Document:

Exhibit 10.6

 

COMPOSECURE HOLDINGS, L.L.C.

 

(a Delaware Limited Liability Company)

 

 

 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT

 

 

 

Dated as of December 27, 2021

 

THE UNITS REPRESENTED BY THIS SECOND
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED,
OR UNDER ANY OTHER APPLICABLE FEDERAL OR STATE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED
OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS
ON TRANSFER SET FORTH HEREIN.

 

     

     

    

 

	Article I DEFINITIONS 	2
	 	Section 1.1	 	Definitions	2
	 	Section 1.2	 	Cross References	10
	 	Section 1.3	 	Construction	11
	Article II CONTINUATION OF COMPANY 	11
	 	Section 2.1	 	Continuation	11
	 	Section 2.2	 	Name	12
	 	Section 2.3	 	Principal Place of Business	12
	 	Section 2.4	 	Registered Office and Registered Agent	12
	 	Section 2.5	 	Purposes and Powers	12
	 	Section 2.6	 	Term	12
	Article III MEMBERS 12	13
	 	Section 3.1	 	Members	13
	 	Section 3.2	 	Admission of Additional Members	13
	 	Section 3.3	 	Voting Rights	13
	 	Section 3.4	 	Limitation of Liability of Members	13
	 	Section 3.5	 	Priority and Return of Capital	14
	 	Section 3.6	 	Representations and Warranties	14
	Article IV
MEETINGS OF MEMBERS	15
	 	Section 4.1	 	Record Date	15
	 	Section 4.2	 	Calling the Meeting	15
	 	Section 4.3	 	Notice	15
	 	Section 4.4	 	Participation	15
	 	Section 4.5	 	Vote by Proxy	15
	 	Section 4.6	 	Conduct of Business	16
	 	Section 4.7	 	Quorum	16
	 	Section 4.8	 	Action Without a Meeting	16
	Article V MANAGEMENT 	16
	 	Section 5.1	 	Establishment of the Board	16
	 	Section 5.2	 	Board Composition; Vacancies	16
	 	Section 5.3	 	Meetings of the Board; Actions	17
	 	Section 5.4	 	Notice	17
	 	Section 5.5	 	Quorum	17

 

    	 	-i-	 

     

    

 

	 	Section 5.6	 	Company Books	17
	 	Section 5.7	 	Relationships with Affiliates	17
	 	Section 5.8	 	Title to Assets	18
	 	Section 5.9	 	Reliance by Third Parties	18
	 	Section 5.10	 	Reimbursement of Expenses	18
	 	Section 5.11	 	Officers	18
	Article VI OBLIGATIONS, INDEMNIFICATION AND EXCULPATION 	19
	 	Section 6.1	 	Performance of Duties; No Liability of Members or Officers	19
	 	Section 6.2	 	Confidential Information	20
	 	Section 6.3	 	Right to Indemnification	21
	 	Section 6.4	 	Advance Payment	21
	 	Section 6.5	 	Indemnification of Employees and Agents	21
	 	Section 6.6	 	Appearance as a Witness	21
	 	Section 6.7	 	Nonexclusivity of Rights	21
	 	Section 6.8	 	Insurance	22
	 	Section 6.9	 	Savings Clause	22
	Article VII CAPITAL STRUCTURE 	22
	 	Section 7.1	 	Capital Structure	22
	 	Section 7.2	 	Effect of Exchange	23
	 	Section 7.3	 	Capital Accounts	24
	 	Section 7.4	 	Capital Contributions of Members	24
	Article VIII ALLOCATIONS AND DISTRIBUTIONS 	24
	 	Section 8.1	 	Allocations	24
	 	Section 8.2	 	Interim Allocations Due to Members’ Membership Interest Adjustment	25
	 	Section 8.3	 	Certain Tax Matters	25
	 	Section 8.4	 	Distributions	27
	 	Section 8.5	 	Distributions in Kind	27
	 	Section 8.6	 	Distribution Rules and Tax Withholding	28
	 	Section 8.7	 	Restrictions on Distributions	29
	 	Section 8.8	 	Accounting Method	29
	 	Section 8.9	 	Interest on and Return of Capital Contributions	29
	 	Section 8.10	 	Taxes	29

 

    	 	-ii-	 

     

    

 

	 	Section 8.11	 	Tax Matters Representative	30
	 	Section 8.12	 	Accounting Decisions; Auditors	31
	 	Section 8.13	 	Tax Classification	31
	 	Section 8.14	 	Accounting Method	31
	 	Section 8.15	 	Accounting Records	31
	Article IX ASSIGNMENT; ADMISSION AND WITHDRAWAL OF PARTNERS 	31
	 	Section 9.1	 	Assignment of Units	31
	 	Section 9.2	 	Transfers by Members	31
	 	Section 9.3	 	Effect of Permitted Transfer	33
	 	Section 9.4	 	Recognition of Assignment by Company	33
	 	Section 9.5	 	Death, Incompetency, Bankruptcy or Dissolution of a Member	33
	 	Section 9.6	 	Withdrawal from the Company	33
	 	Section 9.7	 	Drag-Along Rights	34
	Article X DISSOLUTION AND TERMINATION OF THE COMPANY 	35
	 	Section 10.1	 	Dissolution of the Company	35
	 	Section 10.2	 	Winding Up, Liquidation and Distribution of Assets of the Company Upon Dissolution of the Company	35
	 	Section 10.3	 	Certificate of Cancellation	36
	 	Section 10.4	 	Returns of Contributions Nonrecourse to Members	36
	Article XI MISCELLANEOUS PROVISIONS 	36
	 	Section 11.1	 	Notices	36
	 	Section 11.2	 	Entire Agreement; Non-Waiver	37
	 	Section 11.3	 	Amendments	37
	 	Section 11.4	 	No Waivers	37
	 	Section 11.5	 	Applicable Law	37
	 	Section 11.6	 	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL; SELECTION OF FORUM	38
	 	Section 11.7	 	Further Assurances	38
	 	Section 11.8	 	Assignment of Contracts and Rights	38
	 	Section 11.9	 	No Right to Partition	38
	 	Section 11.10	 	No Third-Party Rights	39
	 	Section 11.11	 	Successors and Assigns	39
	 	Section 11.12	 	Severability	39

 

    	 	-iii-	 

     

    

 

	 	Section 11.13	 	Remedies Not Exclusive	39
	 	Section 11.14	 	Representation by Counsel	39
	 	Section 11.15	 	Counterparts	39
	 	Section 11.16	 	Attorneys’ Fees	39

 

Schedule A    Schedule
of Members

Schedule B     Tax Representations

 

    	 	-iv-	 

     

    

 

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

COMPOSECURE HOLDINGS, L.L.C.

 

THIS SECOND AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of CompoSecure Holdings, L.L.C. (the “Company”),
is made as of December 27, 2021, by and among the Company and each of the Persons listed as Members on the signature pages attached
hereto and each other Person who becomes a Member in accordance with the terms of this Agreement.

 

RECITALS

 

WHEREAS, the Company was formed
as a limited liability company pursuant to the Delaware Limited Liability Company Act (together with any successor statute, as amended
from time to time, the “Act”) by filing the Certificate with the Secretary of State of the State of Delaware on May 13,
2020 (the “Formation Date”);

 

WHEREAS, on the Formation Date,
the initial member of the Company executed the Limited Liability Company Agreement of the Company (the “Original Agreement”);

 

WHEREAS, on June 11, 2020,
the Company and certain Members amended and restated the Original Agreement in its entirety (the “Amended Agreement”);

 

WHEREAS, the Company and PubCo
(as defined below) are parties to that certain Agreement and Plan of Merger, dated as of April 19, 2021 (the “Merger Agreement”),
pursuant to which, among other things, a wholly owned subsidiary of PubCo merged with and into the Company, with the Company continuing
as the surviving entity following such merger as a wholly owned subsidiary of PubCo; and

 

WHEREAS, in connection with
the consummation of the transactions contemplated by the Merger Agreement, the parties hereto desire to enter into this Agreement to,
among other things, amend and restate the Amended Agreement in its entirety.

 

NOW, THEREFORE, in consideration
of the mutual promises and obligations contained herein, the parties, intending to be legally bound, hereby agree to amend and restate
the Amended Agreement in its entirety as follows:

 

     

     

    

 

Article I

 

DEFINITIONS

 

Section 1.1         Definitions.
The following terms used in this Agreement shall have the following meanings:

 

“Affiliate”
shall mean, with respect to any Person, any other Person who, directly or indirectly, controls, is controlled by, or is under direct or
indirect common control with, such Person. For the purposes of this definition “control,” when used with respect to any specified
Person, shall mean the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether
through ownership of voting securities or partnership or other ownership interests, by contract or otherwise; and the terms “controlling”
and “controlled” shall have correlative meanings.

 

“Agreement”
shall mean this Second Amended and Restated Limited Liability Company Agreement, as amended, modified or supplemented from time to time.

 

“Bankruptcy”
shall mean, with respect to any Person, if such Person (a) makes an assignment for the benefit of creditors, (b) files a voluntary
petition in bankruptcy, (c) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (d) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (e) files an answer or other pleading admitting or failing to
contest the material allegations of a petition filed against it in any Proceeding of this nature, or (f) seeks, consents to or acquiesces
in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or if one hundred
twenty (120) days after the commencement of any Proceeding against the Person seeking reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, if the Proceeding has not been dismissed, or if within ninety (90)
days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or
of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of
any such stay, the appointment is not vacated.

 

“BBA Audit Rules”
shall mean Subchapter C of Chapter 63 of the Code (Sections 6221 et seq.), as enacted by the Bipartisan Budget Act of 2015, as amended
from time to time, and any Treasury Regulations, other guidance promulgated thereunder, and any similar U.S. state or local or non-U.S.
legislation, regulations or guidance.

 

“Board” has
the meaning set forth in Section 5.1.

 

“Business”
shall mean any and all activities and transactions which are necessary, convenient, desirable or incidental to holding any equity interest
in CompoSecure, L.L.C. and any of its Subsidiaries.

 

“Business Day”
shall mean any day other than Saturday, Sunday or any other day on which banks located in the State of New York are authorized or required
to be closed.

 

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“Capital Account”
has the meaning set forth in Section 7.3.

 

“Capital Contribution”
shall mean, with respect to each Member, any contribution to the Company in money or other property (at such other property’s initial
Gross Asset Value) by such Member whenever made.

 

“Certificate”
shall mean the Certificate of Formation of the Company filed with the Delaware Secretary of State, as such Certificate may be amended
from time to time in accordance with the Act.

 

“Class A Common
Stock” shall means the Class A Common Stock of PubCo, par value $0.0001 per share, or the common stock or other equity
securities for which such common stock has been converted.

 

“Class A Units”
shall mean any Units that are designated as Class A Units on Schedule A attached hereto.

 

“Class B Common
Stock” shall mean the Class B Common Stock of PubCo, par value $0.0001 per share, or the common stock or other equity securities
into which such common stock has been converted.

 

“Class B Units”
shall mean any Units that are designated as Class B Units on Schedule A attached hereto.

 

“Code” shall
mean the Internal Revenue Code of 1986, as amended from time to time, or any superseding federal tax law. A reference herein to a specific
section (§) of the Code refers not only to such specific section of the Code, but also to any corresponding provision of any superseding
federal tax statute, as such specific section of the Code or such corresponding provision is in effect on the date of application of the
provisions of this Agreement containing such reference.

 

“Confidential Information”
shall mean all information of a confidential or proprietary nature (whether or not specifically labeled or identified as “confidential”),
in any form or medium, that relates to the products, services or research or development of the Company and its Subsidiaries or their
suppliers, distributors, customers, independent contractors or other business relations. Confidential Information includes the following:
(a) internal business information (including information relating to strategic and staffing plans and practices, business, training,
marketing, promotional and sales plans and practices, cost, rate and pricing structures and accounting and business methods); (b) identities
of, individual requirements of, specific contractual arrangements with, and information about, the Company’s or its Subsidiaries’
suppliers, distributors, customers, independent contractors or other business relations and their confidential information; (c) inventions,
innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether
or not patentable); and (d) all of the following U.S. and foreign: (i) patents, patent applications, patent disclosures and
inventions (whether or not patentable and whether or not reduced to practice) and any reissue, continuation, continuation-in-part, division,
extension or reexamination thereof; (ii) trademarks, service marks, trade dress, trade names, corporate names, logos and slogans
(and all translations, adaptations, derivations and combinations of the foregoing) and Internet domain names, together with all goodwill
associated with each of the foregoing; (iii) copyrights and copyrightable works; (iv) registrations, applications and renewals
for any of the foregoing; (v) trade secrets and confidential and proprietary information, including ideas, formulas, compositions,
know-how, related processes and techniques, models, research and development information, drawings, specifications, designs, plans, proposals
and technical data and manuals (in each case relating to products currently in production as well as products under development); (vi) computer
software (including source code, executable code, data, databases and documentation); and (vii) all other intangible properties (including
incorporeal properties); together with all books, records, drawings or other indicia, however evidenced.

 

    	 	-3-	 

     

    

 

“Depreciation”
shall mean, in any Fiscal Year (or other period), an amount equal to the depreciation, amortization or other cost recovery deduction allowable
with respect to an asset for federal income tax purposes, except that: (a) with respect to any asset the Gross Asset Value of which
differs from its adjusted tax basis for federal income tax purposes and which difference is being eliminated by use of the “remedial
method” defined by Treasury Regulations Section 1.704-3(d), Depreciation for such Fiscal Year (or other period) shall be the
amount of book basis recovered for such Fiscal Year (or other period) under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2);
and (b) with respect to any other asset whose Gross Asset Value differs from its adjusted tax basis, Depreciation shall be determined
in accordance with the methods used for federal income tax purposes and shall equal the amount that bears the same ratio to the Gross
Asset Value of such asset as the depreciation, amortization or other cost recovery deduction computed for federal income tax purposes
with respect to such asset bears to the adjusted federal income tax basis of such asset; provided, however, that if any
such asset that is depreciable or amortizable has an adjusted federal income tax basis of zero, then the rate of Depreciation shall be
as determined by the Board.

 

“Distributable Cash”
shall mean all cash, revenues and funds received by the Company and its Subsidiaries from the Company’s and its Subsidiaries’
operations and assets, less the sum of the following to the extent paid or set aside by the Company or its Subsidiaries, as applicable:
(a) all principal and interest payments on indebtedness of the Company and its Subsidiaries and all other sums paid to lenders with
respect to the Company and its Subsidiaries; (b) all cash expenditures incurred in the normal operation of the business of the Company
and its Subsidiaries; and (c) such reserves as the Board deems reasonably necessary for the proper operation of the Business.

 

“Economic Interest”
shall mean a Member’s share of the Company’s net profits, net losses and distributions pursuant to this Agreement and the
Act, but shall not include any right to participate in the management or affairs of the Company, including the right to vote on, consent
to, or otherwise participate in, any decision of the Members, or any right to receive information concerning the business and affairs
of the Company, in each case to the extent provided for herein or otherwise required by the Act.

 

“Electronic Transmission” means
any form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved
and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a recipient through an automated process.

 

    	 	-4-	 

     

    

 

“Entity”
shall mean any partnership (general or limited), limited liability company, corporation, joint venture, trust, business trust, cooperative,
association, foreign trust or foreign business organization or other legal entity.

 

“Exchange Act”
shall mean the United States Securities Exchange Act of 1934, as amended.

 

“Exchange Agreement”
shall mean the Exchange Agreement, dated as of the date hereof, by and among PubCo, the Company and such holders of Class B Units
from time to time party thereto, as it may be amended from time to time in accordance with its terms.

 

“fair market value”
shall mean, with respect to any property or asset (other than cash) (including any Units and any other equity securities of the Company),
the price at which such property or asset is likely to be sold in an arm’s-length transaction between a willing and able buyer and
a willing and able seller, neither of which is an Affiliate of a Member or of the other, based on the then prevailing market conditions.
 “Fair market value” shall be determined by the Board in good faith.

 

“Family Group”
shall mean, with respect to any Person, any Immediate Family Member of such Person, any bona fide estate planning vehicle established
and maintained solely for the benefit of such Person or any Immediate Family Member of such Person, and any Successor in Interest who
is an executor, administrator, committee, or legal representative of such Person or such Person’s estate. For purposes of this definition,
 “Successor in Interest” shall mean any (a) trustee, custodian, receiver or other Person acting in any Bankruptcy or reorganization
proceeding with respect to, (b) assignee for the benefit of the creditors of, (c) trustee or receiver, or current or former
officer, director or partner, or other fiduciary acting for or with respect to the dissolution, liquidation or termination of, or (d) other
executor, administrator, committee, legal representative or other successor or assign of, any Person, whether by operation of law or otherwise.

 

“Fiscal Year”
shall mean (a) the period commencing upon the date hereof and ending on December 31, 2021, (b) any subsequent twelve (12)
month period commencing on January 1 and ending on December 31, or (c) any portion of the period described in clause (b) of
this sentence ending on the date on which the Certificate is canceled in accordance with the Act; provided, in each case unless
changed by the Board or such other period as may be required by the Code.

 

“Gross Asset Value”
shall mean, with respect to any asset of the Company, such asset’s adjusted basis for federal income tax purposes, except as follows:

 

(a)          the
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as
determined by the Board;

 

(b)          the
Gross Asset Value of all assets of the Company shall be adjusted to equal their respective gross fair market values, as determined by
the Board as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing Member
in exchange for more than a de minimis Capital Contribution to the Company; (ii) the distribution by the Company of more
than a de minimis amount of the property of the Company as consideration for an interest in the Company; and (iii) the liquidation
of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that adjustments
pursuant to Clause (i) and Clause (ii) of this sentence shall be made only if the Board determines that such adjustments are
necessary or appropriate to reflect the relative economic interests in the Company of the Members;

 

    	 	-5-	 

     

    

 

(c)          the
Gross Asset Value of any asset of the Company that is distributed to any Member shall be the gross fair market value of such asset on
the date of distribution, as determined by the Board; and

 

(d)          the
Gross Asset Values of assets of the Company (including intangible assets, such as goodwill) shall be increased (or decreased) to reflect
any adjustments to the adjusted bases of such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent
that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and
Paragraph (f) of the definition of “Profits” and “Losses” below; provided, however, that Gross
Asset Values shall not be adjusted pursuant to this paragraph (iv) to the extent the Board determines that an adjustment pursuant
to paragraph (ii) of this definition is necessary or appropriate in connection with a transaction that would otherwise result in
an adjustment pursuant to this paragraph (d).

 

If the Gross Asset Value of
an asset has been determined or adjusted pursuant to paragraph (a), (b) or (d) above, such Gross Asset Value shall thereafter
be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing the Profits and Losses of the
Company.

 

“Hypothetical Rate”
shall mean the highest combined marginal federal and applicable state or local statutory income tax rate applicable to an individual resident
in New York City, New York, including the Medicare contribution tax on unearned income.

 

“Hypothetical Total
Tax Liability” shall mean, with respect to a calendar quarter, the greatest Implied Total Tax Liability with respect to any
Member with respect to such calendar quarter.

 

“Immediate Family Member”
shall mean, with respect to any Person, a lineal descendant, sibling, lineal descendant of a sibling, in each case whether by blood or
adoption, parent, spouse or domestic partner.

 

“Implied Total Tax
Liability” shall mean, with respect to any Member, with respect to a calendar quarter, the product of (a) the net taxable
income of the Company allocable to such Member for full or partial Fiscal Years commencing after the Closing Date (as such term is defined
in the Merger Agreement) attributable to the applicable quarterly period and all prior quarterly periods in such Fiscal Year, taking into
account any prior taxable loss or deductions of the Company allocable to such Member for full or partial Fiscal Years commencing after
the Closing Date (as such term is defined in the Merger Agreement), based upon (A) the information returns filed by the Company,
as amended or adjusted to date, and (B) estimated amounts, in the case of periods for which the Company has not yet filed information
returns (in each case, determined by (1) including any income or deductions resulting from the application of Treasury Regulations
Section 1.704-3 and (2) excluding any basis adjustment from the application of Sections 743(b) or 734(b) of the Code),
and (b) the Hypothetical Rate (such product increased to the extent necessary to apply alternative minimum tax rates and rules),
divided by (c) the Percentage Interest of such Member (expressed as a number between zero and 1.0), taking into account ownership
changes of the Members as reasonably determined by the Board.

 

    	 	-6-	 

     

    

 

“Imputed Underpayment
Amount” shall mean (a) any “imputed underpayment” within the meaning of Code Section 6225 (or any corresponding
or similar provision of state, local or foreign tax law) paid (or payable) by the Company as a result of any adjustment by the IRS with
respect to any Company item of income, gain, loss, deduction, or credit of the Company (including, without limitation, any “partnership-related
item” within the meaning of Code Section 6241(2) (or any corresponding or similar provision of state, local or foreign
tax law)), including any interest, penalties or additions to tax with respect to any such adjustment, (b) any amount not described
in clause (a) (including any interest, penalties or additions to tax with respect to such amounts) paid (or payable) by the Company
as a result of the application of Code Sections 6221-6241 (or any corresponding or similar provision of state, local or foreign tax law),
and/or (c) any amount paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the
Company holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income
tax purposes if the Company bears the economic burden of such amounts, whether by law or agreement, as a result of the application of
Code Sections 6221-6241 (including for the avoidance of doubt Code Section 6226(b)) (or any corresponding or similar provision of
state, local or foreign tax law), including any interest, penalties or additions to tax with respect to such amounts.

 

“Manager”
has the meaning set forth in Section 5.1.

 

“Majority Class B
Members” shall mean the Members holding a majority of the then outstanding Class B Units.

 

“Member”
shall mean each Person who holds any Units identified on Schedule A hereto as of the date hereof who has executed this Agreement
or a counterpart hereof and each Person who is hereafter admitted as a Member in accordance with the terms of this Agreement and the Act,
in each case so long as such Person owns, and is shown on the Company’s books and records as the owner of, one or more Units. The
Members shall constitute the “members” (as that term is defined in the Act) of the Company. Except as expressly provided herein,
the Members shall constitute a single class or group of members of the Company for all purposes of the Act and this Agreement.

 

“Membership Interest”
shall mean a Member’s interest in the Company, including such Member’s Economic Interest and the rights as a Member (including
the rights, if any, to participate in the management of the business and affairs of the Company, including the right, if any, to vote
on, consent to or otherwise participate in any decision or action of or by the Members and the right to receive information concerning
the business and affairs of the Company, in each case to the extent expressly provided in this Agreement or otherwise required by the
Act).

 

    	 	-7-	 

     

    

 

“Nonrecourse Deductions”
has the meaning set forth in Treasury Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions of the Company for
a Fiscal Year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Company during that Fiscal Year, determined
according to the provisions of Treasury Regulations Section 1.704-2(c).

 

“Nonrecourse Liability”
has the meaning set forth in Treasury Regulations Section 1.752-1(a)(2).

 

“Original Holders”
shall mean the members of the Company prior to the date of this Agreement.

 

“Owner” shall
mean, with respect to any Person, the Person that owns, directly or indirectly, any equity or voting interest in such specified Person.

 

“Partner Nonrecourse
Debt” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Partner Nonrecourse
Deductions” shall have the meaning set forth in Treasury Regulations Section 1.704-2(i)(2).

 

“Partnership Minimum
Gain” shall have the same meaning as the term “partnership minimum gain” set forth in Treasury Regulations Section 1.704-2(b)(2) and
1.704-2(d).

 

“Percentage Interest”
shall mean, with respect to any Member, as of any date of determination, such Member’s Economic Interest in the Company expressed
as a portion of one hundred percent (100%), as shown on Schedule A attached hereto, determined by dividing (a) the total number
of Units held by such Member as of such date by (b) the total number of Units outstanding as of such date.

 

“Persons”
shall mean any individual or Entity.

 

“Profits”
and “Losses” shall mean, for any Fiscal Year (or other period), an amount equal to the taxable income or loss of the
Company as determined for federal income tax purposes, with the following adjustments:

 

(a)          such
taxable income or loss shall be increased by the amount, if any, of tax-exempt income received or accrued by the Company not otherwise
taken into account in determining Profit and Loss;

 

(b)          such
taxable income or loss shall be reduced by the amount, if any, of all expenditures of the Company (not otherwise taken into account in
determining Profit and Loss) described in Section 705(a)(2)(B) of the Code, including expenditures treated as described therein
under Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations;

 

(c)          items
of income, gain, deductions or losses specially allocated pursuant to Section 8.3(c) through Section 8.3(h) in
any year shall be excluded from the calculation of such taxable income or loss for such year;

 

    	 	-8-	 

     

    

 

 

(d)           if
the Gross Asset Value of any asset is adjusted pursuant to clause (b) or (c) of the definition of Gross Asset Value, the amount
of such adjustment shall be taken into account, immediately prior to the event giving rise to such adjustment, as gain or loss from the
disposition of such asset for purposes of computing Profit or Loss;

 

(e)            gain
or loss resulting from any disposition of any asset with respect to which gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Gross Asset Value of the asset disposed of, notwithstanding that such Gross Asset Value differs
from the adjusted tax basis of such asset;

 

(f)            in
lieu of the depreciation, amortization, or other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account Depreciation for such taxable year; and

 

(g)            to
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Section 734(b) of the Code is required,
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as a
result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from
the disposition of such asset and shall be taken into account for purposes of computing Profit or Loss.

 

“PubCo”
shall mean CompoSecure, Inc, a Delaware corporation formerly known as Roman DBDR Tech Acquisition Corp.

 

“Record Date”
shall mean the date established by the Board pursuant to Section 4.1 as the record date for purposes of any entitlement hereunder
or any other purpose as determined by the Board.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Subsidiary”
shall mean, with respect to any Person, and other Person controlled by such Person directly or indirectly through any other Subsidiary
of such Person or in which such Person owns directly or indirectly through any other Subsidiary of such Person more than 50% of the outstanding
common stock or other outstanding equity securities ordinarily entitled to vote in such Person.

 

“Tax Distribution
Date” shall mean the tenth (10th) day of each of March, June, September and December, or such other dates as may be appropriate
in light of tax payment requirements as determined by the Board.

 

“Transfer”
shall mean any direct or indirect transfer, sale, assignment, pledge, lease, redemption, hypothecation, mortgage, gift, creation of security
interest, lien or trust (voting or otherwise) or other encumbrance, or other disposition of any Units or other equity securities of the
Company; and “Transferor” and “Transferee” shall have correlative meanings; provided, however,
that notwithstanding anything to the contrary herein, no transfer, sale, assignment, pledge, lease, redemption, hypothecation, mortgage,
gift, creation of security interest, lien or trust (voting or otherwise) or other encumbrance, or other disposition of any Class A
Common Stock or Class B Common Stock or other capital stock of PubCo shall be deemed to be a “Transfer;” provided,
further, that no transfer or exchange of any Class A Common Stock or Class B Common Stock pursuant to the Exchange Agreement
shall be deemed to be a “Transfer.”

 

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“Treasury Regulations”
shall mean the income tax regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended
from time to time (including corresponding provisions of superseding regulations).

 

“True-Up Amount”
shall mean, in respect of a Fiscal Year of the Company, an amount (but not less than zero) equal to the excess of (a) the Hypothetical
Total Tax Liability with respect to such Fiscal Year over (b) the aggregate amount of distributions made in respect of such tax
year (treating any Tax Distribution made with respect to income for such Fiscal Year, regardless of when made, and any distribution other
than a Tax Distribution made during such Fiscal Year, as being made in respect of such Fiscal Year).

 

“Unit” shall
mean an Economic Interest in the Company that is designated as a “Unit” and shall include the Class A Units and the
Class B Units; provided that any class or group of Units issued shall have the relative rights, powers and duties
set forth in this Agreement and the Economic Interest represented by such class or group of Units shall be determined in accordance with
such relative rights, powers and duties. Except to the extent otherwise provided herein, each class of Unit represents the same fractional
interest in such Economic Interest in the Company as each other Unit in such class. Units may be issued in different classes and in whole
and fractional numbers.

 

Section 1.2     Cross
References. Each of the following terms shall have the meaning assigned thereto in the Section of this Agreement set forth below
opposite such term:

 

	Term	Section
	Act	Recitals
	Agreement	Preamble
	Amended Agreement	Recitals
	Applicable Sale	9.7(a)
	Applicable Sale Notice	9.7(b)
	Company	Preamble
	Damages	6.3
	Deficit Member	8.3(g)
	Deficit Unit	8.3(g)
	Designated Individual	8.11(a)
	Drag-Along Right	9.7(a)
	Effective Transfer Time	9.3
	Formation Date	Recitals
	Merger Agreement	Recitals
	Original Agreement	Recitals
	Permitted Transferee	9.2(b)
	Proceeding	6.3
	Regulatory Allocations	8.3(h)
	Tax Distribution	8.4(a)
	Tax Excess	8.6(b)
	Tax Liability	8.6(b)
	Tax Matters Representative	8.11(a)

 

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Section 1.3     Construction.
The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. The definitions in this Article I
shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. All references herein to Articles, Sections and Schedules shall be deemed
to be references to Articles and Sections of, and Schedules to, this Agreement unless the context shall otherwise require. All Schedules
attached hereto shall be deemed incorporated herein as if set forth in full herein and, unless otherwise defined therein, all terms used
in any Schedule shall have the meaning ascribed to such term in this Agreement. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” A reference to any party to
this Agreement or any other agreement or document shall include such party’s predecessors, successors and permitted assigns. The
word “or” shall be disjunctive but not exclusive. All accounting terms not defined in this Agreement shall have the meanings
determined by GAAP. The words “hereof,” “herein” 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. Unless otherwise
expressly provided herein, any agreement, instrument, law or statute defined or referred to herein means such agreement, instrument,
law or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver
or consent and (in the case of laws or statutes) by succession of comparable successor laws or statutes and references to all attachments
thereto and instruments incorporated therein. Unless otherwise expressly specified herein, including any allocation to be made among
all Members or a group of Members “on a pro rata basis” or “ratably” shall be made in proportion to the Percentage
Interests of such Members or group of Members immediately prior to the transaction with respect to which such allocation is being made.

 

Article II

 

CONTINUATION OF COMPANY

 

Section 2.1     Continuation.

 

(a)            Continuation.
The Company was formed on May 13, 2020, pursuant to the provisions of the Act, upon the filing of the Certificate with the Secretary
of State of the State of Delaware. The parties hereto hereby continue the Company as a limited liability company under and pursuant to
the provisions of the Act and agree that the rights, duties and liabilities of the Members shall be as provided in the Act, except as
otherwise provided herein.

 

(b)            Schedule
A attached hereto shall be updated from time to time as is necessary to accurately reflect the information contained therein, including
the admission of additional Members. Any revision to Schedule A attached hereto made in accordance with this Agreement shall not
be deemed an amendment to this Agreement. Any reference in this Agreement to Schedule A attached hereto shall be deemed to be
a reference to Schedule A attached hereto, as amended and in effect from time to time.

 

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Section 2.2     Name.
The name of the Company heretofore formed and continued hereby is “CompoSecure Holdings, L.L.C.” The name of the Company
may be changed from time to time by the Board, and upon such change an appropriate amendment to the Certificate shall be filed as required
by the Act.

 

Section 2.3     Principal
Place of Business. The principal office of the Company is, and shall continue to be, at such place as the Board may designate from
time to time, which need not be in the State of Delaware, and the Company shall maintain records thereat. The Company may have such other
offices as the Board may designate from time to time.

 

Section 2.4     Registered
Office and Registered Agent. The registered office of the Company required by the Act to be maintained in the State of Delaware is,
and shall continue to be, the office of the initial registered agent named in the Certificate or such other office (which need not be
a place of business of the Company) as the Board may designate from time to time in the manner provided by law. The registered agent
of the Company in the State of Delaware is, and shall continue to be, the initial registered agent named in the Certificate or such other
Person or Persons as the Board may designate from time to time in the manner provided by law.

 

Section 2.5     Purposes
and Powers.

 

(a)            Subject
to Section 2.5(b), the Company is formed for the purpose of, directly and indirectly, engaging in the Business and in any
and all activities and transactions which are necessary, convenient, desirable or incidental to the foregoing and in any lawful business,
act or activity as the Board may determine from time to time and for which a limited liability company may be organized under the Act,
and engaging in any and all activities necessary, convenient, desirable or incidental to the foregoing.

 

(b)            The
Company shall have authority to engage in any other lawful business, purpose or activity permitted by the Act, and shall possess and
may exercise all of the powers and privileges granted by the Act, together with any powers incidental thereto, including such powers
or privileges as are necessary or convenient to the conduct, promotion or attainment of the business purposes or activities of the Company,
in each case, as the Board (or any officer pursuant to delegated authority) may determine.

 

Section 2.6     Term.
The Company shall have a perpetual existence unless the Company is dissolved in accordance with the provisions of this Agreement.

 

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Article III

 

MEMBERS

 

Section 3.1     Members.
The name, residence, business or mailing addresses, and the type and number of Units of each Member are set forth on Schedule A,
as such Schedule shall be amended from time to time by the Board in accordance with the terms of this Agreement. Unless otherwise specified,
any reference in this Agreement to Schedule A shall be deemed to be a reference to Schedule A as amended and in effect
from time to time in accordance with the terms of this Agreement. Each Person listed on Schedule A (as in effect on the date hereof)
upon (i) his, her or its execution of this Agreement or counterpart thereto and (ii) receipt by the Company of such Person’s
Capital Contributions, if any, is hereby admitted to the Company as a Member and shall own the number and type of Units set forth opposite
such Member’s name on Schedule A, as amended from time to time in accordance with the terms of this Agreement. The Board
may in its discretion issue certificates to the Members representing the Units held by each Member.

 

Section 3.2     Admission
of Additional Members. The Company may admit additional Persons as Members, and such Persons shall make Capital Contributions, and
may participate in the profits, losses, distributions, allocations and Capital Contributions upon such terms as are established by the
Company. A Person shall be admitted as a Member at the time: (a) all conditions to such Person’s admission pursuant to this
Agreement have been satisfied, including those set forth in Article IX, as applicable, as determined by the Board, and (b) such
Person executes this Agreement or a counterpart signature page to this Agreement. Following admission as a Member, such Person shall
be listed by the Board as a Member on Schedule A attached hereto.

 

Section 3.3     Voting
Rights. Each Member shall be entitled to ten votes per Class A Unit and one vote per Class B Unit that it holds with respect
to any matters to which the Member holding such Units are entitled to vote. For any matters on which the Members are entitled to vote,
the vote of the Members holding a majority of the voting power of all Units, voting together as a single class, shall constitute the
vote required for approval of the Members.

 

Section 3.4     Limitation
of Liability of Members.

 

(a)            Except
as otherwise expressly required by the Act, a Member, in its capacity as such, shall have no liability in excess of (i) the amount
of its Capital Contribution, (ii) its share of any undistributed profits and assets of the Company, (iii) its obligation to
make other payments expressly provided for in this Agreement, and (iv) the amount of any distributions from the Company wrongfully
distributed to it. It is the intent of the parties hereto that no distribution to any Member shall be deemed a return of any money or
other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of
this Agreement, a Member is obligated to return such money or property, such obligation shall be the obligation of such Member and not
of the Company or any other Member.

 

(b)            No
Member, in its capacity as such, shall take part in the day-to-day management, operation or control of the business and affairs of the
Company. No Member, in its capacity as such, shall have any right, power or authority to transact any business in the name of the Company
or to act for or on behalf of or to bind the Company. A Member shall have no rights other than those specifically provided herein or
the Act.

 

(c)            A
Member or an employee, agent, director or officer of a Member may also be an employee, agent, director or officer of the Company. The
existence of these relationships and acting in such capacities will not result in a Member being deemed to be participating in the control
of the business of the Company or otherwise affect the liability of such Member or the Person so acting.

 

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Section 3.5     Priority
and Return of Capital. Except as may be expressly provided herein, no Member shall have priority over any other Member, either as
to the return of Capital Contributions or as to the Profits, Losses or distributions with respect to the Company.

 

Section 3.6     Representations
and Warranties. Each Member, upon executing this Agreement (or counterpart signature to this Agreement), hereby represents and warrants
to the Company and the Members who have also executed this Agreement that:

 

(a)            (i) such
Member has knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of an investment
in the Company and making an informed investment decision with respect thereto; (ii) such Member has received, reviewed and evaluated
all information necessary to assess the merits and risks of its investment in the Company and has had answered to its satisfaction any
questions regarding such information; (iii) such Member is able to bear the economic and financial risk of an investment in the
Company for an indefinite period of time; (iv) such Member is acquiring such Member’s interest in the Company for its sole
benefit and account, for investment only and not with a view to, or for resale in connection with, any distribution to the public or
public offering thereof; (v) (A) if such Member is an entity, the execution, delivery and performance of this Agreement have
been duly authorized by such Member and (B) if such Member is a natural Person, such Member has full legal capacity to enter into
and perform his or her obligations under this Agreement; (vi) the execution, delivery and performance of this Agreement do not require
such Member to obtain any consent or approval that has not been obtained and do not contravene or result in a default under any provision
of any law or regulation applicable to such Member or other governing documents or any agreement or instrument to which such Member is
a party (if such Member is an entity) or by which such Member is bound; (vii) the determination of such Member to acquire such Member’s
interest in the Company has been made by such Member independent of any other Member and independent of any statements or opinions as
to the advisability of such purchase or as to the properties, business, prospects or condition (financial or otherwise) of the Company
and its Subsidiaries which may have been made or given by any other Member or any agent or employee of any other Member; (viii) this
Agreement is valid, binding and enforceable against such Member in accordance with its terms, except as limited by (A) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws relating to creditors’ rights generally and
(B) general principles of equity, whether such enforceability is considered in a Proceeding in equity or at law; and (ix) such
Member is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

(b)            (i) (A) such
Member is not a flow-through entity within the meaning of Treasury Regulations Section 1.7704-1(h)(3), and such Member is the sole
beneficial owner of the interest to be registered in its name (which shall be interpreted to mean that the transferee is not and will
not be treated as a nominee for, or agent of, another party or as anything other than the real owner of such interest for federal income
tax purposes, at any time) or (B) such Member is a flow-through entity within the meaning of Treasury Regulations Section 1.7704-1(h)(3) and
there is no person (a “Beneficial Owner”) that owns an interest in such Member such that (1) substantially all of the
value of the Beneficial Owner’s interest in such Member will be attributable to such Member’s interest (direct or indirect)
in the Company and (2) a principal purpose of the use of the tiered arrangement is to permit the Company to satisfy the 100-partner
limitation in Treasury Regulations Section 1.7704-1(h)(1)(ii); (ii) such Member did not purchase its interest through (A) a
national, foreign, regional, local or other securities exchange, (B) PORTAL or (C) over the counter market (including an interdealer
quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers by electronic means or otherwise);
(iii) such Member did not purchase its interest from, to or through (A) a person, such as a broker or dealer, that makes a
market in, or regularly quotes prices for, such interests or (B) a person that regularly makes available to the public (including
customers or subscribers) bid or offer quotes with respect to the interest and stands ready to effect, buy or sell transactions at the
quoted prices for itself or on behalf of others.

 

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Article IV

 

MEETINGS OF MEMBERS

 

Section 4.1     Record
Date. For the purpose of determining Members entitled to notice of or to vote at any meeting of Members or any adjournment thereof,
or Members entitled to receive payment of any distribution, or in order to make a determination of Members for any other purpose, the
Board may set a Record Date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members
has been made as provided in this Section 4.1, such determination shall apply to any adjournment thereof.

 

Section 4.2     Calling
the Meeting. Meetings of the Members may be called by (i) the Board or (ii) Members holding a majority of the voting power
of all Units, voting together as a single class.

 

Section 4.3     Notice.
Written notice stating the place, date and time of the meeting and, in the case of a meeting of the Members not regularly scheduled,
describing the purposes for which the meeting is called, shall be delivered not fewer than one (1) day and not more than thirty
(30) days before the date of the meeting to each Member, by or at the direction of the Board or the Members calling the meeting, as the
case may be. The Members may hold meetings at the Company’s principal office or at such other place as the Board or the Members
calling the meeting may designate in the notice for such meeting.

 

Section 4.4     Participation.
Any Member may participate in a meeting of the Members by means of video conference, telephone or other communications equipment by means
of which all Persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute
presence in person at such meeting.

 

Section 4.5     Vote
by Proxy. On any matter that is to be voted on by Members, a Member may vote in person or by proxy, and such proxy may be granted
in writing, by means of Electronic Transmission or as otherwise permitted by law. Every proxy shall be revocable in the discretion of
the Member executing it unless otherwise provided in such proxy; provided, that such right to revocation shall not invalidate
or otherwise affect actions taken under such proxy prior to such revocation.

 

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Section 4.6     Conduct
of Business. The business to be conducted at such meeting need not be limited to the purpose described in the notice and can include
business to be conducted by Members holding Units; provided, that the Members shall have been notified of the meeting in accordance
with Section 4.3. Attendance of a Member at any meeting shall constitute a waiver of notice of such meeting, except where
a Member attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is
not lawfully called or convened.

 

Section 4.7     Quorum.
A quorum of any meeting of the Members shall require the presence of the Members holding a majority of the voting power of all Units,
voting together as a single class. Subject to Section 4.8, no action at any meeting may be taken by the Members unless the
quorum is present. Subject to Section 4.8 no action may be taken by the Members at any meeting at which a quorum is present
without the affirmative vote of Members holding a majority of the voting power of all Units, voting together as a single class.

 

Section 4.8     Action
Without a Meeting. Any action required or permitted to be taken at a meeting of Members may be taken without a meeting and without
prior notice by the written consent of the Members holding a majority of the voting power of all Units, voting together as a single class,
which such written consent may include DocuSign or other electronic and email options.

 

Article V

 

MANAGEMENT

 

Section 5.1     Establishment
of the Board; Power and Authority. A board of managers of the Company (the “Board”) is hereby established and
shall be comprised of natural Persons (each such Person, a “Manager”) who shall be appointed in accordance with the
provisions of Section 5.2. The business and affairs of the Company shall be managed, operated and controlled by or under
the direction of the Board, and the Board shall have, and is hereby granted, the full and complete power, authority and discretion for,
on behalf of and in the name of the Company, to take such actions as it may in its sole discretion deem necessary or advisable to carry
out any and all of the objectives and purposes of the Company, subject only to the terms of this Agreement. The Board shall be the “manager”
of the Company as provided in the Act.

 

Section 5.2     Board
Composition; Vacancies; Voting.

 

(a)            The
number of Managers constituting the Board shall be determined from time to time by the Members, which shall initially be set at two (2).
The Managers shall be elected by the Members holding a majority of the voting power of all Units, voting together as a single class,
and shall serve until (i) removed with or without cause by the Members holding a majority of the voting power of all Units, voting
together as a single class, (ii) such Manager’s successor is duly elected and appointed by the Members holding a majority
of the voting power of all Units, voting together as a single class, or (iii) such Manager’s death, disability or resignation.
The Members hereby appoint Jonathan C. Wilk and Timothy W. Fitzsimmons as the initial Managers. Vacancies and newly created Board positions
resulting from any increase in the authorized number of Managers constituting the entire Board may be filled by the Members holding a
majority of the voting power of all Units, voting together as a single class.

 

    -16- 

     

    

 

(b)            Each
Manager shall be entitled to cast one vote on all matters to be acted on by the Board. Any action or matter approved by the Board shall
require the affirmative vote of a majority of the Managers then comprising the Board. All determinations, acts and designations to be
made hereunder by the Company shall be made by the Board and shall be final and binding for all purposes of this Agreement. No person
shall be required to inquire into, and persons dealing with the Company are entitled to rely conclusively on, the right, power and authority
of a majority of the Managers of the Board to bind the Company.

 

Section 5.3     Meetings
of the Board; Actions. At any meeting of the Board, any Manager may participate by video conference, telephone or other communications
equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting by such means
shall constitute presence in person at such meeting. The presence of at least a majority of all Managers shall constitute a quorum for
the transaction of business. Decisions of the Board shall require the approval of at least a majority of all members of the Board; provided,
however, that the Board also may make decisions, without holding a meeting, by the written consent of a majority of the Managers, which
such written consent may include DocuSign or other electronic and email options. Minutes of each meeting and a record of each decision
shall be kept by a designee of the Board.

 

Section 5.4     Notice.
Written notice stating the place, date and time of all regular meetings of the Board and, in the case of a meeting of the Board not regularly
scheduled, describing the purposes for which the meeting is called, shall be delivered not fewer than one (1) day and not more than
thirty (30) days before the date of the meeting to each Manager. The Board may hold meetings at the Company’s principal office
or at such other place as the Manager or Managers calling the meeting may designate in the notice for such meeting.

 

Section 5.5     Quorum.
A quorum of any meeting of the Board shall require the majority of the Managers. No action at any meeting may be taken by the Managers
unless the quorum is present. No action may be taken by the Managers at any meeting at which a quorum is present without the affirmative
vote of a majority of the Managers so present.

 

Section 5.6     Company
Books. The Board shall keep or cause to be kept full and true books of account maintained in accordance with generally accepted accounting
principles consistently applied and in which shall be entered fully and accurately each transaction of the Company. Such books of account,
together with a copy of this Agreement and of the Certificate, shall at all times be maintained at the principal place of business of
the Company. Upon reasonable written request, any Member shall have the right, at a time during ordinary business hours, as reasonably
determined by the Board, to inspect and copy, at the requesting Member’s expense, the books and records of the Company for any
purpose reasonably related to such Member’s interest with respect to the Company.

 

Section 5.7     Relationships
with Affiliates. The Board may cause the Company to enter into any agreement or contract with any Manager, any Affiliate of a Manager,
any Member, any Affiliate of a Member or any agent of the Company without the prior approval of any Member; provided, that any
such agreement or contract shall contain substantially such terms and conditions as would be contained in a similar agreement or contract
entered into by the Company as the result of arm’s-length negotiations from a comparable unaffiliated and disinterested third party.

 

    -17- 

     

    

 

Section 5.8     Title
to Assets. Title to assets of the Company, whether real, personal or mixed, tangible or intangible, shall be deemed to be owned by
the Company, and no Member, individually or collectively, shall have any ownership interest in such assets or any portion thereof.

 

Section 5.9     Reliance
by Third Parties. Any Person may rely upon a certificate signed by all of the Managers on the Board as to (a) the identity of
the Members, (b) any factual matters relevant to the affairs of the Company, (c) the Persons who are authorized to execute
and deliver any document on behalf of the Company or (d) any action taken or omitted by the Company, the Board or any Member with
respect to the business of the Company.

 

Section 5.10     Reimbursement
of Expenses. The Company shall reimburse the Managers for all ordinary and reasonably necessary out-of-pocket expenses incurred by
them in accordance with this Agreement on behalf of the Company.

 

Section 5.11     Officers.

 

(a)            Designation
and Appointment. The Board may, from time to time, employ and retain Persons as may be necessary or appropriate for the conduct of
the Company’s business (subject to the supervision and control of the Board), including employees, agents and other Persons (any
of whom may be a Member) who may be designated as Officers of the Company, with titles including “chairman,” “chief
executive officer,” “president,” “vice president,” “treasurer,” “secretary,” “general
manager,” “director,” “chief financial officer” and “chief operating officer,” to the extent
authorized by the Board. Any number of offices may be held by the same Person. The Board may choose not to fill any office for any period
as it may deem advisable. Officers need not be Members or residents of the State of Delaware. Any Officers so designated shall have such
authority and shall perform such duties as are typical of such positions and as may otherwise be delegated from time to time by the Board.
The Board may assign titles to particular Officers. Each Officer shall hold office until his or her successor shall be duly designated
and shall qualify or until his or her death or until he shall resign or shall have been removed in the manner hereinafter provided. The
salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the Board.

 

(b)            Resignation/Removal.
Any Officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein,
or if no time be specified, at the time of its receipt by the Board. The acceptance of a resignation shall not be necessary to make it
effective, unless expressly so provided in the resignation. Any Officer may be removed as such, either with or without cause at any time
by the Board, subject to any contractual agreement between the Company and such Officer. Designation of an Officer shall not of itself
create any contractual or employment rights.

 

(c)            Duties
of Officers Generally. The Officers, in the performance of their duties as such, shall owe to the Company the customary duties, including
the duties of loyalty and due care, of the type owed by the officers of a corporation to such corporation and its equity-holders under
the laws of the State of Delaware.

 

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Article VI

 

OBLIGATIONS, INDEMNIFICATION AND EXCULPATION

 

Section 6.1     Performance
of Duties; No Liability of Members or Officers.

 

(a)            No
Member shall, in its capacity as a Member, have any duty to the Company or any other Member except as expressly set forth herein or in
other written agreements. Furthermore, notwithstanding anything herein to the contrary, and in accordance with applicable law, any and
all fiduciary duties of the Members to the Company or to another Member or to another person that is a party to or is otherwise bound
by this Agreement shall be eliminated to the maximum extent permitted by law; provided, that the implied contractual covenant
of good faith and fair dealing shall not be eliminated. No Member or Officer shall be liable to the Company or to any Member for any
loss or damage sustained by the Company or to any Member, unless the loss or damage shall have been the result of gross negligence, fraud
or intentional misconduct by the Member or Officer in question. In performing his, her or its duties (if any), each such Person shall
be entitled to rely in good faith on the provisions of this Agreement and on information, opinions, reports or statements (including
financial statements and information, opinions, reports or statements as to the value or amount of the assets, liabilities, profits or
losses of the Company or any facts pertinent to the existence and amount of assets from which distributions to Members might properly
be paid) of the following other Persons or groups: one or more Officers or employees of the Company, any attorney, independent accountant,
appraiser or other expert or professional employed or engaged by or on behalf of the Company or the Board; or any other Person who has
been selected with reasonable care by or on behalf of the Board, in each case as to matters which such relying Person reasonably believes
to be within such other Person’s competence. No Member or Officer shall be personally liable under any judgment of a court, or
in any other manner, for any debt, obligation or liability of the Company, whether that liability or obligation arises in contract, tort
or otherwise, solely by reason of being a Member, Officer or any combination of the foregoing. The waiver of duties and limitations of
liability set forth in this Section 6.1 shall apply to each such Person’s capacity as a Member or Officer. Notwithstanding
anything to the contrary in this Section 6.1, the Managers shall owe the same fiduciary duties to the Company and the Members
as are owed by directors of a Delaware corporation to such corporation and its stockholders, and such duties shall not be limited by
the fact that the Managers shall be permitted to take certain actions in their discretion hereunder.

 

(b)            Any
Member and any Affiliate of any Member may engage in or possess an interest in other profit-seeking or business ventures of any kind,
nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of
corporate opportunity, or any analogous doctrine, shall not apply to any Member. No Member who acquires knowledge of a potential transaction,
agreement, arrangement or other matter that may be an opportunity for the Company shall have any duty to communicate or offer such opportunity
to the Company, and such Member shall not be liable to the Company or to the other Members for breach of any fiduciary or other duty
by reason of the fact that such Member pursues or acquires for, or directs such opportunity to another Person or does not communicate
such opportunity or information to the Company. Neither the Company nor any Member shall have any rights or obligations by virtue of
this Agreement or the relationship created hereby or thereby in or to such independent ventures or the income or profits or losses derived
therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or
improper.

 

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Section 6.2     Confidential
Information. Without limiting the applicability of any other agreement to which any Member may be subject, no Member or Officer or
Manager, directly or indirectly disclose or use at any time, either during his, her or its association or employment with the Company
or for a period of twenty four (24) months thereafter, any Confidential Information of which such Member, Officer or Manager is or becomes
aware. Each Member, Officer and Manager in possession of Confidential Information shall take all appropriate steps to safeguard such
information and to protect it against disclosure, misuse, espionage, loss and theft. Notwithstanding the above, a Member, Officer or
Manager may disclose Confidential Information to the extent (a) the disclosure is necessary for the Member, Officer or Manager and/or
the Company’s agents, representatives, and advisors to fulfill their duties to the Company pursuant to this Agreement and/or other
written agreements, (b) the disclosure is required or requested by any federal, state, provincial or other regulatory authority
or examiner, or any insurance industry association, or is reasonably believed by such Member, Officer or Manager to be compelled by any
court decree, subpoena or legal or administrative order or process, (c) necessary to enforce rights hereunder, and (d) solely
in the case of the Original Holders, disclosure is of a general nature regarding general business and financial information, return on
investment and similar information and information provided to such Member by the Company pursuant to this Agreement (i) in connection
with their communications to their direct and indirect beneficial owners and controlling Persons, (ii) in connection with their
marketing efforts, and (iii) to any nationally recognized rating agency or investor of the foregoing Persons (and their successors
and assigns who become Members) that requires access to information about any such Person’s investment portfolio in connection
with ratings issued or investment decisions with respect to such a Person. No Member, Officer or Manager shall be prohibited from disclosing
any Confidential Information to the extent such information (A) was or becomes generally available to such Member, Officer or Manager
and known by the public other than as a result of a disclosure by such Member, Officer or Manager or any of its representatives or agents
in violation of this Agreement, (B) was or becomes available to such Member, Officer or Manager on a non-confidential basis from
a source other than the Company or any of its representatives or agents, provided that such source was not known by such Member, Officer
or Manager, after reasonable inquiry, to be bound by any agreement with the Company or any of its Affiliates to keep such information
confidential, or otherwise prohibited from transmitting the information to such Member, Officer or Manager or any of its representatives
or agents by a contractual, legal or fiduciary obligation, or (C) was in such Member’s, Officer’s or the Manager’s
possession prior to being furnished by or on behalf of the Company, provided the source of such information was not known by such Member,
Officer or Manager, after reasonable inquiry, to be bound by any agreement with the Company or any of its Affiliates to keep such information
confidential, or otherwise prohibited from transmitting the information to such Member, Officer or Manager or any of its representatives
or agents by a contractual, legal or fiduciary obligation.

 

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Section 6.3     Right
to Indemnification. Subject to the limitations and conditions as provided in this Article VI, each Person who was or
is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or arbitrative (a “Proceeding”), or any appeal in such a Proceeding or any
inquiry or investigation that could lead to such a Proceeding, by reason of the fact that such Person, or a Person of which such Person
is the legal representative, is or was a Member, a Manager or an Officer, the Tax Matters Representative or an officer or member of the
board of a Subsidiary, shall be indemnified by the Company to the fullest extent permitted by applicable law, as the same exists or may
hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader
indemnification rights than said law permitted the Company to provide prior to such amendment) against judgments, penalties (including
excise and similar taxes and punitive damages), fines, settlements and reasonable expenses (including reasonable attorneys’ and
experts’ fees) actually incurred by such Person in connection with such Proceeding, appeal, inquiry or investigation (“Damages”),
unless such Damages shall have been the result of gross negligence, fraud or willful misconduct by such Person, in which case such indemnification
shall not cover such Damage to the extent resulting from such gross negligence, fraud or willful misconduct. Indemnification under this
Article VI shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to
indemnity hereunder. The rights granted pursuant to this Article VI shall be deemed contract rights, and no amendment, modification
or repeal of this Article VI shall have the effect of limiting or denying any such rights with respect to actions taken or
Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification or repeal.

 

Section 6.4     Advance
Payment. The right to indemnification conferred in this Article VI shall include the right to be paid or reimbursed by
the Company the reasonable expenses incurred by a Person (other than an Officer of the Company or any of its Subsidiaries thereof in
respect of claims by the Company or any of its Subsidiaries thereof against such Officer in such Officer’s capacity as such) entitled
to be indemnified under Section 6.3 who was, is or is threatened to be made a named defendant or respondent in a Proceeding
in advance of the final disposition of the Proceeding and without any determination as to the Person’s ultimate entitlement to
indemnification; provided that the payment of such expenses incurred by any such Person in advance of the final disposition
of a Proceeding shall be made only upon delivery to the Company of a written affirmation by such Person of his or her good faith belief
that he or she has met the standard of conduct necessary for indemnification under Article VI and a written undertaking,
by or on behalf of such Person, to repay all amounts so advanced if it shall ultimately be determined that such indemnified Person is
not entitled to be indemnified under this Article VI or otherwise.

 

Section 6.5     Indemnification
of Employees and Agents. The Company, at the direction of the Board, may indemnify and advance expenses to an employee or agent of
the Company to the same extent and subject to the same conditions under which it may indemnify and advance expenses under Section 6.3
and Section 6.4.

 

Section 6.6     Appearance
as a Witness. Notwithstanding any other provision of this Article VI, the Company may pay or reimburse reasonable out
of pocket expenses incurred by an Officer, employee or agent in connection with his or her appearance as a witness or other participation
in a Proceeding at a time when he or she is not a named defendant or respondent in the Proceeding.

 

Section 6.7     Nonexclusivity
of Rights. The right to indemnification and the advancement and payment of expenses conferred in this Article VI shall
not be exclusive of any other right that a Member or Manager indemnified pursuant to this Article VI may have or hereafter
acquire under any law (common or statutory) or under any agreement.

 

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Section 6.8     Insurance.
The Company shall obtain and maintain at all times thereafter, at its expense, insurance (with coverage limits customary for similarly
situated companies) to protect itself and any Member, Manager, Officer or agent of the Company, and any member of the board (or governing
body), officer or agent of any Subsidiary of the Company, who is or was serving at the request of the Company or such Subsidiary as a
manager, representative, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another
foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit
plan or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such Person
against such expense, liability or loss under this Article VI.

 

Section 6.9     Savings
Clause. If this Article VI or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction,
then the Company shall nevertheless indemnify and hold harmless each Person indemnified pursuant to this Article VI as to
costs, charges and expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement with respect
to any such Proceeding, appeal, inquiry or investigation to the full extent permitted by any applicable portion of this Article VI that shall not have been invalidated and to the fullest extent permitted by applicable law.

 

Article VII

 

CAPITAL STRUCTURE

 

Section 7.1     Capital
Structure.

 

(a)            The
Members’ interests in the Company shall be represented by Units, or such other equity securities in the Company as the Board may
establish in accordance with the terms hereof. As of the date hereof, the Units are comprised of two classes of Units: Class A Units
and Class B Units.

 

(b)            The
Members and their respective holdings of Units as of the date hereof are set forth on Schedule A attached hereto. The Board may
from time to time, and only in accordance with the terms of this Agreement and to the extent required by the Exchange Agreement, authorize
the issuance of additional Class A Units, Class B Units and such preferred units with such rights, preferences, privileges
and restrictions as the Board shall designate as required by and in accordance with the terms of the Exchange Agreement; provided,
that as long as there are any Members other than PubCo, then no such new class or series of Units may dilute or reduce the Percentage
Interest of such Members relative to if such new class or series of Units had not been created, except to the extent (and solely to the
extent) the Company actually receives cash in an aggregate amount, or other property with a fair market value in an aggregate amount,
equal to the pro rata share allocated to such new class or series of Units and the number thereof issued by the Company. Subject to the
immediately preceding sentence, this Agreement shall be amended in order to document such new classes of preferred units and their rights,
preferences, privileges and restrictions, in each case, with no further action required by the Members.

 

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(c)            Class B
Units shall be convertible only into Class A Units on a one-for-one basis as specified in Sections 7.1(d) and 7.2.
All issuances of Class A Units and Class B Units shall be made in accordance with the terms and provisions of this Agreement
and the Exchange Agreement.

 

(d)            Each
Class B Unit surrendered to the Company pursuant to the Exchange Agreement shall, as of the consummation of the transactions contemplated
by the Exchange Agreement, be automatically converted into a Class A Unit, without any action on the part of any Person, including
the Board or the Company, and such Class B Units shall thereby cease to exist.

 

(e)            Except
as otherwise expressly provided in this Agreement, all Units shall have identical rights and privileges in every respect.

 

(f)            The
issued and outstanding Units shall not be represented by certificates.

 

Section 7.2     Effect
of Exchange.

 

(a)            Upon
the exchange by any Member of Class B Units for shares of Class A Common Stock pursuant to the Exchange Agreement, as of the
effective date of such exchange, each such Class B Unit automatically shall be converted into a Class A Unit, and the Class B
Units so exchanged shall thereby cease to exist, without any action on the part of any Person, including the Board or the Company.

 

(b)            Upon
the exchange by any Member of Class B Units for a cash payment pursuant to the Exchange Agreement, as of the effective date of such
exchange, each such exchanged Class B Unit automatically shall be deemed cancelled concomitant with such payment, without any action
on the part of any Person, including the Board or the Company.

 

(c)            The
Company may only issue Class B Units to the Original Holders and their respective Permitted Transferees.

 

(d)            The
Company may only issue Class A Units to PubCo.

 

(e)            Notwithstanding
anything to the contrary herein, (i) the Company shall, and the Board shall cause the Company to take all actions as are required
under, and otherwise comply with, the Exchange Agreement, and (ii) each Member shall comply with the Exchange Agreement.

 

(f)            Notwithstanding
anything to the contrary herein, the Company may, and the Board may cause the Company to, issue additional Units, at any time or from
time to time, to the Members or to other Persons, and to admit such Persons as Members, on such terms and conditions as shall be established
be the Board, all without the approval of any Member or any other Person, including (i) as required by the Exchange Agreement, (ii) in
connection with the payment of shares of Class A Common Stock to the Earnout Recipients (as defined in the Merger Agreement) pursuant
to Section 2.9 of the Merger Agreement, (iii) in connection with the issuance, exercise or vesting of options or restricted
stock, as applicable, into shares of Class A Common Stock, (iv) in connection with the offering, sale, syndication, private
placement or public offering of Class A Common Stock. At any time shares of Class A Common Stock are issued or sold by PubCo,
the Company shall issue to PubCo a number of Class A Units equal to the number of shares of Class A Common Stock issued or
sold, and the proceeds received, if any, by PubCo shall be contributed to or used by the Company, and for no other purpose, or (v) in
connection with the exchange or conversion of any notes into equity of PubCo.

 

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Section 7.3     Capital
Accounts.

 

(a)            There
shall be established for each Member on the books of the Company a Capital Account, which shall be increased or decreased in the manner
set forth in this Agreement.

 

(b)            The
Capital Account of each Member shall be maintained in accordance with the following provisions:

 

(i)            To
such Member’s Capital Account with respect to the Company there shall be credited such Member’s Capital Contributions, such
Member’s distributive share of the Profits of the Company, and the amount of any liabilities of the Company that are assumed by
such Member or that are secured by any assets of the Company that are distributed to such Member;

 

(ii)            To
such Member’s Capital Account with respect to the Company there shall be debited the amount of cash and the Gross Asset Value of
any other assets of the Company that are distributed to such Member pursuant to any provision of this Agreement, such Member’s
distributive share of the Losses of the Company, and the amount of any liabilities of such Member that are assumed by the Company or
that are secured by any property contributed by such Member to the Company.

 

(iii)            In
determining the amount of any liability for purposes of this Section 7.3(b), there shall be taken into account Section 752(c) of
the Code and any other applicable provisions of the Code and the Treasury Regulations.

 

Section 7.4     Capital
Contributions of Members. Except as set forth in the Exchange Agreement (including Section 2.3 thereof), no Member shall be
required to make any capital contributions to the Company.

 

Article VIII

 

ALLOCATIONS AND DISTRIBUTIONS

 

Section 8.1     Allocations.
Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual items of income, gain, loss,
deduction or credit) of the Company shall be allocated among the Members in a manner such that the Capital Account of each such Member,
immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (a) the distributions that would
be made to such Members pursuant to Section 8.4 if the Company were dissolved, its affairs wound up and its assets sold for
cash equal to their book values, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to such book
value of the assets securing such liability), and the net assets of the Company were distributed in accordance with Section 8.4(b) to
such Members immediately after making such allocation, minus (b) such Member’s share of Partnership Minimum Gain and
Member’s nonrecourse debt minimum gain (as determined pursuant to Treasury Regulations Section 1.704-2(b)(4)), computed immediately
prior to the hypothetical sale of assets.

 

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Section 8.2     Interim
Allocations Due to Members’ Membership Interest Adjustment. In the event of a change in a Member’s Membership Interest
during any year or a Transfer of a Unit, the Company’s Profits and Losses shall be allocated among the Members for the periods
before and after the change or Transfer based on an interim closing of the books or any lawful equitable alternative method as determined
by the Board. This Section 8.2 shall apply both for purposes of computing Capital Accounts for federal income tax purposes.

 

Section 8.3     Certain
Tax Matters.

 

(a)            Except
as otherwise provided herein, all items of Company income, gain, deduction and loss shall be allocated among the Members in the same
proportion as they share in the Profits and Losses to which such items relate.

 

(b)            Income,
gain, loss or deductions of the Company shall, solely for income tax purposes, be allocated among the Members in accordance with Section 704(c) of
the Code and the Treasury Regulations promulgated thereunder, so as to take account of any difference between the adjusted basis of the
assets of the Company and their respective Gross Asset Values by using the “traditional method” set forth in Treasury Regulations
Section 1.704-3(b).

 

(c)            Notwithstanding
any other provision of this Article VIII, if there is a net decrease in Partnership Minimum Gain of the Company during any
year, each Member shall be specially allocated items of income and gain for such year (and, if necessary, subsequent years) in an amount
equal to the portion of such Member’s share of the net decrease in Partnership Minimum Gain of the Company, determined in accordance
with Section 1.704-2(g) of the Treasury Regulations. Allocations pursuant to the previous sentence shall be made in proportion
to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined
in accordance with Section 1.704-2(f)(6) of the Treasury Regulations. This Section 8.3(c) is intended to comply
with the minimum gain chargeback requirement in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently
therewith.

 

(d)            Notwithstanding
any other provisions of this Article VIII except Section 8.3(c), if there is a net decrease in Partnership Minimum
Gain of the Company attributable to a Partner Nonrecourse Debt during any year, each Member who has a share of the Partnership Minimum
Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(5) of the Treasury Regulations,
shall be specially allocated items of income and gain for such year (and, if necessary, subsequent years) in an amount equal to the portion
of such Member’s share of the net decrease in Partnership Minimum Gain attributable to such Partner Nonrecourse Debt, determined
in accordance with Section 1.704-2(i)(4) of the Treasury Regulations. Allocations pursuant to the previous sentence shall be
made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall
be determined in accordance with Section 1.704-2(i)(4) of the Treasury Regulations. This Section 8.3(d) is
intended to comply with the minimum gain chargeback requirement in Section 1.704-2(i) of the Treasury Regulations and shall
be interpreted consistently therewith.

 

    -25- 

     

    

 

(e)            Nonrecourse
Deductions of the Company for any year shall be allocated to the Members in accordance with their respective Percentage Interests.

 

(f)            Any
Partner Nonrecourse Deductions for any year shall be specially allocated to the Member who bears the economic risk of loss with respect
to the Partner Nonrecourse Debt of the Company to which such Partner Nonrecourse Deductions of such series are attributable in accordance
with Section 1.704-2(i)(1) of the Treasury Regulations. This Section 8.3(f) is intended to comply with the
provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.

 

(g)            Notwithstanding
any other provision of this Article VIII, no Member shall be allocated in any Fiscal Year of the Company any Loss (and no
Unit shall be allocated in any Fiscal Year of the Company any Loss) to the extent such allocation would cause or increase a deficit balance
in such Member’s Capital Account, taking into account all other allocations to be made for such year pursuant to this Article VIII
and the reasonably expected adjustments, allocations and distributions described in Section 1.704-1(b)(2)(ii)(d) of the
Treasury Regulations. Any such Loss that would be allocated to such a Member (the “Deficit Member”), or a Unit (the
 “Deficit Unit”), shall instead be allocated to the other Members or Units. Moreover, if a Deficit Member unexpectedly
receives an adjustment, allocation or distribution described in Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations which
creates or increases a deficit balance in such Member’s Capital Account (computed after all other allocations to be made for such
year pursuant to this Article VIII have been tentatively made as if this Section 8.3(g) were not in this
Agreement), such Deficit Member shall be allocated items of gross income in an amount equal to such deficit balance (which shall be allocated
among the Members associated with Units as determined by the Board). This Section 8.3(g) is intended to comply with
the qualified income offset requirement of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted
consistently therewith.

 

(h)            The
allocations set forth in Sections 8.3(c) through 8.3(g) (the “Regulatory Allocations”)
are intended to comply with Section 704(b) of the Code and the Treasury Regulations thereunder and shall be taken into account
in allocating items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocations
of other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated to each
such Member if the Regulatory Allocations had not occurred.

 

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Section 8.4     Distributions.

 

(a)            On
each Tax Distribution Date with respect to a calendar quarter for a Fiscal Year, to the extent permitted by the financing agreements
of the Company and its Subsidiaries, the Company shall, to the extent of Distributable Cash, make a distribution in cash (each, a “Tax
Distribution”), to the Members in proportion to their respective Percentage Interests in an aggregate amount equal to the excess
of (i) the Hypothetical Total Tax Liability with respect to such calendar quarter over (ii) the aggregate amount of distributions
made by the Company with respect to such Fiscal Year (treating any Tax Distribution made with respect to income for such Fiscal Year,
regardless of when made, and any distribution other than a Tax Distribution made during such Fiscal Year, as being made with respect
to such Fiscal Year). If, at any time after the end of a Fiscal Year, the Company has a True-Up Amount, then to the extent permitted
by the financing agreements of the Company and its Subsidiaries, the Company shall, to the extent of Distributable Cash, make a Tax Distribution
to the Members in proportion to their respective Percentage Interests in an aggregate amount equal to the True-Up Amount. In the event
that there is insufficient Distributable Cash to make the distribution described in the preceding provisions of this Section 8.4(a),
the amount distributable to each such Member holding Class A Units and/or Class B Units shall be reduced pro rata in accordance
with the amount that would be distributable to such Member, and such deficiency shall be paid to such Members when there is next Distributable
Cash, and in any event, prior to any distribution pursuant to Section 8.4(b). If the aggregate amount of Tax Distributions
made in respect of such Fiscal Year exceeds the amount of the Hypothetical Total Tax Liability with respect to such Fiscal Year (based
on the information returns filed by the Company), then Tax Distributions for subsequent Fiscal Years shall be reduced by the amount of
such excess.

 

(b)            Other
than as provided for in Section 8.4(a) and Article IX, the Company shall make distributions of Distributable
Cash to the Members at such times and in such amounts as the Board may determine from time to time. All amounts so determined by the
Board to be available for distribution by the Company shall be distributed to the Members in proportion to their respective Percentage
Interests.

 

(c)            All
distributions made pursuant to Section 8.4 shall be at such times and in such aggregate amounts as shall be determined by
the Board, in its sole discretion.

 

(d)            If
the Company or any of its Subsidiaries enters into (or otherwise becomes bound by) any financing arrangement or agreement after the date
hereof, the Company shall (and shall cause its Subsidiaries to) use commercially reasonable efforts to ensure that such financing arrangement
or agreement permits, at any time in which the Company or such Subsidiary is not in default thereunder: (i) in the case of the Company,
Tax Distributions to be made in full when due pursuant to Section 8.4(a) (without regard to the limitation regarding
financing agreements), and (ii) in the case of any such Subsidiary, payments to be made directly or indirectly to the Company to
enable the Company to make Tax Distributions in full when due pursuant to Section 8.4(a) (without regard to the limitation
regarding financing agreements); provided, however, that any such financing arrangement or agreement entered into after
the date hereof that is no more restrictive with respect to Tax Distributions than any financing arrangement or agreement existing on
the date hereof will be deemed to satisfy the requirements under this Section 8.4(d).

 

Section 8.5     Distributions
in Kind. Distributions made pursuant to this Agreement may be made in cash or in property or assets in kind at the discretion of
the Board; provided, however, that subject to Section 8.4 any distribution in kind shall be made to all Members
proportionately in accordance with Section 8.4(b).

 

    -27- 

     

    

 

 

Section 8.6     Distribution
Rules and Tax Withholding.

 

(a)            Each
Member shall deliver to the Company any form or other documentation reasonably requested by the Company that is required to demonstrate
that the applicable Member is not subject to withholding tax under the provisions of any applicable Federal, state, local, foreign or
other law. If requested by a relevant taxing authority in connection with an audit, inquiry or other proceeding conducted by such taxing
authority, each Member shall if requested by the Company deliver a copy of any tax return or similar document of the applicable Member
that the Company may reasonably request with respect to any such law.

 

(b)            To
the extent that the Company is required by any applicable law to withhold or to make tax payments on behalf of or with respect to distributions
to, issuance of Units to, allocations to, transfers by, or otherwise for, any Member in such Person’s capacity as a Member of the
Company (each a “Tax Liability”), the Company may make such payment out of available cash of the Company, which shall
reduce any distribution otherwise payable to such Member; provided, that at least ten (10) days, if commercially possible,
prior to making a distribution on behalf of or with respect to a Member, the Company shall first notify such affected Member and advise
such Member as to whether the Company has sufficient cash to pay such Tax Liability and, if it does not, the amount of any deficiency.
If the Company does not have sufficient Distributable Cash to pay such Tax Liability, such Member shall pay to the Company an amount
equal to such deficiency (a “Tax Excess”) three (3) days prior to the date that the Company is required to pay
the associated Tax Liability. If not paid in accordance with the preceding sentence, such Tax Excess shall be deemed to be a recourse
loan to such Member by the Company and shall be due and payable immediately, and if not repaid within two (2) days, the Tax Excess
shall bear interest at a rate equal to the lesser of (i) fifteen percent (15%) per annum, or (ii) the maximum rate permitted
by law until repaid. Notwithstanding anything to the contrary contained herein or in any other agreement between or among Members, each
Member hereby agrees to indemnify, defend, and hold harmless the Company and its Affiliates from and against any Tax Liability of or
with respect to such Member, at any time, and this indemnity and hold harmless provision shall survive this Agreement and the termination
of the Company. In the event of any claimed over-withholding, such Member shall be limited to an action against the applicable government
agencies for refund and hereby waives any claim or right of action against the Company on account of such withholding. The Company may,
and is hereby authorized to, withhold from any distributions or payments otherwise due to a Member from the Company under this Agreement
the amount of any Tax Excess made on behalf of such Member that as of such date has neither been repaid to the Company nor been previously
offset hereunder, and any amount withheld under this Section 8.6 shall be deemed for all purposes of this Agreement to have
been distributed or paid to such Member. Any Member who does not repay a Tax Excess after a written final demand has been given by the
Board shall pay, in addition to the Tax Excess and applicable interest, all expenses, including reasonable attorney’s fees, incurred
by the Company or any other Member in collecting the Tax Excess plus interest or pursuing any other remedy provided in this Section 8.6
and otherwise in this Agreement.

 

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Section 8.7     Restrictions
on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution
to any Member with respect to such Member’s Units if such distribution would violate the Act or other applicable law. In addition,
except as specifically determined by the Board, the Company shall not make a distribution to any Member if such distribution would be
prohibited by the terms of, or would cause any obligation of the Company or any of its Subsidiaries to become due prior to the final
maturity date of, or would cause the net worth or assets of the Company or any of its Subsidiaries to be less than the minimum amount
(or less in relation to another amount than the minimum ratio of such amounts) required to be maintained by the Company or any of its
Subsidiaries under, or otherwise would conflict with, any agreement or other instrument to which the Company or any of its Subsidiaries
is a party or by which any of them is bound which relates to borrowed money.

 

Section 8.8     Accounting
Method. The Company shall keep its accounting records and shall report Profit or Losses on the accrual method of accounting in accordance
with the principles used by the Company for federal income tax purposes and otherwise in accordance with GAAP consistently applied and,
to the extent inconsistent therewith, in accordance with this Agreement.

 

Section 8.9     Interest
on and Return of Capital Contributions. No Member shall be entitled to interest on any of its Capital Contributions or to return
of any of its Capital Contributions.

 

Section 8.10     Taxes.

 

(a)            The
Company shall prepare, or cause to be prepared, and shall file all tax returns, be they information returns or otherwise, which are required
to be filed by the Company with the Internal Revenue Service, state and local tax authorities and foreign tax jurisdictions, if any.

 

(b)            The
Company shall furnish the Members with all Company information required to be reported in the tax returns of the Members for tax jurisdictions
in which the Company is considered to be doing business, including a report indicating each Member’s share for income tax purposes
of the Company’s estimated income, gain, credits, losses and deductions within 30 days after each of the first three quarters of
each Fiscal Year and within 60 days after the end of the Company’s Fiscal Year. The Company shall furnish the Members with a copy
of Schedule K-1 to IRS Form 1065 (or any successor form) by no later than 74 days after the end of each year.

 

(c)            All
determinations as to tax elections for the Company shall be made by the Board. Notwithstanding the foregoing sentence, an election under
Section 754 of the Code shall be made with respect to each taxable year of the Company ending after the date hereof.

 

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Section 8.11     Tax
Matters Representative.

 

(a)            The
 “partnership representative” (as such term is defined in Section 6223 of the BBA Audit Rules or corresponding or
similar provision of applicable state or local law) of the Company (the “Tax Matters Representative”) shall be PubCo
or any successor designated by such Person. The Tax Matters Representative shall be permitted to appoint any “designated individual”
(or similar person) (a “Designated Individual”) permitted under Treasury Regulations Section 301.6223-1 (or any
successor regulations or corresponding or similar provision of applicable state or local law). If the Tax Matters Representative appoints
a Designated Individual pursuant to Code Section 6223 and Treasury Regulations thereunder (or corresponding or similar provision
of applicable state or local law), such Designated Individual shall be subject to this Agreement in the same manner as the Tax Matters
Representative (and references to the Tax Matters Representative shall include any such Designated Individual unless the context otherwise
requires or shall mean solely the Designated Individual as needed to comply with applicable law). Each Member, by its execution of this
Agreement, hereby (i) consents to such designation of the Tax Matters Representative, and agrees to execute, certify, acknowledge,
deliver, swear to, file and record at the appropriate public offices such documents as may be necessary or appropriate to evidence such
consent, (ii) agrees take such actions as may be required to effect any future designations of the Tax Matters Representative, and
(iii) agrees to cooperate to provide any information or take such other actions as may be reasonably requested by the Tax Matters
Representative, to determine whether any Imputed Underpayment Amount may be modified pursuant to Code Section 6225(c) (or any
corresponding or similar provision of applicable state or local law). To the extent and in the manner provided by applicable Code Sections
and Treasury Regulations thereunder (or any corresponding or similar provision of applicable state or local law), the Tax Matters Representative
(i) shall furnish the name, address and taxpayer identification number of each Member to the IRS and (ii) shall inform each
Member of administrative or judicial proceedings for the adjustment of Company items required to be taken into account by a Member for
income tax purposes. The Tax Matters Representative shall act reasonably at all times and keep the other Members reasonably informed
about its actions. The Tax Matters Representative shall be entitled to be reimbursed for all reasonable out-of-pocket expenses properly
incurred in the capacity as the Tax Matters Representative.

 

(b)            Each
Member shall be considered to have retained such rights (and obligations, if any) as are provided for under the Code or any other applicable
law with respect to any examination, proposed adjustment or proceeding relating to Company tax items. The Tax Matters Representative
agrees that it will not bind the Members to any material income tax settlement or income tax settlement that disproportionately impacts
the Class B Members without the prior written approval of the affected Majority Class B Members, which approval shall not be
unreasonably withheld, delayed or conditioned. The Tax Matters Representative shall use reasonable best efforts to notify the Members,
within thirty (30) days after the Tax Matters Representative receives notice from the IRS, of any administrative proceeding with respect
to an examination of, or proposed adjustment to, any Company tax items, and shall promptly provide the Members with copies of relevant
written materials. The Tax Matters Representative shall use reasonable best efforts to provide the Members with notice of its intention
to extend the statute of limitations or file a tax claim in any court at least ten (10) days before taking such action and shall
not take such action without the prior written approval of the Majority Class B Members, which approval shall not be unreasonably
withheld, delayed or conditioned.

 

(c)            Neither
the Board nor the Tax Matters Representative shall elect to cause the Company to be subject to the BBA Audit Rules with respect
to any taxable year beginning before January 1, 2018. The Tax Matters Representative shall use reasonable best efforts to make the
election described in Section 6226 of the BBA Audit Rules (or any corresponding or similar provision of applicable state or
local law) with respect to each final partnership adjustment for a taxable period ending on or prior to the date hereof. If the Company
is subject to any Imputed Underpayment Amount under the BBA Audit Rules, the Board shall use reasonable efforts to allocate such liabilities
among the Members and former Members in a fair and equitable manner, taking into account any modifications attributable to such a Member
pursuant to Section 6225(c) of the BBA Audit Rules (if applicable). Any tax liabilities so allocated shall be treated
as a Tax Liability subject to the provisions of Section 8.6.

 

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Section 8.12     Accounting
Decisions; Auditors. All determinations as to the accounting principles of the Company shall be made by the Board.

 

Section 8.13     Tax
Classification. It is the intention of the parties hereto that the Company be classified as a partnership, and not as an association
taxable as a corporation, for federal income tax purposes, and the provisions of this Agreement shall be interpreted in a manner consistent
with such intention. No election shall be filed with the Internal Revenue Service (or the tax authorities of any State) to have the Company
taxable other than as a partnership for income tax purposes without the prior consent of the Board.

 

Section 8.14     Accounting
Method. The Company shall keep its accounting records and shall report Profit or Losses on the accrual method of accounting in accordance
with the principles used by the Company and the Company for federal income tax purposes and otherwise in accordance with GAAP consistently
applied and, to the extent inconsistent therewith, in accordance with this Agreement.

 

Section 8.15     Accounting
Records. The Company and each Subsidiary of the Company shall: (a) keep complete and accurate business and accounting records
reflecting all transactions of the Company and each Subsidiary of the Company; (b) manage its books and ledgers in a proper and
timely manner; (c) maintain proper internal accounting controls sufficient to enable the timely identification or ascertainment
of, amongst other things, payments receivables and that the dispositions by it of its assets have, in each case, been performed in an
authorized manner; and (d) prevent unauthorized persons from having access to its books and records. Such accounting records shall
be kept in accordance with the principles set forth in Section 8.14 and shall be audited annually. The Company shall also
keep all records required to be kept pursuant to the Act.

 

Article IX

 

ASSIGNMENT; ADMISSION AND WITHDRAWAL OF
PARTNERS

 

Section 9.1     Assignment
of Units. Except as otherwise expressly permitted in this Article IX, (a) no Member shall Transfer all or any portion
of its Membership Interests, Units or rights to income or other attributes with respect to its Units, and (b) no Owner of any Member
shall Transfer any equity security of such Entity, it being understood that any such Transfer not in accordance with this Section 9.1
or the remainder of this Article IX will be deemed to constitute a Transfer by such Member in violation of this Agreement
and shall be void ab initio.

 

Section 9.2     Transfers
by Members.

 

(a)            Without
the prior written consent of the Board, no Member may Transfer any Units (or any Economic Interest therein), except as provided in this
Section 9.2.

 

    -31- 

     

    

 

(b)            The
Original Holders, their Permitted Transferees and their respective Owners (if applicable) may Transfer any Class B Units held by
each them so long as such Transfer is (i) made to an Affiliate or a Person in the Family Group of such Member, Permitted Transferee
or PubCo, as applicable, in compliance with Section 9.2(e) and Section 9.2(f), or (ii) made pursuant
to the Exchange Agreement (each Transferee of a Transfer pursuant to clause (i) and clause (ii) being referred to herein as
a “Permitted Transferee”).

 

(c)            PubCo
is the only permitted holder of Class A Units.

 

(d)            Any
Member who Transfers any Units in accordance with this Section 9.2 shall cease to be a Member with respect to such Transferred
Units and shall no longer have any rights or privileges of a Member with respect to such Transferred Units.

 

(e)            Except
with respect to Transfers of Units pursuant to the Exchange Agreement, any Person who acquires any Units in accordance with this Section 9.2
that is not an existing Member shall agree in writing to assume the responsibility of the transferring Member. In the event that
such Person fails to do so entirely or fails to do so in a timely manner, such Person shall be deemed by its acceptance of the benefits
of the acquisition of such Units to have agreed to be subject to, and bound by, all of the terms and conditions of this Agreement to
which the predecessor in such Units was subject, and by which such predecessor was bound, and for all purposes shall be deemed to be
a Member.

 

(f)            Except
with respect to Transfers of Units pursuant to the Exchange Agreement, no Transfer of Units shall be given effect unless the transferee
delivers to the Company the representations set forth in Schedule B.

 

(g)            Notwithstanding
any provision of this Agreement to the contrary, no Transfer of Units may be made except in compliance with all federal, state and other
applicable laws, including federal and state securities laws.

 

(h)            Notwithstanding
any provision of this Agreement to the contrary, (i) no Transfer of Units may be made to a lender to the Company or any Person who
is related (within the meaning of Treasury Regulations Section 1.752-4(b)) to any lender to the Company whose loan otherwise constitutes
a Nonrecourse Liability unless (A) the Board is provided prior written notice thereof and (B) the lender enters into an arrangement
with the Company to exchange or redeem for Class A Common Stock any Units in which a security interest is held simultaneously with
the time at which such lender would be deemed to be a member in the Company for purposes of allocating liabilities to such lender under
Section 752 of the Code, and (ii) no Member may Transfer any of such Units (including any Economic Interest therein) if the
Board reasonably and in good faith promptly determines that such Transfer or attempted Transfer (A) would create a material risk
that the Transfer would be considered to be effected on or through an “established securities market” or a “secondary
market or the substantial equivalent thereof,” as such terms are used in Treasury Regulations Section 1.7704-1, (B) would
create a material risk that the Company would have more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1)(ii) (determined
taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), and (C) would have a material risk that
the Company would be treated as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code
and the Treasury Regulations promulgated thereunder.

 

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(i)         Notwithstanding
any provision of this Agreement to the contrary, no Member may Transfer any Units unless (x) contemporaneously with the Transfer,
the Transferor shall deliver to the Company a validly executed IRS Form W-9 (unless such form had previously been provided to the
Company and remains in effect), or (y) contemporaneously with the Transfer, the Transferee shall properly withhold and remit to
the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by Section 1446(f) of the Code (and
provide evidence to the Company of such withholding and remittance promptly thereafter); provided that the Company shall timely provide
whatever information is reasonably requested by the Transferor or Transferee to calculate the tax to be withheld.

 

(j)            Any
attempted Transfer of Units by any Member not in accordance with this Section 9.2 shall be ineffective, null and void ab
initio.

 

Section 9.3     Effect
of Permitted Transfer. Upon consummation of any Transfer of Units made in accordance with the provisions of this Agreement, (a) the
Transferee shall be admitted as a Member (if not already a Member) and for purposes of this Agreement, such Transferee shall be deemed
a Member with respect to such Transferred Units, (b) the Transferred Units shall continue to be subject to all the provisions of
this Agreement and (c) the Capital Account (or applicable portion thereof in the case of a Transfer of less than all of a Transferor’s
Units) of the Transferor shall be Transferred to the name of such Transferee at the close of business on the effective date of such Transfer
(the “Effective Transfer Time”). Unless the Transferor and Transferee otherwise agree in writing, and give written
notice of such agreement to the Company at least five (5) days prior to such Effective Transfer Time, all distributions declared
to be payable to the Transferor at or prior to such Effective Transfer Time shall be made to the Transferor. No Transfer shall relieve
the Transferor (or any of its Affiliates) of any of their obligations or liabilities under this Agreement arising prior to the closing
of the consummation of such Transfer.

 

Section 9.4     Recognition
of Assignment by Company. No Transfer, or any part thereof, that is in violation of Article IX shall be valid or effective,
and neither the Company nor the Board shall recognize the same for the purpose of making distributions in accordance with this Agreement.
To the fullest extent permitted by law, neither the Company nor the Board shall incur any liability as a result of refusing to make any
such distributions to the transferee of any such invalid Transfer.

 

Section 9.5     Death, Incompetency,
Bankruptcy or Dissolution of a Member. The death, incompetency, Bankruptcy, dissolution or other cessation to exist as a legal entity
of a Member shall not, in and of itself, dissolve the Company. In any such event, the personal representative (as defined in the Act)
of such Member may exercise all of the rights of such Member for the purpose of settling such Member’s estate or administering
its property, subject to the terms and conditions of this Agreement.

 

Section 9.6     Withdrawal
from the Company. Except as provided in this Agreement, no Member may withdraw as a member of the Company.

 

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Section 9.7     Drag-Along
Rights.

 

(a)            If
at any time PubCo desires to Transfer in one or more transactions all or any portion of its Units (or any beneficial interest therein)
in an arm’s-length transaction to a bona fide third party that is not an Affiliate of PubCo (an “Applicable Sale”),
PubCo can require each other Member to sell the same pro rata share of its Units as is being sold by PubCo (based upon the total number
of Units held by PubCo at such time) on the same terms and conditions (“Drag-Along Right”). PubCo may in its sole
discretion elect to cause the Board and/or the Company to structure the Applicable Sale as a merger or consolidation or as a sale of
the Company’s assets. If such Applicable Sale is structured (i) as a merger or consolidation, then no Member shall have any
dissenters’ rights, appraisal rights or similar rights in connection with such merger or consolidation or (ii) as a sale of
assets, then no Member may object to any subsequent liquidation or other distribution of the proceeds therefrom. Each Member agrees to
consent to, and raise no objections against, an Applicable Sale. In the event of the exercise by PubCo of its Drag-Along Right pursuant
to this Section 9.7, each Member shall take all reasonably necessary and desirable actions approved by PubCo in connection
with the consummation of the Applicable Sale, including the execution of such agreements and such instruments and other actions reasonably
necessary to provide customary and reasonable representations, warranties, indemnities, covenants, conditions and other agreements relating
to such Applicable Sale and to otherwise effect the transaction; provided, however, that (A) such Members shall not
be required to give disproportionately greater or more onerous representations, warranties, indemnities or covenants than PubCo, (B) such
Members shall not be obligated to bear any share of the out-of-pocket expenses, costs or fees (including attorneys’ fees) incurred
by the Company in connection with such Applicable Sale unless and to the extent that such expenses, costs and fees were incurred for
the benefit of the Company or all Members, (C) such Members shall not be obligated or otherwise responsible for more than their
proportionate share of any indemnities or other liabilities incurred by the Company and the Members as sellers in respect of such Applicable
Sale, and (D) any indemnities or other liabilities approved by PubCo or the Board shall be limited, in respect of each Member, to
such Member’s share of the proceeds from the Applicable Sale.

 

(b)            At
least five (5) Business Days before consummation of an Applicable Sale, PubCo shall (i) provide the Members written notice
(the “Applicable Sale Notice”) of such Applicable Sale, which notice shall contain (A) the name and address of
the third party purchaser, (B) the proposed purchase price, terms of payment and other material terms and conditions of such purchaser’s
offer, together with a copy of any binding agreement with respect to such Applicable Sale and (C) notification of whether or not
PubCo has elected to exercise its Drag-Along Right and (ii) promptly notify the Members of all proposed changes to such material
terms and keep the Members reasonably informed as to all material terms relating to such sale or contribution, and promptly deliver to
the Members copies of all final material agreements relating thereto not already provided in according with this Section 9.7(b) or
otherwise. PubCo shall provide the Members written notice of the termination of an Applicable Sale within five (5) Business Days
following such termination, which notice shall state that the Applicable Sale Notice served with respect to such Applicable Sale is rescinded.

 

    -34- 

     

    

 

Article X

 

DISSOLUTION AND TERMINATION OF THE COMPANY

 

Section 10.1     Dissolution
of the Company.

 

(a)            For
so long as the Exchange Agreement is in effect, the Company shall not be dissolved. Following such time, the Company shall be dissolved
upon any of the following events:

 

(i)          the
written consent of the Board and, so long as any Class B Units are outstanding, the Majority Class B Members;

 

(ii)         at
any time there are no members of the Company unless the Company is continued without dissolution in accordance with the Act; or

 

(iii)          the
entry of a decree of judicial dissolution of the Company under the Act; provided, however, that no Member or its Affiliates
or agents shall apply for entry of a decree of judicial dissolution of the Company under the Act at any time that the Exchange Agreement
is in effect.

 

(b)            Upon
the dissolution of the Company as provided herein, the Company shall be wound up in the manner provided by Section 10.2.

 

Section 10.2     Winding
Up, Liquidation and Distribution of Assets of the Company Upon Dissolution of the Company.

 

(a)          Upon
dissolution of the Company, the Board shall commence to wind up the Company’s affairs; provided, however, that a
reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities of the Company
to its creditors so as to enable the Members to minimize the normal losses attendant upon a liquidation. The Members shall continue to
share in the allocation of the Profits and Losses of the Company during the liquidation of the Company in the same proportions as specified
in Section 8.1 as before liquidation of the Company. The Members shall be furnished with a statement prepared by a certified
public accountant selected by the Board at the expense of the Company, that shall set forth the assets and liabilities of the Company
as of the date of termination. The proceeds of liquidation shall be distributed in the following order and priority:

 

(i)            first,
to creditors of the Company, including Members who are creditors, to the extent otherwise permitted by law, in satisfaction of (A) all
debts and liabilities of the Company, whether by payment thereof or the making of reasonable provision of payment thereof (including,
to the extent permitted by law, any loans or advances that may have been made by any of the members to the Company) and (B) the
expenses of liquidation not otherwise adequately provided for, whether by payment thereof or the making of reasonable provision of payment
thereof, which liabilities set forth in (A) and (B) may be satisfied by the setting up of any reserves that are determined
by the Board to be reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the Company arising
out of, or in connection with, the Company; and

 

    -35- 

     

    

 

(ii)            second,
to the Members in accordance with Section 8.4.

 

(b)            [Reserved.]

 

(c)            The
Members shall comply with all requirements of applicable law pertaining to the winding up of the affairs of the Company and the final
distribution of its assets.

 

Section 10.3     Certificate
of Cancellation.

 

(a)            If
a dissolution of the Company occurs and all debts, liabilities and obligations of the Company have been satisfied (whether by payment
or reasonable provision for payment) and all of the remaining property and assets of the Company have been distributed, a certificate
of cancellation shall be executed and filed with the Secretary of State of the State of Delaware in accordance with the Act.

 

(b)            Upon
cancellation of the Certificate by the filing of a certificate of cancellation or otherwise, this Agreement shall terminate, and the
existence of the Company shall cease.

 

Section 10.4     Returns
of Contributions Nonrecourse to Members. Except as otherwise provided by applicable law, upon dissolution of the Company, each Member
shall look solely to the assets of the Company for the return of its Capital Contributions made to the Company, and if the assets of
the Company remaining after satisfaction (whether by payment or reasonable provision for payment) of the debts, liabilities and obligations
of the Company are insufficient to return such Capital Contributions, such Members shall have no recourse against the Company or any
Member, except as otherwise provided by law.

 

Article XI

 

MISCELLANEOUS PROVISIONS

 

Section 11.1     Notices.
Wherever provision is made in this Agreement for the giving of any notice, such notice shall be in writing and shall be deemed to have
been duly given if mailed by first class United States mail, postage prepaid, addressed to the party entitled to receive the same, or
sent by facsimile transmission or sent by overnight courier, if to a Member, in each case to the addresses or facsimile telephone numbers
therefor set forth in Schedule A attached hereto, and if to the Company, to:

 

CompoSecure Holdings,
L.L.C.

309 Pierce Street

Somerset, NJ 08873

Attention: Jonathan
C. Wilk, President and CEO

Phone: (908) 518-0500,
ext. 2220

Email: jwilk@composecure.com

 

    -36- 

     

    

 

with a copy to:

 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

Attention: Barbara J. Shander and Kevin
S. Shmelzer

Phone: (215) 963-5029 and (215) 963-5716

Email: barbara.shander@morganlewis.com and

kevin.shmelzer@morganlewis.com

 

or to such other address, in any such case, as
any party hereto shall have last designated by notice to the other party. Notice shall be deemed to have been given on the day that it
is sent by electronic transmission and the appropriate answerback or confirmation of successful transmission or receipt is received or,
if sent by overnight courier, shall be deemed to have been given one Business Day after delivery by the courier company, or if mailed,
five Business Days following the date on which such notice was so mailed. Any Member may change its address for notices by giving written
notice of such change to the other Members and the Company.

 

Section 11.2     Entire
Agreement; Non-Waiver. This Agreement, including the Schedules hereto, and the Exchange Agreement constitute the entire agreement
of the parties hereto and supersedes any prior understandings or written or oral agreements between the parties with respect to the subject
matter hereof. This Agreement is subject in all respects to the provisions of the Exchange Agreement, and nothing in this Agreement shall
abridge or alter any rights provided for in the Exchange Agreement. The Company shall not take any action (or omit to take any action)
that is prohibited by, or inconsistent with, the Exchange Agreement.

 

Section 11.3     Amendments.
Except as required by law, this Agreement or the Certificate may be amended from time to time only upon the approval of the Members holding
a majority of the voting power each of the Class A Units and the Class B Units, each voting as a separate class; provided,
that at any time after (i) there are no Class B Units outstanding or (ii) the Exchange Agreement is no longer in effect,
any amendment to this Agreement or the Certificate shall only require the approval of Members holdings a majority of the voting power
of all Units, voting together as a single class. The date of adoption of an amendment shall be the date on which the Company shall have
received the requisite approvals.

 

Section 11.4     No
Waivers. No delay on the part of any party in exercising any right hereunder shall operate as a waiver thereof, nor shall any waiver,
express or implied, by any party of any right hereunder or of any failure to perform or breach hereof by any other party constitute or
be deemed a waiver of any other right hereunder or of any other failure to perform or breach hereof by the same or any other Member,
whether of a similar or dissimilar nature thereof.

 

Section 11.5     Applicable
Law. This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the State of Delaware, without
giving effect to any choice of law or conflict of laws, rules or provisions (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 

    -37- 

     

    

 

Section 11.6     SUBMISSION
TO JURISDICTION; WAIVER OF JURY TRIAL; SELECTION OF FORUM. Each party hereto irrevocably
submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (unless the Federal courts have exclusive jurisdiction
over the matter, in which case the United Stated District for the District of Delaware, OR THE COURT OF CHANCERY OF THE STATE OF DELAWARE
DOES NOT HAVE JURISDICTION, IN WHICH CASE THE SUPERIOR COURT OF THE STATE OF DELAWARE) for the purposes of any Legal Proceeding
arising out of this Agreement or the transactions contemplated hereby, and agrees to commence any such Legal Proceeding only in such
courts. Each party hereto further agrees that service of any process, summons, notice or document by United States registered mail to
such Party’s respective address set forth herein shall be effective service of process for any such Legal Proceeding. Each Party
irrevocably and unconditionally waives any objection to the laying of venue of any Legal Proceeding out of this Agreement or the transactions
contemplated hereby in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such Legal Proceeding brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING OR COUNTERCLAIM (WHETHER AT LAW, IN EQUITY, BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT HEREOF OR THEREOF.

 

Section 11.7     Further
Assurances. Each of the Members hereby agrees, at the request of any other Member, to execute and deliver all such other and additional
instruments and documents and to do such other acts and things as may be reasonably necessary or appropriate to carry out the intent
and purposes of this Agreement.

 

Section 11.8     Assignment
of Contracts and Rights. Except in connection with a Transfer permitted under Article IX, no party to this Agreement
may assign any of its rights or remedies or delegate any of its obligations under this Agreement without the prior written consent of
the Members holding a majority of the voting power of all Units, voting together as a single class.

 

Section 11.9     No
Right to Partition. The Members, on behalf of themselves and their shareholders, partners, members, successors and assigns, if any,
hereby specifically renounce, waive and forfeit all rights, whether arising under contract or statute or by operation of law, except
as otherwise expressly provided in this Agreement, to seek, bring or maintain any action in any court of law or equity for partition
of the Company or any asset of the Company, or any interest which is considered to be Company property, regardless of the manner in which
title to such property may be held.

 

    -38- 

     

    

 

Section 11.10     No
Third-Party Rights. This Agreement is made solely and specifically between and for the benefit of the parties hereto, and their respective
successors and assigns (subject to the express provisions hereof relating to successors and assigns), and is not intended to confer any
benefits upon, or create any rights in favor of, any Person other than the parties hereto, except for Persons entitled to indemnification
under Article VI.

 

Section 11.11     Successors
and Assigns. Subject to the restrictions on Transfer set forth herein, and except as otherwise provided herein, this Agreement shall
be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective heirs, personal representatives,
successors and permitted assignees under this Agreement.

 

Section 11.12     Severability.
If any provision of this Agreement shall be declared to be invalid, illegal or unenforceable, such provision shall survive to the extent
it is not so declared, and the validity, legality and enforceability of the other provisions hereof shall not in any way be affected
or impaired thereby, unless such action would substantially impair the benefits to either party of the remaining provisions of this Agreement.

 

Section 11.13     Remedies
Not Exclusive. Except as otherwise provided herein, no remedy herein conferred or reserved is intended to be exclusive of any other
available remedy or remedies, and each and every remedy shall be cumulative and shall be in addition to every remedy under this Agreement
now or hereafter existing at law or in equity or by statute.

 

Section 11.14     Representation
by Counsel. Each of the parties has been represented by and has had an opportunity to consult legal counsel in connection with the
negotiation and execution of this Agreement. Therefore, the parties intend that no provision of this Agreement shall be construed against
or interpreted to the disadvantage of any party by any court or arbitrator or any governmental authority by reason of such party having
drafted or being deemed to have drafted such provision.

 

Section 11.15     Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall
constitute one and the same instrument. This Agreement shall be binding when one or more counterparts, individually or taken together,
bear the signatures of each of the parties reflected herein as signatories.

 

Section 11.16     Attorneys’
Fees. If any action at law or in equity is necessary to enforce or interpret the terms of any of this Agreement, the prevailing party
shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may
be entitled.

 

[SIGNATURE PAGE FOLLOWS]

 

    -39- 

     

    

  

IN WITNESS WHEREOF,
the parties hereto have caused their signatures, or the signatures of their duly authorized representatives, to be set forth below as
of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	COMPOSECURE HOLDINGS, L.L.C.
	 	 
	 	By: 	/s/ Jonathan C. Wilk
	 	Name: Jonathan C. Wilk
	 	Title: Chief Executive Officer

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused their signatures, or the signatures of their duly authorized representatives, to be set forth below as of the day and
year first above written.

 

	 	CLASS A MEMBERS:
	 	 
	 	COMPOSECURE, INC.
	 	 
	 	By:	/s/ Dr. Donald G. Basile
	 	Name: Dr. Donald G. Basile
	 	Title: Co-Chief Executive Officer

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	/s/ Michele D. Logan
	 	Michele D. Logan

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	EPHESIANS 3:16 HOLDINGS LLC
	 	 
	 	By:	/s/ Michele D. Logan
	 	Name: Michele D. Logan
	 	Title: Manager

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER TRUST B
	 	 
	 	By:	/s/ Michele D. Logan
	 	Name: Michele D. Logan
	 	 Title: Trustee

 

	 	CAROL D. HERSLOW
  CREDIT SHELTER TRUST B
	 	 
	 	By:	           
	 	Name: John H. Herslow
	 	Title: Trustee

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

		CLASS B MEMBERS:
	 	 
	 	CAROL D. HERSLOW CREDIT SHELTER TRUST B
	 	 
	 	By:	       
	 	Name: Michele D. Logan
	 	 Title: Trustee

 

	 	CAROL D. HERSLOW
  CREDIT SHELTER TRUST B
	 	 
	 	By:	/s/ John H. Herslow
	 	Name: John H. Herslow
	 	Title: Trustee

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	/s/ Luis DaSilva
	 	Luis DaSilva

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	LLR EQUITY PARTNERS IV, L.P.
	 	 
	 	By:	 LLR Capital IV, L.P., its general partner
	 	 	By: LLR Capital IV, LLC, its general partner
	 	 
	 	By:	/s/ Mitchell Hollin
	 	Name: Mitchell Hollin
	 	Title: Member

 

	 	LLR EQUITY PARTNERS PARALLEL IV, L.P.
	 	 
	 	By:	 LLR Capital IV, L.P., its general partner
	 	 	By: LLR Capital IV, LLC, its general partner
	 	 	 
	 	By: 	/s/ Mitchell Hollin
	 	Name: Mitchell Hollin
	 	Title: Member

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	KEVIN KLEINSCHMIDT 2016 TRUST DATED
	 	JANUARY 22, 2016
	 	 
	 	By:	/s/ Sarah Kleinschmidt
	 	Name: Sarah Kleinschmidt
	 	Title: Trustee

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	/s/ Richard Vague
	 	Richard Vague

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	/s/ B. Graeme Frazier, IV
	 	B. Graeme Frazier, IV

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	/s/ Joseph M. Morris
	 	Joseph M. Morris

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]

 

     

     

    

 

	 	CLASS B MEMBERS:
	 	 
	 	COMPOSECURE EMPLOYEE, L.L.C.
	 	 
	 	By:	 /s/ Jonathan C. Wilk
	 	Name: Jonathan C. Wilk
	 	Title: Manager

 

[Signature Page to Second Amended
and Restated Limited Liability Company Agreement of CompoSecure Holdings, L.L.C.]Exhibit 10.7

 

COMPOSECURE HOLDINGS, L.L.C.,

 

COMPOSECURE, INC.,

 

THE GUARANTORS PARTY HERETO,

 

AND

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of December 27, 2021

 

7.00% Exchangeable Senior Notes due 2026

 

     

     

    

 

	TABLE OF CONTENTS
	 	 	 
	 	 	Page
	 	 	 
	Article I DEFINITIONS	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	References to Interest	16
	 	 	 
	Article II ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	16
	 	 	 
	Section 2.01	Designation and Amount	16
	Section 2.02	Form of Notes	16
	Section 2.03	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	17
	Section 2.04	Execution, Authentication and Delivery of Notes	18
	Section 2.05	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	19
	Section 2.06	Reserved	24
	Section 2.07	Mutilated, Destroyed, Lost or Stolen Notes	25
	Section 2.08	Temporary Notes	26
	Section 2.09	Cancellation of Notes Paid, Converted, Etc	26
	Section 2.10	CUSIP Numbers	26
	Section 2.11	No Additional Notes; Repurchases	27
	 	 	 
	Article III SATISFACTION AND DISCHARGE	27
	 	 	 
	Section 3.01	Satisfaction and Discharge	27
	 	 	 
	Article IV PARTICULAR COVENANTS OF THE COMPANY	28
	 	 	 
	Section 4.01	Payment of Principal and Interest	28
	Section 4.02	Maintenance of Office or Agency	28
	Section 4.03	Appointments to Fill Vacancies in Trustee’s Office. 	28
	Section 4.04	Provisions as to Paying Agent	28
	Section 4.05	Existence	30
	Section 4.06	Rule 144A Information Requirement and Annual Reports	30
	Section 4.07	Stay, Extension and Usury Laws	31
	Section 4.08	Compliance Certificate; Statements as to Defaults	32
	Section 4.09	Additional Guarantors; Prohibition on Certain Subsidiaries	32
	Section 4.10	Registration
    Rights	32
	Section 4.11	Prohibition on Certain Affiliate Transactions	34
	Section 4.12	Ownership of the Company	36
	Section 4.13	Further Instruments and Acts	36
	Section 4.14	Covenants to Take Certain Actions	36

 

    i

     

    

 

	Article V LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE	36
	 	 	 
	Section 5.01	Lists of Holders	36
	Section 5.02	Preservation and Disclosure of Lists	36
	 	 	 
	Article VI DEFAULTS AND REMEDIES	37
	 	 	 
	Section 6.01	Events of Default	37
	Section 6.02	Acceleration: Rescission and Annulment	38
	Section 6.03	Additional Interest	39
	Section 6.04	Payments of Notes on Default; Suit Therefor	40
	Section 6.05	Application of Monies Collected by Trustee. A	41
	Section 6.06	Proceedings by Holders	42
	Section 6.07	Proceedings by Trustee	43
	Section 6.08	Remedies Cumulative and Continuing	43
	Section 6.09	Direction of Proceedings and Waiver of Defaults by Majority of Holders	43
	Section 6.10	Notice of Defaults	44
	Section 6.11	Undertaking to Pay Costs	44
	 	 	 
	Article VII CONCERNING THE TRUSTEE	45
	 	 	 
	Section 7.01	Duties and Responsibilities of Trustee	45
	Section 7.02	Reliance on Documents, Opinions, Etc	46
	Section 7.03	No Responsibility for Recitals, Etc	48
	Section 7.04	Trustee, Paying Agents, Exchange Agents or Note Registrar May Own Notes	48
	Section 7.05	Monies and Property to Be Held in Trust	48
	Section 7.06	Compensation and Expenses of Trustee	48
	Section 7.07	Officer’s Certificate as Evidence	49
	Section 7.08	Eligibility of Trustee	49
	Section 7.09	Resignation or Removal of Trustee	49
	Section 7.10	Acceptance by Successor Trustee	50
	Section 7.11	Succession by Merger, Etc	51
	Section 7.12	Trustee’s Application for Instructions from the Company	52
	 	 	 
	Article VIII CONCERNING THE HOLDERS	52
	 	 	 
	Section 8.01	Action by Holders	52
	Section 8.02	Proof of Execution by Holders	52
	Section 8.03	Who Are Deemed Absolute Owners	52
	Section 8.04	Company-Owned Notes Disregarded	53
	Section 8.05	Revocation of Consents; Future Holders Bound	53
	 	 	 
	Article IX HOLDERS’ MEETINGS	54
	 	 	 
	Section 9.01	Purpose of Meetings	54
	Section 9.02	Call of Meetings by Trustee	54

 

    ii

     

    

 

	Section 9.03	Call of Meetings by Company or Holders	54
	Section 9.04	Qualifications for Voting	54
	Section 9.05	Regulations	55
	Section 9.06	Voting	55
	Section 9.07	No Delay of Rights by Meeting	56
	 	 	 
	Article X SUPPLEMENTAL INDENTURES	56
	 	 	 
	Section 10.01	Supplemental Indentures Without Consent of Holders	56
	Section 10.02	Supplemental Indentures with Consent of Holders	57
	Section 10.03	Effect of Supplemental Indentures	58
	Section 10.04	Notation on Notes	58
	Section 10.05	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	59
	 	 	 
	Article XI CONSOLIDATION, MERGER, SALE AND LEASE	59
	 	 	 
	Section 11.01	Parent and Company May Consolidate, Etc. on Certain Terms	59
	Section 11.02	Successor Company to Be Substituted	59
	Section 11.03	Opinion of
Counsel to Be Given to Truste	60
	 	 	 
	Article XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	60
	 	 	 
	Section 12.01	Indenture and Notes Solely Corporate Obligations	60
	 	 	 
	Article XIII GUARANTEES 	60
	 	 	 
	Section 13.01	Guarantees	60
	Section 13.02	Limitation on Guarantor Liability	62
	Section 13.03	Execution and Delivery of Guarantee and Supplemental Indenture	62
	Section 13.04	Guarantors May Consolidate, etc., on Certain Terms	63
	Section 13.05	Releases	63
	Section 13.06	Reliance	64
	 	 	 
	Article XIV Exchange OF NOTES	64
	 	 	 
	Section 14.01	Exchange Privilege	64
	Section 14.02	Exchange Procedure; Settlement Upon Exchange	64
	Section 14.03	Increased Exchange Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	67
	Section 14.04	Payment of Redemption Make-Whole Amount to Notes Surrendered in Connection with Optional Redemption	69
	Section 14.05	Adjustment of Exchange Rate	69
	Section 14.06	Adjustments of Prices	78
	Section 14.07	Reservation of Shares	78

 

    iii

     

    

 

	Section 14.08	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	78
	Section 14.09	Certain Covenants	80
	Section 14.10	Responsibility of Trustee	81
	Section 14.11	Stockholder Rights Plans	81
	Section 14.12	Reserved	81
	Section 14.13	Limits Upon Issuance of Shares of Common Stock Upon Exchange	82
	 	 	 
	Article XV REPURCHASE OF NOTES AT OPTION OF HOLDERS	83
	 	 	 
	Section 15.01	Repurchase at Option of Holders Upon a Fundamental Change	83
	Section 15.02	Withdrawal of Fundamental Change Repurchase Notice	86
	Section 15.03	Deposit of Fundamental Change Repurchase Price	86
	Section 15.04	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	87
	Section 15.05	Repurchase of Notes by Third Party	87
	 	 	 
	Article XVI OPTIONAL REDEMPTION	88
	 	 	 
	Section 16.01	Optional Redemption	88
	Section 16.02	Notice of
    Optional Redemption; Selection of Notes	88
	Section 16.03	Payment of
    Notes Called for Redemption	89
	Section 16.04	Restrictions
    on Redemption	90
	 	 	 
	Article XVII MISCELLANEOUS PROVISIONS	90
	 	 	 
	Section 17.01	Provisions Binding on Successors	90
	Section 17.02	Official Acts by Successor Corporation	90
	Section 17.03	Addresses for Notices, Etc	90
	Section 17.04	Governing Law; Jurisdiction	91
	Section 17.05	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	92
	Section 17.06	Legal Holidays	92
	Section 17.07	No Security Interest Created	92
	Section 17.08	Benefits of Indenture	92
	Section 17.09	Table of Contents, Headings, Etc	93
	Section 17.10	Authenticating Agent. 	93
	Section 17.11	Execution in Counterparts	94
	Section 17.12	Severability	94
	Section 17.13	Waiver of Jury Trial	94
	Section 17.14	Force Majeure	94
	Section 17.15	Calculations	94
	Section 17.16	U.S.A. Patriot Act	95
	Section 17.17	Tax Compliance	95
	Section 17.18	Withholding Tax	95

 

    iv

     

    

 

EXHIBIT A – FORM OF NOTE

 

EXHIBIT B – FORM OF SUPPLEMENTAL INDENTURE

 

EXHIBIT C – FORM OF GLOBAL INTERCOMPANY NOTE

 

    v

     

    

 

INDENTURE, dated as of December 27,
2021, by and among COMPOSECURE HOLDINGS, L.L.C., a Delaware limited liability company, as issuer (the “Company”,
as more fully set forth in Section 1.01), COMPOSECURE, INC., a Delaware corporation (the “Parent”,
as more fully set forth in Section 1.01), the Guarantors party hereto (as defined herein) and U.S.
Bank National Association, a national banking association, as trustee (the “Trustee”, as more fully set forth
in Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful corporate purposes, the
Company has duly authorized the issuance of its 7.00% Exchangeable Senior Notes due 2026 (the “Notes”), initially in
an aggregate principal amount not to exceed $130,000,000, and in order to provide the terms and conditions upon which the Notes are to
be authenticated, issued and delivered, the Parent, the Company and the Guarantors have duly authorized the execution and delivery of
this Indenture;

 

WHEREAS, the Form of Note, the certificate
of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental Change Repurchase Notice
and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms provided in this Indenture;

 

WHEREAS, all acts and things necessary to make
the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as in
this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement of the Parent,
the Company and the Guarantors according to its terms, have been done and performed, and the execution of this Indenture and the issuance
under this Indenture of the Notes have in all respects been duly authorized by the Parent, the Company and the Guarantors, as applicable;
and

 

WHEREAS, all acts and things necessary to make
the Guarantees, when executed by the Guarantors party hereto, the valid, binding and legal obligations of the respective Guarantors, and
this Indenture a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issuance
hereunder of the Guarantees have in all respects been duly authorized.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That in order to declare the terms and conditions
upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders, the Parent, the Company and the Guarantors covenant and agree with the Trustee for the equal
and proportionate benefit of the respective Holders from time to time (except as otherwise provided below), as follows:

 

Article I

DEFINITIONS

 

Section 1.01         Definitions.
The terms defined in this Section 1.01 (except as otherwise expressly provided in this Indenture or unless the context otherwise
requires) for all purposes of this Indenture and of any indenture supplemental to this Indenture shall have the respective meanings specified
in this Section 1.01. The terms defined in this Article include the plural as well as the singular.

 

    1

     

    

 

“Additional Interest” means
all amounts, if any, payable pursuant to any of Section 4.10(b) and Section 6.03 hereof, as applicable.

 

“Additional Shares” shall have
the meaning specified in Section 14.03(a).

 

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

 

“Affiliate Transaction” shall
have the meaning specified in Section 4.11(a).

 

“Applicable Law” shall have
the meaning specified in Section 17.17.

 

“Board of Directors” means,
with respect to any Person, the board of directors (or similar body) of such Person or a committee thereof duly authorized to act for
it under this Indenture.

 

“Board Resolution” means, with
respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted
by such Person’s Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the
Trustee.

 

“Business Day” means any day
other than a Saturday, a Sunday or a 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 Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof
determined in accordance with GAAP, provided that such determination shall be made without giving effect to Accounting Standards
Codification 842, Leases (or any other Accounting Standards Codification having similar result or effect) (and related interpretations)
to the extent any lease (or similar arrangement) would be required to be treated as a capital lease thereunder where such lease (or arrangement)
would have been treated as an operating lease under GAAP as in effect immediately prior to the effectiveness of such Accounting Standards
Codification.

 

“Capital Stock” means, for any
entity, any and all shares, interests (including partnership, limited liability company or membership interests), rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated) equity issued by that entity.

 

    2

     

    

 

The term “close of business”
means 5:00 p.m. (New York City time).

 

“CFC Subsidiary” of any Subsidiary
of the Company that is a “controlled foreign corporation” within the meaning of Section 957(a) of the Internal Revenue
Code.

 

“Clause A Distribution” shall
have the meaning specified in Section 14.05(c).

 

“Clause B Distribution” shall
have the meaning specified in Section 14.05(c).

 

“Clause C Distribution” shall
have the meaning specified in Section 14.05(c).

 

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

 

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

 

“Common Stock” means the Class A
common stock of the Parent, par value $0.001 per share, at the date of this Indenture, subject to Section 14.08.

 

“Common Stock Change
Event” shall have the meaning specified in Section 14.08(a).

 

“Company” shall have the meaning
specified in the first paragraph of this Indenture, and subject to the provisions of Article XI, shall include its successors and
assigns.

 

“Company LLC Agreement” means
the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of the date hereof, by and among the Company,
Parent and the other members named therein.

 

“Company Order” means a written
order of the Company, signed by (a) the Company’s Chief Executive Officer, Chief Financial Officer, President or any Executive
Vice President and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or
Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee.

 

“Contingent Obligations” means,
with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do not constitute
Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such primary obligation or
any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment
of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor or (c) to purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against
loss in respect thereof.

 

    3

     

    

 

“Corporate Trust Office” means
the designated office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date
of this Indenture is located at 333 Thornall Street, Edison, NJ 08837, Attention: Mark DiGiacomo or such other address as the Trustee
may designate from time to time by notice to the Holders and the Company, or the designated corporate trust office of any successor trustee
(or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company).

 

“Class A Common Units”
means the Class A Units of the Company.

 

“Daily VWAP” means, for
any Trading Day, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on
Bloomberg page “CMPO <equity> AQR” (or identified by under such other ticker symbol for the Common Stock or
its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the
scheduled close of trading of the primary trading session up to and including the final closing print (which is indicated by
Condition Code “6” in Bloomberg) on such Trading Day (or if such volume-weighted average price is unavailable at such
time, the market value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a
nationally recognized independent investment banking firm retained for this purpose by the Company). “Daily VWAP” shall
be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. On or
after the occurrence of a Common Stock Change Event, the Daily VWAP of a Reference Property Unit on any Trading Day shall be
determined in accordance with the two immediately preceding sentences except that (i) in the case of a Common Stock Change
Event in connection with which holders of Common Stock receive only cash as set forth in Section 14.08(a), the Daily VWAP shall
be equal to the per share amount of cash received by holders of Common Stock in such Common Stock Change Event and (ii) in the
case of a Common Stock Change Event in connection with which holders of Common Stock receive a type of consideration other than cash
or Common Equity as set forth in Section 14.08(a), the Daily VWAP shall be the fair market value of such Reference Property
Unit determined by a nationally recognized independent investment banking firm retained for this purpose by the Company.

 

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

 

“Defaulted Amounts” means any
amounts on any Note (including, without limitation, the Fundamental Change Repurchase Price, Redemption Price, Redemption Make-Whole Amount,
principal and interest) that are payable but are not punctually paid or duly provided for.

 

“Deferral Exception” means the
provisions set forth in Section 14.05(j).

 

“Deferral Period” shall have
the meaning set forth in the Registration Rights Agreement.

 

“Depositary” means, with respect
to each Global Note, The Depository Trust Company, a New York corporation, until a successor shall have been appointed and become such
pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

    4

     

    

 

“Disqualified Stock” means any
Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each
case at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking
fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is
91 days after the date on which the Notes mature (other than, in each case, any provision requiring an offer to purchase such Capital
Stock as a result of a change of control, delisting, asset sale or similar provision or any other provision permitting holders to convert
such Capital Stock). The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the
maximum amount that may become obligated to pay upon maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified
Stock or portion thereof, plus accrued dividends; provided, however, that if such Capital Stock is issued to any plan for the benefit
of employees of the Company or its Subsidiaries or Parent or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries or Parent in order to satisfy
applicable statutory or regulatory obligations or as a result of such employees’ termination, death or disability; provided,
further, that any Capital Stock held by any future, current or former employee, director, officer, manager or consultant (or any permitted
transferee thereof) of the Company, any of its Subsidiaries or the Parent shall not constitute Disqualified Stock solely because it may
be required to be repurchased by the Company or its Subsidiaries or Parent pursuant to any stockholders’ agreement, management equity
plan, stock option plan or any other management or employee benefit plan or agreement or in order to satisfy applicable statutory or regulatory
obligations.

 

“Distributed Property” shall
have the meaning specified in Section 14.05(c).

 

“EBITDA” means, for any
period, all as determined for the Parent and its Subsidiaries on a consolidated basis in accordance with GAAP: consolidated net
income (or loss), (i) plus, without duplication, the sum of the amounts for such period included in determining such
consolidated net income of (A) total interest expense of the Company and its Subsidiaries, (B) all provisions for taxes
based on the net income of the Company and its Subsidiaries, (C) all depreciation and amortization expense of the Company and
its Subsidiaries and (D) losses, expenses, financing or acquisition costs that are classified by the Company as one-time,
non-recurring, unusual or extraordinary and (ii) minus, without duplication, the sum of the amounts for such period included in determining consolidated net income of
any gains that are classified as one-time, non-recurring, unusual or extraordinary.

 

“Effective Date” shall have
the meaning specified in Section 14.03(b), except that, as used in Section 14.05, “Effective Date” means the first
date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant
share split or share combination, as applicable.

 

“Effectiveness Deadline” shall
have the meaning set forth in the Registration Rights Agreement.

 

“Event of Default” shall have
the meaning specified in Section 6.01.

 

    5

     

    

 

“Ex-Dividend Date” means the
first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the
right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock
on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market. 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 purposes of the preceding sentence.

 

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

 

“Exchange Agent” shall have
the meaning specified in Section 4.02.

 

“Exchange Date” shall have the
meaning specified in Section 14.02(c).

 

“Exchange Obligation” shall
have the meaning specified in Section 14.01.

 

“Exchange Price” means as of
any date, $1,000, divided by the Exchange Rate as of such date.

 

“Exchange Rate” shall have the
meaning specified in Section 14.01.

 

“Excluded Entity” means (a) any
Subsidiary that is an Immaterial Subsidiary, (b) any Subsidiary that is not organized in the United States, any state thereof or
the District of Columbia or is a CFC Subsidiary, (c) any Subsidiary that is prohibited by applicable law from guaranteeing the Notes,
or which would require governmental (including regulatory) or third party consent, approval, license or authorization to provide a guarantee
unless, such consent, approval, license or authorization has been received (and excluding any restriction in any organizational document
of such Subsidiary) or the requirement for such third party consent was established in order to avoid becoming a Guarantor, (d) any
captive insurance Subsidiaries, any special purpose entities, any broker-dealer subsidiaries, any bank or trust company subsidiaries,
or (e) any Subsidiary to the extent the cost of providing such guarantee is excessive in relation to the value afforded thereby.
Notwithstanding the foregoing, in no event shall the Company be an Excluded Entity.

 

“Filing Deadline” shall have
the meaning set forth in the Registration Rights Agreement.

 

“Form of Assignment and Transfer”
shall mean the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached to this Indenture
as Exhibit A.

 

“Form of Fundamental Change Repurchase
Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of
Note attached to this Indenture as Exhibit A.

 

“Form of Note” shall mean
the “Form of Note” attached to this Indenture as Exhibit A.

 

“Form of Notice of Exchange”
shall mean the “Form of Notice of Exchange” attached as Attachment 1 to the Form of Note attached to this Indenture
as Exhibit A.

 

    6

     

    

 

“Fundamental Change” shall be
deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)            a
 “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company
or its Wholly Owned Subsidiaries, files a Schedule TO or any schedule, form or report under the Exchange Act disclosing that such person
or group, has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the
Parent’s Common Equity representing more than 50% of the voting power of the Parent’s Common Equity;

 

(b)            the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property
or assets; (B) any share exchange, consolidation or merger of the Parent pursuant to which the Common Stock will be converted into
or exchanged for cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series
of transactions of all or substantially all of the consolidated assets of the Parent and its Subsidiaries, taken as a whole, or of the
Company and its Subsidiaries, taken as a whole, to any Person that is not a Guarantor; provided, however, that a transaction
described in clause (B) in which the holders of all classes of the Parent’s Common Equity immediately prior to such transaction
own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or
the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such
transaction shall not be a Fundamental Change pursuant to this clause (b);

 

(c)            the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company;

 

(d)            the
stockholders of the Parent approve any plan or proposal for the liquidation or dissolution of the Parent;

 

(e)            the
Company ceases to be controlled by the Parent (or a successor thereto permitted pursuant to the terms of this Indenture); or

 

(f)            the
Common Stock ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global Market
and The Nasdaq Capital Market (or any of their respective successors);

 

provided, however, that any transaction that constitutes
a Fundamental Change pursuant to both clause (a) and clause (b) above (without regarding to the proviso to such clause (b))
shall be deemed a Fundamental Change solely under clause (b) above (subject to such proviso); and provided, further
that a transaction or transactions described in clauses (a) or (b) above shall not constitute a Fundamental Change if at least
90% of the consideration received or to be received by the common stockholders of the Company, excluding cash payments for fractional
shares or pursuant to stockholders’ statutory appraisal rights, in connection with such transaction or transactions consists of
shares of common stock that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market, The Nasdaq Global
Market or the Nasdaq Capital Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in
connection with such transaction or transactions and such transaction constitutes a Common Stock Change Event whose Reference Property
consists of such consideration.

 

    7

     

    

 

 

“Fundamental Change Company Notice”
shall have the meaning specified in Section 15.01(c).

 

“Fundamental Change Repurchase Date”
shall have the meaning specified in Section 15.01(a).

 

“Fundamental Change Repurchase Notice”
shall have the meaning specified in Section 15.01(b)(i).

 

“Fundamental Change Repurchase Price”
shall have the meaning specified in Section 15.01(a).

 

“GAAP” means generally accepted
accounting principles in the United States of America, as in effect from time to time.

 

“Global Note” shall have the
meaning specified in Section 2.05(a).

 

“guarantee” of or by any Person
(the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic
effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for
the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose
of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital
or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness
or obligation; provided that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary
course of business.

 

“Guarantee” means the guarantees
by each Guarantor of Note Obligations.

 

“Guarantor” means (i) each
Subsidiary, other than an Excluded Entity, of the Parent or the Company in existence on the Issue Date and (ii) each Subsidiary of
the Parent or the Company that becomes a guarantor of the Notes pursuant to the provisions of this Indenture, in each case until released
from its Guarantee pursuant to the terms of this Indenture.

 

“Holder” shall mean any Person
in whose name at the time a particular Note is registered on the Note Register.

 

“incur” shall have the meaning
specified in Section 4.11(b).

 

    8

     

    

 

“Indebtedness” of any Person
means, without duplication, (a) all obligations of such Person for borrowed money (including any securitization facility) or with
respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar
instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired
by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (x) accounts
payable incurred in the ordinary course of business and not past due by more than 90 days and (y) any earn-out obligations until
such obligations become due and payable liabilities on the balance sheet of such Person in accordance with GAAP) and have not been paid
within 90 days thereof, (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right,
contingent or otherwise, to be secured by) any lien on property owned or acquired by such Person, whether or not the Indebtedness secured
thereby has been assumed, (f) all guarantees by such Person of Indebtedness of others set forth in clauses (a)-(e) and (g)-(j) of
this definition, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person
as an account party in respect of letters of credit, letters of guaranty or bankers’ acceptances; (i) any other off-balance
sheet liability, and (j) obligations, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or
acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Swap Agreements,
and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Swap Agreement transaction; provided,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include: (1) Contingent Obligations
(other than, for the avoidance of doubt, those described in clause (f) above) incurred in the ordinary course of business and not
in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the
purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) any earn-out obligations,
contingent consideration, purchase price adjustments, deferred purchase money amounts, milestone and/or bonus payments (whether performance
or time-based), and royalty, licensing, revenue and/or profit sharing arrangements, in each case, characterized as such and arising expressly
out of purchase and sale contracts, development arrangements or licensing arrangements; (5) deferred compensation; (6) accrued
expenses; (7) obligations in respect of Preferred Stock that is not Disqualified Stock; or (8) an arrangement whereby such Person
or any of its Subsidiaries sells, on a non-recourse basis except to the extent customary in a “true sale” arrangement, its
accounts receivable and such sale is not recharacterized as incurrence of debt.

 

“Immaterial Subsidiary” means,
as of any date of determination, any Subsidiary that (a) when taken together with all Immaterial Subsidiaries, does not (i) have
assets with a value in excess of ten percent (10%) of the consolidated total assets of the Parent and its Subsidiaries or (ii) comprise
in excess of ten percent (10%) of the consolidated EBITDA of the Parent and its Subsidiaries, on a consolidated basis, for the most recently
completed four full fiscal quarters for which financial statements are available immediately preceding such date and (b) does not
hold any Common Equity or other equity interest in any Subsidiary of the Parent or the Company that is not organized in the United States,
any state thereof or the District of Columbia; provided that, as of any date of determination, no Immaterial Subsidiary shall have
(x) EBITDA for such four full fiscal quarter period in excess of five percent (5%) of EBITDA for such four full fiscal quarter period
or (y) total assets in excess of five percent (5%) of the total assets of the Parent and its Subsidiaries as of such date of determination.

 

    9

     

    

 

“Indenture” means this instrument
as originally executed or, if amended or supplemented as provided in this Indenture, as so amended or supplemented.

 

“Interest Payment Date” means
each June 15 and December 15 of each year, beginning on June 15, 2022.

 

“Issue Date” means December 27,
2021.

 

“Last Reported Sale Price” of
the Common Stock (or any other security) on any date means the closing sale price per share (or if no closing sale price is reported,
the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices)
on that date as reported in composite transactions for The Nasdaq Global Select Market or, if the Common Stock (or any other security)
is not listed on The Nasdaq Global Select Market, then such other principal U.S. national securities exchange on which the Common Stock
(or any other security) is traded. If the Common Stock (or any other security) is not listed for trading on a U.S. national securities
exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Common Stock
(or any other security) in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization.
If the Common Stock (or any other security) is not so quoted, the “Last Reported Sale Price” shall be the average of
the mid-point of the last bid and ask prices for the Common Stock (or any other security) on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the Parent for this purpose.

 

“Make-Whole Fundamental Change”
means any transaction or event that constitutes a Fundamental Change (as defined above and determined after giving effect to any exceptions
to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof).

 

“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 securities exchange or other market on which the Common Stock (or such other security, as the case
may be) 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 such other security, as the case may be) or
in any options contracts or futures contracts relating to the Common Stock (or such other security, as the case may be).

 

“Maturity Date” means December 15,
2026.

 

“Note” or “Notes”
shall have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note Obligations” means the
Obligations of the Parent and the Company and the other obligors (including the Guarantors) under this Indenture and the Registration
Rights Agreement to pay principal, premium, if any, and interest (including all interest accruing after the commencement of any bankruptcy,
insolvency, reorganization or similar proceeding, whether or not a claim for such post-petition interest is allowed or allowable in such
proceeding) when due and payable, and all other amounts due or to become due under or in connection with the Registration Rights Agreement
and the performance of all other Obligations of the Parent, the Company and the Guarantors under the Registration Rights Agreement, according
to the respective terms thereof.

 

    10

     

    

 

“Note Register” shall have the
meaning specified in Section 2.05(a).

 

“Note Registrar” shall have
the meaning specified in Section 2.05(a).

 

“Notice and Questionnaire” shall
have the meaning set forth in the Registration Rights Agreement.

 

“Notice of Exchange” shall have
the meaning specified in Section 14.02(b).

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and
bankers’ acceptances), damages and other liabilities payable under the documentation governing any indebtedness.

 

“Officer” means, with respect
to any Person, the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary or any Executive
Vice President of such Person.

 

“Officer’s Certificate,”
when used with respect to the Company or the Parent, means a certificate that is delivered to the Trustee and that is signed by an Officer
of the Company or the Parent, respectively. Each such certificate shall include the statements provided for in Section 17.05 if and
to the extent required by the provisions of such Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08
shall be the principal executive, financial or accounting officer of the Company.

 

The term “open of business”
means 9:00 a.m. (New York City time).

 

“Opinion of Counsel” means an
opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company or the Parent, that is delivered to the
Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion shall
include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05.

 

The term “outstanding,” when
used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all Notes authenticated
and delivered by the Trustee under this Indenture, except:

 

(a)        Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)        Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Parent or the Company) or shall have been set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) or the Parent (if the Parent shall act as Paying Agent);

 

    11

     

    

 

(c)        Notes
that have been paid pursuant to Section 2.07 or Notes in lieu of which, or in substitution for which, other Notes shall have been
authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any
such Notes are held by protected purchasers in due course;

 

(d)        Notes
exchanged pursuant to Article XIV and required to be canceled pursuant to Section 2.09;

 

(e)        Notes
redeemed pursuant to Article XVI; and

 

(f)         Notes
repurchased by the Parent or the Company pursuant to the penultimate sentence of Section 2.11.

 

“Parent” shall have the meaning
specified in the first paragraph of this Indenture, and subject to the provisions of Article XI, shall include its successors and
assigns.

 

“Paying Agent” shall have the
meaning specified in Section 4.02.

 

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

 

“Physical Notes” means any Note
that is not a Global Note.

 

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

 

“Preferred Stock” means, with
respect to any Person, any Capital Stock with preferential rights to any other Capital Stock of such Person with respect to payment of
dividends or preferential rights upon liquidation, dissolution, or winding up.

 

“Prospectus” shall have the
meaning set forth in the Registration Rights Agreement.

 

“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 the 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 the Common Stock (or such other
security) entitled to receive such cash, securities or other property (whether such date is fixed by the Parent’s Board of Directors,
by statute, by contract or otherwise).

 

“Redemption Date” shall have
the meaning specified in Section 16.02(a).

 

    12

     

    

 

“Redemption Make-Whole Amount”
shall have the meaning specified in Section 14.04.

 

“Redemption Notice” shall have
the meaning specified in Section 16.02(a).

 

“Redemption Notice Date” means
the date on which a Redemption Notice is delivered pursuant to Section 16.02.

 

“Redemption Period” means the
period from, and including, the relevant Redemption Notice Date until the close of business on the second Scheduled Trading Day immediately
preceding the related Redemption Date.

 

“Redemption Price” means, for
any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately
succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid to Holders of record of such
Notes on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of such Notes).

 

“Reference Property” shall have
the meaning specified in Section 14.08(a).

 

“Reference Property
Unit” shall have the meaning specified in Section 14.08(a).

 

“Registrable Securities” shall
have the meaning set forth in the Registration Rights Agreement.

 

“Registration Default” shall
have the meaning specified in Section 4.10(b).

 

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of the date hereof, among the Parent, the Company, each Guarantor and the other Persons
party thereto, as amended from time to time in accordance with its terms.

 

“Regular Record Date,” with
respect to any Interest Payment Date, shall mean the June 1 or December 1 (whether or not such day is a Business Day) immediately
preceding the applicable June 15 or December 15 Interest Payment Date, respectively.

 

“Responsible Officer” means,
when used with respect to the Trustee, any officer or employee within the corporate trust department of the Trustee, including any vice
president, assistant vice president, trust officer or any other employee of the Corporate Trust Office of the Trustee who customarily
performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

 

“Restricted Note Legend” shall
have the meaning specified in Section 2.05(a).

 

“Restricted Securities” shall
have the meaning specified in Section 2.05(a).

 

    13

     

    

 

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

 

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

 

“Scheduled Trading Day” means
a day that is scheduled to be a Trading Day on the primary U.S. national securities exchange or market on which the Common Stock (or such
other security, as applicable) are listed or admitted for trading. If the Common Stock (or such other security, as applicable) are not
so listed or admitted for trading, “Scheduled Trading Day” means a “Business Day.”

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shelf Registration Period”
shall have the meaning set forth in the Registration Rights Agreement.

 

“Shelf Registration Statement”
shall have the meaning set forth in the Registration Rights Agreement.

 

“Significant Subsidiary” means
a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation
S-X under the Exchange Act.

 

“Spin-Off” shall have the meaning
specified in Section 14.05(c).

 

“Spin-Off Valuation Period”
shall have the meaning specified in Section 14.05(c).

 

“Stock Price” shall have the
meaning specified in Section 14.03(c).

 

“Subordinated Indebtedness”
means, with respect to the Company, any Indebtedness of the Company or any Guarantor which (i) is unsecured and (ii) by its
terms expressly subordinated in right of payment or contractually subordinated to the Notes or any Guarantee (including the Note Obligations).

 

“Subscription Agreements” means
the Subscription Agreements, dated April 18, 2021, between the Company, the Parent and each of the other Persons party thereto providing
for the subscription for and purchase of Notes.

 

“Subsidiary” means, with respect
to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of
the Common Equity entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general
partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person
and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

 

“Successor Company” shall have
the meaning specified in Section 11.01(a).

 

    14

     

    

 

“Successor Person”
shall have the meaning specified in Section 14.08(a).

 

“Swap Agreement”
means any agreement with respect to any swap, forward, spot, future, credit default or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided
by current or former directors, officers, employees or consultants of the Parent or the Subsidiaries shall be a Swap Agreement.

 

“Tax Receivable Agreement”
means that certain Tax Receivable Agreement, dated as of December 27, 2021, by and among the Parent, the Company and the other parties
thereto.

 

“Tender/Exchange Offer Valuation Period”
shall have the meaning specified in Section 14.05(e).

 

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

 

The term “transfer” shall have
the meaning specified in Section 2.05(a).

 

“Transfer Agent” means the Continental
Stock Transfer & Trust Company.

 

“Trigger Event” shall have the
meaning specified in Section 14.05(c).

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after the date of this Indenture, the term “Trust Indenture Act”
shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended (assuming that the Trust Indenture
Act applies to this Indenture).

 

“Trustee” means the Person named
as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
under this Indenture.

 

“Wholly Owned Subsidiary” means,
with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference to “50%”
in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”.

 

    15

     

    

 

Section 1.02       References
to Interest. Unless the context otherwise requires, any reference to interest on, or in respect
of, any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would
be payable pursuant to any of Section 4.10(b) and Section 6.03. Unless the context otherwise requires, any express mention
of Additional Interest in any provision of this Indenture shall not be construed as excluding Additional Interest in those provisions
of this Indenture where such express mention is not made.

 

Article II

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

 

Section 2.01       Designation
and Amount. The Notes shall be designated as the “7.00% Exchangeable Senior Notes due
2026.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is limited to $130,000,000,
except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes pursuant
to Section 2.05, Section 2.07, Section 2.08, Section 10.04, Section 14.02 and Section 15.03.

 

Section 2.02       Form of
Notes. The Notes and the Trustee’s certificate of authentication to be borne by such
Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute,
and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Parent, the Company, the Guarantors
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Any Global Note may be endorsed with or have incorporated
in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the
Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with the rules and regulations
of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to
conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are
subject.

 

Any of the Notes may have such letters, numbers
or other marks of identification and such notations, legends or endorsements as the Officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required
to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate
any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby
may from time to time be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes
represented thereby shall be made by the Trustee, in such manner and upon instructions given by the Company or Holder of such Notes in
accordance with this Indenture. Payment of principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable)
of, and accrued and unpaid interest (including any Redemption Make-Whole Amount) on, a Global Note shall be made to the Holder of such
Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for in
this Indenture.

 

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Section 2.03       Date
and Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes
shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each
Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued interest
on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of
actual days elapsed over a 30-day month. The Company shall pay cash amounts in money of the United States that at the time of payment
is legal tender for payment of public and private debts.

 

(b) The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Regular
Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment
Date. Interest shall be payable at the office or agency of the Company maintained by the Company for such purposes, which shall
initially be the office of the Trustee located in Edison, New Jersey or any other office or agency located in the United States of
America so designated by the Trustee. The Company shall pay interest (i) on any Physical Notes (A) to Holders holding
Physical Notes having an aggregate principal amount of $5,000,000 or less, by check sent to the Holders and (B) to Holders
holding Physical Notes having an aggregate principal amount of more than $5,000,000, either by check sent to each such Holder or,
upon written application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in
immediately available funds to that Holder’s account within the United States, which application shall remain in effect until
the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately
available funds to the account of the Depositary or its nominee.

 

    17

     

    

 

(c) Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per annum
at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant
payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election in each
case, as provided in clause (i) or (ii) below:

 

(i)        The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes)
are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the
following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note
and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the
Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to
the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for such deposit
on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted
Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing
of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment
of such Defaulted Amounts and the special record date therefor to be delivered to each Holder at its address as it appears in the Note
Register, or by electronic means to the Depositary in the case of Global Notes, not less than 10 days prior to such special record date.
Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted
Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business
on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c).

 

(ii)        The
Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required
by such exchange or automated quotation system, if, after written notice given by the Company to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Section 2.04       Execution,
Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf
of the Company by the manual or facsimile signature of one of its Officers.

 

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. The Trustee shall also receive an Opinion of Counsel as to the enforceability of the Indenture and the Notes.

 

Only such Notes as shall bear thereon a certificate
of authentication substantially in the form set forth on the form of Note attached as Exhibit A to this Indenture, executed
manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate of the Trustee (or such
an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly
authenticated and delivered under this Indenture and that the Holder is entitled to the benefits of this Indenture.

 

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In case any Officer of the Company who shall have
signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee,
or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the Person who signed
such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at
the actual date of the execution of such Note, shall be the Officers of the Company, although at the date of the execution of this Indenture
any such Person was not such an Officer.

 

Section 2.05       Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The
Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office
or agency of the Company designated pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall
be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby
initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as provided in
this Indenture. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.

 

Upon surrender for registration of transfer of
any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one
or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing such restrictive legends as may
be required by this Indenture.

 

Notes may be exchanged for other Notes of any authorized
denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained
by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not
contemporaneously outstanding.

 

All Notes presented or surrendered for registration
of transfer or for exchange or repurchase shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar)
be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed,
by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service charge shall be imposed on a Holder
by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer
of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax
required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer
being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.

 

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None of the Company, the Trustee, the Note Registrar
or any co-Note Registrar shall be required to exchange (other than any Notes surrendered for exchange pursuant to Article XIV) or
register a transfer of (i) any Notes surrendered for exchange pursuant to Article XIV or, if a portion of any Note is surrendered
for exchange pursuant to Article XIV, such portion thereof surrendered for exchange pursuant to Article XIV, (ii) any Notes,
or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article XV or (iii) any Notes selected
for redemption in accordance with Article XVI, except the unredeemed portion of any Note being redeemed in part.

 

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

 

So long as the Notes are eligible for book-entry
settlement with the Depositary, unless otherwise required by law, subject to the fourth paragraph from the end of this Section 2.05(a),
all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of
the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve
the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee) in accordance with this Indenture (including
the restrictions on transfer set forth in this Indenture) and the procedures of the Depositary therefor.

 

Every Note that bears or is required under this
Section 2.05(a) to bear the legend set forth in this Section 2.05(a) (together with any Common Stock issued upon exchange
of the Notes that is required to bear the legend set forth in Section 2.05(b), collectively, the “Restricted Securities”)
shall be subject to the restrictions on transfer set forth in this Section 2.05(a) (including those contained in the legend
set forth below) or Section 2.05(b) (including the legend set forth therein), as applicable, unless such restrictions on transfer
shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s
acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(a) and Section 2.05(b),
the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.

 

    20

     

    

 

Any certificate evidencing a Note (and all securities
issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon exchange thereof, which shall bear the
legend set forth in Section 2.05(b), if applicable) shall bear a legend (any such legend or similar legend, a “Restricted
Note Legend”) in substantially the following form (unless such Notes have been transferred pursuant to a registration statement
that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or
sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities
Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE
UPON EXCHANGE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER AGREES FOR THE BENEFIT OF COMPOSECURE HOLDINGS, L.L.C. (THE “COMPANY”)
THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT:

 

(A)       TO
COMPOSECURE, INC., THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B)        PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

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

 

(D)        PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
OR

 

(E)         PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE
WITH CLAUSE (E) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

  

No transfer of any Note required to bear the legend
above will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked.

 

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Any Note (or security issued in exchange or substitution
therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has been
transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and that
continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided
by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such Note for exchange to the
Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate
principal amount, which shall not bear the Restricted Note Legend required by this Section 2.05(a) and shall not be assigned
a restricted CUSIP number; and (y) the Company shall be entitled to instruct the Trustee in writing to so surrender any Global Note
as to which any of the conditions set forth in clauses (i) through (iii) of the immediately preceding sentence have been satisfied,
and, upon such instruction, the Trustee shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor
shall not bear the Restricted Note Legend specified in this Section 2.05(a) and shall not be assigned a restricted CUSIP number.
The Company shall promptly notify the Trustee after a registration statement, if any, with respect to the Notes or any Common Stock issued
upon exchange of the Notes has been declared effective under the Securities Act.

 

Notwithstanding any other provisions of this Indenture
(other than the provisions set forth in this Section 2.05(a)), a Global Note may not be transferred as a whole or in part except
(i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for
transfers of portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary (for
itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with
customary procedures of the Depositary and in compliance with this Section 2.05(a).

 

The Depositary shall be a clearing agency registered
under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note.
Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede & Co.

 

If (i) the Depositary notifies the Company
at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not
appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing
and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall execute,
and the Trustee, upon receipt of an Officer’s Certificate, an Opinion of Counsel, and a Company Order for the authentication and
delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a
principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in
the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an
aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery
of the Global Notes to the Trustee such Global Notes shall be canceled.

 

Physical Notes issued in exchange for all or a
part of the Global Note pursuant to this Section 2.05(a) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution
and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered.

 

    22

     

    

 

At such time as all interests in a Global Note
have been exchanged for Common Stock and cash in lieu of fractional shares, if applicable, canceled, redeemed, repurchased or transferred,
such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions
between the Depositary and the Trustee. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical
Notes, exchanged for Common Stock and cash in lieu of fractional shares, if applicable, canceled, redeemed, repurchased or transferred
to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the
principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary
and the Trustee, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note by the
Trustee to reflect such reduction or increase.

 

None of the Parent, the Company, the Trustee or
any agent of the Parent, the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.

 

(b) Any
stock certificate representing Common Stock issued upon exchange of a Note shall bear a legend in substantially the following form
(unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under
the Securities Act and that continues to be effective at the time of such transfer, or sold or pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed
by the Company with written notice thereof to the Trustee and any transfer agent for the Common Stock):

 

THIS SECURITY HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER
AGREES FOR THE BENEFIT OF CompoSecure, Inc. (THE “ISSUER”) THAT IT WILL
NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT:

 

(A)        TO
ISSUER, COMPOSECURE HOLDINGS, L.L.C. OR ANY SUBSIDIARY THEREOF, OR

 

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(B)        PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C)        PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
OR

 

(D)        PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER
IN ACCORDANCE WITH CLAUSE (D) ABOVE, THE ISSUER AND THE TRANSFER AGENT FOR THE ISSUER’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE
THE DELIVERY OF SUCH CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER
IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY
OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

Any such Common Stock (i) as to which such
restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer
or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in
force under the Securities Act, upon surrender of the certificates representing such shares of Common Stock for exchange in accordance
with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate
number of shares of Common Stock, which shall not bear the restrictive legend required by this Section 2.05(b).

 

(c) Notwithstanding
anything else contained in this Section 2.05, any Note that is repurchased or owned by any Affiliate of the Company (or any
Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be resold by such
Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from
the registration requirements of the Securities Act in a transaction that results in such Note no longer being a “restricted
security” (as defined under Rule 144 under the Securities Act). The Company shall cause any Note that is repurchased or
owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.09.

 

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Section 2.06       [Reserved]. 

 

Section 2.07       Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed,
lost or stolen, the Company in its discretion may execute, and upon receipt of a Company Order, the Trustee or an authenticating agent
appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding,
in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every
case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent
such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by
or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company,
to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such
Note and of the ownership thereof.

 

The Trustee or such authenticating agent may authenticate
any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable,
such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to
cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of
the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen.
In case any Note that has matured or is about to mature or has been surrendered for required repurchase or is about to be converted in
accordance with Article XIV shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead
of issuing a substitute Note, pay or authorize the payment of or convert or authorize the conversion of the same (without surrender thereof
except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company,
to the Trustee, to the Exchange Agent, to the Paying Agent and, if applicable, to such authenticating agent such security or indemnity
as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution,
and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent
or Exchange Agent of the destruction, loss or theft of such Note and of the ownership thereof.

 

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Every substitute Note issued pursuant to the provisions
of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all
the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all
other Notes duly issued under this Indenture. To the extent permitted by law, all Notes shall be held and owned upon the express condition
that the foregoing provisions are exclusive with respect to the replacement, payment, exchange, redemption or repurchase of mutilated,
destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or
hereafter enacted to the contrary with respect to the replacement, payment, exchange, redemption or repurchase of negotiable instruments
or other securities without their surrender.

 

Section 2.08       Temporary
Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee
or an authenticating agent appointed by the Trustee shall, upon receipt of a Company Order, authenticate and deliver temporary Notes (printed
or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes
but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company.
Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same
conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company
shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or
all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company
pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary
Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own expense and without
any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the
same limitations under this Indenture as Physical Notes authenticated and delivered under this Indenture.

 

Section 2.09       Cancellation
of Notes Paid, Converted, Etc. The Parent and the Company shall cause all Notes surrendered
for the purpose of payment, repurchase, redemption, registration of transfer or exchange, if surrendered to any Person other than the
Trustee (including any of the Company’s agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation;
provided that any notes acquired by the Parent in exchange for Common Stock pursuant to Article XIV may be transferred by
the Parent to the Company for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be
authenticated in exchange therefor except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose
of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition
to the Company, at the Company’s written request in a Company Order. If the Parent or the Company shall acquire any of the Notes,
such acquisition shall not operate as a repurchase or satisfaction of the indebtedness represented by such Notes unless and until the
same are delivered to the Trustee for cancellation. The Company may not issue new Notes to replace Notes that they have been exchanged
for Common Stock and, if applicable, cash in lieu of fractional shares, redeemed pursuant to Article XVI or purchased by Parent,
the Company or any of its Subsidiaries.

 

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Section 2.10       CUSIP
Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally
in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders;
provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed
on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company
shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 2.11       No
Additional Notes; Repurchases. Other than as contemplated by Section 2.05,  2.07
or 2.08, the Company may not, without the consent of each Holder pursuant to Section 10.02, reopen this Indenture and issue additional
Notes under this Indenture. Nothing in this Indenture or the Notes shall prohibit or limit the right of the Parent, the Company or any
Affiliate of the Parent or the Company to repurchase the Notes from time to time at any price in open market purchases or private transactions
at negotiated prices, by private or public tender or exchange offer or otherwise, including cash-settled swaps or cash-settled derivatives,
in each case without any notice to or consent by the Holders. The Company shall cause any Notes repurchased in the open market or otherwise,
whether by the Parent, the Company or any of their respective Subsidiaries or through a private or public tender or exchange offer or
through counterparties to private agreements (other than Notes effectively repurchased pursuant to cash-settled swaps or other cash-settled
derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.09.

 

Article III

SATISFACTION AND DISCHARGE

 

Section 3.01       Satisfaction
and Discharge. This Indenture shall upon request of the Parent and the Company contained
in an Officer’s Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and
delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07
and (y) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust for the benefit of
the Holders and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered
to the Trustee for cancellation; or (ii) the Parent and the Company, as applicable, have deposited with the Trustee or delivered
to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental
Change Repurchase Date, upon exchange pursuant to Article XIV or otherwise, cash or cash and shares of Common Stock or other Reference
Property (if applicable), if any (solely to satisfy the Parent’s Exchange Obligation, if applicable) sufficient to pay all of the
outstanding Notes and all other sums due and payable under this Indenture by the Parent and the Company; and (b) the Parent and the
Company have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
in this Indenture provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive.

 

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Article IV

PARTICULAR COVENANTS OF THE COMPANY

 

Section 4.01     Payment
of Principal and Interest. The Company covenants and agrees that it will cause to be paid
the principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) of, and accrued and unpaid
interest (including any Redemption Make-Whole Amount) on, each of the Notes at the places, at the respective times and in the manner
provided in this Indenture and in the Notes.

 

Section 4.02     Maintenance
of Office or Agency. The Parent and the Company will maintain in the contiguous United States
(which may be an office of the Trustee or an affiliate of the Trustee), an office or agency where the Notes may be surrendered for registration
of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for exchange pursuant to
Article XIV (“Exchange Agent”) and where notices and demands to or upon the Parent or the Company in respect
of the Notes and this Indenture may be served. The Parent and the Company will give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the Parent or the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office, as a place where Notes may be presented for payment or for registration of transfer.

 

The Company may also from time to time designate
as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain an office or agency in the United States of America for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency. The terms “Paying Agent” and “Exchange Agent” include any such additional or other offices or agencies,
as applicable.

 

The Parent and the Company hereby initially designate
the Trustee as the Paying Agent, Note Registrar and Exchange Agent and the Corporate Trust Office as the office or agency in the United
States of America where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase
or for exchange pursuant to Article XIV and where notices and demands to or upon the Parent or the Company in respect of the Notes
and this Indenture may be served.

 

Section 4.03     Appointments
to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at
all times be a Trustee under this Indenture.

 

Section 4.04    Provisions
as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the
Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provisions of this Section 4.04:

 

(i)     that
it will hold all sums held by it as such agent for the payment of the principal (including the Fundamental Change Repurchase Price and
the Redemption Price, if applicable) and premium, if any, of, and accrued and unpaid interest (including any Redemption Make-Whole Amount)
on, the Notes in trust for the benefit of the Holders of the Notes;

 

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(ii)    that
it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including the Fundamental
Change Repurchase Price and the Redemption Price, if applicable) and premium, if any, of, and accrued and unpaid interest (including
any Redemption Make-Whole Amount) on, the Notes when the same shall be due and payable; and

 

(iii)   that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums
so held in trust.

 

The Company shall, on or before each due date
of the principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) and premium, if any, of,
and accrued and unpaid interest (including any Redemption Make-Whole Amount) on, the Notes, deposit with the Paying Agent a sum sufficient
to pay such principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) and premium, if any,
of, and accrued and unpaid interest (including any Redemption Make-Whole Amount), and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such
deposit must be made in immediately available funds and received by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

(b)  If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Fundamental Change
Repurchase Price and the Redemption Price, if applicable) and premium, if any, of, and accrued and unpaid interest (including any Redemption
Make-Whole Amount) on, the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient
to pay such principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) and premium, if any,
of, and accrued and unpaid interest (including any Redemption Make-Whole Amount) so becoming due and will promptly notify the Trustee
in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Fundamental
Change Repurchase Price and the Redemption Price, if applicable) and premium, if any, of, and accrued and unpaid interest (including
any Redemption Make-Whole Amount) on, the Notes when the same shall become due and payable.

 

(c)   Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in
trust by the Company or any Paying Agent under this Indenture as required by this Section 4.04, such sums or amounts to be held
by the Trustee upon the trusts contained in this Indenture and upon such payment or delivery by the Company or any Paying Agent to the
Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts.

 

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(d)  Any
money or property deposited with the Trustee, Exchange Agent or any Paying Agent, or then held by the Company, in trust for the payment
of the principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) and premium, if any, of,
and accrued and unpaid interest (including any Redemption Make-Whole Amount) on and the consideration due upon exchange of any Note for
shares of Common Stock and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price
and the Redemption Price, if applicable), premium, interest (including any Redemption Make-Whole Amount) or consideration due upon exchange
of any Note for Common Stock has become due and payable shall be paid to the Company on request of the Company contained in an Officer’s
Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money and property, and all liability of the Company as trustee thereof, shall thereupon cease.

 

Section 4.05     Existence.
Subject to Article XI, each of the Parent and the Company shall do or cause to be done all things necessary to preserve and keep
in full force and effect its corporate or limited liability company existence, respectively.

 

Section 4.06     Rule 144A
Information Requirement and Annual Reports. (a) Whether or not required by the Commission,
so long as any Notes are outstanding, the Company will furnish to the Holders of Notes, no later than fifteen days after the time periods
specified in the Commission’s rules and regulations for a company subject to reporting under Section 13(a) or 15(d) of
the Exchange Act (and, during any period in which the both of the Company and the Parent (or any other Person of which the Company is
a Subsidiary) are not required to file reports with the Commission, within 15 days after the time periods specified in the Commission’s
rules and regulations applicable to filings made by a “large-accelerated filer”):

 

(i)     all
quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K
if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the
Company’s certified independent accountants; and

 

(ii)    all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

provided that such reports referenced in clauses (i) and
(ii) above shall not be required to contain the separate financial information for any non-consolidated entity that would be required
by Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X under the Securities Act. Notwithstanding the foregoing, if permitted
by the Commission, the Company may satisfy its obligation to furnish the reports described above by providing reports filed by the Parent.

 

(b)  Whether
or not required by the Commission, the Company will file a copy of all of the information and reports referred to in Section 4.06(a) with
the Commission for public availability no later than fifteen days after the time periods specified in the Commission’s rules and
regulations for a company that is a “large accelerated filer” which is subject to reporting under Section 13(a) or
15(d) of the Exchange Act (unless the Commission will not accept such a filing) and make such information available to securities
analysts and prospective investors upon request. Notwithstanding the foregoing, to the extent the Company files the information and reports
referred to in Section 4.06(a) with the Commission and such information is publicly available on the Internet, the Company
shall be deemed to be in compliance with its obligations to furnish such information to the Holders of the Notes and to make such information
available to securities analysts and prospective investors; provided, however, that the Trustee shall have no responsibility
whatsoever to determine if such filing has occurred.

 

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(c)  The
Company will make all such information available to the Trustee and the Holders of the Notes, in each case, by posting such information
on its website or Intralinks or any comparable password-protected online datasystem that will require a confidentiality acknowledgement.
Notwithstanding the foregoing, to the extent the Company files the information and reports referred to in Section 4.06(a) with
the Commission and such information is publicly available on the Internet, the Company shall be deemed to be in compliance with its obligations
to furnish such information to the Holders of the Notes and to make such information available to securities analysts and prospective
investors; provided, however, that the Trustee shall have no responsibility whatsoever to determine if such filing has
occurred.

 

Delivery of such reports, information and documents
to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute actual or constructive
notice of any information contained therein, including compliance with any of the covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officer’s Certificates). The Trustee is under no duty to examine such reports, information or documents
to ensure compliance with the provisions of this Indenture or to ascertain the correctness or otherwise of the information or statements
contained therein. The Trustee is entitled to assume such compliance and correctness unless a Responsible Officer of the Trustee is informed
in writing otherwise. The Trustee shall have no responsibility for the filing, timeliness or content of any reports, information or documents.
The Trustee shall have no obligation to determine whether or not such reports, information or documents have been filed pursuant to the
Commission’s EDGAR filing system (or its successor) or postings to any website have occurred, and the Trustee shall have no duty
to participate in or monitor any conference calls.

 

(d)  To
the extent not otherwise satisfied by the provisions of this Section 4.06, the Company shall furnish to Holders, securities analysts
and prospective investors, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

 

Section 4.07     Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so)
that it shall 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 or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on
the Notes as contemplated in this Indenture, wherever enacted, now or at any time hereafter in force, or that may affect the covenants
or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power in this
Indenture granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

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Section 4.08     Compliance
Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within
120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2021) an Officer’s
Certificate stating whether the signers thereof have knowledge of any failure by the Company to comply with all conditions and covenants
then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof.

 

In addition, the Company shall deliver to the
Trustee, as soon as possible, and in any event within 30 days after the Company becomes aware of the occurrence of any Event of Default
or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that
the Company is taking or proposing to take in respect thereof.

 

Section 4.09     Additional
Guarantors; Prohibition on Certain Subsidiaries. (a) If, after the date of this Indenture,
(i) the Parent, the Company or any direct or indirect Subsidiary of either of them forms or acquires any Subsidiary, other than
an Excluded Entity, then the Parent or the Company, as applicable, will promptly (and in any event within 15 days) after the date of
formation or acquisition cause such Subsidiary to provide a Guarantee hereunder; or (ii) any Subsidiary of the Parent or the Company
that is an Excluded Entity ceases to be an Excluded Entity, then the Parent or the Company, as applicable, will promptly (and in any
event within 15 days) thereafter cause such Subsidiary to provide a Guarantee hereunder.

 

(b)  The
Parent shall not form or organize any direct or indirect Subsidiary other than (i) direct or indirect Subsidiaries of the Company
and (ii) direct or indirect Subsidiaries of the Parent which, at the time of such formation or organization, become Guarantors pursuant
to this Section 4.09.

 

Section 4.10     Registration
Rights. (a) The Parent agrees that the Holders from time to time of Registrable Securities
are entitled to the benefits of the Registration Rights Agreement. By its acceptance thereof, the Holder of Registrable Securities will
have agreed to be bound by the terms of the Registration Rights Agreement relating to the Registrable Securities.

 

(b)  If
any of the following events shall occur (each, a “Registration Default”), then the Company shall pay Additional Interest
to the Holders as follows:

 

(i)    if
the Shelf Registration has not been filed with the Commission prior to the Filing Deadline, then commencing on the first calendar day
following the Filing Deadline, Additional Interest shall accrue on the aggregate outstanding principal amount of the Notes at a rate
of 0.25% per annum for the first 90 calendar days from and including the Registration Default and 0.50% per annum thereafter;

 

(ii)   if
the Shelf Registration Statement has not been declared effective on or prior to the Effectiveness Deadline, then commencing on the day
that is the first calendar day following Effectiveness Deadline, Additional Interest shall accrue on the aggregate outstanding principal
amount of the Notes at a rate of 0.25% per annum for the first 90 calendar days from and including the Effectiveness Deadline and 0.50%
per annum thereafter;

 

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(iii)  if
a Shelf Registration Statement has been declared or becomes effective but ceases to be effective or usable for the offer and sale of
the Registrable Securities at any time during the Shelf Registration Period, other than in connection with (A) a Deferral Period
or (B) as a result of a requirement to file a new Shelf Registration Statement, a post-effective amendment or supplement to the
Prospectus to make changes to the information regarding selling securityholders or the plan of distribution provided for therein, and
the Parent does not cure the lapse of effectiveness or usability within 10 Business Days (or, if a Deferral Period is then in effect
and the proviso regarding the filing of post-effective amendments in Section 2(d) of the Registration Rights Agreement with
respect to any Notice and Questionnaire received during such period, within 10 Business Days following the expiration of such Deferral
Period or period permitted pursuant to Section 2(d) of the Registration Rights Agreement), then Additional Interest shall accrue
on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for the first ninety 90 calendar days from and
including the day following such 10th Business Day and 0.50% per annum thereafter;

 

(iv)  if
the Parent through its omission fails to name a Holder as a selling securityholder and such selling securityholder had complied timely
with its obligations set forth in the Registration Rights Agreement in a manner to entitle such selling securityholder to be so named
in (i) the Shelf Registration Statement at the time it first became effective or (ii) any Prospectus at the later of time of
filing thereof or the time the Shelf Registration Statement of which the Prospectus forms a part becomes effective, then Additional Interest
shall accrue, on the aggregate outstanding principal amount of the Notes held by such Holder, at a rate of 0.25% per annum for the first
90 calendar days from and including the effective date of such Shelf Registration Statement or the time of filing of such Prospectus,
as the case may be, and 0.50% per annum thereafter, until such selling securityholder is so named; or

 

(v)   if
(i) the aggregate duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period pursuant
to Section 3(i) of the Registration Rights Agreement or (ii) the Parent declares a Deferral Period for a reason other
than those expressly permitted by Section 3(i) of the Registration Rights Agreement, then commencing on the day after the aggregate
duration of Deferral Periods in any period exceeds the number of days permitted in respect of such period, Additional Interest shall
accrue on the aggregate outstanding principal amount of the Notes at a rate of 0.25% per annum for the first 90 calendar days from and
including such date, and 0.50% per annum thereafter;

 

provided, however, that (1) upon the filing
and effectiveness (whether upon such filing or otherwise) of the Shelf Registration Statement (in the case of clause (i)  or (ii) respectively
above), (2) upon such time as the Shelf Registration Statement which had ceased to remain effective or usable for resales again
becomes effective and usable for resales (in the case of clause (iii) above), (3) upon the time such Holder is permitted to
sell its Registrable Securities pursuant to any Shelf Registration Statement and Prospectus in accordance with applicable law (in the
case of clause (iv) above), or (4) upon the termination of the Deferral Period referred to in Section 3(i) of the
Registration Rights Agreement, Additional Interest shall cease to accrue.

 

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(c)  The
Additional Interest that is payable in accordance with Section 4.10(b) shall be in addition to, and not in lieu of, any Additional
Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided, however,
in no event shall Additional Interest accrue under the terms of this Indenture (aggregating any Additional Interest payable pursuant
to Section 4.10(b) with any Additional Interest payable pursuant to Section 6.03) at a rate per year in excess of 0.50%,
regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. Additional Interest
shall not be payable under more than one Registration Default for any given period of time, except that if Additional Interest would
be payable because of more than one Registration Default, but at a rate of 0.25% per annum under one Registration Default and at a rate
of 0.50% per annum under the other, then the Additional Interest rate shall be the higher rate of 0.50% per annum.

 

(d)  Additional
Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest on the Notes;
provided, however, that the Exchange Rate shall be increased by 3.00% for each $1,000 principal amount of Notes exchanged
at a time when such Registration Default has occurred and is continuing; provided, further, that (i) the foregoing
adjustment shall not be applied more than once to the same $1,000 principal amount of Notes and (ii) if a Registration Default occurs
after a Holder has exchanged its Notes into shares of Common Stock, such Holder shall not be entitled to any Additional Interest with
respect to such Notes that have been exchanged for shares of Common Stock.

 

(e)   If
Additional Interest is payable by the Company pursuant to Section 4.10(b), the Company shall, no later than two Business Days prior
to the date on which any such Additional Interest is scheduled to be paid, deliver to the Trustee (with a copy to the Paying Agent) an
Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is payable, (ii) the date
on which such Additional Interest is payable, (iii) a direction to the Paying Agent to make payment to the extent the Paying Agent
receives funds from the Company to do so, and (iv) a notice to Holders detailing the Additional Interest that is payable and the
date on which such payment is to be made. Unless and until a Responsible Officer of the Trustee and Paying Agent receives at the Corporate
Trust Office such a certificate, the Trustee and Paying Agent may assume without inquiry that no such Additional Interest is payable.
If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee (with a
copy to the Paying Agent) an Officer’s Certificate setting forth the particulars of such payment.

 

Section 4.11     Prohibition
on Certain Affiliate Transactions. (a) The Company will not, and will not permit any
of its Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer, impair or otherwise dispose of any of
its properties or assets to (including by way of purchase from), or enter into or make or amend any transaction or series of transactions,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, the Parent or any of its Subsidiaries (each,
an “Affiliate Transaction”) other than:

 

(i)    transactions
between or among the Company and its Subsidiaries;

 

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(ii)   the
formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the ordinary
course of business or transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the Parent
or the Company and not for the purpose of circumventing any provision of this Indenture;

 

(iii)  cash
dividend or other distribution, expense reimbursement and loans to the Parent (A) to fund the cost of director and officer insurance
of Parent in an amount not to exceed $6,000,000 in the aggregate in any fiscal year of the Company and (B) to fund other operational
expenses of the Company and Parent not to exceed $8,000,000 in the aggregate in any fiscal year of the Company;

 

(iv)  the
declaration, and payment within 60 days after the date of declaration thereof, of any dividend, distribution or other payment to Parent
(A) made pursuant to Section 8.4 of the Company LLC Agreement and concurrently with other tax distributions pursuant to Section 8.4
of the Company LLC Agreement made to the other members of the Company, (B) that is promptly (and in any case on the same Business
Day) used to pay dividends on the Common Stock and for which the Exchange Rate of the Notes is adjusted pursuant to Section 14.05
or (C) made pursuant to the Tax Receivable Agreement.

 

(v)   issuances
of Class A Common Units by the Company to the Parent in response to the issuance of shares of Common Stock by the Parent, which
issuances are for the purpose of maintaining the 1:1 parity between Class A Common Units held by the Parent and shares of Common
Stock outstanding as required by Section 7.2(f) of the Company LLC Agreement;

 

(vi)  so
long as no Default or Event of Default has occurred and is continuing or would be caused thereby, the repayment of any Indebtedness to
the Parent or its Subsidiaries, including any interest thereon; and

 

(vii) transactions
that are expressly permitted by Section 4.11(b).

 

(b)  The
Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, issue, assume, enter into a
guarantee of or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness in favor of the Parent or any of its Subsidiaries (other than the Company or any of its Subsidiaries), and the Company
will not issue any Disqualified Stock and will not permit any of its Subsidiaries to issue any Disqualified Stock to the Parent or any
of its Subsidiaries (other than the Company or any of its Subsidiaries); provided, however, that the Company may incur
Subordinated Indebtedness or issue Disqualified Stock, and the Guarantors may incur Subordinated Indebtedness or issue Disqualified Stock,
not otherwise permitted by this Section 4.11(b), so long as (i) no Default or Event of Default has occurred and is continuing
or would be caused thereby, (ii) the terms of such Subordinated Indebtedness are not materially more favorable to the Parent or
its relevant Subsidiary, taken as a whole, than those that would have been obtained in a comparable arms-length transaction with a Person
that is not an Affiliate of the Parent or any of its Subsidiaries and (iii) such Subordinated Indebtedness is evidenced by a global
intercompany note substantially in the form attached as Exhibit C.

 

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(c)   The
Parent will not, and will not permit any of its Subsidiaries (other than the Company or any of its Subsidiaries) to, directly or indirectly,
incur any Indebtedness in favor of the Company or any of its Subsidiaries, and the Parent will not issue any Disqualified Stock to the
Company or any of its Subsidiaries and will not permit any of its Subsidiaries (other than the Company or any of its Subsidiaries) to
issue Disqualified Stock to the Company or any of its Subsidiaries; provided, however, that the Parent may incur Indebtedness
or issue Disqualified Stock, and the Guarantors may incur Indebtedness or issue Preferred Stock, not otherwise permitted by this Section 4.11(c),
(i) so long as no Default or Event of Default has occurred and is continuing or would be caused thereby and (ii) which constitute
Affiliate Transactions permitted by clauses (i) through (vi) of Section 4.11(a).

 

Section 4.12     Ownership
of the Company. So long as any Note is outstanding, the Parent shall be the sole managing
member of the Company.

 

Section 4.13     Further
Instruments and Acts. Upon request of the Trustee, the Company will execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes
of this Indenture.

 

Section 4.14     Covenants
to Take Certain Actions. Before taking any action that would cause an adjustment to the
Exchange Rate such that the Exchange Price per share of Common Stock issuable upon exchange of the Notes would be less than the par value
of the Common Stock, the Parent shall take all corporate actions that may, in the opinion of its counsel, be necessary so it may validly
and legally issue Common Stock at such adjusted Exchange Rate.

 

Article V

LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 5.01     Lists
of Holders. The Company covenants and agrees that it will furnish or cause to be furnished
to the Trustee, semi-annually, not more than 13 days after each June 15 or December 15 in each year beginning with June 15,
2022, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request
(or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it under
this Indenture), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not
more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time
such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar.

 

Section 5.02     Preservation
and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided
in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished
to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

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Article VI

DEFAULTS AND REMEDIES

 

Section 6.01     Events
of Default. Each of the following events shall be an “Event of Default”
with respect to the Notes:

 

(a)  default
in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;

 

(b)  default
in the payment of principal or premium, if any, of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon
any required repurchase, upon declaration of acceleration or otherwise;

 

(c)  subject
to the ownership limitations set forth in Section 14.13, failure by the Parent to comply with its obligation to
exchange the Notes in accordance with this Indenture upon exercise of a Holder’s exchange right and such failure continues for
a period of three Business Days;

 

(d)  failure
by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.01(c) or notice of a Make-Whole Fundamental
Change in accordance with Section 14.03(a), in each case when due;

 

(e)  failure
by the Parent or the Company to comply with its obligations under Section 4.09, Section 4.10, Section 4.11 or Article XI;

 

(f)   failure
by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes then
outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture;

 

(g)  default
by the Company or any Significant Subsidiary with respect to any mortgage, agreement or other instrument under which there may be outstanding,
or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $10,000,000 (or its foreign currency
equivalent) in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter
be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to
pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration
of acceleration or otherwise and such default continues for a period of 30 days without such default having been cured or waived, such
acceleration having been rescinded or annulled (if applicable) and such indebtedness not having been paid or discharged, as the case
may be;

 

(h)  the
Parent, the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to the Parent, the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar
official of the Parent, the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any
such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against
it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due;

 

(i)   an
involuntary case or other proceeding shall be commenced against the Parent, the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Parent, the Company or such Significant Subsidiary or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or
other similar official of the Parent, the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary
case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days; or

 

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(j)   any
Guarantee ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or any Guarantor denies or
disaffirms its obligations under its Guarantee or gives notice to such effect.

 

Section 6.02     Acceleration:
Rescission and Annulment. If one or more Events of Default shall have occurred and be continuing
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body),
then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with
respect to the Parent or the Company), unless the principal of all of the Notes shall have already become due and payable, either the
Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04,
by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal and premium, if any,
of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon any such declaration, the same shall
become and shall automatically be immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding.
However, if an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Parent or the
Company (and not solely involving one or more Significant Subsidiaries) occurs and is continuing, 100% of the principal and premium,
if any, of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable.

 

At any time after the principal of the Notes shall
have become due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered
as provided in this Indenture, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued
and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with
interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable
law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06,
and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all
existing Events of Default under this Indenture, other than the nonpayment of the principal of, and accrued and unpaid interest, if any,
on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section 6.09, then
and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount
of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all past Defaults or Events of Default
with respect to the Notes and rescind and annul any such acceleration and its consequences, and such Default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture (but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent
thereon). Notwithstanding anything to the contrary in this Indenture, no such waiver or rescission and annulment shall extend to or shall
affect any Default or Event of Default resulting from (i) the nonpayment of the principal or premium, if any, of, or accrued and
unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required (including any Fundamental Change Repurchase
Price) (iii) a failure to pay or deliver, as the case may be, the consideration due upon exchange of the Notes pursuant to Article XIV,
or (iv) a failure to redeem any Notes when required pursuant to an Optional Redemption or to pay any Redemption Make-Whole Amount
in connection with any Optional Redemption.

 

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Section 6.03     Additional
Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to
the extent the Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations
as set forth in Section 4.06(a) shall, for the first 180 days after the occurrence of such an Event of Default (and, for the
avoidance of doubt, giving effect to the 60-day period set forth in Section 6.01(f)), consist exclusively of the right to receive
Additional Interest on the Notes at a rate equal to (i) 0.25% per annum of the principal amount of the Notes outstanding for each
day during the first 90 calendar days after the occurrence of such an Event of Default during which such Event of Default is continuing
(or, if earlier, the date on which such Event of Default is cured or waived as provided for in this Indenture) and (ii) 0.50% per
annum of the principal amount of the Notes outstanding for each day from, and including, the 91st calendar day to, and including, the
180th calendar day after the occurrence of such an Event of Default during which such Event of Default is continuing (or, if earlier,
the date on which such Event of Default is cured or waived as provided for in this Indenture). Subject to the last sentence of this Section 6.03,
Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable
pursuant to Section 4.10(b). If the Company so elects, such Additional Interest shall be payable in the same manner and on the same
dates as regular interest on the Notes. On the 181st day after such Event of Default (if the Event of Default relating to the Company’s
failure to comply with its obligations as set forth in Section 4.06(a) is not cured or waived prior to such 181st day), the
Notes shall be immediately subject to acceleration as provided in Section 6.02. In the event the Company does not elect to pay Additional
Interest following an Event of Default in accordance with this Section 6.03 or the Company elected to make such payment but does
not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in Section 6.02.

 

In order to elect to pay Additional Interest as
the sole remedy during the first 180 days after the occurrence of any Event of Default described in the immediately preceding paragraph,
the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the occurrence of such Event
of Default. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02.

 

Notwithstanding anything to the contrary in this
Indenture or the Notes, in no event shall Additional Interest accrue under the terms of this Indenture (aggregating any Additional Interest
payable pursuant to this Section 6.03 with any Additional Interest payable pursuant to Section 4.10(b)) at a rate per year
in excess of 0.50%, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

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Section 6.04     Payments
of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or
(b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of the Notes, the whole amount then due and payable on the Notes for principal, premium and interest, if any, with interest
on any overdue principal, premium and interest, if any, at the rate borne by the Notes at such time, and, in addition thereto, such further
amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall fail to pay such
amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same
against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided
by law out of the property of the Company or any other obligor upon the Notes, wherever situated.

 

In the event there shall be pending proceedings
for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States Code,
or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or
similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company
or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes,
or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings
or otherwise, to file and prove a claim or claims for the whole amount of principal, premium and accrued and unpaid interest, if any,
in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to
take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such
judicial proceedings relative to the Company or any other obligor on the Notes, distribute the same after the deduction of any amounts
due to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian
or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other
amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment
of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason,
payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities
and other property that the Holders may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization
or arrangement or otherwise.

 

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

 

All rights of action and of asserting claims under
this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders.

 

In any proceedings brought by the Trustee (and
in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee
shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any
such proceedings.

 

In case the Trustee shall have proceeded to enforce
any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.09
or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the
Trustee, then and in every such case the Company, the Guarantors, the Holders and the Trustee shall, subject to any determination in
such proceeding, be restored respectively to their several positions and rights under this Indenture, and all rights, remedies and powers
of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.

 

Section 6.05     Application
of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article VI
with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of
such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof,
if fully paid:

 

First, to the payment of all amounts due
the Trustee, acting in any capacity hereunder, its agents and attorneys under this Indenture, including payment of all compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second, in case the principal of the outstanding
Notes shall not have become due and be unpaid, to the payment of interest on, and any cash for any fractional shares due upon conversion
of, the Notes in default in the order of the date due of the payments of such interest and cash for any fractional shares due upon conversion,
as the case may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at
the rate borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

 

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Third, in case the principal of the outstanding
Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including, if applicable,
the payment of the Fundamental Change Repurchase Price, the Redemption Price, the Redemption Make-Whole Amount and any cash for any fractional
shares due upon exchange of Notes for Common Stock) then owing and unpaid upon the Notes for principal, premium and interest, if any,
with interest on the overdue principal and premium and, to the extent that such interest has been collected by the Trustee, upon overdue
installments of interest at the rate borne by the Notes at such time, and in case such monies shall be insufficient to pay in full the
whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the payment of the Fundamental
Change Repurchase Price, the Redemption Price, the Redemption Make-Whole Amount and any cash for any fractional shares due upon exchange
of Notes for Common Stock) and interest without preference or priority of principal over interest, or of interest over principal or of
any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such
principal (including, if applicable, the payment of the Fundamental Change Repurchase Price, the Redemption Price, the Redemption Make-Whole
Amount and any cash for any fractional shares due upon exchange of Notes for Common Stock), premium and accrued and unpaid interest;
and

 

Fourth, to the payment of the remainder,
if any, to the Company.

 

Section 6.06     Proceedings
by Holders. Except to enforce the right to receive payment of principal (including, if applicable,
the Fundamental Change Repurchase Price and the Redemption Price, if applicable), premium or interest (including any Redemption Make-Whole
Amount) when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder shall have any right
by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or
under or with respect to this Indenture or the Notes, or for the appointment of a receiver, trustee, liquidator, custodian or other similar
official, or for any other remedy with respect to this Indenture or the Notes, unless:

 

(a)  such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as provided in
this Indenture;

 

(b)  Holders
of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to institute
such action, suit or proceeding in its own name as Trustee under this Indenture;

 

(c)  such
Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense
to be incurred therein or thereby;

 

(d)  the
Trustee for 60 days after its receipt of such notice, written request and offer of security or indemnity shall have neglected or refused
to institute any such action, suit or proceeding; and

 

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(e)  no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the
Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09,
it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder
and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision
of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference
to any other such Holder, or to enforce any right under this Indenture, except in the manner provided in this Indenture and for the equal,
ratable and common benefit of all Holders (except as otherwise provided in this Indenture). For the protection and enforcement of this
Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Notwithstanding any other provision of this Indenture
and any provision of any Note, the right of any Holder to receive payment or delivery, as the case may be, of (x) the principal
(including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) and premium, if any, of, (y) accrued
and unpaid interest (including any Redemption Make-Whole Amount), if any, on, and (z) the consideration due upon exchange of, such
Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the
enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Parent or the Company
shall not be impaired or affected without the consent of such Holder.

 

Section 6.07     Proceedings
by Trustee. In case of an Event of Default, the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and
enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 6.08     Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.07,
all powers and remedies given by this Article VI to the Trustee or to the Holders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Default or Event of Default shall
impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein;
and, subject to the provisions of Section 6.06, every power and remedy given by this Article VI or by law to the Trustee or
to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders.

 

Section 6.09     Direction
of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority
of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust
or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not
be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly
prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. The Holders of a majority in aggregate
principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of all of the Holders
waive any past Default or Event of Default with respect to the Notes and its consequences except (i) a default in the payment of
accrued and unpaid interest (including any Redemption Make-Whole Amount), if any, on, or the principal (including any Fundamental Change
Repurchase Price or Redemption Price) and premium, if any, of, the Notes when due that has not been cured pursuant to the provisions
of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion
of the Notes or (iii) a default in respect of a covenant or provision of this Indenture which under Article X cannot be modified
or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the
Holders of the Notes shall be restored to their former positions and rights under this Indenture; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default
under this Indenture shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes
of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereon.

 

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Section 6.10     Notice
of Defaults. The Trustee shall, within 90 days after it receives written notice of the occurrence
and continuance of a Default, send to all Holders as the names and addresses of such Holders appear upon the Note Register, or including
by electronic means to the Depositary in the case of Global Notes, notice of all such Defaults, unless such Defaults shall have been
cured or waived before the giving of such notice; provided that, except in the case of a Default in the payment of the principal
(including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) and premium, if any, of, or accrued and unpaid
interest (including any Redemption Make-Whole Amount) on, any of the Notes or a Default in the payment or delivery of the consideration
due upon conversion, the Trustee shall be protected in withholding such notice if and so long as it in good faith determines that the
withholding of such notice is in the interests of the Holders.

 

Section 6.11     Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance
thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to
the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with
Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal and premium, if any, of
or accrued and unpaid interest, if any, on any Note (including the Fundamental Change Repurchase Price, the Redemption Price and the
Redemption Make-Whole Amount, as applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement
of the right to convert any Note in accordance with the provisions of Article XIV.

 

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Article VII

CONCERNING THE TRUSTEE

 

Section 7.01     Duties
and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default
and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall 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; provided that if an Event of
Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture
at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory
to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 

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

 

(a)  prior
to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

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

 

(ii)   in
the absence of willful misconduct or gross negligence on the part of the Trustee, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions of this
Indenture are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical
calculations or other facts stated therein);

 

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

 

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(c)  the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided
in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture

 

(d)  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 shall be subject to the provisions of this Section;

 

(e)  the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating
to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to
the Notes;

 

(f)   if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless
a Responsible Officer of the Trustee had actual knowledge of such event;

 

(g)  in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing
trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon
or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing
such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment
direction, and the Trustee shall have no obligation to invest or reinvest any amounts held under this Indenture in the absence of such
written investment direction from the Company; and

 

(h)  in
the event that the Trustee is also acting as Note Registrar, Paying Agent, Exchange Agent or transfer agent under this Indenture, the
rights and protections afforded to the Trustee pursuant to this Article VII shall also be afforded to such Note Registrar, Paying
Agent, Exchange Agent or transfer agent.

 

None of the provisions contained in this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers.

 

Section 7.02     Reliance
on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01:

 

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

 

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(b)  any
request, direction, order or demand of the Company mentioned in this Indenture shall be sufficiently evidenced by an Officer’s
Certificate (unless other evidence in respect thereof be specifically prescribed in this Indenture); and any Board Resolution may be
evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(c)  the
Trustee may consult with counsel of its selection and require an opinion of counsel and any advice of such counsel or opinion of counsel
shall be full and complete authorization and protection in respect of any action taken or omitted by it under this Indenture in good
faith and in accordance with such advice or opinion of counsel;

 

(d)  the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or
by agent or attorney at the expense of the Company for any reasonable expenses incurred and shall incur no liability of any kind by reason
of such inquiry or investigation;

 

(e)  the
Trustee may execute any of the trusts or powers under this Indenture or perform any duties under this Indenture either directly or by
or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the
part of any agent, custodian, nominee or attorney appointed by it with due care under this Indenture;

 

(f)   the
permissive rights of the Trustee enumerated in this Indenture shall not be construed as duties;

 

(g)  in
no event shall the Trustee be liable for any special, indirect, consequential or punitive loss or damage of any kind whatsoever (including
but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action;

 

(h)  the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless written notice of such
Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes;

 

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

 

(j)   the
Trustee shall have no obligation to undertake any calculation under this Indenture or have any liability for any calculation performed
in connection herewith or the transactions contemplated hereunder; and

 

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(k)   the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

Section 7.03         No
Responsibility for Recitals, Etc. The recitals contained in this Indenture and in the Notes
(except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes
no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture
or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes
authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 

Section 7.04         Trustee,
Paying Agents, Exchange Agents or Note Registrar May Own Notes. The Trustee, any Paying
Agent, any Exchange Agent or Note Registrar (in each case, other than an Affiliate of the Company), in its individual or any other capacity,
may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Exchange Agent or
Note Registrar.

 

Section 7.05         Monies
and Property to Be Held in Trust. All monies and any property received by the Trustee or
the Exchange Agent, as applicable, shall, until used or applied as provided in this Indenture, be held in trust for the purposes for which
they were received. Money and property held by the Trustee in trust under this Indenture need not be segregated from other funds or property
except to the extent required by law. The Trustee or the Exchange Agent, as applicable, shall be under no liability for interest on any
money or property received by it under this Indenture except as may be agreed from time to time by the Company and the Trustee or the
Exchange Agent, as applicable.

 

Section 7.06         Compensation
and Expenses of Trustee. The Company and the Guarantors, jointly and severally, covenant and agree to pay to the Trustee, in
any capacity under this Indenture, from time to time, and the Trustee shall be entitled to, reasonable compensation for all services
rendered by it under this Indenture in any capacity (which shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company and the Guarantors,
jointly and severally, will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably
incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder (including the
reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ)
except any such expense, disbursement or advance as shall have been caused by its own gross negligence or willful misconduct. The Company
and the Guarantors, jointly and severally, also covenant to indemnify the Trustee in any capacity under this Indenture and any other
document or transaction entered into in connection herewith and its officers, directors, employees and agents and any authenticating
agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred without gross negligence or willful
misconduct on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case
may be, (such gross negligence or willful misconduct to be determined by a final, non-appealable decision of a court of competent jurisdiction),
and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity under this Indenture,
including the reasonable costs and expenses of enforcing their rights under this Indenture and of defending themselves against any claim
of liability in the premises or any other claim in connection with their role as Trustee under this Indenture. The obligations of the
Company and the Guarantors under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for
expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or
property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds or property held in trust herewith
for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06
shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company and the Guarantors under
this Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal of the Trustee.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification
provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee.

 

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Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after
an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for
the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.

 

Section 7.07         Officer’s
Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or omitting any action under this Indenture, such matter (unless other evidence in respect thereof be specifically prescribed
in this Indenture) may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively
proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence
of gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted
by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08         Eligibility
of Trustee. There shall at all times be a Trustee under this Indenture which shall be a Person
that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined
capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article.

 

Section 7.09         Resignation
or Removal of Trustee. (a) The Trustee may at any time resign by giving written notice
of such resignation to the Company, and the Company shall send notice thereof to the Holders. Upon receiving such notice of resignation,
the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee
shall have been so appointed and have accepted appointment within 30 days after the sending of such notice of resignation to the Holders,
the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction
for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or
since the date of this Indenture) may, subject to the provisions of Section 6.11, on behalf of himself or herself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if
any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i)  
   the Trustee shall cease to be eligible in accordance with the provisions of
Section 7.08 and shall fail to resign after written request therefor by the Company or by any such Holder, or

 

(ii)    the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,

 

then, in either case, the Company may by a Board Resolution remove
the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy
of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions
of Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this
Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem
proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)  The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section 8.04,
may upon 30 days’ notice remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee
unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee so removed
or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent
jurisdiction for an appointment of a successor trustee.

 

(d)  Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section 7.09
shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.

 

Section 7.10         Acceptance
by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall
execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment under this Indenture,
and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor under this Indenture,
with like effect as if originally named as Trustee in this Indenture; but, nevertheless, on the written request of the Company or of
the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06,
execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act.
Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain
a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except
for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions
of Section 7.06.

 

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No successor trustee shall accept appointment as
provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions
of Section 7.08.

 

Upon acceptance of appointment by a successor trustee
as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the
Company shall send notice of the succession of such trustee under this Indenture to the Holders. If the Company fails to send such notice
within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted
at the expense of the Company.

 

Section 7.11         Succession
by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee under this Indenture
without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture; provided
that any such corporation or other entity shall be eligible under the provisions of Section 7.08.

 

In case at the time such successor to the Trustee
shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor
to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor
trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor
to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor
trustee under this Indenture or in the name of the successor trustee; and in all such cases such certificates shall have the full force
which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name
of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation.

 

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Section 7.12         Trustee’s
Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other
than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the
Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the
Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on
or after the date specified in such application (which date shall not be less than three Business Days after the date any officer that
the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer
shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any
omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying
the action to be taken or omitted.

 

Article VIII

CONCERNING THE HOLDERS

 

Section 8.01         Action
by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal amount
of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking
of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein
may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or
proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and
held in accordance with the provisions of Article IX, or (c) by a combination of such instrument or instruments and any such
record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes,
the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining
Holders entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement
of solicitation of such action.

 

Section 8.02         Proof
of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the
execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall
be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in
the manner provided in Section 9.06.

 

Section 8.03         Who
Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Exchange Agent and any
Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute
owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon
made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal
and premium, if any, of and (subject to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and
for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Exchange Agent nor
any Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary
or its nominee. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to
the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable
or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event
of Default, any owner of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation,
proxy, authorization or any other action of the Depositary or any other Person, such owner’s right to exchange such beneficial
interest for a Note in certificated form in accordance with the provisions of this Indenture.

 

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Section 8.04         Company-Owned
Notes Disregarded. In determining whether the Holders of the requisite aggregate principal
amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Parent,
the Company, by any Subsidiary thereof or by any Affiliate of the Parent, the Company or any Subsidiary thereof shall be disregarded and
deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer actually
knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the
purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act
with respect to such Notes and that the pledgee is not the Parent, the Company, a Subsidiary thereof or an Affiliate of the Parent, the
Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision or indecision by the Trustee taken upon the advice
of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an
Officer’s Certificate listing and identifying all Notes, if any, known by the Parent or the Company to be owned or held by or for
the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s
Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for
the purpose of any such determination.

 

Section 8.05         Revocation
of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to
the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal
amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to
be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate
Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid,
any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners
of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether
any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of
transfer thereof.

 

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Article IX

HOLDERS’ MEETINGS

 

Section 9.01         Purpose
of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article IX
for any of the following purposes:

 

(a)  to
give any notice to the Parent, the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture,
or to consent to the waiving of any Default or Event of Default under this Indenture (in each case, as permitted under this Indenture)
and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article VI;

 

(b)  to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VII;

 

(c)  to
consent to the execution of an indenture or indentures supplemental to this Indenture pursuant to the provisions of Section 10.02;
or

 

(d)  to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under
any other provision of this Indenture or under applicable law.

 

Section 9.02         Call
of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01,
to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time
and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record
date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the Company.
Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting.

 

Any meeting of Holders shall be valid without notice
if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the
Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have,
before or after the meeting, waived notice.

 

Section 9.03         Call
of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution,
or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call
a meeting of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may
determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by delivering
notice thereof as provided in Section 9.02.

 

Section 9.04         Qualifications
for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a
Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing
as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives
of the Trustee and its counsel and any representatives of the Company and its counsel.

 

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Section 9.05         Regulations.
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for
any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and
such other matters concerning the conduct of the meeting as it shall think fit.

 

The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.03,
in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in aggregate principal
amount of the Notes represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions of Section 8.04,
at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Notes held or represented
by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged
as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to
vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf
of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned
from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not constituting
a quorum, and the meeting may be held as so adjourned without further notice.

 

Section 9.06         Voting.
The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures
of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that
said notice was sent as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor
of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter
to have attached thereto the ballots voted at the meeting.

 

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Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

 

Section 9.07         No
Delay of Rights by Meeting. Nothing contained in this Article IX shall be deemed or construed to authorize or permit, by
reason of any call of a meeting of Holders or any rights expressly or impliedly conferred under this Indenture to make such call, any
hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the
provisions of this Indenture or of the Notes. Nothing contained in this Article IX shall be deemed or construed to limit any Holder’s
actions pursuant to the applicable procedures of the Depositary so long as the Notes are Global Notes.

 

Article X

SUPPLEMENTAL INDENTURES

 

Section 10.01      Supplemental
Indentures Without Consent of Holders. Without the consent of any Holder, the Parent, the Company and the Guarantors, when authorized
by the resolutions of their respective Boards of Directors, and the Trustee, at the Company’s expense, may from time to time and
at any time enter into an indenture or indentures supplemental to this Indenture for one or more of the following purposes:

 

(a)  to
cure any ambiguity, omission, defect or inconsistency that is not materially adverse to Holders;

 

(b)  to
provide for the assumption by a Successor Company of the obligations of the Parent or the Company under this Indenture pursuant to Article XI
or the assumption by a successor guarantor of the obligations of a Guarantor under this Indenture pursuant to Section 13.04;

 

(c)  to
add guarantees or additional Guarantors with respect to the Notes;

 

(d)  to
secure the Notes;

 

(e)  to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred upon
the Parent or the Company under this Indenture;

 

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

 

(g)  to
increase the Exchange Rate as provided in this Indenture;

 

(h)  to
provide for the acceptance of appointment by a successor trustee pursuant to Section 7.09 or to facilitate the administration of
the trusts under this Indenture by more than one trustee;

 

(i)   in
connection with any Common Stock Change Event, provide that the Notes are exchangeable into Reference Property, subject to the provisions
of Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required or permitted by Article XIV;
or

 

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(j)   comply
with any requirement of the Commission in connection with any qualification of this Indenture or any supplemental indenture under the
Trust Indenture Act to the extent this Indenture is qualified thereunder.

 

Upon the written request of the Parent and the
Company, the Trustee is hereby authorized to, and shall join with the Parent, the Company and the Guarantors in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, except that the Trustee
shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise, and, for the avoidance of doubt, with respect to Sections 10.01(a) and 10.01(f),
an Officer’s Certificate shall be delivered to the Trustee which shall certify that the Parent and the Company have made such determination
in good faith.

 

Any supplemental indenture authorized by the provisions
of this Section 10.01 may be executed by the Parent, the Company, the Guarantors and the Trustee without the consent of the Holders
of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.

 

Section 10.02      Supplemental
Indentures with Consent of Holders. With the consent (evidenced as provided in Article VIII) of the Holders of at least
a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article VIII and including,
without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), the Parent, the Company
and the Guarantors, when authorized by the resolutions of their respective Boards of Directors, and the Trustee, at the Company’s
expense, may from time to time and at any time enter into an indenture or indentures supplemental to this Indenture for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture
or of modifying in any manner the rights of the Holders; provided, however, that, without the consent of each Holder of
an outstanding Note affected, no such supplemental indenture shall:

 

(a)  reduce
the principal amount of Notes whose Holders must consent to an amendment;

 

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

 

(c)  reduce
the principal of or extend the Maturity Date of any Note;

 

(d)  make
any change that adversely affects the exchange rights of any Notes;

 

(e)  reduce
the Fundamental Change Repurchase Price, the Redemption Price or the Redemption Make-Whole Amount of any Note or amend or modify in any
manner adverse to the Holders the Company’s obligation to make such payment, whether through an amendment or waiver of provisions
in the covenants, definitions or otherwise;

 

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(f)   make
any Note payable in a currency, in a form or at a place of payment other than that stated in the Note;

 

(g)  change
the ranking or priority of the Notes or any Guarantee;

 

(h)  impair
the right of any Holder to institute suit for the enforcement of its right to receive payment of principal and interest on such Holder’s
Notes on or after the due dates therefor;

 

(i)   make
any change in this Article X that requires each Holder’s consent or in the waiver provisions in Section 6.02 or Section 6.09;

 

(j)   release
the Parent from, or modify or affect in any manner adverse to the Holders the terms and conditions of, the obligations of the Parent under
this Indenture;

 

(k)  release
any Guarantor from any of its obligations under its Guarantee or this Indenture otherwise than in accordance with the terms contained
in this Indenture; or

 

(l)   provide
for the issuance of additional Notes.

 

Upon the written request of the Parent and the
Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the
Trustee shall join with the Parent, the Company and the Guarantors in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

Holders do not need under this Section 10.02
to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof.
After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly describing such supplemental
indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity
of the supplemental indenture.

 

Section 10.03       Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to
the provisions of this Article X, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Parent, the Company,
the Guarantors and the Holders shall thereafter be determined, exercised and enforced under this Indenture subject in all respects to
such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part
of the terms and conditions of this Indenture for any and all purposes.

 

Section 10.04      Notation
on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this
Article X may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in
such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of
the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the
Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed
by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes
then outstanding.

 

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Section 10.05      Evidence
of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents
required by Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence
that any supplemental indenture executed pursuant to this Indenture complies with the requirements of this Article X and is permitted
or authorized by this Indenture.

 

Article XI

CONSOLIDATION, MERGER, SALE AND LEASE

 

Section 11.01      Parent
and Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, neither the Parent
nor the Company may consolidate with, merge with or into, or (whether directly or indirectly through one or more subsidiaries) sell,
lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the consolidated assets of it
and its Subsidiaries, taken as a whole, to another Person, unless:

 

(a)  the
resulting, surviving or transferee Person (the “Successor Company”), if not the Parent or the Company, as applicable,
shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,
and the Successor Company (if not the Parent or the Company, as applicable) shall expressly assume, by supplemental indenture all of the
obligations of the Parent or the Company, as applicable, under the Notes and this Indenture; and

 

(b)  immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.

 

Section 11.02      Successor
Company to Be Substituted. In case of any such consolidation, merger, sale, transfer or lease
and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in
form to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due
and punctual delivery or payment, as the case may be, of any consideration due upon exchange of the Notes and the due and punctual performance
of all of the covenants and conditions of this Indenture to be performed by the Parent or the Company, as applicable, such Successor Company
(if not the Parent or the Company, as applicable) shall succeed to and, except in the case of a lease of all or substantially all of the
Parent’s or the Company’s properties and assets, shall be substituted for the Parent or the Company, as applicable, with the
same effect as if it had been named in this Indenture as the party of the first part. In the event of any such consolidation, merger,
sale or transfer (but not in the case of a lease) of the Company, upon compliance with this Article XI, the Person named as the “Company”
in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article XI)
may be dissolved, wound up and liquidated at any time thereafter and, except in the case of any such lease, such Person shall be released
from its liabilities as obligor and maker of the Notes and discharged from its obligations under this Indenture and the Notes.

 

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

 

Section 11.03      Opinion
of Counsel to Be Given to Trustee. No such consolidation, merger, sale, transfer or lease
shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that
any such consolidation, merger, sale, transfer or lease and any such assumption and, if a supplemental indenture is required in connection
with such transaction, such supplemental indenture, complies with the provisions of this Article XI.

 

Article XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.01       Indenture
and Notes Solely Corporate Obligations. No recourse for the payment of the principal and
premium, if any, of or accrued and unpaid interest on any Note, nor the payment or delivery of consideration due upon exchange of any
Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Parent, the Company or any Guarantor in this Indenture or in any supplemental indenture or in any Note, nor because of the creation
of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary,
as such, past, present or future, of the Parent, the Company or any Guarantor or of any successor corporation, either directly or through
the Parent, the Company or any Guarantor or any successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

Article XIII

GUARANTEES

 

Section 13.01      Guarantees.
(a) Subject to this Article XIII, each of the Guarantors hereby, as a primary obligor and not merely as surety, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Parent or the Company
hereunder or thereunder, that:

 

(i)    the
principal of, premium, if any, and interest on, the Notes and such other Note Obligations will be promptly paid in full in cash when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if
any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in
full in cash or performed, all in accordance with the terms hereof and thereof, and

 

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(ii)   in
case of any extension of time of payment or renewal of any Notes or any of such other obligations (including Note Obligations), that same
will be promptly paid in full in cash when due or performed in accordance with the terms of the extension or renewal, whether at maturity,
by acceleration or otherwise.

 

Failing payment when due of any amount so guaranteed
or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)  The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any amendment, waiver or consent by any Holder of the
Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Parent, the Company or any other Guarantor,
any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of
a Guarantor. Each Guarantor hereby unconditionally and irrevocably waives and agrees not to assert any claim, defense, setoff or counterclaim
based on diligence, promptness, presentment, requirements for any demand or notice hereunder including any of the following:

 

(i)    any
demand for payment or performance and protest and notice of protest;

 

(ii)   any
notice of acceptance;

 

(iii)  any
presentment, demand, protest or further notice or other requirements of any kind with respect to any Note Obligation (including any accrued
but unpaid interest thereon) becoming immediately due and payable; and

 

(iv) any
other notice in respect of any Note Obligation or any part thereof, and any defense arising by reason of any disability or other defense
of the Company or any Guarantor.

 

Each Guarantor further unconditionally and irrevocably
agrees not to (x) enforce or otherwise exercise any right of subrogation or any right of reimbursement or contribution or similar
right against the Parent, the Company or any Guarantor or (y) assert any claim, defense, setoff or counterclaim it may have against
the Parent, the Company or any other Guarantor or set off any of its obligations to the Parent, the Company or any other Guarantor against
obligations of such Guarantor to the Parent, the Company or such other Guarantor. No obligation of any Guarantor hereunder shall be discharged
other than by complete performance. Each Guarantor further waives any right such Guarantor may have under any applicable requirement of
law to require the Trustee or any Holder to seek recourse first against the Parent, the Company or any other Person as a condition precedent
to enforcing such Guarantor’s liability and obligations under this Article XIII.

 

(c)  If
any Holder or the Trustee is required by any court or otherwise to return any amount paid by the Parent, the Company or any Guarantor
to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

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(d)  Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full in cash of all obligations (including the Note Obligations) guaranteed hereby. Each Guarantor further agrees
that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Section 6.02 for the purposes of this Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration
of acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) will forthwith become
due and payable by the Guarantors for the purpose of this Guarantee.

 

Section 13.02      Limitation
on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby
confirms that it is the intention of all such parties that the Guarantee of such Guarantor shall not constitute a fraudulent transfer
or conveyance for purposes of applicable Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders
and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor
in respect of the obligations of such other Guarantor under this Article XIII, result in the obligations of such Guarantor under
its Guarantee not constituting a fraudulent transfer or conveyance. Each Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and that its Guarantee, and the waivers set forth herein, are
knowingly made in contemplation of such benefits.

 

Section 13.03      Execution
and Delivery of Guarantee and Supplemental Indenture. To evidence a Guarantee set forth in Section 13.01, this Indenture
will be executed on behalf of each Guarantor by one of its Officers or authorized representatives and, with respect to any Guarantors
providing a Guarantee after the date hereof, a Supplemental Indenture substantially in the form attached as Exhibit B will
be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby agrees that its Guarantee
set forth in Section 13.01 will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of
such Guarantee.

 

If an Officer whose signature is on this Indenture
or on the Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee
will be valid nevertheless.

 

The delivery of any Note by the Trustee, after
the authentication thereof hereunder, will be deemed to constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

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Section 13.04      Guarantors
May Consolidate, etc., on Certain Terms. Except as otherwise provided in Section 13.05,
a Guarantor may not, directly or indirectly, (1) consolidate with or merge with or into, or (2) sell, convey, transfer or lease
all or substantially all of its properties and assets to (whether or not such Guarantor is the surviving Person), any other Person, other
than the Company or another Guarantor, unless:

 

(a)  the
Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger (if
other than the Company or another Guarantor) is an entity organized under the laws of the United States and otherwise reasonably acceptable
to the Trustee and expressly assumes, by executing and delivering a supplemental indenture to the Trustee that is satisfactory in form
to the Trustee in accordance with Article X and any other agreements reasonably satisfactory to the Trustee, all of the obligations
of that Guarantor under its Guarantee and this Indenture; and

 

(b)  immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.

 

In case of any such consolidation, merger, sale,
conveyance, transfer or lease and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the Guarantee of such Guarantor and the due and punctual performance of all of the
covenants and conditions of this Indenture to be performed by such Guarantor, such successor Person will succeed to and be substituted
for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be
signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed
by the Company and delivered to the Trustee; provided, however, that the Guarantee of such successor Person will remain
in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. All the Guarantees so issued
will in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date of the execution.

 

Except as set forth in Article IV, nothing
contained in this Indenture or in any of the Notes will prevent any consolidation, amalgamation or merger of a Guarantor with or into
the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially
as an entirety to the Company or another Guarantor.

 

Section 13.05      Releases.
The Guarantee of any Guarantor will be automatically released:

 

(a)  in
connection with any sale or other disposition of all of the Capital Stock or all or substantially all of the assets of a Guarantor (including
by way of merger or consolidation) to such Person that is not the Company or a Guarantor if the sale or other disposition does not violate
the other provisions of this Indenture; or

 

(b)  upon
the liquidation or dissolution of such Guarantor following the transfer of all of its assets to the Company or another Guarantor as permitted
hereunder.

 

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If the Guarantee of any Guarantor or all or substantially
all of the assets of a Guarantor or the Capital Stock of any Guarantor are sold or disposed of in the manner described in clauses (a) or
(b) above, and such Guarantor is released, the Company shall deliver to the Trustee an Officers’ Certificate stating and certifying
the identity of the released Guarantor, the basis for release in reasonable detail and that such release complies with this Indenture.
Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that the conditions
of any of clauses (a) or (b) of this Section 13.05 have been met with respect to a Guarantor in accordance with the provisions
of this Indenture, the Trustee will execute any documents reasonably requested that are necessary or advisable in order to evidence the
release of such Guarantor from its obligations under its Guarantee. Any Guarantor not released from its obligations under its Guarantee
as provided in this Section 13.05 will remain liable for the full amount of principal of and interest and premium, if any, on the
Notes and for the other obligations (including the Note Obligations) of any Guarantor under this Indenture as provided in this Article XIII
notwithstanding the release of any other Guarantor.

 

Section 13.06      Reliance.
Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Parent, the Company, each other
Guarantor and any other guarantor, maker or endorser of any Note Obligation or any part thereof, and of all other circumstances bearing
upon the risk of nonpayment of any Note Obligation or any part thereof that diligent inquiry would reveal, and each Guarantor hereby agrees
that the Trustee and each Holder shall not have any duty to advise any Guarantor of information known to it regarding such condition or
any such circumstances. In the event any of the Trustee or any Holder, in its sole discretion, undertakes at any time or from time to
time to provide any such information to any Guarantor, then the Trustee or such Holder shall be under no obligation to (a) undertake
any investigation not a part of its regular business routine, (b) disclose any information that such Person, pursuant to accepted
or reasonable commercial finance or banking practices, wishes to maintain confidential or (c) make any future disclosures of such
information or any other information to any Guarantor.

 

Article XIV

Exchange OF NOTES

 

Section 14.01      Exchange
Privilege. Subject to and upon compliance with the provisions of this Article XIV (including the ownership limitations set
forth in Section 14.13), each Holder shall have the right, at such Holder’s option, to exchange all or any portion (if the
portion to be exchanged is $1,000 principal amount or an integral multiple thereof) of such Note at any time prior to the close of business
on the Business Day immediately preceding the Maturity Date at an initial exchange rate of 86.9565 shares of Common Stock (subject to
adjustment as provided in this Article XIV, and to increase as provided in Section 4.10(d), the “Exchange Rate”)
per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02, the “Exchange
Obligation”).

 

Section 14.02      Exchange
Procedure; Settlement Upon Exchange.

 

(a)  Upon
exchange of any Note, the Parent shall deliver to the exchanging Holder, in respect of each $1,000 principal amount of Notes being exchanged,
a number of shares of Common Stock equal to the Exchange Rate in effect immediately after the close of business on the Exchange Date for
such exchange, together with a cash payment, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with
subsection (j) of this Section 14.02, on the second Business Day immediately following such Exchange Date.

 

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(b)  Subject
to Section 14.02(e), before any Holder shall be entitled to exchange a Note as set forth above, in addition to any certificates that
may be required to be delivered pursuant to Section 14.13, such Holder shall (i) in the case of a Global Note, comply with the
procedures of the Depositary in effect at that time and, if required, pay funds equal to the interest payable on the next Interest Payment
Date to which such Holder is not entitled as set forth in Section 14.02(h) and (ii) in the case of a Physical Note (1) complete,
manually sign and deliver an irrevocable notice to the Exchange Agent as set forth in the Form of Notice of Exchange (or a facsimile
thereof) (a “Notice of Exchange”) at the office of the Exchange Agent and state in writing therein the principal amount
of Notes to be exchanged and the name or names (with addresses) in which such Holder wishes the certificate or certificates for the shares
of Common Stock to be delivered upon settlement of the Exchange Obligation to be registered, (2) surrender such Notes, duly endorsed
to the Parent or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Exchange Agent, (3) if
required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to the interest payable on
the next Interest Payment Date to which such Holder is not entitled as set forth in Section 14.02(h). The Trustee (and, if different,
the Exchange Agent) shall notify the Parent and the Company of receipt of any Notice of Exchange, receipt of any Notes from Holders and
receipt of any payment of interest from a Holder pursuant to this Article XIV on the Exchange Date for such exchange. No Notice of
Exchange with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase
Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with
Section 15.02.

 

If more than one Note shall be surrendered for
exchange at one time by the same Holder, the Exchange Obligation with respect to such Notes shall be computed on the basis of the aggregate
principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

(c)  A
Note shall be deemed to have been exchanged immediately prior to the close of business on the date (the “Exchange Date”)
that the Holder has complied with the requirements set forth in subsection (a) above. The Parent shall issue or cause to be issued,
and deliver to the Transfer Agent or to such Holder, or such Holder’s nominee or nominees, certificates (or, if the Note to be
exchanged is a Global Note, a book-entry transfer on the records maintained by the Transfer Agent) for the full number of shares of Common
Stock to which such Holder shall be entitled in satisfaction of the Exchange Obligation.

 

(d)  In
case any Physical Note shall be surrendered for partial exchange, the Company shall execute and the Trustee shall authenticate and deliver
to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate
principal amount equal to the unexchanged portion of the surrendered Note, without payment of any service charge by the exchanging Holder
but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax or similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder
of the new Notes issued upon such exchange being different from the name of the Holder (or the beneficial owner) of the old Notes surrendered
for such exchange.

 

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(e)  If
a Holder submits a Note for exchange, the Parent shall pay any documentary, stamp or similar issue or transfer tax due on the issue of
any shares of Common Stock upon exchange, unless the tax is due because the Holder requests such shares to be issued in a name other
than the Holder’s name or the name of the beneficial owner of such Notes, in which case the Holder shall pay that tax. The Transfer
Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s
name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding
sentence.

 

(f)   Except
as provided in Section 14.05, no adjustment shall be made for dividends on shares of Common Stock issued upon the exchange of any
Note as provided in this Article XIV.

 

(g)  Upon
the exchange of an interest in a Global Note, the Trustee shall make a notation on such Global Note as to the reduction in the principal
amount represented thereby. The Parent and the Company shall notify the Trustee in writing of any exchange of Notes effected through any
Exchange Agent other than the Trustee.

 

(h)  Upon
exchange, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth below. The
Parent’s settlement of the full Exchange Obligation shall be deemed to satisfy in full the Company’s obligation to pay the
principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Exchange Date. As a result,
accrued and unpaid interest, if any, to, but not including, the relevant Exchange Date shall be deemed to be paid in full rather than
canceled, extinguished or forfeited. Notwithstanding the foregoing, if Notes are exchanged after the close of business on a Regular Record
Date, Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest payable on
such Notes on the corresponding Interest Payment Date notwithstanding the exchange. Notes surrendered for exchange during the period from
the close of business on any Regular Record Date to the open of business on the immediately following Interest Payment Date must be accompanied
by funds equal to the amount of interest payable on the Notes so exchanged; provided that no such payment shall be required (1) for
exchanges whose Exchange Date occurs after the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has
specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately after
the corresponding Interest Payment Date; (3) if the Company has specified a Redemption Date that is after a Regular Record Date and
on or prior to the second Scheduled Trading Day immediately succeeding the corresponding Interest Payment Date; or (4) to the extent
of any overdue interest, if any overdue interest exists at the time of exchange with respect to such Note. Therefore, for the avoidance
of doubt, all Holders of record as of the close of business on the Regular Record Date immediately preceding the Maturity Date, or immediately
preceding any Fundamental Change Repurchase Date or Redemption Date, in each case, as described in the immediately preceding sentence,
shall receive the full interest payment due on the Maturity Date or other applicable Interest Payment Date regardless of whether their
Notes have been exchanged following such Regular Record Date.

 

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(i)   The
Person in whose name the certificate for the shares of Common Stock delivered upon exchange is registered shall be deemed to become a
stockholder of record as of the close of business on the relevant Exchange Date. Upon an exchange of Notes, such Person shall no longer
be a Holder of such Notes surrendered for exchange.

 

(j)   The
Company shall not issue any fractional share of Common Stock upon exchange of the Notes and shall instead pay cash in lieu of delivering
any fractional share of Common Stock issuable upon exchange based on the Last Reported Sale Price of the Common Stock on the relevant
Exchange Date.

 

Section 14.03      Increased
Exchange Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes.

 

(a)  If
the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to exchange its Notes in
connection with such Make-Whole Fundamental Change, then the Company shall, under the circumstances described below, increase the Exchange
Rate for the Notes so surrendered for exchange by a number of additional shares of Common Stock (the “Additional Shares”),
as described below. An exchange of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole Fundamental
Change if the Exchange Date of such exchange occurs during the period from, and including, the Effective Date of the Make-Whole Fundamental
Change up to, and including, the close of business on the Business Day immediately prior to the related Fundamental Change Repurchase
Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of
the definition thereof, to, and including, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental
Change).

 

For the avoidance of doubt, upon exchange of Notes
in connection with a Make-Whole Fundamental Change as provided in the preceding paragraph, the Company shall deliver shares of Common
Stock, including the Additional Shares, in accordance with Section 14.02, subject to the provisions set forth in Section 14.08.
If the consideration for Common Stock in any Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental
Change is composed entirely of cash, then for any exchange of Notes with an Exchange Date on or after the Effective Date of such Make-Whole
Fundamental Change, the Exchange Obligation shall be calculated based solely on the Stock Price for the transaction and shall be deemed
to be an amount of cash per $1,000 principal amount of exchanged Notes equal to the Exchange Rate (including any adjustment for Additional
Shares), multiplied by such Stock Price. The Company shall notify the Holders of the Effective Date of any Make-Whole Fundamental
Change no later than five Business Days after such Effective Date.

 

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(b)  The
number of Additional Shares, if any, by which the Exchange Rate shall be increased shall be determined by reference to the table below,
based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and
the Stock Price for such Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock
only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall
be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock
over the five consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the
Make-Whole Fundamental Change.

 

(c)  The
Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Exchange Rate of the Notes
is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices immediately prior to such adjustment, multiplied
by a fraction, the numerator of which is the Exchange Rate immediately prior to such adjustment giving rise to the Stock Price adjustment
and the denominator of which is the Exchange Rate as so adjusted. The number of Additional Shares set forth in the table below shall be
adjusted in the same manner and at the same time as the Exchange Rate as set forth in Section 14.05.

 

(d)  The
following table sets forth the number of Additional Shares by which the Exchange Rate shall be increased per $1,000 principal amount of
Notes pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below:

 

	Stock Price
	 
	Effective Date	 	$	10.00	 	 	$	10.75	 	 	$	11.50	 	 	$	13.00	 	 	$	14.95	 	 	$	17.50	 	 	$	20.00	 	 	$	25.00	 	 	$	30.00	 	 	$	35.00	 
	December 27, 2021	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	9.1322	 	 	 	5.8367	 	 	 	2.1209	 	 	 	0.4686	 	 	 	0.0000	 
	December 15, 2022	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	8.2239	 	 	 	5.1144	 	 	 	1.7023	 	 	 	0.2809	 	 	 	0.0000	 
	December 15, 2023	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	11.4575	 	 	 	6.8563	 	 	 	4.0491	 	 	 	1.1164	 	 	 	0.0729	 	 	 	0.0000	 
	December 15, 2024	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	8.8614	 	 	 	4.8489	 	 	 	2.5531	 	 	 	0.4093	 	 	 	0.0000	 	 	 	0.0000	 
	December 15, 2025	 	 	13.0434	 	 	 	13.0434	 	 	 	13.0434	 	 	 	8.9077	 	 	 	4.7534	 	 	 	1.9271	 	 	 	0.6125	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	December 15, 2026	 	 	13.0434	 	 	 	6.0667	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

The exact Stock Price and Effective Date may not
be set forth in the table above, in which case:

 

(i)  if
the Stock Price is between two Stock Prices in the table above or the Effective Date is between two dates in the table above, the number
of Additional Shares by which the Exchange Rate shall be increased shall be determined by a straight-line interpolation between the number
of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later dates in the table above, as applicable,
based on a 365- or 366-day year, as applicable;

 

(ii)  if
the Stock Price is greater than $35.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to subsection (c) above), no Additional Shares shall be added to the Exchange Rate; and

 

(iii)  if
the Stock Price is less than $10.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings
of the table above pursuant to subsection (c) above), no Additional Shares shall be added to the Exchange Rate.

 

    	 	68	 

     

    

 

Notwithstanding the foregoing, in no event shall
the Exchange Rate per $1,000 principal amount of Notes exceed 99.9999 shares of Common Stock, subject to adjustment in the same manner
as the Exchange Rate pursuant to Section 14.05, but excluding any applicable adjustment pursuant to Section 4.10(d).

 

(e)  Nothing
in this Section 14.03 shall prevent an adjustment to the Exchange Rate pursuant to Section 14.05 in respect of a Make-Whole
Fundamental Change.

 

Section 14.04  Payment
of Redemption Make-Whole Amount to Notes Surrendered in Connection with Optional Redemption. Upon any exchange of Notes subject
to redemption during the applicable Redemption Period, the Parent will, in addition to the other consideration payable or deliverable
in connection with such exchange, make an interest make-whole payment to the exchanging Holder equal to the aggregate dollar value of
all interest that would have been made on the Notes to be exchanged had such Notes remained outstanding from the date the applicable
Redemption Notice is delivered to Holders through the Maturity Date (the “Redemption Make-Whole Amount”). The Parent
may irrevocably elect in the applicable Redemption Notice to pay the Redemption Make-Whole Amount in cash or by delivery of a number
of shares of Common Stock equal to (a) the Redemption Make-Whole Amount divided by (b) the arithmetic average of the
Daily VWAP for each of the five Trading Days immediately following the Redemption Notice Date (plus cash in lieu of any fractional shares
of Common Stock).

 

Section 14.05  Adjustment
of Exchange Rate. The Exchange Rate shall be adjusted as set forth below, except that the
Parent and the Company shall not make any adjustments to the Exchange Rate if Holders participate (other than in the case of (x) a
share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common
Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 14.05, without having to
exchange their Notes, as if they held a number of shares of Common Stock equal to the Exchange Rate, multiplied by the principal
amount (expressed in thousands) of Notes held by such Holder.

 

(a)  If
the Parent exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common Stock, or if the Parent effects
a share split or share combination, the Exchange Rate shall be adjusted based on the following formula:

 

 

 

where,

 

ER0 =     the Exchange Rate
in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to
the open of business on the Effective Date of such share split or share combination, as applicable;

 

ER1 =     the Exchange Rate
in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;

 

    	 	69	 

     

    

 

OS0 =     the number of shares
of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable; and

 

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

 

Any adjustment made under this Section 14.05(a) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of
the type described in this Section 14.05(a) is declared but not so paid or made, or any share split or combination of the type
described in this Section 14.05(a) is announced but the outstanding shares of Common Stock are not split or combined, as the
case may be, the Exchange Rate shall be immediately readjusted, effective as of the date the Parent Board of Directors determines not
to pay such dividend or distribution, or not to split or combine the outstanding shares of Common Stock, as the case may be, to the Exchange
Rate that would then be in effect if such dividend or distribution had not been declared or such share split or combination had not been
announced.

 

(b)  If
the Parent issues to all or substantially all holders of the Common Stock any rights, options or warrants (other than pursuant to a stockholders
rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe
for or purchase shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the
Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance, the Exchange Rate shall be increased based on the following formula:

 

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;

 

		ER1	=	the Exchange Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

		OS0	=	the number of shares of Common Stock outstanding immediately
prior to 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	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by
the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

    	 	70	 

     

    

 

Any increase made under this Section 14.05(b) shall
be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the open of
business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration
of such rights, options or warrants, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect had the increase
with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common
Stock actually delivered. If such rights, options or warrants are not so issued, the Exchange Rate shall be decreased to the Exchange
Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

 

For purposes of this Section 14.05(b), in
determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase shares of the Common
Stock at a price per share that is less than such average of the Last Reported Sale Prices of the Common Stock for the applicable 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining
the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Parent
for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other
than cash, to be determined by the Parent Board of Directors.

 

(c)  If
the Parent distributes shares of its Capital Stock, evidences of its Indebtedness, other assets or property of the Parent or rights, options
or warrants to acquire its Capital Stock or other securities of the Parent, to all or substantially all holders of the Common Stock, excluding
(i) dividends, distributions or issuances as to which an adjustment is required (or would be required, disregarding the Deferral
Exception) pursuant to Section 14.05(a) or Section 14.05(b), (ii) rights issued pursuant to a stockholders right plan,
except as set forth in Section 14.11, (iii) dividends or distributions paid exclusively in cash as to which an adjustment is
required (or would be required, disregarding the Deferral Exception) pursuant to Section 14.05(d), (iv) distributions of Reference
Property in a Common Stock Change Event, as to which the provisions set forth in Section 14.08(a) shall apply and (v) Spin-Offs
as to which the provisions set forth below in this Section 14.05(c) shall apply (any of such shares of Capital Stock, evidences
of Indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed
Property”), then the Exchange Rate shall be increased based on the following formula:

 

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;

 

    	 	71	 

     

    

 

		ER1	=	the Exchange Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;

 

		SP0	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

 

		FMV	=	the fair market value (as determined by the Parent Board of Directors), as of the Ex-Dividend Date for such distribution, of the Distributed
Property distributed with respect to each outstanding share of the Common Stock.

 

Any increase made under the portion of this Section 14.05(c) above
shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution is not
so paid or made, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect if such distribution had not been
declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), then, in lieu of the foregoing increase, each Holder shall receive, in respect of each $1,000 principal amount thereof,
at the same time and upon the same terms as holders of the Common Stock, the amount and kind of Distributed Property such Holder would
have received if such Holder owned a number of shares of Common Stock equal to the Exchange Rate in effect on the Ex-Dividend Date for
the distribution. If the Parent Board of Directors determines the “FMV” (as defined above) of any distribution for purposes
of this Section 14.05(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider
the prices in such market over the same period used in computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

 

With respect to an adjustment pursuant to this
Section 14.05(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital
Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Parent, that are,
or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the
Exchange Rate shall be increased based on the following formula:

 

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the close of business on the last Trading Day of the Spin-Off Valuation Period;

 

		ER1	=	the Exchange Rate in effect immediately after the close of business on the last Trading Day of the Spin-Off Valuation Period;

 

		FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock
applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01
as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading
Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Spin-Off Valuation Period”); and

 

		MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Spin-Off Valuation Period.

 

    	 	72	 

     

    

 

The adjustment to the Exchange Rate under the preceding
paragraph shall occur on the last Trading Day of the Spin-Off Valuation Period; provided that in respect of any exchange of Notes
with an Exchange Date occurring during the Spin-Off Valuation Period, references in the portion of this Section 14.05(c) related
to Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from,
and including, the Ex-Dividend Date of such Spin-Off to, and including, such Exchange Date in determining the Exchange Rate applicable
to such exchange.

 

For purposes of this Section 14.05(c) (and
subject in all respect to Section 14.11), rights, options or warrants distributed by the Parent to all holders of the Common Stock
entitling them to subscribe for or purchase shares of the Parent’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”):
(i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued
in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.05(c) (and
no adjustment to the Conversion Rate under this Section 14.05(c) will be required) until the occurrence of the earliest Trigger
Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required)
to the Conversion Rate shall be made under this Section 14.05(c). If any such right, option or warrant, including any such existing
rights, options or warrants distributed prior to the date of this Indenture, 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 shall 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 shall 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 under this Section 14.05(c) was
made, (1) 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 (x) the Conversion Rate shall be readjusted as if such rights, options
or warrants had not been issued and (y) the Conversion Rate shall 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 (2) in
the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion
Rate shall be readjusted as if such rights, options and warrants had not been issued. The Trustee shall have no liability or responsibility
for determining whether any Trigger Event has occurred or for making any calculation in connection therewith.

 

    	 	73	 

     

    

 

For purposes of Section 14.05(a), Section 14.05(b) and
this Section 14.05(c), if any dividend or distribution to which this Section 14.05(c) is applicable also includes one or
both of:

 

(A)  a
dividend or distribution of shares of Common Stock to which Section 14.05(a) is applicable (the “Clause A Distribution”);
or

 

(B)  a
dividend or distribution of rights, options or warrants to which Section 14.05(b) is applicable (the “Clause B Distribution”),

 

then, in either case, (1) such dividend or
distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to
which this Section 14.05(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment
required by this Section 14.05(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution
and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required
by Section 14.05(a) and Section 14.05(b) with respect thereto shall then be made, except that, if determined by the
Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the
Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause
B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective
Date” within the meaning of Section 14.05(a) or “outstanding immediately prior to the open of business on such Ex-Dividend
Date” within the meaning of Section 14.05(b).

 

(d)  If
any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the Exchange Rate shall be adjusted
based on the following formula:

 

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;

 

		ER1	=	the Exchange Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

 

		SP0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
and

 

		C	=	the amount in cash per share the Parent distributes to all or substantially all holders of the Common Stock.

 

    	 	74	 

     

    

 

Any increase pursuant to this Section 14.05(d) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or
distribution is not so paid, the Exchange Rate shall be decreased, effective as of the date the Parent Board of Directors determines not
to make or pay such dividend or distribution, to be the Exchange Rate that would then be in effect if such dividend or distribution had
not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), then, in lieu of the foregoing increase, each Holder shall receive, for each $1,000 principal amount of Notes, at
the same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would have received
if such Holder owned a number of shares of Common Stock equal to the Exchange Rate in effect on the Ex-Dividend Date for such cash dividend
or distribution.

 

(e)  If
the Parent or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock, to the extent that
the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported
Sale Prices of the Common Stock over the 10 consecutive Trading Day period (such period, the “Tender/Exchange Offer Valuation
Period”) commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made
pursuant to such tender or exchange offer, the Exchange Rate shall be increased based on the following formula:

 

 

 

where,

 

		ER0	=	the Exchange Rate in effect immediately prior to the close of business on the last Trading Day of the Tender/Exchange Offer Valuation
Period;

 

		ER1	=	the Exchange 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 of all cash and any other consideration (as determined by the Parent Board of Directors) paid or payable for shares
of Common Stock purchased in such tender or exchange offer;

 

		OS0	=	the number of shares of Common Stock outstanding immediately prior to the time such tender or exchange offer expires (prior to giving
effect to the purchase or exchange of 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 time such tender or exchange offer expires (after giving effect
to the purchase or exchange of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

 

		SP1	=	the average of the Last Reported Sale Prices of the Common Stock over the Tender/Exchange Offer Valuation Period.

 

provided, however, that the Exchange Rate will in no
event be adjusted down pursuant to the provisions described in this Section 14.05(e), except to the extent provided in the second
immediately following paragraph.

 

    	 	75	 

     

    

 

The adjustment to the Exchange Rate pursuant to
this Section 14.05(e) shall occur on the last Trading Day of the Tender/Exchange Offer Valuation Period; provided that
in respect of any exchange of Notes with an Exchange Date occurring during the Tender/Exchange Offer Valuation Period, references in this
Section 14.05(e) with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have
elapsed from, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such
tender or exchange offer to, and including, such Exchange Date in determining the Exchange Rate applicable to such exchange.

 

To the extent such tender or exchange offer is
announced but not consummated (including as a result of 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 Exchange Rate will be
readjusted to the Exchange 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.

 

(f)  Notwithstanding
this Section 14.05 or any other provision of this Indenture or the Notes, if an Exchange Rate adjustment becomes effective on any
Ex-Dividend Date, and a Holder that has exchanged its Notes with an Exchange Date occurring on such Ex-Dividend Date would be treated
as the record holder of the shares of Common Stock as of such Ex-Dividend Date as described under Section 14.02(i) based on
such adjusted Exchange Rate, then, notwithstanding the Exchange Rate adjustment provisions in this Section 14.05, for purposes of
such exchange, such Exchange Rate adjustment shall not be made. Instead, such Holder shall be treated as if such Holder were the record
owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving
rise to such adjustment.

 

(g)  Except
as stated in this Indenture, the Parent shall not adjust the Exchange Rate for the issuance of shares of the Common Stock or any securities
convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible
or exchangeable securities.

 

    	 	76	 

     

    

 

(h)  In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.05, and to the extent permitted
by applicable law and subject to applicable stock exchange rules, the Parent from time to time may increase the Exchange Rate by any amount
for a period of at least 20 Business Days if the Parent Board of Directors determines that such increase would be in the Parent’s
best interest. In addition, to the extent permitted by applicable law and subject to applicable stock exchange rules, the Parent may (but
is not required to) increase the Exchange Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common
Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar
event. Whenever the Exchange Rate is increased pursuant to either of the preceding two sentences, the Parent shall send to each Holder
a notice of the increase at least 15 days prior to the date the increased Exchange Rate takes effect, and such notice shall state the
increased Exchange Rate and the period during which it will be in effect.

 

(i)  Notwithstanding
anything to the contrary in this Article XIV, the Exchange Rate shall not be adjusted:

 

(i)  upon
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 Parent’s securities and the investment of additional optional amounts in shares of Common Stock under any plan;

 

(ii)  upon
the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future employee, director
or consultant benefit plan or program of or assumed by the Parent or any of the Parent’s Subsidiaries;

 

(iii)  upon
the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security
not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued

 

(iv)  upon
the repurchase of shares of Common Stock pursuant to an open-market share repurchase program, including pursuant to structured or derivative
transactions such as accelerated share repurchase transactions or similar forward derivatives, or other buy-back transaction, in each
case, that is not a tender offer or exchange offer of the nature described in Section 14.05(e);

 

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

 

(vi)  for
accrued and unpaid interest, if any.

 

(j)  The
Parent shall not adjust the Exchange Rate pursuant to clauses (a), (b), (c), (d) or (e) of this Section 14.05 unless such
adjustment would result in a change of at least 1% of the then effective Exchange Rate. However, the Parent shall carry forward any adjustment
to the Exchange Rate that the Parent would otherwise have to make and take that adjustment into account in any subsequent adjustment.
Notwithstanding the foregoing, all such carried-forward adjustments shall be made with respect to the Notes (i) in connection with
any subsequent adjustment to the Exchange Rate of at least 1% of the Exchange Rate (when such carried-forward adjustments are taken into
account) when taken together with all prior deferred adjustments that have not yet been given effect; and (ii) (x) on the Exchange
Date for any Notes, (y) upon the occurrence of a Make-Whole Fundamental Change pursuant to Section 15.03, and (z) upon
the occurrence of an Optional Redemption pursuant to Section 16.01.

 

    	 	77	 

     

    

 

(k)  All
calculations and other determinations under this Article XIV shall be made by the Parent and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share.

 

(l)  Whenever
the Exchange Rate is adjusted as provided in this Indenture, the Parent shall promptly file with the Trustee (and the Exchange Agent if
not the Trustee) an Officer’s Certificate setting forth the Exchange Rate after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officer’s
Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Exchange Rate and may assume without inquiry that
the last Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Parent shall prepare
a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each adjustment becomes
effective and shall send such notice of such adjustment of the Exchange Rate to each Holder. Failure to deliver such notice shall not
affect the legality or validity of any such adjustment.

 

(m)  For
purposes of this Section 14.05, the number of shares of Common Stock at any time outstanding shall not include shares of Common Stock
held in the treasury of the Parent so long as the Parent does not pay any dividend or make any distribution on shares of Common Stock
held in the treasury of the Parent, but shall include shares of Common Stock issuable in respect of scrip certificates issued in lieu
of fractions of shares of Common Stock.

 

Section 14.06  Adjustments
of Prices. Whenever any provision of this Indenture requires the Parent or the Company to
calculate the Last Reported Sale Prices or Daily VWAPs over a span of multiple days (including to calculate the Stock Price), the Parent
or the Company, as applicable, shall make appropriate adjustments, if any, to each to account for any adjustment to the Exchange Rate
that becomes effective, or any event requiring an adjustment to the Exchange Rate where the Ex-Dividend Date of the event occurs, at any
time during the period when the Last Reported Sale Prices or Daily VWAPs are to be calculated.

 

Section 14.07  Reservation
of Shares. The Parent shall reserve out of its authorized but unissued shares or shares held
in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for
conversion (assuming the delivery of the maximum number of Additional Shares pursuant to Section 14.03 and that at the time of computation
of such number of shares, all such Notes would be converted by a single Holder).

 

Section 14.08  Effect
of Recapitalizations, Reclassifications and Changes of the Common Stock. (a) In the
case of:

 

(i)  any
recapitalization, reclassification or change of the Common Stock (other than a change in par value or changes resulting from a subdivision
or combination),

 

(ii)  any
consolidation, merger or combination involving the Parent,

 

    	 	78	 

     

    

 

(iii)  any
sale, lease or other transfer to a third-party of the consolidated assets of the Parent and the Parent’s Subsidiaries substantially
as an entirety, or

 

(iv)  any
statutory share exchange,

 

in each case, as a result of which the Common Stock would be converted
into, or exchanged for, stock, other securities, other property or assets, including cash or any combination thereof (such transaction,
a “Common Stock Change Event,” and such stock, securities, property, asset or cash, “Reference Property,”
and the amount and kind of reference property that a holder of one 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 fractional shares of securities or other property), a
 “Reference Property Unit”), then, notwithstanding anything to the contrary in this Indenture or the Notes, from and
after the effective time of such Common Stock Change Event, (x) the consideration due upon exchange of any Note, and the conditions
to any such exchange, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article XIV
(or in any related definitions) were instead a reference to the same number of Reference Property Units; (y) for purposes of Section 16.01,
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; and (z) for purposes of the definition of “Fundamental Change”
and “Make-Whole Fundamental Change,” the term “Common Stock” and “Common Equity” will be deemed to
mean the common equity, if any, forming part of such Reference Property. For these purposes, (x) the Daily VWAP of any Reference
Property Unit or portion thereof that consists of a class of common equity securities will be determined by reference to the definition
of “Daily VWAP,” substituting, if applicable, the Bloomberg page for such class of securities in such definition; and
(y) the Daily VWAP of any Reference Property Unit or portion thereof that does not consist of a class of common equity securities,
and 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 by the Company (or, in the
case of cash denominated in U.S. dollars, the face amount thereof).

 

If the Common Stock Change Event causes the Common
Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part
upon any form of stockholder election), then (i) the Reference Property will be deemed to be the weighted average of the types and
amounts of consideration actually received by the holders of Common Stock and (ii) the Reference Property Unit for purposes of the
immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock.
If the holders of the Common Stock receive only cash in such Common Stock Change Event, then for all exchanges for which the relevant
Exchange Date occurs after the effective date of such Common Stock Change Event (A) the consideration due upon conversion of each
$1,000 principal amount of Notes shall be solely cash in an amount equal to the Exchange Rate in effect on the Exchange Date (as may be
increased by any Additional Shares pursuant to Section 14.03), multiplied by the price paid per share of Common Stock in such Common
Stock Change Event and (B) the Parent shall satisfy the Exchange Obligation by paying cash to converting Holders on or before the
second Business Day immediately following the relevant Exchange Date. The Parent shall notify Holders, the Trustee and the Exchange Agent
(if other than the Trustee) of such weighted average as soon as practicable after such determination is made.

 

    	 	79	 

     

    

 

At or before the effective time of such Common
Stock Change Event, the Parent and the resulting, surviving or transferee Person (if not the Parent) of such Common Stock Change Event
(the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant to Section 10.01(i),
which supplemental indenture will (x) provide for subsequent exchanges of Notes in the manner set forth in this Section 14.08,
(y) provide for subsequent adjustments to the Exchange Rate pursuant to Section 14.05 in a manner consistent with this Section 14.08
and (z) contain such other provisions as the Parent reasonably determines are appropriate to preserve the economic interests of the
Holders and to give effect to the provisions of this Section 14.08.

 

If the Reference Property in respect of any Common
Stock Change Event includes shares of stock, other securities or other property or assets of a Person other than the Parent or the Successor
Person, as the case may be, in such Common Stock Change Event, then such other Person will also execute such supplemental indenture, and
such supplemental indenture will contain such additional provisions to protect the interests of the Holders, including the right of Holders
to require the Parent to repurchase their Notes upon a Fundamental Change, as the Parent Board of Directors reasonably considers necessary
by reason of the foregoing. The Parent shall not become a party to any Common Stock Change Event unless its terms are consistent with
the foregoing.

 

(b)  Notice
of Common Stock Change Events. The Parent will provide notice of each Common Stock Change Event to Holders no later than the effective
date of such Common Stock Change Event.

 

(c)  Compliance
Covenant. The Parent will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 14.08.

 

Section 14.09  Certain
Covenants(a)  The Parent
covenants that all shares of Common Stock issued upon exchange of Notes will be fully paid and non-assessable by the Company and free
from all taxes, liens and charges with respect to the issue thereof.

 

(b)  The
Parent further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation
system the Parent will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation system,
any Common Stock issuable upon exchange of the Notes.

 

    	 	80	 

     

    

 

Section 14.10  Responsibility
of Trustee. The Trustee and any other Exchange Agent shall not at any time be under any duty
or responsibility to any Holder to make any calculations or determine the Exchange Rate (or any adjustment thereto) or whether any facts
exist that may require any adjustment (including any increase) of the Exchange Rate, or with respect to the nature or extent or calculation
of any such adjustment when made, or with respect to the method employed, or in this Indenture or in any supplemental indenture provided
to be employed, in making the same. The Trustee and any other Exchange Agent shall not be accountable with respect to the validity or
value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or
delivered upon the exchange of any Note; and the Trustee and any other Exchange Agent make no representations with respect thereto. Neither
the Trustee nor any Exchange Agent shall be responsible for any failure of the Parent to issue, transfer or deliver any shares of Common
Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of exchange or to comply
with any of the duties, responsibilities or covenants of the Parent contained in this Article. Without limiting the generality of the
foregoing, neither the Trustee nor any Exchange Agent shall be under any responsibility to (a) determine whether a supplemental indenture
needs to be entered into or (b) determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to Section 14.08 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable
by Holders upon the exchange of their Notes after any event referred to in such Section 14.08 or to any adjustment to be made with
respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive
evidence of the correctness of any such provisions, and shall be protected in conclusively relying upon, the Officer’s Certificate
(which the Parent shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect
thereto.

 

The Trustee shall not be accountable for and makes
no representation as to the validity or value of any securities or assets issued upon exchange of Notes. The Trustee shall not be responsible
for the Parent’s failure to comply with this Article XIV. Each Exchange Agent (other than the Parent or an Affiliate of the
Parent) shall have the same protection under this Section 14.10 as the Trustee.

 

Section 14.11  Stockholder
Rights Plans. If the Parent has a stockholder rights plan in effect upon exchange of the
Notes, each exchanging Holder will receive, in addition to any shares of Common Stock received in connection with the exchange of such
Holder’s Notes, the rights under the stockholder rights plan, as the same may be amended from time to time. However, if, prior to
any exchange of Notes, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable stockholder
rights plan so that the Holders would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon exchange
of the Notes, the Exchange Rate shall be adjusted at the time of separation as if the Parent distributed to all or substantially all holders
of the Common Stock Distributed Property as provided in Section 14.05(c), subject to readjustment in the event of the expiration,
termination or redemption of such rights.

 

Section 14.12  [Reserved].

 

    	 	81	 

     

    

 

Section 14.13  Limits
Upon Issuance of Shares of Common Stock Upon Exchange.

 

(a)  Notwithstanding
anything to the contrary herein, no Person will be entitled to receive any shares of Common Stock otherwise deliverable upon exchange
of the Notes to the extent, but only to the extent, that such receipt would cause such Person to become, directly or indirectly, a Beneficial
Owner of more than 9.90% of the shares of the Common Stock outstanding at such time (such restriction, the “Ownership Limit”);
provided, however, that this Section 14.13 will not apply to any Person that is subject to Section 16(a) or
(b) of the Exchange Act with respect to the Parent by virtue of being deemed to be a “director” or “officer”
of the Company within the meaning of Section 16 of the Exchange Act.  For purposes of this Section 14.13 only, a Person
shall be deemed the “Beneficial Owner” of and shall be deemed to beneficially own any shares of Common Stock that such Person
or any of such Person’s affiliates (as defined in Rule 12b-2 under the Exchange Act) or associates (as defined in Rule 12b-2
under the Exchange Act) is deemed to beneficially own, together with any shares of Common Stock beneficially owned by any other persons
whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including
any “group” of which such Person is a member).  For purposes of this Section 14.13, beneficial ownership shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. 
For the avoidance of doubt, the term “Beneficial Owner” as used in this Section 14.13 shall not include (i) (x) with
respect to any Global Note, the nominee of the Depositary or any Person having an account with the Depositary or its nominee, and (y) with
respect to any Physical Note, the Holder of such Physical Note unless, in each case of clause (x) and (y), such nominee, account
holder or Holder shall also be a Beneficial Owner of such Note; and (ii) the number of shares of Common Stock that would be issuable
upon (a) exchange of the remaining, unexchanged portion of any Notes beneficially owned by such Person or any of its affiliates or
associates and any other persons whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of
the Exchange Act (including any “group” of which such Person is a member), and (b) exercise, exchange or conversion of
the unexercised, unexchanged or unconverted portion of any of the Parent’s other securities subject to a limitation on exercise,
exchange or conversion analogous to the limitation contained herein beneficially owned by such Person or any of its affiliates or associates
and any other persons whose beneficial ownership would be aggregated with such Person for purposes of Section 13(d) of the Exchange
Act (including without limitation, any “group” of which such Person is a member).

 

(b)  Any
purported delivery of shares of Common Stock upon exchange of the Notes shall be void and have no effect to the extent, but only to the
extent, that such delivery would result in any Person becoming the Beneficial Owner of shares of Common Stock outstanding at such time
in excess of the Ownership Limit applicable to such Person.

 

(c)  When
such Holder tenders Notes for exchange, that Holder must provide a certification to the Company as to whether the Person (or Persons)
receiving shares of Common Stock upon exchange is, or would, as a result of such exchange, assuming settlement upon exchange, become the
Beneficial Owner of shares of Common Stock outstanding at such time in excess of any Ownership Limit then applicable to such Person (or
Persons); provided that in the case of a Global Note, compliance with the procedures of the Depositary in effect at that time for
the exchange of Notes shall be deemed to be such Holder’s certification to the Company that the Person (or Persons) receiving shares
of Common Stock upon exchange is, or would, as a result of such exchange, assuming settlement upon exchange, become the Beneficial Owner
of shares of Common Stock outstanding at such time in excess of any Ownership Limit then applicable to such Person (or Persons).

 

(d)  If
any delivery of shares of Common Stock otherwise owed to any Person (or Persons) upon exchange of the Notes is not made, in whole or in
part, as a result of the Ownership Limit, the Parent’s obligation to make such delivery shall not be extinguished and, such Holder
may either:

 

(i)  request
the return of the Notes surrendered by such Holder for exchange, after which the Parent shall deliver such Notes to such Holder within
two Trading Days after receipt of such request; or

 

    	 	82	 

     

    

 

(ii)  certify
to the Parent that the Person (or Persons) receiving shares of Common Stock upon exchange is not, and would not, as a result of such delivery,
become the Beneficial Owner of shares of Common Stock outstanding at such time in excess of the Ownership Limit, after which the Parent
shall deliver any such shares of Common Stock withheld on account of such Ownership Limit by the later of (i) the date such shares
were otherwise due to such Person (or Persons) and (ii) two Trading Days after receipt of such certification; provided, however,
until such time as the affected Holder gives such notice, no Person shall be deemed to be the stockholder of record with respect to the
shares of Common Stock otherwise deliverable upon exchange in excess of the Ownership Limit. Upon delivery of such notice, the provisions
under Section 14.02 shall apply to the shares of Common Stock to be delivered pursuant to such notice.

 

(e)  Upon
delivery of a written notice to the Company, any Holder may from time to time increase (with such increase not effective until the sixty-first
(61st) day after delivery of such notice) or decrease the Ownership Limit of such Holder to any other percentage not in excess of 14.99%
as specified in such notice; provided that (i) any such increase in the Ownership Limit will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to such Holder and
not to any other Holder. No prior inability to convert such Notes pursuant to this paragraph shall have any effect on the applicability
of the provisions of this paragraph with respect to any subsequent determination of convertibility.

 

(f)  The
provisions of this Section 14.13 shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 14.13 to the extent necessary to correct this paragraph (or any portion of this paragraph) which may be defective
or inconsistent with the intended beneficial ownership limitation contained in this Section 14.13 or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitation contained in this Section 14.13 may not be waived
and shall apply to a successor holder of such Notes. Neither the Trustee nor the Exchange Agent shall have any responsibility to determine
the Ownership Limit or whether the issuance of any shares results in a Holder having shares in excess of the Ownership Limit or otherwise
determine or monitor compliance with the terms of this Section 14.13.

 

Article XV

REPURCHASE OF NOTES AT OPTION OF HOLDERS

 

Section 15.01  Repurchase
at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at
any time prior to the Maturity Date, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase
for cash all of such Holder’s Notes, or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple
of $1,000, on the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not less than 20
Business Days or more than 35 Business Days following the date of the Fundamental Change Company Notice at a repurchase price equal to
100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest thereon to, but excluding, the Fundamental
Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls
after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the
Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the
Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of the Notes to be repurchased pursuant to this Article XV.

 

    	 	83	 

     

    

 

(b)  Repurchases
of Notes under this Section 15.01 shall be made, at the option of the Holder thereof, upon:

 

(i)  delivery
to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form
set forth in Attachment 2 to the Form of Note attached to this Indenture as Exhibit A, if the Notes are Physical Notes,
or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in
each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date (subject
to postponement to comply with changes in applicable law after the date of this Indenture); and

 

(ii)  delivery
of the Notes to be repurchased, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change
Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry
transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery
being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

 

The Fundamental Change Repurchase Notice in respect
of any Notes to be repurchased shall state:

 

(i)  the
certificate numbers of the Notes to be delivered for repurchase;

 

(ii)  the
portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and

 

(iii)  that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture.

 

Notwithstanding anything to the contrary in the two preceding sentences,
if the Notes are Global Notes, then the Holder must instead comply with the applicable Depositary procedures to exercise the Fundamental
Change repurchase right.

 

Notwithstanding anything in this Indenture to the
contrary, a Holder that has exercised its Fundamental Change repurchase right with respect to any Note may withdraw such exercise in accordance
with Section 15.02.

 

    	 	84	 

     

    

 

The Paying Agent shall promptly notify the Company
of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof or any corresponding exercise
or withdrawal pursuant to the applicable Depositary procedures.

 

(c)  On
or before the 20th calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders and the Trustee
and the Paying Agent (in the case of a Paying Agent other than the Trustee) a written notice (the “Fundamental Change Company
Notice”) of the occurrence of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result
thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be
delivered in accordance with the applicable procedures of the Depositary. Each Fundamental Change Company Notice shall specify:

 

(i)  the
events causing the Fundamental Change;

 

(ii)  the
effective date of the Fundamental Change;

 

(iii)  the
last date on which a Holder may exercise the repurchase right pursuant to this Article XV;

 

(iv)  the
Fundamental Change Repurchase Price;

 

(v)  the
Fundamental Change Repurchase Date;

 

(vi)  the
name and address of the Paying Agent and the Exchange Agent, if applicable;

 

(vii)  if
applicable, the Exchange Rate and any adjustments to the Exchange Rate as a result of the Fundamental Change;

 

(viii)  that
the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be exchanged only if the Holder
withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and

 

(ix)  the
procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase
of the Notes pursuant to this Section 15.01.

 

At the Company’s request, the Trustee shall
give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases,
the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

    	 	85	 

     

    

 

(d)  Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of
an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such
Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration
of the Notes (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase
Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary
shall be deemed to have been canceled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice
with respect thereto shall be deemed to have been withdrawn.

 

Section 15.02  Withdrawal
of Fundamental Change Repurchase Notice. A Fundamental Change Repurchase Notice may be withdrawn
(in whole or in part) by means of a written notice of withdrawal delivered to the Trustee and the Paying Agent in accordance with this
Section 15.02 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date, specifying:

 

(i)  the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, and if Physical Notes have been issued,
the certificate numbers of the Notes in respect of which such notice of withdrawal is being submitted, and

 

(ii)  the
principal amount, if any, of such Notes that remain subject to the original Fundamental Change Repurchase Notice, which portion must be
in principal amounts of $1,000 or an integral multiple of $1,000;

 

provided, however, that if the Notes are Global Notes, such
Holder must instead comply with the applicable procedures of the Depositary to withdraw an exercise of the Fundamental Change repurchase
right.

 

Section 15.03  Deposit
of Fundamental Change Repurchase Price.

 

(a)  The
Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent,
set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental
Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change
Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for
Notes that have been validly tendered for repurchase and not withdrawn prior to the close of business on the Business Day immediately
preceding the Fundamental Change Repurchase Date, subject to postponement to comply with changes in applicable law after the date of this
Indenture, will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the
conditions in Section 15.01) and (ii) the time of book-entry transfer or the delivery of the Notes to the Trustee (or other
Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.01 by sending checks for the amount
payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that
payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee.
The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the
Fundamental Change Repurchase Price.

 

    	 	86	 

     

    

 

(b)  If
by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by the
Company) holds money sufficient to pay the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date, then, with respect
to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn in accordance with the provisions
of this Indenture, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or
not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii) all
other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price), in
each case, subject to the right of any Holder as of the close of business on any Regular Record Date to receive the related interest payment
on the corresponding Interest Payment Date.

 

(c)  Upon
surrender of a Note that is to be repurchased in part pursuant to Section 15.01, the Company shall execute and the Trustee shall
authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion
of the Note surrendered.

 

Section 15.04  Covenant
to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase
offer pursuant to this Article XV, the Company will, if required:

 

(a)  comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be
applicable;

 

(b)  file
a Schedule TO or any other required schedule under the Exchange Act; and

 

(c)  otherwise
comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;

 

in each case, so as to permit the rights and obligations
under this Article XV to be exercised in the time and in the manner specified in this Article XV.

 

Section 15.05  Repurchase
of Notes by Third Party.

 

Notwithstanding the foregoing provisions of this
Article XV, the Company shall not be required to repurchase, or to make an offer to repurchase, the Notes upon a Fundamental Change
if (i) a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for
an offer made by the Company as set forth in this Article XV; and (ii) such third party repurchases all Notes properly surrendered
and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an
offer made by the Company as set forth in this Article XV.

 

    	 	87	 

     

    

 

 

Article XVI

OPTIONAL REDEMPTION

 

Section 16.01     Optional
Redemption. The Notes shall not be redeemable by the Company prior to December 15,
2024. On or after December 15, 2024, the Company may redeem (an “Optional Redemption”) for cash all or any portion
of the Notes, at the Redemption Price, if (a) the Last Reported Sale Price of the Common Stock has been at least 130% of the Exchange
Price then in effect for at least 20 Trading Days (whether or not consecutive), including the Trading Day immediately preceding the Redemption
Notice Date, during any 30 consecutive Trading Day period ending on, and including the Trading Day immediately preceding the Redemption
Notice Date and (b) the offer and sale of all shares of Common Stock issuable upon exchange of all such Notes (including any shares
issuable as part of the Redemption Make-Whole Amount) called for redemption by the Holders are registered pursuant to an effective registration
statement under the Securities Act and such registration statement remains effective and usable, by such Holders to sell such shares
of Common Stock, continuously during the period from, and including, the date the Redemption Notice is delivered to the Holders through,
and including, the Redemption Date.

 

Section 16.02     Notice
of Optional Redemption; Selection of Notes. (a) In case the Company exercises its Optional
Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for
redemption (each, a “Redemption Date”) and it or, at its written request, in the form of an Officer’s Certificate
attaching such Notice received by the Trustee not less than 5 Business Days prior to the date such Redemption Notice is to be sent (or
such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall
deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 15 calendar
nor more than 65 calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part; provided,
however, that if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee,
the Exchange Agent (if other than the Trustee) and the Paying Agent (if other than the Trustee). The Redemption Date must be a Business
Day.

 

(b) The
Redemption Notice, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder
of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any
other Note.

 

(c) Each
Redemption Notice shall specify:

 

(i)    the
Redemption Date;

 

(ii)   the
Redemption Price;

 

(iii)  that
on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest thereon, if
any, shall cease to accrue on and after the Redemption Date;

 

    	 	88	 

     

    

 

(iv)  the
place or places where such Notes are to be surrendered for payment of the Redemption Price;

 

(v)  that
Holders called (or deemed called) for redemption may surrender their Notes for exchange at any time prior to the close of business on
the Scheduled Trading Day immediately preceding the Redemption Date;

 

(vi) the
procedures an exchanging Holder must follow to exchange its Notes in accordance with this Indenture;

 

(vii) the
calculation of the Redemption Make-Whole Amount and the Parent’s irrevocable election as to whether the Redemption Make-Whole Amount
will be payable in cash or shares of Common Stock as set forth in Section 14.04;

 

(viii) the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and

 

(ix) in
case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and after the Redemption
Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued, which principal
amount must be $1,000 or an integral multiple thereof.

 

Other than the satisfaction of the requirements
set forth in Section 16.01(b), a Redemption Notice shall be irrevocable and an Optional Redemption may not be conditional.

 

(d) If
fewer than all of the outstanding Notes are to be redeemed, the Notes to be redeemed will be selected according to the Depositary’s
applicable procedures, in the case of Notes represented by a Global Note, or, in the case of Notes represented by Physical Notes, by
lot on a pro rata basis or by another method the Trustee deems to be appropriate and fair. If any Note selected for partial redemption
is submitted for exchange in part after such selection, the portion of the Note submitted for exchange shall be deemed (so far as may
be possible) to be the portion selected for redemption.

 

Section 16.03     Payment
of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect
of the Notes in accordance with Section 16.02 and subject to the satisfaction of the requirements set forth in Section 16.01(b),
the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable
Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall
be paid and redeemed by the Company at the applicable Redemption Price.

 

(b) Prior
to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a
Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount
of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price and the Redemption
Make-Whole Amount of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment
for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment
and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price.

 

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Section 16.04     Restrictions
on Redemption. The Company may not redeem any Notes on any date if the principal amount of the
Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior
to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption
Price with respect to such Notes).

 

Article XVII

MISCELLANEOUS PROVISIONS

 

Section 17.01     Provisions
Binding on Successors. All the covenants, stipulations, promises and agreements of the Parent,
the Company and each Guarantor contained in this Indenture shall bind its successors and assigns whether so expressed or not.

 

Section 17.02     Official
Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or Officer of the Parent, the Company or any Guarantor shall and
may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that
shall at the time be the lawful successor of the Parent, the Company or any Guarantor.

 

Section 17.03     Addresses
for Notices, Etc. Any notice or demand that by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the Holders on the Parent, the Company or any Guarantor shall be deemed to have
been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by registered or certified mail
in a post office letter box addressed (until another address is filed by the Company with the Trustee) to 309 Pierce Street, Summerset,
NJ 08873, Attention: Chief Financial Officer, or sent electronically in PDF format. Any notice, direction, request or demand under this
Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being
deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent
electronically in PDF format.

 

The Trustee agrees to accept and act upon instructions
or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic
methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to
give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate
shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Parent or the Company elects to give
the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects
to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall
not 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. The Trustee shall not be liable for any losses, costs or expenses arising directly or
indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or
are inconsistent with a subsequent written instruction. The Parent and the Company agree to assume all risks arising out of the use of
such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting
on unauthorized instructions, and the risk or interception and misuse by third parties. Notwithstanding the foregoing, the Trustee may
in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in
lieu of, or in addition to, any such electronic instruction or direction.

 

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The Trustee, by notice to the Parent and the Company,
may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Holder
shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently
given to it if so mailed within the time prescribed; provided that notices given to Holders of Global Notes may be given by electronic
transmission to the facilities of the Depositary, and each such electronic transmission will be deemed to be notice “in writing.”

 

Failure to mail or transmit a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed
or transmitted in the manner provided above, it is duly given, whether or not the addressee receives it.

 

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

 

Section 17.04     Governing
Law; Jurisdiction. THIS INDENTURE AND EACH NOTE AND GUARANTEE, AND ANY CLAIM, CONTROVERSY
OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE AND GUARANTEE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.

 

Any legal action, suit or proceeding arising out
of or in connection with the Indenture, the Notes or the Guarantees shall be brought exclusively in the courts of the State of New York
or the courts of the United States located in the Southern District in the Borough of Manhattan, New York City, New York, and, by execution
and delivery of this Indenture, each party hereto hereby accepts for itself and in respect of its property, generally and unconditionally,
the jurisdiction of each such court. The Parent, the Company and each Guarantor irrevocably and unconditionally waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits
or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the
United States located in the Southern District in the Borough of Manhattan, New York City, New York and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such
court has been brought in an inconvenient forum.

 

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Section 17.05     Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee.
Upon any application or demand by the Parent or the Company to the Trustee to take any action under any of the provisions of this Indenture,
the Parent or the Company, as applicable, shall furnish to the Trustee an Officer’s Certificate and an Opinion of Counsel stating
that such action is permitted by the terms of this Indenture and that all conditions precedent under the Indenture, if any, have been
complied with.

 

Each Officer’s Certificate provided for,
by or on behalf of the Parent or the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture
(other than the Officer’s Certificates provided for in Section 4.13) and each Opinion of Counsel shall include (a) a
statement that the person signing such Officer’s Certificate or Opinion of Counsel is familiar with the requested action and this
Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained
in such certificate is based; (c) a statement that, in the judgment of such person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture;
and (d) a statement as to whether or not, in the judgment of such person, such action is permitted by this Indenture.

 

Notwithstanding anything to the contrary in this
Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel
in connection with any action to be taken by the Trustee or the Parent or the Company under this Indenture, the Trustee shall be entitled
to such Opinion of Counsel.

 

Section 17.06     Legal
Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date,
Redemption Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but
may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue
in respect of any payment that would otherwise need to be made on such date on account of the delay.

 

Section 17.07     No
Security Interest Created. Nothing in this Indenture, the Notes or the Guarantees, expressed
or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or
hereafter enacted and in effect, in any jurisdiction.

 

Section 17.08     Benefits
of Indenture. Nothing in this Indenture, the Notes or the Guarantees, expressed or implied,
shall give to any Person, other than the Holders, the parties to this Indenture, any Paying Agent, any Exchange Agent, any authenticating
agent, any Note Registrar and their successors under this Indenture, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

 

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Section 17.09     Table
of Contents, Headings, Etc. The table of contents and the titles and headings of the articles
and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture,
and shall in no way modify or restrict any of the terms or provisions of this Indenture.

 

Section 17.10     Authenticating
Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on
its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof
and transfers and exchanges of Notes under this Indenture, including under Section 2.04, Section 2.05, Section 2.07, Section 2.08,
Section 10.04, Section 13.02 and Section 15.03 as fully to all intents and purposes as though the authenticating agent
had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture,
the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes
 “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be
deemed to satisfy any requirement under this Indenture or in the Notes for the Trustee’s certificate of authentication. Such authenticating
agent shall at all times be a Person eligible to serve as trustee under this Indenture pursuant to Section 7.08.

 

Any corporation or other entity into which any
authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from
any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding
to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent under this Indenture,
if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of
any paper or any further act on the part of the parties to this Indenture or the authenticating agent or such successor corporation or
other entity.

 

Any authenticating agent may at any time resign
by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating
agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee
may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company
and shall send notice of such appointment to all Holders.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines
such agent’s fees to be unreasonable.

 

The provisions of Section 7.02, Section 7.03,
Section 7.04, Section 7.06, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent.

 

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If an authenticating agent is appointed pursuant
to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an
alternative certificate of authentication in the following form:

 

, as Authenticating Agent, certifies that this
is one of the Notes described in the within-named Indenture.

 

	By:	 	 	 
	 	Authorized Officer	 	 

 

Section 17.11     Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture
as to the parties to this Indenture and may be used in lieu of the original Indenture for all purposes. Signatures of the parties to
this Indenture transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

Section 17.12     Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.13     Waiver
of Jury Trial. EACH OF THE PARENT, THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY 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 HEREBY.

 

Section 17.14     Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay
in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 17.15     Calculations.
Except as otherwise provided in this Indenture, the Parent and the Company shall be responsible for making all calculations called for
under or in connection with the Notes. These calculations include, but are not limited to, determinations of the stock price, the Last
Reported Sale Prices of the Common Stock, accrued interest payable on the Notes and the Exchange Rate of the Notes. The Parent and the
Company shall make all these calculations in good faith and, absent manifest error, such calculations shall be final and binding on Holders.
Upon written request, the Parent and the Company shall provide a schedule of its calculations to each of the Trustee and the Exchange
Agent, and each of the Trustee and Exchange Agent is entitled to rely conclusively upon the accuracy of the Parent’s and the Company’s
calculations without independent verification. The Trustee will forward the Parent’s and the Company’s calculations to any
Holder upon the request of that Holder at the sole cost and expense of the Company.

 

    	 	94	 

     

    

 

None of the Trustee, Exchange Agent, Note Registrar
or Paying Agent (in each case, if different from the Company) shall have any responsibility for making any calculations, for determining
amounts to be paid or for monitoring stock price, or be charged with any knowledge of or have any duties to monitor any measurement period.
These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, and the Exchange
Rate of the Notes.

 

Section 17.16     U.S.A.
Patriot Act. The parties to this Indenture acknowledge that in accordance with Section 326
of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money
laundering, is required to obtain, verify, and record information that identifies each Person or other legal entity that establishes
a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 17.17     Tax
Compliance. In order to assist the Trustee with its compliance with Sections 1471 through
1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time, collectively, the
 “Applicable Law”), the Company agrees (i) to provide to the Trustee reasonably available information collected
and stored in the Company’s ordinary course of business regarding holders of Notes (solely in their capacity as such) and which
is necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and (ii) that
the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply
with Applicable Law. Nothing in the immediately preceding sentence shall be construed as obligating the Company to make any “gross
up” payment or similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted.

 

Section 17.18     Withholding
Tax. Notwithstanding any other provision of this Indenture, if the Company or other applicable
withholding agent pays withholding taxes or backup withholding on behalf of the Holder or beneficial owner as a result of an adjustment
to the Exchange Rate, the Company or other applicable withholding agent may, at its option, set off such payments against payments of
cash on the Note or sales proceeds received by or other funds or assets of the Holder or beneficial owner.

 

[Remainder of page intentionally left
blank]

 

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

 

	 	COMPOSECURE, INC., as the Parent
	 	 	 
	 	By:	/s/ Timothy Fitzsimmons
	 	 	Name: Timothy Fitzsimmons
	 	 	Title: Chief Financial Officer            

 

	 	COMPOSECURE HOLDINGS, L.L.C. , as the Company
	 	 	 
	 	By:	/s/ Timothy Fitzsimmons
	 	 	Name: Timothy Fitzsimmons   
	 	 	Title: Chief Financial Officer            

 

	
	COMPOSECURE, L.L.C., as Guarantor
	 	 	 
	 	By:	/s/ Timothy Fitzsimmons
	 	 	Name: Timothy Fitzsimmons    
	 	 	Title: Chief Financial Officer            

  

	
	ARCULUS HOLDINGS, L.L.C., as Guarantor
	 	 	 
	 	By:	/s/ Timothy Fitzsimmons
	 	 	Name: Timothy Fitzsimmons    
	 	 	Title: Chief Financial Officer            

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	  
	 	By:	/s/ Mark DiGiacomo
	 	 	Name: Mark DiGiacomo
	 	 	Title: Vice President 

 

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