of, any Person (other than the Trustee pursuant hereto) having “control” (within
the meanings of Sections 8-106, 9-106 and 9-104 of the UCC) over, or any other interest in, any such Deposit Account. Such Grantor is
the record and beneficial owner of, and has good and marketable title to the Deposit Accounts pledged by it hereunder, free of any and
all Liens or options in favor of, or claims of, any other Person, except for, in the case of any of the foregoing Collateral other than
Permitted Liens.

 

    	 	6 	 

     

    

 

3.8          Receivables.
(a) No amount in excess of $1,000,000 individually or $5,000,000 in the aggregate payable to such Grantor under or in connection
with any Receivable is evidenced by any Instrument or Tangible Chattel Paper which has not been delivered to the Trustee or constitutes
Electronic Chattel Paper that has not been subjected to the control (within the meaning of Section 9-105 of the UCC) of the Trustee.

 

(b)          Except
as set forth on Schedule 6 hereto none of the Grantors has Receivables with respect to which the obligor is a governmental authority.

 

(c)          Each
Receivable (i) is the legal, valid and binding obligation of the Account Debtor in respect thereof, representing an unsatisfied
obligation of such Account Debtor, (ii) is enforceable in accordance with its terms, (iii) is not subject to any set-offs,
defenses, taxes or counterclaims (except with respect to refunds, returns and allowances in the ordinary course of business with respect
to damaged merchandise) and (iv) is in compliance with all applicable laws, provided that with respect to Receivables owed by an
Account Debtor who is not an Affiliate of any Grantor each of the foregoing is to the best knowledge of such Grantor.

 

3.9          [Reserved]

 

3.10        Vehicles.
Schedule 7 is a complete and correct list of all Vehicles owned by such Grantor on the date hereof.

 

3.11        Letter
of Credit Rights. No Grantor is a beneficiary or assignee under any letter of credit other than the letters of credit described on
Schedule 8.

 

3.12       Commercial
Tort Claims. No Grantor has any commercial tort claims other than those described on Schedule 9.

 

Section 4.          COVENANTS

 

Each Grantor covenants and
agrees with the Secured Parties that, from and after the date of this Agreement until the Discharge of the Secured Obligations:

 

4.1          Covenants
in Indenture. Each Grantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken
or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from
taking such action by such Grantor or any of its Subsidiaries.

 

4.2          Delivery
and Control of Instruments, Chattel Paper, Negotiable Documents and Deposit Accounts. (a) If any of the Collateral is or shall
become evidenced or represented by any Instrument, Negotiable Document or Tangible Chattel Paper, such Instrument (other than checks
received in the ordinary course of business), Negotiable Document or Tangible Chattel Paper shall be immediately delivered to the Trustee,
duly endorsed in a manner satisfactory to the Trustee, to be held as Collateral pursuant to this Agreement.

 

    	 	7 	 

     

    

 

(b)            If
any of the Collateral with a value in excess of $5,000,000 is or shall become Electronic Chattel Paper such Grantor shall ensure that
(i) a single authoritative copy exists which is unique, identifiable and unalterable (except as provided in clauses (iii), (iv) and
(v) of this paragraph), (ii) such authoritative copy identifies the Trustee as the assignee and is communicated to and maintained
by the Trustee or its designee, (iii) copies or revisions that add or change the assignee of the authoritative copy can only be
made with the participation of the Trustee, (iv) each copy of the authoritative copy and any copy of a copy is readily identifiable
as a copy and not the authoritative copy and (v) any revision of the authoritative copy is readily identifiable as an authorized
or unauthorized revision.

 

(c)            [Reserved]

 

(d)            Each
Grantor shall maintain Deposit Accounts only with financial institutions that have agreed to comply with entitlement orders and instructions
issued or originated by the Trustee without further consent of such Grantor, such agreement to be in form and substance reasonably satisfactory
to the Trustee.

 

(e)            [Reserved]

 

(f)            [Reserved]

 

4.3           Maintenance
of Insurance. (a) Such Grantor shall maintain, with financially sound and reputable insurance companies, insurance on all its
property (including, without limitation, all Inventory, Equipment and Vehicles) in at least such amounts and against at least such risks
as are usually insured against in the same general area by companies engaged in the same or a similar business, and shall furnish to
the Trustee, upon written request, full information as to the insurance carried.

 

(b)            Such
Grantor shall deliver to the Trustee on behalf of the Secured Parties, (i) on the date hereof, a certificate dated such date showing
the amount and types of insurance coverage as of such date, (ii) upon request of any Secured Party from time to time, full information
as to the insurance carried, (iii) promptly following receipt of notice from any insurer, a copy of any notice of cancellation or
material change in coverage from that existing on the date hereof, (iv) forthwith, notice of any cancellation or nonrenewal of coverage
by such Grantor, and (v) promptly after such information is available to such Grantor, full information as to any claim for an amount
in excess of $5,000,000 with respect to any property and casualty insurance policy maintained by such Grantor. The Trustee shall be named
as additional insured on all such liability insurance policies of such Grantor and the Trustee shall be named as loss payee on all property
and casualty insurance policies of such Grantor.

 

4.4          Maintenance
of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this
Agreement as a perfected security interest having at least the priority described in Section 3.3 and shall defend such security
interest against the claims and demands of all Persons whomsoever.

 

(b)            Such
Grantor shall furnish to the Trustee from time to time statements and schedules further identifying and describing the Collateral and
such other reports in connection with the assets and property of such Grantor as the Trustee may reasonably request, all in reasonable
detail.

 

    	 	8 	 

     

    

 

(c)            At
any time and from time to time, upon the written request of the Trustee, and at the sole expense of such Grantor, such Grantor shall
promptly and duly authorize, execute and deliver, and have recorded, such further instruments and documents and take such further actions
as the Trustee may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights
and powers herein granted, including, without limitation, (i) the filing of any financing or continuation statements under the Uniform
Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in
the case of Deposit Accounts and any other relevant Collateral, taking any actions necessary to enable the Trustee to obtain “control”
(within the meaning of the applicable Uniform Commercial Code) with respect thereto to the extent required hereunder, including without
limitation, executing and delivering and causing the relevant depositary bank or securities intermediary to execute and deliver a control
agreement in form and substance reasonably satisfactory to the Trustee.

 

(d)            [Reserved]

 

4.5            Changes
in Locations, Name, Jurisdiction of Incorporation, Etc. Such Grantor will not, except upon fifteen (15) days’ prior written
notice to the Trustee and delivery to the Trustee of duly authorized and, where required, executed copies of (a) all additional
financing statements and other documents reasonably requested by the Trustee to maintain the validity, perfection and priority of the
security interests provided for herein and (b) if applicable, a written supplement to Schedule 5 showing any additional location
at which Inventory or Equipment (other than mobile goods) shall be kept:

 

(i)            permit
any of the Inventory or Equipment (other than mobile goods) to be kept at a location other than those listed on Schedule 5;

 

(ii)           without
limiting the prohibitions on mergers involving the Grantors contained in the Indenture, change its legal name, jurisdiction of organization
or the location of its chief executive office or sole place of business, if applicable, from that referred to in Section 3.4; or

 

(iii)            change
its legal name, identity or structure to such an extent that any financing statement filed by the Trustee in connection with this Agreement
would become misleading.

 

4.6            Notices.
Such Grantor will advise the Trustee promptly, in reasonable detail, of:

 

(a)            any
Lien (other than any Permitted Lien) on any of the Collateral which would adversely affect the ability of the Trustee to exercise any
of its remedies hereunder; and

 

(b)            the
occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral
or on the security interests created hereby.

 

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4.7            [Reserved]

 

4.8            [Reserved]

 

4.9            Receivables.
Other than in the ordinary course of business consistent with its past practice and so long as no Event of Default shall have occurred
and be continuing, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise
or settle any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment
of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable
in any manner that could adversely affect the value thereof.

 

4.10          [Reserved]

 

4.11          Vehicles.
Within sixty (60) days after the date hereof, and, with respect to any Vehicles acquired by such Grantor subsequent to the date hereof,
within sixty (60) days after the date of acquisition thereof, all applications for certificates of title or ownership indicating the
Trustee’s first priority security interest in the Vehicle covered by such certificate, and any other necessary documentation, shall
be filed in each office in each jurisdiction which the Trustee shall deem advisable to perfect its security interests in the Vehicles.

 

4.12          Government
Receivables. If any Grantor shall at any time after the date of this Agreement acquire or become the beneficiary of Receivables in
excess of $5,000,000 in the aggregate in respect of which the account debtor is a governmental authority, such Grantor shall promptly
notify the Trustee and, upon the request of the Trustee, shall take any necessary steps to perfect the Lien of the Trustee for the benefit
of the Secured Parties therein, and make such Lien enforceable against the account debtor.

 

4.13          Letter
of Credit Rights. Within thirty (30) days after the date of obtaining any letter of credit rights other than in respect of the letters
of credit described on Schedule 8 hereto, each Grantor shall provide the Trustee with an amended or supplemented Schedule 8
to reflect such additional letters of credit.

 

4.14          Commercial
Tort Claims. Within thirty (30) days after the date of any additional commercial tort claims arising since Schedule 9 was
last delivered, each Grantor shall provide the Trustee with an amended or supplemented Schedule 9 to reflect such additional commercial
tort claims.

 

Section 5.       REMEDIAL
PROVISIONS

 

5.1            Certain
Matters Relating to Receivables. (a) The Trustee shall have the right to make test verifications of the Receivables in any manner
and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as
the Trustee may require in connection with such test verifications. At any time and from time to time, upon the Trustee’s request
and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Trustee
to furnish to the Trustee reports showing reconciliations, aging and test verifications of, and trial balances for, the Receivables.

 

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(b)            The
Trustee hereby authorizes each Grantor to collect such Grantor’s Receivables and each Grantor hereby agrees to continue to collect
all amounts due or to become due to such Grantor under the Receivables and any Supporting Obligation in respect thereof and diligently
exercise each material right it may have under any Receivable and any such Supporting Obligation, in each case, at its own expense consistent
with its reasonable business judgment; provided, however, that the Trustee may curtail or terminate said authority at any
time after the occurrence and during the continuance of an Event of Default. If required by the Trustee at any time after the occurrence
and during the continuance of an Event of Default, any payments of Receivables, when collected by any Grantor, (i) shall forthwith
(and, in any event, within two (2) Business Days) be turned over and duly endorsed by such Grantor to the Trustee if required, and
(ii) until so turned over, shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor.

 

(c)            If
an Event of Default has occurred and is continuing, at the Trustee’s request, each Grantor shall deliver to the Trustee all original
and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without
limitation, all original orders, invoices and shipping receipts.

 

5.2            Communications
with Obligors. (a) The Trustee in its own name or in the name of others may at any time after the occurrence and during the
continuance of an Event of Default communicate with obligors under the Receivables to verify with them to the Trustee’s satisfaction
the existence, amount and terms of any Receivables.

 

(b)            The
Trustee may at any time notify, or require any Grantor to so notify, the Account Debtor or counterparty on any Receivable of the security
interest of the Trustee therein. In addition, after the occurrence and during the continuance of an Event of Default, the Trustee may
upon written notice to the applicable Grantor, notify, or require any Grantor to notify, the Account Debtor or counterparty to make all
payments under the Receivable directly to the Trustee.

 

5.3            Proceeds
to be Turned Over To Trustee. In addition to the rights of the Secured Parties specified in Section 5.1 with respect to payments
of Receivables, if an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, Cash Equivalents,
checks and other near-cash items shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such
Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Trustee in the exact form received by such Grantor
(duly endorsed by such Grantor to the Trustee, if required).

 

5.4            Application
of Proceeds. At such intervals as may be agreed upon by the Issuer and the Trustee (acting with the consent of the Holders), or,
if an Event of Default shall have occurred and be continuing, at any time at the Trustee’s election, the Trustee may (and, if directed
by the Holders, shall), apply all or any part of the Collateral and/or net Proceeds thereof (after deducting fees and expenses as provided
in Section 5.5) realized through the exercise by the Trustee of its remedies hereunder in payment of the Secured Obligations. The
Trustee shall apply any such Collateral or Proceeds to be applied in the following order:

 

First, to the Trustee to pay
incurred and unpaid fees and expenses under the Note Documents;

 

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Second, to the Trustee in respect
of Secured Obligations then due and owing and remaining unpaid for application by the Trustee in accordance with the terms of the Indenture;

 

Third, to the Trustee in respect
of all Secured Obligations (other than those under clause second above) for prepayment of such Secured Obligations in accordance with
the terms of the Indenture; and

 

Fourth, any balance of such
Proceeds remaining after a Discharge of the Secured Obligations shall be paid over to the Issuer or to whomsoever may be lawfully entitled
to receive the same and any Collateral remaining after a Discharge of Secured Obligations shall be returned to the applicable Grantor
or to whomsoever may be lawfully entitled to receive the same.

 

Any Proceeds not applied shall
be held by the Trustee as Collateral.

 

In addition, with respect to
any proceeds of Insurance received by the Trustee, (x) if no Event of Default shall have occurred and be continuing, (i) such
Insurance Proceeds shall be returned to the Grantors if permitted or required by the Indenture or (ii) if not so permitted or required
by the Indenture, then such Insurance Proceeds shall be applied in accordance with this Section 5.4 and (y) if an Event of
Default shall have occurred and be continuing, then such Insurance Proceeds shall be applied in accordance with this Section 5.4.

 

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5.5            Code
and Other Remedies. (a) If an Event of Default shall occur and be continuing, the Trustee, on behalf of the Secured Parties,
may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC (whether or not
the UCC applies to the affected Collateral) and all rights under any other applicable law or in equity. Without limiting the generality
of the foregoing, the Trustee, without demand of performance or other demand, defense, presentment, protest, advertisement or notice
of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands,
presentments, protests, defenses, advertisements and notices are hereby waived), may in such circumstances forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, license, assign, give option or options
to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one
or more parcels at public or private sale or sales, at any exchange, broker’s board or office of any Secured Party, on the internet
or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or
for future delivery without assumption of any credit risk. The Trustee may store, repair or recondition any Collateral or otherwise prepare
any Collateral for disposal in the manner and to the extent that the Trustee deems appropriate. Each Secured Party shall have the right
upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or
any part of the Collateral so sold or to become the licensor of all or any such Collateral, free of any right or equity of redemption
in any Grantor, which right or equity is hereby waived and released. For purposes of bidding and making settlement or payment of the
purchase price for all or a portion of the Collateral sold at any such sale made in accordance with the UCC or other applicable laws,
including, without limitation, the Bankruptcy Code, the Trustee, as trustee for and representative of the Secured Parties (but not any
Secured Party or Secured Parties in its or their respective individual capacities unless the Majority Holders shall otherwise agree in
writing), shall be entitled to credit bid and use and apply the Secured Obligations (or any portion thereof) as a credit on account of
the purchase price for any Collateral payable by the Trustee at such sale, such amount to be apportioned ratably to the Secured Obligations
of the Secured Parties in accordance with their pro rata share of such Secured Obligations. Each purchaser at any such sale shall hold
the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted
by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of
law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by law, at
least ten (10) days notice to such Grantor of the time and place of any public sale or the time after which any private sale is
to be made shall constitute reasonable notification. The Trustee shall not be obligated to make any sale of Collateral regardless of
notice of sale having been given. The Trustee may adjourn any public or private sale from time to time by announcement at the time and
place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Trustee
may sell the Collateral without giving any warranties as to the Collateral. The Trustee may specifically disclaim or modify any warranties
of title or the like. The foregoing will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
Each Grantor agrees that it would not be commercially unreasonable for the Trustee to dispose of the Collateral or any portion thereof
by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability
of doing so, or that match buyers and sellers of assets. Each Grantor hereby waives any claims against the Trustee arising by reason
of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have
been obtained at a public sale, even if the Trustee accepts the first offer received and does not offer such Collateral to more than
one offeree. Each Grantor further agrees, at the Trustee’s request, to assemble the Collateral and make it available to the Trustee
at places which the Trustee shall reasonably select, whether at such Grantor’s premises or elsewhere. The Trustee shall have the
right to enter onto the property where any Collateral is located without any obligation to pay rent and take possession thereof with
or without judicial process. The Trustee shall have no obligation to marshal any of the Collateral.

 

(b)            The
Trustee shall deduct from such Proceeds all reasonable costs and expenses of every kind incurred in connection with the exercise of its
rights and remedies against the Collateral or incidental to the care or safekeeping of any of the Collateral or in any way relating to
the Collateral or the rights of the Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements.
Any net Proceeds remaining after such deductions shall be applied or retained by the Trustee in accordance with Section 5.4. Only
after such application and after the payment by the Trustee of any other amount required by any provision of law, including, without
limitation, Section 9-615(a) of the UCC, need the Trustee account for the surplus, if any, to any Grantor. If the Trustee sells
any of the Collateral upon credit, the Grantor will be credited only with payments actually made by the purchaser and received by the
Trustee. In the event the purchaser fails to pay for the Collateral, the Trustee may resell the Collateral and the applicable Grantor
shall be credited with proceeds of the sale. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands
it may acquire against any Secured Party arising out of the exercise by it or them of any rights hereunder.

 

(c)            [Reserved]

 

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(d)            For
the purpose of enabling the Trustee to exercise rights and remedies under this Section 5.5 (including in order to take possession
of, collect, receive, assemble, process, appropriate, remove, realize upon, sell, assign, license out, convey, transfer or grant options
to purchase any Collateral) at such time as the Trustee shall be lawfully entitled to exercise such rights and remedies, each Grantor
hereby grants to the Trustee, for the benefit of the Secured Parties, an irrevocable license (without payment of rent or other compensation
to such Grantor) to use, operate and occupy all real property owned, operated, leased, subleased, or otherwise occupied by such Grantor.

 

5.6            [Reserved]

 

5.7            Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient
to pay its Secured Obligations and the fees and disbursements of any attorneys employed by any Secured Party to collect such deficiency.

 

Section 6.       POWER
OF ATTORNEY AND FURTHER ASSURANCES

 

6.1            Trustee’s
Appointment as Attorney-in-Fact, Etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Trustee and any officer
or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority
in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms
of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary
or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby
gives the Trustee the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the
following:

 

(i)            in
the name of such Grantor or its own name, or otherwise, take possession of and endorse and collect any checks, drafts, notes, acceptances
or other instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim or
take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Trustee for the purpose of collecting
any and all such moneys due under any Receivable or with respect to any other Collateral whenever payable;

 

(ii)           pay
or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or purchase any insurance called
for by the terms of the Note Documents and pay all or any part of the premiums therefor and the costs thereof;

 

(iii)          execute,
in connection with any sale provided for in Section 5.5 or 5.6, any endorsements, assignments or other instruments of conveyance
or transfer with respect to the Collateral; and

 

    	 	14 	 

     

    

 

(iv)            (1) direct
any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly
to the Trustee or as the Trustee shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all
moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and endorse
any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications,
notices and other documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings
at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other
right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral;
(6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases
as the Trustee may deem appropriate; and (7) generally, sell, transfer, pledge and make any agreement with respect to or otherwise
deal with any of the Collateral as fully and completely as though the Trustee were the absolute owner thereof for all purposes, and do,
at the Trustee’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Trustee
deems necessary to protect, preserve or realize upon the Collateral and the Secured Parties’ security interests therein and to
effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

 

Anything in this Section 6.1(a) to
the contrary notwithstanding, the Trustee agrees that, except as provided in Section 6.1(b), it will not exercise any rights under
the power of attorney provided for in this Section 6.1(a) unless an Event of Default shall have occurred and be continuing.

 

(b)            If
any Grantor fails to perform or comply with any of its agreements contained herein, the Trustee, at its option, but without any obligation
so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement; provided, however,
that unless an Event of Default has occurred and is continuing or time is of the essence, the Trustee shall not exercise this power without
first making demand on the Grantor and the Grantor failing to promptly comply therewith.

 

(c)            The
expenses of the Trustee incurred in connection with actions undertaken as provided in this Section 6.1, together with interest thereon
at a rate per annum equal to the Default Rate under the Indenture, from the date of payment by the Trustee to the date reimbursed by
the relevant Grantor, shall be payable by such Grantor to the Trustee on demand.

 

(d)           Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are irrevocable until a Discharge of the Secured Obligations.

 

6.2            Authorization
of Financing Statements. Each Grantor acknowledges that pursuant to Section 9-509(b) of the UCC and any other applicable
law, the Trustee is authorized to file or record financing or continuation statements, and amendments thereto, and other filing or recording
documents or instruments with respect to the Collateral in such form and in such offices as the Trustee reasonably determines appropriate
to perfect or maintain the perfection of the security interests of the Trustee under this Agreement. Each Grantor agrees that such financing
statements may describe the collateral in the same manner as described in the Collateral Documents or as “all assets” or
 “all personal property” of the such Grantor, whether now owned or hereafter existing or acquired by the such Grantor or such
other description as the Trustee, in its sole judgment, determines is necessary or advisable. A photographic or other reproduction of
this Agreement shall be sufficient as a financing statement or other filing or recording document or instrument for filing or recording
in any jurisdiction.

 

    	 	15 	 

     

    

 

6.3            Further
Assurances. Each Grantor agrees that from time to time, at the expense of such Grantor, it shall promptly execute and deliver all
further instruments and documents and take all further action that may be necessary or desirable, or that the Trustee may reasonably
request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported
to be granted hereby or to enable the Trustee to exercise and enforce its rights and remedies hereunder in respect of any Collateral.
Without limiting the generality of the foregoing, each Grantor shall:

 

(i)            execute
and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary or desirable, or as
the Trustee may reasonably request, in order to effect, reflect, perfect and preserve the security interests granted or purported to
be granted hereby;

 

(ii)            at
any reasonable time, upon request by the Trustee, assemble the Collateral and allow inspection of the Collateral by the Trustee or persons
designated by the Trustee;

 

(iii)            at
the Trustee’s request, appear in and defend any action or proceeding that may affect such Grantor’s title to or the Trustee’s
interest in all or any part of the Collateral; and

 

(iv)            furnish
the Trustee with such information regarding the Collateral, including, without limitation, the location thereof, as the Trustee may reasonably
request from time to time.

 

Section 7.       Lien
absolute; waiver of suretyship defenses

 

7.1            Lien
Absolute, Waivers. (a) All rights of Trustee hereunder, and all obligations of Grantors hereunder, shall be absolute and unconditional
irrespective of, shall not be affected by, and shall remain in full force and effect without regard to, and hereby waives all, rights,
claims or defenses that it might otherwise have (now or in the future) with respect to, in each case, each of the following (whether
or not such Grantor has knowledge thereof):

 

(i)            the
validity or enforceability of the Indenture or any other Note Document, any of the Secured Obligations or any guarantee or right of offset
with respect thereto at any time or from time to time held by any Secured Party;

 

(ii)            any
renewal, extension or acceleration of, or any increase in the amount of the Secured Obligations, or any amendment, supplement, modification
or waiver of, or any consent to departure from, the Note Documents;

 

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(iii)            any
failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or the stay or enjoining,
by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy
(whether arising under any Note Documents, at law, in equity or otherwise) with respect to the Secured Obligations or any agreement relating
thereto, or with respect to any other guaranty of or security for the payment of the Secured Obligations;

 

(iv)            any
change, reorganization or termination of the corporate structure or existence of Issuer or any other Grantor or any of their Subsidiaries
and any corresponding restructuring of the Secured Obligations;

 

(v)            any
settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with respect to, or
any substitutions for, the Secured Obligations or any subordination of the Secured Obligations to any other obligations;

 

(vi)            the
validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien, the release of any
or all collateral securing, or purporting to secure, the Secured Obligations or any other impairment of such collateral;

 

(vii)            any
exercise of remedies with respect to any security for the Secured Obligations (including, without limitation, any collateral, including
the Collateral securing or purporting to secure any of the Secured Obligations) at such time and in such order and in such manner as
the Trustee and the Secured Parties may decide and whether or not every aspect thereof is commercially reasonable and whether or not
such action constitutes an election of remedies and even if such action operates to impair or extinguish any right of reimbursement or
subrogation or other right or remedy that any Grantor would otherwise have and without limiting the generality of the foregoing or any
other provisions hereof, each Grantor hereby expressly waives any and all benefits which might otherwise be available to such Grantor
under applicable law; and

 

(viii)            any
other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Grantor as an obligor in respect
of the Secured Obligations or which constitutes, or might be construed to constitute, an equitable or legal discharge of the Issuer or
any other Grantor for the Secured Obligations, or of any security interest granted by any Grantor, whether in a bankruptcy proceeding
or in any other instance.

 

(b)            In
addition each Grantor further waives any and all other defenses, set- offs or counterclaims (other than a defense of payment or performance
in full hereunder) which may at any time be available to or be asserted by it, the Issuer or any other Grantor or Person against any
Secured Party, including, without limitation, failure of consideration, breach of warranty, statute of frauds, statute of limitations,
accord and satisfaction and usury.

 

    	 	17 	 

     

    

 

(c)            Each
Grantor waives diligence, presentment, protest, marshaling, demand for payment, notice of dishonor, notice of default and notice of nonpayment
to or upon the Issuer or any of the other Grantors with respect to the Secured Obligations. Except for notices provided for herein, each
Grantor hereby waives notice (to the extent permitted by applicable law) of any kind in connection with this Agreement or any collateral
securing the Secured Obligations, including, without limitation, the Collateral. When making any demand hereunder or otherwise pursuing
its rights and remedies hereunder against any Grantor, Trustee may, but shall be under no obligation to, make a similar demand on or
otherwise pursue such rights and remedies as it may have against Issuer, any other Grantor or any other Person or against any collateral
security or guarantee for the Secured Obligations or any right of offset with respect thereto, and any failure by Trustee to make any
such demand, to pursue such other rights or remedies or to collect any payments from Issuer, any other Grantor or any other Person or
to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Issuer, any other
Grantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Grantor of any obligation
or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of
law, of Secured Party against any Grantor. For the purposes hereof “demand” shall include the commencement and continuance
of any legal proceedings.

 

Section 8.       the
collateral Trustee

 

8.1            Authority
of Trustee. (a) Each Grantor acknowledges that the rights and responsibilities of the Trustee under this Agreement with respect
to any action taken by the Trustee or the exercise or non-exercise by the Trustee of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Trustee and the other Secured
Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but,
as between the Trustee and the Grantors, the Trustee shall be conclusively presumed to be acting as trustee for the Secured Parties with
full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any
inquiry respecting such authority.

 

(b)            The
Trustee has been appointed to act as Trustee hereunder by the Holders. The Trustee shall be obligated, and shall have the right hereunder,
to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including,
without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Indenture; provided
that the Trustee shall, after the payment in full of all Secured Obligations (other than contingent indemnification obligations as
to which no claim has been asserted) (the “Discharge of the Secured Obligations”), exercise, or refrain from exercising,
any remedies provided for herein and otherwise act in accordance with the instructions of the holders of a majority (the “Majority
Holders”). The provisions of the Indenture relating to the Trustee, including without limitation, the provisions relating to
resignation or removal of the Trustee and the powers and duties and immunities of the Trustee, are incorporated herein by this reference
and shall survive any termination of the Indenture.

 

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8.2            Duty
of Trustee. The Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in
its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Trustee deals with
similar property for its own account. Neither the Trustee nor any other Secured Party nor any of their respective officers, directors,
partners, employees, agents, attorneys or other advisors, attorneys-in-fact or affiliates shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or
any part thereof. The powers conferred on the Secured Parties hereunder are solely to protect the Secured Parties’ interests in
the Collateral and shall not impose any duty upon any Secured Party to exercise any such powers. The Secured Parties shall be accountable
only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors,
partners, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates shall be responsible to any Grantor for any
act or failure to act hereunder, except to the extent that any such act or failure to act is found by a final and nonappealable decision
of a court of competent jurisdiction to have resulted solely and proximately from their own gross negligence or willful misconduct in
breach of a duty owed to such Grantor.

 

8.3            Exculpation
of the Trustee. (a) The Trustee shall not be responsible to any Secured Party for the execution, effectiveness, genuineness,
validity, enforceability, collectability or sufficiency hereof or of any Collateral Document or the validity or perfection of any security
interest or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements
or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by the Trustee
to the Secured Parties or by or on behalf of any Secured Party to the Trustee or any Secured Party in connection with the Collateral
Documents and the transactions contemplated thereby or for the financial condition or business affairs of any party to the Indenture
or any other Person liable for the payment of any Secured Obligations, nor shall the Trustee be required to ascertain or inquire as to
the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Collateral
Documents or as to the existence or possible existence of any Event of Default or default or to make any disclosures with respect to
the foregoing.

 

(b)            Neither
the Trustee nor any of its officers, partners, directors, employees or agents shall be liable to the Secured Parties for any action taken
or omitted by the Trustee under or in connection with any of the Collateral Documents except to the extent caused solely and proximately
by the Trustee’s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent
jurisdiction. The Trustee shall be entitled to refrain from any act or the taking of any action in connection herewith or any of the
Collateral Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until
the Trustee shall have been instructed in respect thereof by the Majority Holders and, upon such instruction, the Trustee shall be entitled
to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such written
instructions. Without prejudice to the generality of the foregoing, (i) the Trustee shall be entitled to rely, and shall be fully
protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed
or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of
attorneys (who may be attorneys for the Grantors and their Subsidiaries), accountants, experts and other professional advisors selected
by it; and (ii) no Secured Party shall have any right of action whatsoever against the Trustee as a result of the Trustee acting
or refraining from acting hereunder or under any of the Collateral Documents in accordance with the Indenture or, in the limited circumstances
specified in Section 8.1(b) hereof, the instructions of the Majority Holders.

 

    	 	19 	 

     

    

 

(c)            Without
limiting the indemnification provisions of the Indenture, each of the Secured Parties not party to the Indenture severally agrees to
indemnify the Trustee, to the extent that the Trustee shall not have been reimbursed by any Credit Party, for and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements)
or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Trustee in exercising
its powers, rights and remedies or performing its duties hereunder or under the Collateral Documents or otherwise in its capacity as
the Trustee in any way relating to or arising out of this Agreement or the Collateral Documents; provided, no such Secured Party
shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements resulting solely and proximately from the Trustee’s gross negligence or willful misconduct, as determined by a
final, non-appealable judgment of a court of competent jurisdiction. If any indemnity furnished to the Trustee for any purpose shall,
in the opinion of the Trustee, be insufficient or become impaired, the Trustee may call for additional indemnity and cease, or not commence,
to do the acts insufficiently indemnified against until such additional indemnity is furnished.

 

(d)            No
direction given to the Trustee which imposes, or purports to impose, upon the Trustee any obligation not set forth in or arising under
this Agreement or any Collateral Document accepted or entered into by the Trustee shall be binding upon the Trustee.

 

8.4            No
Individual Foreclosure, Etc.. No Secured Party shall have any right individually to realize upon any of the Collateral except to
the extent expressly contemplated by this Agreement or the other Note Documents, it being understood and agreed that all powers, rights
and remedies under the Note Documents may be exercised solely by the Trustee on behalf of the Secured Parties in accordance with the
terms thereof. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral
provided hereunder and under any other Note Documents, to have agreed to the foregoing provisions and the other provisions of this Agreement.
Without limiting the generality of the foregoing, each Secured Party authorizes the Trustee to credit bid all or any part of the Secured
Obligations held by it.

 

Section 9.       MISCELLANEOUS

 

9.1            Amendments
in Writing. None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by
a written instrument executed by each affected Grantor and the Trustee. After the Discharge of the Secured Obligations, the provisions
of this Agreement may be waived, amended, supplemented or otherwise modified by a written instrument executed by each Grantor and the
Majority Holders.

 

9.2            Notices.
All notices, requests and demands to or upon the Trustee or any Grantor hereunder shall be effected in the manner provided for in Section 11.01
of the Indenture; provided that any such notice, request or demand to or upon any Grantor shall be addressed to such Grantor at
its notice address set forth on Schedule 1.

 

    	 	20 	 

     

    

 

9.3            No
Waiver by Course of Conduct; Cumulative Remedies. No Secured Party shall by any act (except by a written instrument pursuant to Section 9.1),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default
or Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Secured Party of any right
or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Secured Party would otherwise
have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are
not exclusive of any other rights or remedies provided by law.

 

9.4            Enforcement
Expenses; Indemnification. (a) Each Grantor agrees to pay or reimburse each Secured Party for all its costs and expenses incurred
in enforcing or preserving any rights under this Agreement and the other Note Documents to which such Grantor is a party, including,
without limitation, the fees and disbursements of counsel to each Secured Party and of counsel to the Trustee.

 

(b)            Each
Grantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any
of the Collateral or in connection with any of the transactions contemplated by this Agreement.

 

(c)            The
agreements in this Section shall survive repayment of the Secured Obligations and all other amounts payable under the Indenture
and the other Note Documents.

 

9.5            Successors
and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the
Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights
or obligations under this Agreement without the prior written consent of the Trustee and any such assignment, transfer or delegation
without such consent shall be null and void.

 

9.6            Set-Off.
Each Grantor hereby irrevocably authorizes each Secured Party at any time and from time to time while an Event of Default shall have
occurred and be continuing, without notice to such Grantor or any other Grantor, any such notice being expressly waived by each Grantor,
to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency,
and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured
or unmatured, at any time held or owing by such party to or for the credit or the account of such Grantor, or any part thereof in such
amounts as such Secured Party may elect, against and on account of the obligations and liabilities of such Grantor to such Secured Party
hereunder and claims of every nature and description of such Secured Party against such Grantor, in any currency, whether arising hereunder,
under the Indenture, any other Note Document or otherwise, as such Secured Party may elect, whether or not any Secured Party has made
any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. Each Secured Party exercising
any right of set-off shall notify such Grantor promptly of any such set-off and the application made by such Secured Party of the proceeds
thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights
of each Secured Party under this Section are in addition to other rights and remedies (including, without limitation, other rights
of set-off) which such Secured Party may have.

 

    	 	21 	 

     

    

 

9.7            Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile
or other electronic imaging means), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g. “pdf” or
 “tif” format) shall be effective as delivery of a manually executed counterpart hereof.

 

9.8            Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties
hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

9.9            Section Headings.
The Section headings and Table of Contents used in this Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

 

9.10           Integration/Conflict.
This Agreement and the other Note Documents represent the entire agreement of the Grantors, the Trustee and the other Secured Parties
with respect to the subject matter hereof and thereof, and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof and thereof. There are no promises, undertakings, representations or warranties by the Trustee
or any other Secured Party relative to the subject matter hereof and thereof not expressly set forth or referred to herein or therein.
In the case of any Collateral “located” outside the United States, in the event of any conflict or inconsistency between
the provisions of this Agreement and the provisions of any applicable Foreign Security Document which cannot be resolved by both provisions
being complied with, the provisions contained in such Foreign Security Document shall govern to the extent of such conflict with respect
to such Collateral.

 

9.11          GOVERNING
LAW. THIS AGREEMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT,
TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD
TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE
UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS).

 

9.12          Submission
to Jurisdiction; Waivers. Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated
by this Indenture may be instituted in the federal courts of the United States of America located in the City of New York or the courts
of the State of New York, in each case located in the City of New York (collectively, the “Specified Courts”), and
each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any
process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s
address set forth in Section 11.01 of the Indenture will be effective service of process for any such suit, action or proceeding
brought in any such court. Each of the Company, the Trustee and each Holder (by its acceptance of any Note) irrevocably and unconditionally
waives any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally
waives and agrees not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

 

    	 	22 	 

     

    

 

9.13           Acknowledgments.
Each Grantor hereby acknowledges that:

 

(a)            it
has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Note Documents to which it is
a party;

 

(b)            no
Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of
the other Note Documents, and the relationship between the Grantors, on the one hand, and the Secured Parties, on the other hand, in
connection herewith or therewith is solely that of debtor and creditor; and

 

(c)            no
joint venture is created hereby or by the other Note Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Secured Parties or among the Grantors and the Secured Parties.

 

9.14           Additional
Grantors. Each Subsidiary of the Issuer that is required to become a party to this Agreement pursuant to Section 3.11(C) of
the Indenture shall become a Grantor as required by the Indenture for all purposes of this Agreement upon execution and delivery by such
Subsidiary of an Assumption Agreement in the form of Annex 1 hereto.

 

9.15           Releases.
(a) At such time as there has been a Discharge of the Secured Obligations, the Collateral shall be released from the Liens created
hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Trustee and each
Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the
Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Trustee shall
deliver to such Grantor any Collateral held by the Trustee hereunder, and execute and deliver to such Grantor such documents as such
Grantor shall reasonably request to evidence such termination.

 

(b)            If
any of the Collateral shall be Disposed of by any Grantor in a transaction permitted by the Indenture, then, the Trustee, at the request
and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable
for the release of the Liens created hereby on such Collateral provided that the Grantor shall have delivered to the Trustee,
at least ten (10) Business Days prior to the date of the proposed release, a written request for release identifying the relevant
Grantor and Collateral to be released, together with a certification by the Issuer stating that such transaction is in compliance with
the Indenture and the other Note Documents and that the Proceeds of such Disposition will be applied in accordance therewith. At the
request and sole expense of the Issuer, a Subsidiary Grantor shall be released from its obligations hereunder in the event that all the
Equity Interests of such Subsidiary Grantor shall be Disposed of in a transaction permitted by the Indenture; provided that the
Issuer shall have delivered to the Trustee, at least ten (10) Business Days prior to the date of the proposed release, a written
request for release identifying the relevant Subsidiary Grantor, together with a certification by the Issuer stating that such transaction
is in compliance with the Indenture and the other Note Documents and that the Proceeds of such Disposition will be applied in accordance
therewith.

 

    	 	23 	 

     

    

 

(c)            Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to
any financing statement originally filed in connection herewith without the prior written consent of the Trustee, subject to such Grantor’s
rights under Section 9-509(d)(2) of the UCC.

 

9.16            WAIVER
OF JURY TRIAL. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR THE NOTES, WILL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES.

 

    	 	24 	 

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Pledge and Security Agreement to be duly executed and delivered as of the date first above written.

 

	 	GRANTORS:
	 	 
	 	[MARTI TECHNOLOGIES INC.]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[MOBILITE İŞLETMELERI LLC]

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	TRUSTEE:
	 	 
	 	[NAME OF TRUSTEE],
	 	as Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	25 	 

     

    

 

Schedule 11

 

NOTICE ADDRESSES OF GRANTORS

 

 

1 NTD: All schedules to be completed prior to the
Issue Date as may be reasonably acceptable to the Lead Investor.

 

     1-1

     

    

 

Schedule 2

 

Deposit Accounts

 

Deposit Accounts:

 

	Grantor
	Name of

    Depositary Bank
	Account
    Number
	Account
    Name

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     2-1

     

    

 

Schedule 3

 

FILINGS AND OTHER ACTIONS

REQUIRED TO PERFECT SECURITY INTERESTS

 

Uniform Commercial Code Filings

 

[Delaware

 

Turkey]

 

Other Actions

 

[Describe other actions to be taken]

 

     3-1

     

    

 

Schedule 4

 

EXACT LEGAL NAME, LOCATION OF JURISDICTION OF
ORGANIZATION AND CHIEF EXECUTIVE OFFICE

 

	Exact
    Legal Name	Jurisdiction
    of Organization	Organizational
    

I.D.	Chief
    

Executive 

Office or 

Sole 

Place of 

Business
	 	 	 	 

 

     4-1

     

    

 

Schedule 5

 

LOCATION OF INVENTORY AND EQUIPMENT

 

	                     Grantor	Locations

 

     5-1

     

    

 

Schedule 6

 

GOVERNMENT RECEIVABLES

 

     6-1

     

    

 

Schedule 7

 

VEHICLES

 

     7-1

     

    

 

Schedule 8

 

LETTER OF CREDIT RIGHTS

 

     8-1

     

    

 

Schedule 9

 

COMMERCIAL TORT CLAIMS

 

     9-1

     

    

 

Annex
1 to

Pledge and Security Agreement

 

ASSUMPTION AGREEMENT, dated
as of ____________, ____, made by ______________________, a _______________ corporation (the “Additional Grantor”),
in favor of [NAME OF TRUSTEE], as trustee (in such capacity, the “Trustee”) for (i) the Holders (as defined in
the Indenture), and (ii) the other Secured Parties (as defined in the Pledge and Security Agreement (as hereinafter defined)). All
capitalized terms not defined herein shall have the meaning ascribed to them in such Indenture.

 

W I
T N E S S E T H:

 

WHEREAS, [Marti Technologies
Inc.] (the “Issuer”) and the Trustee have entered into a Indenture, dated as of [ ⬤ ], 2022 (as amended,
supplemented, replaced or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, in connection with
the Indenture, the Issuer and certain of its Affiliates (other than the Additional Grantor) have entered into the Pledge and Security
Agreement, dated as of [ ⬤ ], 2022 (as amended, supplemented or otherwise modified from time to time, the “Pledge
and Security Agreement”) in favor of the Trustee for the benefit of the Secured Parties;

 

WHEREAS, the Indenture requires
the Additional Grantor to become a party to the Pledge and Security Agreement; and

 

WHEREAS, the Additional Grantor
has agreed to execute and deliver this Assumption Agreement in order to become a party to the Pledge and Security Agreement;

 

NOW, THEREFORE, IT IS
AGREED:

 

1.            Pledge
and Security Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 9.14
of the Pledge and Security Agreement, hereby becomes a party to the Pledge and Security Agreement as a Grantor thereunder with the
same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the
information set forth in Schedules 1 through 4 and Schedules 5 through 9 to the Pledge and Security Agreement.
The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Section 3 of
the Pledge and Security Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as
if made on and as of such date.

 

     Annex 1-1

     

    

 

2.           GOVERNING
LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK.

 

3.            Successors
and Assigns. This Assumption Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns, except that the Additional Grantor may not assign, transfer or delegate any of its rights or obligations under
this Assumption Agreement without the prior written consent of the Trustee and any such assignment, transfer or delegation without such
consent shall be null and void.

 

IN WITNESS WHEREOF, the undersigned
has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	 	[ADDITIONAL GRANTOR]

 

	 	By:	 
	 	Name:
	 	Title:

 

     Annex 1-2

     

    

 

Exhibit G

 

FORM OF GUARANTY AGREEMENT

 

     

     

    

 

FORM OF GUARANTY AGREEMENT

 

THIS GUARANTY AGREEMENT, dated
as of [__], 2022 (as amended, amended and restated, modified, supplemented, extended or renewed from time to time, this “Guaranty”),
made by each of the undersigned subsidiaries of [MARTI TECHNOLOGIES INC.], a Cayman Islands exempted company (the “Issuer”)
(each individually, a “Guarantor” and, collectively, the “Guarantors”) and each Additional Guarantor that
becomes a party hereto pursuant to Section 22 hereof. Except as otherwise defined herein, capitalized terms used herein and defined
in the Indenture (as defined below) shall be used herein as therein defined.

 

W I T N E S S E T H
:

 

WHEREAS, the Issuer, and [TRUSTEE],
as trustee (together with any successor trustee, the “Trustee”), have entered into an Indenture, dated as of even
date herewith (as amended, amended and restated, modified, supplemented, extended or renewed from time to time, the “Indenture”);

 

WHEREAS, in recognition of
the direct or indirect benefits to be received by each Guarantor from the issuance of the Notes by the Issuer under the Indenture, each
Guarantor desires to enter into this Guaranty; and

 

WHEREAS, it is a condition
to the issuance and sale of the Notes under the Indenture that each Guarantor shall have executed and delivered this Guaranty in order
to guarantee the Issuer’s obligations in respect of the Indenture and the Notes.

 

NOW, THEREFORE, in consideration
of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor
hereby agrees with the Trustee for the benefit of the Holders and the Trustee as follows:

 

1.              The
Guaranty. Each Guarantor, jointly and severally, hereby unconditionally and irrevocably, until the Termination Date (or such earlier
date such Guarantor is released from this Guaranty in accordance with Section 18), guarantees as a primary obligor and not
merely as a surety the full and prompt payment when due, whether upon maturity, acceleration or otherwise, of any and all of its Relevant
Guaranteed Obligations to the Holders and the Trustee. If any or all of the Relevant Guaranteed Obligations become due and payable hereunder,
such Guarantor, unconditionally and irrevocably, jointly and severally, promises to pay such Relevant Guaranteed Obligations to the Trustee
and/or the Holders, on demand, together with any and all expenses which may be incurred by the Trustee and the Holders in collecting
any of the Relevant Guaranteed Obligations. This Guaranty is a guaranty of payment and not of collection. This Guaranty is a continuing
one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in
reliance hereon. If claim is ever made upon any Holder or the Trustee for repayment or recovery of any amount or amounts received in
payment or on account of any of the Relevant Guaranteed Obligations and any of the aforesaid payees repays all or part of said amount
by reason of (i) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of
its property or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including the
Issuer or any other Guaranteed Party), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement
or compromise shall be binding upon such Guarantor, notwithstanding any revocation of this Guaranty or any other instrument evidencing
any liability of the Issuer or any other Guaranteed Party, and such Guarantor shall be and remain liable to the aforesaid payees hereunder
for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.

 

     

     

    

 

No failure or delay on the
part of any Holder or the Trustee in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein expressly specified are cumulative and not exclusive of any rights
or remedies which any Holder or the Trustee would otherwise have. Except as otherwise explicitly required hereby or by any other Note
Document, no notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other further notice or demand in similar
or other circumstances or constitute a waiver of the rights of any Holder or the Trustee to any other or further action in any circumstances
without notice or demand.

 

2.            Bankruptcy.
Additionally, each Guarantor, jointly and severally, unconditionally and irrevocably, until the Termination Date (or such earlier date
such Guarantor is released from this Guaranty in accordance with Section 18), guarantees the payment of any and all of its
Relevant Guaranteed Obligations to the Holders and the Trustee whether or not due or payable by the Issuer or any such other Guaranteed
Party upon the occurrence of any of the events specified in Sections 7.01(A)(viii) or (ix) of the Indenture,
and jointly and severally, unconditionally and irrevocably, until the Termination Date (or such earlier date such Guarantor is released
from this Guaranty in accordance with Section 18), promises to pay such Relevant Guaranteed Obligations to the Holders and
the Trustee, on order, on demand, in lawful money of the United States.

 

3.            Nature
of Liability. The liability of each Guarantor hereunder is primary, absolute, joint and several, and unconditional, exclusive and
independent of any security for or other guaranty of the Relevant Guaranteed Obligations, whether executed by such Guarantor, any other
Guarantor, any other guarantor or by any other party, and each Guarantor understands and agrees, to the fullest extent permitted under
law, that the liability of such Guarantor hereunder shall not be affected or impaired by (a) any direction as to application of
payment by the Issuer, any other Guaranteed Party or any other party, (b) any other continuing or other guaranty or undertaking
of such Guarantor or of any other party as to the Relevant Guaranteed Obligations, (c) any payment on or in reduction of any such
other guaranty or undertaking (other than payment of the Relevant Guaranteed Obligations to the extent of such payment), (d) any
dissolution, termination or increase, decrease or change in personnel by any Guaranteed Party, (e) any payment made to any Holder
or the Trustee on the Relevant Guaranteed Obligations which any such Holder or the Trustee repays to any Guaranteed Party pursuant to
court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding, and each Guarantor waives any
right to the deferral or modification of its obligations hereunder by reason of any such proceeding, (f) any action or inaction
by the Holders and the Trustee as contemplated in Section 5 or (g) any invalidity, irregularity or unenforceability
of all or any part of the Relevant Guaranteed Obligations or of any security therefor.

 

     -3-

     

    

 

4.            Independent
Obligation. The obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor,
the Issuer, any other party or any other Guaranteed Party, and a separate action or actions may be brought and prosecuted against any
Guarantor whether or not action is brought against any other Guarantor, any other guarantor, any other party, the Issuer or any other
Guaranteed Party and whether or not any other guarantor, any other party, the Issuer or any other Guaranteed Party be joined in any such
action or actions. Each Guarantor waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting
its liability hereunder or the enforcement thereof. Any payment by the Issuer or any other Guaranteed Party or other circumstance which
operates to toll any statute of limitations as to the Issuer or any such other Guaranteed Party shall operate to toll the statute of
limitations as to the relevant Guarantor. The provisions of this Guaranty constitute a continuing guaranty and include all present and
future Relevant Guaranteed Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing,
or renewing the Relevant Guaranteed Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or
creating new or additional Relevant Guaranteed Obligations after prior Relevant Guaranteed Obligations have been satisfied in whole or
in part. To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke the provisions of this Guaranty as
to future Relevant Guaranteed Obligations. If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges
and agrees that (i) no such revocation shall be effective until written notice thereof has been received by the Trustee, (ii) no
such revocation shall apply to any Relevant Guaranteed Obligations in existence on the date of receipt by Trustee of such written notice
(including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms
and conditions thereof), (iii) no such revocation shall apply to any Relevant Guaranteed Obligations made or created after such
date to the extent made or created pursuant to a legally binding commitment of any Guaranteed Party in existence on the date of such
revocation, (iv) no payment by any Guarantor or from any other source, prior to the date of Trustee’s receipt of written notice
of such revocation shall reduce the maximum obligation of such Guarantor hereunder, and (v) any payment by the Issuer or from any
source other than such Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Relevant Guaranteed
Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied
shall not reduce the maximum obligation of such Guarantor which remain guaranteed hereunder.

 

5.            Authorization.
To the fullest extent permitted under law, each Guarantor authorizes the Holders and the Trustee without notice or demand, and without
affecting or impairing its liability hereunder, from time to time to:

 

(a)           change
the manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase, accelerate or alter, any of
the Relevant Guaranteed Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees
thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to
the Relevant Guaranteed Obligations as so changed, extended, renewed or altered;

 

(b)           take
and hold security for the payment of the Relevant Guaranteed Obligations and sell, exchange, release, impair, surrender, realize upon
or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever
securing, the Relevant Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in
respect thereof or hereof, and/or any offset there against;

 

(c)           exercise
or refrain from exercising any rights against the Issuer, any other Guaranteed Party, or any other Person or otherwise act or refrain
from acting;

 

(d)           release
or substitute any one or more endorsers, guarantors, the Issuer, any other Guaranteed Party, any other Person or other obligors;

 

(e)           settle
or compromise any of the Relevant Guaranteed Obligations, any security therefor or any liability (including any of those hereunder) incurred
directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any
liability (whether due or not) to its creditors other than the Holders and the Trustee;

 

(f)            except
as otherwise expressly required by the Security Agreements, apply any sums by whomsoever paid or howsoever realized to any liability
or liabilities of the Issuer or any other Guaranteed Party to the Holders and the Trustee regardless of what liability or liabilities
of the Issuer or such other Guaranteed Party remain unpaid;

 

     -4-

     

    

 

(g)            consent
to or waive any breach of, or any act, omission or default under, this Guaranty, any other Note Document, or any of the instruments or
agreements referred to herein or therein, or otherwise amend, modify or supplement this Guaranty (subject to Section 14),
any other Note Document or any of such other instruments or agreements; and/or

 

(h)            take
any other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable discharge of such
Guarantor from its liabilities under this Guaranty.

 

6.            Reliance.
It is not necessary for any Holder or the Trustee to inquire into the capacity or powers of the Issuer, any other Guaranteed Party or
the officers, directors, partners or agents acting or purporting to act on their behalf, and any Relevant Guaranteed Obligations made
or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

 

7.            Subordination.
Any indebtedness of the Issuer or any other Guaranteed Party now or hereafter owing to any Guarantor is hereby subordinated to the Relevant
Guaranteed Obligations of the Issuer or such other Guaranteed Party owing to the Holders and the Trustee and, if the Trustee so requests
at a time when an Event of Default exists and is continuing, all such indebtedness to such Guarantor shall be collected, enforced and
received by such Guarantor for the benefit of the Holders and the Trustee and be paid over to the Trustee on behalf of the Holders and
the Trustee on account of the Relevant Guaranteed Obligations of the Issuer or such other Guaranteed Party to the Holders and the Trustee,
but without affecting or impairing in any manner the liability of any Guarantor under the other provisions of this Guaranty. Without
limiting the generality of the foregoing, each Guarantor hereby agrees with the Holders and the Trustee that it will not exercise any
right of subrogation, reimbursement, exoneration, contribution or indemnification or any right to participate in any claim or remedy
of the Issuer or any other Guaranteed Party which it may at any time otherwise have as a result of this Guaranty (whether contractual,
under Section 509 of the Bankruptcy Code or otherwise) until all Relevant Guaranteed Obligations have been paid in full. If any
amount shall be paid to any Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the
benefit of the Holders and the Trustee, and shall forthwith be paid to Trustee to be credited and applied to the Relevant Guaranteed
Obligations and all other amounts payable hereunder, whether matured or unmatured, in accordance with the terms of this Guaranty, or
to be held as Collateral for any Relevant Guaranteed Obligations or other amounts payable hereunder thereafter arising. Notwithstanding
anything to the contrary contained herein, no Guarantor may exercise any rights of subrogation, contribution, indemnity, reimbursement
or other similar rights against, and may not proceed or seek recourse against or with respect to any property or asset of, any other
Guarantor (the “Foreclosed Guarantor”), including after the Termination Date, if all or any portion of the obligations
under the Indenture and the Notes have been satisfied in connection with a sale or other disposition by Trustee of the Equity Interests
of such Foreclosed Guarantor, whether pursuant to the Security Agreements or otherwise.

 

8.            Waiver.
(a) Each Guarantor waives, to the fullest extent permitted under applicable law, any right to require any Holder or the Trustee
to (i) proceed against the Issuer, any other Guaranteed Party, any other Guarantor, any other guarantor of the Guaranteed Obligations
or any other Person, (ii) proceed against or exhaust any security held from the Issuer, any other Guaranteed Party, any other Guarantor,
any other guarantor of the Guaranteed Obligations or any other Person, (iii) protect, secure, perfect, or insure any security interest
or Lien on any property subject thereto or exhaust any right to take any action against any other Guarantor or any other Person, or any
collateral or (iv) pursue any other remedy in any Holder or the Trustee’s power whatsoever. Each Guarantor waives, to the
fullest extent permitted under applicable law, any defense based on or arising out of any defense of the Issuer, any other Guaranteed
Party, any other Guarantor, any other guarantor of the Guaranteed Obligations or any other person (other than payment of the Relevant
Guaranteed Obligations to the extent of such payment and release of such Guarantor from this Guaranty in accordance with Section 18)
or based on or arising out of the disability of the Issuer, any other Guaranteed Party, any other Guarantor, any other guarantor
of the Guaranteed Obligations or any other Person, or the invalidity, illegality or unenforceability of the Relevant Guaranteed Obligations
or any part thereof for any cause, or the cessation from any cause of the liability of the Issuer or any other Guaranteed Party (other
than payment of the Relevant Guaranteed Obligations to the extent of such payment and release of such Guarantor from this Guaranty in
accordance with Section 18). The Holders and the Trustee may, at their election, foreclose on any security held by the Trustee
or any Holder by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to
the extent such sale is permitted by applicable law), or exercise any other right or remedy the Holders and the Trustee may have against
the Issuer, any other Guaranteed Party or any other Person, or any security, without affecting or impairing in any way the liability
of any Guarantor hereunder except to the extent the Relevant Guaranteed Obligations have been paid. Each Guarantor waives, to the fullest
extent permitted under law, any defense arising out of any such election by the Holders and the Trustee, even though such election operates
to impair or extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against the Issuer, any
other Guaranteed Party or any other Person or any security.

 

     -5-

     

    

 

(b)            Each
Guarantor waives, to the fullest extent permitted under law, all presentments, demands for performance, protests and notices, including,
without limitation, notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices
of the existence, creation or incurring of new or additional Relevant Guaranteed Obligations. Each Guarantor assumes all responsibility
for being and keeping itself informed of the Issuer’s and each other Guaranteed Party’s financial condition and assets, and
of all other circumstances bearing upon the risk of nonpayment of the Relevant Guaranteed Obligations and the nature, scope and extent
of the risks which such Guarantor assumes and incurs hereunder, and agrees that neither the Trustee nor any of the other Holders and
the Trustee shall have any duty to advise any Guarantor of information known to them regarding such circumstances or risks.

 

(c)            Each
Guarantor, to the fullest extent permitted under law, (i) subordinates to the payment in full of the obligations under the Indenture
and the Notes, any right to assert against the Issuer or any other Guaranteed Party, any defense (legal or equitable), set-off, counterclaim,
or claim which each Guarantor may now or at any time hereafter have against the Issuer or any other party liable to the Issuer or such
other Guaranteed Party; and (ii) waives any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or
indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any
security therefor.

 

9.            Maximum
Liability. It is the desire and intent of each Guarantor and the Holders and the Trustee that this Guaranty shall be enforced against
such Guarantor to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement
is sought. If, however, and to the extent that, the obligations of any Guarantor under this Guaranty shall be adjudicated to be invalid
or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent
conveyances or transfers), then the amount of such Guarantor’s obligations under this Guaranty shall be deemed to be reduced and
such Guarantor shall pay, if and when required pursuant to the terms hereof, the maximum amount of the Relevant Guaranteed Obligations
which would be permissible under applicable law.

 

10.            Enforcement.
Each Holder and the Trustee agree (by its acceptance of the benefits of this Guaranty) that this Guaranty may be enforced only by the
action of the Trustee, acting upon the instructions of the Holders of a majority in aggregate principal amount of the Notes then outstanding,
and that no other Person shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed
that such rights and remedies may be exercised by the Trustee, for the benefit of the Holders and the Trustee upon the terms of this
Guaranty. Each Holder further agrees (by its acceptance of the benefits of this Guaranty) that this Guaranty may not be enforced against
any director, officer, employee, partner, member or stockholder of any Guarantor (except to the extent such partner, member or stockholder
is also a Guarantor hereunder).

 

     -6-

     

    

 

11.            Representations
and Warranties. Each Guarantor represents and warrants that:

 

(a)            Such
Guarantor has the corporate, partnership, limited liability company or other applicable business entity power and authority, as the case
may be, to execute, deliver and perform the terms and provisions of this Guaranty and each other Note Document to which it is party and
has taken all necessary corporate, partnership, limited liability company or other applicable business entity action, as the case may
be, to authorize the execution, delivery and performance by it of this Guaranty and each such other Note Document. Such Guarantor has
duly executed and delivered this Guaranty and each other Note Document to which it is a party, and this Guaranty and each such other
Note Document constitutes the legal, valid and binding obligation of such Guarantor, enforceable in accordance with its terms, except
to the extent that the enforceability hereof or thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws generally affecting creditors’ rights and by equitable principles (regardless of whether enforcement is sought
in equity or at law).

 

(b)            Neither
the execution, delivery or performance by such Guarantor of this Guaranty or any other Note Document to which it is a party, nor compliance
by it with the terms and provisions hereof and thereof, will violate any provision of the certificate or articles of incorporation, certificate
of formation, limited liability company agreement or by-laws (or equivalent organizational documents), as applicable, of such Guarantor.

 

12.            Covenants.
Each Guarantor that is not a party to the Indenture covenants and agrees that on and after the Issue Date (or, if later, the date on
which any Additional Guarantor becomes a party hereto pursuant to Section 22) and until the Termination Date (or such earlier
date released from this Guaranty in accordance with Section 18), such Guarantor will comply, and will cause each of its Subsidiaries
to comply, with all of the applicable provisions, covenants and agreements contained in Section 3 of the Indenture.

 

13.            Successors
and Assigns. This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of
the Holders and the Trustee and their successors and permitted assigns.

 

14.            Amendments.
Neither this Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of each
Guarantor directly affected thereby (it being understood that the addition or release of any Guarantor hereunder shall not constitute
a change, waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released) and the Trustee (with
each other consent required pursuant to Section 8 of the Indenture).

 

15.            Authorization.
Subject, in each case, to the limitations set forth in Section 3.13 of the Indenture, in addition to any rights now or hereafter
granted under applicable law or otherwise, and not by way of limitation of any such rights, upon the occurrence and during the continuance
of an Event of Default, each Holder and the Trustee is hereby authorized at any time or from time to time, without presentment, demand,
protest or other notice of any kind to any Guarantor, any such notice being hereby expressly waived, to set off and to appropriate and
apply any and all deposits (general or special) (other than accounts used (i) solely for making payroll and withholding tax payments
related thereto and other employee wage and benefit payments and accrued and unpaid employee compensation payments (including salaries,
wages, benefits and expense reimbursements, 401(k) and other retirement plans and employee benefits, including rabbi trusts for
deferred compensation and health care benefits), (ii) solely for paying taxes, including sales taxes, or (iii) as an escrow
account, a fiduciary or trust account or otherwise held exclusively for the benefit of an unaffiliated third party (including any account
solely holding amounts representing fines, violations, fees and similar amounts paid by third parties and owed to municipalities)) and
any other Indebtedness at any time held or owing by such Holder or the Trustee to or for the credit or the account of such Guarantor
against and on account of its Relevant Guaranteed Obligations to the Holder or the Trustee under this Guaranty, irrespective of whether
or not such Holder or the Trustee shall have made any demand hereunder and although such Relevant Guaranteed Obligations, liabilities
or claims, or any of them, shall be contingent or unmatured.

 

     -7-

     

    

 

16.            Notice, etc.
All notices, requests, demands or other communications pursuant hereto shall be sent in accordance with the terms and provisions set
forth in Section 11.01 of the Indenture.

 

17.            CHOICE
OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (a) THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE HOLDERS AND THE
TRUSTEE AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. Any
legal action or proceeding with respect to this Guaranty (except that in the case of any bankruptcy, insolvency or similar proceedings
with respect to any Guarantor, actions or proceedings related to this Guaranty and the other Note Documents may be brought in such court
holding such bankruptcy, insolvency or similar proceedings) may be brought in the courts of the State of New York or of the United States
of America for the Southern District of New York in each case which are located in the County of New York, and, by execution and delivery
of this Guaranty, each Guarantor and each Holder (by its acceptance of the benefits of this Guaranty) hereby irrevocably accepts for
itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. Each Guarantor,
each Holder and the Trustee (by its acceptance of the benefits of this Guaranty) hereby further irrevocably waives any claim that any
such court lacks personal jurisdiction over it, and agrees not to plead or claim in any legal action or proceeding with respect to this
Guaranty or any other Note Document to which it is a party brought in any of the aforesaid courts that any such court lacks personal
jurisdiction over it. Each Guarantor, each Holder and the Trustee (by its acceptance of the benefits of this Guaranty) further irrevocably
consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies
thereof by registered or certified mail, postage prepaid, to such party at its address set forth in Section 16. Each Guarantor,
each Holder and the Trustee (by its acceptance of the benefits of this Guaranty) hereby irrevocably waives any objection to such service
of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any
other Note Document to which it is a party that such service of process was in any way invalid or ineffective. Nothing herein shall affect
the right of any such party to serve process in any other manner permitted by law or to commence legal proceedings or otherwise proceed
against any other party in any other jurisdiction.

 

(b)            EACH
GUARANTOR, EACH HOLDER AND THE TRUSTEE (by its acceptance of the benefits of this Guaranty)
HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS
OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY OR ANY OTHER NOTE DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE
(a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

     -8-

     

    

 

(c)            EACH
GUARANTOR, EACH HOLDER AND THE TRUSTEE (BY ITS ACCEPTANCE OF THE BENEFITS OF THIS GUARANTY) HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE OTHER NOTE DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

18.            Release.
In the event that a Guarantor ceases to be a Subsidiary of the Issuer as a result of a transaction permitted under the Indenture, such
Guarantor shall upon ceasing to be a Subsidiary be released from this Guaranty automatically and without further action and this Guaranty
shall, as to each such Guarantor, terminate, and have no further force or effect. Upon the occurrence of the Termination Date, this Guaranty
shall automatically and without further action, as to all Guarantors, terminate and have no further force and effect. The Trustee (and
each Holder or the Trustee (by its acceptance of the benefits of this Guaranty) irrevocably authorizes the Trustee to), at the Guarantors’
expense, execute and deliver to the Guarantors such documents as the Guarantors may reasonably request to evidence, as applicable, the
release of such Guarantor from, or the termination in full of, this Guaranty.

 

19.            Right
of Contribution. At any time a payment in respect of the Relevant Guaranteed Obligations is made under this Guaranty, the right of
contribution of each Guarantor against each other Guarantor shall be determined as provided in the immediately following sentence, with
the right of contribution of each Guarantor to be revised and restated as of each date on which a payment (a “Relevant Payment”)
is made on the Relevant Guaranteed Obligations under this Guaranty. At any time that a Relevant Payment is made by a Guarantor that results
in the aggregate payments made by such Guarantor in respect of the Relevant Guaranteed Obligations to and including the date of the Relevant
Payment exceeding such Guarantor’s Contribution Percentage of the aggregate payments made by all Guarantors in respect of the Relevant
Guaranteed Obligations to and including the date of the Relevant Payment (such excess, the “Aggregate Excess Amount”),
each such Guarantor shall have a right of contribution against each other Guarantor who has made payments in respect of the Relevant
Guaranteed Obligations to and including the date of the Relevant Payment in an aggregate amount less than such other Guarantor’s
Contribution Percentage of the aggregate payments made to and including the date of the Relevant Payment by all Guarantors in respect
of the Relevant Guaranteed Obligations (the aggregate amount of such deficit, the “Aggregate Deficit Amount”) in an
amount equal to (x) a fraction the numerator of which is the Aggregate Excess Amount of such Guarantor and the denominator of which
is the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such other Guarantor. A Guarantor’s
right of contribution pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment to the time
of each computation; provided that no Guarantor may take any action to enforce such right until the Relevant Guaranteed Obligations
have been paid in full, it being expressly recognized and agreed by all parties hereto that any Guarantor’s right of contribution
arising pursuant to this Section 19 against any other Guarantor shall be expressly junior and subordinate to such other Guarantor’s
obligations and liabilities in respect of the Relevant Guaranteed Obligations and any other obligations owing under this Guaranty. As
used in this Section 19, (i) each Guarantor’s “Contribution Percentage” shall mean the percentage
obtained by dividing (x) the Adjusted Net Worth of such Guarantor by (y) the aggregate Adjusted Net Worth of all Guarantors;
(ii) the “Adjusted Net Worth” of each Guarantor shall mean the greater of (x) the Net Worth of such Guarantor
and (y) zero; and (iii) the “Net Worth” of each Guarantor shall mean the amount by which the fair saleable
value of such Guarantor’s assets on the date of any Relevant Payment exceeds its existing debts and other liabilities (including
contingent liabilities, but without giving effect to any Relevant Guaranteed Obligations arising under this Guaranty) on such date. Notwithstanding
anything to the contrary contained above, any Guarantor that is released from this Guaranty shall thereafter have no contribution obligations,
or rights, pursuant to this Section 19, and at the time of any such release, if the released Guarantor had an Aggregate Excess
Amount or an Aggregate Deficit Amount, same shall be deemed reduced to $0, and the contribution rights and obligations of the remaining
Guarantors shall be recalculated on the respective date of release (as otherwise provided above) based on the payments made hereunder
by the remaining Guarantors. All parties hereto recognize and agree that, except for any right of contribution arising pursuant to this
Section 19, each Guarantor who makes any payment in respect of the Relevant Guaranteed Obligations shall have no right of
contribution or subrogation against any other Guarantor in respect of such payment until all of the Relevant Guaranteed Obligations have
been paid in full. Each of the Guarantors recognizes and acknowledges that the rights to contribution arising hereunder shall constitute
an asset in favor of the party entitled to such contribution.

 

     -9-

     

    

 

20.           Counterparts;
Etc. This Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument.
A set of counterparts executed by all the parties hereto shall be lodged with the Guarantors and the Trustee. The provisions of Section 11.14
of the Indenture are incorporated herein, mutatis mutandis.

 

21.           Payments.
All payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense (other than payment of the Relevant
Guaranteed Obligations to the extent of such payment), and shall be subject to the provisions of Sections 2.04 and 2.05 of the Indenture.

 

22.           Additional
Guarantors. It is understood and agreed that any Subsidiary of the Issuer that is required, or with respect to which the Issuer elects
to cause, to become a party to this Guaranty after the date hereof pursuant to the relevant provisions of the Indenture, shall become
a Guarantor hereunder by executing and delivering a counterpart hereof, or a joinder agreement substantially in the form of Exhibit A
hereto (each, a “Guaranty Supplement”), and delivering same to the Trustee and (i) such Person shall be referred
to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and each reference in this Guaranty to a “Guarantor”
shall also mean and be a reference to such Additional Guarantor, and each reference in any other Note Document to a “Guarantor”
shall also mean and be a reference to such Additional Guarantor and (ii) each reference herein to “this Guaranty,” “hereunder,”
 “hereof” or words of like import referring to this Guaranty, and each reference in any other Note Document to the “Guaranty,”
 “thereunder,” “thereof” or words of like import referring to this Guaranty, shall mean and be a reference to
this Guaranty as supplemented by such Guaranty Supplement.

 

23.           [Reserved].

 

24.           Definitions.
The following terms shall have the meanings herein specified. Such definitions shall be equally applicable to the singular and plural
forms of the terms defined.

 

“Guaranteed Obligations”
shall mean the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of the unpaid principal
and interest on each Note issued by the Issuer under the Indenture, together with all the other obligations of the Issuer under the Indenture
and the Notes (including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become
due), indebtedness and liabilities (including, without limitation, indemnities, fees, expenses, prepayment premiums, and interest (including
any interest, fees, expenses, prepayment premiums and other amounts accruing after the commencement of any bankruptcy, insolvency, receivership
or similar proceeding at the rate provided for herein, whether or not such interest, fees, expenses and other amounts is an allowed or
allowable claim in any such proceeding thereon) of the Issuer and the Guarantors to the Holders and the Trustee now existing or hereafter
incurred under, arising out of or in connection with the Indenture and each other Note Document to which any of the Issuer or the Guarantors
is a party and the due performance and compliance by the Issuer and the Guarantors with all the terms, conditions and agreements contained
in the Indenture, the Notes and in each such other Note Document.

 

“Guaranteed Party”
shall mean the Issuer and each Guarantor.

 

     -10-

     

    

 

“Relevant Guaranteed
Obligations” shall mean (x) with respect to the Issuer, all Guaranteed Obligations (other than its own Guaranteed Obligations)
and (y) with respect to all other Guarantors, the Guaranteed Obligations.

 

“Termination Date”
shall mean the date (i) of the satisfaction and discharge of the Indenture as described in Section 9.01 thereof or (ii) of
payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid interest on the Notes (other
than inchoate or contingent indemnification obligations for which no claim has been asserted).

 

[Remainder of page left intentionally
blank]

 

     -11-

     

    

 

IN WITNESS WHEREOF, each Guarantor has caused this
Guaranty to be executed and delivered as of the date first above written.

 

	 	FOR AND ON BEHALF OF:
	 	 
	 	MARTI TECHNOLOGIES INC.,
	 	as a Guarantor

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	[MOBİLİTE İŞLETMELERİ LLC],
	 	as a Guarantor

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Guaranty Agreement]

 

     

     

    

 

Accepted and Agreed to:

 

[NAME OF TRUSTEE]

as Trustee

 

	By:	 	 
	Name:	 
	Title:	 

 

[Signature Page to Guaranty Agreement]

 

     

     

    

 

EXHIBIT A

 

[Form of]

 

JOINDER AGREEMENT

 

[ ], 20[ ]

 

Reference is made to (a) the
Guaranty Agreement, dated as of [__], 2022 (as amended, amended and restated, modified, supplemented, extended or renewed from time to
time, the “Guaranty”), among [MARTI TECHNOLOGIES INC.], a Cayman Islands exempted company (the “Issuer”),
the subsidiaries of the Issuer party thereto from time to time and [NAME OF TRUSTEE], as trustee (together with any successor trustee,
the “Trustee”) and (b) the Indenture, dated as of [__], 2022, between the Issuer and the Trustee (as amended,
amended and restated, modified, supplemented, extended or renewed from time to time, the “Indenture”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guaranty or, if not defined
therein, the Indenture.

 

W I T N E S S E T H:

 

WHEREAS, in recognition of
the direct or indirect benefits to be received by each Guarantor from the issuance of the Notes by the Issuer under the Indenture; and

 

WHEREAS, the undersigned
Subsidiary (the “New Guarantor”) is required pursuant to the terms of the Indenture and the Guaranty, or the Issuer
has otherwise elected in accordance with the terms of the Indenture and the Guaranty to cause such New Guarantor, to become a Guarantor
by executing this joinder agreement (this “Joinder Agreement”) to the Guaranty.

 

NOW, THEREFORE, the Trustee
and the New Guarantor hereby agree as follows:

 

1.            Guaranty.
In accordance with Section 22 of the Guaranty, the New Guarantor by its signature below becomes a Guarantor under the Guaranty with
the same force and effect as if originally named therein as a Guarantor and hereby, unconditionally and irrevocably, until the Termination
Date (or such earlier date such Guarantor is released from this Guaranty in accordance with Section 18), guarantees, jointly
and severally with the other Guarantors, as a primary obligor and not merely as a surety the full and prompt payment when due, whether
upon maturity, acceleration or otherwise, of any and all of its Relevant Guaranteed Obligations to the Holders and the Trustee.

 

2.            Covenants;
Representations and Warranties. The New Guarantor hereby (a) agrees to all the terms and provisions of the Guaranty applicable
to it as a Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct, in all material respects, on and as of the date hereof, except for representations and warranties that
are qualified as to “materiality”, “material adverse effect” or similar language, in which case such representations
and warranties are true and correct (after giving effect to any such qualification therein) in all respects as of such date, in each
case unless expressly stated to relate to a specific earlier date, in which case such representations and warranties are true and correct
in all material respects as of such earlier date. Each reference to a Guarantor in the Indenture and to a Guarantor in the Guaranty shall,
from and after the date hereof, be deemed to include the New Guarantor.

 

     

     

    

 

3.            Severability.
Any provision of this Joinder Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.            Counterparts;
Etc. This Joinder Agreement may be executed in counterparts, each of which shall constitute an original. Delivery of an executed
signature page to this Joinder Agreement by facsimile transmission shall be as effective as delivery of a manually executed counterpart
of this Joinder Agreement. The provisions of Section 11.14 of the Indenture are incorporated herein, mutatis mutandis.

 

5.            No
Waiver. Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect.

 

6.            Notices.
All notices, requests and demands to or upon the New Guarantor, the Trustee or any Holder shall be governed by the terms of Section 16
of the Guaranty.

 

7.            Governing
Law. THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK.

 

[Signature Pages Follow]

 

[Signature Page to Guaranty Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has caused
this Joinder Agreement to be duly executed and delivered by its duly authorized officer as of the day and year first above written.

 

	 	[                   ],
	 	as a Guarantor

 

		By:	
	 	 	Name:
	 	 	Title:

 

	 	Address for Notices:
	 	 
	 	 
	 	[NAME OF TRUSTEE],
	 	as Trustee

 

	 	By:	 
		 	Name:
		 	Title:

 

[Signature Page to Guaranty Agreement]Exhibit 10.1

 

Execution
Version

 

STOCKHOLDER SUPPORT AGREEMENT

 

This
Stockholder Support Agreement (this “Agreement”) is made and entered into as of July 29, 2022, by and among
Galata Acquisition Corp., a Cayman Islands exempted company (“SPAC”), Marti Technologies, Inc.,
a Delaware corporation (the “Company”) and the undersigned stockholders (each, a “Written Consent
Party” and, collectively, the “Written Consent Parties”) of the Company. Capitalized terms used
but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement.

 

RECITALS

 

WHEREAS,
on the date hereof, SPAC, Galata Merger Sub Inc., a Delaware corporation and a direct, wholly owned Subsidiary of SPAC (“Merger
Sub”) and the Company entered into a Business Combination Agreement (the “Business Combination Agreement”),
pursuant to which Merger Sub will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary
of SPAC (the “Business Combination”);

 

WHEREAS, pursuant to the Business
Combination Agreement, on the date one day prior to the Closing Date, (i) each Company Warrant that is issued and outstanding and
unexercised one day prior to the Closing Date shall be exchanged on a cashless basis for shares of Company Preferred Stock in accordance
with the applicable provisions of such Company Warrant and immediately thereafter (ii) each share of Company Preferred Stock that
is issued and outstanding one day prior to the Closing Date (including the Company Warrants converted to Company Preferred Stock pursuant
to clause (i)) shall automatically convert into a number of shares of Company Common Stock at the then-effective conversion rate as calculated
pursuant to the Company Certificate of Incorporation;

 

WHEREAS, pursuant to their
terms, upon consummation of the Business Combination, each of the following agreements will be terminated pursuant to Section 4.6
without any further action on the part of the parties thereto: (i) that certain Amended and Restated Investors’ Rights Agreement,
dated June 16, 2021, by and among the Company and the parties named therein (the “Investors’ Rights Agreement”);
(ii) that certain Amended and Restated Company Voting Agreement, dated as of June 16, 2021, by and among the Company and the
parties named therein (the “Company Voting Agreement”); and (iii) that certain Amended and Restated Right
of First Refusal and Co-Sale Agreement, dated June 16, 2021, by and among the Company and the parties named therein (the “Right
of First Refusal and Co-Sale Agreement” and, together with the Investors’ Rights Agreement and the Company Voting
Agreement, the “Financing Agreements”);

 

WHEREAS, in connection with,
and prior to, the Business Combination, and pursuant to (i) a certain Convertible Note Subscription Agreement, by and among the Company
and certain other parties thereto (the “Note Subscription Agreement”), and (ii) a certain Unsecured Senior
Convertible Promissory Note, by and among the Company and certain other parties thereto (the “Convertible Note”),
the Company will issue and sell convertible promissory notes to the Subscribers (as defined in the Note Subscription Agreement) (the “Convertible
Note Issuance”);

 

     

     

    

 

WHEREAS, pursuant to Section 4.1
of the Investors’ Rights Agreement, the Major Investors (as defined in the Investors’ Rights Agreement) have certain rights
of first offer with respect to issuances of New Securities (as defined in the Investors’ Rights Agreement) by the Company (such
rights, the “ROFO Rights”);

 

WHEREAS, each Written Consent
Party is entering into this Agreement with respect to all Company Securities (as defined below) that such Written Consent Party now or
hereafter owns, beneficially (as defined in Rule 13d-3 under the Exchange Act) or of record;

 

WHEREAS, each Written Consent
Party is the beneficial and/or record owner of, and has the sole right to vote or direct the voting of, such Company Securities as are
set forth on Schedule A attached hereto opposite the name of such Written Consent Party;

 

WHEREAS, each of SPAC, the
Company and each Written Consent Party has determined that it is in its best interests to enter into this Agreement;

 

WHEREAS, each Written Consent
Party understands and acknowledges that each of SPAC and the Company is entering into the Business Combination Agreement in reliance upon
such Written Consent Party’s execution and delivery of this Agreement; and

 

WHEREAS, following the date
hereof, SPAC intends to file with the SEC a registration statement on Form F-4 in connection with the matters set forth in Section 7.02(a) of
the Business Combination Agreement (the “Registration Statement”).

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby
agree as follows:

 

1.             Definitions.
When used in this Agreement, the following terms in all of their tenses, cases and correlative forms shall have the meanings assigned
to them in this Section 1 or elsewhere in this Agreement.

 

“Affiliate”
of a specified person means a Person who, directly or indirectly through one or more intermediaries, controls, is controlled by, or is
under common control with, such specified Person (provided that if a Written Consent Party is a venture capital, private equity
or angel fund, no portfolio company of such Written Consent Party will be deemed an Affiliate of such Written Consent Party; provided further
that neither the Company nor any Company Subsidiary will be deemed an Affiliate of any Written Consent Party).

 

“Company
Securities” means, collectively, any Company Stock, Company Options, Company Restricted Stock, Company Warrants, any securities
convertible into or exchangeable for any of the foregoing, and any interest in or right to acquire any of the foregoing, whether now owned
or hereafter acquired by any Written Consent Party hereto.

 

“EBRD”
means the European Bank for Reconstruction and Development and its Affiliates.

 

    	 	2	 

     

    

 

“EBRD Letter
Agreement” means that certain letter agreement between EBRD and the Company, dated June 16, 2021.

 

“Expiration
Time” shall mean the earliest to occur of (a) the Effective Time, (b) such date as the Business Combination Agreement
shall be validly terminated in accordance with Article IX thereof and (c) the effective date of a written agreement of the parties
hereto terminating this Agreement.

 

“Person”
means an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including a “person”
as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency
or instrumentality of a government.

 

“Transfer”
shall mean any direct or indirect sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer, or entry
into any agreement with respect to any sale, assignment, encumbrance, pledge, hypothecation, disposition, loan or other transfer, excluding
(a) entry into this Agreement and the Business Combination Agreement and the consummation of the transactions contemplated hereby
and thereby and (b) the exercise of any Company Options or Company Warrants in accordance with their terms.

 

2.            Agreement
to Retain the Company Securities.

 

2.1           No
Transfer of Company Securities. Until the Expiration Time, each Written Consent Party agrees not to, other than as expressly required
by the Business Combination Agreement (including pursuant to the Conversion) (a) Transfer any Company Securities, (b) deposit
any Company Securities into a voting trust or enter into a voting agreement or any similar agreement, arrangement or understanding with
respect to Company Securities or grant any proxy (except as otherwise provided herein), consent or power of attorney with respect thereto
(other than pursuant to this Agreement) (it being understood that the fact that certain Company Securities already may be subject to the
Company Voting Agreement shall not be deemed a violation of this Section 2.1 or Section 3.1 below), (c) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
Company Securities held by such Written Consent Party, (d) establish or increase a put position or liquidate or decrease a call or
equivalent position with respect to any Company Securities held by such Written Consent Party, or (e) publicly announce any intention
to effect any transaction specified in clauses (a), (b), (c) or (d); provided, that (i) any Written Consent Party
may Transfer any such Company Securities to any Affiliate of such Written Consent Party, or if such Written Consent Party is a natural
person, to immediate family or a trust for the benefit of immediate family for estate planning purposes, if, and only if, the transferee
of such Company Securities evidences in a writing reasonably satisfactory to each of SPAC and the Company such transferee’s agreement
to be bound by and subject to the terms and provisions hereof to the same effect as such Written Consent Party, and (ii) EBRD may
transfer any such Company Securities following the breach of or noncompliance with any provision of the EBRD Letter Agreement relating
to the Prohibited Practices (as defined in the EBRD Letter Agreement).

 

2.2           Additional
Company Securities. Until the Expiration Time, each Written Consent Party agrees that any Company Securities that such Written Consent
Party purchases or otherwise hereinafter acquires (including as a result of the exercise of any Company Option or Company Warrant) or
with respect to which such Written Consent Party otherwise acquires sole or shared voting power after the execution of this Agreement
and prior to the Expiration Time shall be subject to the terms and conditions of this Agreement to the same extent as if they were owned
by such Written Consent Party as of the date hereof.

 

    	 	3	 

     

    

 

2.3           Prohibited
Transfers. Any Transfer or attempted Transfer of any Company Securities in violation of this Section 2 shall, to the fullest
extent permitted by applicable Law, be null and void ab initio.

 

3.            Agreement
to Consent and Approve.

 

3.1           Hereafter
until the Expiration Time, each Written Consent Party agrees that, except as otherwise agreed in writing with each of SPAC and the Company:

 

(a)            within
three (3) business days of the Registration Statement being declared effective by the SEC, such Written Consent Party shall execute
and deliver a written consent, substantially in the form attached as Exhibit C to the Business Combination Agreement (the “Stockholder
Written Consent”), which consent shall approve the Business Combination Agreement, the Merger and the other Transactions.
Following such execution and delivery, each Written Consent Party hereby agrees that it will not revoke, withdraw or repudiate the Stockholder
Written Consent. The Stockholder Written Consent shall be coupled with an interest and, prior to the Expiration Time, shall be irrevocable;

 

(b)            to
exercise, comply with and fully perform all of its obligations set forth in Section 3 of the Company Voting Agreement related to
drag-along rights;

 

(c)            at
the Closing, certain of such Written Consent Parties shall execute and deliver the Investors’ Rights Agreement, substantially in
the form attached as Exhibit A to the Business Combination Agreement; and

 

(d)            in
the event that a Public Company Event (as defined in the Convertible Note) has not occurred by the one (1) year anniversary of the
Issuance Date (as defined in the Convertible Note), the Written Consent Parties shall take all Necessary Action (as defined in the Convertible
Note), to nominate and elect one (1) individual designated by the Required Investors (as defined in the Convertible Note) as a Common
Director (as defined in the Company Certificate of Incorporation); provided that this subclause (d) shall cease to remain
in effect if the Notes (as defined in the Convertible Note) are repaid in full.

 

Hereafter until the Expiration
Time, and subject to Section 2 hereof, no Written Consent Party shall enter into any tender or voting agreement, or any similar
agreement, arrangement or understanding, or grant a proxy or power of attorney, with respect to the Company Securities that is inconsistent
with this Agreement or otherwise take any other action with respect to the Company Securities that would prevent, materially restrict,
materially limit or materially interfere with the performance of such Written Consent Party’s obligations hereunder or the consummation
of the transactions contemplated hereby.

 

    	 	4	 

     

    

 

3.2           Hereafter
until the Expiration Time, at any meeting of the stockholders of the Company, or at any postponement or adjournment thereof, called to
seek the affirmative vote, consent or approval of the holders of the outstanding shares of Company Stock, each Written Consent Party shall
(a) vote (or cause to be voted) all shares of Company Stock currently or hereinafter owned by such Written Consent Party (i) in
favor of the Merger and the other Transactions, (ii) against any merger agreement or merger, consolidation, combination, sale of
substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by the Company (other than the Business
Combination Agreement and the Transactions), (iii) against any proposal in opposition to approval of the Business Combination Agreement
or in competition with or inconsistent with the Business Combination Agreement or the Transactions, and (iv) against any proposal,
action or agreement that would (A) result in a breach in any respect of any covenant, representation, warranty or any other obligation
or agreement of the Company under the Business Combination Agreement or (B) result in any of the conditions set forth in Article VIII
of the Business Combination Agreement not being fulfilled, and (b) not commit or agree to take any action inconsistent with the foregoing;
provided, however, EBRD shall not be required to exercise any voting rights to the extent that any particular decision which is proposed
would be, if passed, inconsistent with EBRD’s foundational documents (including but not limited to the Agreement Establishing the
European Bank for Reconstruction and Development), its status as an international financial institution, or its internal policies or procedures
or guidelines.

 

3.3           Hereafter
until the Expiration Time, at any meeting of the stockholders of the Company or at any postponement or adjournment thereof or in any other
circumstances upon which a Written Consent Party’s vote, consent or other approval (including by written consent) is sought, such
Written Consent Party shall vote (or cause to be voted) all Company Securities (to the extent such Company Securities are then entitled
to vote thereon), currently or hereinafter owned by such Written Consent Party against and withhold consent with respect to any Alternative
Transaction (as defined below). No Written Consent Party shall commit or agree to take any action inconsistent with the foregoing that
would be effective prior to the Expiration Time.

 

4.            Additional
Agreements.

 

4.1           Litigation.
Each Written Consent Party agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all actions necessary
to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against SPAC, Merger Sub, the Company
or any of their respective successors, directors or officers (a) challenging the validity of, or seeking to enjoin the operation
of, any provision of this Agreement or the Business Combination Agreement or (b) alleging a breach of any fiduciary duty of any Person
in connection with the evaluation, negotiation or entry into this Agreement or the Business Combination Agreement.

 

4.2           Waiver
of Certain Rights.

 

(a)            Each
Written Consent Party hereby waives any requirement for notice with respect to the Transactions under each Financing Agreement.

 

(b)            Each
Written Consent Party who is also a Major Investor (as defined in the Investors’ Rights Agreement) under the Investors’ Rights
Agreement hereby waives their ROFO Rights with respect to the transactions contemplated by the Note Subscription Agreement, including
such Written Consent Party’s right to purchase, and the Company’s obligation to offer and sell to such Written Consent Party,
the New Securities to be issued pursuant to the Convertible Note Issuance.

 

    	 	5	 

     

    

 

4.3           Termination
of Side Letter Agreements. Each Written Consent Party hereby agrees and consents to the termination of any Side Letter Agreements
to which such Written Consent Party is party, effective as of the Effective Time without any further liability or obligation to the Company,
the Company Subsidiaries or SPAC.

 

4.4           Consent
to Disclosure. Each Written Consent Party hereby consents to the publication and disclosure in the Registration Statement (and, as
and to the extent otherwise required by applicable securities laws or the SEC or any other securities authorities, any other documents
or communications provided by SPAC or the Company to any Governmental Authority or to securityholders of SPAC) of such Written Consent
Party’s identity and beneficial ownership of Company Securities and the nature of such Written Consent Party’s commitments,
arrangements and understandings under and relating to this Agreement and, if deemed appropriate by SPAC or the Company, a copy of this
Agreement. Each Company Stockholder will promptly provide any information reasonably requested by SPAC or the Company for any regulatory
application or filing made or approval sought in connection with the Transactions (including filings with the SEC).

 

4.5           Confidentiality.
Until the Expiration Time, each Written Consent Party will and will cause its Affiliates to keep confidential and not disclose any non-public
information relating to SPAC or the Company or any of their respective subsidiaries, including the existence or terms of, or transactions
contemplated by, this Agreement, the Business Combination Agreement or the other Transaction Documents, except to the extent that such
information (i) was, is or becomes generally available to the public after the date hereof other than as a result of a disclosure
by such Written Consent Party in breach of this Section 4.5, (ii) is, was or becomes available to such Written Consent
Party on a non-confidential basis from a source other than SPAC or the Company; provided that, to the knowledge of such Written
Consent Party, such information is not subject to a legal, fiduciary or contractual obligation of confidentiality or secrecy to SPAC or
the Company, or (iii) is or was independently developed by such Written Consent Party after the date hereof without use of, or reference
to any non-public information of SPAC or the Company. Notwithstanding the foregoing, such information may be disclosed to the extent required
to be disclosed in a judicial or administrative proceeding, or otherwise required to be disclosed by applicable Law (including complying
with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar
process to which such disclosing party is subject), provided that such Written Consent Party gives SPAC or the Company, as applicable,
prompt notice of such request(s) or requirement(s), to the extent practicable (and not prohibited by Law), so that SPAC or the Company
may seek, at its expense, an appropriate protective order or similar relief (and such Written Consent Party shall reasonably cooperate
with such efforts).

 

4.6           Termination
of Financing Agreements. The Company and the Written Consent Parties hereby agree and consent to the termination of each Financing
Agreement, effective as of the Effective Time, and from such time each Financing Agreement shall have no further force or effect, and
the Company, the Company Subsidiaries and their respective Affiliates (including SPAC) shall have no continuing liability or obligation
pursuant to any Financing Agreement; provided that, for the avoidance of doubt, such terminations (a) shall be expressly conditioned
upon the occurrence of the Closing, and (b) shall not affect the Written Consent Parties respective obligations under Section 3.1(b).

  

    	 	6	 

     

    

 

5.            Representations
and Warranties of the Written Consent Parties. Each Written Consent Party hereby represents and warrants, severally and not jointly,
to SPAC and the Company as follows:

 

5.1           Due
Authority. Such Written Consent Party has the full power and authority to execute and deliver this Agreement and perform its obligations
hereunder. If such Written Consent Party is an individual, the signature to this agreement is genuine and such Written Consent Party has
legal competence and capacity to execute the same. This Agreement has been duly and validly executed and delivered by such Written Consent
Party and, assuming due execution and delivery by the other parties hereto, constitutes a legal, valid and binding obligation of such
Written Consent Party, enforceable against such Written Consent Party in accordance with its terms, except as limited by applicable Remedies
Exceptions and, in respect of EBRD only, subject to the privileges and immunities of EBRD set forth in Section 11.19 of this
Agreement.

 

5.2           Ownership
of the Company Securities. As of the date hereof, such Written Consent Party is the owner of the Company Securities set forth opposite
such Written Consent Party’s name on Schedule A, free and clear of any and all Liens, options, rights of first refusal
and limitations on such Written Consent Party’s voting rights, other than transfer restrictions under applicable securities laws
or the certificate of incorporation or bylaws or any equivalent organizational documents of the Company, as applicable, and restrictions
set forth in the Financing Agreements. Such Written Consent Party has sole voting power (including the right to control such vote as contemplated
herein), power of disposition and power to issue instructions with respect to all Company Securities currently owned by such Written Consent
Party, and the power to agree to all of the matters applicable to such Written Consent Party set forth in this Agreement. As of the date
hereof, such Written Consent Party does not own any Company Securities other than the Company Securities set forth opposite such Written
Consent Party’s name on Schedule A. As of the date hereof, such Written Consent Party does not own any rights to purchase
or acquire any Company Securities, except for the Company Warrants and Company Options set forth opposite such Written Consent Party’s
name on Schedule A.

 

5.3           No
Conflict; Consents.

 

(a)            The
execution and delivery of this Agreement by such Written Consent Party does not, and the performance by such Written Consent Party of
the obligations under this Agreement and the compliance by such Written Consent Party with any provisions hereof do not and will not:
(i) conflict with or violate any Law applicable to such Written Consent Party, (ii) if such Written Consent Party is an entity,
conflict with or violate the certificate of incorporation or bylaws or any equivalent organizational documents of the Company or such
Written Consent Party, or (iii) result in any breach of, or constitute a default (or an event, which with notice or lapse of time
or both, would become a material default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, or result in the creation of a Lien on any of the Company Securities owned by such Written Consent Party pursuant to any note, bond,
mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which such Written Consent
Party is a party or by which such Written Consent Party is bound, except, in the case of clauses (i) and (iii), as
would not reasonably be expected, individually or in the aggregate, to materially impair the ability of such Written Consent Party to
perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

    	 	7	 

     

    

 

(b)           The
execution and delivery of this Agreement by such Written Consent Party does not, and the performance of this Agreement by such Written
Consent Party will not, require any consent, approval, authorization or permit of, or filing or notification to, or expiration of any
waiting period by any Governmental Authority or any other Person with respect to such Written Consent Party, other than those set forth
as conditions to closing in the Business Combination Agreement.

 

5.4           Absence
of Litigation. As of the date hereof, there is no Action pending against, or, to the knowledge of such Written Consent Party after
reasonable inquiry, threatened against such Written Consent Party that would reasonably be expected to materially impair the ability of
such Written Consent Party to perform its obligations hereunder or to consummate the transactions contemplated hereby.

 

5.5           Absence
of Other Voting Agreement. Such Written Consent Party has not: (i) entered into any voting agreement, voting trust or any similar
agreement, arrangement or understanding, with respect to any Company Securities owned by such Written Consent Party (other than as contemplated
by this Agreement and the Company Voting Agreement), (ii) granted any proxy, consent or power of attorney with respect to any Company
Securities owned by such Written Consent Party (other than as contemplated by this Agreement and the Company Voting Agreement) or (iii) entered
into any agreement, arrangement or understanding that would prohibit or prevent it from satisfying or would materially interfere with,
or is otherwise materially inconsistent with, its obligations pursuant to this Agreement.

 

5.6           Adequate
Information. Such Written Consent Party is a sophisticated stockholder and has adequate information concerning the business and financial
condition of SPAC and the Company to make an informed decision regarding this Agreement and the Transactions and has independently and
without reliance upon SPAC or the Company and based on such information as such Written Consent Party has deemed appropriate, made its
own analysis and decision to enter into this Agreement. Such Written Consent Party acknowledges that SPAC and the Company have not made
and do not make any representation or warranty, whether express or implied, of any kind or character except as expressly set forth in
this Agreement. Such Written Consent Party acknowledges that the agreements contained herein with respect to the Company Securities held
by such Written Consent Party are irrevocable.

 

6.             Framework
Agreement. At the Closing, the Company and SPAC shall deliver to EBRD a copy of that certain Framework Agreement, by and among the
Company, SPAC and EBRD, substantially in the form attached hereto as Exhibit A (the “Framework Agreement”),
duly executed by the Company and SPAC.

 

7.             Fiduciary
Duties. The covenants and agreements set forth herein shall not prevent any designee of any Written Consent Party from serving on
the board of directors of the Company or from taking any action, subject to the provisions of the Business Combination Agreement, while
acting in such designee’s capacity as a director of the Company. Each Written Consent Party is entering into this Agreement solely
in its capacity as the owner of such Written Consent Party’s Company Securities.

 

    	 	8	 

     

    

 

8.             Termination.
This Agreement shall terminate and be of no further force or effect at the Expiration Time. Notwithstanding the foregoing sentence, this
Section 8 and Section 11 shall survive any termination of this Agreement. Upon termination of this Agreement,
none of the parties hereto shall have any further obligations or liabilities under this Agreement; provided, that nothing in this
Section 8 shall relieve any party hereto of liability for any willful material breach of this Agreement prior to its termination.

 

9.             No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in SPAC any direct or indirect ownership or incidence
of ownership of or with respect to any Written Consent Party’s Company Securities. All rights, ownership and economic benefits of
and relating to each Written Consent Party’s Company Securities shall remain fully vested in and belong to such Written Consent
Party, and SPAC shall have no authority to direct any Written Consent Party in the voting or disposition of any of Company Securities
except as otherwise provided herein.

 

10.           Exclusivity.

 

10.1         From
the date of this Agreement and ending on the earlier of the Closing and the valid termination of the Business Combination Agreement, no
Written Consent Party shall, and each Written Consent Party shall cause their Representatives acting on its behalf not to, directly or
indirectly, (1) enter into, solicit, initiate, knowingly facilitate, knowingly encourage or continue any discussions or negotiations
with, or knowingly encourage any inquiries or proposals by, or participate in any negotiations with, or provide any information to, or
otherwise cooperate in any way with, any person or other entity or “group” within the meaning of Section 13(d) of
the Exchange Act, concerning any (x) sale of 15% or more of the consolidated assets of the Company and the Company Subsidiaries,
taken as a whole, (y) sale of 15% or more of the outstanding capital stock of the Company or one or more Company Subsidiaries holding
assets constituting, individually or in the aggregate, 15% or more of the consolidated assets of the Company and the Company Subsidiaries,
taken as a whole, or (z) merger, consolidation, liquidation, dissolution or similar transaction involving the Company or one or more
of the Company Subsidiaries holding assets constituting, individually or in the aggregate, 15% or more of the consolidated assets of the
Company and the Company Subsidiaries, taken as a whole, in each case, other than with SPAC and its Representatives (an “Alternative
Transaction”), (2) amend or grant any waiver or release under any standstill or similar agreement to which such Written
Consent Party is a party with respect to any class of equity securities of the Company or any of the Company Subsidiaries in connection
with any proposal or offer that could reasonably be expected to lead to an Alternative Transaction, (3) approve, endorse or recommend,
or propose publicly to approve, endorse or recommend, any Alternative Transaction, (4) approve, endorse, recommend, execute or enter
into any agreement in principle, confidentiality agreement, letter of intent, memorandum of understanding, term sheet, acquisition agreement,
merger agreement, option agreement, joint venture agreement, partnership agreement or other written arrangement relating to any Alternative
Transaction or any proposal or offer that could reasonably be expected to lead to an Alternative Transaction, (5) commence, continue
or renew any due diligence investigation regarding any Alternative Transaction, or (6) resolve or agree to do any of the foregoing
or otherwise authorize or permit any of its Representatives acting on its behalf to take any such action. Each Written Consent Party shall,
and shall cause its Representatives to, immediately cease any and all existing discussions or negotiations with any person conducted heretofore
with respect to any Alternative Transaction. Each Written Consent Party also agrees that it will promptly request that each Representative
of any special purpose acquisition corporation or similar person that has prior to the date hereof executed a confidentiality agreement
to which such Written Consent Party is a party in connection with its consideration of an Alternative Transaction return or destroy all
Confidential Information furnished to such person by or on behalf of it pursuant to such agreement prior to the date hereof.

 

    	 	9	 

     

    

 

10.2         From
the date of this Agreement and ending on the earlier of the Closing and the valid termination of the Business Combination Agreement, each
Written Consent Party shall notify the Company and SPAC promptly after receipt by such Written Consent Party or any of their Representatives
of any inquiry or proposal with respect to an Alternative Transaction, any inquiry that would reasonably be expected to lead to an Alternative
Transaction or any request for non-public information relating to the Company or any of the Company Subsidiaries or for access to the
business, properties, assets, personnel, books or records of the Company or any of the Company Subsidiaries by any third party, in each
case that is related to or that would reasonably be expected to lead to an Alternative Transaction. In such notice, such Written Consent
Party shall identify the third party making any such inquiry, proposal, indication or request with respect to an Alternative Transaction
and provide the details of the material terms and conditions of any such inquiry, proposal, indication or request. Each Written Consent
Party shall keep the Company and SPAC informed, on a reasonably current and prompt basis, of the status and material terms of any such
inquiry, proposal, indication or request with respect to an Alternative Transaction, including the material terms and conditions thereof
any material amendments or proposed amendments.

 

10.3         If
any Written Consent Party or any of their Representatives receives any inquiry or proposal with respect to an Alternative Transaction
at any time prior to the Closing, then such Written Consent Party shall promptly notify such person in writing that such Written Consent
Party is subject to an exclusivity agreement with respect to the Alternative Transaction that prohibits them from considering such inquiry
or proposal. Without limiting the foregoing, the parties agree that any violation of the restrictions set forth in this Section 10
by a Written Consent Party’s Affiliates or Representatives shall be deemed to be a breach of this Section 10 by such
Written Consent Party.

 

11.           Miscellaneous.

 

11.1         Severability.
In the event that any term, provision, covenant or restriction of this Agreement, or the application thereof, is held to be illegal, invalid
or unenforceable under any present or future Law: (a) such provision will be fully severable; (b) this Agreement will be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof; (c) the remaining provisions
of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or
by its severance herefrom; and (d) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically
as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal, invalid or unenforceable provision
as may be possible.

 

    	 	10	 

     

    

 

11.2         Non-survival
of Representations and Warranties. None of the representations, warranties, covenants or agreements in this Agreement or in any schedule,
instrument or other document delivered pursuant to this Agreement shall survive the Expiration Time. Notwithstanding the foregoing, this
Section 11.2 shall not limit any covenant or agreement contained in this Agreement that by its terms is to be performed in
whole or in part after the Effective Time or the termination of this Agreement.

 

11.3         Assignment.
No party hereto may assign, directly or indirectly, including by operation of Law, either this Agreement or any of its rights, interests
or obligations hereunder without the prior written approval of the other parties hereto, except with respect to a Transfer completed in
accordance with Section 2.1. Subject to the first sentence of this Section 11.3, this Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Any assignment in violation
of this Section 11.3 shall be void.

 

11.4         Amendments
and Modifications. This Agreement may be amended by the parties hereto at any time by execution of an instrument in writing signed
on behalf of each of the parties hereto.

 

11.5         Specific
Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in
accordance with the terms hereof, and, accordingly, that the parties shall be entitled to seek an injunction or injunctions to prevent
breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in the Court of Chancery of the
State of Delaware, County of Newcastle, or, if that court does not have jurisdiction, any court of the United States located in the State
of Delaware without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at Law or in equity
as expressly permitted in this Agreement. Each of the parties hereby further waives (i) any defense in any action for specific performance
that a remedy at Law would be adequate and (ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining
equitable relief.

 

11.6         Notices.
All notices, consents and other communications hereunder shall be in writing and shall be deemed given if delivered personally or by a
nationally recognized courier service guaranteeing overnight delivery, or sent via email to the parties hereto at the following addresses,
and such communications, to be valid, must be addressed as follows:

 

(i)            if
to SPAC or Merger Sub, to:

 

Galata Acquisition Corp.

2001 S Street NW, Suite 320 

Washington, DC 20009 

Attention: Kemal Kaya, Chief Executive Officer

Email: kemal@galatacorp.net

 

    	 	11	 

     

    

 

with a copy (which shall not constitute notice) to:

 

Willkie Farr & Gallagher LLP

787 Seventh Avenue 

New York, NY 10019 

Attention: William H. Gump; Michael E.
Brandt; Danielle Scalzo 

Email:
wgump@willkie.com; mbrandt@willkie.com; dscalzo@willkie.com

 

(ii)            if
to the Company, to:

 

Marti Technologies Inc. 

Maslak Noramin Is Merkezi 

Buyukdere Caddesi No 237 

Maslak/İstanbul, Turkey 

Attention: Alper Öktem, CEO 

Email: Alper@marti.tech

 

with a copy (which shall not constitute notice) to:

 

Latham & Watkins LLP

811 Main Street, Suite 3700

Houston, TX 77002

Attention: Ryan Maierson; Daniel Breslin 

Email:
ryan.maierson@lw.com; daniel.breslin@lw.com

 

(iii)          if
to a Written Consent Party, to the address for notice set forth opposite such Written Consent Party’s name on Schedule A
hereto,

 

with a copy (which shall not constitute notice) to:

 

Latham & Watkins LLP

811 Main Street, Suite 3700

Houston, TX 77002

Attention: Ryan Maierson; Daniel Breslin 

Email:
ryan.maierson@lw.com; daniel.breslin@lw.com

 

Unless otherwise specified herein, such notices
or other communications will be deemed given (a) on the date established by the sender as having been delivered personally; (b) one
Business Day after being sent by a nationally recognized overnight courier guaranteeing overnight delivery; (c) upon transmission,
if sent by email (provided no “bounceback” or notice of non-delivery is received); or (d) on the fifth Business
Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

11.7         Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts
executed in and to be performed in that State; provided that Section 11.8(b) and Section 11.19 shall be governed
by the laws of England and Wales.

 

    	 	12	 

     

    

 

11.8         Dispute
Resolution.

 

(a)            The
parties hereto other than EBRD hereby agree that all legal actions and proceedings arising out of or relating to this Agreement shall
be heard and determined exclusively in any Delaware Chancery Court; provided, that if jurisdiction is not then available in the
Delaware Chancery Court, then any such legal Action may be brought in any federal court located in the State of Delaware or any other
Delaware state court. The parties hereto other than EBRD hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid
courts for themselves and with respect to their respective properties for the purpose of any Action arising out of or relating to this
Agreement brought by any party hereto, and (b) agree not to commence any Action relating thereto except in the courts described above
in Delaware, other than Actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court
in Delaware as described herein. Each of the parties other than EBRD further agrees that notice as provided herein shall constitute sufficient
service of process and the parties further waive any argument that such service is insufficient. Each of the parties other than EBRD hereby
irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any
Action arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally
subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or
immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the Action
in any such court is brought in an inconvenient forum, (ii) the venue of such Action is improper or (iii) this Agreement, or
the subject matter hereof, may not be enforced in or by such courts.

 

(b)            The
parties hereto further agree that, with respect to EBRD, any dispute arising out of or related to this Agreement, the interpretation,
making, performance, breach or termination thereof, shall be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as
revised in 2010 (the “Rules”). There shall be one (1) arbitrator and the appointing authority shall be
the London Court of International Arbitration. The seat and place of arbitration shall be London, England and the English language shall
be used throughout the arbitral proceedings. The parties hereby waive any rights under the Arbitration Act 1996 or otherwise to appeal
any arbitration award to, or to seek a determination of a preliminary point of law by, the courts of England. The arbitral tribunal shall
not be authorized to grant, and each party hereto agrees that it will not seek from any judicial authority, any interim measures or pre-award
relief against EBRD, any provisions of the Rules notwithstanding. The arbitral tribunal shall have authority to consider and include
in any proceeding, decision or award any further dispute properly brought before it by EBRD (but no other party) insofar as such dispute
arises out of the Framework Agreement, but, subject to the foregoing, no other parties or other disputes shall be included in, or consolidated
with, the arbitral proceedings. For the avoidance of doubt, Section 11.8(a) of this Agreement shall not apply to EBRD.
Notwithstanding the foregoing, the Agreement and any rights of EBRD arising out of or relating to the Agreement, may, at the option of
EBRD, be enforced by EBRD in the Delaware Chancery Court or the courts of England.

 

    	 	13	 

     

    

 

(c)            For
the benefit of EBRD, the SPAC, the Company and the other parties hereto hereby irrevocably submit to the jurisdiction of the Delaware
Chancery Court or the courts of England with respect to any dispute, controversy or claim arising out of or relating to the Agreement
or the breach, termination or invalidity thereof. The SPAC and the Company hereby irrevocably designates, appoints and empowers Law Debenture
Corporate Services Limited to act as its authorized agent to receive service of process and any other legal summons in England for purposes
of any such action or proceeding. The SPAC, the Company and the other parties hereto hereby irrevocably consents to the service of process
or any other legal summons out of such courts by mailing copies thereof by registered airmail postage prepaid to its address specified
herein. Each of the SPAC and the Company covenants and agrees that, so long as it has any obligations under this Agreement, it shall maintain
a duly appointed agent to receive service of process and any other legal summons in any legal action or proceeding brought by EBRD in
England in respect of the Agreement and shall keep EBRD advised of the identity and location of such agent. The SPAC, the Company and
the other parties hereto hereby irrevocably waive any objection it may now or hereafter have on any grounds whatsoever to the laying of
venue of any legal action or proceeding and any claim it may now or hereafter have that any such legal action or proceeding has been brought
in an inconvenient forum.

 

11.9         WAIVER
OF JURY TRIAL. Each of the parties hereto other than ebrd hereby waives to the fullest extent
permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out
of, under or in connection with this Agreement or the Transactions CONTEMPLATED HEREBY. Each of the parties hereto other than ebrd (a) certifies
that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not,
in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges that it and the otherS hereto have been induced
to enter into this Agreement and the Transactions CONTEMPLATED HEREBY, as applicable, by, among other things, the mutual waivers and certifications
in this Section 11.9.

 

11.10       Entire
Agreement; Third-Party Beneficiaries. This Agreement constitutes the entire agreement among the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the parties hereto with
respect to the subject matter hereof, and is not intended to confer upon any other Person other than the parties hereto any rights or
remedies.

 

11.11       Counterparts.
This Agreement and each other document executed in connection with the transactions contemplated hereby, and the consummation thereof,
may be executed in one or more counterparts, all of which shall be considered one and the same document and shall become effective when
one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto, it being understood
that all parties hereto need not sign the same counterpart. Delivery by electronic transmission to counsel for the other party of a counterpart
executed by a party shall be deemed to meet the requirements of the previous sentence.

 

    	 	14	 

     

    

 

11.12       Effect
of Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Agreement.

 

11.13       Legal
Representation. Each of the parties hereto agrees that it has been represented by independent counsel of its choice during the negotiation
and execution of this Agreement and each party hereto and its counsel cooperated in the drafting and preparation of this Agreement and
the documents referred to herein and, therefore, waive the application of any Law, regulation, holding or rule of construction providing
that ambiguities in an agreement or other document will be construed against the party hereto drafting such agreement or document. Each
Written Consent Party acknowledges that Latham & Watkins LLP is acting as counsel to the Company in connection with the Business
Combination Agreement and the Transactions, and that such firm is not acting as counsel to any Written Consent Party.

 

11.14       Expenses.
Except as otherwise set forth in this Agreement, all fees and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party hereto incurring such expenses.

 

11.15       Further
Assurances. At the reasonable request of SPAC or the Company, in the case of any Written Consent Party, or at the reasonable request
of the Written Consent Parties, in the case of SPAC or the Company, and without further consideration, each party shall execute and deliver
or cause to be executed and delivered such additional documents and instruments and take such further action as may be reasonably necessary
to consummate the transactions contemplated by this Agreement.

 

11.16       Waiver.
No failure or delay on the part of either party to exercise any power, right, privilege or remedy under this Agreement shall operate as
a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall
preclude any other or further exercise thereof or of any other power, right, privilege or remedy. Neither party shall be deemed to have
waived any claim available to such party arising out of this Agreement, or any power, right, privilege or remedy under this Agreement,
unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered
on behalf of such waiving party; and any such waiver shall not be applicable or have any effect except in the specific instance in which
it is given.

 

11.17       Several
Liability. The liability of any Written Consent Party hereunder is several (and not joint). Notwithstanding any other provision of
this Agreement, in no event will any Written Consent Party be liable for any other Written Consent Party’s breach of such other
Written Consent Party’s representations, warranties, covenants, or agreements contained in this Agreement.

 

11.18       No
Recourse. Notwithstanding anything to the contrary contained herein or otherwise, but without limiting any provision in the Business
Combination Agreement, this Agreement may only be enforced against, and any claims or causes of action that may be based upon, arise out
of or relate to this Agreement, or the negotiation, execution or performance of this Agreement or the transactions contemplated hereby,
may only be made against the entities and Persons that are expressly identified as parties to this Agreement in their capacities as such
and no former, current or future stockholders, equity holders, controlling persons, directors, officers, employees, general or limited
partners, members, managers, agents or affiliates of any party hereto, or any former, current or future direct or indirect stockholder,
equity holder, controlling person, director, officer, employee, general or limited partner, member, manager, agent or affiliate of any
of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities
of the parties to this Agreement or for any claim (whether in tort, contract or otherwise) based on, in respect of, or by reason of, the
transactions contemplated hereby or in respect of any oral representations made or alleged to be made in connection herewith. Without
limiting the rights of any party against the other parties hereto, in no event shall any party or any of its affiliates seek to enforce
this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse
Party.

 

    	 	15	 

     

    

 

11.19       Privileges
and Immunities of EBRD.  Nothing in this Agreement shall be construed
as a waiver, renunciation or other modification of any immunities, privileges or exemptions of EBRD accorded under the Agreement Establishing
the European Bank for Reconstruction and Development, international convention or any applicable law. Notwithstanding the foregoing, EBRD
has made an express submission to arbitration under Section 11.8(b), above, and accordingly, and without prejudice to its
other privileges and immunities (including, without limitation, the inviolability of its archives), it acknowledges that it does not have
immunity from suit and legal process under Article 5(2) of Statutory Instrument 1991, No. 757 (The European Bank for Reconstruction
and Development (Immunities and Privileges) Order 1991), or any similar provision under English law, in respect of the enforcement of
an arbitration award duly made against it as a result of its express submission to arbitration pursuant to Section 11.8(b).

 

[Signature pages follow.]

 

    	 	16	 

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	GALATA
    ACQUISITION CORP.
	 	 	                 
	 	By: 	/s/
    Kemal Kaya
	 	Name:	Kemal
    Kaya
	 	Title:	Chief
    Executive Officer

 

Signature
Page to 

Stockholder
Support Agreement

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	Marti
    Technologies Inc.
	 	 	                 
	 	By: 	/s/
    Alper Oktem
	 	Name:	Alper
    Oktem
	 	Title:	Chief
    Executive Officer

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	SUMED
    EQUITY LTD. 
	 	 	                 
	 	By: 	/s/
    Yousef Hammad
	 	Name:	Yousef
    Hammad
	 	Title:	Managing
    partner

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	ESRA
    UNLAUASLAN DURGUN
	 	 	                 
	 	By: 	/s/
    Esra Unlauaslan Durgun
	 	Name:	Esra
    Unlauaslan Durgun
	 	Title:	an
    Individual

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	AUTOTECH
    FUND II, L.P.
	 	 	                 
	 	By: 	/s/
    Daniel Hoffer
	 	Name:	Daniel
    Hoffer
	 	Title:	Managing
    Director

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	OGUZ
    ALPER OKTEM
	 	 	                 
	 	By: 	/s/
    Oguz Alper Oktem
	 	Name:	Oguz
    Alper Oktem
	 	Title:	an
    Individual

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	SENA
    OKTEM
	 	 	                 
	 	By: 	/s/
    Sena Oktem
	 	Name:	Sena
    Oktem
	 	Title:	an
    Individual

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	UMUR
    GENCOGLU
	 	 	                 
	 	By: 	/s/
    Umur Gencoglu
	 	Name:	Umur Gencoglu
	 	Title:	an
    Individual

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	ASLANOBA
    GIDA SANAYI VE TICARET A.S
	 	 	                 
	 	By: 	/s/
    Aslanoba Gida Sanayi Ve Ticaret A.S
	 	Name:	Hasan
    Aslanoba
	 	Title:	CEO

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	PERPETUAL
    MOTION S.À R.L.
	 	 	                 
	 	By: 	/s/
    Simon Barnes
	 	Name:	Simon
    Barnes
	 	Title:	Manager

 

	 	 	/s/
    Didem Berghmans
	 	 	Didem
    Berghmans
	 	 	Manager

  

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	CE
    VENTURES LIMITED
	 	 	                 
	 	By: 	/s/
    Tushar Singhvi
	 	Name:	Tushar
    Singhvi
	 	Title:	Director
	 	 	 
	 	By: 	/s/
    Ghada Abdelkader
	 	Name:	Ghada
    Abdelkader
	 	Title:	Director

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

In
witness whereof, the parties hereto have caused this Agreement to be executed as of the date first set forth above.

 

	 	WRITTEN
    CONSENT PARTIES:
	 	 
	 	EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT
	 	 	                 
	 	By: 	/s/
    Bakhrom Ibragimov
	 	Name:	Bakhrom
    Ibragimov
	 	Title:	Head
    of VCIP

 

[Company
Stockholder Support Agreement]

 

     

     

    

 

	 	 	Securities Held	 
	Written Consent Party	 	Common
 Stock	 	 	Series A-1
 Preferred
 Stock	 	 	Series A-2
 Preferred
 Stock	 	 	Series A-3
 Preferred Stock	 	 	Series B-1
 Preferred Stock	 	 	Series B-3 Preferred
 Stock	 
	Sumed Equity Ltd.	 	 	 	 	 	 	2,453,273	 	 	 	1,204,611	 	 	 	456,267	 	 	 	359,732	 	 	 	1,688,837	 
	Esra Unlauaslan Durgun	 	 	5,849,831	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	European Bank for Reconstruction and Development	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,767,170	 	 	 	 	 
	Perpetual Motion S.à r.l.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,767,170	 	 	 	 	 
	Autotech Fund II, L.P.	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,660,302	 	 	 	 	 
	Oguz Alper Oktem	 	 	5,849,831	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sena Oktem	 	 	620,553	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Umur Gencoglu	 	 	 	 	 	 	 	 	 	 	886,771	 	 	 	55,432	 	 	 	 	 	 	 	 	 
	CE Ventures Limited	 	 	 	 	 	 	816,326	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	655,224	 
	Aslanoba Gida Sanayi Ve Ticaret A.S	 	 	90,842	 	 	 	409,638	 	 	 	 	 	 	 	459,127	 	 	 	 	 	 	 	443,510	 

 

     

     

    

 

Exhibit A

 

Form of Framework Agreement

[See attached]

 

     

     

    

 

Final Form

 

(Operation Number [   ])

 

FRAMEWORK AGREEMENT

 

between

 

GALATA ACQUISITION CORP.

 

and

 

MARTI TECHNOLOGIES INC.

 

and

 

EUROPEAN BANK

FOR RECONSTRUCTION AND DEVELOPMENT

 

Dated [   ]

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I - DEFINITIONS	1
	 	 	 
	SECTION
    1.01.	DEFINITIONS	1
	SECTION
    1.02.	INTERPRETATION	3
	 	 	 
	ARTICLE II - REPRESENTATIONS AND WARRANTIES	3
	 	 	 
	SECTION
    2.01.	REPRESENTATIONS
    REGARDING
    THIS
    AGREEMENT	3
	 	 	 
	[ARTICLE III - AFFIRMATIVE COVENANTS	4
	 	 	 
	SECTION
    3.01.	ENVIRONMENT
    AND SOCIAL
    COMPLIANCE	4
	SECTION
    3.02.	INTERNAL
    PROCEDURES	4
	SECTION
    3.03.	FURNISHING
    OF INFORMATION	4
	SECTION
    3.04.	FRAUD
    AND
    CORRUPTION	5
	SECTION
    3.05.	PROCUREMENT	5
	 	 	 
	ARTICLE IV - MISCELLANEOUS	6
	 	 	 
	SECTION
    4.01.	NOTICES	6
	SECTION
    4.02.	ENGLISH
    LANGUAGE	7
	SECTION
    4.03.	GOVERNING
    LAW	7
	SECTION
    4.04.	ARBITRATION
    AND JURISDICTION	7
	SECTION
    4.05.	PRIVILEGES
    AND IMMUNITIES
    OF EBRD	8
	SECTION
    4.06.	SUCCESSORS
    AND ASSIGNS;
    THIRD PARTY
    RIGHTS	8
	SECTION
    4.07.	ENTIRE
    AGREEMENT;
    AMENDMENT AND
    WAIVER	8
	SECTION
    4.08.	WAIVER
    OF SOVEREIGN
    IMMUNITY	9
	SECTION
    4.09.	COUNTERPARTS	9

 

    i

     

    

 

FRAMEWORK AGREEMENT

 

This Framework Agreement (the "Agreement"),
dated [________], is entered into as a deed between:

 

		(1)	GALATA ACQUISITION CORP., a corporation organised and existing under the laws
of [__________] (the "Issuer");

 

		(2)	MARTI TECHNOLOGIES INC., a corporation organised and existing under the laws of Delaware, United
States of America (the "Stakeholder"); and

 

		(3)	EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT, an international organisation formed by treaty
("EBRD").

 

WHEREAS:

 

(A)     
The Issuer is a blank check company that is entering into a business combination (the “Business Combination”)
with the Stakeholder, whereby, among other things, the outstanding equity interests of the Stakeholder shall be converted into the right
to receive newly issued ordinary shares of the Issuer (the "Shares"), pursuant to the terms of the definitive transaction
documentation, including the business combination agreement by and among Issuer, Stakeholder and the other parties thereto (the “BCA”).
Following the Business Combination, it is intended that the Shares will be publicly traded on the New York Stock Exchange.

 

(B)     
EBRD is currently a stockholder of Stakeholder and has entered into a Stockholder Support Agreement (the “SSA”). In
consideration for entering into the SSA and the consummation of the transactions contemplated thereby, the Issuer, the Stakeholder and
EBRD agree to, conditioned upon and effective as of the closing of the Closing Date, enter into this Agreement on the Closing Date.

 

NOW THEREFORE, the parties hereto agree as follows:

 

ARTICLE I - DEFINITIONS

 

		Section 1.01.	Definitions

 

Wherever used in this Agreement, unless the context
otherwise requires, the following terms have the following meanings:

 

	"Affiliate"	means, in respect of any person, any other person, directly or indirectly, controlling, controlled by, or under common control with, such person.
	 	 
	"Business Combination"	has the meaning as provided in recital (A) above.
	 	 

    1

     

    

 

	"Closing Date"	has the meaning ascribed to such term in the SSA.
	 	 
	"Designated Performance Requirements"	means Performance Requirements 1 through 8 and 10 (or, as the context may require, any one of such Performance Requirements) of the Performance Requirements dated April 2019 and related to EBRD’s Environmental and Social Policy dated April 2019.
	 	 
	"EBRD Shares"	means the Shares to be
acquired by EBRD in the Business Combination.
	 	 
	"Enforcement Policy and Procedures" 	means EBRD’s Enforcement Policy and Procedures dated 4 October 2017, as amended from time to time, and any policy or procedures adopted by EBRD as a successor to or replacement of such policy and procedures.
	 	 
	"Environmental and Social Law" 	means any applicable law in any relevant jurisdiction, concerning the protection of the environment, workers, communities or project affected people.
	 	 
	"Environmental and Social Matter" 	means any matter that is the subject of any Environmental and Social Law.
	 	 
	"Financial Year" 	means the period commencing each year on 1 January and ending on 31 December, or such other period as the Stakeholder may from time to time designate as the accounting year of the Stakeholder.
	 	 
	“Group Companies” or “Group” 	means the Issuer and its subsidiaries (including the Stakeholder) and “Group Company” shall mean any one of them.
	 	 
	"Material Information" 	means information of a precise nature which has not been made public, relating directly or indirectly to the Issuer or the Stakeholder or the listed securities of such entities and which, if it were made public, would be reasonably likely to have a significant effect on the price of such securities or which would otherwise be reasonably likely to be considered important for a reasonable investor in making an investment decision in such securities.
	 	 
	"Prohibited Practice" 	has the meaning defined in the Enforcement Policy and Procedures in effect as of the date of this Agreement.
	 	 
	"Prospectus"	means the registration statement on Form F-4 for the transactions contemplated by the BCA.
	 	 
	"Shares"	has the meaning as provided in recital (A) above.
	 	 
	"SSA"	has the meaning as provided in recital (B) above.
	 	 
	"UNCITRAL Rules"	means
    the UNCITRAL Arbitration Rules (as revised in 2010).

 

    2

     

    

 

		Section 1.02.	Interpretation

 

(a)     
In this Agreement, unless the context otherwise requires, words denoting the singular include the plural and vice versa, words denoting
persons include corporations, partnerships and other legal persons and references to a person includes its successors in title, permitted
transferees and permitted assigns.

 

(b)     
In this Agreement, a reference to a specified Article or Section shall be construed as a reference to that specified Article or Section
of this Agreement.

 

(c)      
In this Agreement, the headings and the Table of Contents are inserted for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

(d)     
In this Agreement, any reference to "law" means any law (including, any common or customary law) and any treaty, constitution,
statute, legislation, decree, normative act, rule, regulation, judgement, order, writ, injunction, determination, award or other legislative
or administrative measure or judicial or arbitral decision in any jurisdiction which has the force of law or the compliance with which
is in accordance with general practice in such jurisdiction.

 

(e)     
In this Agreement, any reference to a provision of law is a reference to that provision as from time to time amended or re-enacted.

 

(f)      
In this Agreement, a reference to a "person" includes any person, natural or juridical entity, firm, company, corporation, government,
state or agency of a state or any association, trust or partnership (whether or not having separate legal personality) or two or more
of the foregoing and references to a "person" include its successors in title, permitted transferees and permitted assigns.

 

(g)     
In this Agreement, "including" and "include" shall be deemed to be followed by "without limitation" where
not so followed.

 

ARTICLE II - REPRESENTATIONS AND WARRANTIES

 

		Section 2.01.	Representations Regarding this Agreement and the Prospectus

 

Each of the Issuer and the Stakeholder represents
and warrants as at the date of this Agreement as follows:

 

(a) Corporate Power. Each of the Issuer and the Stakeholder
has the corporate power to enter into and perform its obligations under this Agreement.

 

    3

     

    

 

(b)     
Due Authorisation; Enforceability. This Agreement has been duly authorised and executed by each of the Issuer and the Stakeholder,
and constitutes a valid and legally binding obligation of each of the Issuer and the Stakeholder, enforceable in accordance with its terms.

 

(c)       
Prospectus. The Prospectus does not contain any untrue statement of material fact or omit to state any material fact necessary
in order to make the statements therein, in light of the circumstances in which they were made, not misleading.

 

(d)      
No Prohibited Practice. Each Group Company is in compliance with all applicable laws concerning money laundering or the
financing of terrorism. No Group Company is designated as a target of (or is otherwise subject to) any economic or financial sanctions
or restrictive measures adopted by the United Nations under Chapter VII of the UN Charter, and no such Group Company is owned (directly
or indirectly) or controlled by, or acting on behalf of any so designated person. None of the Group Companies, any officers, directors
or authorised employees of the Group Companies, or any Affiliates, agents or representatives of any Group Company has committed or engaged
in any Prohibited Practice with respect to the Business Combination or any transactions contemplated by this Agreement.

 

(e)     
International Financial Institutions. No Group Company, nor any officer, director, authorised employee, Affiliate, agent or representative
of any Group Company is listed by any international financial institution as excluded from the financings granted by any such institution
and it has not otherwise been subject to any sanction from any such institution.

 

(f)       
Restrictions on payments. Neither the Issuer nor the Stakeholder is subject to any regulation or law (including sanctions)
which would or might reasonably be expected to have the effect of prohibiting, or restricting or delaying in any material respect any
payment that any of them is required to make with respect to the Shares.

 

ARTICLE III - AFFIRMATIVE COVENANTS

 

From and after the
date hereof, as long as EBRD holds any of the EBRD Shares or unless EBRD otherwise agrees:

 

		Section 3.01.	Environment and Social Compliance

 

The Group shall conduct
its business and operations in accordance with the Designated Performance Requirements.

 

		Section 3.02.	Internal Procedures

 

The Group shall maintain
internal procedures reasonably satisfactory to EBRD for the purpose of preventing the Group from becoming an instrument for money laundering,
terrorism financing, fraud or other corrupt or illegal purposes.

 

		Section 3.03.	Furnishing of Information

 

(a) As soon as available but, in any
event, within 60 days after the end of each Financial Year, the Issuer shall furnish to EBRD a report, in form and substance
reasonably satisfactory to EBRD, on Environmental Matters and Social Matters arising in relation to the Group during such Financial
Year.

 

    4

     

    

 

(b) The Issuer shall promptly notify EBRD if the
Issuer obtains any information regarding a violation of Section 2.01(c) or Section 3.05 or if any international financial institution
has imposed any sanction on any Group Company for any Prohibited Practice. If EBRD notifies the Issuer of its concern that there has been
a violation of such Section 2.01(c) or Section 3.05, the Issuer shall cooperate in good faith with EBRD and its representatives in assessing
whether such a violation has occurred and, in relation to the foregoing, shall furnish promptly to EBRD such information as EBRD may reasonably
request.

 

		Section 3.04.	Disclosure of Information

 

Each of the Issuer, the Stakeholder
and EBRD understand and accept that the Issuer and/or the Stakeholder are subject to restrictions under applicable securities laws on
disclosing Material Information to third parties, and that the Issuer and/or the Stakeholder will not disclose any Material Information
to EBRD as part of the Issuer’s and/or the Stakeholder's reporting obligations under this Agreement until the information is publicly
known or otherwise becomes unrestricted under applicable securities laws. To this end the Issuer and/or the Stakeholder undertake to use
their reasonable efforts to publicly disclose or otherwise cause to become unrestricted under applicable securities laws Material Information
that would otherwise be provided to EBRD as part of the Issuer’s and/or the Stakeholder's reporting obligations under this Agreement.

 

		Section 3.05.	Fraud and Corruption

 

No Group Company shall, and
the Issuer and Stakeholder shall procure that no Group Company shall authorise or permit any of its respective officers, directors, authorised
employees, Affiliates, agents or representatives to engage in any Prohibited Practice with respect to the Business Combination, or any
transactions contemplated by this Agreement, including the offering and issuance of the Shares. Notwithstanding any other provision of
this Agreement, each of the Issuer and the Stakeholder hereby acknowledges that EBRD may invoke the Enforcement Policy and Procedures
in respect of allegations of Prohibited Practices (including with respect to Section 2.01(c)) in relation to the Business Combination,
and the transactions contemplated by this Agreement.

 

		Section 3.06.	Procurement

 

The Issuer and/or the Stakeholder
shall at all times use sound procurement methods which ensure a sound selection of goods and services at fair market value and that the
Issuer and/or the Stakeholder is/are making their capital investments in a cost effective manner.

 

    5

     

    

 

ARTICLE IV - MISCELLANEOUS

 

Section 4.01.     Notices

 

Any notice or other communication
to be given or made under this Agreement to EBRD, or to the Issuer or the Stakeholder shall be in writing. Except as otherwise provided
in this Agreement, such notice, request or other communication shall be deemed to have been duly given or made when it shall be delivered
by hand, airmail or in pdf or similar format by electronic mail to the party to which it is required or permitted to be given or made
at such party's address specified below or at such other address as such party shall have designated by notice to the party giving or
making such notice, request or other communication.

 

For the Issuer:

 

c/o Marti Technologies Inc.

Cumhuriyet Mah. Beyaz Gelincik Sk. No:2

Uskudar / Istanbul,
Turkey 34394

Attention: Oguz Alper Oktem

 

Email: alper@marti.tech

Telephone: [       ]]

 

For the Stakeholder:

 

Marti Technologies Inc.

Cumhuriyet Mah. Beyaz Gelincik Sk. No:2

Uskudar / Istanbul, Turkey 34394

Attention: Oguz Alper Oktem

 

Email: alper@marti.tech

Telephone: [      ]]

 

For EBRD:

 

European Bank for Reconstruction and Development

One Exchange Square

London EC2A 2JN

United Kingdom

 

Attention:Operations Administration Department

 

	Email:	 	oad@ebrd.com
	Telephone:	 	+44 20 7338 6000

 

    6

     

    

 

Section 4.02.       English Language

 

All documents to be furnished
or communications to be given or made under this Agreement shall be in the English language or, if in another language, shall be accompanied
by a translation into English certified by a representative of the Issuer or the Stakeholder (as applicable), which translation shall
be the governing version between the Issuer, the Stakeholder and EBRD.

 

Section 4.03.       Governing
Law

 

This Agreement shall be governed
by and construed in accordance with English law. Any non-contractual obligations arising out of or in connection with this Agreement shall
be governed by and construed in accordance with English law.

 

Section 4.04.       Arbitration
and Jurisdiction

 

(a) Any dispute, controversy
or claim arising out of or relating to (1) this Agreement, (2) the breach, termination or invalidity hereof or (3) any non-contractual
obligations arising out of or in connection with this Agreement shall be settled by arbitration in accordance with the UNCITRAL Rules.
There shall be one (1) arbitrator and the appointing authority shall be LCIA (London Court of International Arbitration). The seat and
place of arbitration shall be London, England and the English language shall be used throughout the arbitral proceedings. The parties
hereby waive any rights under the Arbitration Act 1996 or otherwise to appeal any arbitration award to, or to seek a determination of
a preliminary point of law by, the courts of England. The arbitral tribunal shall not be authorised to grant, and each of the Issuer and
the Stakeholder agrees not to seek from any judicial authority, any interim measures or pre-award relief against EBRD, any provisions
of the UNCITRAL Rules notwithstanding. The arbitral tribunal shall have authority to consider and include in any proceeding, decision
or award any further dispute properly brought before it by EBRD (but no other party) insofar as such dispute arises out of this Agreement,
but, subject to the foregoing, no other parties or other disputes shall be included in, or consolidated with, the arbitral proceedings.

 

    7

     

    

 

(b) Notwithstanding Section 4.04(a), this Agreement
and any rights of EBRD arising out of or relating to this Agreement may, at the option of EBRD, be enforced by EBRD in the state courts
of Delaware, the United States District Court for the District of Delaware or the courts of England. For the benefit of EBRD, each of
the Issuer and the Stakeholder hereby irrevocably submits to the jurisdiction of the courts of England with respect to any dispute, controversy
or claim arising out of or relating to this Agreement or the breach, termination or invalidity hereof. Each of the Issuer and the Stakeholder
hereby irrevocably designates, appoints and empowers Law Debenture Corporate Services Limited to act as its authorised agent to receive
service of process and any other legal summons in England for purposes of any such action or proceeding. Each of the Issuer and the Stakeholder
hereby irrevocably consents to the service of process or any other legal summons out of such courts by mailing copies thereof by registered
airmail postage prepaid to its address specified herein. Each of the Issuer and the Stakeholder covenants and agrees that, so long as
it has any obligations under this Agreement, it shall maintain a duly appointed agent to receive service of process and any other legal
summons in any legal action or proceeding brought by EBRD in England in respect of this Agreement and shall keep EBRD advised of the identity
and location of such agent. Each of the Issuer and the Stakeholder irrevocably waives any objection it may now or hereafter have on any
grounds whatsoever to the laying of venue of any legal action or proceeding and any claim it may now or hereafter have that any such legal
action or proceeding has been brought in an inconvenient forum.

 

Section 4.05.        Privileges
and Immunities of EBRD

 

Nothing in this Agreement,
the Prospectus or the terms and conditions of the Offering shall be construed as a waiver, renunciation or other modification of any immunities,
privileges or exemptions of EBRD accorded under the Agreement Establishing the European Bank for Reconstruction and Development, international
convention or any applicable law. Notwithstanding the foregoing, EBRD has made an express submission to arbitration under Section 4.04(a)
and accordingly, and without prejudice to its other privileges and immunities (including, without limitation, the inviolability of its
archives), it acknowledges that it does not have immunity from suit and legal process under Article 5(2) of Statutory Instrument 1991,
No. 757 (The European Bank for Reconstruction and Development (Immunities and Privileges) Order 1991), or any similar provision under
English law, in respect of the enforcement of an arbitration award duly made against it as a result of its express submission to arbitration
pursuant to Section 4.04(a).

 

Section 4.06.        Successors and Assigns; Third Party Rights

 

(a)     
This Agreement shall bind and inure to the benefit of the respective successors of the parties hereto. This Agreement may not be assigned
by a party without the consent of the other parties.

 

(b)     
Except as provided in Section 4.06(a), none of the terms of this Agreement are intended to be enforceable by any third party.

 

Section 4.07.        Entire
Agreement; Amendment and Waiver

 

This Agreement and the documents referred to
herein constitute the entire obligation of the parties hereto with respect to the subject matter hereof and shall supersede any prior
expressions of intent or understandings with respect to this transaction. Any amendment to, waiver by EBRD of any of the terms or conditions
of, or consent given by EBRD under, this Agreement (including, without limitation, this Section 4.07) shall be in writing, signed by
EBRD and, in the case of an amendment, by the Issuer and the Stakeholder.

 

    8

     

    

 

Section 4.08.        Waiver
of Sovereign Immunity

 

Each of the Issuer
and the Stakeholder represents and warrants that this Agreement and the issuance of the Shares are commercial rather than public or governmental
acts and that it is not entitled to claim immunity from legal proceedings with respect to itself or any of its assets on the grounds of
sovereignty or otherwise under any law or in any jurisdiction where an action may be brought for the enforcement of any of the obligations
arising under or relating to this Agreement. To the extent that the Issuer or the Stakeholder or any of their assets has or hereafter
may acquire any right to immunity from set-off, legal proceedings, attachment prior to judgment, other attachment or execution of judgment
on the grounds of sovereignty or otherwise, each of the Issuer and the Stakeholder hereby irrevocably waives such rights to immunity in
respect of its obligations arising under or relating to this Agreement.

 

Section 4.09.        Counterparts

 

This Agreement may
be executed in several counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same agreement.

 

IN WITNESS WHEREOF, the parties
hereto, acting through their duly authorised representatives, have caused this Agreement to be executed and delivered as a DEED as on
the date first above written.

 

	
    EXECUTED as a DEED by [ISSUER],
    a [______] organised and existing under the laws of [______] acting by [director] and [director/company secretary]

     

     

     

     

     

     

     

     

     

     

    Or

     

    EXECUTED as a DEED by [ISSUER],
a [______] organised and existing under the laws of [______] acting by [director] in the presence of:

     

     
	)

    )

    )____________________________

    ) Name: ____________

    ) Status: [Director]

     

    )

    )

    )____________________________

    ) Name: ____________

    ) Status: [Director/company
    secretary]

     

     

     

     

    )

    )

    )____________________________

    ) Name: ____________

    ) Status: [Director]

 

    9

     

    

 

	Signature of Witness:

    Name of Witness:

    Address of Witness:

     

    Occupation of Witness:

     

    Or

     

    EXECUTED as a DEED on behalf
    of [ISSUER], a [______] organised and existing under the laws of [______] acting by [attorney] in the presence of:

     

     

    Signature of Witness:

    Name of Witness:

    Address of Witness:

     

    Occupation of Witness:
	
     

     

     

     

     

     

     

    )

    )

    )____________________________

    ) Name: ____________

    ) Status: [Attorney]

     

     

     

     

     

 

    10

     

    

 

	EXECUTED as a DEED
    by MARTI TECHNOLOGIES INC., a corporation organised and existing under the laws of Delaware, United States of America, acting
    by [director] and [director/company secretary]

     

     

     

     

     

     

     

     

     

     

    Or

     

    EXECUTED
    as a DEED by MARTI TECHNOLOGIES INC., a corporation organised and existing under the laws of Delaware, United States of America,
    acting by [director] in the presence of:

     

    Signature of Witness:

    Name of Witness:

    Address of Witness:

     

    Occupation of Witness:

     

    Or

     

    EXECUTED as a DEED
    on behalf of MARTI TECHNOLOGIES INC., a corporation organised and existing under the laws of Delaware, United States of America,
    acting by [attorney] in the presence of:

     

    Signature of Witness:

    Name of Witness:

    Address of Witness:

     

    Occupation of Witness:
	)

                                                                                )

                                                                                )____________________________

                                                                                )
                                            Name: ____________

                                                                                )
                                            Status: [Director]

                                                                                 

                                                                                )

                                                                                )

                                                                                )____________________________

                                                                                )
                                            Name: ____________

                                                                                )
                                            Status: [Director/company secretary]

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                )

                                                                                )

                                                                                )____________________________

                                                                                )
                                            Name: ____________

                                                                                )
                                            Status: [Director]

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                 

                                                                                )

                                                                                )

                                                                                )____________________________

                                                                                )
                                            Name: ____________

                                                                                )
                                            Status: [Attorney]

 

    11

     

    

 

	EXECUTED
                                            as a DEED by EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT acting by [director]
                                            in the presence of:

                          

                          

                         Signature of Witness:

                         Name of Witness:

                         Address of Witness:

                          

                          

                         Occupation of Witness:

                          
	)

  )

  )____________________________

  ) Name: ____________

  ) Status: [Director]

 

    12

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