Document:

Form of Subordinated Debt Indenture

 Exhibit 4.4 
  

 
  
  
  
  
  
  
  
  
  
  
  
  
 TELIK, INC. 
  
 Issuer 
  
 and 
  
 WELLS FARGO BANK MINNESOTA, 
  
 NATIONAL ASSOCIATION 
  
 Trustee 
  
  
 INDENTURE 
  
 Dated as of [    ], 2003 
  
 SUBORDINATED DEBT SECURITIES 

 CROSS-REFERENCE TABLE (1) 
  

	 Section of Trust Indenture Act Of 1939, as Amended

	 	 Section of Indenture

	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(a)
	312(b)	 	5.02(c)
	312(c)	 	5.02(c)
	313(a)	 	5.04(a)
	313(b)	 	5.04(b)
	313(c)	 	5.04(a)
	 	 	5.04(b)
	313(d)	 	5.04(c)
	314(a)	 	5.03
	314(b)	 	Inapplicable
	314(c)	 	13.07(a)
	314(d)	 	Inapplicable
	314(e)	 	13.07(b)
	314(f)	 	Inapplicable
	315(a)	 	7.01(a)
	 	 	7.01(g)
	315(b)	 	13.04
	315(c)	 	7.01
	315(d)	 	7.01(b)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

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

 TABLE OF CONTENTS 
  

	 	  	 	  	PAGE

			
	 ARTICLE 1
	  	 DEFINITIONS
	  	1
			
	 Section 1.01
	  	 Definitions of Terms
	  	1
			
	 ARTICLE 2
	  	ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	5
			
	 Section 2.01
	  	 Designation and Terms of Securities
	  	5
			
	 Section 2.02
	  	 Form of Securities and Trustee’s Certificate
	  	7
			
	 Section 2.03
	  	 Denominations: Provisions for Payment
	  	7
			
	 Section 2.04
	  	 Execution and Authentications
	  	9
			
	 Section 2.05
	  	 Registration of Transfer and Exchange
	  	9
			
	 Section 2.06
	  	 Temporary Securities
	  	10
			
	 Section 2.07
	  	 Mutilated, Destroyed, Lost or Stolen Securities
	  	11
			
	 Section 2.08
	  	 Cancellation
	  	12
			
	 Section 2.09
	  	 Benefits of Indenture
	  	12
			
	 Section 2.10
	  	 Authenticating Agent
	  	12
			
	 Section 2.11
	  	 Global Securities
	  	13
			
	 ARTICLE 3
	  	 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	14
			
	 Section 3.01
	  	 Redemption
	  	14
			
	 Section 3.02
	  	 Notice of Redemption
	  	14
			
	 Section 3.03
	  	 Payment Upon Redemption
	  	15
			
	 Section 3.04
	  	 Sinking Fund
	  	16
			
	 Section 3.05
	  	 Satisfaction of Sinking Fund Payments with Securities
	  	16
			
	 Section 3.06
	  	 Redemption of Securities for Sinking Fund
	  	16
			
	 ARTICLE 4
	  	 COVENANTS
	  	17
			
	 Section 4.01
	  	 Payment of Principal, Premium and Interest
	  	17
			
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	17
			
	 Section 4.03
	  	 Paying Agents
	  	17
			
	 Section 4.04
	  	 Appointment to Fill Vacancy in Office of Trustee
	  	18
			
	 Section 4.05
	  	 Compliance with Consolidation Provisions
	  	18

  

 i 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

	 	  	 	  	PAGE

	 ARTICLE 5
	  	 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	19
			
	 Section 5.01
	  	 Company to Furnish Trustee Names and Addresses of Securityholders
	  	19
			
	 Section 5.02
	  	 Preservation Of Information; Communications With Securityholders
	  	19
			
	 Section 5.03
	  	 Reports by the Company
	  	19
			
	 Section 5.04
	  	 Reports by the Trustee
	  	19
			
	 ARTICLE 6
	  	 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	20
			
	 Section 6.01
	  	 Events of Default
	  	20
			
	 Section 6.02
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	21
			
	 Section 6.03
	  	 Application of Moneys Collected
	  	23
			
	 Section 6.04
	  	 Limitation on Suits
	  	23
			
	 Section 6.05
	  	 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	  	24
			
	 Section 6.06
	  	 Control by Securityholders
	  	24
			
	 Section 6.07
	  	 Undertaking to Pay Costs
	  	25
			
	 ARTICLE 7
	  	 CONCERNING THE TRUSTEE
	  	25
			
	 Section 7.01
	  	 Certain Duties and Responsibilities of Trustee
	  	25
			
	 Section 7.02
	  	 Certain Rights of Trustee
	  	27
			
	 Section 7.03
	  	 Trustee Not Responsible for Recitals or Issuance or Securities
	  	28
			
	 Section 7.04
	  	 May Hold Securities
	  	28
			
	 Section 7.05
	  	 Moneys Held in Trust
	  	28
			
	 Section 7.06
	  	 Compensation and Reimbursement
	  	28
			
	 Section 7.07
	  	 Reliance on Officers’ Certificate
	  	29
			
	 Section 7.08
	  	 Disqualification; Conflicting Interests
	  	29
			
	 Section 7.09
	  	 Corporate Trustee Required; Eligibility
	  	29
			
	 Section 7.10
	  	 Resignation and Removal; Appointment of Successor
	  	30
			
	 Section 7.11
	  	 Acceptance of Appointment By Successor
	  	31
			
	 Section 7.12
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	32
			
	 Section 7.13
	  	 Preferential Collection of Claims Against the Company
	  	32

  

 ii 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

	 	  	 	  	PAGE

	 ARTICLE 8
	  	 CONCERNING THE SECURITYHOLDERS
	  	33
			
	 Section 8.01
	  	 Evidence of Action by Securityholders
	  	33
			
	 Section 8.02
	  	 Proof of Execution by Securityholders
	  	33
			
	 Section 8.03
	  	 Who May be Deemed Owners
	  	34
			
	 Section 8.04
	  	 Certain Securities Owned by Company Disregarded
	  	34
			
	 Section 8.05
	  	 Actions Binding on Future Securityholders
	  	34
			
	 ARTICLE 9
	  	 SUPPLEMENTAL INDENTURES
	  	35
			
	 Section 9.01
	  	 Supplemental Indentures Without the Consent of Securityholders
	  	35
			
	 Section 9.02
	  	 Supplemental Indentures With Consent of Securityholders
	  	36
			
	 Section 9.03
	  	 Effect of Supplemental Indentures
	  	36
			
	 Section 9.04
	  	 Securities Affected by Supplemental Indentures
	  	36
			
	 Section 9.05
	  	 Execution of Supplemental Indentures
	  	37
			
	 ARTICLE 10
	  	 SUCCESSOR ENTITY
	  	37
			
	 Section 10.01
	  	 Company May Consolidate, Etc
	  	37
			
	 Section 10.02
	  	 Successor Entity Substituted
	  	38
			
	 Section 10.03
	  	 Evidence of Consolidation, Etc. to Trustee
	  	38
			
	 ARTICLE 11
	  	 SATISFACTION AND DISCHARGE
	  	38
			
	 Section 11.01
	  	 Satisfaction and Discharge of Indenture
	  	38
			
	 Section 11.02
	  	 Discharge of Obligations
	  	39
			
	 Section 11.03
	  	 Deposited Moneys to be Held in Trust
	  	39
			
	 Section 11.04
	  	 Payment of Moneys Held by Paying Agents
	  	40
			
	 Section 11.05
	  	 Repayment to Company
	  	40
			
	 ARTICLE 12
	  	 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	40
			
	 Section 12.01
	  	 No Recourse
	  	40

  

 iii 

 TABLE OF CONTENTS 
 (CONTINUED) 
  

	 	  	 	  	PAGE

	 ARTICLE 13
	  	 MISCELLANEOUS PROVISIONS
	  	41
			
	 Section 13.01
	  	 Effect on Successors and Assigns
	  	41
			
	 Section 13.02
	  	 Actions by Successor
	  	41
			
	 Section 13.03
	  	 Surrender of Company Powers
	  	41
			
	 Section 13.04
	  	 Notices
	  	41
			
	 Section 13.05
	  	 Governing Law
	  	41
			
	 Section 13.06
	  	 Treatment of Securities as Debt
	  	41
			
	 Section 13.07
	  	 Compliance Certificates and Opinions
	  	42
			
	 Section 13.08
	  	 Payments on Business Days
	  	42
			
	 Section 13.09
	  	 Conflict with Trust Indenture Act
	  	42
			
	 Section 13.10
	  	 Counterparts
	  	42
			
	 Section 13.11
	  	 Separability
	  	42
			
	 Section 13.12
	  	 Assignment
	  	43
			
	 ARTICLE 14
	  	 SUBORDINATION OF SECURITIES
	  	43
			
	 Section 14.01
	  	 Subordination Terms
	  	43

  

 iv 

 INDENTURE 
  

INDENTURE, dated as of [    ], 2003, among TELIK, INC., a
Delaware corporation (the “Company”), and WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, as trustee (the
“Trustee”): 
  
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter referred
to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the
Trustee; 
  
 WHEREAS, to
provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and 
  
 WHEREAS, all things necessary to make this Indenture a valid agreement of the Company,
in accordance with its terms, have been done. 
  
 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable
benefit of the holders of Securities: 
  
 ARTICLE 1

  
 DEFINITIONS 
  
 Section 1.01 Definitions of Terms. 
  
 The terms defined in this Section (except as in this Indenture or any
indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall
include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933,as amended (except as
herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument.

  
 “Authenticating Agent” means an authenticating agent
with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10. 
  
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 
  
 “Board of Directors” means the board of directors of the Company or
any duly authorized committee of such Board. 
  

 1 

 “Board Resolution” means a copy of a resolution certified by the secretary or an assistant
secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 
  
 “Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the
Borough of Manhattan, The City of New York, or in the city in which the Corporate Trust Office of the Trustee is located, are authorized or obligated by law, executive order or regulation to close. 
  
 “Certificate” means a certificate signed by the chairman of the
Board of Directors, any principal executive officer, any chief executive officer, any president, any vice president, any principal financial officer or any principal accounting officer, any treasurer or any assistant treasurer, any controller or any
assistant controller, any secretary or any assistant secretary of the Company. The Certificate need not comply with the provisions of Section 13.07. 
  
 “Company” means Telik, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions
of Article Ten, shall also include its successors and assigns. 
  
 “Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at Wells Fargo Bank Minnesota,
National Association, Sixth & Marquette, MAC N9303-110, Minneapolis, MN 55479, except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, The City of New York, such office is located, at the
date hereof, at 45 Broadway, 12th Floor, MAC N2666-120, New York, NY 10006. 
  
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
  
 “Default” means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 
  
 “Depositary” means, with respect to Securities of any series for
which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Securities and Exchange
Act of 1934, as amended (the “Exchange Act”), or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11. 
  
 “Event of Default” means, with respect to Securities of a
particular series, any event specified in Section 6.01, continued for the period of time, if any, therein designated. 
  
 “Global Security” means, with respect to any series of Securities, a Security executed by the Company and delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee. 
  

 2 

 “Governmental Obligations” means securities that are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank
(as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for
the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 
  
 “herein”, “hereof” and “hereunder”, and other
words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
  
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof. 
  
 “Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with
respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable. 
  
 “Officers’ Certificate” means a certificate signed by a chief executive officer, a president or a vice president and by the chief financial
officer or the treasurer or an assistant treasurer or the controller or an assistant controller or the secretary or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Each such certificate
shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 
  
 “Opinion of Counsel” means an opinion in writing subject to the customary exceptions of legal counsel, who may be an employee of or counsel for
the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 
  
 “Outstanding”, when used with reference to Securities of any
series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee
or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the
necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company 

  

 3 

 
shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity
thereof, notice of such redemption shall have been given as in Article Three provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section 2.07. 
  
 “Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, unincorporated organization or government or any agency or political subdivision
thereof. 
  
 “Predecessor Security” of any particular
Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a
lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 
  
 “Responsible Officer” when used with respect to the Trustee means the chairman of the Board of Directors, the chief executive officer, the
president, any vice president, the secretary, the treasurer, any trust officer, any corporate trust officer or any other officer or assistant officer of the Trustee customarily performing functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject. 
  
 “Securities” means the debt Securities authenticated and delivered under this Indenture. 
  
 “Securityholder”, “holder of Securities”,
“registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms of this Indenture.

  
 “Security Register” and “Security
Registrar” shall have the meanings as set forth in Section 2.05. 
  
 “Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or
by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more
of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner. 
  
 “Trustee” means Wells Fargo Bank Minnesota, National Association, and, subject to the provisions of Article Seven,
shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular
series of the Securities shall mean the trustee with respect to that series. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
  

 4 

 “Voting Stock”, as applied to stock of any Person, means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other
equivalents having such power only by reason of the occurrence of a contingency. 
  
 ARTICLE 2 
  
 ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION 
 AND EXCHANGE OF SECURITIES 
  
 Section 2.01 Designation and Terms of Securities. 
  
 (a) The aggregate principal amount of Securities that may be
authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or
pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one
or more indentures supplemental hereto: 
  
 (1) the title
of the Securities of the series (which shall distinguish the Securities of the series from all other Securities); 
  
 (2) any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 
  
 (3) the date or dates on which the principal of the Securities of the series is payable and the place(s) of payment; 
  
 (4) the rate or rates at which the Securities of the series shall bear
interest or the manner of calculation of such rate or rates, if any; 
  
 (5) the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record
date for the determination of holders to whom interest is payable on any such Interest Payment Dates; 
  
 (6) the right, if any, to extend the interest payment periods and the duration of such extension; 
  
 (7) the period or periods within which, the price or prices at which
and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company; 
  

 5 

 (8) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant
to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price or prices
at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
  
 (9) the subordination terms of the Securities of the series; 
  
 (10) the form of the Securities of the series including the form of the Certificate of Authentication for such
series; 
  
 (11) if other than denominations of one
thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable; 
  
 (12) any and all other terms with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any
supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series; 
  
 (13) whether the Securities are issuable as a Global Security and, in
such case, the identity of the Depositary for such series; 
  
 (14) whether the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so
convertible or exchangeable, including the conversion exchange price and the conversion period; 
  
 (15) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon
declaration of acceleration of the maturity thereof pursuant to Section 6.01; 
  
 (16) any additional or different Events of Default or restrictive covenants provided for with respect to the Securities of the series; 
  
 (17) the subordination terms of the Securities of the series; and 
  
 (18) if other than dollars, the coin or currency in which the
Securities of the series are denominated (including, but not limited to, foreign currency). 
  
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

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

 6 

 Securities of any particular series may be issued at various times, with different dates on which the
principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different
redemption dates. 
  
 Section 2.02 Form of Securities and Trustee’s
Certificate 
  
 The Securities of any series and the
Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an
Officers’ Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not
inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be
listed, or to conform to usage. 
  
 Section 2.03 Denominations: Provisions for
Payment. 
  
 The Securities shall be issuable as registered
Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(11). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with
respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that
at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be dated the date of its authentication.
Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
  
 The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that
series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular
series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon
presentation and surrender of such Security as provided in Section 3.03. 
  
 Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2)
below: 
  

 7 

 (1) The Company may make payment of any Defaulted Interest on Securities to the Persons in whose
names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall
cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter
defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons
in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date. 
  
 (2) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment
shall be deemed practicable by the Trustee. 
  
 Unless otherwise
set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a
series of Securities with respect to any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01
hereof shall occur, if such Interest Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if
such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 
  
 Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in
lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 
  

 8 

 Section 2.04 Execution and Authentications. 
  
 The Securities shall be signed on behalf of the Company by its chief executive officer, or one of its presidents, or one of
its vice presidents, or its chief financial officer, or its chief legal officer, or its treasurer, or one of its assistant treasurers, or its controller or its assistant controller or its secretary, or one of its assistant secretaries, under its
corporate seal attested by its secretary or one of its assistant secretaries. Signatures may be in the form of a manual or facsimile signature. 
  
 The Company may use the facsimile signature of any Person who shall have been a chief executive officer, president or vice president thereof, chief
financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, secretary or assistant secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or
disposed of such Person shall have ceased to be such an officer of the Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 
  
 A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an
Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of
such Securities, signed by a chief executive officer, president or any vice president, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, or its secretary or any assistant secretary,
and the Trustee in accordance with such written order shall authenticate and deliver such Securities. 
  
 In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture. 
  
 The Trustee shall not be required to authenticate such Securities if the
issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 
  
 Section 2.05 Registration of Transfer and Exchange. 
  
 (a) Securities of any series may be exchanged upon presentation
thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon
payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and
such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
  

 9 

 (b) The Company shall keep, or cause to be kept, at its office or agency designated for such
purpose in the Borough of Manhattan, the City and State of New York, or such other location designated by the Company, a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering
Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”). 
  
 Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount. 
  
 All Securities presented or surrendered for exchange or registration of
transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by
the registered holder or by such holder’s duly authorized attorney in writing. 
  
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental to this indenture, no
service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 
  
 (d) The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange
any Securities of any series or portions thereof called for redemption. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof. 
  
 Section 2.06 Temporary Securities. 
  
 Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary
Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities
of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose in the Borough of Manhattan, The City and State of New York, and the Trustee shall authenticate
and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not
be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and
delivered hereunder. 
  

 10 

 Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 
  
 In case any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a
number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish
to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their
satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of
the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith. 
  
 In case any
Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case
of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of
the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
  
 Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether
or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same
series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall
preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without
their surrender. 
  

 11 

 Section 2.08 Cancellation. 
  
 All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if
surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by
any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled
Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction
of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
  
 Section 2.09 Benefits of Indenture. 
  
 Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and
the holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of indebtedness of the Company to which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in
respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the
provisions of Article Fourteen, the holders of indebtedness of the Company to which the Securities of any series are subordinated). 
  
 Section 2.10 Authenticating Agent. 
  
 So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the
Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee
shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or
determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to
supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 
  

 12 

 Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee
and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation,
termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder,
shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
  
 Section 2.11 Global Securities. 
  
 (a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security, then
the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the
Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend
substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a
nominee of such successor Depositary.” 
  
 (b)
Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor
Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 
  
 (c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for
such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to
Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall
no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and
deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global
Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form
issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 
  

 13 

 ARTICLE 3 
  

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 
  
 Section 3.01 Redemption. 
  
 The Company may redeem the Securities of any series issued hereunder in accordance with the terms established for such series pursuant to Section 2.01
hereof. 
  
 Section 3.02 Notice of Redemption. 
  
 (a) In case the Company shall desire to exercise such right to redeem
all or, as the case may be, a portion of the Securities of any series in accordance with the right reserved so to do, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be
redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the
Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives
the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction. 
  
 Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed,
and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less than
all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in whole or in part shall specify the particular Securities to be so redeemed. In case any Security is to be redeemed in part
only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such
series in principal amount equal to the unredeemed portion thereof will be issued. 
  

 14 

 (b) If less than all the Securities of a series are to be redeemed, the Company shall give the
Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall
deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination
larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. 
  
 The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its chief executive
officer, president or any vice president, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice
to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to
give any notice by mail that may be required under the provisions of this Section. 
  
 Section 3.03 Payment Upon Redemption. 
  
 (a)
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in
such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the
Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of
payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an
Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.03). 
  
 (b) Upon presentation of any Security of such series that is to be
redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of
authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 
  

 15 

 Section 3.04 Sinking Fund. 
  
 The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a
series, except as otherwise specified as contemplated by Section 2.01 for Securities of such series. 
  
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking
fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such
series. 
  
 Section 3.05 Satisfaction of Sinking Fund Payments with Securities.

  
 The Company (i) may deliver Outstanding Securities of a
series (other than any Securities previously called for redemption) and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant
to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price
specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
  
 Section 3.06 Redemption of Securities for Sinking Fund. 
  
 Not less than 45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to
Section 3.05 and the basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select
the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.02.
Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 
  

 16 

 ARTICLE 4 
  

COVENANTS 
  
 Section 4.01 Payment of Principal, Premium and Interest. 
  
 The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the
time and place and in the manner provided herein and established with respect to such Securities. 
  
 Section 4.02 Maintenance of Office or Agency. 
  
 So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect to each such series and at such
other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of
transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company
shall, by written notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee
as its agent to receive all such presentations, notices and demands. 
  
 Section 4.03 Paying Agents. 
  
 (a) If the
Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with
the Trustee, subject to the provisions of this Section: 
  
 (1)
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such
Securities) in trust for the benefit of the Persons entitled thereto; 
  
 (2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the
same shall be due and payable; 
  
 (3) that it will, at any
time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 
  

 17 

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

  
 (b) If the Company shall act as its own paying agent
with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of
(and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 
  
 (c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in
this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the
Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the
Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 
  
 Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 
  
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so
that there shall at all times be a Trustee hereunder. 
  
 Section 4.05
Compliance with Consolidation Provisions. 
  
 The Company
will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any
other Person unless the provisions of Article Ten hereof are complied with. 
  

 18 

 ARTICLE 5 
  

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE 
 TRUSTEE 
  
 Section 5.01 Company to
Furnish Trustee Names and Addresses of Securityholders. 
  
 The Company will furnish or cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each
series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the
Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time
such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar. 
  
 Section 5.02 Preservation Of Information; Communications With Securityholders. 
  
 (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee
in its capacity as Security Registrar (if acting in such capacity). 
  
 (b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
  
 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their
rights under this Indenture or under the Securities. 
  
 Section 5.03 Reports
by the Company. 
  
 The Company covenants and agrees to
provide a copy to the Trustee, within 15 days after the Company is required to file the same with the Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of
any of the foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act. 
  
 Section 5.04 Reports by the Trustee. 
  
 (a) On or before May 15 in each year in which any of the Securities
are Outstanding, the Trustee shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the preceding May 15, if and to the extent required
under Section 313(a) of the Trust Indenture Act. 
  

 19 

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

  
 (c) A copy of each such report shall, at the time of
such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company agrees to notify the
Trustee when any Securities become listed on any securities exchange. 
  
 ARTICLE 6 
  
 REMEDIES OF THE TRUSTEE AND
SECURITYHOLDERS ON EVENT OF 
 DEFAULT 
  
 Section 6.01 Events of Default. 
  
 (a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
events that has occurred and is continuing: 
  
 (1) the
Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid
extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 
  
 (2) the Company defaults in the payment of the principal of (or
premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established
with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if
any; 
  
 (3) the Company fails to observe or perform any
other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been
expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating
that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the
Securities of that series at the time Outstanding; 
  
 (4)
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or
for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or 
  

 20 

 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for
relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90
days. 
  
 (b) In each and every such case, unless the
principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable. 
  
 (c) At any time after the
principal of the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in
aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the
Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by
acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to
the date of such payment or deposit) and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on Securities of that
series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 
  
 No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon. 
  
 (d) In case the Trustee shall have proceeded to enforce any right with
respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and
in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall
continue as though no such proceedings had been taken. 
  
 Section 6.02
Collection of Indebtedness and Suits for Enforcement by Trustee. 
  
 (a) The Company covenants that (1) in case it shall default in the payment of any installment of interest on any of the Securities of a series, or any payment required by any sinking or analogous fund established with respect to that
series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 Business Days, or (2) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities
of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, then, upon demand of the Trustee, the Company will pay to the Trustee, for the
benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the
overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.06. 
  

 21 

 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or
final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or other obligor upon the Securities of that series, wherever situated. 
  
 (c) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the
Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents
as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such
proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee,
and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.06. 
  
 (d) All rights of action and of asserting claims under this Indenture, or under any of the terms established with
respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the
Securities of such series. 
  

 22 

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

  
 Nothing contained herein shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the
Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 
  
 Section 6.03 Application of Moneys Collected. 
  
 Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such
moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon the payment, if only partially paid, and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of reasonable costs and expenses of collection and of
all amounts payable to the Trustee under Section 7.06; 
  
 SECOND:
To the payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Article Fourteen; 
  
 THIRD: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

  
 FOURTH: To the payment of the remainder, if any, to the
Company or any other Person lawfully entitled thereto. 
  
 Section 6.04
Limitation on Suits. 
  
 No holder of any Security of any
series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default,
as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own
name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after
its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not
give the Trustee a direction inconsistent with the request. 
  
  

 23 

 Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the
right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on
the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is
expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any
manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such
holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
  
 Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver. 
  
 (a) Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to
the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 
  
 (b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this
Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 
  
 Section 6.06 Control by Securityholders. 
  
 The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section
8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such
direction shall not be in conflict with any rule of law or with this 

  

 24 

 Indenture or be unduly prejudicial to the rights of holders of Securities of any other series at the time
Outstanding determined in accordance with Section 8.04. Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of
the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in
accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to such series
and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration
(unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such waiver, the default covered
thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent thereon. 
  
 Section 6.07 Undertaking to Pay Costs. 
  
 All
parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

  
 ARTICLE 7 
  
 CONCERNING THE TRUSTEE 
  
 Section 7.01 Certain Duties and Responsibilities of Trustee. 
  
 (a) The Trustee, prior to the occurrence of an Event of Default with
respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only
such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured
or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs. 
  

 25 

 (b) No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (1) prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of
Default with respect to that series that may have occurred: 
  
 (A) the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of
such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (B) in the absence of bad faith on the part of the Trustee, the
Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or
not they conform to the requirement of this Indenture; 
  
 (2)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

  
 (3) the Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and 
  
 (4) None of the provisions contained in this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of
such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it. 
  

 26 

 Section 7.02 Certain Rights of Trustee. 
  
 Except as otherwise provided in Section 7.01: 
  
 (a) The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) Any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 
  
 (c) The Trustee may consult with counsel and the written advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 
  
 (d) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the
Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man
would exercise or use under the circumstances in the conduct of his own affairs; 
  
 (e) The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
Indenture; 
  
 (f) The Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do
by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the
Company upon demand; and 
  
 (g) The Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder. 
  

 27 

 Section 7.03 Trustee Not Responsible for Recitals or Issuance or Securities. 
  
 (a) The recitals contained herein and in the Securities shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. 
  
 (b) The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 
  
 (c) The Trustee shall not be accountable for the use or application by
the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the
use or application of any moneys received by any paying agent other than the Trustee. 
  
 Section 7.04 May Hold Securities. 
  
 The Trustee
or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 
  
 Section 7.05 Moneys Held in Trust. 
  
 Subject to the provisions of Section 11.05, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for
interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon. 
  
 Section 7.06 Compensation and Reimbursement. 
  
 (a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and
duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance
with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from
its negligence or bad faith and except as Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself
against any claim of liability in the premises. 
  

 28 

 (b) The obligations of the Company under this Section to compensate and indemnify the Trustee and
to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities. 
  
 Section 7.07 Reliance on Officers’ Certificate. 
  
 Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 
  
 Section 7.08 Disqualification; Conflicting Interests. 
  
 If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust
Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
  
 Section 7.09 Corporate Trustee Required; Eligibility. 
  
 There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.

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

 29 

 Section 7.10 Resignation and Removal; Appointment of Successor. 
  
 (a) The Trustee or any successor hereafter appointed may at any time
resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and
addresses appear upon the Security Register. 
  
 Upon receiving
such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six
months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee. 
  
 (b) In case at any time any one of the
following shall occur: 
  
 (1) the Trustee shall fail to
comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 
  
 (2) the Trustee shall cease to be eligible in accordance with the
provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 
  
 (3) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a
receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in
any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, unless the Trustee’s duty to resign is stayed as provided herein, any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on
behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, remove the Trustee and appoint a successor trustee. 
  
 (c) The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and
the Company and may appoint a successor Trustee for such series with the consent of the Company. 
  

 30 

 (d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect
to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 
  
 (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one
or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 
  
 Section 7.11 Acceptance of Appointment By Successor. 
  
 (a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring
Trustee hereunder. 
  
 (b) In case of the appointment
hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (2) shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3)
shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to
the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for
the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates. 
  

 31 

 (c) Upon request of any such successor trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 
  
 (d) No successor trustee shall accept its appointment unless at the
time of such acceptance such successor trustee shall be qualified and eligible under this Article. 
  
 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 
  
 Section 7.12 Merger, Conversion, Consolidation or Succession to Business. 
  

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under
the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any
Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities. 
  
 Section 7.13 Preferential Collection of Claims Against the Company. 
  
 The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein. 
  

 32 

 ARTICLE 8 
  

CONCERNING THE SECURITYHOLDERS 
  
 Section 8.01 Evidence of Action by Securityholders. 
  
 Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a
particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

  
 If the Company shall solicit from the Securityholders of any
series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination of
Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining
whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the
Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than six months after the record date. 
  
 Section 8.02 Proof of Execution by Securityholders. 
  
 Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of
the Securities shall be sufficient if made in the following manner: 
  
 (a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee. 
  
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

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

 33 

 Section 8.03 Who May be Deemed Owners. 
  
 Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and
any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice
of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other
purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 
  
 Section 8.04 Certain Securities Owned by Company Disregarded. 
  
 In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction,
consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control
with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected
in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for
the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 
  
 Section 8.05 Actions Binding on Future Securityholders. 
  
 At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a
Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke
such action so far as concerns such Security. 
  
 Except as
aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer
thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 
  

 34 

 ARTICLE 9 
  

SUPPLEMENTAL INDENTURES 
  
 Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 
  
 In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time
to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following
purposes: 
  
 (a) to cure any ambiguity, defect, or
inconsistency herein, in the Securities of any series; 
  
 (b)
to comply with Article Ten; 
  
 (c) to provide for
uncertificated Securities in addition to or in place of certificated Securities; 
  
 (d) to add to the covenants of the Company for the benefit of the holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that
such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; 
  
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as herein set forth; 
  
 (f) to make any change that does not adversely affect the rights of any Securityholder in any material respect; 
  
 (g) to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to
establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities; 
  
 (h) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee; or 
  
 (i) to comply with
any requirements of the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act. 
  

 35 

 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental
indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise. 
  
 Any supplemental
indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

  
 Section 9.02 Supplemental Indentures With Consent of Securityholders.

  
 With the consent (evidenced as provided in Section 8.01)
of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (i) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental
indenture. 
  
 It shall not be necessary for the consent of the
Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
  
 Section 9.03 Effect of Supplemental Indentures. 
  
 Upon the execution of any supplemental indenture pursuant to the provisions
of this Article or of Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under
this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
  
 Section 9.04 Securities Affected by Supplemental Indentures. 
  
 Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to
the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be
prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 
  

 36 

 Section 9.05 Execution of Supplemental Indentures. 
  
 Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental
indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to
the provisions of Section 7.01, shall receive, if so requested, an Officers’ Certificate or Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms
to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such Officers’ Certificate or Opinion of Counsel need not be provided in
connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof. 
  
 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall
transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security
Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  
 ARTICLE 10 
  
 SUCCESSOR ENTITY 
  
 Section 10.01 Company May Consolidate, Etc. 
  
 Except as provided pursuant to Section 2.01 pursuant to a Board Resolution and set forth in an Officers’ Certificate, or established in one or more
indentures supplemental to this Indenture, nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or
successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors
as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and
agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of (premium, if any) and
interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each
series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in
effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property.

  

 37 

 Section 10.02 Successor Entity Substituted. 
  
 (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the
assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth in Section 10.01 on all of the Securities of all series Outstanding, such
successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Securities. 
  
 (b) In case of any such
consolidation, merger, sale, conveyance, transfer or other disposition such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
  
 (c) Nothing contained in this Article shall require any action by the
Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other
Person (whether or not affiliated with the Company). 
  
 Section 10.03 Evidence
of Consolidation, Etc. to Trustee. 
  
 The Trustee, subject
to the provisions of Section 7.01, shall receive, if so requested, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such
assumption, comply with the provisions of this Article. 
  
 ARTICLE 11 
  
 SATISFACTION AND DISCHARGE

  
 Section 11.01 Satisfaction and Discharge of Indenture. 

 
 If at any time: (a) the Company shall have delivered to the Trustee for
cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in
Section 2.07) and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in 

  

 38 

 
trust by the Company (and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a
particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to
the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums
payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall
survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall
execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series. 
  
 Section 11.02 Discharge of Obligations. 
  
 If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable
as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that
series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under
this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be paid.

  
 Thereafter, Sections 7.06 and 11.05 shall survive. 

 
 Section 11.03 Deposited Moneys to be Held in Trust. 
  
 All moneys or Governmental Obligations deposited with the Trustee pursuant
to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities
for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee. 
  

 39 

 Section 11.04 Payment of Moneys Held by Paying Agents. 
  
 In connection with the satisfaction and discharge of this Indenture all
moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with
respect to such moneys or Governmental Obligations. 
  
 Section 11.05 Repayment
to Company. 
  
 Any moneys or Governmental Obligations
deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of
such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or
abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall
be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Company for
the payment thereof. 
  
 ARTICLE 12 
  
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND 
 DIRECTORS 
  
 Section 12.01 No Recourse. 
  
 No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director,
past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to,
or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such
Securities. 
  

 40 

 ARTICLE 13 
  

MISCELLANEOUS PROVISIONS 
  
 Section 13.01 Effect on Successors and Assigns. 
  
 All the covenants, stipulations, promises and agreements in this Indenture contained by or on behalf of the Company shall bind its successors and assigns,
whether so expressed or not. 
  
 Section 13.02 Actions by Successor.

  
 Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the
time be the lawful successor of the Company. 
  
 Section 13.03 Surrender of
Company Powers. 
  
 The Company by instrument in writing
executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

  
 Section 13.04 Notices 
  
 Except as otherwise expressly provided herein, any notice or demand that by
any provision of this Indenture is required or permitted to be given or served by the Trustee or by the holders of Securities to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until
another address is filed in writing by the Company with the Trustee), as follows: Telik, Inc., 3165 Porter Drive, Palo Alto, CA 94304. Any notice, election, request or demand by the Company or any Securityholder to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 
  
 Section 13.05 Governing Law. 
  
 This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be
construed in accordance with the laws of said State. 
  
 Section 13.06
Treatment of Securities as Debt. 
  
 It is intended that the
Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention. 
  

 41 

 Section 13.07 Compliance Certificates and Opinions. 
  
 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of
this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 
  
 (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
in this Indenture shall include (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 has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or
not such covenant or condition has been complied with; and (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  
 Section 13.08 Payments on Business Days. 
  
 Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more
indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if
any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date. 
  
 Section 13.09 Conflict with Trust Indenture Act. 
  
 If and to the extent that any provision of this Indenture limits, qualifies
or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  
 Section 13.10 Counterparts 
  
 This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one
and the same instrument. 
  
 Section 13.11 Separability 
  
 In case any one or more of the provisions contained in this Indenture or in
the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this
Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
  

 42 

 Section 13.12 Assignment 
  

The Company will have the right at all times to assign any of its rights or obligations under this Indenture to a direct or indirect wholly owned
Subsidiary of the Company, provided that, in the event of any such assignment, the Company, will remain liable for all such obligations. Subject to the foregoing, the Indenture is binding upon and inures to the benefit of the parties thereto and
their respective successors and assigns. This Indenture may not otherwise be assigned by the parties thereto. 
  
 ARTICLE 14 
  
 SUBORDINATION OF SECURITIES 
  
 Section 14.01 Subordination
Terms. 
  
 The payment by the Company of the principal of,
premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to such Securities. 
  

 43 

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

	TELIK, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 WELLS FARGO BANK MINNESOTA,
 NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
  

 44Management Services Agreement

 EXHIBIT 10.3 
  
 MANAGEMENT SERVICES AGREEMENT 
  

BY AND AMONG 
  
 PAINCARE ACQUISITION COMPANY V, INC. 
  
 INDUSTRIAL & SPORT REHABILITATION, LTD., d/b/a 
 ASSOCIATED PHYSICIANS
GROUP, 
  
 ASSOCIATED PHYSICIAN GROUP, LTD. 

 
 AND 
  
 JOHN VICK 
  
 DATED AS OF 
  
 APRIL 25, 2003 

 TABLE OF CONTENTS 
  

	 	 	 	  	Page

			
	 1.
	 	 DEFINITIONS.
	  	1
			
	 2.
	 	 RELATIONSHIP OF PARTIES.
	  	1
				
	 	 	 2.1
	  	 Appointment and Acceptance.
	  	1
				
	 	 	 2.2
	  	 Sole Authority to Practice Medicine.
	  	1
				
	 	 	 2.3
	  	 Relationship of the Parties.
	  	2
				
	 	 	 2.4
	  	 No Patient Referrals.
	  	2
				
	 	 	 2.5
	  	 Compliance with Law.
	  	2
				
	 	 	 2.6
	  	 Compliance with Corporate Practice of Medicine.
	  	3
			
	 3.
	 	 RESPONSIBILITIES OF MANAGER.
	  	3
				
	 	 	 3.1
	  	 Premises, Utilities and Equipment.
	  	3
				
	 	 	 3.2
	  	 Office Services and Supplies.
	  	4
				
	 	 	 3.3
	  	 Medical Group Administrator.
	  	4
				
	 	 	 3.4
	  	 Other Personnel.
	  	4
				
	 	 	 3.5
	  	 Bookkeeping and Accounting Services.
	  	4
				
	 	 	 3.6
	  	 Financial and Management Reports.
	  	5
				
	 	 	 3.7
	  	 Billing and Collection; Payment of Expenses.
	  	5
				
	 	 	 3.8
	  	 Physician Selection and Recruitment.
	  	6
				
	 	 	 3.9
	  	 Licenses and Fees.
	  	7
				
	 	 	 3.10
	  	 Insurance Premiums.
	  	7
				
	 	 	 3.11
	  	 End User of Certain Items.
	  	7
			
	 4.
	 	 RESPONSIBILITIES OF PC.
	  	7
				
	 	 	 4.1
	  	 Physicians.
	  	7
				
	 	 	 4.2
	  	 Allied Health Professionals.
	  	8
				
	 	 	 4.3
	  	 Physician Compensation.
	  	8
				
	 	 	 4.4
	  	 Payment for Outside Provider Services.
	  	8
				
	 	 	 4.5
	  	 Other Expenses.
	  	8
				
	 	 	 4.6
	  	 Billing Information and Assignments.
	  	8
				
	 	 	 4.7
	  	 PC Accounts.
	  	9
				
	 	 	 4.8
	  	 Employment and Independent Contractor Agreements.
	  	9
				
	 	 	 4.9
	  	 Use of Premises, Equipment, and Manager Property.
	  	9
				
	 	 	 4.10
	  	 Continuing Medical Education.
	  	9

  

 i 

				
	 	 	 4.11
	  	 Licensing and Accreditation.
	  	9
				
	 	 	 4.12
	  	 Information.
	  	10
				
	 	 	 4.13
	  	 Advancement of Certain Costs.
	  	10
				
	 	 	 4.14
	  	 Stock Ownership Restrictions.
	  	10
				
	 	 	 4.15
	  	 Actions Requiring Manager’s Consent.
	  	10
			
	 5.
	 	 QUALITY AND UTILIZATION MANAGEMENT; PEER REVIEW.
	  	11
				
	 	 	 5.1
	  	 Quality and Utilization Management.
	  	11
				
	 	 	 5.2
	  	 Peer Review.
	  	12
			
	 6.
	 	 MANAGED CARE CONTRACTING AND ADMINISTRATION.
	  	12
				
	 	 	 6.1
	  	 Contracting.
	  	12
				
	 	 	 6.2
	  	 Contract Administration.
	  	12
				
	 	 	 6.3
	  	 Network Development.
	  	13
				
	 	 	 6.4
	  	 Cooperation; Compliance.
	  	13
			
	 7.
	 	 BUDGET.
	  	13
			
	 8.
	 	 MANAGER’S COMPENSATION.
	  	13
				
	 	 	 8.1
	  	 In General.
	  	13
				
	 	 	 8.2
	  	 Payment of Management Fee.
	  	14
				
	 	 	 8.3
	  	 Security Interest.
	  	14
				
	 	 	 8.4
	  	 Assignment of Practice Receivables.
	  	15
			
	 9.
	 	 INSURANCE.
	  	15
				
	 	 	 9.1
	  	 In General.
	  	15
				
	 	 	 9.2
	  	 Contracting Providers.
	  	16
				
	 	 	 9.3
	  	 Tail Insurance.
	  	16
			
	 10.
	 	 RESTRICTIVE COVENANTS.
	  	16
				
	 	 	 10.1
	  	 Covenants of PC and the Physicians.
	  	16
				
	 	 	 10.2
	  	 Enforcement.
	  	17
				
	 	 	 10.3
	  	 Revision; Severability.
	  	17
			
	 11.
	 	 TERM AND TERMINATION.
	  	17
				
	 	 	 11.1
	  	 Term.
	  	17
				
	 	 	 11.2
	  	 Termination by PC on Manager’s Misappropriation.
	  	17
				
	 	 	 11.3
	  	 Specific Termination by Manager.
	  	18

  

 ii 

				
	 	 	 11.4
	  	 Other Termination.
	  	18
				
	 	 	 11.5
	  	 Effect of Termination.
	  	19
				
	 	 	 11.6
	  	 Contract Modifications for Prospective Legal Events.
	  	19
			
	 12.
	 	 RECORDS AND RECORDKEEPING.
	  	19
				
	 	 	 12.1
	  	 Access to Information.
	  	19
				
	 	 	 12.2
	  	 Ownership and Inspection of Records.
	  	19
				
	 	 	 12.3
	  	 Confidentiality of Records.
	  	20
				
	 	 	 12.4
	  	 Storage of Records.
	  	20
			
	 13.
	 	 INTELLECTUAL PROPERTY AND OTHER PROPRIETARY INFORMATION.
	  	20
				
	 	 	 13.1
	  	 License of PC Name and Logo.
	  	20
				
	 	 	 13.2
	  	 Proprietary Property.
	  	20
				
	 	 	 13.3
	  	 Use of Management Information System (MIS).
	  	20
				
	 	 	 	  	 13.3.1    PC’s Use of Manager’s MIS.
	  	20
				
	 	 	 	  	 13.3.2    Manager’s Use of PC’s MIS.
	  	21
				
	 	 	 13.4
	  	 Confidentiality.
	  	21
			
	 14.
	 	 MISCELLANEOUS.
	  	21
				
	 	 	 14.1
	  	 Governing Law; Jurisdiction.
	  	21
				
	 	 	 14.2
	  	 Amendment.
	  	21
				
	 	 	 14.3
	  	 Assignment.
	  	22
				
	 	 	 14.4
	  	 Requirement of Good Faith.
	  	22
				
	 	 	 14.5
	  	 Force Majeure.
	  	22
				
	 	 	 14.6
	  	 Indemnification.
	  	22
				
	 	 	 14.7
	  	 Access to Records.
	  	22
				
	 	 	 14.8
	  	 Waivers.
	  	23
				
	 	 	 14.9
	  	 Severability.
	  	23
				
	 	 	 14.10
	  	 Entire Understanding.
	  	23
				
	 	 	 14.11
	  	 Further Assurances.
	  	23
				
	 	 	 14.12
	  	 Notices.
	  	23
				
	 	 	 14.13
	  	 Headings.
	  	24
				
	 	 	 14.14
	  	 Construction.
	  	24

  

 iii 

				
	 	 	 14.15
	  	 Remedies Cumulative.
	  	24
				
	 	 	 14.16
	  	 Attorneys’ Fees.
	  	24
				
	 	 	 14.17
	  	 Authorized Persons.
	  	24
				
	 	 	 14.18
	  	 Counterparts.
	  	24
				
	 	 	 14.19
	  	 Survival.
	  	24

  

 iv 

 MANAGEMENT SERVICES AGREEMENT 
  
 THIS MANAGEMENT SERVICES AGREEMENT (the “Agreement”) is entered into as of this 25th day of April, 2003, by and among PAINCARE ACQUISITION COMPANY V, INC., a Florida corporation (“Manager”),
INDUSTRIAL & SPORT REHABILITATION, LTD., an Illinois corporation (“Company”), ASSOCIATED PHYSICIAN GROUP, LTD, an Illinois professional corporation (“PC”, and together with the Company, the “Practice
Operator”) and, for purposes of Sections 4.14 and 4.15 only, JOHN VICK, as the sole shareholder of Company and PC. (“Dr. Vick”). Manager, Company, PC and Dr. Vick are sometimes referred to herein individually as a
“Party” and collectively as the “Parties.” 
  
 RECITALS 
  
 A. Company is an Illinois
business corporation which conducts a medical practice at one or more office practice locations in the State of Illinois, and PC is a newly formed Illinois professional corporation which will be acquiring the Medical Assets of the Company and
thereafter conducting a medical practice at one or more office practice locations of the Company in the State of Illinois upon receipt of a Medicare provider number; 
  
 B. Manager is in the business of providing comprehensive management, administrative and support services to medical
practices to enhance the ability of such medical practices to render high quality medical services; 
  
 C. Pursuant to that certain Merger Agreement and Plan of Reorganization (the “Merger Agreement”), dated of even date herewith, by and among the
Company, John Vick and PainCare Holdings, Inc., a Florida corporation (“PainCare”), the Company shall be merged into Manager as of the date the New PC obtains a Medicare provider number and assigns all of its medical assets to the PC; and

  
 D. Company and PC desire to engage Manager to provide
management services to Company and PC and to operate all of the business aspects of Company’s operations from the date hereof (the “Effective Date”) through and including the date the PC obtains a Medicare provider number (the
“Practice Transition Date”), and all of the business aspects of the PC’s operations from the Practice Transition Date through the remainder of the Term, so that Company and PC may focus on the rendering of professional medical
services and the quality of the professional medical services which Company and PC each renders, and Manager desires to provide such management services, all as more fully set forth and described in this Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby conclusively acknowledged, the Parties hereto, intending to become legally bound, hereby agree as follows: 
  

 v 

 TERMS AND CONDITIONS 
  
 1. DEFINITIONS. All capitalized words that are not capitalized for purposes of grammar and which are not defined in the text
of this Agreement are defined terms with their definitions set forth on Exhibit 1. 
  
 2. RELATIONSHIP OF PARTIES. 
  
 2.1 Appointment and Acceptance. The Practice Operator hereby appoints and engages Manager, as of the Effective Date, as the sole and exclusive manager of the Practice, and Manager accepts such
appointment and engagement, in accordance with the terms and conditions of this Agreement. Subject to the terms, conditions, authorizations, and limitations set forth in this Agreement, Manager shall have the exclusive authority and responsibility
to manage the operations of the Practice, to provide such facilities and services for the operation of the Practice as are described in Section 3, and to take all actions related thereto. 
  
 2.2 The Practice Operator. “Practice Operator” shall mean (i) the Company, for any and all actions,
events, occurrences, duties, and obligations that arise prior to the Practice Transition Date, and (ii) the PC, for any and all actions, events, occurrences, duties and obligations, include those duties and obligations of the Practice Operator set
forth in this Agreement that arise after the Practice Transition Date. The Company shall have no responsibility for, and shall be held harmless and indemnified by the New PC with respect to any liabilities, duties or obligations of the Practice
Operator (including but not limited to the Management Fee) existing as of or arising anytime after the Practice Transition Date. 
  
 2.3 Sole Authority to Practice Medicine. Notwithstanding the provisions of Section 2.1, the Practice Operator shall have exclusive authority
and control over the medical aspects of the Practice to the extent they constitute the practice of medicine, including all diagnosis, treatment and ethical determinations with respect to patients which are required by Law to be decided by a
physician. Any delegation of authority by the Practice Operator to Manager that would require or permit Manager to engage in the practice of medicine in the State shall be prohibited and deemed ineffective, and the Practice Operator shall have the
sole authority with respect to such matters. For so long as applicable State Laws prohibit same, Manager shall not be required or permitted to engage in, and the Practice Operator shall not request Manager to engage in, activities that constitute
the practice of medicine in the State. The Practice Operator shall have the sole authority regarding determining medical services and medical care policies as required by applicable Law. 
  
 2.4 Relationship of the Parties. Nothing contained herein shall be construed as creating a partnership,
trustee, fiduciary joint venture, or employment relationship between Manager and the Practice Operator. In performing all services required hereunder, Manager shall be in the relation of an independent contractor to the Practice Operator, providing
services to the medical practice operated by the Practice Operator. 
  
 2.5 No Patient Referrals. MANAGER SHALL NEITHER HAVE NOR EXERCISE ANY CONTROL OR DIRECTION OVER THE NUMBER, TYPE, OR RECIPIENT OF PATIENT REFERRALS MADE BY PHYSICIANS AND NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS
DIRECTING OR INFLUENCING SUCH REFERRALS. NONE OF MANAGER’S ACTIVITIES CONTEMPLATED UNDER THIS AGREEMENT, OR 

  

 Page 6             

 
OTHERWISE, SHALL CONSTITUTE OBLIGATIONS OF MANAGER TO GENERATE PATIENT FLOW OR BUSINESS TO THE PRACTICE OPERATOR. RATHER, THE PRACTICE OPERATOR HAS ENGAGED
MANAGER TO MANAGE THE BUSINESS ASPECTS OF THE PRACTICE IN ORDER TO ENABLE THE PHYSICIANS TO FOCUS ON DELIVERING THE HIGHEST QUALITY OF PATIENT CARE BY REMOVING THE INCREASINGLY BURDENSOME TASK OF OPERATING THE BUSINESS ASPECTS OF THE PRACTICE. NO
BENEFITS TO THE PRACTICE OPERATOR OR MANAGER UNDER THIS AGREEMENT REQUIRE OR ARE IN ANY WAY CONTINGENT UPON THE ADMISSION, RECOMMENDATION, REFERRAL OR ANY OTHER ARRANGEMENT FOR THE PROVISION OF ANY ITEM OR SERVICE OFFERED BY MANAGER OR THE PRACTICE
OPERATOR OR ANY OF THEIR AFFILIATES.. 
  
 2.6 Compliance
with Corporate Practice of Medicine. THE PARTIES HERETO HAVE MADE ALL REASONABLE EFFORTS TO ENSURE THAT THIS AGREEMENT COMPLIES WITH THE CORPORATE PRACTICE OF MEDICINE PROHIBITIONS IN THE STATE IN WHICH THE PRACTICE OPERATES. THE PARTIES
HERETO UNDERSTAND AND ACKNOWLEDGE THAT SUCH LAWS MAY CHANGE, BE AMENDED, OR HAVE A DIFFERENCE INTERPRETATION AND THE PARTIES INTEND TO COMPLY WITH SUCH LAWS IN THE EVENT OF SUCH OCCURRENCES. UNDER THIS AGREEMENT, THE PRACTICE OPERATOR SHALL HAVE THE
EXCLUSIVE AUTHORITY AND CONTROL OVER THE MEDICAL ASPECTS OF THE PRACTICE TO THE EXTENT THEY CONSTITUTE THE PRACTICE OF MEDICINE, WHILE MANAGER SHALL HAVE THE SOLE AUTHORITY TO MANAGE THE BUSINESS ASPECTS OF THE PRACTICE AS MORE FULLY DESCRIBED IN
SECTION 3 OF THIS AGREEMENT. 
  
 3. RESPONSIBILITIES OF MANAGER.
During the Term, so long as the Practice Operator operates a full-time medical practice, and subject to all of the provisions of this Agreement, Manager, as the sole and exclusive manager of the Practice, shall provide the following facilities,
equipment, supplies and services: 
  
 3.1 Premises,
Utilities and Equipment. 
  
 3.1.1 Manager may acquire
(by lease or purchase) or assist the Practice Operator in acquiring (by lease or purchase) the premises used by Physicians for the conduct of their medical practice and will assist the Practice Operator in obtaining such premises. All premises used
by the Practice Operator in the conduct of the Practice are collectively referred to herein as the “Premises.” Manager shall assist the Practice Operator in arranging for the provision of, all reasonably necessary and appropriate
utilities, building services and supplies, including but not limited to all water, gas, heat, air conditioning, power, light, janitorial and maintenance services at the Premises. To the extent the Premises are subject to one or more leases
(“Leases”), such utilities, building services and supplies and all other items related to the Premises to be provided through the assistance of Manager shall be subject to the terms, conditions, limitations and restrictions set forth in
such Leases. 
  
 3.1.2 Manager may acquire (by lease or purchase),
or otherwise assist the Practice Operator in acquiring (by lease or purchase) such equipment, fixtures and furnishings used by Physicians for the conduct of the Practice and shall arrange for, or assist the Practice Operator in arranging for, the
provision of such equipment, fixtures and furnishings to the Practice Operator. Subject to other limitations set forth herein, Manager shall assist the Practice Operator in obtaining such other equipment, fixtures, and furnishings and replacement

  

 Page 7             

 
equipment as determined by Manager to be reasonably required for the operation of the Practice. All equipment provided hereunder, whether original equipment
acquired by Manager, replacement equipment or new equipment shall collectively be referred to herein as the “Equipment.” Manager shall maintain the Equipment in reasonably good condition and repair, reasonable wear and tear excepted, and
will assist the Practice Operator in refurbishing or replacing the same as required, in a manner consistent with policies on medical technology to be developed by Manager and the Practice Operator. Manager will assist Practice Operator in obtaining
such additional new Equipment or replacement Equipment as may be reasonably required from time to time. Title to all Equipment utilized in the Practice will be in the name of Manager during the Term and at all times thereafter, unless the Practice
Operator acquires such Equipment. To the extent the Equipment is subject to one or more equipment leases, such Equipment shall be subject to all of the terms, conditions, limitations and restrictions set forth in such leases. 
  
 THE PRACTICE OPERATOR ACKNOWLEDGES THAT MANAGER MAKES NO WARRANTIES OR REPRESENTATIONS,
EXPRESS OR IMPLIED, AS TO THE FITNESS, SUITABILITY OR ADEQUACY OF ANY FURNITURE, FIXTURES, EQUIPMENT, INVENTORY, OR SUPPLIES LEASED OR PROVIDED PURSUANT TO THIS AGREEMENT FOR THE CONDUCT OF A MEDICAL PRACTICE OR FOR ANY OTHER PARTICULAR PURPOSE.

  
 3.2 Office Services and Supplies. Manager shall
assist the Practice Operator in purchasing all medical, office, and other supplies reasonably required for the operation of the Practice, consistent with guidelines to be determined by Manager, including all reasonable and necessary telephone
services for the official business of the Practice, laundry services, linen, uniforms, printed stationery, forms, telephone answering service, reception, secretarial and transcribing services, paging devices, postage, and duplication services.

  
 3.3 Medical Group Administrator. Manager may
appoint an individual to whom Manager shall delegate responsibility for the overall administration of the Practice pursuant to this Agreement (the “Medical Group Administrator”). Manager shall unilaterally determine any and all
compensation, payroll taxes, fringe benefits, bonuses, disability insurance, workers’ compensation insurance and any other benefits of the Medical Group Administrator. 
  
 3.4 Other Personnel. Manager shall furnish to the Practice Operator the services of all other personnel as
reasonably requested by the Practice Operator for the effective operation of the Practice, other than: (i) Allied Health Professionals determined by Manager and the Practice Operator to be most properly employed by the Practice Operator for purposes
of Payor requirements or applicable provisions of Law; and (ii) the Physicians. Consistent with applicable Laws, Manager shall make all hiring and termination decisions, establish and pay all wages, salaries and compensation, determine staffing
levels, individual work hours, personnel policies and employee benefit programs for all of Manager’s personnel providing services to or through the Practice. However, the Practice Operator shall have the right and obligation to direct and
supervise the delivery of health care services (if any) by personnel furnished by Manager. 
  
 3.5 Bookkeeping and Accounting Services. Manager shall perform all reasonable bookkeeping and accounting services required for the operation of the Practice, including the maintenance, custody and
supervision of the business records, papers, documents, ledgers, journals and reports relating to the business operations of the Practice; the establishment, 

  

 Page 8             

 
administration and implementation of accounting procedures, controls, forms and systems; and the preparation of financial and management reports referenced
in Section 3.6. 
  
 3.6 Financial and Management
Reports. Manager shall prepare and furnish to the Practice Operator the following reports: 
  
 3.6.1 Periodic income statements for the operation of the Practice, in accordance with the manner and form that Manager normally utilizes for its books
and records, in such time intervals as Manager deems appropriate. Manager shall not be responsible for preparing the Practice Operator’s federal and state income tax returns or for the payment of any of the Practice Operator’s income
taxes. All such statements will be prepared on an accrual basis of accounting in accordance with GAAP, with such exceptions thereto as are determined by Manager to be advisable, including provisions for interim period reporting; and 
  
 3.6.2 Any additional financial management reports and information that
Manager determines would assist the Practice Operator in evaluating its productivity and services. 
  
 3.7 Billing and Collection; Payment of Expenses. 
  
 3.7.1 Manager shall assist the Practice Operator in billing and collection services for all fees payable with respect to the Practice Operator’s
provision (either directly or through Contracting Providers and Outside Providers) of services, equipment, devices and supplies to patients of the Practice, including, but not limited to, technical services and all professional medical services
provided to the Practice’s patients at the Premises or in a hospital or other health facility or other location, by the Practice Operator’s Physicians, Outside Providers, or the Allied Health Professionals. Manager and the Practice
Operator shall work together to establish policies and protocols which help ensure that upcoding or false claims do not occur. In connection with such billing and collection services, the Practice Operator and Manager will endeavor to integrate
billing compliance programs with third party audits of statistically valid samples of randomly selected claims; 
  
 3.7.2 Manager shall review the payables of the Practice Operator and shall cause payment thereof to be made out of the funds of the Practice Operator;

  
 3.7.3 The Practice Operator and the Physicians hereby
irrevocably appoint Manager for the Term as their respective true and lawful attorney-in-fact to take the following actions for and on behalf of and in the name of the Practice Operator and the Physicians and agree to execute the Limited Power of
Attorney, attached hereto as Exhibit 3.7.3 and any other instrument reasonably requested by Manager to evidence such appointment or necessary to reappoint Manager as such attorney-in-fact upon any termination of the appointment made hereby:

  
 (i) Bill patients and Payors in the name and provider
number(s) of the Practice Operator and Physicians; 
  
 (ii)
Collect in the name of the Practice Operator and Physicians from patients, insurance companies and all other Payors (other than from the state or federal government), all charges resulting from the provision of equipment, devices, and supplies
provided and services rendered to patients of the Practice, including technical services and all professional medical services provided by the Practice Operator and Physicians to patients at the 

  

 Page 9             

 
Premises, or in a hospital, health facility, or any other location; and to collect capitated payments and all other charges, fees or salaries resulting from
or related to the operation of the Practice, including but not limited to any and all hospital incentive funds and funds from shared risk and bonus pools under any risk sharing arrangements wherein the Practice Operator or Physicians are the
provider of medical services; 
  
 (iii) Other than with respect
to Government Receivables, to take possession of and endorse in the name of the Practice Operator all cash, notes, checks, money orders, insurance payments, and any other instruments received as payment of accounts receivable (and the Practice
Operator shall cause individual Physicians who receive directly any payments for the benefit of the Practice Operator to deliver such amounts to Manager, to be handled pursuant to this Agreement in a manner consistent with other payments);

  
 (iv) Other than with respect to Government Receivables,
deposit all such collections directly into one or more Practice Accounts and to make withdrawals from such Practice Account(s) for such purposes as are consistent with the provisions of this Agreement or to deposit all such collections directly into
a depository account in the name of Manager; 
  
 (v) Other than
with respect to Government Receivables, place accounts for collection, settle and compromise claims, and institute legal action for the recovery of accounts; and 
  
 (vi) To execute all instruments or documents necessary or appropriate in connection with the above. 
  
 3.7.4 With respect to Government Receivables, Manager shall bill for same
pursuant to the Billing Agreement, which Manager and the Practice Operator will agree to simultaneously herewith. Also, with respect to all Governmental Receivables, the Practice Operator shall enter into an agreement with its depository bank, and
attach a copy of same hereto as Exhibit 3.7.4, to cause the depository bank to receive such payments and deposit them into an account (“Government Account”) in the name of the Practice Operator, negotiate such payments, and sweep
the proceeds of such account on a daily basis, into one or more bank accounts maintained in the name of Manager or an Affiliate of Manager. The bank in which the Government Account is located shall be a bank that is not providing financing to either
the Manager or the Practice Operator or acting on behalf of another party in connection with such financing. The instructions of the Practice Operator shall be revocable at the sole instruction of the Practice Operator; provided, however,
that if the Practice Operator revokes such instructions, it shall be in default of this Agreement and Manager shall be entitled to seek an order or judgment from a court of proper jurisdiction for specific performance to sweep the Government Account
pursuant to this Agreement. 
  
 3.8 Physician Selection and
Recruitment. To the extent allowable under applicable Laws, Manager shall establish and implement guidelines for the selection, hiring and termination of Physicians. Manager will also further assist the Practice Operator in recruiting new
Physicians and will carry out such administrative functions as may be appropriate for such recruitment, including advertising for and identifying potential candidates, assisting the Practice Operator in examining and investigating the credentials of
such potential candidates, and arranging interviews with such potential candidates; provided, however, only in States where required, the Practice Operator shall interview and make the ultimate decision as to whether to employ or retain a specific
candidate. All Physicians recruited with the assistance of Manager to render 

  

 Page 10             

 
professional medical services on behalf of the Practice Operator shall be the employees of the Practice Operator, to the extent such Physicians are hired as
employees. Any expenses incurred in the recruitment of Physicians, including, but not limited to, employment agency fees, relocation expenses and interviewing expenses shall be Practice Operating Expenses. 
  
 3.9 Licenses and Fees. Upon the Practice Operator’s
request, Manager shall cause the payment to be made for professional licensure fees and board certification fees of Physicians associated with the Practice Operator. Any such expenses shall be Practice Operating Expenses in accordance with Section
1.43 on Exhibit 1. 
  
 3.10 Insurance
Premiums. Manager shall cause all premiums to be paid as Practice Operating Expenses, with respect to the policies of insurance to be obtained pursuant to Section 9. 
  
 3.11 End User of Certain Items. Other than with respect to space, equipment, and other items purchased or
leased by the Practice Operator, the Parties agree and acknowledge that Manager is the “end-user” of all items acquired by the Manager in order to fulfill its duties and obligations to the Practice Operator under this Agreement.
Accordingly, Manager shall be responsible for the sales tax, if any, applicable to such items and shall remit same to the applicable governmental agency. 
  
 3.12 Dr. Vick Independent Contractor Agreement. The Parties acknowledge that pursuant to that certain Independent Contractor Agreement,
dated of even date herewith, by and between the Manager and Dr. Vick, attached hereto as Exhibit 3.12, the Manager shall delegate certain managerial duties and obligations under this Agreement to Dr. Vick, and Dr. Vick accepts such duties and
obligations. The Parties further acknowledge that notwithstanding anything to the contrary in this Agreement, the Practice Operator shall not be entitled to terminate this Agreement for the Manager’s failure to fulfill those duties or
obligations that it has delegated to Dr. Vick. 
  
 4. RESPONSIBILITIES OF
THE PRACTICE OPERATOR. The Practice Operator shall operate a full-time medical practice during the Term, which practice shall operate efficiently and properly as measured against Comparable Practice Standards. In furtherance of the
foregoing, the Practice Operator shall provide and perform the following during the Term: 
  
 4.1 Physicians. Subject to Section 4.15 and to the right of the Manager to establish and implement guidelines for the selection, hiring, and termination of Physicians, the Practice Operator shall have
the authority to engage (whether as employees or as Contracting Providers), promote, discipline, suspend and terminate the services of, all Physicians. Notwithstanding the foregoing, the Practice Operator and Manager shall agree on the amount of
compensation payable to Physicians. The Practice Operator shall ensure that all Physicians employed or contracted by the Practice Operator are appropriately supervised with respect to the provision of services to patients. The Practice Operator
shall consult with Manager prior to engaging new Physicians, subject to the guidelines established by the Practice Operator for the hiring of new Physicians. The Practice Operator shall staff the Practice as required for the efficient operation of
the Practice, and as otherwise necessary to meet the requirements of Payor Contracts. The Practice Operator shall provide full and prompt medical coverage consistent with prior custom of the Practice (including “on call” coverage, as
appropriate). At all times during the Term, all Physicians shall be providers in the Medicare program and the Practice Operator shall have a 

  

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Medicare provider number. In addition, the Practice Operator shall ensure that each Physician shall: 
  
 4.1.1 Maintain an unrestricted license to practice medicine in the State,
and maintain good standing with the State Medical Board; 
  
 4.1.2
Maintain a Federal Drug Enforcement Administration certificate without restrictions, to the extent necessary for his or her practice; 
  
 4.1.3 Maintain such hospital medical staff memberships and clinical privileges appropriate to his or her specialty, as determined by the Practice Operator
and sufficient to meet the requirements of Payors; 
  
 4.1.4
Perform medical services through the Practice and otherwise operate the Practice, in accordance with all Laws and with prevailing and applicable standards of care; 
  
 4.1.5 Maintain his or her skills through continuing education and training; 
  
 4.1.6 Maintain eligibility for professional liability insurance for his or
her specialty; and 
  
 4.1.7 Satisfy such other requirements as
are reasonably requested by Manager. 
  
 4.2 Allied Health
Professionals. Consistent with Section 3.4 above, Manager shall employ all Allied Health Professionals, unless required by applicable Law to be employed by the Practice Operator. Manager and the Practice Operator shall work together in the
recruiting, hiring, training and terminating of Allied Health Professionals with ultimate decision as to same resting with the Practice Operator, subject to Section 4.15. Notwithstanding the foregoing, Manager shall have the right to establish and
implement guidelines for the selection, hiring and termination of Allied Health Professionals. The Practice Operator shall have the sole right and obligation to direct and supervise the health care services provided to patients by Allied Health
Professionals, whether employed by the Practice Operator or Manager. 
  
 4.3 Physician Compensation. The Practice Operator shall be responsible for the payment of all compensation and benefits payable to all Physicians, as well as Allied Health Professionals, if any, who are employees or
independent contractors of the Practice Operator, including all applicable vacation pay, sick leave, retirement benefits, social security, workers’ compensation, health, life or disability insurance or any other employee benefits of any kind or
nature, provided that Manager shall manage and implement on behalf of the Practice Operator the actions necessary to operate the payroll and compensation systems of the Practice Operator. 
  
 4.4 Payment for Outside Provider Services. The Practice Operator shall be responsible for the payment of all
costs and expenses related to Outside Provider Services. The Practice Operator hereby authorizes and directs Manager to pay and discharge the Practice Operator’s obligations to pay for Outside Provider Services from Practice Revenues.

  
 4.5 Other Expenses. The Practice Operator shall
be responsible for the payment of all other expenses of the Practice Operator, provided that Manager shall assist the Practice Operator in managing and implementing on behalf of the Practice Operator the actions necessary to cause such payments to
be made. The expenses of operating the Practice which are incurred by Manager will be recouped by Manager through the Operations Fee component of the 

  

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Management Fee. Further, the Practice Operator shall not: (i) incur any Indebtedness, other than in the Ordinary Course of Business, except as provided in an
agreed upon Budget or with Manager’s prior written consent; (ii) agree to permit, or take any action which would result in, the attachment of any Encumbrance to, or the burdening with any Encumbrance of, any of its assets, except as provided in
an agreed upon Budget or with Manager’s prior written consent, other than in the Ordinary Course of Business; or (iii) make any Investment. 
  
 4.6 Billing Information and Assignments. The Practice Operator shall promptly provide Manager with all billing information requested by
Manager to enable Manager to bill and collect the Practice Operator’s charges, and the Practice Operator shall procure consents to assignments and other approvals and documents necessary to enable Manager to obtain payment or reimbursement from
payors and patients. The Practice Operator shall obtain, with the assistance of Manager, all provider numbers necessary to obtain payment or reimbursement for its services. The billing services Manager performs on the Practice Operator’s behalf
pursuant to the terms of this Agreement shall be conducted in the name of the Practice Operator and with the use of the Practice Operator’s identification number to the extent required by applicable Laws. 
  
 4.7 Practice Accounts. The Practice Operator shall maintain one
or more Practice Accounts at banks selected by Manager. The Practice Operator shall take such action as is necessary to maintain Manager’s authority at its sole discretion, to make withdrawals from and deposits into such Practice Accounts other
than any accounts that are established to receive payments on Government Receivables. The Practice Operator shall not maintain any bank account for cash deposits which is not a Practice Account for purposes of this Agreement. Manager shall bill,
collect and receive (other than for Government Receivables) all Practice Revenues and shall deposit the Practice Revenues collected directly into a Practice Account, and (other than for Government Receivables) shall specifically have the authority
to take all funds out of the Practice Account, as often as Manager deems appropriate, at its sole discretion, and insert such funds in another account to facilitate the use of such funds for the purposes described herein. 
  
 4.8 Employment and Independent Contractor Agreements. The
Practice Operator shall require that each Physician practicing full time by and through the Practice execute an employment agreement (a “Physician Employment Agreement”) or an independent contractor agreement (a “Physician Independent
Contractor Agreement”), the form of which must be approved by Manager. 
  
 4.9 Use of Premises, Equipment, and Manager Property. The Practice Operator acknowledges and agrees that the Premises and the Equipment, supplies and services (including forms, stationery, and signage)
provided by Manager pursuant to this Agreement are provided to the Practice Operator solely for use in the conduct of the Practice, and the Practice Operator shall not use such Premises, Equipment, supplies or services for any reason other than the
provision of health care services by and through the Practice Operator and subject to any restrictions contained in any lease or license therefor. The Practice Operator agrees to comply with all Laws governing and regulating the use of the Premises,
Equipment, supplies or services, and shall have no right, title or interest in such Premises, Equipment, supplies, or services. 
  
 4.10 Continuing Medical Education. The Practice Operator shall cause all Physicians and employed, affiliated, or supervised Allied Health
Professionals to participate in such continuing medical education activities as are required by Laws, and which are determined by the Practice Operator to be appropriate and within the financial limits of any applicable 

  

 Page 13             

 
Budget. The Practice Operator shall monitor and provide periodic reports on such participation to Manager. Any such expenses by Physicians shall be
Professional Expenses. 
  
 4.11 Licensing and
Accreditation. The Practice Operator shall cause the Practice Operator, Physicians, Allied Health Providers, departments or specialty groups or other applicable subgroups of the Practice, including any Contracting Providers, to comply with
all Laws and maintain such licenses and accreditations as are necessary for the provision of medical and health care services by the Practice and the Payor Contracts, and to obtain and maintain such additional licenses and accreditations as required
by all applicable Laws and regulations. The Practice Operator shall conduct the Practice in compliance with all Laws and all applicable contractual requirements, including but not limited to requirements under the Payor Contracts. 
  
 4.12 Information. The Practice Operator agrees to provide
Manager and its Affiliates with access, without charge, to information and material developed by the Practice Operator, for use in the performance of Manager’s obligations under this Agreement. 
  
 4.13 Advancement of Certain Costs. If, at any time during the
Term, the Practice Operator’s cash flow is not sufficient to meet the Operations Fee obligations and Physician compensation obligations (subject to the parameters discussed in Section 8.2.3) at the time at which such expenses are due, Manager
may, at its sole discretion, advance such sums as are necessary to pay such expenses (the “Operating Advances”), which advances shall be recouped from the Practice Operator’s future collections. The Practice Operator shall pay Manager
interest on that portion of the aggregate outstanding Operating Advances which exceed One Thousand and No/100 Dollars ($1,000.00) at a commercially reasonable rate; such rate to be computed and adjusted, if necessary, at the end of each month during
which the Operating Advance exceeds such threshold level (the “Operating Advance Interest Amount”). The Operating Advance Interest Amount shall be determined on a monthly basis, based on average outstanding Operating Advances during such
month. 
  
 4.14 Stock Ownership Restrictions.
Notwithstanding anything herein contained to the contrary, each present and future Shareholder of the Practice Operator, in consideration of the services to be provided hereunder to the Practice Operator and other good and valuable consideration,
hereby grants to Manager, and agrees that Manager during the Term shall have, the right and option at any time or times to require each and every Shareholder of the Practice Operator to sell all, or any part of, such Shareholder’s stock
interests in the Practice Operator to any Person designated by Manager who may lawfully own such shares (the “Designated Person”). In acknowledgment of this provision and the other provisions set forth in this Section 4.14, each present
and future Shareholder of the Practice Operator shall execute the signature page to this Agreement evidencing his agreement to the terms and conditions of this Section 4.14. The purchase price for the sale of such stock in the Practice Operator by a
Shareholder shall be One Hundred Dollars ($100.00) in total and shall be effected by Manager by providing written notice to that effect to the Shareholder(s) and upon receipt of such written notice, such Shareholder(s) agrees promptly to comply with
the instructions contained in such notice. To guarantee the performance of these obligations, each Shareholder hereby appoints (and each new Shareholder shall be deemed to have so appointed) Manager as his attorney-in-fact to transfer his stock in
the Practice Operator to the Designated Person and agrees to execute the Stock Power attached hereto as Exhibit 4.14. This appointment is coupled with an interest and shall be irrevocable during the Term of this Agreement. All Shareholders of
the Practice Operator hereby agree not to transfer, sell, assign, gift, or pledge their shares of capital stock in the Practice Operator without the prior written consent of Manager. 
  

 Page 14             

 Notwithstanding the foregoing, provided that the Practice Operator is not in breach of this Agreement,
that the Shareholder is not in breach of that certain Independent Contractor Agreement entered into with Manager, or the Company or the Shareholder is not in breach of the Merger Agreement dated of even date herewith, Manager agrees that during the
Formula Periods (as defined in the Merger Agreement) it will not exercise its right and option to acquire Shareholder’s stock interests in the Practice Operator as provided in this section. Manager further agrees that in the event it defaults
in its material obligations under the Merger Agreement or this Agreement and such default is not cured within the requisite cure period, the right and option to acquire Shareholder’s stock will lapse and be of no further force and effect.

  
 4.15 Actions Requiring Manager’s Consent.
Notwithstanding anything herein to the contrary, the Shareholder(s) and the Practice Operator agree that the following actions by the Practice Operator shall require the prior written consent of the Manager: 
  
 4.15.1 The issuance of capital stock of the Practice Operator or of any
security convertible into shares of capital stock of the Practice Operator; 
  
 4.15.2 The payment of any dividends on the capital stock of the Practice Operator or other distribution to the Shareholders of the Practice Operator; 
  
 4.15.3 Any consolidation of the Practice Operator; 
  
 4.15.4 Any sale, assignment, pledge, lease, exchange, transfer or other disposition, including, without limitation, a
mortgage or other security device, of assets, including the Practice Operator’s accounts receivable, constituting in the aggregate five percent (5%) or more (in any transaction or series of transactions over any consecutive five (5) year
period) of the total assets of the Practice Operator at the end of its most recent fiscal year ending prior to such disposition; 
  
 4.15.5 Any purchase or other acquisition of assets at any aggregate cost to the Practice Operator exceeding One Thousand and No/100 Dollars ($1,000.00);

  
 4.15.6 Any incurrence of loans or other indebtedness by the
Practice Operator in an amount in excess of One Thousand and No/100 Dollars ($1,000.00); 
  
 4.15.7 Any reclassification or recapitalization of the capital stock of the Practice Operator; 
  
 4.15.8 Any redemption or purchase of any shares of capital stock of the Practice Operator; 
  
 4.15.9 Any amendment to the Articles of Incorporation or Bylaws of the Practice Operator; 
  
 4.15.10 The dissolution or liquidation of the Practice Operator; 

 
 4.15.11 The authorization for the employment or discharge of any employed
individual, or the engagement or termination of engagement of any independent contractor, at a compensation in excess of Five Thousand and No/100 Dollars ($5,000.00) per annum, or for the execution and delivery of any employment agreements or
contracts with independent contractors or consultants, or the modification or termination thereof; 
  

 Page 15             

 4.15.12 The entering into of any contract by the Practice Operator at an aggregate contract price to PC
in excess of One Thousand and No/100 Dollars ($1,000.00); and 
  
 4.15.13 The creation of any indebtedness or any other obligation of the Practice Operator to any of the Shareholders of the Practice Operator or of any of the Shareholders of the Practice Operator to the Practice Operator. 
  
 5. QUALITY AND UTILIZATION MANAGEMENT; PEER REVIEW. 
  
 5.1 Quality and Utilization Management. THE PRACTICE OPERATOR
ACKNOWLEDGES AND AGREES THAT A QUALITY AND UTILIZATION MANAGEMENT PROGRAM FOR DETERMINING THE MEDICAL NECESSITY AND APPROPRIATENESS OF CARE RENDERED BY THE PRACTICE OPERATOR PROVIDES CONTROLS AND PROTECTIONS THAT ASSIST TO PREVENT POTENTIAL
OVERUTILIZATION WITH ANY FEE FOR SERVICE ARRANGEMENT, INCLUDING, BUT NOT LIMITED, TO THOSE REIMBURSABLE UNDER FEDERAL HEALTH INSURANCE PROGRAMS AND ALSO PROVIDES ESSENTIAL DATA TO THE PRACTICE OPERATOR AND MANAGER FOR THE PURPOSES OF MANAGING THE
PRACTICE AND NEGOTIATING, ADMINISTERING AND MAINTAINING PAYOR CONTRACTS. The Practice Operator and Manager agree to develop and implement a quality and utilization management program in accordance with recommendations made by Manager and the
Practice Operator, or as required under Payor Contracts. The Practice Operator shall cause Physicians and employed, supervised or affiliated Allied Health Professionals to participate in the development of such programs and to comply with the
standards, protocols or practice guidelines established thereby and the Practice Operator will ensure that such individuals are required by their Physician Employment Agreements or other contracts to do so. Manager is authorized by the Practice
Operator to prepare and distribute reports of such Practice program activities to employees of, and consultants to, the Practice Operator and Manager, to Payors, and to such other persons as Manager deems necessary in order for Manager to carry out
its obligations hereunder. 
  
 5.2 Peer Review. The
Practice Operator and Manager shall cooperate to develop, from time to time, peer review procedures for the Physicians and Allied Health Professionals providing services to patients of the Practice. The Practice Operator shall provide Manager with
prompt notice of any material quality of care concerns relating to Allied Health Professionals or any Physicians providing services on behalf of the Practice Operator. The Practice Operator shall implement such corrective actions that the Practice
Operator determines are necessary or appropriate to comply with the then current peer review procedures, community standards, and Laws. The Practice Operator and the Physicians will also comply with, and participate in, all peer review programs of
Manager or any entity with whom Manager and the Practice Operator contracts, including, but not limited to, Payors. 
  
 6. MANAGED CARE CONTRACTING AND ADMINISTRATION. 
  
 6.1 Contracting. To the extent permitted by applicable Law, Manager shall review, evaluate, and negotiate Payor Contracts on behalf of the
Practice Operator; provided, however, the Practice Operator and Manager shall work together to implement controls (including attempting to ensure that Payor Contracts have utilization review and quality assurance programs) to help ensure that
overutilization of services does not occur with respect to the services the Practice Operator renders. Once negotiated, Manager shall submit such Payor 
  

 Page 16             

 
Contracts, with Manager’s recommendations thereupon, to the Practice Operator for review and final approval. Upon the request of Manager, the Practice
Operator and Physicians, if necessary, agree to execute any Payor Contracts approved by the Practice Operator. Notwithstanding anything to the contrary herein, Manager may negotiate and enter into Payor Contracts in its own name, or in the name of
other medical practices which Manager manages and pursuant to which such medical practices other than the Practice Operator will render services. 
  
 6.2 Contract Administration. Manager shall assist the Practice Operator in administering Payor Contracts, and to the extent the Practice
Operator is responsible under such Payor Contracts for providing the following, Manager shall assist the Practice Operator in: 
  
 6.2.1 Claims administration, including processing all claims and encounter data of the Practice Operator for services provided to enrollees or members of
Payors for which the Practice Operator is obligated to pay, and the Practice Operator will timely provide Manager with all information necessary to administer such claims; 
  
 6.2.2 Distributing payments from Payors to providers of Outside Provider Services in conformance with Section 4.4;

  
 6.2.3 Administering any risk pools established by any Payor
pursuant to a Payor Contract; 
  
 6.2.4 Determining eligibility of
patients for coverage prior to the provision of medical or other services; 
  
 6.2.5 Reconciling retroactive denials of eligibility; 
  
 6.2.6 Administrating of the authorization processes established by the Practice Operator or a Payor; 
  
 6.2.7 Serving as a liaison with Payors on behalf of the Practice Operator; 
  
 6.2.8 Submitting or obtaining data and reports in accordance with Payor Contracts; 
  
 6.2.9 Resolving any grievances between the Practice Operator and Payors; and

  
 6.2.10 Resolving enrollee or member grievances. 
  
 6.3 Network Development. Subject to applicable Laws, to the
extent required under Payor Contracts or to meet the Practice Operator’s and Manager’s obligations thereunder and to the extent desirable to facilitate servicing new or potential Payor Contracts, Manager may assist the Practice Operator in
developing a provider network for the provision of Outside Provider Services, including: 
  
 6.3.1 Assisting the Practice Operator in the negotiation and administration on behalf of the Practice Operator of all physician and provider agreements for Outside Provider Services, and with monitoring contract
compliance and renewal dates; 
  

 Page 17             

 6.3.2 Assisting the Practice Operator with establishing utilization guidelines and programs for Outside
Provider Services and administering such utilization and quality management programs; and 
  
 6.3.3 Assisting in developing and administering specialty and hospital referral authorization procedures consistent with requirements of Payors. 
  
 6.4 Cooperation; Compliance. The Practice Operator shall cooperate with Manager in the development of
integrated health care delivery systems and provider networks with a view towards entering into managed care arrangements. The Practice Operator and its Physicians will participate in various aspects of managed care arrangements as required by Payor
Contracts. The Practice Operator shall operate in compliance with all Payor Contracts and shall work with Manager to attempt to obtain new Payor contracts. 
  
 ANY NETWORK ESTABLISHED BY MANAGER AND THE PRACTICE OPERATOR, PURSUANT TO THIS SECTION 6 SHALL NOT REQUIRE REFERRALS WITHIN THE NETWORK, UNLESS THE APPLICABLE MANAGED
CARE CONTRACT INVOLVES CAPITATED PAYMENTS IN WHICH CASE REFERRALS WITHIN THE NETWORK WILL NOT RESULT IN INCREASED COSTS TO THE PAYOR BUT RATHER ENABLES THE NETWORK TO MANAGE ITS COSTS. 
  
 7. BUDGET. Manager, in consultation with the Practice Operator, may prepare a Budget for each Budget Period prior to the
applicable Budget Period, and, if prepared, the Budget will include an annual capital expenditures budget. Failure to prepare a Budget in a timely manner shall not constitute a breach of this Agreement by Manager. In the absence of a Budget, the
Practice Operator shall continue to operate in a manner consistent with the Ordinary Course of Business. 
  
 8. MANAGER’S COMPENSATION. 
  
 8.1 In General. In consideration for the premises, equipment, services and supplies furnished by Manager to the Practice Operator hereunder, the Practice Operator shall pay to Manager an annual
management fee (the “Management Fee”) during each Year of the Term, which shall equal the sum of: 
  
 8.1.1 The Operations Fee (including applicable sales tax with respect to space and equipment) during the applicable Year; plus 
  
 8.1.2 Eighty-five percent (85%) of the Operations Fee for the applicable
Year, or such other greater percentage of the Operations Fee as the Manager shall propose on an annual basis to the Practice Operator for the applicable Year in accordance with Section 8.1.3 (the “Base Management Fee”). 
  
 8.1.3 At least five (5) days prior to the beginning of the applicable Year,
the Manager shall propose in writing to the Practice Operator whether any modifications should be made with respect to the percentage of the Operations Fee utilized to determine the Base Management Fee in accordance with Section 8.1.2 above. If the
Manager proposes an increase to the percentage and the Practice Operator provides the Manager with written notice of its objection within three (3) days of the Manager providing the Practice Operator with its proposed modifications, then the
recalculated Base Management Fee proposed by Manager shall 

  

 Page 18             

 
nevertheless apply for the applicable Year, provided however, that the Parties shall attempt to resolve their dispute for a period of one hundred twenty
(120) days, and if no resolution is reached, then either Party shall have the option to initiate binding arbitration to settle the dispute administered by the American Arbitration Association under its Commercial Arbitration Rules and the decision
of the arbitrator with respect to the Base Management Fee shall be final and binding upon the Parties, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 
  
 For purposes of this Agreement, a “Year” shall mean every calendar year during the
Term; provided, however, the first Year shall mean the period beginning on the Effective Date and ending on December 31, 2003, during which first Year such numbers set forth herein shall be annualized or prorated, to the extent applicable and
appropriate. 
  
 8.2 Payment of Management Fee.
Practice Operator shall pay Manager the Management Fee on a monthly basis as follows: 
  
 8.2.1 With regard to the Operations Fee, Manager shall utilize the funds from the Practice Account to pay the Operations Fee, as and when same becomes due and payable, and Manager shall have the right and authority to
transfer all funds from the Practice Account to a Manager account to facilitate such payment. In all cases, however, the Operations Fee for each month must be paid on or before the 15th day of the immediately succeeding calendar month. 

 
 8.2.2 With regard to the Base Management Fee, Manager shall retain in
Manager’s accounts, from funds transferred from the Practice Account, the amounts necessary to pay the Base Management Fee. Manager shall have the right and authority to transfer all funds from the Practice Account to a Manager account to
facilitate such payment. 
  
 8.2.3 The payment of the Base
Management Fee shall be made from the Practice Accounts after payment of Professional Expenses, subject to the limitations in the following sentence. In order to distribute the appropriate amount to the Physicians and non-physician health care
personnel as Professional Expenses, such distributed amount shall be determined based upon the amount that should be available to the Physicians under GAAP (i.e., accrual basis) accounting applied to the Practice’s operations. 
  
 8.3 Security Interest. To secure the Practice Operator’s
obligations to Manager hereunder, the Practice Operator hereby grants Manager a security interest [which shall be subordinate to the security interest granted to the Shareholder by virtue of that certain Security Agreement by and between PainCare
and Shareholder of even date herewith (hereinafter the “Shareholder’s Security Agreement”)], to the extent permitted by applicable law, in all property, if any, which the Practice Operator may now own or may hereafter acquire (the
“Collateral”) including, without limitation, the following: 
  
 8.3.1 All inventory of the Practice Operator, whether now owned or hereafter acquired; 
  
 8.3.2 All equipment, machinery tools, fixtures, furnishings, leasehold improvements, furniture, vehicles or goods of the Practice Operator, whether now
owned or hereafter acquired; 
  

 Page 19             

 8.3.3 All accounts receivable, accounts, contracts, contract rights, chattel paper, and chooses in
action, now or hereafter due or owing to, or owned by, the Practice Operator; 
  
 8.3.4 All general intangibles, now or hereafter owned by the Practice Operator, including, without limitation, books and records, notes, instruments, licenses, and trade names; 
  
 8.3.5 All insurance policies and proceeds thereof; and 
  
 8.3.6 All proceeds and products of the foregoing. 
  
 The Practice Operator shall execute such financing statements and other
documents as shall be necessary to perfect (and maintain the perfection of) said security interest. Upon a default hereunder or other breach which results in the termination of this Agreement, or non-payment by the Practice Operator hereunder, which
is not cured by the Practice Operator within thirty (30) days after receipt of written notice of default, Manager shall be entitled to exercise all rights and remedies under State law including, without limitation, all rights and remedies of a
secured party under the Uniform Commercial Code for the applicable State in which the Practice Operator operates. The Practice Operator shall not sell, assign, transfer or encumber any of the Collateral without Manager’s prior written consent.
The Practice Operator acknowledges and understands that Manager may assign the foregoing security interest in the Collateral to any Person or entity who may from time to time provide financing to Manager, and the Practice Operator consents to such
assignment. 
  
 8.4 Assignment of Practice
Receivables. Except to the extent not assignable under any applicable Law and subject to the rights of Shareholder under the Shareholder’s Security Agreement, the Practice Operator hereby irrevocably assigns, transfer, conveys and sets
over to Manager all Receivables of the Practice Operator, whether now existing or hereafter created or arising, together with all proceeds thereof and whether or not such receivables constitute accounts, instruments, general intangibles, documents
or other types of property under any applicable Law; provided, however, that no such assignment shall occur prior to the Closing Date under the Merger Agreement and Plan of Reorganization. It is the intent that this assignment when
effective upon the Closing under the Merger Agreement and Plan of Reorganization will constitute an absolute assignment of all of the Practice Operator’s right, title and interest in and to any and all present and future Receivables and the
proceeds thereof, and that Manager be vested with title to all such Receivables and proceeds. If and to the extent an absolute assignment of any Receivables is not permitted under applicable Law, then the foregoing provisions of this Section 8.4
shall not be effective with respect to such Receivables only, but all such Receivables shall, nevertheless be subject to the security interest granted to Manager by the Practice Operator pursuant to Section 8.3 hereof. The absolute assignment of all
present and future Receivables as set forth herein shall terminate as to any Receivables that are created after the Termination Date and all settlement payments by the Practice Operator to Manager have been paid as provided in this Agreement. The
Practice Operator acknowledges and understands that Manager shall be authorized, in its sole and absolute discretion, to grant a security interest in or otherwise assign any of the Receivables in respect to which Manager obtains title by way of
assignment pursuant to this Section 8.4, to secure any and all present or future liabilities or obligations owing by Manager to the person or entity to which Manager grants such security interest or assignment. 
  
 9. INSURANCE. 
  

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 9.1 In General. Manager shall assist the Practice Operator in procuring and maintaining the
following insurance with respect to the Practice: (i) comprehensive general liability insurance; (ii) property insurance covering the Premises, Equipment and supplies owned by Manager or the Practice Operator with respect to the Practice; (iii) on
behalf of the Practice Operator, professional liability insurance for the acts of the Practice Operator and all Persons providing professional services through the Practice naming the applicable covered Person, Manager and the Practice Operator as
an insured or additional insured, with such amounts of coverage and from such insurance service as Manager and the Practice Operator mutually agree upon, from time to time, which amounts Manager and the Practice Operator have agreed will initially
be: One Million and No/100 Dollars ($1,000,000.00) per occurrence, and Three Million and No/100 Dollars ($3,000,000.00) per annual aggregate, subject to applicable adjustments; and (iv) such other insurance coverage as is determined by Manager to be
advisable, or as required by applicable Law. From and after the Closing under the Merger Agreement and Plan of Reorganization, Manager may procure and maintain any insurance this Agreement requires Manager to maintain through any program of
self-insurance or through an Affiliate acting in the capacity as agent or insurance company, including off-shore captive insurance companies, in each case which complies with normal actuarial standards and appropriate reserves based on such
established standards, provided, however, that in the event that Manager elects to maintain such insurance through a program of self insurance or through an Affiliate, Manager and its parent entity PainCare Holdings, Inc. shall indemnify and hold
the Practice Operator harmless from and against any loss (including, without limitation, any obligation to indemnify any director, officer, employee or agent of the Practice Operator) up to the amount of the stated insurance notwithstanding any
insolvency of such Affiliate. 
  
 9.2 Contracting
Providers. The Practice Operator shall require all Contracting Providers to procure and maintain professional liability insurance in amounts and from carriers as are determined by Manager to be reasonably necessary for the proper and
efficient operation of the Practice. 
  
 9.3 Tail
Insurance. All Physicians, effective as of the Termination Date, and any individual Physician, effective upon such Physician’s termination of employment with the Practice Operator, shall purchase either extended reporting insurance
coverage or prior acts coverage from a subsequent insurance carrier, covering for a period of four (4) years, the medical malpractice claims made which relate to services rendered by such Physician during the Term. Any such insurance shall provide
minimum coverage in the per occurrence and aggregate amounts equal to the amounts of coverage insuring such Physicians on the date immediately preceding the applicable termination date and shall name the Practice Operator and Manager as additional
insureds. 
  
 10. RESTRICTIVE COVENANTS. 
  
 10.1 Covenants of the Practice Operator and the Physicians.
The Practice Operator, during the Term and for two (2) years thereafter, and each Physician, during the term of such Physician’s employment by the Practice Operator and for two (2) years thereafter, shall not: 
  
 10.1.1 Directly or indirectly, provide professional medical or other health
care services, or have any interest in an entity which provides such services (except in connection with the Practice during the Term), within a fifty (50) mile radius, of each of the office locations 

  

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of the Practice or any other medical practices managed by, or otherwise affiliated with, Manager, in existence during the Term; 
  
 10.1.2 Solicit, negotiate, discuss or enter into any agreement with any party
other than Manager or an Affiliate of Manager, pursuant to which such party provides to the Practice Operator or Physicians services similar to the services which Manager provides to the Practice Operator hereunder; 
  
 10.1.3 Develop, hold any ownership interest in or participate in the
management of, complete a practice sale to, contract with, or provide any other services (including any non-medical services) to any entity which operates a practitioner practice management business similar to that conducted by Manager or its
Affiliates; provided, however, it shall not be deemed a violation of this provision if Physician only holds a passive investment of less than a Five Percent (5%) interest in, but does not contract with, any company that is traded on the New
York Stock Exchange, American Stock Exchange or the NASDAQ National Market; or 
  
 10.1.4 Solicit for employment, or employ or engage, by itself, himself, or herself, or on behalf of any other entity, as an employee, independent contractor or in any other capacity whatsoever, any individual who is
or was employed by Manager, or an Affiliate of Manager, during the Term. 
  
 The
Practice Operator shall cause each of the Physicians to enter into an employment agreement or shareholders’ agreement which includes a covenant on behalf of each such Physician not to engage in any of the activities set forth in Sections 10.1.1
through 10.1.4, so long as he or she is an employee or a Shareholder of the Practice Operator and for two (2) years thereafter. Further, upon any Physician terminating his or her full time employment at the Practice, such Physician shall arrange to
transfer his or her shares of the Practice Operator stock to the Practice Operator or the remaining Physicians. 
  
 10.2 Enforcement. The Practice Operator and the Physicians agree that any breach of the restrictive covenant in Section 10.1 will result in
irreparable damage to Manager for which Manager will have no adequate remedy at law, and, therefore, the Practice Operator and the Physicians consent to any temporary or permanent injunction or decree of specific performance by any court of
competent jurisdiction in favor of Manager enjoining any such breach, without prejudice to any other right or remedy to which Manager shall be entitled including remedies at law. All of Manager’s Affiliates are specifically hereby named as
third party beneficiaries of the covenants contained in Section 10.1 with full right and power to enforce these provisions against the Practice Operator and the Physicians. 
  
 10.3 Revision; Severability. The necessity of each of the restrictions set forth in Section 10.1 and the
nature and scope of each such restriction have been carefully considered, bargained for and agreed to by the Parties and the Parties conclusively agree that they are reasonable in time and geographic area and are necessary to protect the legitimate
business interests of Manager. However, in the event that any portion of this Section 10 shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a period of time or too large a
geographic area or over too great a range of activities, it shall be interpreted or rewritten to extend only over the maximum period of time, geographic area, or range of activities as to which it may be enforceable. Each of the provisions herein
shall be deemed a separate and severable covenant. Moreover, the Parties agree that the existence of any claim or cause of action by the Practice Operator or a Shareholder against 

  

 Page 22             

 
Manager, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of the restrictive covenants set forth
herein, but shall be litigated separately. 
  
 10.4 Tolling
of Periods. In the event of a breach of this Section 10, and Manager, any of its successors and assigns or any of its Affiliates brings an action for injunctive relief or other relief, such Party bringing the action shall not, as a
result of the time involved in obtaining the relief, be deprived of the benefit of the full period of the restrictive covenant, unless a court of competent jurisdiction holds that the restrictive covenant is not enforceable in whole or in part.
Accordingly, for any time period in which the restrictive covenants set forth in Section 10 are being violated, such time period shall not be included in calculating the duration of the restrictive covenants indicated above. 
  
 10.5 Covenants of the Manager. Without the prior written
consent of Shareholder, which shall not be unreasonably withheld, Manager shall not prior to the conclusion of all Formula Periods (as defined in the Merger Agreement): 
  
 (a) reorganize the Practice Operator, whether by integrating or consolidating the business of the Practice Operator with
other operating units of PainCare or its subsidiaries or affiliates, except in the case that at the time of such integration or consolidation such transaction could not reasonably be expected to have a material adverse effect on the Formula Period
Profits (as defined in the Merger Agreement); 
  
 (b) effect any
reassignment, reprioritization, reallocation, restructuring, or reduction of the Practice Operator’s human or other resources, their research and development initiatives, or their marketing programs, except in a manner that at the time of such
event could not reasonably be expected to have a material adverse effect on the Formula Period Profits or that are reasonably necessary in light of the Practice Operator’s results of operation; 
  
 (c) cause the Practice Operator to become a party to or terminate any
agreement which at the time such agreement is entered into or terminated could reasonably be expected to have a material adverse effect on the Formula Period Profits or that is reasonably necessary in light of the Practice Operator’s results of
operation; 
  
 (d) cause the Practice Operator to undertake
actions outside the ordinary course of its business which at the time of such undertaking could reasonably be expected to have a material adverse effect on the Formula Period Profits; 
  
 The parties hereby acknowledge and agree that the foregoing conditions shall become null and void and of no further force or
effect if (i) the Formula Period Profits in each of any two (2) consecutive calendar quarters are less than $175,000, (ii) the Formula Period Profits in one (1) calendar quarter is less than $80,000, (iii) there is a breach of this Agreement by the
Practice Operator, (iv) there is a breach of the Independent Contractor’s Agreement by Dr. Vick, (v) there is a breach of the Deposit Agreement by Dr. Vick or the Company, or (vi) there is a breach of the Merger Agreement by Dr. Vick or the
Company. 
  
 11. TERM AND TERMINATION. 
  
 11.1 Term. The initial term of this Agreement shall, unless
earlier terminated pursuant to the terms hereof, be for a forty (40) year period commencing on the Effective Date and ending on the 40th Anniversary thereof (the “Initial Term”). Upon expiration of the Initial Term, the 

  

 Page 23             

 
Agreement shall be extended for successive five (5) year periods (each such five (5) year period shall be referred to as an “Extended Term” and the
Initial Term and any Extended Term shall be referred to in this Agreement as the “Term”), unless either the Practice Operator or Manager provides the other with written notice of its desire not to renew, not less than ninety (90) days
prior to the end of the Initial Term or the applicable Extended Term. The same terms and conditions of this Agreement shall apply to an Extended Term, unless the Practice Operator and Manager mutually agree in writing to alter the terms and
conditions. 
  
 11.2 Termination by Practice
Operator. The Practice Operator shall be entitled to terminate this Agreement by giving written notice to Manager, upon Manager’s intentional material misappropriation, theft, or embezzlement of the Practice Operator’s monies or
other assets. In addition, the Practice Operator shall be entitled to terminate this Agreement by giving written notice to Manager, if Manager breaches the terms of this Agreement and does not cure such breach within thirty (30) days after Practice
Operator provides the Manager with such notice of termination. Moreover, Practice Operator shall be entitled to terminate this Agreement by delivering notice of termination to the Manager in the event the Manager: (i) applies for or consents to the
appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, files a voluntary petition in bankruptcy or reorganization or consents to an involuntary petition, makes a general assignment for the benefit of its
creditors, files a petition or answer seeking reorganization or arrangement with its creditors, or admits in writing its inability to pay its debts when due; or (ii) suffers any order, judgment or decree to be entered by any court of competent
jurisdiction, adjudicating the Manager bankrupt or approving a petition seeking its reorganization or the appointment of a receiver, trustee or liquidator of the Manager or of all or a substantial part of its assets, and such order, judgment or
decree continues unstayed and in effect for ninety (90) days after its entry. 
  
 11.3 Specific Termination by Manager. Except as otherwise provided herein, Manager may terminate this Agreement by giving written notice to the Practice Operator, if: (i) the Practice Operator or any
Physician is suspended or prohibited from participating in the Medicare or Medicaid programs or are excluded from entering into healthcare provider agreements with the managed care or healthcare insurance industry and such suspension, prohibition or
exclusion is not rescinded within thirty (30) days following the commencement thereof; (ii) any Physician has his/her license to practice medicine in any state or his/her Drug Enforcement Number suspended, relinquished, terminated, restricted or
revoked and the same is not reinstated within thirty (30) days thereafter; (iii) any Physician has his/her medical staff privileges at any hospital or medical facility suspended, terminated, restricted or revoked due to professional incompetence and
the same is not reinstated within thirty (30) days thereafter; (iv) any Physician has been reprimanded, sanctioned or disciplined by any licensing board, or any federal, state or local society or agency, governmental body or specialty board; (v) a
Physician breaches the restrictive covenant in his/her Physician Employment Contract or in this Agreement; (vi) any Physician fails to comply with the general policies and procedures of the Practice Operator or Manager; (vii) any Physician does not
comply with applicable standards of providing quality medical care; or (viii) any Physician demonstrates professional incompetence in the rendering of quality medical care, as determined by the Manager at its sole discretion. Notwithstanding the
foregoing, if this Agreement would terminate as a result of the action described in (i) through (iv) of this Section 11.3 applying to a Physician, then this Agreement still shall not terminate if such Physician is terminated by the Practice Operator
within thirty (30) calendar days after the Practice Operator receives written notice from Manager to terminate such Physician’s employment with the Practice Operator; provided, however, if the event precludes such Physician from practicing
medicine, the applicable Physician must be terminated 

  

 Page 24             

 
immediately. If the Practice Operator does have the obligation to replace the terminated Physician pursuant to the foregoing sentence, then the Practice
Operator shall have twelve (12) months from the date of the terminated Physician’s departure to make such replacement. Additionally, Manager may also terminate this Agreement if any Physician breaches any of his or her restrictive covenants
(i.e., in (v) above); provided, however, in such a situation this Agreement shall not terminate if: (i) the Practice Operator immediately terminates the Physician; and (ii) the Practice Operator enforces, and cooperates with Manager to
enforce, the restrictive covenant and non-competition provisions contained in the Physician Employment Agreement, Physician Independent Contractor Agreement, this Agreement or any other applicable agreement to which the Practice Operator is a party.

  
 11.4 Other Termination. Manager shall be
entitled to terminate this Agreement by delivering notice of termination to the Practice Operator in the event the Practice Operator breaches the terms of this Agreement, including but not limited to the failure or other inability of the Practice
Operator to timely pay the Management Fee and does not cure such breach within fifteen (15) days after Manager provides the Practice Operator with such notice of termination. Moreover, Manager shall be entitled to terminate this Agreement by
delivering notice of termination to the Practice Operator in the event the Practice Operator: (i) applies for or consents to the appointment of a receiver, trustee or liquidator of all or a substantial part of its assets, files a voluntary petition
in bankruptcy or reorganization or consents to an involuntary petition, makes a general assignment for the benefit of its creditors, files a petition or answer seeking reorganization or arrangement with its creditors, or admits in writing its
inability to pay its debts when due; or (ii) suffers any order, judgment or decree to be entered by any court of competent jurisdiction, adjudicating the Practice Operator bankrupt or approving a petition seeking its reorganization or the
appointment of a receiver, trustee or liquidator of the Practice Operator or of all or a substantial part of its assets, and such order, judgment or decree continues unstayed and in effect for ninety (90) days after its entry. 
  
 11.5 Effect of Termination. Upon termination of this Agreement:
(i) neither Party shall be discharged from any previously accrued obligation which remains outstanding; (ii) any sums of money owing by one Party to the other shall be paid immediately, prorated through the Termination Date; (iii) the Practice
Operator shall return to Manager all originals and copies of Manager’s confidential information in the possession of the Practice Operator or any other person or entity to whom the Practice Operator has delivered originals or copies; (iv) the
Practice Operator and Manager shall perform such matters as are necessary to wind up their activities under this Agreement in an orderly manner; (vi) the Practice Operator shall vacate and surrender to Manager the Premises, Equipment and all other
property of Manager in the same condition as received, reasonable wear and tear excepted; and (vii) each Party shall have the right to pursue other legal or equitable relief as may be available depending upon the circumstances of the termination.

  
 11.6 Termination due to Failure to Close. In the
event that there is no Closing under the Merger Agreement and Plan of Reorganization due to a termination of that Agreement, this Agreement shall likewise terminate as of the date of such termination. In the event of a termination resulting from the
foregoing, the Manager shall subject to repayment of the Deposit (as defined in the Deposit Agreement): (i) reassign and deliver to the Practice Operator all assets of the Practice Operator then under its control or possession, free and clear of any
lien, claim or encumbrance saving liens existing on the date hereof, or otherwise created during the term of this Agreement with Shareholder’s consent, and (ii) surrender any written authority to act on behalf 

  

 Page 25             

 
of the Practice Operator as attorney in fact or as signatory with respect to bank accounts and other funds of the Practice Operator. 
  
 11.7 Contract Modifications for Prospective Legal Events. In
the event any state or federal laws or regulations, now existing or enacted or promulgated after the Effective Date of this Agreement, are interpreted by judicial decision, a regulatory agency or legal counsel of both the Practice Operator and
Manager in such a manner as to indicate that the structure of this Agreement may be in violation of such laws or regulations, the Practice Operator and Manager shall amend this Agreement, to the maximum extent possible, to preserve the underlying
economic and financial arrangements between the Practice Operator and Manager. Notwithstanding the preceding sentence, to the extent such Laws relate to the Management Fee, the terms set forth on Exhibit 11.6 attached hereto shall govern and
control. 
  
 12. RECORDS AND RECORDKEEPING. 
  
 12.1 Access to Information. The Practice Operator hereby
authorizes and grants to Manager full and complete access to all information, instruments and documents relating to the Practice which may be reasonably requested by Manager to perform its obligations hereunder, and shall disclose and make available
to representatives of Manager for review and photocopying all relevant books, agreements, papers and records of the Practice. 
  
 12.2 Ownership and Inspection of Records. 
  
 12.2.1 At all times during and after the Term, all patient medical records shall be and remain the sole property of the Practice Operator. All such
patient medical records shall be prepared and maintained in accordance with all applicable Laws regarding confidentiality and retention. The patient medical records shall be maintained and kept at the Premises of the Practice and upon termination of
this Agreement, all such patient medical records shall be and remain in the possession of the Practice Operator. To the extent permitted by applicable law, Manager shall be permitted to retain true and complete copies of such records, at its
expense. 
  
 12.2.2 At all times during and after the Term, all
business records and information, including but not limited to, all books of account and general administrative records and all information generated under or contained in the management information system pertaining to the Practice, relating to the
business and activities of Manager, shall be and remain the sole property of Manager. 
  
 12.2.3 The Practice Operator shall at all times during the Term, and at all times thereafter, make available to Manager for inspection by its authorized representatives, during regular business hours, at the principal
place of business of the Practice Operator, any Practice records determined by Manager to be necessary to perform its services and carry out its responsibilities hereunder or necessary for the defense of any legal or administrative action or claim
relating to said records. 
  
 12.3 Confidentiality of
Records. Manager and the Practice Operator will adopt procedures to assure the confidentiality of the records relating to the operations of Manager, the Practice Operator and the Practice, including but not limited to all statistical,
financial and personnel data related to the operations of Manager, the Practice Operator or the Practice, which information is not otherwise available to third parties publicly or by law. 
  

 Page 26             

 12.4 Storage of Records. The Practice Operator agrees to store all records in its
possession, including but not limited to patient medical records, at its sole cost and expense, for a minimum of seven (7) years from the date of the last activity recorded in such records. At the end of the aforedescribed seven (7) year period, the
Practice Operator shall be entitled to dispose of such records as it deems necessary or appropriate; provided, however, the Practice Operator shall provide prior written notice to Manager of the Practice Operator’s intent to dispose of
such records and shall provide Manager with a thirty (30) calendar day period, from the date that such notice is given by the Practice Operator, for Manager to take control of or copy any or all of the records to be disposed of by the Practice
Operator, at the sole cost and expense of Manager. 
  
 13. INTELLECTUAL
PROPERTY AND OTHER PROPRIETARY INFORMATION. 
  
 13.1
License of the Practice Operator’s Name and Logo. The Practice Operator agrees to provide Manager with access, without charge, to the outcomes and other data developed by the Practice Operator for use in the operation of the
Practice. Manager may include its name and the names of the Practice Operator and the Physicians on any letterhead, professional announcements, brochures, promotional materials, private placements, public offerings, and the like relating to the
Practice Operator or Manager. 
  
 13.2 Proprietary
Property. Manager is and shall be the sole owner and holder of all right, title and interest to the proprietary property of Manager consisting of all copyright, service mark and trademark rights and interests in the logo, management
information and other systems, forms, form contracts, and policy manuals relating to the Practice, excluding any logos purchased or created solely by the Practice Operator. The Practice Operator agrees that it shall not at any time knowingly harm,
misuse or bring into disrepute the proprietary property of Manager. 
  
 13.3 Use of Management Information System (MIS). 
  
 13.3.1 Practice’s Use of Manager’s MIS. The Practice Operator shall use all software and hardware provided by Manager pursuant to this Agreement, in accordance with and subject to all of the
terms and conditions of any license or sublicense agreements, leases or any other agreements that such software and hardware are subject to, and shall not allow or permit any person to use the software or hardware or any portion thereof in violation
of any such license, sublicense, agreements, lease or any other agreements. Notwithstanding any provision in this Agreement to the contrary, the Practice Operator may, at its option and sole cost and expense, acquire hardware and software as it
deems appropriate for internal record keeping purposes. 
  
 13.3.2
Manager’s Use of Practice’s MIS. The Practice Operator shall permit Manager to use software and hardware owned or licensed by the Practice Operator and used in the operation of the Practice immediately preceding the Effective
Date, and software and hardware of the Practice Operator, if any, owned or licensed by the Practice Operator after the Effective Date. 
  
 13.4 Confidentiality. The Practice Operator acknowledges that during the course of its relationship with Manager hereunder, the Practice
Operator may be given access to or may become acquainted with Confidential Business Information (as defined below) of Manager. In recognition of the foregoing and in addition to any other requirements of confidentiality under applicable Law, the
Practice Operator hereby agrees not to disclose or use any of the 

  

 Page 27             

 
Confidential Business Information except in connection with the services rendered to the Practice Operator, as provided herein for the Term of this Agreement
and an additional period of five (5) years thereafter. For purposes of this Agreement, “Confidential Business Information” shall mean certain confidential information and trade secrets of Manager relating to its business, including but not
limited to the confidential information and trade secrets regarding: (a) business methods; (b) facilities; (c) billing records; (d) tax returns and records; (e) any records, memoranda and correspondences dealing with the business of Manager; (f)
policies; (g) financial and operational information, including all insurance records; (h) internal memoranda; (i) form agreements, checklists or pleadings; (j) contracts or agreements executed by or on behalf of Manager with any person or entity,
including, but not limited to, hospitals, clinics, medical offices and centers; (k) information regarding advantageous business relationships with hospitals and other facilities; (l) officer, director and shareholder information; (m) suppliers,
marketing, and other information and know-how, all relating to or useful in Manager’s business and which have not been disclosed to the general public; and (n) this Agreement. The Practice Operator agrees and acknowledges that the Confidential
Business Information of Manager, as such may exist from time to time, constitutes valuable, confidential, special, and unique assets of Manager. The parties hereto agree that the documents relating to the business of Manager, including all
Confidential Business Information, are the exclusive property of Manager. The Practice Operator understands and agrees that its obligations and duties under this Section do not cease upon termination of this Agreement and, further, the Practice
Operator shall return all such documents (including any copies thereof) to Manager immediately upon the termination of this Agreement. 
  
 14. MISCELLANEOUS. 
  
 14.1 Governing Law; Jurisdiction. This Agreement shall be construed, interpreted and applied in accordance with the laws of the State of
Illinois applicable to contracts entered into and wholly to be performed in the State by residents of the State, without regard to conflict of laws principles. With respect to any legal proceeding brought by Manager which arises out of or relates to
this Agreement or the transactions contemplated hereby, exclusive jurisdiction and venue with respect to such matter shall lie in any state or federal court within St. Clair County, IL. With respect to any legal proceeding brought by the Shareholder
or the Practice Operator which arises out of or relates to this Agreement or the transactions contemplated hereby, exclusive jurisdiction and venue with respect to such matter shall lie in any state or federal court within Orange County, FL. Each
party to this Agreement hereby irrevocably waives, to the fullest extent permitted by law, any objections which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such
proceeding brought in such a court has been brought in an inconvenient forum. 
  
 14.2 Amendment. This Agreement may be amended, modified or supplemented, but only in writing signed by each of Manager and the Practice Operator, except that amendments to Section 4.14 or 4.15 shall
require the written consent of Manager, the Practice Operator and the Shareholder(s) of the Practice Operator. 
  
 14.3 Assignment. Manager shall have the right to assign, transfer, sell or pledge its rights hereunder without any required consent: (i) to
any Affiliate of Manager; (ii) to a third party as part of a sale of substantially all or a part of Manager’s business; and (iii) to any lending institution, for security purposes or as collateral, from which Manager obtains financing, which
right of assignment shall include any right of Manager as a third-party beneficiary; provided, however, that no such assignment, transfer or sale shall relieve Manager from its obligations 

  

 Page 28             

 
hereunder, and provided further that any assignment under clause (i) or (ii) shall also be subject to the assumption by the transferee (as co-obligor with
Manager) of the duties, obligations and covenants of Manager under this Agreement. Except as set forth in this Agreement, neither Manager nor the Practice Operator shall have the right to assign their respective rights and obligations hereunder
without the written consent of the other Party. An “assignment” by the Practice Operator in violation of this provision shall include, without limitation, any transfer of ownership interests of the Practice Operator, any reorganization of
the Practice Operator, any merger of the Practice Operator and any sale of substantially all of the assets, of the Practice Operator, provided however that the Parties acknowledge that the Company shall be permitted to merge with and into PainCare
Acquisition Company, Inc. on the Practice Transition Date which merger shall not be deemed a breach of any provision of this Agreement. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs,
personal representatives, successors and permitted assigns. 
  
 14.4 Requirement of Good Faith. Wherever this Agreement provides for a determination, decision, selection, consent, approval or adoption by either Party hereto, the determination, decision, selection, consent, approval or
adoption by said Party shall be made in good faith and in the sole and absolute discretion of said Party notwithstanding any requirement to consult with the other Party. 
  
 14.5 Force Majeure. Except with respect to payment obligations, neither Party shall be liable nor deemed to be
in default for any delay or failure in performance under the Agreement or other interruption of service or employment deemed resulting, directly or indirectly, from acts of God, civil or military authority, acts of public enemy, war, accidents,
fires, explosions, earthquakes, floods, failure of transportation, machinery or supplies, vandalism, strikes or other work interruptions beyond the reasonable control of either Party. However, both Parties shall make good faith efforts to perform
under this Agreement in the event of any such circumstances. 
  
 14.6 Indemnification. The Practice Operator shall indemnify, defend and hold harmless the Manager and any Affiliates of Manager from any and all liability, loss, claim, lawsuit, injury, cost, damage or expense whatsoever
arising out of, incident to or in any manner occasioned by the performance or nonperformance of any duty or responsibility under this Agreement by the Practice Operator, or any of its employees, agents, contractors or subcontractors, which
indemnification shall expressly include all liabilities, losses, claims, lawsuits, injuries, costs, damages or expenses incurred by Manager as a result of any allegations that Physicians have violated the federal or the applicable State’s
self-referral and anti-kickback laws or have engaged in any fraudulent billing practices including, without limitation, upcoding, unbundling, or false claims. 
  

14.7 Access to Records. As an independent contractor of the Practice Operator, Manager shall, in accordance with Section 1395x(V)(1)(I)
of Title 42 United States Code, until the expiration of four (4) years after the termination of this Agreement, make available upon written request to the Secretary of the United States Department of Health and Human Services (“USDHHS”),
or upon request of the Comptroller General of the United States General Accounting Office (“USGAO”), or any of their duly authorized representatives, a copy of this Agreement and such books, documents and records as are necessary to
certify the nature and extent of the costs of the services provided by Manager under this Agreement. Manager further agrees that in the event Manager carries out any duties under this Agreement through a subcontract with a value or cost of Ten
Thousand and No/100 Dollars ($10,000.00) or more over 

  

 Page 29             

 
a twelve (12) month period with a related organization, such agreement shall contain a clause to the effect that until expiration of four (4) years after the
furnishing of such services pursuant to such subcontract, the related organization shall make available, upon written request, to the Secretary of the USDHHS, or, upon request, to the Comptroller General of the USGAO, or any of their duly authorized
representatives, a copy of such subcontract and such books, documents and records of such organizations as are necessary to verify the nature and extent of such costs. 
  
 14.8 Waivers. The failure of a Party hereto at any time or times to require performance of any provision
hereof shall in no manner affect its right at a later time to enforce the same. No waiver by a Party of any condition or of any breach of any term contained in this Agreement shall be effective unless in writing and signed by the waiving Party, and
no waiver in any one or more instances shall be deemed to be a continuing waiver of any such condition or breach in another instance or a waiver of any other condition or breach of any other term. 
  
 14.9 Severability. If any provision of this Agreement is or
becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  
 14.10 Entire Understanding. This Agreement supersedes all prior oral and written understandings and agreements
between the Parties hereto. The Parties acknowledge and agree that this document, together with its all schedules, exhibits and attachments, which are hereby incorporated herein and made a part hereof in their entirety by this reference, and all
other documents specifically referenced herein, constitute the entire agreement between the Parties regarding the services to be provided by the Parties hereto. 
  

14.11 Further Assurances. Each Party shall, at the reasonable request of any other Party hereto, execute and deliver to such other Party
all such further instruments, assignments, assurances and other documents, and take such actions as such other Party may reasonably request in connection with the carrying out of this Agreement. 
  
 14.12 Notices. Any notice, request, instruction or other
document to be given hereunder by a Party hereto shall be in writing and shall be deemed to have been given: (i) when received if given in person; (ii) on the date of acknowledgement of receipt if sent by facsimile or other wire transmission or by
overnight courier; or (iii) five days after being deposited in the U.S. mail, certified mail, return receipt requested, postage prepaid: 
  
 If to the Manager, addressed as follows: 
  
 PainCare Acquisition Company V, Inc. 
 37 North Orange Avenue 
 Ste. 500 
 Orlando, Florida 32801 
 Attention: President 
 Facsimile: (407) 926-9916 
  
 If to the Company, addressed as follows: 
  
 916 Talon Drive 
 O’Fallon, IL 62269 
 Attention: President 
  

 Page 30             

	 Facsimile:
                                        
                                  
	 	 
		
	 If to the PC, addressed as follows:
	 	 
		
	                                       
                                        
             
	 	 
	                                       
                                        
             
	 	 
	                                       
                                        
             
	 	 
	 Attention: President
	 	 
	 Facsimile:
                                        
                                  
	 	 
		
	 If to Dr. Vick, addressed as follows:
	 	 
		
	 916 Talon Drive
	 	 
	 O’Fallon, IL 62269
	 	 
	 Attention: President
	 	 
	 Facsimile:
                                        
                                  
	 	 

  
 or to such other individual or address
as a Party hereto may designate for itself by notice to the other Party given as herein provided. 
  
 14.13 Headings. The headings preceding the text of sections of this Agreement and the exhibits, attachments and schedules hereto are for
convenience only and shall not be deemed part of this Agreement. 
  
 14.14 Construction. The language in all parts of this Agreement shall be construed, in all cases, according to its fair meaning. The Parties acknowledge that each Party and its counsel have reviewed and revised this Agreement
and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall not be employed in the interpretation of this Agreement. 
  
 14.15 Remedies Cumulative. No remedy set forth in this Agreement or otherwise conferred upon or reserved to
any Party shall be considered exclusive of any other remedy available to a Party, but the same shall be distinct, separate, and cumulative and may be exercised from time to time as often as occasion may arise or as may be deemed expedient.

  
 14.16 Attorneys’ Fees. In the event of any
suit under this Agreement or otherwise between PC and Manager, the prevailing Party shall be entitled to all reasonable attorney’s fees and costs, including allocated costs of in-house counsel, to be included in any judgment recovered. In
addition, the prevailing Party shall be entitled to recover reasonable attorney’s fees and costs, including allocated costs of in-house counsel, incurred in enforcing any judgment arising from a suit under this Agreement. This post-judgment
attorney’s fees and costs provision shall be severable from the other provisions of this Agreement and shall survive any judgment on such suit and is not to be deemed merged into the judgment. 
  
 14.17 Authorized Persons. Whenever any consent, approval or
determination of a Party is required pursuant to this Agreement, such consent, approval or determination shall be rendered on behalf of the Party by the person or persons duly authorized to do so, which the other Party shall be justified in assuming
means any officer of the Party rendering such consent, approval or determination, or such Party’s board of directors. 
  

 Page 31             

 14.18 Counterparts. This Agreement may be executed simultaneously in counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 14.19 Survival. All of the representations, warranties, covenants and agreements contained in this Agreement are material and have been
relied upon by the parties to this Agreement and shall survive upon the termination of this Agreement for their applicable statute of limitations. 
  
 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above. 
  

	MANAGER:
	
	 PAINCARE ACQUISITION COMPANY V,
 INC., a Florida business corporation

		
	 By:
	 	 /s/ Mark Szporka

	 Print:
	 	 Mark Szporka

	 Title:
	 	 CFO

	
	COMPANY:
	
	 INDUSTRIAL & SPORT REHABILITATION,
 LTD., an Illinois business corporation, d/b/a
 Associated Physicians Group

		
	 By:
	 	 /S/ John Vick

	 	 	 John Vick, President

	
	PC:
	
	 ASSOCIATED PHYSICIAN GROUP, LTD, an
 Illinois professional corporation

		
	 By:
	 	 /s/ John Vick

	 	 	 John Vick, President

	
	 ONLY AS TO SECTIONS 4.14 AND 4.15
 HEREOF:

	
	 /s/ John Vick

	 John Vick, as the sole shareholder of the Company
 and PC

  

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