Document:

EXECUTION COPY

  

VECTOR GROUP LTD.

 

and
each of the Guarantors PARTY HERETO

 

7.750% SENIOR SECURED NOTES DUE 2021

 

 

  

INDENTURE

 

Dated as of February 12, 2013

 

 

  

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee and as Collateral Agent

 

 

  

    	 

    	 

    

  

CROSS-REFERENCE TABLE*

  

	
        Trust Indenture

        Act Section
	 	Indenture Section
	310(a)(1)	 	7.10
	  (a)(2)	 	7.10
	  (a)(3)	 	N.A.
	  (a)(4)	 	N.A.
	  (a)(5)	 	7.10
	  (b)	 	7.10
	  (c)	 	N.A.
	311(a)	 	7.11
	  (b)	 	7.11
	  (c)	 	N.A.
	312(a)	 	2.05
	  (b)	 	13.03
	  (c)	 	13.03
	313(a)	 	7.06
	  (b)(1)	 	N.A.
	  (b)(2)	 	7.06; 7.07
	  (c)	 	7.06; 13.02
	  (d)	 	7.06
	314(a)	 	4.03; 13.02; 13.05
	  (b)	 	10.08
	  (c)(1)	 	13.04
	  (c)(2)	 	13.04
	  (c)(3)	 	N.A.
	  (d)	 	10.05; 10.09; 10.10
	  (e)	 	13.05
	  (f)	 	N.A.
	315(a)	 	7.01
	  (b)	 	7.05; 13.02
	  (c)	 	7.01
	  (d)	 	7.01
	  (e)	 	6.11
	316(a) (last sentence)	 	2.09
	  (a)(1)(A)	 	6.05
	  (a)(1)(B)	 	6.04
	  (a)(2)	 	N.A.
	  (b)	 	6.07
	  (c)	 	2.12
	317(a)(1)	 	6.08
	  (a)(2)	 	6.09
	  (b)	 	2.04
	318(a)	 	13.01
	  (b)	 	N.A.
	  (c)	 	13.01

 

N.A. means not applicable.

* This Cross Reference Table is not part
of the Indenture.

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	 	ARTICLE 1	 
	 	DEFINITIONS AND INCORPORATION	 
	 	BY REFERENCE	 
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	22
	Section 1.03	Incorporation by Reference of Trust Indenture Act	22
	Section 1.04	Rules of Construction	22
	 	 	 
	 	ARTICLE 2	 
	 	THE NOTES	 
	 	 	 
	Section 2.01	Form and Dating	23
	Section 2.02	Execution and Authentication	23
	Section 2.03	Registrar and Paying Agent	24
	Section 2.04	Paying Agent to Hold Money in Trust	24
	Section 2.05	Holder Lists	25
	Section 2.06	Transfer and Exchange	25
	Section 2.07	Replacement Notes	36
	Section 2.08	Outstanding Notes	37
	Section 2.09	Treasury Notes	37
	Section 2.10	Temporary Notes	37
	Section 2.11	Cancellation	38
	Section 2.12	Defaulted Interest	38
	 	 	 
	 	ARTICLE 3	 
	 	REDEMPTION AND PREPAYMENT	 
	 	 	 
	Section 3.01	Notices to Trustee	38
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	38
	Section 3.03	Notice of Redemption	39
	Section 3.04	Effect of Notice of Redemption	39
	Section 3.05	Deposit of Redemption or Purchase Price	40
	Section 3.06	Notes Redeemed or Purchased in Part	40
	Section 3.07	Optional Redemption	40
	Section 3.08	Mandatory Redemption	41
	Section 3.09	Offer to Purchase by Application of Excess Proceeds	41
	 	 	 
	 	ARTICLE 4	 
	 	COVENANTS	 
	 	 	 
	Section 4.01	Payment of Notes	43
	Section 4.02	Maintenance of Office or Agency	43
	Section 4.03	Reports	44
	Section 4.04	Compliance Certificate	45
	Section 4.05	Taxes	45
	Section 4.06	Stay, Extension and Usury Laws	45
	Section 4.07	Restricted Payments	46
	Section 4.08	Dividend and Other Payment Restrictions Affecting Subsidiaries	47
	Section 4.09	Incurrence of Indebtedness and Issuance of Preferred Stock	49
	Section 4.10	Asset Sales	52

 

    	 

    	 

    

 

	 	 	Page
	 	 	 
	Section 4.11	Transactions with Affiliates	54
	Section 4.12	Liens	55
	Section 4.13	Corporate Existence	55
	Section 4.14	Offer to Repurchase Upon Change of Control	55
	Section 4.15	Limitation on Sale and Leaseback Transactions	57
	Section 4.16	Payments for Consent	57
	Section 4.17	Additional Note Guarantees	57
	Section 4.18	Unrestricted Subsidiaries	58
	 	 	 
	 	ARTICLE 5	 
	 	SUCCESSORS	 
	 	 	 
	Section 5.01	Merger, Consolidation, or Sale of Assets	58
	Section 5.02	Successor Corporation Substituted	59
	 	 	 
	 	ARTICLE 6	 
	 	DEFAULTS AND REMEDIES	 
	 	 	 
	Section 6.01	Events of Default	59
	Section 6.02	Acceleration	61
	Section 6.03	Other Remedies	62
	Section 6.04	Waiver of Past Defaults	62
	Section 6.05	Control by Majority	62
	Section 6.06	Limitation on Suits	62
	Section 6.07	Rights of Holders of Notes to Receive Payment	63
	Section 6.08	Collection Suit by Trustee	63
	Section 6.09	Trustee May File Proofs of Claim	63
	Section 6.10	Priorities	64
	Section 6.11	Undertaking for Costs	64
	 	 	 
	 	ARTICLE 7	 
	 	TRUSTEE	 
	 	 	 
	Section 7.01	Duties of Trustee	64
	Section 7.02	Rights of Trustee	65
	Section 7.03	Individual Rights of Trustee	67
	Section 7.04	Trustee’s Disclaimer	67
	Section 7.05	Notice of Defaults	67
	Section 7.06	Reports by Trustee to Holders of the Notes	67
	Section 7.07	Compensation and Indemnity	67
	Section 7.08	Replacement of Trustee	68
	Section 7.09	Successor Trustee by Merger, etc.	69
	Section 7.10	Eligibility; Disqualification	69
	Section 7.11	Preferential Collection of Claims Against Company	69
	 	 	 
	 	ARTICLE 8	 
	 	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	70
	Section 8.02	Legal Defeasance and Discharge	70
	Section 8.03	Covenant Defeasance	71
	Section 8.04	Conditions to Legal or Covenant Defeasance	71
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	72
	Section 8.06	Repayment to Company	72

 

    	 

    	 

    

 

	 	 	Page
	 	 	 
	Section 8.07	Reinstatement	73
	 	 	 
	 	ARTICLE 9	 
	 	AMENDMENT, SUPPLEMENT AND WAIVER	 
	 	 	 
	Section 9.01	Without Consent of Holders of Notes	73
	Section 9.02	With Consent of Holders of Notes	74
	Section 9.03	Compliance with Trust Indenture Act	75
	Section 9.04	Revocation and Effect of Consents	76
	Section 9.05	Notation on or Exchange of Notes	76
	Section 9.06	Trustee to Sign Amendments, etc.	76
	 	 	 
	 	ARTICLE 10	 
	 	COLLATERAL AND SECURITY	 
	 	 	 
	Section 10.01	Security	76
	Section 10.02	Equal and Ratable Sharing of Collateral by Holders of Parity Lien Debt	76
	Section 10.03	Release of Liens in Respect of Note Guarantees	77
	Section 10.04	Relative Rights	77
	Section 10.05	Further Assurances, Compliance with Trust Indenture Act	78
	Section 10.06	Collateral Agent	79
	Section 10.07	Authorization of Actions to Be Taken	80
	Section 10.08	Recording and Opinions	81
	Section 10.09	Certificates of the Company	82
	Section 10.10	Certificates of the Trustee	82
	Section 10.11	Environmental Indemnity	82
	 	 	 
	 	ARTICLE 11	 
	 	NOTE GUARANTEES	 
	 	 	 
	Section 11.01	Guarantee	83
	Section 11.02	Limitation on Guarantor Liability	84
	Section 11.03	Execution and Delivery of Note Guarantee	84
	Section 11.04	Guarantors May Consolidate, etc., on Certain Terms	85
	Section 11.05	Releases	86
	 	 	 
	 	ARTICLE 12	 
	 	satisfaction and discharge	 
	 	 	 
	Section 12.01	Satisfaction and Discharge	86
	Section 12.02	Application of Trust Money	87
	 	 	 
	 	ARTICLE 13	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 13.01	Trust Indenture Act Controls	87
	Section 13.02	Notices	87
	Section 13.03	Communication by Holders of Notes with Other Holders of Notes	88
	Section 13.04	Certificate and Opinion as to Conditions Precedent	89
	Section 13.05	Statements Required in Certificate or Opinion	89
	Section 13.06	Rules by Trustee and Agents	89
	Section 13.07	No Personal Liability of Directors, Officers, Employees and Stockholders	89
	Section 13.08	Governing Law	90
	Section 13.09	No Adverse Interpretation of Other Agreements	90
	Section 13.10	Successors	90
	Section 13.11	Severability	90

 

    	 

    	 

    

 

	 	 	Page
	 	 	 
	Section 13.12	Counterpart Originals	90
	Section 13.13	Table of Contents, Headings, etc.	90
	Section 13.14	Waiver of Jury Trial	90
	Section 13.15	Security Advice Waiver	90
	Section 13.16	USA Patriot Act	91

 

EXHIBITS

  

	Exhibit A	FORM OF NOTE	A-1
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER	B-1
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE	C-1
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	D-1
	Exhibit E	FORM OF NOTATION OF GUARANTEE	E-1
	Exhibit F	FORM OF SUPPLEMENTAL INDENTURE	F-1

 

    	 

    	 

    

  

INDENTURE dated as
of February 12, 2013 among Vector Group Ltd., a Delaware corporation, the Guarantors (as defined) and U.S. Bank National Association
as Trustee (as defined) and as Collateral Agent (as defined).

 

The Company, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined)
of the 7.750% Senior Secured Notes due 2021 (the “Notes”):

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section
1.01         Definitions.

 

“100 Maple
LLC” means 100 Maple LLC, a Delaware limited liability company.

 

“144A Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be
issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“ABL Documents”
has the meaning set forth in the Intercreditor Agreement.

 

“ABL Lender”
has the meaning set forth in the Intercreditor Agreement.

 

“Accelerated
Note Conversion” means the conversion in advance of the scheduled conversion by their terms of any convertible debt securities
issued by the Company that are held by Affiliates of the Company, in exchange for the payment by the Company to such Affiliates
of accrued interest and additional Equity Interests in the Company (other than Disqualified Stock).

 

“Acquired
Debt” means, with respect to any specified Person:

 

(1)         Indebtedness
of any other Person existing at the time such other Person is merged with or into such specified Person or became a Guarantor,
whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into
such specified Person or becoming a Guarantor; and

 

(2)         Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections
2.02 and 4.09 hereof, as part of the same series as the Initial Notes.

 

“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 purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial
ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative
meanings.

 

    	1

    	 

    

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“Applicable
Premium” means, with respect to any Note on any redemption date, as determined by the Company, the greater of:

 

(1)         1.0%
of the principal amount of the Note; or

 

(2)         the
excess of: (a) the present value at the redemption date of (i) the redemption price of the Note at February 15, 2016, (such redemption
price being set forth in the table appearing in Section 3.07 hereof) plus (ii) all required interest payments due on the Note through
February 15, 2016, (excluding accrued but unpaid interest to the applicable redemption date), computed using a discount rate equal
to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of the Note, if greater.

 

Calculation of the Applicable
Premium will be made by the Company or on behalf of the Company by such Person as the Company shall designate, provided,
however, that such calculation shall not be a duty or obligation of the Trustee or Collateral Agent.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset Sale”
means:

 

(1)         the
sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company and the Guarantors taken as a whole will be governed by the
provisions of Section 4.14 and or the provisions of Section 5.01 and not by the provisions of Section 4.10; and

 

(2)         the
issuance or sale of Equity Interests in any of the Guarantors.

 

Notwithstanding the
preceding, none of the following items will be deemed to be an Asset Sale:

 

(1)         any
single transaction or series of related transactions that involves assets having a Fair Market Value of less than $3.0 million;

 

(2)         a
transfer of assets between or among the Company and the Guarantors;

 

(3)         an
issuance of Equity Interests by a Guarantor to the Company or to another Guarantor;

 

(4)         the
sale, lease, sublease, license, sublicense, conveyance or other disposition of products, services, inventory, or accounts receivable
and related assets (including participations therein) in the ordinary course of business, including leases with respect to facilities
that are temporarily not in use or pending their disposition, and any sale or other disposition of damaged, worn-out or obsolete
assets in the ordinary course of business or any other property that is uneconomic or no longer useful to the conduct of the business
of the Company or the Guarantors;

 

(5)         the
sale or other disposition of cash or Cash Equivalents or Investments that are Permitted Investments;

 

    	2

    	 

    

 

(6)         a
Restricted Payment that does not violate the provisions of Section 4.07 or a Permitted Investment.

 

(7)         the
licensing of intellectual property to third Persons on customary terms as determined in good faith by the Board of Directors of
the Company;

 

(8)         to
the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot
thereon) for use in the business of the Company or its Subsidiaries;

 

(9)         transfers
of property subject to casualty or condemnation proceedings; and

 

(10)        the
granting of Permitted Liens.

 

“Attributable
Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the obligation
of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including
any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be
calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP;
provided, however, that if such sale and leaseback transaction results in a Capital Lease Obligation, the
amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.”

 

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

 

“beneficial
owner” has the meaning set forth in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the
beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” will be deemed to have beneficial ownership of all securities that such “person” has the right
to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after
the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning.

 

“Board of
Directors” means:

 

(1)         with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board;

 

(2)         with
respect to a partnership, the Board of Directors of the general partner of the partnership;

 

(3)         with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and;

 

(4)         with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Broker-Dealer”
has the meaning set forth in the Registration Rights Agreement.

 

“Business
Day” means any day other than a Legal Holiday.

 

    	3

    	 

    

 

“Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which
such lease may be prepaid by the lessee without payment of a penalty.

 

“Capital Stock”
means:

 

(1)         in
the case of a corporation, corporate stock;

 

(2)         in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

 

(3)         in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and

 

(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

“Cash Equivalents”
means:

 

(1)         United
States dollars and, solely for purposes of the definition of “Permitted Investments,” any national currency of any
other country in which the Company or its Guarantors do business;

 

(2)         securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United
States government (provided that the full faith and credit of the United States is pledged in support of those securities)
having maturities of not more than one year from the date of acquisition;

 

(3)         certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any domestic commercial bank
or commercial banking institution that is a member of the Federal Reserve System having capital and surplus in excess of $500.0
million and a Thomson Bank Watch Rating of “B” or better;

 

(4)         repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (2) and (3) above
or (7) below entered into with any financial institution meeting the qualifications specified in clause (3) above or (7) below;

 

(5)         commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within one year
after the date of acquisition;

 

(6)         money
market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (5)
of this definition; and

 

(7)         marketable
general obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality
thereof maturing within one year of the date of acquisition and at the time of acquisition having one of the two highest ratings
obtainable from S&P or Moody’s.

 

    	4

    	 

    

 

“Change of
Control” means the occurrence of any of the following:

 

(1)         any
sale, transfer, lease, conveyance or other disposition (in one transaction or a series of related transactions) of all or substantially
all of the Company’s property or assets to any person or group of related persons (other than to any of the Company’s
wholly owned subsidiaries) as defined in Sections 13(d) and 14(d) of the Exchange Act, including any group acting for the purpose
of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, other than
any sale, transfer, lease, conveyance or other disposition in which (x) persons who, directly or indirectly, are beneficial owners
(as defined in Rule 13d-3 under the Exchange Act) of the Company’s Voting Stock immediately prior to such transaction, beneficially
own, directly or indirectly, immediately after such transaction at least a majority of the total voting power of the outstanding
Voting Stock of the corporation or entity purchasing such properties or assets in such sale, lease, conveyance or other disposition
and (y) persons who, directly or indirectly, are beneficial owners of the Company’s Voting Stock immediately prior to such
transaction, beneficially own, directly or indirectly, immediately after such transaction shares of common stock of the corporation
or entity purchasing such properties or assets in such sale, lease, conveyance or other disposition in a proportion that does not,
on the whole, materially differ from such ownership immediately prior to the transaction;

 

(2)         the
adoption of a plan relating to the liquidation or dissolution of the Company;

 

(3)         if
any “person” or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange
Act) other than the Company, its subsidiaries, and the Company’s or its subsidiaries’ employee benefit plans becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50%
of the aggregate ordinary voting power represented by the Company’s issued and outstanding stock; or

 

(4)         the
Company consolidates with, or merges with or into, another person or any person consolidates with, or merges with or into, the
Company, other than any consolidation or merger in which (x) persons who, directly or indirectly, are beneficial owners (as defined
in Rule 13d-3 under the Exchange Act) of the Company’s Voting Stock immediately prior to such transaction, beneficially own,
directly or indirectly, immediately after such transaction at least a majority of the voting power of the outstanding Voting Stock
of the continuing or surviving corporation or entity and (y) persons who, directly or indirectly, are beneficial owners of the
Company’s Voting Stock immediately prior to such transaction beneficially own, directly or indirectly, immediately after
such transaction shares of common stock of the continuing or surviving corporation or entity in a proportion that does not, on
the whole, materially differ from such ownership immediately prior to the transaction.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Collateral”
means the Pledged Securities and the properties and assets at any time owned or acquired by any of the Pledgors as provided in
the Collateral Documents and this Indenture other than the Excluded Assets and except:

 

(1)         any
properties and assets in which the Collateral Agent is required to release its Liens pursuant to the provisions of the Intercreditor
Agreement; and

 

    	5

    	 

    

 

(2)         any
properties and assets that no longer secure the Note Guarantees or any Obligations in respect thereof pursuant to the provisions
of Section 10.03 hereof,

 

provided that,
if such Liens are required to be released as a result of the sale, transfer or other disposition of any properties or assets of
any of the Guarantors, such assets or properties will cease to be excluded from the Collateral if any of the Guarantors thereafter
acquires or reacquires such assets or properties.

 

“Collateral
Agent” means U.S. Bank National Association, in its capacity as collateral agent under this Indenture, the Intercreditor
Agreement and the Collateral Documents, together with its successors in such capacity.

 

“Collateral
Documents” means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral
agency agreements or other grants or transfers for security executed and delivered by any Guarantor creating (or purporting to
create) a Parity Lien upon Collateral in favor of the Collateral Agent, in each case, as amended, modified, renewed, restated or
replaced, in whole or in part, from time to time.

 

“Company”
means Vector Group Ltd. and any and all successors thereto.

 

“Consolidated
EBITDA” means for any period the Consolidated Net Income of the Company for such period, after giving pro forma effect
to any Investment or acquisition or disposition of a business permitted under the Indenture as if such acquisition or disposition
occurred on the first day of the relevant period, in accordance with Regulation S-X, plus, without duplication:

 

(1)         provision
for taxes based on income or profits or capital, including, without limitation, state, city and county income, franchise and similar
taxes, foreign withholding taxes and foreign unreimbursed value added taxes of the Company and the Guarantors for such period,
to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

 

(2)         the
Fixed Charges of the Company and the Guarantors (including amortization of deferred financing fees and changes in fair value of
derivatives embedded within convertible debt) for such period, to the extent that such Fixed Charges were deducted in computing
such Consolidated Net Income; plus

 

(3)         depreciation,
amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior
period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve
for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of the Company
and the Guarantors for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted
in computing such Consolidated Net Income; plus

 

(4)         any
other non-cash charges (including impairment charges, write-offs of assets and the impact of purchase accounting but excluding
any such charge that represents an accrual or reserve for a cash expenditure for a future period), to the extent that such non-cash
charges were deducted in computing such Consolidated Net Income; plus

 

(5)         any
one-time, non-recurring expenses or charges related to any Equity Offering, Permitted Investment, acquisition, recapitalization
or incurrence of Indebtedness permitted to be incurred under this Indenture (including a refinancing thereof), whether or not consummated,
in each case to the extent such expenses or charges were deducted in computing Consolidated Net Income; minus

 

    	6

    	 

    

 

(6)         non-cash
items increasing such Consolidated Net Income for such period, other than (a) the accrual of revenue in the ordinary course of
business and (b) reversals of prior accruals or reserves for non-cash items previously excluded from the definition of Consolidated
EBITDA pursuant to clause (3) above,

 

in each case, on a consolidated
basis and determined in accordance with GAAP.

 

“Consolidated
Net Income” means for any period the aggregate of the Net Income of the Company and the Guarantors for such period, on
a consolidated basis, determined in accordance with GAAP; provided that:

 

(1)         the
Net Income (but not loss) of any Person that is not a Guarantor or that is accounted for by the equity method of accounting will
be included only to the extent of the amount of dividends or similar distributions paid in cash to the Company or a Guarantor;

 

(2)         the
Net Income of any Guarantor will be excluded to the extent that the declaration or payment of dividends or similar distributions
by that Guarantor of that Net Income is not at the date of determination permitted without any prior governmental approval (that
has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement or instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that Guarantor or its stockholders (except to the extent
of the amount of dividends or similar distributions paid in cash to the Company or a Guarantor during such period);

 

(3)         the
cumulative effect of a change in accounting principles will be excluded;

 

(4)         any
restructuring charge or reserve to the extent that such expenses or charges were deducted in computing such Consolidated Net Income,
including any restructuring costs incurred in connection with acquisitions after the date of issuance of the Notes and costs related
to the closure and/or consolidation of facilities or work force reduction and severance and relocation costs incurred in connection
therewith, will be excluded;

 

(5)         any
unrealized gains and losses due solely to fluctuations in currency values, the value of Investment Securities or the value of Long-Term
Investments, and the related tax effects according to GAAP will be excluded;

 

(6)         non-cash
compensation recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights will
be excluded;

 

(7)         after-tax
gains and losses attributable to discontinued operations will be excluded;

 

(8)         the
after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses,
severance costs and curtailments or modifications or terminations to pension and post-retirement benefit plans will be excluded;

 

(9)         any
impairment charge or asset write-off, in each case pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP
will be excluded; and

 

    	7

    	 

    

 

(10)        any
deferred financing costs written off and premiums paid in connection with any early extinguishment of Indebtedness will be excluded.

 

“Core Investments”
means investments, whether as a long or short position, in equity, debt or derivative securities, including, without limitation,
puts, options, warrants or calls, of any Person, including hedge funds, private equity funds or other investment entities, in the
ordinary course of the Company’s or any Guarantor’s business, but excluding any investment in (i) any Unrestricted
Subsidiary of the Company, or (ii) any joint venture to which the Company, any Guarantor or any Unrestricted Subsidiary is a party.

 

“Corporate
Trust Office of the Trustee” will be at the address of the Trustee specified in Section 13.02 hereof or such other address
as to which the Trustee may give notice to the Company.

 

“Credit Facilities”
means, one or more debt facilities (including, without limitation, the Liggett Credit Agreement) or commercial paper facilities,
in each case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against
such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon
or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in
whole or in part from time to time.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 

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

 

“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“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 of the Capital Stock), 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
of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock
have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale
will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem
any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. The
amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that
the Company and the Guarantors may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions
of, such Disqualified Stock, exclusive of accrued dividends.

 

    	8

    	 

    

 

“Domestic
Subsidiary” means any Subsidiary of the Company that was formed under the laws of the United States or any state of the
United States or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of
the Company.

 

“Environmental
Claim” means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order
or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i) pursuant
to or in connection with any actual or alleged violation of any Environmental Law; (ii) in connection with any Hazardous Material
or any actual or alleged Hazardous Materials Activity; or (iii) in connection with any actual or alleged damage, injury, threat
or harm to health, safety, natural resources or the environment.

 

“Environmental
Laws” means any and all current or future foreign or domestic, federal or state (or any subdivision of either of them),
statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental
Authorities relating to (i) environmental matters, including those relating to any Hazardous Materials Activity; (ii) the generation,
use, storage, transportation or disposal of Hazardous Materials; or (iii) occupational safety and health, industrial hygiene, land
use or the protection of human, plant or animal health or welfare, in any manner applicable to the Company or any of the Guarantors
or any Facility.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).

 

“Equity Offering”
means any public or private sale of common stock or preferred stock of the Company (excluding Disqualified Stock) or contribution
to the capital of the Company, other than:

 

(1)         public
offerings with respect to any such Person’s common stock registered on Form S-8; and

 

(2)         issuances
to the Company or any Subsidiary of the Company.

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Eve”
means Eve Holdings Inc., a Delaware corporation.

 

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

 

“Exchange
Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof.

 

“Exchange
Offer” has the meaning set forth in the Registration Rights Agreement.

 

“Exchange
Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement.

 

“Excluded
Assets” means real property, other than the Mebane Facility and any real property that has a Fair Market Value in excess
of $5.0 million; equipment subject to purchase money or other financing; investment property or securities, including securities
of affiliates, other than the Pledged Securities; cash and deposit accounts; foreign intellectual property and all intent-to-use
trademark applications; aircraft, aircraft engines and motor vehicles; and leasehold interests in real property, each as defined
under the UCC.

 

    	9

    	 

    

 

“Existing
Indebtedness” means Indebtedness of the Company and the Guarantors (other than Indebtedness under the Liggett Credit
Agreement) in existence on the date of this Indenture, until such amounts are repaid.

 

“Facility”
means any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore
owned, leased, operated or used by the Company or any of the Guarantors or any of their respective predecessors or Affiliates.

 

“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving
distress or necessity of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided
in this Indenture).

 

“First Priority
Debt” has the meaning set forth in the Intercreditor Agreement as in effect on the date of this Indenture.

 

“First Priority
Lien” means a Lien to the extent it secures First Priority Debt.

 

“Fixed Charges”
means, with respect to the Company and the Guarantors for any period, the sum, without duplication, of:

 

(1)         the
consolidated interest expense of the Company and the Guarantors for such period, whether paid or accrued, including, without limitation,
amortization of debt issuance costs, beneficial conversion features, derivatives embedded within convertible debt and original
issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component
of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts
and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect
of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus

 

(2)         the
consolidated interest expense of the Company and the Guarantors that was capitalized during such period; plus

 

(3)         any
interest on Indebtedness of another Person that is guaranteed by the Company or any of the Guarantors or secured by a Lien on assets
of the Company or any of the Guarantors, whether or not such Guarantee or Lien is called upon; plus

 

(4)         the
product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of the Company
or any of the Guarantors, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than
Disqualified Stock) or to the Company or a Guarantor, times (b) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed
as a decimal, in each case, determined on a consolidated basis in accordance with GAAP.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect on the date of this Indenture.

 

    	10

    	 

    

 

“Global Note
Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all Global Notes issued
under this Indenture.

 

“Global Notes”
means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on
behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued
in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof.

 

“Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment
for which the United States pledges its full faith and credit.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).

 

“Guarantors”
means each of:

 

(1)         the
Liggett Guarantors;

 

(2)         the
Domestic Subsidiaries of the Company on the date of this Indenture, other than the New Valley Subsidiaries; and

 

(3)         any
other Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture,

 

and their respective successors and assigns,
in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

“Hazardous
Materials” means any chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental
Authority or which reasonably could be expected to pose a hazard to the health and safety of the owners, occupants or any Persons
in the vicinity of any Facility or to the indoor or outdoor environment.

 

“Hazardous
Materials Activity” means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous
Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, release, threatened release,
discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal,
disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(1)         interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;

 

    	11

    	 

    

 

(2)         other
agreements or arrangements designed to manage interest rates or interest rate risk; and

 

(3)         other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.

 

“Holder”
means a Person in whose name a Note is registered.

 

“IAI Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued
in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:

 

(1)         in
respect of borrowed money;

 

(2)         evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

 

(3)         in
respect of banker’s acceptances;

 

(4)         representing
Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions;

 

(5)         representing
the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property
is acquired or such services are completed, except any such balance that constitutes an accrued expense or trade payable arising
in the ordinary course of business and not overdue by more than 90 days; or

 

(6)         representing
any Hedging Obligations,

 

if and to the extent
any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability
upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness
of any other Person.

 

“Indemnified
Liabilities” means, collectively, any and all liabilities, obligations, losses, damages (including natural resource damages),
penalties, claims (including Environmental Claims), costs (including the costs of any investigation, study, sampling, testing,
abatement, cleanup, removal, remediation or other response action necessary to remove, remediate, clean up or abate any Hazardous
Materials Activity), expenses and disbursements of any kind or nature whatsoever (including the reasonable fees and disbursements
of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding commenced or threatened
by any Person, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect or consequential
and whether based on Environmental Laws, on common law or equitable cause or on contract or otherwise, that may be imposed on,
incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of any Environmental Claim or any
Hazardous Materials Activity relating to or arising from, directly or indirectly, any past or present activity, operation, land
ownership, or practice of the Company or any of the Guarantors.

 

    	12

    	 

    

 

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

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial Notes”
means the first $450.0 million aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Initial Purchaser”
means Jeffries & Company, Inc.

 

“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act who is not also a QIB.

 

“Intercreditor
Agreement” means the Intercreditor and Lien Subordination Agreement dated February 12, 2013, by and among Wells Fargo
Bank, National Association, as ABL Lender, U.S. Bank National Association, as Collateral Agent, Liggett Group LLC, as borrower
and 100 Maple LLC, as Loan Party.

 

“Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in
the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel
and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration
of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on
a balance sheet prepared in accordance with GAAP. Except as otherwise provided in this Indenture, the amount of an Investment will
be determined at the time the Investment is made and without giving effect to subsequent changes in value.

 

“Investment
Securities” means investment securities classified as such under GAAP.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for
the intervening period.

 

“Letter of
Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use
by such Holders in connection with the Exchange Offer.

 

“Leverage
Ratio” means the ratio of (i) the sum of (A) the aggregate outstanding amount of Indebtedness of the Company and the
Guarantors as of the last day of the most recently ended fiscal quarter for which financial statements are internally available
as of the date of calculation on a combined consolidated basis in accordance with GAAP, less cash, cash equivalents, the Fair Market
Value of Investment Securities and the Fair Market Value of Long-Term Investments of the Company and the Guarantors, plus (B) the
aggregate outstanding amount of Indebtedness incurred in connection with margining of Core Investments (to the extent not included
in Indebtedness under clause (i)(A) above), plus (C) the aggregate liquidation preference of all outstanding Disqualified Stock
of the Company as of the last day of such fiscal quarter to (ii) the aggregate Consolidated EBITDA of the Company for the last
four full fiscal quarters for which financial statements are internally available ending on or prior to the date of determination.
Notwithstanding the foregoing, to the extent that Douglas Elliman Realty LLC, or any successor thereto, is classified on the Company’s
or any Guarantor’s balance sheet as a Long Term Investment, then the book value, rather than the Fair Market Value, of such
Long Term Investment will be used for purposes of the foregoing calculation.

 

    	13

    	 

    

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction.

 

“Liggett Credit
Agreement” means that certain Second Amended and Restated Loan and Security Agreement, dated as of February 21, 2012,
by and between Wells Fargo Bank, National Association, successor by merger to Wachovia Bank, National Association, Liggett Group
LLC, as Borrower, and 100 Maple LLC providing for revolving credit borrowings and term loans, including any related notes, Guarantees,
collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified,
renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt
securities to institutional investors) in whole or in part from time to time.

 

“Liggett Group
LLC” means Liggett Group LLC, a Delaware limited liability company.

 

“Liggett Guarantors”
means each of Liggett Group LLC and 100 Maple LLC.

 

“Liquidated
Damages” means all liquidated damages then owing pursuant to the Registration Rights Agreement.

 

“Long-Term
Investments” means long-term investments classified as such under GAAP.

 

“Mebane Facility”
means that certain real property located in Mebane, North Carolina and owned by 100 Maple LLC. 

 

“Moody’s”
means Moody’s Investor Service, Inc.

 

“Net Income”
means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before
any reduction in respect of preferred stock dividends, excluding, however:

 

(1)    
    any gain or loss, together with all fees and expenses related thereto and any related
provision for taxes on such gain or loss, realized in connection with:

 

(a)          any
Asset Sale; or

 

(b)          the
disposition of any securities or Investments by such Person or any of the Guarantors or the extinguishment of any Indebtedness
of such Person or any of the Guarantors; and

 

(2)    
    any extraordinary gain or loss, together with any related provision for taxes on such
extraordinary gain or loss.

 

    	14

    	 

    

 

“Net Proceeds”
means means the aggregate cash proceeds received by the Company or any of the Guarantors in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale),
net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees,
and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of
the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements,
and amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under a Credit Facility, secured by
a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price
of such asset or assets established in accordance with GAAP.

 

“New Valley
Subsidiaries” means New Valley LLC, a Delaware limited liability company, and its Subsidiaries.

 

“Non-U.S.
Person” means a Person who is not a U.S. Person.

 

“Note Guarantee”
means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant
to the provisions of this Indenture.

 

“Noteholder
Documents” means this Indenture, the Notes, the Note Guarantees, and the Collateral Documents, in each case as amended,
supplemented or otherwise modified from time to time as provided thereby.

 

“Notes”
has the meaning set forth in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single
class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include
the Initial Notes and any Additional Notes.

 

“Obligations”
means any principal (including reimbursement obligations with respect to letters of credit whether or not drawn), interest (including,
to the extent legally permitted, all interest accrued thereon after the commencement of any insolvency or liquidation proceeding
at the rate, including any applicable post-default rate, even if such interest is not enforceable, allowable or allowed as a claim
in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable under the
documentation governing any Indebtedness.

 

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

 

“Officers’
Certificate” means a certificate signed by the Chairman of the Board, the President or any Vice President, and by the
Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, that meets
the requirements of Section 13.05 hereof. One of the officers signing an Officers' Certificate given pursuant to Section 4.04 shall
be the principal executive, financial or accounting officer of the Company.

 

“Opinion of
Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements
of Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee.

 

    	15

    	 

    

 

“Parity Lien”
means a Lien granted under a Collateral Document to the Collateral Agent, at any time, upon any property of any Guarantor providing
security to secure Parity Lien Obligations.

 

“Parity
Lien Debt” means:

 

(1)         the
Initial Notes (including any related Exchange Notes); and

 

(2)         any
other Indebtedness of the Company pursuant to Additional Notes.

 

“Parity Lien
Obligations” means Parity Lien Debt and all other Obligations in respect thereof.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Permitted
Investments” means:

 

(1)         any
Investment in the Company or in a Guarantor;

 

(2)         any
Investment in Cash Equivalents;

 

(3)         any
Investment by the Company or any Guarantor in a Person, if as a result of such Investment:

 

(a)          such
Person becomes a Guarantor; or

 

(b)          such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Guarantor;

 

(4)         any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with Section 4.10 hereof.

 

(5)         any
acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified Stock)
of the Company;

 

(6)         any
Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary
course of business of the Company or any Guarantor, including pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes with Persons who
are not Affiliates;

 

(7)         loans
or advances to employees made in the ordinary course of business of the Company or any Guarantor in an aggregate principal amount
not to exceed $1.0 million at any one time outstanding;

 

(8)         repurchases
of the Notes;

 

(9)         any
Investment by the Company or any Guarantor in Core Investments;

 

(10)        Investments
represented by Hedging Obligations;

 

    	16

    	 

    

 

(11)        Investments
consisting of purchases and acquisitions of inventory, supplies, material or equipment in the ordinary course of business or consistent
with past practice;

 

(12)        other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (12)
that are at the time outstanding, not to exceed $10.0 million.

 

“Permitted
Liens” means:

 

(1)         Liens
in favor of the ABL Lender securing First Priority Debt;

 

(2)         Liens
held by the Collateral Agent equally and ratably securing the Initial Notes and all future Parity Lien Debt and other Parity Lien
Obligations;

 

(3)         Liens
in favor of the Company or the Guarantors;

 

(4)         Liens
on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Guarantor;
provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not
extend to any assets other than those of the Person merged into or consolidated with the Company or the Guarantor;

 

(5)         Liens
on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Guarantor; provided
that such Liens were in existence prior to, and not incurred in contemplation of, such acquisition;

 

(6)         Liens
to secure the performance of statutory obligations (including obligations under worker’s compensation, unemployment insurance
or similar legislation), surety or appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary
course of business, as well as obligations under the trade contracts and leases (exclusive of obligations for the payment of borrowed
money) and cash deposits in connection with acquisitions otherwise permitted under this Indenture;

 

(7)         Liens
existing on the date of this Indenture;

 

(8)         Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate
provision as is required in conformity with GAAP has been made therefor;

 

(9)         Liens
imposed by law, such as carriers’, warehousemen’s, landlords’ and mechanics’ Liens, in each case, incurred
in the ordinary course of business;

 

(10)        survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred
in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially
impair their use in the operation of the business of such Person;

 

(11)        Liens
created for the benefit of (or to secure) the Notes (or the Note Guarantees);

 

    	17

    	 

    

 

(12)        Liens
to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however, that:

 

(a)          the
new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant
to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds
or distributions thereof); and

 

(b)          the
Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal amount,
or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses,
including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

 

(13)        Liens
to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.09(b)(10) hereof covering only the assets acquired
with or financed by such Indebtedness;

 

(14)        Liens
arising by reason of any judgment, decree or order not giving rise to an Event of Default so long as such Lien is adequately bonded
and any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally
terminated or the period within such proceedings may be initiated shall not have expired; and

 

(15)        Liens
to secure obligations permitted by Section 4.09(b)(14) hereof.

 

“Permitted
Prior Liens” means:

 

(1)         Liens
described in clauses (1), (4), (5), (7) or (13) of the definition of “Permitted Liens;” and

 

(2)         Permitted
Liens that arise by operation of law and are not voluntarily granted, to the extent entitled by law to priority over the Liens
created by the Collateral Documents.

 

“Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any Guarantor issued in exchange for, or the net proceeds
of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any Guarantor
(other than intercompany Indebtedness); provided that:

 

(1)         the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all
accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith);

 

(2)         such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged;

 

    	18

    	 

    

 

(3)         if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated
in right of payment to, the Notes on terms at least as favorable to the holders of Notes as those contained in the documentation
governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and

 

(4)         such
Indebtedness is incurred either by the Company or by the Guarantor who is the obligor on the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Pledged Securities”
means all of the Capital Stock of each of Liggett Group LLC and Vector Tobacco.

 

“Pledgor”
means each of the Liggett Guarantors and Vector Tobacco and any successor thereto who is required to assume their obligations
under the indenture or the Collateral Documents.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of February 12, 2013, among the Company, the Guarantors
party thereto and the Initial Purchaser, as such agreement may be amended, modified or supplemented from time to time and, with
respect to any Additional Notes, one or more registration rights agreements among the Company, the Guarantors and the other parties
thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Company
to the purchasers of Additional Notes to register such Additional Notes under the Securities Act.

 

“Regulation
S” means Regulation S promulgated under the Securities Act.

 

“Regulation
S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued
in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed
by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with the particular subject.

 

“Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend.

 

“Restricted
Global Note” means a Global Note bearing the Private Placement Legend.

 

“Restricted
Investment” means an Investment other than a Permitted Investment.

 

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“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S. 

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Group.

 

“Sale of Collateral”
means any Asset Sale involving a sale or other disposition of Collateral.

 

“SEC”
means the Securities and Exchange Commission.

 

“Secured Indebtedness”
means all Indebtedness of the Company and the Guarantors that is secured by Liens on any of their assets, including, but not
limited to, Indebtedness pursuant to the Liggett Credit Agreement and the Notes.

 

“Secured Leverage
Ratio” means the ratio calculated in accordance with the definition herein of “Leverage Ratio” except
that “Secured Indebtedness” shall be substituted for all occurrences of “Indebtedness” in
such definition.

 

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

 

“Shelf Registration
Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement.

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of
interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture,
and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date
originally scheduled for the payment thereof.

 

“Subsidiary”
means, with respect to any specified Person:

 

(1)         any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association
or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(2)         any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person
or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

    	20

    	 

    

 

“TIA”
means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).

 

“Treasury
Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has
become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to February
15, 2016, or in the case of a satisfaction and discharge or a defeasance, at least two Business Days prior to the date on which
the Company deposits the amounts required under this Indenture; provided, however, that if the period from the redemption
date to February 15, 2016 is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year will be used.

 

“Trustee”
means U.S. Bank National Association until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

“Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted
Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Company other than any Subsidiary that is a Guarantor and any other Subsidiary
owning or operating the business currently operated by Liggett Group LLC.

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Vector Tobacco”
means Vector Tobacco Inc., a Virginia corporation.

 

“VGR Holding”
means VGR Holding LLC, a Delaware limited liability company.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election
of the Board of Directors of such Person.

 

“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(1)         the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

(2)         the
then outstanding principal amount of such Indebtedness.

 

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Section
1.02         Other Definitions.

 

	 	 	Defined in 
	Term	 	Section
	“Affiliate Transaction”	 	4.11
	“Asset Sale Offer”	 	3.09
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.14
	“Change of Control Payment”	 	4.14
	“Change of Control Payment Date”	 	4.14
	“Covenant Defeasance”	 	8.03
	“DTC”	 	2.03
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.10
	“incur”	 	4.09
	“Interest Payment Date”	 	Exhibit A
	“Legal Defeasance”	 	8.02
	“Offer Amount”	 	3.09
	“Offer Period”	 	3.09
	“Paying Agent”	 	2.03
	“Permitted Debt”	 	4.09
	“Payment Default”	 	6.01
	“Purchase Date”	 	3.09
	“Registrar”	 	2.03
	“Restricted Payments”	 	4.07

 

Section
1.03         Incorporation by Reference of Trust Indenture Act.

 

Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 

The following TIA terms
used in this Indenture have the following meanings:

 

“indenture
securities” means the Notes;

 

“indenture
security Holder” means a Holder of a Note;

 

“indenture
to be qualified” means this Indenture;

 

“indenture
trustee” or “institutional trustee” means the Trustee; and

 

“obligor”
on the Notes and the Note Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes
and the Note Guarantees, respectively.

 

All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
have the meanings so assigned to them.

 

Section
1.04         Rules of Construction.

 

Unless the context
otherwise requires:

 

(1)         a
term has the meaning assigned to it;

 

    	22

    	 

    

 

(2)         an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)         “or”
is not exclusive;

 

(4)         words
in the singular include the plural, and in the plural include the singular;

 

(5)         “will”
shall be interpreted to express a command;

 

(6)         provisions
apply to successive events and transactions; and

 

(7)         references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules
adopted by the SEC from time to time.

 

ARTICLE
2

THE NOTES

 

Section
2.01         Form and Dating.

 

(a)          General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of
its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.

 

The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and 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. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.

 

(b)          Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend
thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents 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 reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06 hereof.

 

Section
2.02         Execution and Authentication.

 

At least one Officer
must sign the Notes for the Company by manual or facsimile signature.

 

If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

 

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A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Company stating the CUSIP number, principal amount, name of Holder and date of authentication
for each Note, signed by two Officers (an “Authentication Order”), authenticate Notes for original issue that
may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding
at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more
Authentication Orders, except as provided in Section 2.07 hereof.

 

The Trustee may appoint
an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company.

 

Section
2.03         Registrar and Paying Agent.

 

The Company will maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a
register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify
the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying
Agent or Registrar.

 

The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 

Section
2.04         Paying Agent to Hold Money in Trust.

 

The Company will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or interest
on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes.

 

    	24

    	 

    

 

Section
2.05         Holder Lists.

 

The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders
and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee
at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a
list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes
and the Company shall otherwise comply with TIA § 312(a).

 

Section
2.06         Transfer and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if:

 

(1)         the
Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the Depositary;

 

(2)         the
Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes
and delivers a written notice to such effect to the Trustee or

 

(3)         there
has occurred and is continuing a Default or Event of Default with respect to the Notes.

 

Upon the occurrence
of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct
the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof.
Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section
2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global
Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

 

(b)          Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the
extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with
either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)         Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

    	25

    	 

    

 

(2)         All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar
either:

 

(A)         both:

 

(i)          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)         instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or

 

(B)         both:

 

(i)          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)         instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;

 

Upon consummation of an Exchange Offer
by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(2) shall be deemed to have been
satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such
beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial
interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee
shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof.

 

(3)         Transfer
of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)         if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)         if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

    	26

    	 

    

 

(C)         if
the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable.

 

(4)         Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global
Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and:

 

(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder
of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of
the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;

 

(B)         such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 

(C)         such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or

 

(D)         the
Registrar receives the following:

 

(i)          if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or

 

(ii)         if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth
in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

If any such transfer
is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company
shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests
transferred pursuant to subparagraph (B) or (D) above.

 

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Beneficial interests
in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial
interest in a Restricted Global Note.

 

(c)          Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(1)         Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the
following documentation:

 

(A)         if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof;

 

(B)         if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit
B hereto, including the certifications in item (1) thereof;

 

(C)         if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule
904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)         if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act
in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a)
thereof;

 

(E)         if
such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect
set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof,
if applicable;

 

(F)         if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)         if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute
and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of
such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

    	28

    	 

    

 

(2)         Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note only if:

 

(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder
of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes
or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;

 

(B)         such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 

(C)         such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or

 

(D)         the
Registrar receives the following:

 

(i)          if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof;
or

 

(ii)         if
the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit
B hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth
in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

(3)         Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted
Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2)
hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant
to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations
as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are
so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear
the Private Placement Legend.

 

    	29

    	 

    

 

(d)          Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(1)         Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes
to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to
a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)         if
the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)         if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)         if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)         if
such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;

 

(E)         if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to
the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)
thereof, if applicable;

 

(F)         if
such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)         if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.

 

    	30

    	 

    

 

(2)         Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:

 

(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

 

(B)         such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 

(C)         such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or

 

(D)         the
Registrar receives the following:

 

(i)          if
the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

 

(ii)         if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of
a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

and, in each such case set forth
in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

Upon satisfaction
of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase
or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

 

(3)         Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange
such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an
exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased
the aggregate principal amount of one of the Unrestricted Global Notes.

 

    	31

    	 

    

 

If any such
exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3)
above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of Definitive Notes so transferred.

 

(e)          Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)         Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the
name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following:

 

(A)         if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (1) thereof;

 

(B)         if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; and

 

(C)         if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable.

 

(2)         Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for
an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if:

 

(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company;

 

(B)         any
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 

(C)         any
such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or

 

(D)         the
Registrar receives the following:

 

    	32

    	 

    

 

(i)          if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(ii)         if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;

 

and, in each such case set forth
in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)         Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person
who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer,
the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof.

 

(f)          Exchange
Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue
and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate:

 

(1)         one
or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal
that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not
affiliates (as defined in Rule 144) of the Company; and

 

(2)         Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for
exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers,
(B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144)
of the Company.

 

Concurrently with the
issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced
accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders
of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount.

 

(g)          Legends.
The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture.

 

(1)         Private
Placement Legend.

 

    	33

    	 

    

 

 

(A)         Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form:

 

THIS SECURITY (OR ITS PREDECESSOR) WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY
BY ITS ACCEPTANCE HEREOF REPRESENTS THAT IT IS (1) A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT), (2) NOT A U.S. PERSON AND IS ACQUIRING ITS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE
904 OF REGULATION S UNDER THE SECURITIES ACT, OR (3) AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH
(a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT.

 

THE HOLDER OF THIS SECURITY AGREES FOR
THE BENEFIT OF VECTOR GROUP LTD. THAT (A) PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THIS SECURITY UNDER
RULE 144(K) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY TO (I) VECTOR GROUP LTD. OR ANY SUBSIDIARY THEREOF, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
144A, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE),
(IV) 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, (V) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1),
(2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF
SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN
CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (VI) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR (VII) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL,
AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO IN CLAUSE
(A) ABOVE. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE (A) (VII) ABOVE OR
UPON ANY TRANSFER OF THIS SECURITY UNDER RULE 144(K) UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION). THE INDENTURE CONTAINS
A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER THE TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING RESTRICTION.

 

(B)         Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2),
(e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private
Placement Legend.

 

    	34

    	 

    

 

(2)         Global
Note Legend. Each Global Note will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE
DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF VECTOR
GROUP LTD.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(h)          Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior
to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented
by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary
at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such increase.

 

(i)          General
Provisions Relating to Transfers and Exchanges.

 

(1)         To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

 

    	35

    	 

    

 

(2)         No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof).

 

(3)         The
Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 

(4)         All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will
be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 

(5)         Neither
the Registrar nor the Company will be required:

 

(A)         to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before
the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection;

 

(B)         to
register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part; or

 

(C)         to
register the transfer of or to exchange a Note between a record date and the next succeeding Interest Payment Date.

 

(6)         Prior
to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by
notice to the contrary.

 

(7)         The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.

 

(8)         All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile.

 

Section
2.07         Replacement Notes.

 

If any mutilated Note
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement
Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent
and any authenticating agent from any loss, liability or expense that any of them may suffer if a Note is replaced and subsequently
presented or claimed for payment. The Company may charge for its expenses in replacing a Note.

 

    	36

    	 

    

 

Every replacement Note
is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.

 

Section
2.08         Outstanding Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because
the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall
not be deemed to be outstanding for purposes of Section 3.07(a) hereof.

 

If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser.

 

If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease
to accrue interest.

 

Section
2.09         Treasury Notes.

 

In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company
or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned
will be so disregarded.

 

Section
2.10         Temporary Notes.

 

Until certificates
representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that
the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable
delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.

 

Holders of temporary
Notes will be entitled to all of the benefits of this Indenture.

 

    	37

    	 

    

 

Section
2.11         Cancellation.

 

The Company at any
time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement
of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The Company may
not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.

 

Section
2.12         Defaulted Interest.

 

If the Company defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special
record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment
date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of
the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be mailed to Holders a notice that
states the special record date, the related payment date and the amount of such interest to be paid.

 

ARTICLE
3

REDEMPTION AND PREPAYMENT

 

Section
3.01         Notices to Trustee.

 

If the Company elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least
30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth:

 

(1)         the
clause of this Indenture pursuant to which the redemption shall occur;

 

(2)         the
redemption date;

 

(3)         the
principal amount of Notes to be redeemed; and

 

(4)         the
redemption price.

 

Section
3.02         Selection of Notes to Be Redeemed or Purchased.

 

If less than all of
the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or
purchase on a pro rata or by lot basis unless otherwise required by law, DTC’s procedures or applicable stock exchange
requirements.

 

In the event of partial
redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously
called for redemption or purchase.

 

The Trustee will promptly
notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be
in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption
or purchase also apply to portions of Notes called for redemption or purchase.

 

    	38

    	 

    

 

Section
3.03         Notice of Redemption.

 

Subject to the provisions
of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to
be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof.

 

The notice will identify
the Notes to be redeemed and will state:

 

(1)         the
redemption date;

 

(2)         the
redemption price;

 

(3)         if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation
of the original Note;

 

(4)         the
name and address of the Paying Agent;

 

(5)         that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)         that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date;

 

(7)         the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

 

(8)         that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Notes.

 

At the Company’s
request, the Trustee will give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting
that the Trustee give such notice and a complete form of Notice setting forth the information to be stated in such notice as provided
in the preceding paragraph.

 

Section
3.04         Effect of Notice of Redemption.

 

Once notice of redemption
is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption
date at the redemption price. A notice of redemption may not be conditional.

 

    	39

    	 

    

 

Section
3.05         Deposit of Redemption or Purchase Price.

 

One Business Day prior
to the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption or purchase price of and accrued interest and Liquidated Damages, if any,on all Notes to be redeemed or purchased
on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying
Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Liquidated
Damages, if any, on, all Notes to be redeemed or purchased.

 

If the Company complies
with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest
record date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the Person
in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase
is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

 

Section
3.06         Notes Redeemed or Purchased in Part.

 

Upon surrender of a
Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered.

 

Section
3.07         Optional Redemption.

 

(a)          At
any time prior to February 15, 2016, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount
of Notes issued under this Indenture at a redemption price of 107.750% of the principal amount thereof, plus accrued and unpaid
interest and Liquidated Damages, if any, to the redemption date, with the net cash proceeds of a sale of common Equity Interests
(other than Disqualified Stock) of the Company; provided that:

 

(1)         at
least 65% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the Company
and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

 

(2)         the
redemption occurs within 90 days of the date of the closing of such sale of Equity Interests.

 

(b)          At
any time prior to February 15, 2016, the Company may also redeem all or a part of the Notes, upon not less than 30 nor more than
60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a redemption price equal to
100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated
Damages, if any, to the applicable date of redemption, subject to the rights of Holders on the relevant record date to receive
interest due on the relevant Interest Payment Date.

 

    	40

    	 

    

 

(c)          Except
pursuant to Sections 3.07(a) and (b) hereof, the Notes will not be redeemable at the Company’s option prior to February 15,
2016.

 

(d)          On
or after February 15, 2016, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest
and Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period
beginning on February 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive
interest on the relevant Interest Payment Date:

 

	Year	 	Percentage
	2016	 	 	105.813	%
	2017	 	 	103.875	%
	2018	 	 	101.938	%
	2019 and thereafter	 	 	100.000	%

 

Unless the Company
defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption
on the applicable redemption date.

 

(e)          Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 

Section
3.08         Mandatory Redemption.

 

The Company is not
required to make mandatory redemption or sinking fund payments with respect to the Notes. The Company may at any time and from
time to time purchase notes in the open market or otherwise provided any such purchase does not otherwise violate the provisions
of this Indenture.

 

Section
3.09         Offer to Purchase by Application of Excess Proceeds.

 

In the event that,
pursuant to Section 4.10 hereof, the Company is required to commence an offer to all Holders to purchase Notes (an “Asset
Sale Offer”), it will follow the procedures specified below.

 

The Asset Sale Offer
shall be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions
similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets.
The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30
Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company
will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu
Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other
Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as
interest payments are made.

 

If the Purchase Date
is on or after an interest record date and on or before the related Interest Payment Date, any accrued and unpaid interest and
Liquidated Damages, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record
date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.

 

    	41

    	 

    

 

Upon the commencement
of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy
to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant
to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

 

(1)         that
the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale
Offer will remain open;

 

(2)         the
Offer Amount, the purchase price and the Purchase Date;

 

(3)         that
any Note not tendered or accepted for payment will continue to accrue interest;

 

(4)         that,
unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to
accrue interest after the Purchase Date;

 

(5)         that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased only in denominations
of $2,000 and integral multiples of $1,000 in excess thereof;

 

(6)         that
Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three
days before the Purchase Date;

 

(7)         that
Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing
his election to have such Note purchased;

 

(8)         that,
if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the
Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis
based on the principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may
be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof,
will be purchased); and

 

(9)         that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer).

 

On or before the Purchase
Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer
Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered,
all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later
than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes
tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee,
upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new
Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall
be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset
Sale Offer on the Purchase Date.

 

    	42

    	 

    

 

Other than as specifically
provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections
3.01 through 3.06 hereof.

 

ARTICLE
4

COVENANTS

 

Section
4.01         Payment of Notes.

 

The Company will pay
or cause to be paid the principal of, premium, if any, and interest and Liquidated Damages, if any, on, the Notes on the dates
and in the manner provided in the Notes. Principal, premium, if any, and interest and Liquidated Damages, if any will be considered
paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time
on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due. The Company will pay all Liquidated Damages, if any, in the same manner on the dates and
in the amounts set forth in the Registration Rights Agreement.

 

The Company will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without
regard to any applicable grace period) at the same rate to the extent lawful.

 

Section
4.02         Maintenance of Office or Agency.

 

The Company will maintain
in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of
the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices
and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails
to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee.

 

The Company may also
from time to time designate 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, however, that no such designation or rescission
will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City
of New York 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 Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03
hereof.

 

    	43

    	 

    

 

Section
4.03         Reports.

 

(a)          Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to the
Holders of Notes or cause the Trustee to furnish to the Holders of Notes, within the time periods specified in the SEC’s
rules and regulations (or within five Business Days thereof if the Company is subject to the periodic reporting requirements of
the Exchange Act):

 

(1)         all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required
to file reports; and

 

(2)         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.

 

All such reports will
be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual
report on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s certified
independent accountants. In addition, the Company will file a copy of each of the reports referred to in clauses (1) and (2) above
with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports
(unless the SEC will not accept such a filing) and will post the reports on its website within those time periods. The Company
will at all times comply with TIA § 314(a).

 

If, at any time, the
Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless
continue filing the reports specified in the preceding paragraph with the SEC within the time periods in the SEC’s rules
and regulations unless the SEC will not accept such a filing. The Company will not take any action for the purpose of causing the
SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company's filings for any reason,
the Company will post the reports referred to in the preceding paragraph on its website within the time periods that would apply
if the Company were required to file those reports with the SEC.

 

(b)          To
the extent required by the SEC, the quarterly and annual financial information required by paragraph (a) of this Section 4.03 will
include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in
Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results
of operations of the Company and the Guarantors separate from the financial condition and results of operations of the Unrestricted
Subsidiaries of the Company.

 

(c)          For
so long as any Notes remain outstanding, if at any time the Company and the Guarantors are not required to file with the SEC the
reports required by paragraphs (a) and (b) of this Section 4.03, the Company and the Guarantors will furnish to the Holders and
to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act.

 

(d)          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 constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its 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 the statements contained
therein. The Trustee is entitled to assume such compliance and correctness unless a Responsible Officer of the Trustee is informed
otherwise.

 

    	44

    	 

    

  

Section
4.04         Compliance Certificate.

 

(a)          The
Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within
90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company
and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture and the Collateral
Documents, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the
Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture Collateral Documents and
is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture or Collateral
Documents (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or
she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of
his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of
or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company
is taking or proposes to take with respect thereto.

 

(b)          So
long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer becoming aware of
any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the
Company is taking or proposes to take with respect thereto.

 

(c)          Except
with respect to receipt of Note payments when due and any Default or Event of Default information contained in the Officers’
Certificate delivered to it pursuant to Section 4.04, the Trustee shall have no duty to review, ascertain or confirm the Company’s
compliance with, or the breach of, any representation, warranty or covenant made in this Indenture.

 

Section
4.05         Taxes.

 

The Company will pay,
and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Notes.

 

Section
4.06         Stay, Extension and Usury Laws.

 

The Company and each
of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors
(to the extent that 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 herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted.

 

    	45

    	 

    

 

Section
4.07         Restricted Payments.

 

(a)          Neither
the Company nor any Guarantor will, directly or indirectly:

 

(1)         declare
or pay any dividend or make any other payment or distribution on account of the Company’s or such Guarantor’s Equity
Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any
Guarantor) or to the direct or indirect holders of the Company’s or any such Guarantor’s Equity Interests in their
capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company
and other than dividends or any other payments or distributions payable to the Company or a Guarantor);

 

(2)         purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company;

 

(3)         make
any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the
Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness
between or among the Company and any of the Guarantors), except a payment of interest or principal at the Stated Maturity thereof;
or

 

(4)         make
any Restricted Investment

 

(all such payments and other actions set
forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”),

 

unless at the time of such Restricted Payment,
the Company’s Consolidated EBITDA for the most recently ended four full fiscal quarters for which internal financial statements
are available is no less than $75.0 million, provided that the Company shall not be permitted to make any distribution or dividend
of any Equity Interests in, or non-cash assets of, any Guarantor.

 

(b)          The
provisions of Section 4.07(a) will not prohibit:

 

(1)         the
payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration
or notice, the dividend or other distribution or redemption payment would have complied with the provisions of this Indenture;

 

(2)         so
long as no Default has occurred and is continuing or would be caused thereby, the making of any Restricted Payment in exchange
for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity
Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution of common equity capital
to the Company;

 

(3)         so
long as no Default has occurred and is continuing or would be caused thereby, the repurchase, redemption, defeasance or other acquisition
or retirement for value of Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any
Note Guarantee with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness;

 

    	46

    	 

    

 

(4)         the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Guarantor
to the holders of its Equity Interests on a pro rata basis;

 

(5)         the
repurchase of Equity Interests deemed to occur upon the exercise of stock options, warrants or other convertible or exchangeable
securities to the extent such Equity Interests represent a portion of the exercise price of those stock options, warrants or other
convertible or exchangeable securities;

 

(6)         so
long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of regularly scheduled
or accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Guarantor issued on or after
the date of this Indenture in accordance with the Leverage Ratio and Secured Leverage Ratio tests described in Section 4.09 hereof;
and

 

(7)         the
distribution of the Equity Interests of Eve to the Company in order to contribute such Equity Interests to Vector Tobacco, provided
that Eve shall remain a Guarantor.

 

The amount of all Restricted
Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed
to be transferred or issued by the Company or such Guarantor, as the case may be, pursuant to the Restricted Payment. The Fair
Market Value of any assets or securities that are required to be valued by this Section 4.07 will be determined by the Board of
Directors of the Company whose resolution with respect thereto will be delivered to the Trustee. The Board of Directors’
determination must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national
standing if the Fair Market Value exceeds $10.0 million.

 

Section
4.08         Dividend and Other Payment Restrictions Affecting Subsidiaries.

 

(a)          Neither
the Company nor any Guarantor will, directly or indirectly, create or permit to exist or become effective any consensual encumbrance
or restriction on the ability of any Guarantor to:

 

(1)         pay
dividends or make any other distributions on its Capital Stock to the Company or any Guarantor, or with respect to any other interest
or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any Guarantor;

 

(2)         make
loans or advances to the Company or any of the Guarantors; or

 

(3)         sell,
lease or transfer any of its properties or assets to the Company or any Guarantor.

 

(b)          The
restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by reason of:

 

(1)         agreements
governing Existing Indebtedness and Credit Facilities as in effect on the date of this Indenture and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings are not materially more restrictive,
taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the
date of this Indenture;

 

    	47

    	 

    

 

(2)         this
Indenture, the Notes, the Note Guarantees and the Collateral Documents;

 

(3)         applicable
law, rule, regulation or order;

 

(4)         any
instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of the Guarantors as in effect at
the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation
of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person,
other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness,
such Indebtedness was permitted by the terms of this Indenture to be incurred;

 

(5)         customary
non-assignment provisions in contracts, leases and licenses entered into in the ordinary course of business or that restrict the
subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract;

 

(6)         purchase
money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose restrictions
on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof;

 

(7)         any
agreement for the sale or other disposition of a Guarantor that restricts distributions by that Guarantor pending the sale or other
disposition;

 

(8)         Permitted
Refinancing Indebtedness; provided that the encumbrances and restrictions contained in the agreements governing such Permitted
Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing
the Indebtedness being refinanced as determined in good faith by the Board of Directors of the Company;

 

(9)         Liens
permitted to be incurred under the provisions of Section 4.12 hereof that limit the right of the debtor to dispose of the assets
subject to such Liens;

 

(10)        provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements entered into with the approval of the Company’s Board of Directors,
which limitation is applicable only to the assets that are the subject of such agreements;

 

(11)        restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(12)        provisions
limiting the disposition or distribution of assets in joint venture agreements entered into (i) in the ordinary course of business
or (ii) with the approval of the Company’s or the Guarantor’s Board of Directors or chief financial officer, which
limitation or prohibition is applicable only to the assets that are the subject of such agreements;

 

(13)        net
worth provisions in leases and other agreements entered into by the Company or any Guarantor in the ordinary course of business;
or

 

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(14)        agreements
governing Indebtedness permitted to be incurred pursuant to Section 4.09 hereof; provided, that the Board of Directors of
the Company determines in good faith (such determination to be evidenced by a resolution of the Board of Directors) that such encumbrances
and restrictions are not materially more restrictive, taken as a whole, than those in agreements in the Liggett Credit Agreement
(as in effect on the date of the indenture) and would not reasonably be expected to impair the ability of the Company to make payments
of interest and scheduled payments of principal on the Notes, in each case as and when due, or to impair any Guarantor’s
ability to honor its Note Guarantee.

 

Section
4.09         Incurrence of Indebtedness and Issuance of Preferred Stock.

 

(a)          Neither
the Company nor any Guarantor will, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly
or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including
Acquired Debt), and the Company will not issue any Disqualified Stock and none of the Guarantors will issue any shares of preferred
stock; provided, however, that the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock,
and the Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Leverage Ratio and the Secured
Leverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred
stock is issued, as the case may be, would have been no greater than 3.0 to 1.0 in respect of the Leverage Ratio and 1.5 to 1.0
in respect of the Secured Leverage Ratio, determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or preferred stock had been issued, as
the case may be, at the beginning of such four quarter period.

 

(b)          The
provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively,
“Permitted Debt”):

 

(1)         the
incurrence by the Company and any of the Guarantors of additional Indebtedness and letters of credit under Credit Facilities in
an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a
principal amount equal to the maximum potential liability of the Company and the Guarantors thereunder) not to exceed $60.0 million
less the aggregate amount of all Net Proceeds of Asset Sales applied by the Company or any of the Guarantors since the date
of this Indenture to repay any term Indebtedness under a Credit Facility or to repay any revolving credit Indebtedness under a
Credit Facility and effect a corresponding commitment reduction thereunder pursuant to the provisions of the covenant described
in Section 4.10 hereof;

 

(2)         the
incurrence by the Company and the Guarantors of the Existing Indebtedness;

 

(3)         the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees to be issued
on the date of this Indenture and the Exchange Notes and the related Note Guarantees to be issued pursuant to the Registration
Rights Agreement;

 

(4)         the
incurrence by the Company or any of the Guarantors of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of
which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness)
that was permitted by this Indenture to be incurred under Section 4.09(a) hereof or clauses (2), (3) and (4) of this Section 4.09(b);

 

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(5)         the
incurrence by the Company or any of the Guarantors of intercompany Indebtedness between or among the Company and any of the Guarantors;
provided, however, that:

 

(A)         any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Company or a Guarantor and

 

(B)         any
sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Guarantor,

 

will be deemed,
in each case, to constitute an incurrence of such Indebtedness by the Company or such Guarantor, as the case may be, that was not
permitted by this clause (5);

 

(6)         the
issuance by any of the Guarantors to the Company or to any of the Guarantors of shares of preferred stock; provided, however,
that:

 

(A)         any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than
the Company or a Guarantor; and

 

(B)         any
sale or other transfer of any such preferred stock to a Person that is not either the Company or a Guarantor,

 

will
be deemed, in each case, to constitute an issuance of such preferred stock by such Guarantor that was not permitted by this clause
(6);

 

(7)         the
guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Guarantor that was permitted to be incurred
by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed is subordinated to or pari
passu with the Notes, then the Guarantee shall be subordinated or pari passu, as applicable, to the same extent as the
Indebtedness guaranteed;

 

(8)         the
incurrence by the Company or any of the Guarantors of Indebtedness in respect of workers’ compensation claims, self-insurance
obligations, bankers’ acceptances, performance and surety bonds, appeal or other similar bonds in the ordinary course of
business, and in any such case any reimbursement obligations in connection therewith;

 

(9)         the
incurrence by the Company or any of the Guarantors of Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered
within five Business Days;

 

(10)        the
incurrence by the Company or any of the Guarantors of Indebtedness represented by Capital Lease Obligations, purchase money obligations
or other obligations, in each case incurred for the purpose of financing all or any part of the purchase price, cost or value of
any equipment used in the business of the Company or any of the Guarantors, in an aggregate principal amount, including all Permitted
Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant
to this clause (10), not to exceed $10.0 million at any time outstanding;

  

(11)        the
incurrence by the Company or any of the Guarantors of Hedging Obligations;

 

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(12)        Indebtedness
of the Company or any of the Guarantors to the extent the net proceeds thereof are promptly deposited to defease or satisfy and
discharge all outstanding Notes in full as provided in Articles 8 and 12 hereof;

 

(13)        obligations
of the Company and any of the Guarantors arising from agreements of the Company or a Guarantor providing for indemnification, adjustment
of purchase price or similar obligations, in each case incurred or assumed in connection with the disposition of any business,
assets or a Subsidiary of the Company in accordance with the terms of this Indenture, other than Guarantees by the Company or any
Guarantor of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary of the Company
for the purpose of financing such acquisition; provided, however, that the maximum aggregate liability in respect
of all such obligations shall not exceed the gross proceeds, including the fair market value as determined in good faith by the
Board of Directors of the Company of non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time
received and without giving effect to any subsequent changes in value), actually received by the Company and the Guarantors in
connection with such disposition; or

 

(14)        obligations
of the Company and any of the Guarantors arising from the entering into, maintaining or disposing of, Core Investments, including,
without limitation, purchasing of any Core Investment on margin, any capital call obligations, make-well arrangements, hedging
obligations of any nature or any obligations regarding a short position in any of such Core Investments.

 

The Company will not
incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated
in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated
in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however,
that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company
solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis.

 

For purposes of determining
compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the categories
of Permitted Debt described in clauses (1) through (14) above, or is entitled to be incurred pursuant to Section 4.09(a) hereof,
the Company will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a
portion of such item of Indebtedness, in any manner that complies with this Section 4.09. Indebtedness under Credit Facilities
outstanding on the date on which Notes are first issued and authenticated under the indenture will initially be deemed to have
been incurred on such date in reliance on the exception provided by clause (1) of the definition of Permitted Debt. Indebtedness
permitted by this covenant need not be permitted by reference to one provision permitting such Indebtedness but may be permitted
in part by one such provision and in part by one or more other provisions of this Section 4.09 permitting such Indebtedness. The
accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the
form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in
accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of
Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of
this Section 4.09. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company
or any Guarantor may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations
in exchange rates or currency values.

 

    	51

    	 

    

 

(c)          The
amount of any Indebtedness outstanding as of any date will be:

 

(1)         the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(2)         the
principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

(3)         in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:

 

(A)         the
Fair Market Value of such assets at the date of determination; and

 

(B)         the
amount of the Indebtedness of the other Person.

 

Section
4.10         Asset Sales.

 

Except as set forth
in the second paragraph below, neither the Company nor any Guarantor will consummate an Asset Sale unless:

 

(1)         the
Company or the Guarantor, as the case may be, receives consideration at the time of the Asset Sale at least equal to the Fair Market
Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)         at
least 75% of the consideration received in the Asset Sale by the Company or such Guarantor is in the form of cash. For purposes
of this provision, each of the following will be deemed to be cash:

 

(A)         any
liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any Guarantor (other than
contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed
by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Guarantor from
further liability;

 

(B)         any
securities, notes or other obligations received by the Company or any such Guarantor from such transferee that are, subject to
ordinary settlement periods, converted by the Company or such Guarantor into cash within 90 days of such Asset Sale, to the extent
of the cash received in that conversion; and

 

(C)         any
stock or assets of the kind referred to in clauses (2) or (4) of the next paragraph of this Section 4.10.

 

Within 365 days after
the receipt of any Net Proceeds from an Asset Sale, other than a Sale of Collateral, the Company (or the applicable Guarantor,
as the case may be) may apply such Net Proceeds at its option:

 

(1)         to
repay Indebtedness and other Obligations under the Liggett Credit Agreement and correspondingly reduce commitments with respect
thereto;

 

    	52

    	 

    

 

(2)         to
acquire all or substantially all of the assets of, or any Capital Stock of, another business, if, after giving effect to any such
acquisition of Capital Stock, the business is or becomes a Guarantor;

 

(3)         to
make a capital expenditure; or

 

(4)         to
acquire other assets that are not classified as current assets under GAAP and that are used or useful in the conduct of the Company’s
or any Guarantor’s business.

 

Notwithstanding the
above, the Company may consummate any Asset Sale with respect to assets other than Equity Interests in, or assets of, any Guarantor
without complying with the provisions of this Section 4.10.

 

Within 365 days after
the receipt of any Net Proceeds from an Asset Sale that constitutes a Sale of Collateral, the Guarantor that owned those assets
may apply those Net Proceeds to purchase other long-term assets that would constitute Collateral or to repay First Priority Debt
and, if such First Priority Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto.

 

Pending the final application
of any Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any
manner that is not prohibited by this Indenture.

 

Any Net Proceeds from
Asset Sales that are not applied or invested as provided in the second and fourth paragraphs of this Section 4.10 will constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10.0 million, within five days thereof,
the Company will make an Asset Sale Offer to all holders of Parity Lien Debt and all holders of other Indebtedness that is pari
passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase
or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Parity Lien Debt and such other pari
passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal
to percentages corresponding to the applicable optional redemption price in effect on the repurchase date, and for periods prior
to February 15, 2016, the first optional redemption price of the principal amount plus accrued and unpaid interest and Liquidated
Damages, if any, to the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset
Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate
principal amount of Parity Lien Debt and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount
of Excess Proceeds, the Trustee (as directed by the Company) will select the Parity Lien Debt and other pari passu Indebtedness
to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset
at zero.

 

The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 hereof or this Section 4.10,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under Section 3.09 hereof or this Section 4.10 by virtue of such compliance.

 

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Section
4.11         Transactions with Affiliates.

 

(a)          Except
as provided in Section 4.11(c), neither the Company nor any Guarantor will make any payment to, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each
an “Affiliate Transaction”), unless:

 

(1)         the
Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and

 

(2)         the
Company delivers to the Trustee:

 

(A)         with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$3.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that
such Affiliate Transaction complies with clause (1) of this Section 4.11(a) and that such Affiliate Transaction has been approved
by a majority of the disinterested members, if any, of the Board of Directors of the Company; and

 

(B)         with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point
of view issued by an accounting, appraisal or investment banking firm of national standing.

 

(b)          The
following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section
4.11(a) hereof:

 

(1)         any
consulting or employment agreement or arrangement, employee benefit plan, officer indemnification agreement or any similar arrangement
entered into by the Company or any of the Guarantors and payments pursuant thereto;

 

(2)         transactions
between or among the Company and/or the Guarantors;

 

(3)         transactions
with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company
owns, directly or through a Guarantor, an Equity Interest in, or controls, such Person;

 

(4)         payment
of reasonable directors’ fees (including the issuance of restricted stock) to directors of the Company and other reasonable
compensation, benefits and indemnities paid or provided by the Company to the directors of the Company in their capacities as directors;

 

(5)         any
sale, grant, award or issuance of Equity Interests (other than Disqualified Stock) of the Company, including the exercise of options
and warrants, to Affiliates, officers, directors or employees of the Company;

 

(6)         Restricted
Payments that do not violate Section 4.07 hereof;

 

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(7)         loans
or advances to employees in the ordinary course of business not to exceed $1.0 million in the aggregate at any one time outstanding;

 

(8)         Permitted
Investments; and

 

(9)         Accelerated
Note Conversions.

 

(c)          If
on the date of any Affiliate Transaction (other than an Affiliate Transaction between any of the Liggett Guarantors and any Affiliate
of the Company other than the Company or another Guarantor) the Company’s Consolidated EBITDA for the most recently ended
four full fiscal quarters for which internal financial statements are available is no less than $75.0 million, the provisions of
Section 4.11(a) shall not apply to the consummation of such Affiliate Transaction.

 

Section
4.12         Liens.

 

Neither the Company
nor any Guarantor will directly or indirectly create, incur, assume or suffer to exist any Lien of any kind on any asset now owned
or hereafter acquired, except Permitted Liens.

 

Section
4.13         Corporate Existence.

 

Subject to Article
5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)         its
corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and

 

(2)         the
rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the
conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Notes.

 

Section
4.14         Offer to Repurchase Upon Change of Control.

 

(a)          Upon
the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to make an offer (a “Change
of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest and Liquidated Damages, if any, on the Notes repurchased to the date of purchase, subject to the rights
of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the “Change of Control
Payment”). Within thirty days following any Change of Control, the Company will mail a notice to each Holder describing
the transaction or transactions that constitute the Change of Control and stating:

 

(1)         that
the Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes tendered will be accepted for payment;

 

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(2)         the
purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice
is mailed (the “Change of Control Payment Date”);

 

(3)         that
any Note not tendered will continue to accrue interest;

 

(4)         that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest after the Change of Control Payment Date;

 

(5)         that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer,
to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date;

 

(6)         that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election
to have the Notes purchased; and

 

(7)         that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000
in excess thereof.

 

The Company will comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control. To
the extent that the provisions of any securities laws or regulations conflict with the provisions of Sections 3.09 or 4.14 hereof,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under Sections 3.09 or 4.14 hereof by virtue of such compliance.

 

(b)          On
the Change of Control Payment Date, the Company will, to the extent lawful:

 

(1)         accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(2)         deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

 

(3)         deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.

 

The Paying Agent will
promptly mail (but in any case not later than five days after the Change of Control Payment Date) to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred
by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any.
The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of
Control Payment Date.

 

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(c)          Notwithstanding
anything to the contrary in this Section 4.14, the Company will not be required to make a Change of Control Offer upon a Change
of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with
the requirements set forth in this Section 4.14 and Section 3.09 hereof and purchases all Notes properly tendered and not withdrawn
under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until
there is a default in payment of the applicable redemption price. A Change of Control Offer may be made in advance of a Change
of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time
of the Change of Control Offer. Notes repurchased pursuant to a Change of Control Offer will be retired and cancelled.

 

Section
4.15         Limitation on Sale and Leaseback Transactions.

 

Neither the Company
nor any Guarantor will enter into any sale and leaseback transaction; provided that the Company or any Guarantor may enter
into a sale and leaseback transaction if:

 

(1)         the
Company or that Guarantor, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating
to such sale and leaseback transaction under the Leverage Ratio and Secured Leverage Ratio tests in Section 4.09(a) hereof and
(b) incurred a Lien to secure such Indebtedness pursuant to the provisions of Section 4.12 hereof;

 

(2)         the
gross cash proceeds of that sale and leaseback transaction are at least equal to the Fair Market Value, as determined in good faith
by the Board of Directors of the Company and set forth in an Officers’ Certificate delivered to the Trustee, of the property
that is the subject of that sale and leaseback transaction; and

 

(3)         the
transfer of assets in that sale and leaseback transaction is permitted by, and the Company applies the proceeds of such transaction
in compliance with, Section 4.10 hereof.

 

Section
4.16         Payments for Consent.

 

Neither the Company
nor any Guarantor will, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of
Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Collateral
Documents or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive
or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement.

 

Section
4.17         Additional Note Guarantees.

 

If the Company or any
of the Guarantors acquires or creates another Domestic Subsidiary after the date of this Indenture (i) engaged directly or indirectly
in the cigarette businesses or (ii) that is or becomes a borrower, obligor or guarantor under the Liggett Credit Agreement, then
that newly acquired or created Domestic Subsidiary will become a Guarantor and execute a supplemental indenture and, in the case
of (ii), Collateral Documents consistent with those entered into by the Liggett Guarantors, and deliver an opinion of counsel satisfactory
to the trustee within 10 Business Days of the date on which it was acquired or created. The form of such Note Guarantee is attached
as Exhibit E hereto.

 

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Section
4.18         Unrestricted Subsidiaries.

 

In no event may the
business operated by Liggett Group LLC on the date of this Indenture be transferred to or held by an Unrestricted Subsidiary.

 

ARTICLE
5

SUCCESSORS

 

Section
5.01         Merger, Consolidation, or Sale of Assets.

 

The Company shall not,
directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation);
or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company
and the Guarantors taken as a whole, in one or more related transactions, to another Person, unless:

 

(1)         either:

 

(A)         the
Company is the surviving corporation; or

 

(B)         the
Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer,
conveyance or other disposition has been made is (i) a corporation organized or existing under the laws of the United States, any
state of the United States or the District of Columbia or (ii) a limited partnership or limited liability company organized or
existing under the laws of the United States, any state thereof or the District of Columbia that has a wholly-owned Subsidiary
that is a corporation organized or existing under the laws of the United States, any state of the United States or the District
of Columbia, which corporation becomes a co-issuer of the Notes pursuant to a supplemental indenture duly and validly executed
by the trustee;

 

(2)         the
Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment,
transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes, this Indenture,
the Registration Rights Agreement and the Collateral Documents pursuant to agreements reasonably satisfactory to the Trustee;

 

(3)         immediately
after such transaction, no Default or Event of Default exists; and

 

(4)         the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale,
assignment, transfer, conveyance or other disposition has been made, would, on the date of such transaction after giving pro forma
effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter
period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio and Secured Leverage Ratio
tests set forth in Section 4.09(a) hereof.

 

In addition, the Company
will not, directly or indirectly, lease all or substantially all of the properties or assets of it and the Guarantors taken as
a whole, in one or more related transactions, to any other Person. This Section 5.01 will not apply to:

 

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(1)         a
merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction; or

 

(2)         any
consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the
Company and any of the Guarantors that are not any of the Liggett Guarantors.

 

Notwithstanding anything
to the contrary in this Section 5.01, or any other provisions in this Indenture (including, without limitation, Section 11.04),
the Company shall not consolidate or merge with or into any of the Liggett Guarantors, nor sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company and the Guarantors taken as a whole, in one or more
transactions, to any of the Liggett Guarantors.

 

Section
5.02         Successor Corporation Substituted.

 

Upon any consolidation
or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer,
lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such
consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring
to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right
and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein;
provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest
on the Notes except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies
with the provisions of, Section 5.01 hereof.

 

ARTICLE
6

DEFAULTS AND REMEDIES

 

Section
6.01         Events of Default.

 

Each of the following
is an “Event of Default”:

 

(1)         default
for 30 days in the payment when due of interest on, or Liquidated Damages, if any, with respect to, the Notes;

 

(2)         default
in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes or default
in the payment when due of a Change of Control Payment;

 

(3)         failure
by the Company or any of the Guarantors for 30 days after notice to the Company by the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding voting as a single class to comply with the provisions of Sections 4.07,
4.09 or 4.10 hereof;

 

(4)         failure
by the Company or any of the Guarantors for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in
this Indenture or the Collateral Documents;

 

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(5)         default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any of the Guarantors (or the payment of which is guaranteed by the Company or any of the
Guarantors), whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default:

 

(A)         is
caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

(B)         results
in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case, the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $10.0 million or more and such acceleration is not
annulled within 30 days thereof or such Payment Default continues for 30 days;

 

(6)     
    failure by the Company or any of the Guarantors to pay final non-appealable judgments entered by a
court or courts of competent jurisdiction aggregating in excess of $10.0 million (net of any amounts as to which a
reputable and solvent third party insurer has accepted full coverage), which judgments are not paid, discharged or stayed for
a period of 60 days

 

(7)      
   the Company or any of the Guarantors that is a Significant Subsidiary or any group of Guarantors that,
taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:

 

(A)         commences
a voluntary case,

 

(B)         consents
to the entry of an order for relief against it in an involuntary case,

 

(C)         consents
to the appointment of a custodian of it or for all or substantially all of its property,

 

(D)         makes
a general assignment for the benefit of its creditors, or

 

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

 

(8)      
   a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)         is
for relief against the Company or any of the Guarantors that is a Significant Subsidiary or any group of Guarantors that, taken
together, would constitute a Significant Subsidiary in an involuntary case;

 

(B)         appoints
a custodian of the Company or any of the Guarantors that is a Significant Subsidiary or any group of Guarantors that, taken together,
would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of the Guarantors
that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary; or

 

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(C)         orders
the liquidation of the Company or any of the Guarantors that is a Significant Subsidiary or any group of Guarantors that, taken
together, would constitute a Significant Subsidiary;

 

and the order or decree remains
unstayed and in effect for 60 consecutive days; or

 

(9)         breach
by the Company or any of the Guarantors of any material representation or warranty or agreement in the Collateral Documents, and
such failure shall continue for a period of 60 days after written notice to the Company by the Trustee, the Collateral Agent or
the Holders of at least 25% in aggregate principal amount of the notes then outstanding voting as a single class;

 

(10)        the
repudiation by the Company or any of the Guarantors of any of its obligations under the Collateral Documents or the unenforceability
of the Collateral Documents against the Company or any of the Guarantors for any reason;

 

(11)        except
as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases
for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms
its obligations under its Note Guarantee.

 

Section
6.02         Acceleration.

 

In the case of an Event
of Default specified in clause (7) or (8) of Section 6.01 hereof, with respect to the Company, any Guarantor that is a Significant
Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will
become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to
be due and payable immediately.

 

Upon any such declaration,
the Notes shall become due and payable immediately.

 

The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders,
rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium or Liquidated Damages, if any, that has become due solely
because of the acceleration) have been cured or waived.

 

If an Event of Default
occurs on or after February 15, 2016 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the
Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected
to redeem the Notes pursuant to Section 3.07 hereof, then, upon acceleration of the Notes, an equivalent premium shall also become
and be immediately due and payable, to the extent permitted by law, anything in this Indenture or in the Notes to the contrary
notwithstanding. If an Event of Default occurs prior to February 15, 2016 by reason of any willful action (or inaction) taken (or
not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes prior to such
date, then, upon acceleration of the Notes, an additional premium shall also become and be immediately due and payable, to the
extent permitted by law, in an amount, for each of the years beginning on February 15 of the years set forth below, as set forth
below (expressed as a percentage of the principal amount of the Notes on the date of payment that would otherwise be due but for
the provisions of this sentence):

 

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	Year	 	Percentage	 
	2013	 	 	7.750	%
	2014	 	 	6.458	%
	2015	 	 	5.167	%

 

Section
6.03         Other Remedies.

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and Liquidated
Damages, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.

 

Section
6.04         Waiver of Past Defaults.

 

Holders of not less
than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders
of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or
Event of Default in the payment of the principal of, premium and Liquidated Damages, if any, or interest on, the Notes (including
in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount
of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon.

 

Section
6.05         Control by Majority.

 

Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the
rights of other Holders of Notes or that may involve the Trustee in personal liability, loss or expense that is not adequately
indemnified in the reasonable judgment of the Trustee.

 

Section
6.06         Limitation on Suits.

 

Except to enforce the
right to receive payment of principal, premium, if any, or interest or Liquidated Damages, if any, when due, no Holder may pursue
any remedy with respect to this Indenture or the Notes unless:

 

(1)         such
Holder gives to the Trustee written notice that an Event of Default is continuing;

 

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(2)         Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;

 

(3)         such
Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense;

 

(4)         the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and

 

(5)         during
such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with such request.

 

A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

 

Section
6.07         Rights of Holders of Notes to Receive Payment.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Liquidated Damages,
if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer
to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit
for the enforcement of payment if and to the extent that the institution or prosecution thereof or the entry of judgment therein
would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property
subject to such Lien.

 

Section
6.08         Collection Suit by Trustee.

 

If an Event of Default
specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of principal of, premium and Liquidated Damages, if
any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

Section
6.09         Trustee May File Proofs of Claim.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, 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, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the
rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

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Section
6.10         Priorities.

 

If the Trustee collects
any money pursuant to this Article 6, it shall pay out the money in the following order:

 

First:          to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second:    to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Liquidated Damages, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Liquidated
Damages, if any and interest, respectively; and

 

Third:        to
the Company or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix
a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

 

Section
6.11         Undertaking for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it
as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit
by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

 

ARTICLE
7

TRUSTEE

 

Section
7.01         Duties of Trustee.

 

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

 

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

 

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

 

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(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein).

 

(c)          The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(1)         this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

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

 

(3)         the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05 hereof.

 

(d)          Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)          No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any loss, liability or expense for
which it is not adequately indemnified in the reasonable judgment of the Trustee. The Trustee will be under no obligation to exercise
any of its rights and powers under this Indenture at the request or direction of any Holders, unless such Holder has offered to
the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 

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

 

Section
7.02         Rights of Trustee.

 

(a)          The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document.

 

(b)          Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full
and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

 

(c)          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.

 

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

 

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

 

(f)          The
Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee
against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.

 

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

 

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

 

(i)          The
permissive rights of the Trustee to do certain things enumerated in this Indenture shall not be construed as a duty and the Trustee
shall not be answerable for other than its negligence or willful default with respect to such permissive rights.

 

(j)          The
Trustee shall not be bound to make any inquiry or investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document unless
requested in writing so to do by the holders of a majority in aggregate principal amount of the Notes affected then outstanding;
provided however, that if the payment within a reasonable time to the Trustee of the costs and expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee
by the security conferred upon it by the terms of this Indenture, the Trustee may require indemnity reasonably satisfactory to
the Trustee against such costs, expenses or liabilities as a condition to so proceeding; and the reasonable expense of such investigation
shall be paid by the Company, or, if paid by the Trustee shall be repaid by the Company upon demand.

 

(k)          The
Trustee shall not be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss or profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.

 

(l)          The
Trustee shall not be required to give any note, bond, or surety in respect of the execution of the trusts and powers under this
Indenture.

 

(m)          The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation,
acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions;
loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; act of
civil or military authorities and governmental action.

 

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Section
7.03         Individual Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate
of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture
has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject
to Sections 7.10 and 7.11 hereof.

 

Section
7.04         Trustee’s Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction
under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying
Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

Section
7.05         Notice of Defaults.

 

If a Default or Event
of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal
of, premium or Liquidated Damages, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a committee
of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

 

Section
7.06         Reports by Trustee to Holders of the Notes.

 

(a)          Within
60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding,
the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a)
(but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report
need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports
as required by TIA § 313(c).

 

(b)          A
copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by
the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company
will promptly notify the Trustee when the Notes are listed on any stock exchange.

 

Section
7.07         Compensation and Indemnity.

 

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

 

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(b)          The
Company and the Guarantors will indemnify the Trustee (including its officers, directors, employees and agents) against any and
all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its
duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and the Guarantors
(including this Section 7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder
or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except
to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the
Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve
the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will defend the claim and the
Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and expenses
of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will
not be unreasonably withheld.

 

(c)          The
obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 

(d)          To
secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior
to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest
on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)          When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.

 

(f)          The
Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section
7.08         Replacement of Trustee.

 

(a)          A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

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

 

(1)         the
Trustee fails to comply with Section 7.10 hereof;

 

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

 

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

 

(4)         the
Trustee becomes incapable of acting.

 

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(c)          If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal
amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

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

 

(e)          If
the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)          A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers
and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring
Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit
of the retiring Trustee.

 

Section
7.09         Successor Trustee by Merger, etc.

 

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

 

Section
7.10         Eligibility; Disqualification.

 

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

 

This Indenture will
always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

 

Section
7.11         Preferential Collection of Claims Against Company.

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein.

 

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ARTICLE
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
8.01         Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at
any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect
to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below
in this Article 8.

 

Section
8.02         Legal Defeasance and Discharge.

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors
will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections
of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes,
the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(1)         the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium and Liquidated
Damages, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)         the
Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof;

 

(3)         the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations
in connection therewith; and

 

(4)         this
Article 8.

 

Subject to compliance
with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

 

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Section
8.03         Covenant Defeasance.

 

Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors will,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under
the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16, 4.17 and 4.18 hereof and clause (4) of
Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof
are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability
in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby.
In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(6) and 6.01(9) through 6.01(11)
hereof will not constitute Events of Default.

 

Section
8.04         Conditions to Legal or Covenant Defeasance.

 

In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)         the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized
investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium and Liquidated Damages,
if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as
the case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a particular
redemption date;

 

(2)         in
the case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel to the Trustee
confirming that:

 

(A)         the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(B)         since
the date of this Indenture, there has been a change in the applicable federal income tax law,

 

in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain
or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)         in
the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that
the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such
Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Covenant Defeasance had not occurred;

 

(4)         no
Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation
of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company
or any Guarantor is bound;

 

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(5)         such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound;

 

(6)         the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying
or defrauding any creditors of the Company or others; and

 

(7)         the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section
8.05         Deposited Money and Government Securities to be Held in Trust;
Other Miscellaneous Provisions.

 

Subject to Section
8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium and Liquidated Damages, if any, and interest, but such money need not be segregated from other funds except
to the extent required by law.

 

The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which
may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to
be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section
8.06         Repayment to Company.

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or Liquidated
Damages, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Liquidated Damages,
if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will
be discharged from such trust; and the Holder of such Note will thereafter be permitted to 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 all liability of the Company
as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street
Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be
less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be
repaid to the Company.

 

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Section
8.07         Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes
and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof,
as the case may be; provided, however, that, if the Company makes any payment of principal of, premium or Liquidated Damages,
if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of
the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

 

ARTICLE
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section
9.01         Without Consent of Holders of Notes.

 

Notwithstanding Section
9.02 of this Indenture, and subject to the Intercreditor Agreement, the Company, the Guarantors and the Trustee may amend or supplement
this Indenture, the Collateral Documents, the Intercreditor Agreement, the Notes or the Note Guarantees without the consent of
any Holder of Notes:

 

(1)         to
cure any ambiguity, defect or inconsistency;

 

(2)         to
provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(3)         to
provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and Note Guarantees
by a successor to the Company or such Guarantor pursuant to Article 5 or Article 11 hereof;

 

(4)         to
make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights hereunder of any Holder;

 

(5)         to
comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 

(6)         to
conform the text of this Indenture, the Collateral Documents, the Note Guarantees or the Notes to any provision of the “Description
of Notes” section of the Company’s Offering Memorandum dated February 4, 2013, relating to the initial offering of
the Notes, to the extent that such provision in that “Description of Notes” was intended to be a verbatim recitation
of a provision of this Indenture, the Collateral Documents, the Note Guarantees or the Notes;

 

(7)         to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof;

 

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(8)         to
allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes; or

 

(9)         to
make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Collateral Documents or
any release of Collateral that becomes effective as set forth in this Indenture or any of the Collateral Documents.

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company
and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated
to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise.

 

Section
9.02         With Consent of Holders of Notes.

 

Except as provided
below in this Section 9.02, and subject to the Intercreditor Agreement, the Company and the Trustee may amend or supplement this
Indenture (including, without limitation, Section 3.09, 4.10 and 4.14 hereof), the Collateral Documents, the Intercreditor Agreement
or the Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the
then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections
6.04 and 6.07 hereof and subject to the Intercreditor Agreement, any existing Default or Event of Default (other than a Default
or Event of Default in the payment of the principal of, premium or Liquidated Damages, if any, or interest on, the Notes, except
a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the
Collateral Documents, the Intercreditor Agreement or the Notes or the Note Guarantees may be waived with the consent of the Holders
of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if
any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer
for, or purchase of, the Notes).  None of this Indenture, the Notes, the Note Guarantees or the Collateral Documents may
be amended, modified or supplemented in any way that would contravene the Intercreditor Agreement. Section 2.08 hereof shall determine
which Notes are considered to be “outstanding” for purposes of this Section 9.02.

 

Upon the request of
the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the
Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

It is not be necessary
for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.

 

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After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject
to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting
as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes
or the Note Guarantees. However, without the consent of each Holder affected or, in the case of clauses (8) and (9) below only,
the consent of at least 95% in aggregate principal amount of the Notes then outstanding, an amendment, supplement or waiver under
this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder):

 

(1)         reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)         reduce
the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption
of the Notes (except as provided above with respect to Sections 3.09, 4.10 and 4.14 hereof);

 

(3)         reduce
the rate of or change the time for payment of interest, including default interest, on any Note;

 

(4)         waive
a Default or Event of Default in the payment of principal of, or premium or Liquidated Damages, if any, or interest on, the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes and a waiver of the payment default that resulted from such acceleration);

 

(5)         make
any Note payable in money other than that stated in the Notes;

 

(6)         make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium or Liquidated Damages, if any, on, the Notes;

 

(7)         waive
a redemption payment with respect to any Note (other than a payment required by Sections 3.09, 4.10 or 4.14 hereof);

 

(8)         release
all or substantially all of the Collateral from the Liens securing the Note Guarantees;

 

(9)         release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture if the assets or properties of that Guarantor
constitute all or substantially all of the Collateral, except in accordance with the terms of this Indenture and the Intercreditor
Agreement; or

 

(10)        make
any change in the preceding amendment and waiver provisions.

 

Section
9.03         Compliance with Trust Indenture Act.

 

Every amendment or
supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA
as then in effect.

 

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Section
9.04         Revocation and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.

 

Section
9.05         Notation on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange
for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the
amendment, supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

Section
9.06         Trustee to Sign Amendments, etc.

 

The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until
the Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be entitled
to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required
by Section 13.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture.

 

ARTICLE
10

COLLATERAL AND SECURITY

 

Section
10.01       Security.

 

The payment of all
amounts due under the Note Guarantees of the Pledgors and the performance of all Obligations of each of the Pledgors to the Holders
will be secured, equally and ratably with any other Parity Lien Obligations of such Pledgors, by Liens on the Collateral of such
Pledgors, subject to Permitted Prior Liens, as provided in the Collateral Documents and the Intercreditor Agreement. The payment
of all amounts due under the Note Guarantee of VGR Holding and the performance of all Obligations of VGR Holding to the Holders
will be secured, equally and ratably with any other Parity Lien Obligations of VGR Holding, by Liens on the Pledged Securities
as provided in the Collateral Documents. The Collateral Documents shall provide for the grant by the Pledgors and VGR Holding to
the Collateral Agent of security interests in the Collateral securing their Note Guarantees subject in the case of the Liggett
Guarantors to the terms of the Intercreditor Agreement.

 

Section
10.02       Equal and Ratable Sharing of Collateral by Holders of Parity
Lien Debt.

 

All Parity Liens granted
at any time by the Pledgors or VGR Holding shall secure, equally and ratably, all present and future Parity Lien Obligations and
all proceeds of all Parity Liens granted at any time by the Pledgors or VGR Holding shall be allocated and distributed equally
and ratably on account of the Parity Lien Debt and other Parity Lien Obligations.

 

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Section
10.03       Release of Liens in Respect of Note Guarantees.

 

Whether prior to or
after the First Priority Debt has been paid in full, assets included in the Collateral shall be released from the Liens securing
the Note Guarantees under any one or more of the following circumstances:

 

(a)          the
sale, lease, sublease, license, sublicense, conveyance or other disposition of products, services, inventory, or accounts receivable
and related assets (including participations therein) in the ordinary course of business, including leases with respect to facilities
that are temporarily not in use or pending their disposition, and any sale or other disposition of damaged, worn-out or obsolete
assets in the ordinary course of business or any other property that is uneconomic or no longer useful to the conduct of the business
of the Company or the Guarantors, which such transactions are hereby expressly permitted under this Indenture;

 

(b)          as
to any Collateral sold, transferred or otherwise disposed of by a Guarantor to a Person that is not (either before or after such
sale, transfer or disposition) the Company or a Guarantor in a transaction or other circumstance that complies with the provisions
of Section 4.10 hereof and is permitted by the Noteholder Documents, and, if the First Priority Debt has not been paid in full,
the ABL Documents; provided that such Liens will not be released if such sale or disposition is subject to the provisions
of Section 5.01 hereof;

 

(c)          if
any Guarantor is released from its Note Guarantee, that Guarantor’s assets will also be released from the Liens securing
the Note Guarantee;

 

(d)          in
whole or in part, with the consent of the Holders of the requisite percentage of Notes in accordance with Article 9;

 

(e)          if
required in connection with certain foreclosure actions, or the exercise of other remedies in respect of Collateral, by the ABL
Lender in respect of First Priority Debt in accordance with the terms of the Intercreditor Agreement;

 

(f)          upon
a Legal Defeasance or Covenant Defeasance of the Notes as set forth under Article 8;

 

(g)          upon
satisfaction and discharge of this Indenture as set forth under Article 12; or

 

(h)          
upon payment in full and discharge of all Notes outstanding under this Indenture and all Obligations that are outstanding, due
and payable under this Indenture at the time the Notes are paid in full and discharged.

 

Section
10.04       Relative Rights.

 

Nothing in the Noteholder
Documents or the Intercreditor Agreement shall:

 

(a)          impair,
as between the Company and the Holders, the obligation of the Company, which is absolute and unconditional, to pay principal of,
premium and interest and Liquidated Damages, if any, on the Notes in accordance with their terms or any other obligation of the
Company or any Guarantor;

 

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(b)          affect
the relative rights of Holders as against any other creditors of the Company or any Guarantor (other than holders of First Priority
Liens, Permitted Prior Liens or other Parity Liens);

 

(c)          restrict
the right of any Holder to sue for payments that are then due and owing (but not enforce any judgment in respect thereof against
any Collateral to the extent specifically prohibited under the Intercreditor Agreement);

 

(d)          restrict
or prevent any Holder or the Collateral Agent from exercising any of its rights or remedies upon a Default or Event of Default
not specifically restricted or prohibited by the Intercreditor Agreement; or

 

(e)          restrict
or prevent any Holder or the Collateral Agent from taking any lawful action in an insolvency or liquidation proceeding not specifically
restricted or prohibited by the Intercreditor Agreement.

 

Section
10.05       Further Assurances, Compliance with Trust Indenture Act.

 

(a)          The
Company and each of the Guarantors providing security for their Note Guarantees will do or cause to be done all acts and things
that may be reasonably required, or that the Collateral Agent from time to time may reasonably request, to assure and confirm that
the Collateral Agent holds, for the benefit of the holders of Parity Lien Obligations, duly created and enforceable and perfected
Parity Liens upon the Collateral (including any categories of property or assets that are included as Collateral under the Collateral
Documents or otherwise become Collateral after the Notes are issued), in each case, as contemplated by, and with the Lien priority
required under, the Intercreditor Agreement and the Collateral Documents.

 

Upon the reasonable
request of the Collateral Agent or the Trustee at any time and from time to time, the Company and each of the applicable Guarantors
will promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents,
and take such other actions as shall be reasonably required, or that the Collateral Agent may reasonably request, to create, perfect,
protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Collateral Documents
for the benefit of the holders of Parity Lien Obligations, including any real property acquired by Pledgors in the future that
has a Fair Market Value in excess of $5.0 million.

 

The Company and the
applicable Guarantors will:

 

(1)         keep
their properties adequately insured at all times by financially sound and reputable insurers;

 

(2)         maintain
such other insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions), including fire
and other risks insured against by extended coverage and coverage for acts of terrorism, as is customary with companies in the
same or similar businesses operating in the same or similar locations, including public liability insurance against claims for
personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied
or controlled by them;

 

(3)         maintain
such other insurance as may be required by law;

 

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(4)         maintain
title insurance on all real property Collateral insuring the Collateral Agent’s Parity Lien on that property, subject only
to Permitted Prior Liens and other exceptions to title approved by the Collateral Agent; and

 

(5)         maintain
such other insurance as may be required by the Collateral Documents.

 

Upon the request of
the Collateral Agent, the Company and the Guarantors will furnish to the Collateral Agent full information as to their property
and liability insurance carriers. Holders of Parity Lien Obligations, as a class, will be named as additional insureds, with a
waiver of subrogation, on all insurance policies of the applicable Guarantors and the Collateral Agent will be named as loss payee,
with 30 days’ notice of cancellation or material change, on all property and casualty insurance policies of the applicable
Guarantors.

 

(b)          The
Company shall comply with the provisions of TIA § 314.

 

To the extent applicable,
the Company shall cause TIA § 313(b), relating to reports, and TIA § 314(d), relating to the release of property or securities
subject to the Liens of the Collateral Documents, to be complied with. Any certificate or opinion required by TIA § 314(d)
may be made by an Officer of the Company except in cases where TIA § 314(d) requires that such certificate or opinion be made
by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected by or reasonably satisfactory
to the Trustee. Notwithstanding anything to the contrary in this paragraph, the Company shall not be required to comply with all
or any portion of TIA § 314(d) if it determines, in good faith based on advice of counsel, that under the terms of TIA §
314(d) and/or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action”
letters or exemptive orders, all or any portion of TIA § 314(d) is inapplicable to one or a series of released Collateral
and delivers a legal opinion stating that TIA § 314(d) is inapplicable to one or a series of released Collateral.

 

Section
10.06       Collateral Agent.

 

(a)          The
Company has appointed U.S. Bank National Association to serve as Collateral Agent under the Intercreditor Agreement and the Collateral
Documents, for the benefit of the Holders of the Notes.

 

(b)          The
Collateral Agent is authorized and empowered to appoint one or more co-collateral agents as it deems necessary or appropriate.

 

(c)          The
Collateral Agent (directly or through co-trustees, agents or sub-agents) will hold, and will be entitled to enforce, all Liens
on the Collateral.

 

(d)          The
Collateral Agent will be subject to such directions as may be given it by the Trustee from time to time as required or permitted
by this Indenture. Except as directed by the Trustee and as required or permitted by this Indenture, the Intercreditor Agreement
or as directed by the Holders with the requisite consent of such Holders, the Collateral Agent will not be obligated to:

 

(1)         act
upon directions purported to be delivered to it by any other Person;

 

(2)         foreclose
upon or otherwise enforce any Lien; or

 

(3)         take
any other action whatsoever with regard to any or all of the Collateral Documents, the Liens created thereby or the Collateral.

 

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The Company shall do
or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Intercreditor
Agreement and the Noteholder Documents, to assure and confirm to the Trustee and the Collateral Agent the security interest in
the Collateral contemplated hereby, by the Intercreditor Agreement, the Noteholder Documents or any part thereof, as from time
to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Guarantees secured
thereby, according to the intent and purposes herein and therein expressed.

 

(e)          The
Collateral Agent will be accountable only for amounts that it actually receives as a result of the enforcement of Liens created
by the Collateral Documents.

 

(f)          In
acting as Collateral Agent, the Collateral Agent may rely upon and enforce each and all of the rights, powers, protections, immunities,
indemnities and benefits of the Trustee under Article 7 mutatis mutandis, and, in connection therewith, references to the Trustee
shall be deemed to include the Collateral Agent and references to this Indenture shall be deemed to include the Collateral Documents
and references to negligence with respect to the Trustee will be deemed to be gross negligence with respect to the Collateral Agent.

 

(g)          Each
successor Trustee will become the successor Collateral Agent as and when the successor Trustee becomes the Trustee.

 

Section
10.07       Authorization of Actions to Be Taken.

 

(a)          Each
Holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Collateral Document and the Intercreditor
Agreement, as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the
terms of this Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Collateral Documents, authorizes
and empowers the Trustee and the Collateral Agent to execute and deliver the Intercreditor Agreement, and authorizes and empowers
each of the Trustee and the Collateral Agent to bind the Holders of Notes as set forth in the Collateral Documents and the Intercreditor
Agreement and to perform its obligations and exercise its rights and powers thereunder.

 

(b)          The
Collateral Agent and the Trustee are authorized and empowered to receive for the benefit of the Holders any funds collected or
distributed under the Collateral Documents or the Intercreditor Agreement and to make further distributions of such funds to the
Holders according to the provisions of this Indenture.

 

(c)          Subject
to the provisions of Sections 7.01, 7.02 and 10.03 and the terms of the Intercreditor Agreement, the Trustee may, upon an Event
of Default, in its sole discretion and without the consent of the Holders of Notes, direct, on behalf of the Holders, the Collateral
Agent to take all actions it deems necessary or appropriate in order to:

 

(1)         foreclose
upon or otherwise enforce any or all of the Liens on the Collateral;

 

(2)         enforce
any of the terms of the Collateral Documents or Intercreditor Agreement; or

 

(3)         collect
and receive payment of any and all Obligations of the Pledgors and VGR Holding.

 

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The Trustee will have
power to (and to instruct the Collateral Agent to) institute and maintain such suits and proceedings as it may deem expedient to
prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents, the Intercreditor
Agreement or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests
and the interests of the Holders in the Collateral (including power to (and to instruct the Collateral Agent to) institute and
maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment,
rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule
or order would impair the security interest hereunder or be prejudicial to the interests of the Holders, the Trustee or the Collateral
Agent).

 

Section
10.08       Recording and Opinions.

 

(a)          Promptly
after (but in any event not more than 60 days after) the execution and delivery of this Indenture, or upon the later completion
of all necessary filings, to the extent required by TIA § 314(b)(i), the Company shall furnish to the Trustee an Opinion of
Counsel either:

 

(1)         stating
that, in the opinion of such counsel, all action has been taken with respect to the recording, registering and filing of this Indenture,
financing statements or other instruments necessary to make effective the Liens intended to be created by the Collateral Documents,
and reciting with respect to the security interests in the Collateral, the details of such action; or

 

(2)         stating
that, in the opinion of such counsel, no such action is necessary to make such Liens effective.

 

Such Opinion of Counsel
may assume the due and proper filing of financing statements and the due and proper recordation of documents and instruments with
federal, state and county officials, to the extent that such financing statements, documents and instruments have been presented
for filing or recordation, or to the extent that such counsel has reviewed a file stamped copy or a recorded copy of any such financing
statement, document or instrument.

 

(b)          The
Company will furnish to the Collateral Agent and the Trustee within 90 days after the end of each fiscal year, an Opinion of Counsel,
dated as of such date, either:

 

(1)         (A)
stating that, in the opinion of such counsel, action has been taken with respect to the recording, registering, filing, re-recording,
re-registering and re-filing of this Indenture, financing statements or continuation statements as is necessary to maintain the
Liens of the Collateral Documents and reciting with respect to the security interests in the Collateral the details of such action
or referring to prior Opinions of Counsel in which such details are given, and (B) stating that, in the opinion of such counsel,
based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and continuation statements
have been executed and filed that are necessary as of such date and during the succeeding 12 months to maintain the Liens of the
Collateral Documents and reciting the details of such actions; or

 

(2)         stating
that, in the opinion of such counsel, no such action is necessary to maintain such Liens.

 

(c)          Immediately
prior to the issuance of the Exchange Notes and annually thereafter, the Company will furnish to the Trustee and the Collateral
Agent an Opinion of Counsel, in the form specified in Section 10.09(b) for that opinion, with respect to the effectiveness and
perfection of the Liens intended to be created by the Collateral Documents. The Company will otherwise comply with the provisions
of TIA § 314(b).

 

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Section
10.09       Certificates of the Company.

 

The Company will furnish
to the Trustee and the Collateral Agent, prior to each proposed release of Collateral pursuant to the Collateral Documents (other
than with respect to Collateral released pursuant to Section 10.3(a) of this Indenture):

 

(1)         all
documents required by TIA § 314(d);

 

(2)         an
Officers’ Certificate certifying that all terms for release under this Indenture and any applicable Collateral Documents
have been satisfied and specifying (a) the identity of the Collateral to be released and (b) the applicable provisions of this
Indenture and the Collateral Documents which authorize that release; and

 

(3)         an
Opinion of Counsel which may be rendered by internal counsel to the Company, to the effect that such accompanying documents constitute
all documents required by TIA § 314(d).

 

The Trustee and the
Collateral Agent may, to the extent permitted by Sections 7.01 and 7.02, accept as conclusive evidence of compliance with the foregoing
provisions the appropriate statements contained in such documents, Officers’ Certificate and such Opinion of Counsel.

 

Section
10.10       Certificates of the Trustee.

 

In the event that the
Company wishes to release Collateral in accordance with this Indenture and the Collateral Documents and has delivered the certificates
and documents required by this Indenture and the Collateral Documents and Sections 10.04, 10.09 and 10.10, the Trustee will determine
whether it has received all documentation required by TIA § 314(d) in connection with such release and, based on such determination
and the Opinion of Counsel delivered pursuant to clause (3) of Section 10.10, will deliver a certificate to the Collateral Agent
setting forth such determination. The Trustee, however, shall have no duty to confirm the legality or validity of such documents,
its sole duty being to certify that it has received such documentation which on their face conform to Section 314(d) of the TIA.

 

Section
10.11       Environmental Indemnity

 

(a)          Each
of the Company and the Guarantors jointly and severally agrees to defend (subject to Indemnitees’ selection of counsel),
indemnify, pay and hold harmless the Trustee and each Holder and each of their respective Affiliates and each and all of the directors,
officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs, representatives, successors
and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided,
no Indemnitee shall be entitled to indemnification hereunder with respect to any Indemnified Liability to the extent such Indemnified
Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted directly and primarily
from the gross negligence or willful misconduct of such Indemnitee.

 

(b)          All
amounts due under Section 10.11(a) hereof shall be payable not later than 10 days after written demand therefor.

 

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(c)          To
the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in Section 10.11(a) hereof may be unenforceable
in whole or in part because they are violative of any law or public policy, each of the Company and Guarantors shall contribute
the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified
Liabilities incurred by Indemnitees or any of them.

 

(d)          Neither
the Company nor any Guarantor shall ever assert any claim against any Indemnitee, on any theory of liability, for any lost profits
or special, indirect or consequential damages or (to the fullest extent lawful) any punitive damages arising out of, in connection
with, or as a result of, this Indenture or any other Noteholder Document or any agreement or instrument or transaction contemplated
hereby or relating in any respect to any Indemnified Liability, and each of the Company and Guarantors hereby forever waives, releases
and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful)
punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor.

 

(e)          The
agreements in this Section 10.11 shall survive repayment of the Notes and all other amounts payable hereunder and the resignation
and removal of the Trustee or Collateral Agent.

 

ARTICLE
11

NOTE GUARANTEES

 

Section
11.01       Guarantee.

 

(a)          Subject
to this Article 11, each of the Guarantors hereby, 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 Company hereunder or thereunder, that:

 

(1)         
the principal of, premium and Liquidated Damages, if any, and interest on, the Notes will be promptly paid in full 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 or performed, all in accordance with the terms hereof and thereof; and

 

(2)         in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated 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 waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, 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 waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant
that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture.

 

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(c)          If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(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 of all 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 Article 6 hereof for the purposes of this Note 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 6 hereof, such obligations (whether or not due and payable)
will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right
to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Note Guarantee.

 

Section
11.02       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 Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of 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 Note 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 11, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
transfer or conveyance.

 

Section
11.03       Execution and Delivery of Note Guarantee.

 

To evidence its Note
Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially
in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered
by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.

 

Each Guarantor hereby
agrees that its Note Guarantee set forth in Section 11.01 hereof will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.

 

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

 

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

 

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In the event that the
Company or any of its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the date of this Indenture, if
required by Section 4.17 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.17
hereof and this Article 11, the extent applicable.

 

Section
11.04       Guarantors May Consolidate, etc., on Certain Terms.

 

Except as otherwise
provided in Section 11.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another
Guarantor, unless:

 

(1)         immediately
after giving effect to such transaction, no Default or Event of Default exists; and

 

(2)         either:

 

(A)         subject
to Section 11.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving
any such consolidation or merger unconditionally assumes all the obligations of that Guarantor under this Indenture, the Collateral
Documents, its Note Guarantee and the Registration Rights Agreement on the terms set forth herein or therein, pursuant to a supplemental
indenture and appropriate Collateral Documents in form and substance reasonably satisfactory to the Trustee; or

 

(B)         the
Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including
without limitation, Section 4.10 hereof.

 

In case of any such
consolidation, merger, sale or conveyance 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 Note Guarantee endorsed upon the Notes and the due
and punctual performance of all of the covenants and conditions of this Indenture to be performed by the 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 Note 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. All the Note Guarantees so
issued will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter
issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the
execution hereof.

 

Except as set forth
in Articles 4 and 5 hereof, and notwithstanding clauses 2(a) and (b) above, nothing contained in this Indenture or in any of the
Notes will prevent any consolidation 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.

 

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Section
11.05       Releases.

 

(a)          In
the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation
or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case provided such sale or disposition
does not violate the provisions of Section 4.10 hereof, and in each case to a Person that is not (either before or after giving
effect to such transactions) the Company or a Guarantor, then such Guarantor (in the event of a sale or other disposition, by way
of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property
(in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and
relieved of any obligations under its Note Guarantee; provided that the Net Proceeds of such sale or other disposition are
applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon
delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale
or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation
Section 4.10 hereof, the Trustee will execute any documents reasonably required in order to evidence the release of any Guarantor
from its obligations under its Note Guarantee.

 

(b)          Upon
Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article
12 hereof, each Guarantor will be released and relieved of any obligations under its Note Guarantee.

 

Any Guarantor not released
from its obligations under its Note Guarantee as provided in this Section 11.05 will remain liable for the full amount of principal
of and interest and premium and Liquidated Damages, if any, on the Notes and for the other obligations of any Guarantor under this
Indenture as provided in this Article 11.

 

ARTICLE
12

satisfaction and discharge

 

Section
12.01       Satisfaction and Discharge.

 

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

 

(1)         either:

 

(a)          
all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has theretofore been irrevocably deposited in trust and thereafter repaid to the Company, have been delivered to
the Trustee for cancellation; or

 

(b)          all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice
of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation
for principal, premium and Liquidated Damages, if any, and accrued interest to the date of maturity or redemption;

 

(2)         no
Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of,
or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or
any Guarantor is bound;

 

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(3)         the
Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)         the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company
must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.

 

Notwithstanding the
satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section
12.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge
of this Indenture.

 

Section
12.02       Application of Trust Money.

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 12.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal (and premium and Liquidated Damages, if any) and interest for whose payment such money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 12.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Company’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any
payment of principal of, premium or Liquidated Damages, if any, or interest on, any Notes because of the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government
Securities held by the Trustee or Paying Agent.

 

ARTICLE
13

MISCELLANEOUS

 

Section
13.01       Trust Indenture Act Controls.

 

If any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control.

 

Section
13.02       Notices.

 

Any notice or communication
by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day
delivery, to the others’ address:

 

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If to the Company and/or any Guarantor:

Vector Group Ltd.

100 S.E. 2nd Street, 32nd Floor

Miami, Florida 33131

Attention: Marc N. Bell, Esq.

Facsimile No.: (305) 579-8009

 

With a copy to:

O’Melveny & Myers LLP

400 South Hope Street

Los Angeles, California 90071

Attention: Eric R. Reimer and John-Paul Motley

Facsimile No.: (213) 430-6407

 

If to the Trustee:

U.S. Bank National Association,

Global Corporate Trust Services

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107-2292

Attention: Joshua A. Hahn

Facsimile No.: (651) 466-7430

 

The Company, any Guarantor
or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

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

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also
be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Company mails
a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 

Section
13.03       Communication by Holders of Notes with Other Holders of Notes.

 

Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company,
the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

    	88

    	 

    

 

Section
13.04       Certificate and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)         an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(2)         an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section
13.05       Statements Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include:

 

(1)         a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

(2)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

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

 

(4)         a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section
13.06       Rules by Trustee and Agents.

 

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

 

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

 

No past, present or
future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability
for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees, the Collateral Documents
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal securities laws.

 

    	89

    	 

    

 

Section
13.08       Governing Law.

 

THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

 

Section
13.09       No Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section
13.10       Successors.

 

All agreements of the
Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section
11.05 hereof.

 

Section
13.11       Severability.

 

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

 

Section
13.12       Counterpart Originals.

 

The parties may sign
any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 

Section
13.13       Table of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table 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 will in no way modify or restrict any of the terms or provisions hereof.

 

Section
13.14       Waiver of Jury Trial.

 

EACH OF THE COMPANY
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 THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section
13.15       Security Advice Waiver.

 

The Issuer acknowledges
that regulations of the Comptroller of the Currency might grant the Issuer the right to receive brokerage confirmations of the
security transactions as they occur.  The Issuer specifically waives such notification to the extent permitted by law and
will receive periodic cash transaction statements that will detail all investment transactions, if any.

 

    	90

    	 

    

 

Section
13.16       USA Patriot Act.

 

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

 

[Signatures on following page]

   

    	91

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.

 

Very truly yours,

 

	 	The Company:
	 	 	 
	 	VECTOR GROUP LTD.
	 	 	 
	 	By: 	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Vice President, Treasurer and Chief Financial Officer

 

	 	Guarantors:
	 	 	 
	 	VGR HOLDING LLC
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Vice President, Treasurer and Chief
	 	 	Financial Officer

 

	 	LIGGETT GROUP LLC
	 	 	 
	 	By:	/s/ John R. Long
	 	Name:	John R. Long
	 	Title:	Vice President, General Counsel and Secretary

 

	 	LIGGETT VECTOR BRANDS LLC
	 	 	 
	 	By:	/s/ John R. Long
	 	Name:	John R. Long
	 	Title:	Vice President and General Counsel

 

(Signature page to Indenture)

 

    	 

    	 

    

 

	 	VECTOR RESEARCH LLC
	 	 	 
	 	By: 	/s/ Francis G. Wall
	 	Name:	Francis G. Wall
	 	Title:	Vice President, Treasurer and Chief
	 	 	Financial Officer

 

	 	VECTOR TOBACCO INC.
	 	 	 
	 	By: 	/s/ Francis G. Wall
	 	Name:	Francis G. Wall
	 	Title:	Vice President of Finance, Treasurer and
	 	 	Chief Financial Officer

 

	 	LIGGETT & MYERS HOLDINGS INC.
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	 J. Bryant Kirkland III
	 	Title: 	Treasurer

 

	 	100 MAPLE LLC
	 	 	 
	 	By: 	/s/ John R. Long
	 	Name:	John R. Long
	 	Title:	Secretary

 

	 	V.T. AVIATION LLC
	 	 
	 	By: 	/s/ Francis G. Wall
	 	Name: 	Francis G. Wall
	 	Title: 	Vice President of Finance, Treasurer and Chief Financial Officer

 

(Signature page to Indenture)

 

    	 

    	 

    

 

	 	VGR AVIATION LLC
	 	 
	 	By: 	/s/ Francis G. Wall
	 	Name:	 Francis G. Wall
	 	Title:	 Vice President of Finance, Treasurer and Chief Financial Officer

 

	 	EVE HOLDINGS INC.
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title: 	Vice President and Treasurer

 

	 	ACCOMMODATIONS ACQUISITION CORPORATION
	 	 
	 	By: 	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Vice President and Treasurer

 

(Signature page to Indenture)

 

    	 

    	 

    

 

	Trustee:	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION	 
	 	 	 
	By:	/s/ Joshua A. Hahn	 
	 	Name: Joshua A. Hahn	 
	 	Title: Assistant Vice President	 

 

(Signature page to Indenture)

 

    	 

    	 

    

 

EXHIBIT A

 

[Face of Note]

 

 

CUSIP/CINS ____________

 

7.750% Senior Secured Notes due 2021

 

	No. ___	$____________

 

VECTOR GROUP LTD.

 

promises to pay to [              ]
or registered assigns,

 

the principal sum of __________________________________________________________
DOLLARS on February 15, 2021.

 

Interest Payment Dates: February 15 and
August 15

 

Record Dates: February 1 and August 1

 

Dated:  _______________, 20__

 

	 	VECTOR GROUP LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

This is one of the Notes referred to

in the within-mentioned Indenture:

 

U.S. BANK NATIONAL ASSOCIATION,

 as Trustee

 

	By:	 	 
	 	Authorized Signatory	 

 

 

  

    	A-1

    	 

    

 

[Back of Note]

7.750% Senior Secured Notes due 2021

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend,
if applicable pursuant to the provisions of the Indenture]

 

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)         Interest.
Vector Group Ltd., a Delaware corporation (the “Company”), promises to pay interest on the principal amount
of this Note at 7.750% per annum from ________________, 20__  until maturity and shall pay the Liquidated Damages,
if any, payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company will pay interest and
Liquidated Damages, if any, semi-annually in arrears on February 15 and August 15 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided
that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided further that the first Interest Payment Date shall be _____________, 20__. The Company will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time
to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated
Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful.
Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

(2)         Method
of Payment. The Company will pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to
the Persons who are registered Holders of Notes at the close of business on the February 1 or August 1 next preceding the Interest
Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided
in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Liquidated
Damages, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and
State of New York, or, at the option of the Company, payment of interest and Liquidated Damages, if any, may be made by check mailed
to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately
available funds will be required with respect to principal of and interest, premium and Liquidated Damages, if any, on, all Global
Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent.
Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.

 

(3)         Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act in any such capacity.

 

    	A-2

    	 

    

 

(4)         Indenture
and Collateral.

 

(a)    The
Company issued the Notes under an Indenture dated as of February 12, 2013 (the “Indenture”) among the Company,
the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling. The Indenture does not limit the aggregate principal amount of Notes that may
be issued thereunder.

 

(b)   The
payment of all amounts due under the Note Guarantees of the Pledgors and the performance of all Obligations of each of the Pledgors
to the Holders will be secured, equally and ratably with any other Parity Lien Obligations of such Pledgors, by Liens on the Collateral
of such Pledgors, subject to Permitted Prior Liens, as provided in the Collateral Documents and the Intercreditor Agreement. The
payment of all amounts due under the Note Guarantee of VGR Holding and the performance of all Obligations of VGR Holding to the
Holders will be secured, equally and ratably with any other Parity Lien Obligations of VGR Holding, by Liens on the Pledged Securities
as provided in the Collateral Documents. The Collateral Documents shall provide for the grant by the Pledgors and VGR Holding to
the Collateral Agent of security interests in the Collateral securing their Note Guarantees subject in the case of the Liggett
Guarantors to the terms of the Intercreditor Agreement.

 

(5)         Optional
Redemption.

 

(a)   At any time prior to February 15, 2016, the Company may on any one or more occasions redeem up to 35% of the aggregate principal
amount of Notes issued under the Indenture at a redemption price of 107.750% of the principal amount thereof, plus accrued and
unpaid interest and Liquidated Damages, if any, to the redemption date, with the net cash proceeds of a sale of common Equity Interests
(other than Disqualified Stock) of the Company; provided that:

 

(i)          at
least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held by the Company
and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and

 

(ii)         the
redemption occurs within 90 days of the date of the closing of such sale of Equity Interests.

 

(b)   At any time prior to February 15, 2016, the Company may also redeem all or a part of the Notes, upon not less than 30 nor more
than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a redemption price equal
to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated
Damages, if any, to the applicable date of redemption, subject to the rights of Holders on the relevant record date to receive
interest due on the relevant Interest Payment Date.

 

(c)   Except pursuant to the preceding paragraphs, the Notes will not be redeemable at the Company’s option prior to February 15,
2016.

 

    	A-3

    	 

    

 

(d)   On or after February 15, 2016, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest
and Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period
beginning on February 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive
interest on the relevant Interest Payment Date:

 

	Year	 	Percentage	 
	2016	 	 	105.813	%
	2017	 	 	103.875	%
	2018	 	 	101.938	%
	2019 and thereafter	 	 	100.000	%

 

Unless the
Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.

 

(6)         Mandatory
Redemption. The Company is not be required to make mandatory redemption or sinking fund payments with respect
to the Notes.

 

(7)         Repurchase
at the Option of Holder.

 

(a)   Upon
the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to make an offer (a “Change
of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest and Liquidated Damages, if any, on the Notes repurchased to the date of purchase, subject to the rights
of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the “Change of Control
Payment”). Within thirty days following any Change of Control, the Company will mail a notice to each Holder describing
the transaction or transactions that constitute the Change of Control as required by the Indenture.

 

(b)   If
the Company or a Guarantor consummates any Asset Sales, within five days of each date on which the aggregate amount of Excess Proceeds
exceeds $10.0 million, the Company will commence an offer to all Holders of Notes and all
holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”)
pursuant to Section 3.09 and 4.10 of the Indenture to purchase the maximum principal amount of Notes (including any Additional
Notes) and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset
Sale Offer will be equal to percentages corresponding to the applicable optional redemption price in effect on the repurchase date,
and for periods prior to February 15, 2016, the first optional redemption price of the principal amount plus accrued and unpaid
interest and Liquidated Damages, if any, to the date of purchase, and will be payable in cash, in accordance with the procedures
set forth in the Indenture. To the extent that the aggregate amount of Notes (including any Additional Notes) and other pari
passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Guarantor)
may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and
other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall
select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Holders of Notes that
are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and
may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase”
attached to the Notes.

 

    	A-4

    	 

    

 

(8)         Notice
of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption
date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more
than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction
or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of
$1,000, unless all of the Notes held by a Holder are to be redeemed.

 

(9)         Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need
not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion
of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15
days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment
Date.

 

(10)        Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

(11)        Amendment,
Supplement and Waiver. Subject to certain exceptions, and subject to the Intercreditor Agreement, the Indenture, the
Notes, the Note Guarantees or the Collateral Documents may be amended or supplemented with the consent of the Holders of at least
a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class,
and any existing Default or Event of Default (except a continuing Default or Event of Default in the payment of the principal of,
premium and Liquidated Damages, if any, or interest on, the Notes) or compliance with any provision of the Indenture, the Notes,
the Note Guarantees or the Collateral Documents may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder
of a Note, the Indenture, the Notes, the Note Guarantees or the Collateral Documents may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide
for the assumption of the Company’s or a Guarantor’s obligations to Holders of the Notes and Note Guarantees in case
of a merger or consolidation, to make any change that would provide any additional rights or benefits to the Holders of the Notes
or that does not adversely affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the
SEC in order to effect or maintain the qualification of the Indenture under the TIA, to conform the text of the Indenture, the
Notes, the Note Guarantees or the Collateral Documents to any provision of the “Description of Notes” section of the
Company’s Offering Memorandum dated February 4, 2013, relating to the initial offering of the Notes, to the extent that such
provision in that “Description of Notes” was intended to be a verbatim recitation of a provision of the Indenture,
the Note Guarantees, the Collateral Documents or the Notes; to provide for the issuance of Additional Notes in accordance with
the limitations set forth in the Indenture; to allow any Guarantor to execute a supplemental indenture to the Indenture and/or
a Note Guarantee with respect to the Notes, or to make, complete or confirm any grant of Collateral permitted or required by the
Indenture or any of the Collateral Documents or any release of Collateral that becomes effective as set forth in the indenture
or any of the Collateral Documents. In addition, any amendment or supplement to, or waiver of, the provisions of the Indenture
or any Collateral Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing
the Note Guarantees or releasing any Guarantor from any of its obligations under its Note Guarantee or the Indenture if the assets
or properties of that Guarantor constitute all or substantially all of the Collateral, except in accordance with the terms of the
Indenture and the Intercreditor Agreement, will require the consent of the holders of at least 95% in aggregate principal amount
of the Notes then outstanding.

 

    	A-5

    	 

    

 

(12)        Defaults
and Remedies. Events of Default include: (i) default for 30 days in the payment when due of interest on, or Liquidated
Damages, if any, with respect to the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of
the principal of, or premium, if any, on, the Notes or default in the payment when due of a Change of Control Payment, (iii) failure
by the Company or any of the Guarantors for 30 days after notice to the Company by the Trustee or the Holders of at least 25% in
aggregate principal amount of the Notes then outstanding including Additional Notes, if any, voting as a single class to comply
with the provisions of Sections 4.07, 4.09 or 4.10 hereof; (iv) failure by the Company or any of the Guarantors for 60 days after
notice to the Company by the trustee or the holders of at least 25% in aggregate principal amount of the Notes then outstanding
including Additional Notes, if any, voting as a single class to comply with any of the other agreements in the Indenture or the
Collateral Documents; (v) default under certain other agreements relating to Indebtedness of the Company which default arises from
the failure to pay principal, interest or premium on such Indebtedness and such Default continues for 30 days or results in the
acceleration of such Indebtedness prior to its express maturity and such acceleration is not annulled within 30 days; (vi) certain
final judgments for the payment of money that remain undischarged for a period of 60 days; (vii) certain events of bankruptcy or
insolvency with respect to the Company or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken
together, would constitute a Significant Subsidiary; (viii) the breach for 60 days after notice to the Company by the Trustee or
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding including Additional Notes, if any, voting
as a single class of certain representations or warranties or agreements in the Collateral Documents; (ix) the repudiation by the
Company or any of the Guarantors of any of its obligations under the Collateral Documents or the unenforceability of the Collateral
Documents against the Company or any of the Guarantors for any reason; and (x) except as permitted by the Indenture, any Note Guarantee
is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any
Guarantor or any Person acting on its behalf denies or disaffirms its obligations under such Guarantor’s Note Guarantee.
If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the
then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case
of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable
immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium or Liquidated
Damages, if any,) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal
amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration
or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event
of Default in the payment of interest or premium or Liquidated Damages, if any, on, or the principal of, the Notes. The Company
is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required,
upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event
of Default.

 

    	A-6

    	 

    

 

(13)        Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were
not the Trustee.

 

(14)        No
Recourse Against Others. A director, officer, employee, incorporator or stockholder of the Company or any of the Guarantors,
as such, will not have any liability for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees,
the Collateral Documents or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for the issuance of the Notes.

 

(15)        Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

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

 

(17)        Additional
Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights
set forth in the Registration Rights Agreement dated as of February 12, 2013, among the Company, the Guarantors and the other parties
named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive
Notes will have the rights set forth in one or more registration rights agreements, if any, among the Company, the Guarantors and
the other parties thereto, relating to rights given by the Company and the Guarantors to the purchasers of any Additional Notes
(collectively, the “Registration Rights Agreement”).

 

(18)        CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

(19)        GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

    	A-7

    	 

    

 

The Company will furnish
to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests
may be made to:

 

Vector Group Ltd.

100 S.E. 2nd Street, 32nd Floor

Miami, Florida 33131

Attention: Marc N. Bell, Esq.

 

    	A-8

    	 

    

 

Assignment
Form

 

To assign this Note,
fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

	and irrevocably appoint 	 

to transfer this Note on the books of the
Company. The agent may substitute another to act for him.

 

Date:  _______________

 

	 	Your Signature: 

	 

(Sign exactly as your name appears
on the face of this Note)

 

Signature Guarantee*: _________________________

 

*           Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    	A-9

    	 

    

 

Option of Holder to Elect Purchase

If you want
to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box
below:

 

ØSection
4.10               ØSection
4.14

 

If you want to elect
to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount
you elect to have purchased:

 

$_______________

 

Date:  _______________

 

	 	Your Signature: 	 

(Sign exactly as your name appears
on the face of this Note)

 

	 	Tax Identification No.: 	 

 

Signature Guarantee*: _________________________

 

*           Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    	A-10

    	 

    

 

Schedule
of Exchanges of Interests in the Global Note *

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	
        Amount of decrease in

        Principal Amount 

        of 

        this Global Note
	 	
        Amount of increase in

        Principal Amount 

        of 

        this Global Note
	 	
        Principal Amount 

        of this Global Note

        following such

        decrease 

        (or increase)
	 	
        Signature of authorized

        officer of Trustee or

        Custodian

	 	 	 	 	 	 	 	 	 

  

		*	This schedule should be included only if the Note is issued in global form. 

 

    	A-11

    	 

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

[Company
address block]

 

[Registrar
address block]

 

Re:  7.750%
Senior Secured Notes due 2021

 

Reference is hereby
made to the Indenture, dated as of February 12, 2013 (the “Indenture”), among Vector Group Ltd., as issuer (the
“Company”), the Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

___________________,
(the “Transferor”) owns and proposes to transfer the Note[s]
or interest in such Note[s]
specified in Annex A hereto, in the principal amount of $___________ in such Note[s]
or interests (the “Transfer”), to ___________________________ (the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

1.   ̈  
Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant
to Rule 144A.  The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States.  Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act.

 

2.   ̈  
Check if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive
Note pursuant to Regulation S.  The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being
made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States
or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation
S under the Securities Act; (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is
not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note
and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    	B-1

    	 

    

 

3.   ̈  
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive
Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S.  The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state
of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)           ̈  
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)           ̈  
such Transfer is being effected to the Company or a subsidiary thereof;

 

or

 

(c)           ̈  
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act;

 

or

 

(d)           ̈  
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it
has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies
with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and
the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in
the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer
of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached
to this certification), to the effect that such Transfer is in compliance with the Securities Act.  Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or
the Restricted Definitive Notes and in the Indenture and the Securities Act.

 

4.   ̈  
Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)   ̈  
Check if Transfer is pursuant to Rule 144.  (i) The Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

 

    	B-2

    	 

    

 

(b)   ̈  
Check if Transfer is Pursuant to Regulation S.  (i) The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act.  Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)   ̈  
Check if Transfer is Pursuant to Other Exemption.  (i) The Transfer is being effected pursuant to and in compliance
with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act.  Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company.

 

	 	 
	 	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    	B-3

    	 

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

		1.	The Transferor owns and proposes to transfer the following:

 

[CHECK
ONE OF (a) OR (b)]

 

		(a)	 ̈  
a beneficial interest in the:

 

		(i)	 ̈  
144A Global Note (CUSIP _________), or

 

		(ii)	 ̈  
Regulation S Global Note (CUSIP _________), or

 

		(iii)	 ̈    IAI
Global Note (CUSIP _________); or

 

		(b)	 ̈    a
Restricted Definitive Note.

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK
ONE]

 

		(a)	 ̈  
a beneficial interest in the:

 

		(i)	 ̈  
144A Global Note (CUSIP _________), or

 

		(ii)	 ̈  
Regulation S Global Note (CUSIP _________), or

 

		(iii)	 ̈  
IAI Global Note (CUSIP _________); or

 

		(iv)	 ̈  
Unrestricted Global Note (CUSIP _________); or

 

		(b)	 ̈  
a Restricted Definitive Note; or

 

		(c)	 ̈  
an Unrestricted Definitive Note,

 

in accordance with
the terms of the Indenture.

 

    	B-4

    	 

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

[Company
address block]

 

[Registrar
address block]

 

Re:  7.750%
Senior Secured Notes due 2021

 

(CUSIP ____________)

 

Reference is hereby
made to the Indenture, dated as of February 12, 2013 (the “Indenture”), among Vector Group Ltd. as issuer (the
“Company”), the Guarantors party thereto and U.S. Bank National Association as trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

__________________________,
(the “Owner”) owns and proposes to exchange the Note[s]
or interest in such Note[s]
specified herein, in the principal amount of $____________ in such Note[s]
or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.          Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note

 

(a)   ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in
an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities
Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)   ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(c)   ̈
Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note.  In
connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    	C-1

    	 

    

 

(d)   ̈
Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the
Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

2.          Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes

 

(a)   ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note.  In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an
equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s
own account without transfer.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture,
the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

 

(b)   ̈
Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note.  In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK
ONE]  ̈ 144A Global Note,  ̈
Regulation S Global Note,   ̈ IAI Global Note with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state
of the United States.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the
beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Company.

 

	 	 	 
	 	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:  ______________________

 

    	C-2

    	 

    

 

EXHIBIT D

 

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

[Company
address block]

 

[Registrar
address block]

 

Re:  7.750%
Senior Secured Notes due 2015

 

Reference is hereby
made to the Indenture, dated as of February 12, 2013 (the “Indenture”), among Vector Group Ltd. as issuer (the “Company”),
the Guarantors party thereto and U.S. Bank National Association as trustee. Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

 

In connection with
our proposed purchase of $____________ aggregate principal amount of:

 

(a)   ̈
a beneficial interest in a Global Note, or

 

(b)   ̈
a Definitive Note,

 

we confirm that:

 

1.          We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

 

2.          We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of
any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do
so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that,
prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer
of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in
compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an effective registration statement
under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in
a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising
such purchaser that resales thereof are restricted as stated herein.

 

3.          We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm
that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear
a legend to the foregoing effect.

 

    	D-1

    	 

    

 

4.          We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.

 

5.          We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You and the Company
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	 
	 	 	[Insert Name of Accredited Investor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _______________________

 

    	D-2

    	 

    

 

EXHIBIT E

 

[FORM
OF NOTATION OF GUARANTEE]

 

For value received,
each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of February 12, 2013 (the “Indenture”)
among Vector Group Ltd. (the “Company”), the Guarantors party thereto and U.S. Bank National Association as
trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium and Liquidated Damages,
if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment
of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other
obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any
extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the
Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise
terms of the Note Guarantee. Capitalized terms used but not defined herein have the meanings given to them in the Indenture.

 

	 	[Name of Guarantor(s)]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	E-1

    	 

    

 

EXHIBIT F

 

[FORM
OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of ________________, 20__, among __________________
(the “Guaranteeing Subsidiary”), a subsidiary of Vector Group Ltd. (or its permitted successor), a Delaware
corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein)
and ____________________, as trustee under the Indenture referred to below (the “Trustee”).

 

WITNESSETH

 

WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of February 12,
2013 providing for the issuance of 7.750% Senior Secured Notes due 2021 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture
pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

 

WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

 

1.          Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.          Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to
the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof.

 

4.          No
Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under
the Notes, any Note Guarantees, the Collateral Documents, the Indenture or this Supplemental Indenture or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective
to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy.

 

5.          NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

6.          Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

    	F-1

    	 

    

 

7.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

8.          The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Subsidiary and the Company.

 

    	F-2

    	 

    

 

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

 

Dated: _______________,
20___

 

	 	[Guaranteeing Subsidiary]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	VECTOR GROUP LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Existing Guarantors]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[Trustee],
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	F-3REGISTRATION RIGHTS AGREEMENT

 

 

by and among

 

VECTOR GROUP LTD.

 

 

VGR
Holding LLC

Liggett
Group LLC

Liggett
Vector Brands LLC

Vector
Research LLC

Liggett
& Myers Holdings Inc.

100
Maple LLC

V.T.
Aviation LLC

VGR
Aviation LLC

Eve
Holdings Inc.

Vector
Tobacco Inc.

Accommodations
acquisition corporation

and

 

Jefferies
& Company, Inc.

 

 

Dated as of February 12, 2013

 

 

 

    	

    	 

    

 

This Registration Rights
Agreement, dated as of February 12, 2013 (this “Agreement”), is entered into by and among (i) Vector Group Ltd.,
a Delaware corporation (the “Issuer”), (ii) VGR Holding LLC, a Delaware limited liability
company, Liggett Group LLC, a Delaware limited liability company, Liggett Vector Brands LLC, a Delaware limited liability company,
Vector Research LLC, a Delaware limited liability company, Liggett & Myers Holdings Inc., a Delaware corporation, 100 Maple
LLC, a Delaware limited liability company, V.T. Aviation LLC, a Delaware limited liability company, VGR Aviation LLC, a Delaware
limited liability company, Eve Holdings Inc., a Delaware corporation, Vector Tobacco Inc., a Virginia corporation, and Accommodations
Acquisition Corporation, a Delaware corporation and (iii) Jefferies & Company, Inc. (the “Initial Purchaser”),
which has agreed to purchase $450,000,000 aggregate principal amount of the Issuer’s 7.750% Senior Secured Notes due 2021
(the “Series A Notes”) pursuant to the Purchase Agreement (as defined below).

 

This Agreement is made
pursuant to the Purchase Agreement, dated as of February 4, 2013 (the “Purchase Agreement”), by and among the
Issuer, the Guarantors and the Initial Purchaser. In order to induce the Initial Purchaser to purchase the Series A Notes, the
Issuer and the Guarantors have agreed to provide, subject to the conditions in this Agreement, the registration rights set forth
in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchaser set
forth in Section 9 of the Purchase Agreement. Capitalized terms used herein and not otherwise defined shall have the meaning assigned
to them in the Indenture (the “Indenture”) to be dated the Closing Date (defined below) among the Issuer, the
Guarantors and U.S. Bank National Association, as Trustee (the “Trustee”), relating to the Series A Notes and
the Series B Notes (defined below).

 

The parties hereby
agree as follows:

 

SECTION
1.DEFINITIONS

 

As used in this Agreement,
the following capitalized terms shall have the following meanings:

 

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

 

“Affiliate”
has the meaning set forth in Rule 144 of the Act.

 

“Agreement”
has the meaning set forth in the preamble of this Agreement.

 

“Broker-Dealer”
means any broker or dealer registered under the Exchange Act.

 

“Business
Day” means any day except a Saturday, Sunday or any other day on which banking institutions in the City of New York,
or in the city of the corporate trust office of the Trustee, are authorized or obligated by law or regulation to close.

 

“Closing Date”
means the date of this Agreement.

 

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“Consummate”
means, and an Exchange Offer shall be deemed Consummated for purposes of this Agreement upon, the occurrence of (a) the filing
and effectiveness under the Act of the Exchange Offer Registration Statement relating to the Series B Notes to be issued in the
Exchange Offer, (b) the maintenance of such Exchange Offer Registration Statement continuously effective and the keeping of the
Exchange Offer open for a period not less than the period required pursuant to Section 3(b) and (c) the delivery by the Issuer
to the Registrar under the Indenture of Series B Notes in the same aggregate principal amount as the aggregate principal amount
of Series A Notes tendered by Holders thereof pursuant to the Exchange Offer.

 

“Consummation
Deadline” has the meaning set forth in Section 3(a).

 

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

 

“Exchange
Offer” means the exchange and issuance by the Issuer of a principal amount of Series B Notes (which shall be registered
pursuant to the Exchange Offer Registration Statement) equal to the outstanding principal amount of Series A Notes that are validly
tendered by Holders in connection with such exchange and issuance.

 

“Exchange
Offer Effectiveness Deadline” has the meaning set forth in Section 3(a).

 

“Exchange
Offer Filing Deadline” has the meaning set forth in Section 3(a).

 

“Exchange
Offer Registration Statement” means the Registration Statement relating to the Exchange Offer, including the related
Prospectus.

 

“Free Writing
Prospectus” means each offer to sell or solicitation of an offer to buy the Series A Notes or the Series B Notes that
would constitute a “free writing prospectus” (if the offering of the Series A Notes or the Series B Notes was made
pursuant to a registered offering under the Act) as defined in Rule 405 under the Act, prepared by or on behalf of the Issuer or
used or referred to by the Issuer in connection with the sale of the Series A Notes or the Series B Notes.

 

“Guarantors”
has the meaning set forth in the Indenture.

 

“Holders”
shall have the meaning set forth in Section 2.

 

“Indemnified
Party” has the meaning set forth in Section 8(c).

 

“Indemnifying
Party” has the meaning set forth in Section 8(c).

 

“Indenture”
has the meaning set forth in the preamble of this Agreement.

 

“Initial Purchaser”
has the meaning set forth in the preamble of this Agreement.

 

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“Issuer”
has the meaning set forth in the preamble of this Agreement.

 

“Notes”
has the meaning set forth in the Indenture.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“Prospectus”
means the prospectus included in a Registration Statement at the time such Registration Statement is declared effective (including
without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective
Registration Statement in reliance on Rule 430A under the Act), as amended or supplemented by any prospectus supplement and by
all other amendments thereto, including (a) post-effective amendments and (b) any Free Writing Prospectus, and all material incorporated
by reference into such prospectus.

 

“Purchase
Agreement” has the meaning set forth in the preamble of this Agreement.

 

“Recommencement
Date” has the meaning set forth in Section 6(d).

 

“Registration
Default” has the meaning set forth in Section 5.

 

“Registration
Statement” means any registration statement of the Issuer and the Guarantors relating to (a) an offering of Series B
Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf
Registration Statement, in each case, (i) that is filed pursuant to the provisions of this Agreement and (ii) including the Prospectus
included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and materials incorporated
by reference therein.

 

“Rule 144”
means Rule 144 promulgated under the Act.

 

“SEC”
means the Securities and Exchange Commission.

 

“Series A
Notes” has the meaning set forth in the preamble of this Agreement.

 

“Series B
Notes” means the Issuer’s 7.750% Senior Secured Notes due 2021 to be issued pursuant to the Indenture (a) in the
Exchange Offer or (b) as contemplated by Section 4.

 

“Shelf Effectiveness
Deadline” has the meaning set forth in Section 4(a).

 

“Shelf Filing
Deadline” has the meaning set forth in Section 4(a).

 

“Shelf Registration
Statement” has the meaning set forth in Section 4(a).

 

“Suspension
Notice” has the meaning set forth in Section 6(d).

 

    	4

    	 

    
 

 

“TIA”
means the Trust Indenture Act of 1939 as in effect on the date of the Indenture.

 

“Transfer
Restricted Securities” means each Series A Note until (a) the date on which such Series A Note has been exchanged
by a Person other than a Broker-Dealer for a Series B Note in the Exchange Offer; (b) following the exchange by a Broker-Dealer
in the Exchange Offer of a Series A Note for a Series B Note, the date on which the Series B Note is sold or otherwise disposed
of to a purchaser who receives from such Broker-Dealer on or prior to the date of such sale a copy of the prospectus contained
in the Exchange Offer Registration Statement; (c) the date on which such Series A Note has been registered under the Act and
disposed of in accordance with the Shelf Registration Statement; or (d) the date on which such Series A Note is distributed
to the public pursuant to Rule 144, provided that on or prior to such date either (i) the Exchange Offer has been consummated or
(ii) a Shelf Registration Statement has been declared effective by the SEC.

 

SECTION
2.HOLDERS

 

A Person is deemed
to be a holder of Transfer Restricted Securities (a “Holder”) whenever such Person owns Transfer Restricted
Securities.

 

SECTION
3.REGISTERED EXCHANGE OFFER

 

(a)Unless
the Exchange Offer shall not be permitted by applicable law or SEC policy, the Issuer and the Guarantors shall (i) cause the Exchange
Offer Registration Statement to be filed with the SEC not later than 240 days after the Closing Date (such 240th day being the
“Exchange Offer Filing Deadline”), (ii) use all commercially reasonable efforts to cause such Exchange
Offer Registration Statement to be declared effective by the SEC not later than 330 days after the Closing Date (such 330th day
being the “Exchange Offer Effectiveness Deadline”), and (iii) commence the Exchange Offer promptly following
the declaration of effectiveness of such Exchange Offer Registration Statement and use all commercially reasonable efforts to Consummate
the Exchange Offer on or prior to the date 30 Business Days (or longer if there is a change in the federal securities laws that
requires an issuer exchange offer for its debt securities to remain open for more than 30 Business Days) after the Exchange Offer
Registration Statement is declared effective (such date being the “Consummation Deadline”). The Exchange Offer
shall be on the appropriate form permitting (x) registration of the Series B Notes to be offered in exchange for the Series A Notes
that are Transfer Restricted Securities and (y) resales of Series B Notes by Broker-Dealers that tendered into the Exchange Offer
Series A Notes that such Broker-Dealer acquired for its own account as a result of market-making activities or other trading activities
(other than Series A Notes acquired directly from the Issuer or any of its Affiliates) as contemplated by Section 3(c).

 

(b)The Issuer
and the Guarantors shall use all commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective
continuously, and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable
securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20
Business Days. The Issuer and the Guarantors shall cause the Exchange Offer to comply with all applicable securities laws. No securities
other than the Series B Notes and related guarantees shall be included in the Exchange Offer Registration Statement.

 

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(c)The Issuer
and the Guarantors shall include a “Plan of Distribution” section in the Prospectus contained in the Exchange Offer
Registration Statement and indicate therein that any Broker-Dealer who holds Transfer Restricted Securities that were acquired
for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than Series A
Notes acquired directly from the Issuer or any of its Affiliates), may exchange such Transfer Restricted Securities pursuant to
the Exchange Offer. Such “Plan of Distribution” section shall also contain all other information with respect to such
sales by such Broker-Dealers that the SEC may require in order to permit such sales pursuant thereto, but such “Plan of Distribution”
shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such Broker-Dealer,
except to the extent required by the SEC as a result of a change in policy, rules or regulations after the date of this Agreement.

 

Because any such Broker-Dealer
may be deemed to be an “underwriter” within the meaning of the Act and must, therefore, deliver a prospectus meeting
the requirements of the Act in connection with the initial sale of any Series B Notes received by such Broker-Dealer in the Exchange
Offer, the Issuer and the Guarantors shall permit the use of the Prospectus contained in the Exchange Offer Registration Statement
by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the Prospectus contained
in the Exchange Offer Registration Statement is available for sales of Series B Notes by Broker-Dealers, the Issuer and the Guarantors
agree to use all commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented,
amended and current as required by and subject to the provisions of Section 6(a) and (c) and in conformity with the requirements
of this Agreement, the Act and the policies, rules and regulations of the SEC as announced from time to time, for a period of 180
days from the Consummation Deadline or such shorter period as will terminate when all Transfer Restricted Securities covered by
such Registration Statement have been sold pursuant thereto. The Issuer and the Guarantors shall provide sufficient copies of the
latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than one day after such
request, at any time during such period.

 

SECTION
4.SHELF REGISTRATION

 

(a)Shelf
Registration. If (i) the Exchange Offer is not permitted by applicable law or SEC policy (after the Issuer and the Guarantors
have complied with the procedures set forth in Section 6(a)(iii)(A)) or (ii) any Holder notifies the Issuer prior to the 20th
Business Day following the Consummation Deadline that (A) it is prohibited by law or SEC policy from participating in the
Exchange Offer, (B) it may not resell the Series B Notes acquired by it in the Exchange Offer to the public without delivering
a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such
resales by such Holder or (C) it is a Broker-Dealer and holds Series A Notes acquired directly from the Issuer or any of its
Affiliates, then the Issuer and the Guarantors will:

 

    	6

    	 

    
 

 

(x)use
all commercially reasonable efforts to cause to be filed, not later than 90 days after the earlier of (i) the date on which the
Issuer determines that the Exchange Offer Registration Statement cannot be filed as a result of clause (a)(i) of this Section 4
and (ii) the date on which the Issuer receives the notice specified in clause (a)(ii) of this Section 4 (such earlier date, the
“Shelf Filing Deadline”), a shelf registration statement for an offering to be made on a continuous basis pursuant
to Rule 415 under the Act (which may be an amendment to the Exchange Offer Registration Statement) (the “Shelf Registration
Statement”) relating to all Transfer Restricted Securities; provided, however, that, notwithstanding this Section
4(a)(x), the Issuer and the Guarantors shall not be required to file the Shelf Registration Statement prior to the Exchange Offer
Filing Deadline; and

 

(y)use
all commercially reasonable efforts to cause such Shelf Registration Statement to become effective not later than 180 days after
the earlier of (i) the date on which the Issuer determines that the Exchange Offer Registration Statement cannot be filed as a
result of clause (a)(i) of this Section 4 and (ii) the date on which the Issuer receives the notice specified in clause (a)(ii)
of this Section 4 (such 180th day the “Shelf Effectiveness Deadline”).

 

If, after the Issuer
has filed an Exchange Offer Registration Statement that satisfies the requirements of Section 3(a), the Issuer is required to file
and make effective a Shelf Registration Statement solely because the Exchange Offer is not permitted under applicable law (i.e.,
clause (a)(i) of this Section 4), then the filing of the Exchange Offer Registration Statement shall be deemed to satisfy the requirements
of clause (x) of this Section 4(a); provided, however, that in such event, the Issuer shall remain obligated to meet
the Shelf Effectiveness Deadline set forth in clause (y) of this Section 4(a).

 

To the extent necessary
to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted Securities by the Holders thereof
entitled to the benefit of this Section 4(a) and the other securities required to be registered therein pursuant to Section 6(b)(ii),
the Issuer and the Guarantors shall use all commercially reasonable efforts to keep any Shelf Registration Statement required
by this Section 4(a) continuously effective, supplemented, amended and current as required by and subject to the provisions of
Section 6(b) and (c) and in conformity with the requirements of this Agreement, the Act and the policies, rules and regulations
of the SEC as announced from time to time, for a period of at least two years (as extended pursuant to Section 6(d)) following
the Closing Date, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Shelf Registration
Statement have been sold pursuant thereto.

 

(b)Provision
by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder may include any of its Transfer
Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to
the Issuer in writing, within 10 days after receipt of a request therefor, the information specified in Item 507 or 508 of Regulation
S-K, as applicable, of the Act for use in connection with any Shelf Registration Statement or Prospectus or preliminary prospectus
included therein. No Holder shall be entitled to liquidated damages pursuant to Section 5 unless and until such Holder shall have
provided all such information. Each selling Holder agrees to promptly furnish additional information as requested by the SEC or
as required to be disclosed in order to make the information previously furnished to the Issuer by such Holder not materially misleading.

 

    	7

    	 

    
 

 

SECTION
5.LIQUIDATED DAMAGES

 

If (a) any Registration
Statement required by this Agreement is not filed with the SEC on or prior to the applicable Exchange Offer Filing Deadline or
Shelf Filing Deadline, (b) any such Registration Statement has not been declared effective by the SEC on or prior to the applicable
Exchange Offer Effectiveness Deadline or Shelf Effectiveness Deadline, (c) the Exchange Offer has not been Consummated on or prior
to the Consummation Deadline or (d) the Shelf Registration Statement or the Exchange Offer Registration Statement is filed and
declared effective but thereafter ceases to be effective or usable in connection with resales of Transfer Restricted Securities
during the periods specified in this Agreement (each such event referred to in clauses (a) through (d) above, a “Registration
Default”), then the Issuer and the Guarantors hereby jointly and severally agree to pay to each Holder of Transfer Restricted
Securities affected thereby liquidated damages at a rate equal to 0.25% per annum on the outstanding principal amount of Transfer
Restricted Securities held by such Holder with respect to the first 90-day period immediately following the occurrence of the first
Registration Default. The amount of the liquidated damages shall increase at a rate of 0.25% per annum on the outstanding principal
amount of Transfer Restricted Securities held by such Holder with respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum rate of liquidated damages of 1.00% per annum of the outstanding principal amount of
Transfer Restricted Securities held by such Holder; provided, however, that the Issuer and the Guarantors shall in
no event be required to pay liquidated damages for more than one Registration Default at any given time. Notwithstanding anything
to the contrary set forth herein, (i) upon filing of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf
Registration Statement) in the case of clause (a) of this Section 5, (ii) upon the effectiveness of the Exchange Offer Registration
Statement (and/or, if applicable, the Shelf Registration Statement) in the case of clause (b) of this Section 5, (iii) upon Consummation
of the Exchange Offer in the case of clause (c) of this Section 5 or (iv) upon the filing of a post-effective amendment to the
Registration Statement or an additional Registration Statement that causes the Exchange Offer Registration Statement (and/or, if
applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case of clause (d) of this Section
5, the liquidated damages payable with respect to the Transfer Restricted Securities as a result of such clauses (a), (b), (c)
or (d) of this Section 5, as applicable, shall cease.

 

All accrued liquidated
damages will be paid by the Issuer and the Guarantors to the Holders entitled thereto, in the manner provided for the payment of
interest in the Indenture, on the next scheduled Interest Payment Date (as such date is defined in the Notes), as more fully set
forth in the Indenture and the Notes. Notwithstanding the fact that any Notes for which liquidated damages are due cease to be
Transfer Restricted Securities, all obligations of the Issuer and the Guarantors to pay such accrued liquidated damages with respect
to the Notes shall survive until such time as such obligations with respect to the Notes have been satisfied in full. The liquidated
damages set forth above shall be the exclusive monetary remedy available to the Holders for a Registration Default.

 

    	8

    	 

    
 

 

SECTION
6.REGISTRATION PROCEDURES

 

(a)Exchange
Offer Registration Statement. In connection with the Exchange Offer, the Issuer and the Guarantors shall (i) comply with all
applicable provisions of Section 6(c), (ii) use all commercially reasonable efforts to effect such exchange and to permit the resale
of Series B Notes by Broker-Dealers that tendered in the Exchange Offer Series A Notes that such Broker-Dealer acquired for its
own account as a result of its market-making activities or other trading activities (other than Series A Notes acquired directly
from the Issuer or any of its Affiliates) being sold in accordance with the intended method or methods of distribution thereof,
and (iii) comply with all of the following provisions:

 

(A)If,
following the date hereof, there has been announced a change in SEC policy with respect to exchange offers such as the Exchange
Offer that, in the reasonable opinion of counsel to the Issuer, raises a substantial question as to whether the Exchange Offer
is permitted by applicable law, the Issuer and the Guarantors hereby agree to seek a no-action letter or other favorable decision
from the SEC allowing the Issuer and the Guarantors to Consummate an Exchange Offer for such Transfer Restricted Securities. The
Issuer and the Guarantors hereby agree to pursue the issuance of such a decision to the SEC staff level. In connection with the
foregoing, the Issuer and the Guarantors hereby agree to take all such other commercially reasonable actions as may be requested
by the SEC or otherwise required in connection with the issuance of such decision, including without limitation (1) participating
in telephonic conferences with the SEC, (2) delivering to the SEC staff an analysis prepared by counsel to the Issuer setting forth
the legal basis, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (3) diligently
pursuing a resolution (which need not be favorable) by the SEC staff.

 

(B)As
a condition to its participation in the Exchange Offer, each Holder of Transfer Restricted Securities (including, without limitation,
any Holder who is a Broker-Dealer) shall furnish, if requested by the Issuer, prior to the Consummation of the Exchange Offer,
a written representation to the Issuer and the Guarantors (which shall be contained in the letter of transmittal contemplated by
the Exchange Offer Registration Statement or be deemed made by virtue of tendering into the Exchange Offer pursuant to the provisions
of the Exchange Offer Prospectus) to the effect that (1) it is not an Affiliate of the Issuer, (2) it is not engaged in, and does
not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Series
B Notes to be issued in the Exchange Offer and (3) it is acquiring the Series B Notes in its ordinary course of business. As a
condition to its participation in the Exchange Offer, each Holder using the Exchange Offer to participate in a distribution of
the Series B Notes shall acknowledge and agree that, if the resales are of Series B Notes obtained by such Holder in exchange for
Series A Notes acquired directly from the Issuer or an Affiliate thereof, it (x) could not, under SEC policy as in effect on the
date of this Agreement, rely on the position of the SEC enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991)
and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the SEC’s letter to Shearman
& Sterling dated July 2, 1993, and similar no-action letters (including, if applicable, any no-action letter obtained pursuant
to clause (a)(iii)(A) of this Section 6) and (y) must comply with the registration and prospectus delivery requirements of the
Act in connection with a secondary resale transaction and that such a secondary resale transaction must be covered by an effective
registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation
S-K.

 

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(C)To
the extent required by SEC policies and procedures, prior to effectiveness of the Exchange Offer Registration Statement, the Issuer
and the Guarantors shall provide a supplemental letter to the SEC (1) stating that the Issuer and the Guarantors are registering
the Exchange Offer in reliance on the position of the SEC enunciated in Exxon Capital Holdings Corporation (available May
13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991) as interpreted in the SEC’s letter to Shearman
& Sterling dated July 2, 1993, and, if applicable, any no-action letter obtained pursuant to clause (a)(iii)(A) of this
Section 6, (2) including a representation that neither the Issuer nor any Guarantor has entered into any arrangement or understanding
with any Person to distribute the Series B Notes to be received in the Exchange Offer and that, to the best of the Issuer’s
and each Guarantor’s information and belief, each Holder participating in the Exchange Offer is acquiring the Series B Notes
in its ordinary course of business and has no arrangement or understanding with any Person to participate in the distribution of
the Series B Notes received in the Exchange Offer and (3) any other undertaking or representation required by the SEC as set forth
in any no-action letter obtained pursuant to clause (a)(iii)(A) of this Section 6, if applicable.

 

(b)Shelf
Registration Statement. In connection with the Shelf Registration Statement, the Issuer and the Guarantors shall:

 

(i)comply
with all the provisions of Section 6(c) and use all commercially reasonable efforts to effect such registration to permit
the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof
(as indicated in the information furnished to the Issuer pursuant to Section 4(b)), and pursuant thereto the Issuer and the Guarantors
shall prepare and file with the SEC a Registration Statement relating to the registration on any appropriate form under the Act,
which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods
of distribution thereof within the time periods and otherwise in accordance with the provisions hereof; and

 

(ii)issue,
upon the request of any Holder or purchaser of Series A Notes covered by any Shelf Registration Statement contemplated by this
Agreement, Series B Notes having an aggregate principal amount equal to the aggregate principal amount of Series A Notes sold pursuant
to the Shelf Registration Statement and surrendered to the Issuer for cancellation; the Issuer shall register the Series B Notes
on the Shelf Registration Statement for this purpose and issue the Series B Notes to the purchaser(s) of securities subject to
the Shelf Registration Statement in the names as such purchaser(s) shall designate.

 

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(c)General
Provisions. In connection with any Registration Statement and any related Prospectus required by this Agreement, the Issuer
and the Guarantors shall:

 

(i)use
all commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements for the period specified in Sections 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event
that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material
fact or omit to state any material fact necessary to make the statements therein not misleading (in the case of the Prospectus
or any supplement thereto, in the circumstances in which they were made) or (B) not to be effective and usable for resale of Transfer
Restricted Securities during the period required by this Agreement, the Issuer and the Guarantors shall file promptly an appropriate
amendment to such Registration Statement or a supplement to the relevant Prospectus curing such defect, and, if SEC review is required,
use all commercially reasonable efforts to cause such amendment to be declared effective as soon as practicable;

 

(ii)prepare
and file with the SEC such amendments and post-effective amendments to the applicable Registration Statement as may be necessary
to keep such Registration Statement effective for the period specified in Sections 3 or 4 of this Agreement, as applicable; cause
the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424
under the Act, and to comply fully with Rules 424, 430A, 430B and 462, as applicable, under the Act in a timely manner; and comply
with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during
the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such
Registration Statement or supplement to the Prospectus;

 

(iii)advise
the Initial Purchaser and, with respect to a Shelf Registration Statement, the underwriter(s), if any, and the selling Holders
and, if requested by such Persons, to confirm such advice in writing (which notice shall not contain any material non-public information,
unless such Holder agrees to keep such information confidential) (A) when the Prospectus or any Prospectus supplement or post-effective
amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when
the same has become effective, (B) of any request by the SEC for amendments to the Registration Statement or amendments or supplements
to the Prospectus or for additional information relating thereto, (C) of the issuance by the SEC of any stop order suspending the
effectiveness of the Registration Statement under the Act or of the suspension by any state securities commission of the qualification
of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of
the preceding purposes, or (D) of the existence of any fact or the happening of any event that makes any statement of a material
fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto or any document incorporated by reference
therein untrue, or that requires the making of any additions to or changes in the Registration Statement in order to make the statements
therein not misleading, or that requires the making of any additions to or changes in the Prospectus in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. If at any time the SEC shall issue any stop
order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority
shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state
securities or Blue Sky laws, the Issuer and the Guarantors shall use all commercially reasonable efforts to obtain the withdrawal
or lifting of such order at the earliest possible time;

 

    	11

    	 

    
 

 

(iv)subject
to Section 6(c)(v), if any fact or event contemplated by Section 6(c)(iii)(D) shall exist or have occurred, prepare a supplement
or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference
or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus
shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

(v)furnish
to (A) the Initial Purchaser, in connection with the Exchange Offer, before filing with the SEC, copies of any Exchange Offer Registration
Statement or any Prospectus included therein, which documents shall be subject to the review and comment of the Initial Purchaser
for a period of at least three Business Days (unless the Initial Purchaser shall consent to a shorter period), and the Issuer shall
not file any such Exchange Offer Registration Statement or Prospectus (other than documents incorporated by reference) to which
the Initial Purchaser shall reasonably object within three Business Days after the Initial Purchaser’s receipt thereof (unless
the Initial Purchaser has consented to a shorter period); and (B) with respect to a Shelf Registration Statement, the Initial Purchaser
and each Holder named in such Shelf Registration Statement, in connection with such exchange or sale, if any, before filing with
the SEC, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration
Statement or Prospectus other than documents incorporated by reference after the initial filing of such Registration Statement,
which documents shall be subject to the review and comment of such Holders in connection with such sale, if any, for a period of
at least five Business Days, and the Issuer shall not file any such Registration Statement or Prospectus or any amendment or supplement
to any such Registration Statement or Prospectus other than documents incorporated by reference to which such Holders shall reasonably
object within five Business Days after such Holders’ receipt thereof. A Holder shall be deemed to have reasonably objected
to such filing if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains
an untrue statement of a material fact or omits to state any material fact necessary to make the statements therein not misleading
or fails to comply with the applicable requirements of the Act;

 

    	12

    	 

    
 

 

(vi)in
connection with any underwritten offering, make available, during reasonable business hours, for inspection by each Holder who
would be an “underwriter” as a result of either (A) the sale by such Holder of Series A Notes covered by such Shelf
Registration Statement or (B) the sale during the period referred to in Section 3(c) and any attorney or accountant retained by
any such Person (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents
of the Issuer and the Guarantors (collectively, “Records”) as shall be reasonably necessary to enable them to
exercise any applicable due diligence responsibilities, and cause the Issuer’s and the Guarantors’ officers, directors
and employees to supply all information in each case reasonably requested by any such Inspector, in connection with such Registration
Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness. Records which
the Issuer determines, in good faith, to be confidential and any Records which it notifies the Inspectors are confidential shall
not be disclosed by the Inspectors unless (X) the disclosure of such Records is necessary to avoid or correct a material misstatement
or omission in such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to
its effectiveness, (Y) the release of such Records is required by applicable law or SEC policy or ordered pursuant to a subpoena
or other order from a court of competent jurisdiction or (Z) the information in such Records has been generally available to the
public. Each selling Holder of such Transfer Restricted Securities and each such Broker-Dealer will be required to agree that information
obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it as the basis for any market
transactions in securities unless and until such is made generally available to the public. Each selling Holder of such Transfer
Restricted Securities and each such Broker-Dealer will be required to further agree that it will, upon learning that disclosure
of such Records is sought in a court of competent jurisdiction, give notice to the Issuer and allow the Issuer at its expense to
undertake appropriate action to prevent disclosure of the Records deemed confidential;

 

(vii)if
requested by any Holders in connection with such exchange or sale, promptly include in any Registration Statement or Prospectus,
pursuant to a supplement or post-effective amendment if necessary, such information as such Holders may reasonably request to have
included therein, including, without limitation, information relating to the “Plan of Distribution” of the Transfer
Restricted Securities; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable
after the Issuer is notified of the matters to be included in such Prospectus supplement or post-effective amendment;

 

(viii)furnish
to each Holder in connection with such exchange or sale without charge, at least one copy of the Registration Statement, as first
filed with the SEC, and of each amendment thereto, including all documents incorporated by reference therein and all exhibits,
including exhibits incorporated therein by reference, if so requested by such Holder;

 

    	13

    	 

    
 

 

(ix)deliver
to each Holder without charge, as many copies of the Prospectus (including any preliminary prospectus) and any amendment or supplement
thereto as such Persons reasonably may request; the Issuer and the Guarantors hereby consent to the use (in accordance with law)
of the Prospectus and any amendment or supplement thereto by each selling Holder in connection with the offering and the sale of
the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto;

 

(x)prior
to any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in connection with
the registration and qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such jurisdictions
as the selling Holders may reasonably request and do any and all other acts or things necessary or advisable to enable the disposition
in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement; provided, however,
that neither the Issuer nor any Guarantor shall be required to register or qualify as a foreign corporation where it is not now
so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters
and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject;

 

(xi)in
connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted
Securities, (A) cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Transfer
Restricted Securities to be sold and not bearing any restrictive legends and (B) register such Transfer Restricted Securities in
such denominations and such names as the selling Holders may request at least two Business Days prior to such sale of Transfer
Restricted Securities;

 

(xii)use
all commercially reasonable efforts to cause the disposition of the Transfer Restricted Securities covered by the Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the
seller or sellers thereof to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained
in clause (x) of this Section 6(c);

 

(xiii)pursuant
to the terms of the Indenture, issue, upon the request of any Holder of Series A Notes covered by the Shelf Registration Statement,
Series B Notes, having an aggregate principal amount equal to the aggregate principal amount of Series A Notes surrendered to the
Issuer by such Holder in exchange therefor or being sold by such Holder; such Series B Notes to be registered in the name of such
Holder or in the name of the purchaser(s) of such Series B Notes, as the case may be; in return, the Series A Notes held by such
Holder shall be surrendered to the Issuer for cancellation;

 

(xiv)provide
a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering such
Transfer Restricted Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted
Securities which are in a form eligible for deposit with the Depository Trust Company;

 

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(xv)cooperate
and assist in any filings required to be made with the Financial Industry Regulatory Authority, Inc. (“FINRA”)
and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”)
that is required to be retained in accordance with the rules and regulations of the FINRA;

 

(xvi)otherwise
use all commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, and make generally available
to the Holders with regard to any applicable Registration Statement, as soon as practicable, a consolidated earnings statement
meeting the requirements of Rule 158 (which need not be audited) covering a twelve-month period beginning after the effective date
of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act);

 

(xvii)cause
the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement contemplated
or required by this Agreement, as applicable, and, in connection therewith, cooperate with the Trustee and the Holders to effect
such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the TIA;
and execute and use all commercially reasonable efforts to cause the Trustee to execute all documents that may be required to effect
such changes and all other forms and documents required to be filed with the SEC to enable such Indenture to be so qualified in
a timely manner; and

 

(xviii)provide
promptly to each Holder, upon request, each document filed with the SEC pursuant to the requirements of Sections 13 or 15(d) of
the Exchange Act.

 

(d)Restrictions
on Holders. Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of the notice referred to
in Section 6(c)(iii)(C) or any notice from the Issuer of the existence of any fact of the kind described in Section 6(c)(iii)(D)
(in each case, a “Suspension Notice”), such Holder shall forthwith discontinue disposition of Transfer Restricted
Securities pursuant to the applicable Registration Statement until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(iv), or (ii) such Holder is advised in writing by the Issuer that the use of the Prospectus
may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus
(in each case, the “Recommencement Date”). Each Holder receiving a Suspension Notice hereby agrees that it shall
either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been replaced
by the Issuer with more recently dated Prospectuses or (ii) deliver to the Issuer (at the Issuer’s expense) all copies, other
than permanent file copies, then in such Holder’s possession of the Prospectus covering such Transfer Restricted Securities
that was current at the time of receipt of the Suspension Notice. The time period regarding the effectiveness of such Registration
Statement set forth in Sections 3 or 4 herein, as applicable, shall be extended by a number of days equal to the number of days
in the period from and including the date of delivery of the Suspension Notice to the Recommencement Date.

 

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(e)Participation
in Underwritten Registration. In the event of an offer and sale of Transfer Restricted Securities pursuant to an underwriting
agreement and Registration Statement contemplated by this Agreement, no Holder may participate in such offer and sale unless such
Holder (i) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in the underwriting arrangements
approved by the Persons entitled to approve such arrangements and (ii) completes and executes all reasonable questionnaires, powers
of attorney, indemnities, underwriting agreements, lock-up letters and other documents reasonably required under the terms of the
underwriting arrangements.

 

SECTION
7.REGISTRATION EXPENSES

 

(a)All expenses
incident to the Issuer’s and the Guarantors’ performance of or compliance with this Agreement shall be borne by the
Issuer and the Guarantors, regardless of whether a Registration Statement becomes effective, including without limitation: (i)
all registration and filing fees and expenses; (ii) all fees and expenses of compliance with federal securities and state Blue
Sky or securities laws; (iii) all expenses of printing (including printing certificates for the Series B Notes to be issued in
the Exchange Offer and printing of Prospectuses), messenger and delivery service; (iv) all fees and disbursements of counsel for
the Issuer and the Guarantors; (v) all application and filing fees in connection with listing the Series B Notes on a national
securities exchange or automated quotation system pursuant to the requirements hereof; and (vi) all fees and disbursements of independent
certified public accountants of the Issuer and the Guarantors (including the expenses of any special audit and comfort letters
required by or incident to such performance).

 

The Issuer (or the
Issuer and the Guarantors) shall, in any event, bear its and the Guarantors’ internal expenses (including, without limitation,
all salaries and expenses of their officers and employees performing legal or accounting duties), the expenses of any annual audit
and the fees and expenses of any Person, including special experts, retained by the Issuer or the Guarantors.

 

SECTION
8.INDEMNIFICATION

 

(a)The Issuer
and the Guarantors, jointly and severally, agree to indemnify and hold harmless each Holder, its directors, officers and each Person,
if any, who controls such Holder (within the meaning of Section 15 of the Act or Section 20 of the Exchange Act), from and against
any and all losses, claims, damages, liabilities and judgments (including without limitation, any reasonable legal or other expenses
incurred in connection with investigating or defending any matter, including any action that could give rise to any such losses,
claims, damages, liabilities or judgments) caused by any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement, preliminary prospectus, Prospectus, (or any amendment or supplement thereto) or any “issuer
information” (as defined in Rule 433 of the Act) provided by the Issuer to any Holder or any prospective purchaser of Series
B Notes or registered Series A Notes, or caused by any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities
or judgments are caused by, arise out of, or are based on an untrue statement or omission or alleged untrue statement or omission
(i) made in reliance upon and in conformity with written information furnished to the Issuer or Guarantors by or on behalf of such
Holder or any underwriter with respect to such Holder, expressly for use in the Registration Statement (or any amendment or supplement
thereto) or any Prospectus (or any amendment or supplement thereto) or (ii) contained in any preliminary prospectus if such Holder
or such underwriter failed to send or deliver a copy of the Prospectus (in the form it was first provided to such parties for confirmation
of sales) to the person asserting such losses, claims, damages or liabilities on or prior to the delivery of such written confirmation
of any sale of securities covered thereby to such party in any case where the Issuer shall have previously furnished copies thereof
to such Holder or such underwriter, as the case may be, in accordance with this Agreement, at or prior to the written confirmation
of the sale of such securities to such party and the untrue statement contained in or the omission from the preliminary prospectus
was corrected in the Prospectus (or any amendment or supplement thereto). Any amounts advanced by the Issuer to an indemnified
party pursuant to this Section 8 as a result of such losses shall be returned to the Issuer if it shall be finally determined by
a court of competent jurisdiction in a judgment not subject to appeal or final review that such indemnified party was not entitled
to indemnification by the Issuer.

 

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(b)Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Issuer and the Guarantors, and their respective directors
and officers, and each person, if any, who controls (within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act) the Issuer, or the Guarantors to the same extent as the foregoing indemnity from the Issuer and the Guarantors set forth in
Section 8(a), but only with respect to information relating to such Holder furnished in writing to the Issuer by or on behalf of
such Holder expressly for use in any Registration Statement, preliminary prospectus or Prospectus (or any amendment or supplement
thereto). In no event shall any Holder, its directors, officers or any Person who controls such Holder be liable or responsible
for any amount in excess of the total amount received by such Holder with respect to its sale of Transfer Restricted Securities
giving rise to the indemnification obligation.

 

(c)In case any action shall be
commenced involving any person in respect of which indemnity may be sought pursuant to Section 8(a) or 8(b) (the “Indemnified
Party”), the Indemnified Party shall promptly notify the person against whom such indemnity may be sought (the “Indemnifying
Party”) in writing , but the omission so to notify the Indemnifying Party will not relieve the Indemnifying Party from
any liability which it may have to any Indemnified Party to the extent the Indemnifying Party is not materially prejudiced as a
proximate result of such failure and shall not in any event relieve the Indemnifying Party from any liability that it may have
otherwise than on account of this indemnity agreement, and the Indemnifying Party shall assume the defense of such action, including
the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses of such counsel,
as incurred (except that in the case of any action in respect of which indemnity may be sought pursuant to both Sections 8(a) and
8(b), a Holder shall not be required to assume the defense of such action pursuant to this Section 8(c), but may employ separate
counsel and participate in the defense thereof, but the fees and expenses of such counsel, except as provided below, shall be at
the expense of the Holder). Any Indemnified Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party unless (i) the
employment of such counsel shall have been specifically authorized in writing by the Indemnifying Party and the Indemnifying Party
has agreed in writing to pay the fees and expenses of such counsel, (ii) the Indemnifying Party shall have failed to assume the
defense of such action or employ counsel reasonably satisfactory to the Indemnified Party or (iii) the named parties to any such
action (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party
shall have been advised by such counsel that there may be one or more legal defenses available to it which are different from or
additional to those available to the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume
the defense of such action on behalf of the Indemnified Party). In any such case, the Indemnifying Party shall not, in connection
with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition
to any local counsel) for all Indemnified Parties and all such fees and expenses shall be reimbursed as they are incurred. Such
firm shall be designated in writing by a majority of the Holders, in the case of the parties indemnified pursuant to Section 8(a),
and by the Issuer, in the case of parties indemnified pursuant to Section 8(b). The Indemnifying Party shall indemnify and hold
harmless the Indemnified Party from and against any and all losses, claims, damages, liabilities and judgments by reason of any
settlement of any action (i) effected with its written consent or (ii) effected without its written consent if the settlement is
entered into more than twenty Business Days after the Indemnifying Party shall have received a request from the Indemnified Party
for reimbursement for the fees and expenses of counsel (in any case where such fees and expenses are at the expense of the Indemnifying
Party) and, prior to the date of such settlement, the Indemnifying Party shall have failed to comply with such reimbursement request.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement or compromise of,
or consent to the entry of judgment with respect to, any pending or threatened action in respect of which the Indemnified Party
is or could have been a party and indemnity or contribution may be or could have been sought hereunder by the Indemnified Party,
unless such settlement, compromise or judgment (i) includes an unconditional release of the Indemnified Party from all liability
on claims arising out of such action and (ii) does not include a statement as to or an admission of fault, culpability or a failure
to act, by or on behalf of the Indemnified Party.

 

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(d)To the
extent that the indemnification provided for in this Section 8 is unavailable to an Indemnified Party in respect of any losses,
claims, damages, liabilities or judgments referred to therein, then each Indemnifying Party, in lieu of indemnifying such Indemnified
Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages, liabilities
or judgments (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer and the Guarantors,
on the one hand, and the Holders, on the other hand or (ii) if the allocation provided by Section 8(d)(i) is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in Section 8(d)(i) but also the
relative fault of the Issuer and the Guarantors, on the one hand, and of the Holder, on the other hand, in connection with the
statements or omissions which resulted in such losses, claims, damages, liabilities or judgments, as well as any other relevant
equitable considerations. The relative fault of the Issuer and the Guarantors, on the one hand, and of the Holder, on the other
hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Issuer or such Guarantor, on
the one hand, or by the Holder, on the other hand, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

 

The Issuer, the Guarantors
and each Holder agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by
pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable
by an Indemnified Party as a result of the losses, claims, damages, liabilities or judgments referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred
by such Indemnified Party in connection with investigating or defending any matter, including any action that could have given
rise to such losses, claims, damages, liabilities or judgments. Notwithstanding the provisions of this Section 8, no Holder, its
directors, its officers or any Person, if any, who controls such Holder shall be required to contribute, in the aggregate, any
amount in excess of the amount by which the total discount received by such Holder with respect to the Series A Notes exceeds the
amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations
to contribute pursuant to this Section 8(d) are several in proportion to the respective principal amount of Transfer Restricted
Securities held by each Holder hereunder and not joint. No party shall be liable for contribution with respect to any action or
claim settled without its prior written consent; provided, however, that such written consent was not unreasonably withheld.

 

SECTION
9.RULE 144A AND RULE 144

 

The Issuer and the
Guarantors agree with each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any period in
which the Issuer or the Guarantors (i) are not subject to Section 13 or 15(d) of the Exchange Act, to make available upon request
of any Holder, to such Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities designated by such Holder or beneficial owner, the information required
by Rule 144A(d)(4) under the Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A; and (ii)
are subject to Section 13 or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order to
permit resales of such Transfer Restricted Securities pursuant to Rule 144.

 

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SECTION
10.JOINDER OF FUTURE GUARANTORS

 

In order to facilitate
the purposes of this Agreement, the Issuer and Guarantors agree that, if at any time prior to the termination of this Agreement,
Issuer or any Guarantor (as defined in the Indenture) creates or acquires any subsidiary that is required by the Indenture to become
a Guarantor thereunder, they shall cause such subsidiary to execute a joinder to, and thereby become a party to and Guarantor under,
this Agreement.

 

SECTION
11.MISCELLANEOUS

 

(a)Remedies.
The Issuer and the Guarantors acknowledge and agree that any failure by the Issuer and/or the Guarantors to comply with their respective
obligations under Sections 3 and 4 may result in material irreparable injury to the Initial Purchaser or the Holders for which
there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the
event of any such failure, the Initial Purchaser or any Holder may obtain such relief as may be required to specifically enforce
the Issuer’s and the Guarantors’ obligations under Sections 3 and 4. The Issuer and the Guarantors further agree to
waive the defense in any action for specific performance that a remedy at law would be adequate.

 

(b)Free
Writing Prospectus. The Issuer and the Guarantors represent, warrant and covenant that they (including their agents and representatives)
will not prepare, make, use, authorize, approve or refer to any “written communication” (as defined in Rule 405 under
the Securities Act) in connection with the issuance and sale of the Series A Notes and the Series B Notes, other than (i) any communication
pursuant to Rule 134, Rule 135 or Rule 135c under the Securities Act, (ii) any document constituting an offer to sell or solicitation
of an offer to buy the Series A Notes and the Series B Notes that falls within the exception from the definition of prospectus
in Section 2(a)(10)(a) of the Securities Act or (iii) a prospectus satisfying the requirements of section 10(a) of the Act or of
Rule 430, Rule 430A, Rule 430B, Rule 430C or Rule 431 under the Act.

 

(c)No
Inconsistent Agreements. Neither the Issuer nor the Guarantors shall, on or after the date of this Agreement, enter into any
agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise
conflicts with the provisions of this Agreement. Neither the Issuer nor any Guarantor is a party to any agreement granting any
registration rights with respect to its securities to any Person, other than agreements to which Jefferies & Company, Inc.
is a party as an initial purchaser. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Issuer’s and the Guarantors’ securities under any agreement in effect
on the date hereof.

 

(d)Amendments
and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures
from the provisions of this Agreement may not be given unless (i) in the case of Section 5 and this Section 11(d)(i), the Issuer
has obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other
provisions of this Agreement, the Issuer has obtained the written consent of Holders of a majority of the outstanding principal
amount of Transfer Restricted Securities (excluding Transfer Restricted Securities held by the Issuer or its Affiliates). Notwithstanding
the foregoing, a waiver or consent to or departure from the provisions hereof that relates exclusively to the rights of Holders
whose Transfer Restricted Securities are being tendered pursuant to the Exchange Offer, and that does not affect directly or indirectly
the rights of other Holders whose Transfer Restricted Securities are not being tendered pursuant to such Exchange Offer, may be
given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities subject to such Exchange
Offer.

 

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(e)Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class
mail (registered or certified, return receipt requested), fax, telex, telecopier, or air courier guaranteeing overnight delivery:

 

(i)if
to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the
Indenture.

 

(ii)if to the Initial Purchaser:

 

	 	 	Jefferies &
Company, Inc.
			520 Madison Avenue

			New York, New York 10022

			Attention: General Counsel

			Fax: (212) 284-2280

 

			with a copy to:

 

			Latham & Watkins LLP

			355 South Grand Avenue

			Los Angeles, California 90071

			Attn: Cynthia A. Rotell

			Fax: (213) 891-8763

 

(iii)if to
the Issuer or any Guarantor:

 

Vector Group Ltd.

100 S. E. 2nd Street, 32nd Floor

Miami, Florida 33131

Attention: Marc N. Bell, Esq.

Fax: (305) 579-8016

 

with a copy to the following:

 

O’Melveny & Myers LLP

400 South Hope Street

Los Angeles, CA 90071

Attention: Eric R. Reimer and John-Paul
Motley

Fax: (213) 430-6407

 

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All such notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by fax, and on the next Business
Day, if timely delivered to an air courier guaranteeing overnight delivery.

 

Any party, by notice
to the other parties may designate additional or different addresses for notices hereunder.

 

Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address
specified in the Indenture.

 

(f)Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including without limitation and without the need for an express assignment, subsequent Holders; provided, however, that
nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer Restricted Securities in violation
of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer Restricted
Securities in any manner, whether by operation of law or otherwise, such Transfer Restricted Securities shall be held subject to
all of the terms of this Agreement, and by taking and holding such Transfer Restricted Securities such Person shall be conclusively
deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions
on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive
the benefits hereof.

 

(g)Counterparts.
This Agreement may be signed in various counterparts which together shall constitute one and the same instrument.

 

(h)Headings;
Section References. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning of this Agreement. Unless otherwise indicated, references in this agreement to Sections are to the sections
of this Agreement.

 

(i)Governing
Law. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

 

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(j)Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

 

(k)Third
Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the Issuer and the
Guarantors, on the one hand, and the Initial Purchaser, on the other hand, and shall have the right to enforce such agreements
directly to the extent they may deem such enforcement necessary or advisable to protect its rights or the rights of Holders hereunder.

 

(l)Entire
Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect
to the registration rights granted with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements
and understandings between the parties with respect to such subject matter.

 

 

(signature pages follow)

 

 

    	22

    	 

    

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date first written above.

 

	 	Very truly yours,
	 	 	 
	 	Issuer:
	 	 	 
	 	VECTOR GROUP LTD.
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Vice President, Chief Financial Officer and Treasurer
	 	 	 
	 	Guarantors:
	 	 	 
	 	VGR HOLDING LLC
	 	 	 
	 	By:	/s/ John R. Long
	 	Name:	John R. Long
	 	Title:	Vice President, General Counsel and Secretary
	 	 	 
	 	 	 
	 	LIGGETT GROUP LLC
	 	 	 
	 	By:	/s/ Ronald J. Bernstein
	 	Name:	Ronald J. Bernstein
		Title:	Manager, President and Chief Executive Officer
	 	 	 
	 	LIGGETT VECTOR BRANDS LLC
	 	 	 
	 	By:	/s/ John R. Long
	 	Name:	John R. Long
	 	Title:	Vice President and General Counsel
	 	 	 

 

(Signature Page to Registration Rights Agreement)

 

    	23

    	 

    
 

 

	 	VECTOR RESEARCH LLC
	 	 	 
	 	By:	/s/ Francis G. Wall
	 	Name:	Francis G. Wall
	 	Title:	Vice President, Treasurer and Chief Financial Officer
	 	 	 
	 	VECTOR TOBACCO INC.
	 	 	 
	 	By:	/s/ Francis G. Wall
	 	Name:	Francis G. Wall
	 	Title:	Vice President of Finance, Treasurer and Chief Financial Officer
	 	 	 
	 	LIGGETT & MYERS HOLDINGS INC.
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Treasurer
	 	 	 
	 	100 MAPLE LLC
	 	 	 
	 	By:	/s/ John R. Long
		Name:	John R. Long
	 	Title:	Secretary
	 	 	 
	 	V.T. AVIATION LLC
	 	 	 
	 	 	 
	 	By:	/s/ Francis G. Wall
	 	Name:	Francis G. Wall
	 	Title:	Vice President of Finance, Treasurer and Chief Financial Officer
	 	 	 

 

(Signature Page to Registration Rights Agreement)

 

    	24

    	 

    
 

 

	 	VGR AVIATION LLC
	 	 	 
	 	 	 
	 	By:	/s/ Francis G. Wall
	 	Name:	Francis G. Wall
	 	Title:	Vice President of Finance, Treasurer and Chief Financial Officer
	 	 	 
	 	EVE HOLDINGS INC.
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Vice President and Treasurer
	 	 	 
	 	 	 
	 	ACCOMMODATIONS ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ J. Bryant Kirkland III
	 	Name:	J. Bryant Kirkland III
	 	Title:	Vice President and Treasurer

 

 

(Signature Page to Registration Rights Agreement)

 

    	25

    	 

    

 

 

	Accepted and Agreed to:
	 	 
	Jefferies & Company, Inc.
	 	 
	By:	/s/ Brenton Greer	 
	Name:	Brenton Greer	 
	Title:	Managing Director	 

 

 

 

 

(Signature Page to Registration Rights Agreement)

 

    	26

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